Michael O’Leary has agreed to extend his contract with Ryanair by a further four years to 2032, in a deal that could net him €153 million by way of a stock options plan. The budget carrier said that the new contract with its chief executive will run until April 2032, within weeks of the executive turning 71, with the deal having been agreed following “months of discussion” with O’Leary and “extensive engagement with the group’s largest shareholders”. O’Leary’s new contract includes a “modest annual salary and a capped annual bonus”, the group said in a statement. He also qualifies for a new one-off purchase option over 10 million shares in Ryanair. Subject to O’Leary remaining in employment with the group until April 2032, he will be able to buy the shares at a price of €26.70 – the level at which the shares were trading before the war in Iran – if the share price exceeds €42 for 28 consecutive days until the end of March 2032. The awards are exercisable if Ryanair’s annual net profit breaches the €4 billion level. The share awards would be worth €153 million upon Ryanair’s stock hitting the €42 per share level. [ Michael O’Leary’s contradictions could fill an aircraft hangar. It’s time we called them outOpens in new window ]“As previously announced, this spring the board commenced discussions with MOL on his contract,” said Ryanair chairman Stan McCarthy. MOL stands for Michael O’Leary. “I am pleased to report that this process, which included extensive engagement with Ryanair’s largest shareholders, has successfully concluded with Michael agreeing to extend his leadership of the Ryanair Group for the next 6-years to April 2032, for the benefit of all shareholders.”