(Bloomberg) -- Snowflake Inc. is doing well by any stretch of the imagination.On Wednesday, the cloud-computing company reported that third-quarter revenue more than doubled from a year earlier, and its stock has surged more than 200% since its Sept. 15 initial public offering.That has helped make Chief Executive Officer Frank Slootman one of the best-paid technology executives. A compensation package he received upon joining Snowflake in April 2019 awards him a batch of options every month -- for four years -- that are now worth almost $95 million each, or about $1.1 billion annually.Slootman’s pay includes more than 13.7 million options with a strike price of $8.88. The vast majority can already be exercised but the underlying shares vest monthly over four years, beginning with the month he started.He also gets a $375,000 annual base salary, which can go higher depending on the firm’s performance.Once the full options package is paid out in early 2023, it would be worth about $4.5 billion based on Thursday’s closing stock price. Snowflake shares surged again friday, advancing 9.7% to $373 at 10:23 a.m. in New York.A spokeswoman for San Mateo, California-based Snowflake declined to comment on Slootman’s pay package or net worth.Read more: Snowflake Gains as Analysts Boost Targets on Surging RevenueHe hasn’t exercised any of his options and his shares are subject to a lockup period that ends in March.The monster pay package is partly a result of Snowflake’s surging valuation. In October 2018, about six months before Slootman joined and negotiated his compensation, the company raised funds at a valuation of about $3.5 billion. It’s now worth $96 billion.Chief Financial Officer Michael Scarpelli, who joined a few months after Slootman, has a similar compensation structure. His options are worth about $25 million a month at the current share price. Snowflake co-founder Benoit Dageville, who’s also chief technology officer, owns a $2.73 billion stake.Snowflake is the third CEO gig for the Dutch-born Slootman in less than 20 years. He led data-storage firm Data Domain from 2003 until its takeover by EMC Corp. in 2009, then ran cloud-service firm ServiceNow Inc. from 2011 to 2017.(Updates share price in sixth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.