Sunday 22 April 2018

Tullow bosses' bonus pot hits €66m

Nick Webb

Nick Webb

Tullow Oil boss Aidan Heavey and his top executive team shared a bumper bonus award of up to €16m as the value of their potential bonus pot soared to nearly €66m.

Former Aer Lingus accountant Heavey, whose wife Lorraine had an Irish top 10 hit with Peaceful Paradise in 1990, is one of the highest-paid company bosses on the market.

Heavey was conditionally awarded 300,000 shares, worth €4.23m, subject to hitting certain targets. Graham Martin, Angus McCoss, Paul McDade and Ian Springett received an award of 175,000 shares, worth nearly €2.47m each. Heavey and his team will not have to pay a penny to receive these awards, assuming they keep growing Tullow. These shares will vest in February 2016, subject to certain criteria. The awards tie the executives to Tullow until then.

Company documents show that Heavey and his team have up to 4.03 million shares sitting in the "performance share plan scheme" or bonus pot. This is worth up to €57m at current prices.

Heavey and his team also bagged an award of €2.2m shares under Tullow's deferred share bonus scheme, which may kick in from 2016 onwards. This bonus programme holds shares worth up to €9.4m at current prices.

The oil and gas explorer's fortunes have been reinvigorated by Heavey over the past decade.

Irish Independent

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