FORMER OMEGA CHIEF EXECUTIVE OMEGA still has to come to an agreement over compensation for the ousting of its former chief executive Richard Tolliday last year. Analysts estimate Tolliday is claiming around $11m (£7.06m) in total, which includes compensation for a long term incentive programme which was worth more than $6m to him. Omega sources said that the claim from Tolliday was ongoing and that the group was trying to work out what it believed its liability to be. Tolliday was paid $1.1m including his bonus and pension, according to the last annual report, with a basic salary of $816.000. He also had share options.
Sources say that he was entitled to a change of control or a termination of his contract of up to three years’ salary, three years’ maximum bonus entitlements (to a maximum of 150 per cent of salary), the value of two years’ benefits and a pro rata maximum bonus in respect of the year in which his contract was terminated (maximum 150 per cent of salary).