FBD chief executive Fiona Muldoon has been awarded almost €0.74m worth of shares in FBD Insurance for hitting performance targets under the company’s long-term incentive plan.

A release by FBD to the stock exchange on Tuesday shows that Muldoon was awarded almost 85,000 shares in FBD this week, which are valued at €740,000.

Muldoon is also in line to receive an additional 40,955 shares in March 2022, which are valued at just under €365,000 based on FBD’s share price of €8.90 today.

Net amount

The 85,000 shares in FBD received by Muldoon this week were awarded at a share price of €8.70 each. However, in order to fund the tax liability arising from receiving these shares, Muldoon has sold more than 44,000 shares. This means the net amount of shares she will earn is just under 40,800, with a total valuation of €355,000.

Under the group’s share ownership policy, the FBD chief executive must hold two times their annual salary, meaning Muldoon would need to hold close to 1m ordinary shares in the company.

Other shares

The release by FBD to the stock exchange shows that two other senior executive in the company are also in line to receive shares under the long-term incentive plan should performance targets be met.

John O’Grady, chief financial officer in FBD, is in line to receive almost 16,000 shares in March 2022, valued at €141,750 under this week’s share price of €8.90.

And Derek Hall, company secretary in FBD, is in line to receive just under 13,000 shares in March 2022 valued at €115,425, based on today’s share price of €8.90. Hall was also awarded 11,725 shares in FBD this week, which have a value of more than €102,000.