Dell Technologies (DELL) granted Chief Operating Officer Jeff Clarke performance-based stock options that could be worth about $132.4 million by 2031, if the company meets certain targets, according to a regulatory filing on Monday.

The award is part of Clarke's total compensation of $154.3 million for the recent fiscal year, the filing showed. No other executive received a grant of similar size or duration.

Dell said the one-time award, issued on Sept. 30, allows Clarke to purchase 2.5 million Class C shares that vest on March 15, 2031. The options are tied to achieving market capitalization and adjusted free cash flow goals, as well as his continued employment through the vesting date.

The company said the grant reflects "its strong conviction in his leadership and central role in positioning Dell Technologies for long-term success."