Ari Emanuel stands to be rewarded handsomely if Endeavor’s stock price performs well following an IPO, according to an incentive agreement filed Wednesday with the Securities and Exchange Commission.

Emanuel, the company’s CEO, will receive $25 million in stock if the company’s market cap exceeds $7.525 billion at some point over the next nine years. He will receive another $12.5 million in stock for every additional $1 billion in market cap after that. For purposes of the agreement, the market cap will be determined as an average value over the course of a month.

The equity targets give a rough sense of the company’s expectations as it prepares for a listing on the New York Stock Exchange. A $7.5 billion market cap would represent about a $1 billion improvement on the company’s last private-market valuation.

Endeavor filed to go public on May 23. In addition to owning the William Morris Endeavor talent agency, the company controls the Ultimate Fighting Championship and owns the Miss Universe pageant.

Emanuel renegotiated his deal on March 13, getting a boost in his base salary from $1 million to $4 million, and an increase in his bonus from $3 million to a target bonus of $6 million. Those figures were disclosed in the company’s S-1 filed in May. The S-1 also disclosed that Emanuel would be eligible for incentives if the company reached certain equity values, though it did not disclose those values.

Emanuel has a similar arrangement with Zuffa Parent LLC, the Endeavor subsidiary that owns the UFC. According to a document filed Wednesday, Emanuel is entitled to equity awards in the amount of $12.5 million if Zuffa’s value hits unspecified incremental targets. The deal contemplates that Zuffa could go public, in which case the awards would be boosted to $14 million. Otherwise, the equity value could be determined by a partial or total sale of Zuffa’s equity.