Ryanair Holdings (RYAAY) said Monday its board concluded an agreement granting Group Chief Executive Michael O'Leary a one-time option to purchase 10 million ordinary shares under an extended contract through April 2032.

The executive will have the option to buy 10 million shares at 26.70 euros ($30.60) each if the company's stock price exceeds 42 euros for 28 consecutive days, or if its after-tax profit reaches 4 billion euros, the company said.

O'Leary stands to earn a share payout of at least 150 million euros from his next employment contract, the Financial Times reported Sunday, citing internal calculations.

The stock award would come on top of a base salary and a capped annual bonus intended to retain him in his position from 2028 to 2032, Ryanair said.

Ryanair shares were 0.3% higher in Monday premarket trading.