Sundar Pichai, the new CEO of Alphabet Inc., is getting a $242 million USD pay raise.

Pichai is going to receive $240 million worth in stock awards over the next 3 years if he hits all of his performance targets, as well as a $2 million annual salary from 2020.

In case Alphabet shares outperform the S&P 100 Index, Pichai could receive an additional $90 million in stock grants.

This is the first time the company has bestowed performance-based stock awards.

47-year-old Pichai was named as the CEO of Alphabet Inc. this month after Larry Page and Sergey Brin, the co-founders of Google, stepped down as leaders of Mountain View.

Mountain View is a firm based in California.

This is not the first time Pichai received massive compensation.

In 2016, Pichai got $200 million in stock awards.

Last year, Pichai turned down a grant of restricted stock because he said he felt he was already getting paid a lot of money.

Last year, his total compensation was $1.9 million.

In 2014, Pichai received stock grants worth $250 million.

Pichai grew up in India and has a number of degrees from Stanford University and the Wharton School of the University of Pennsylvania.

Pichai 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.

The current estimated net worth of Pichai is near $1 Billion USD.