Alphabet CEO Pichai Gets Salary Boost, Equity Awards

By Michael Dabaie

Alphabet Inc. (GOOG) said in a filing that Chief Executive Sundar Pichai would see a salary increase to $2 million, effective Jan. 1, and be provided equity awards in the form of performance stock units, or PSUs, and restricted stock units, or GSUs.

The company said in a Securities and Exchange Commission filing that in recognition of his expanded role as CEO of Alphabet and Google, the Leadership Development and Compensation Committee of the board decided to increase Mr. Pichai's salary.

The 2019 equity awards consist of both performance-based and time-based equity, vesting from 2020 through 2022. Mr. Pichai's last GSU award was granted in 2016. As a result, the 2019 awards also include a one-time transitional grant of time-based GSUs vesting during 2020, the SEC filing said.

Mr. Pichai was granted two tranches of PSUs with a target value of $45 million each. The PSUs will vest based on the total shareholder return performance of Alphabet relative to the companies comprising the S&P 100 over a 2020 to 2021 performance period for the first tranche and over a 2020 to 2022 performance period for the second tranche.

Mr. Pichai was also granted an award of $120 million in the form of GSUs, the company said in the filing.

He also will be granted a transitional award of $30 million in the form of GSUs, Alphabet said in the SEC filing.

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

December 20, 2019 12:51 ET (17:51 GMT)

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