India-born Alphabet CEO Sundar Pichai gets hefty pay raise, awarded $242 million stock package

"Pichai also received two other stock grants, of $120 million and $30 million, neither tied to performance but subject to his continued employment," the report said, citing the filing.

Signalling the end of an era, Google co-founders Larry Page and Sergey Brin decided to relinquish their current positions in the parent company Alphabet earlier this month, making India-born Pichai the CEO of both Google and Alphabet.

Page and Brin will continue their involvement as co-founders, shareholders and members of Alphabet's board of directors. Pichai joined Google in 2004 and helped lead the development of Google Toolbar and then Google Chrome, which grew to become the world's most popular internet browser.

Sundar became Google's CEO in August 2015. He joined the Board of Directors of Alphabet, Google's parent company, in July 2017. Under his leadership as CEO, Google has been focused on developing products and services, powered by the latest advances in AI, that offer help in moments big and small.

Pichai, who grew up in Chennai and studied engineering at the Indian Institute of Technology, holds a master's degree from Stanford University and an MBA from the Wharton School.