Michael O’Leary granted five million shares option

Ryanair has granted chief executive Michael O'Leary options for five million shares over five years subject to him reaching "exceptional performance targets".

The company notified the Irish Stock Exchange yesterday that it has granted Mr O'Leary options over five million shares which he can exercise at Monday's closing price of €8.345.

Its notice says “vesting subject to exceptional performance targets set by the remuneration committee over the next five-year period”.

Mr O’Leary committed earlier this year to remaining at the airline until 2019 and the board replaced his rolling 12-month contract with a five-year deal. The share options are part of that contract.