Activision Blizzard Inc. increased the performance stock bonus of its chief executive, Bobby Kotick, to a maximum of $56.3 million over three years, according to a filing with the Securities and Exchange Commission.

The Santa Monica firm also reduced his base pay from $2.37 million a year to $1.75 million a year. The company’s board agreed to the pay adjustment shortly before the Thanksgiving holiday on Nov. 22.

The pay increase makes Kotick one of the highest paid executives in the United States. The top paid chief executive last year was Dara Khosrowshahi of Seattle’s Expedia Inc., who received compensation of $94.6 million, largely from stock options, reports the Wall Street Journal. Kotick’s pay change was first reported by the Wall Street Journal.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.