Ryanair paid group chief executive Michael O'Leary €958,000 for the financial year ending March 31st, but share options boosted the value of his total package to €3.467 million.
Mr O’Leary took a 50 per cent cut in basic pay to €250,000 a year in April as Covid-19 travel bans grounded the group’s airlines in the spring, along with all other European carriers.
Its annual report shows that Ryanair paid Mr O’Leary his €500,000 salary and a bonus of €458,000, just short of the maximum €500,000 he is allowed, during the 12 months ended March 31st.
The figures also show that the company granted him €2.51 million in share options, bringing the value of the package to €3.467 million. However, some of those options will only vest if Ryanair hits share price or profit targets.
The reports states that the €2.51 million includes a €730,000 charge for five million share options that vested in October 2019.
It also includes a €1.78 million charge for options over 10 million Ryanair shares that were granted to Mr O’Leary in February 2019, when he negotiated a new contract with the group.
Under its terms those options can be exercised at a strike price of €11.12 if Ryanair’s profit after tax exceeds €2 billion in any financial year up to March 31st 2024, and/or the group’s share price exceeds €21 for a period of 28 days between April 1st, 2021, and March 31st, 2024.
