The new Alphabet Inc. chief executive officer will receive $240 million in stock awards over the next three years if he hits all of his performance targets, as well as a $2 million annual salary beginning in 2020.

According to a filling, Alphabet's Board of Directors on December 17 approved a new compensation arrangement for Sundar Pichai, Chief Executive Officer of Alphabet and Google LLC.

"In recognition of his expanded role as CEO of Alphabet and Google, the Leadership Development and Compensation Committee of the Board determined to increase Mr. Pichai’s salary to $2,000,000 effective January 1, 2020, and to provide equity awards in the form of performance stock units (“PSUs”) and restricted stock units (“GSUs”)," the filling reads.

"The Leadership Development and Compensation Committee of the Board determined that the inclusion of relative Total Shareholder Return (“TSR”) with respect to the PSUs further aligns compensation to long-term shareholder value creation and rewards the company’s performance relative to the S&P 100."

This means that if Alphabet shares outperform the S&P 100 Index, Pichai could receive an additional $90 million in stock grants.

Pichai was named to the top job this month after Google co-founders Larry Page and Sergey Brin stepped down as leaders of the Mountain View, California-based firm.

Pichai, who grew up in India, has degrees from Stanford University and the Wharton School of the University of Pennsylvania. He joined Google in 2004 after a stint at McKinsey & Co. and quickly took on responsibility for some of its most popular products, including Gmail, the Chrome browser and the Android operating system.

When Page and Brin created the Alphabet holding company in 2015, they chose Pichai to run the core money-making businesses as Google CEO. On Dec. 3, Pichai replaced Page as CEO and Brin stepped down as president.