A similar amount will be given to Denton as annual target cash incentive opportunity, although this would be pro-rated for the portion of the year worked, the company said.
Besides these, Denton, who joins Pfizer on May 2, will get a one-time payment of $5 million and restricted stock worth $3.25 million and he will be eligible for credit worth $9.75 million through the company's supplemental savings plan.
Denton, who on Monday was announced as the successor to company veteran Frank D'Amelio, joins Pfizer from home improvement chain Lowe's Cos Inc.
As per his offer letter at Lowe's when he was appointed in 2018, Denton's base salary was $925,000, with a bonus opportunity of 125% of his base salary.
(Reporting by Leroy Leo in Bengaluru; Editing by Maju Samuel)
