New Intel CEO Lip-Bu Tan will receive total compensation of $1 million in salary and about $66 million in stock options and grants vesting over the coming years, according to filing on Friday with the SEC.

Tan was named as the chief of Intel this week, spurring hopes that the chip industry veteran can turn around the struggling company. Intel shares are up nearly 20% so far in 2025, and most of those gains came this week, following Tan’s appointment. He starts next week.

Tan will receive $1 million in salary, and he is eligible for an annual bonus worth $2 million.

He will also receive stock units in a long-term equity grant valued at $14.4 million, as well as a performance grant of $17 million in Intel shares. Both grants will vest over a period of five years, although Tan won’t earn any of those shares if Intel’s stock price drops over the next three years. He can earn more stock if the company’s share price outperforms the market.

Tan will receive a package of stock options worth $9.6 million, as well as a new hire option grant worth $25 million.

In total, Tan’s compensation package has about $66 million in long-term equity awards and options in addition to salary, bonuses, and legal expenses. If Intel goes through a change of control, Tan could be eligible for accelerated vesting, according to the filing.

“Lip-Bu’s compensation reflects his experience and credentials as an accomplished technology leader with deep industry experience and is market competitive,” Intel said in an emailed comment. “The vast majority of his compensation is equity-based and tied to long-term shareholder value creation.”

Separately, Tan agreed to purchase $25 million in Intel shares and hold them in order to be eligible for the grants and bonuses.

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