Alphabet Inc. has approved a new compensation package for chief executive Sundar Pichai that could be worth as much as $692 million over the next three years, according to documents filed Friday with the U.S. Securities and Exchange Commission.

The pay plan covers Pichai’s role overseeing both Alphabet and its flagship subsidiary, Google, where he has served as chief executive since 2015. He was later elevated to lead Alphabet in 2019, putting him in charge of the broader technology conglomerate that includes a wide range of research, advertising, and emerging technology businesses.

Under the structure outlined in the filing, Pichai’s base salary will remain unchanged at $2 million per year, totaling $6 million over the three-year period. The vast majority of his potential compensation will come through equity-based awards tied to the performance of the company and certain affiliated businesses.

Alphabet said most of the package will be paid in company stock, aligning Pichai’s financial incentives with shareholder performance. The plan also includes equity in two of Alphabet’s high-profile subsidiaries.

Those companies include Waymo, Alphabet’s autonomous vehicle division, and Wing, a drone delivery service that has been developing technology for commercial package transport.

According to the filing, Pichai could receive approximately $130 million in equity tied to Waymo and roughly $45 million connected to Wing. The final value of those awards will depend on how the businesses perform and how their shares are valued over time.

The overall payout could also fluctuate based on Alphabet’s stock performance and dividend payments during the compensation period.

The company said the structure of the deal is designed to encourage long-term growth and reward leadership that benefits investors.

“Current and previous incentives in Mr. Pichai’s compensation have benefited Alphabet and its stockholders significantly,” the company said in the regulatory filing.

The agreement also includes provisions addressing what would happen if Pichai were dismissed before the awards fully vest. According to the filing, any stock options that have not yet become exercisable would be forfeited if he leaves the company under those circumstances.

Executive compensation packages at large technology companies often rely heavily on stock-based incentives rather than salary, particularly for senior leaders whose performance is tied to long-term corporate growth.

If Pichai earns the full value of the new package, it would place him among the highest-compensated chief executives globally during the period covered by the plan.