Amazon.com Inc plans to award incoming Chief Executive Andy Jassy more than $200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing on Friday.
Amazon will record the grant of 61,000 shares on July 5, the filing said, the date that Jassy succeeds Jeff Bezos in the online retailer's first CEO transition since its founding in 1994.
The award's exact value will depend on how the shares are trading when they pay out in future years, encouraging Jassy to grow a company that's worth $1.77 trillion today. Though Amazon did not disclose the vesting schedule, its previous stock grants have not vested right away.
Jassy's base salary has been $175,000, filings show. On top of that, he has $45.3 million in previously awarded stock that is vesting this year, and he had $41.5 million in shares that vested in 2020.
His long-time boss Bezos has been the world's richest person thanks to being the largest shareholder in Amazon.