UPDATED with additional information, 9:12 AM: Disney CEO Bob Iger stands to be richly rewarded for his decision to postpone his retirement to 2021, according to a new analysis of his compensation package.

ISS Analytics, the data analysis arm of the proxy advisory firm Institutional Shareholder Services, estimates that Iger could earn as much as $423M over the next four years if he hits all the performance goals in his compensation package, according to Reuters.

That would rank Iger among the decade’s highest-paid CEOs in the U.S., Reuters reported.

“Iger’s generous compensation package suggests the Disney board believes he is singularly placed to lead the company over the next several years,” said John Roe, head of ISS analytics.

In return for extending his contract through 2021, Iger received a $25M stock award vesting over four years and, more significantly, large incentives to close the 21st Century Fox deal quickly, after which he will receive an additional $16M annually, ISS told Deadline. An additional balloon payout targeted at $70M at the end of 2021 is also in place. If all performance maximums are met, Iger’s total potential payout stands at more than $423M.

A majority of Disney shareholders — 52% — opposed Iger’s compensation and that of other executives in a non-binding advisory vote. The vote tally was reported during Disney’s March 8 annual shareholder meeting in Houston.

Disney did not respond to a request seeking comment.

However, in regulatory filings, Disney’s compensation committee justified the lucrative package, arguing it is “critical” to keep Iger at the helm of the company to manage Disney’s proposed $52.4B acquisition of 21st Century Fox’s film and TV assets.