Ryanair CEO Michael O’Leary stands to make almost €100 million ($117 million) in bonuses if he can either double the LCC’s profit figures or its share price within five years.

In a Feb. 8 filing on the London Stock Exchange, Ryanair said it had issued share options to its directors, granting each one options over shares at a strike price of €11.12. 

The company said O’Leary had been granted options over 10 million shares at this strike price. To qualify for all the options at that price, O’Leary must either steer the airline to profits of €2 billion and/or increase the airline’s share price to €21 per share over the next five years. If he does so, he will then pay the full option price of €11.12 to take up these options. 

If he bought the 10 million options at that price, and then sold them all at the target price of €21, he would make €98.8 million.

Ryanair’s current guidance on its 2018 profits is that they will be in the €1 billion to €1.1 billion range, following two profit warnings in the past four months.

Each of the airline’s 11 non-executive directors has been granted options over 50,000 shares at the same price, with the same conditions attaching to profitability and/or share price before they can acquire the options.

O’Leary has long contended that consolidation in the European market in coming years will leave just five major airline groups standing, with Ryanair one of them.

Alan Dron alandron@adepteditorial.com