Microsoft CEO Satya Nadella received a compensation package for the year ending June 30 worth approximately $17.7 million, a 3% reduction from 2015, according to security filings.

A preliminary proxy statement submitted Monday to the U.S. Securities & Exchange Commission showed that Nadella’s pay cut was about a third of the 9% downturn in Microsoft’s revenue during the same period.

The chief executive received $1.2 million in salary, the same as the year before; $4.5 in a cash performance bonus, or 3% more than in 2015; and $12 million in stock awards, or 6% less.

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