Omega CEO Pexton paid $798k in 2010

Lloyd’s insurer Omega paid its new chief executive, Richard Pexton, $797,893 in salary, bonus and pension in 2010, according to the company’s annual report.

The awards do not cover a full year – Pexton took over from former chief Richard Tolliday on 18 March last year.

Omega paid out a total of £3.2m in salary bonus and pensions for its executive and non-executive directors in 2010, down from $3.7m in 2009. Of all these directors, only Pexton was awarded a bonus – he received $224,750.

The accounts also show that Pexton was awarded a 2.5m share option at the option price of 102p under Omega’s share incentive plan, these options are exercisable on 17 May 2013 and exposure on 17 May 2020.

Under his recruitment award received on appointment as CEO, Pexton will also be granted a further 2.5m share option on 19 May 2011 subject to continued employment on 19 May 2014, and a further 2.5m share option on 18 May 2012 subject to continued employment on 10 May 2015.

Former chief executive Tolliday was paid $1.1m in salary bonuses and pension during 2010. The amount includes a housing allowance and the full amount of salary for his notice period, which ended on 16 March this year.

Tolliday informed the company on 4 March this year that he had exercised 750,000 of his vested share options, but that all his remaining awards were forfeit from 16 March. As a result of Tolliday’s forfeiture of the share options, the company’s staff costs included a credit of $1.87m.

However, as previously reported, Tolliday has filed a lawsuit against Omega alleging he is due further payments under a clause in his employment contract. If Tolliday’s claim is successful, Omega would have to pay him $6.5m.