Transat CEO's big payday

Transat AT Inc. chief executive Jean-Marc Eustache stands to make more than $17 million personally from the sale of the tour operator he co-founded to Air Canada.

The 71-year-old chairman's stake in the Montreal-based company, which sits at about one per cent, adds up to more than $5.55 million at $13 a share, the purchase price settled on by Transat and Air Canada.

That cash-out jumps to $11.66 million when combined with Eustache's other options and bonuses of $6.11 million, according to Transat's new proxy circular. If he's fired following the deal, he is entitled to a further allowance of nearly $5.48 million.

The $520-million takeover agreement includes $35.06 million in total for Transat's 11 other board members and 11 other executives, not counting termination allowances.

Approved by the board last month, the transaction continues to face legal and regulatory scrutiny along with resistance from major Transat shareholders.

Shareholders are scheduled to vote on the deal on Aug. 23.

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