Equilar May 24 announced its annual Equilar-The New York Times 200 Highest-Paid CEOs list, with several Indian Americans cracking the list, including two in the top 10.

The Equilar 200 study, which analyzes the largest pay packages awarded to CEOs at U.S. public companies with more than $1 billion in revenue, was topped by Tesla head Elon Musk.

Among the top 10 grouping was Palo Alto Networks CEO Nikesh Arora and j2 Global CEO Vivek Shah, coming in at No. 3 and No. 10, respectively.

Arora, according to the study, has a total compensation of $125,068,836. Shah has a total compensation of $45,062,153. Musk is valued at $2,284,044,884.

This edition of the Equilar 200 marks the 13th consecutive year of a partnership with The New York Times to analyze data on pay awards for the top CEOs, Equilar said in a news release.

This year’s study has a number of key highlights, including a pay package of over $2 billion and a median total return figure that is sure to turn some heads, the release said.

Arora has served as the chairman of the board of directors of Palo Alto Networks and CEO since June 2018. Prior to joining PAN, from 2016 through 2018, Arora was an angel investor; and from June 2016 through December 2017, Arora served as an advisor to SoftBank Group Corp., a multinational conglomerate company.

From July 2015 through June 2016, Arora served as president and chief operating officer of SoftBank and from July 2014 through June 2015, he served as vice chairman and chief executive officer of SoftBank Internet and Media, a subsidiary of SoftBank, his bio notes.

Prior to SoftBank, from December 2004 through July 2014, Arora held multiple senior leadership operating roles at Google, Inc., including serving as senior vice president and chief business officer, from January 2011 to June 2014.

Additionally, Arora serves on the board of Compagnie Financiere Richemont S.A., a public Switzerland-based luxury goods holding company.

Arora holds an M.B.A. from Northeastern University, an M.S. in finance from Boston College, and a B.Tech in electrical engineering from the Institute of Technology at Banaras Hindu University.

Shah was elected to j2 Global's Board of Directors in January 2018, where he has also served as CEO, according to his biography.

Previously, he served as CEO of Ziff Davis, which j2 Global acquired in 2012. Prior to joining j2 Global, Shah led the purchase of Ziff Davis in 2010 in partnership with a private equity firm.

From 1995 to 2009, Shah held various management positions at Time, Inc., including group president of digital and president of the Fortune/Money Group.

Shah has been named Online Publisher of the Year by MIN, Innovator of the Year by BtoB's Media Business and inducted into MIN's Digital Hall of Fame. He was also named to Crain's Forty under 40 list.

Shah has a B.A. in political science from Tufts University.

His role as j2 Global's CEO and his extensive management experience in the media and technology sectors provides invaluable insight to the Board of Directors, the bio notes.

Also on the current list are these Indian American executives: Adobe head Shantanu Narayan at No. 25 ($28,397,528); Microsoft CEO Satya Nadella at No. 36 ($25,843,263); MasterCard’s Ajay Banga at No. 77 ($20,379,353); and LyondellBasell Industries Bob Patel at No. 109 ($18,193,585).

Overall, median pay for the 200 highest-paid CEOs was $18.6 million in fiscal year 2018. Equilar 200 CEOs received a 16.4 percent pay raise at the median over the previous year in fiscal year 2018.

By comparison, the median raise was 14 percent for Equilar 200 CEOs in fiscal year 2017 and 9 percent in fiscal year 2016, the study notes.

This year’s study saw the top five CEOs take home more than $100 million in total compensation each, with Tesla’s Elon Musk topping the list with a hefty pay package of nearly $2.3 billion—the majority of Musk’s pay came in the form of an option, according to the release.

In last year’s study, two executives received more than $100 million in total compensation—that was the first time since 2014 the highest-paid CEO received more than $100 million in compensation awards, it said.

The increase to five executives in this year’s study could shed light on a trend of massive pay packages growing in prevalence, particularly as large corporations seek to retain top executive talent, Equilar added.

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