Auckland Airport chief up for $1m payday
New incentive package gives Simon Moutter two million 'phantom' options.
Auckland International Airport (AIA) chief executive Simon Moutter has been granted two million 'phantom' share options and the prospect of a $750,000 bonus if performance targets are met.
The options will be paid out if annual compounding total shareholder returns exceed 12%, a statement to NZX said.
The excise price of the 'phantom' options are based at the underlying share price minus $2.093, meaning at today's share price of $2.24, Mr Moutter would net $294,000.
Mr Moutter can exercise the options in three tranches in the August of 2013, 2014 and 2015.
The airport didn’t disclose the earnings performance thresholds that would trigger the one-time ‘retention’ payment in August 2013.
Chairwoman Joan Withers said the package was “designed to secure the retention of Mr Moutter and continue his current strong focus on the achievements of the company’s objective of long term shareholder value creation.”
Mr Moutter was granted a package of 3 million options when he was hired in 2008 - but these are out of the money and the airport said reflected the fact they were issued prior to the global financial crisis.
In May SkyCity granted chief executive Nigel Morrison an acceleration of share option entitlements as part of a package to ensure his tenure was lengthened.
NBR staff
Tue, 05 Jul 2011
Tue, 05 Jul 2011
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Auckland Airport chief up for $1m payday
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