Google Chief Executive Sundar Pichai is getting an early holiday present: the promise of one of the biggest corporate pay increases in recent history for taking over parent Alphabet Inc., according to a regulatory filing.

Mr. Pichai, who took over as Alphabet CEO this month after co-founders Larry Page and Sergey Brin stepped down from active management of the internet giant’s parent, will get a base pay of $2 million and is also being granted $240 million in stock awards if he meets performance targets, the company said in…

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