Former Misys head still cashing in

Ivan Martin, former head of the Misys banking software division left the company last year with a near-1m pay-off, and will still get paid thanks to share options potentially worth millions.

According to the software company's annual report he could be eligible for more than 1 million shares awarded to him under long-term incentive plans if performance targets are met.

The Independent reports a Misys spokesperson said Martin has been paid according to his contractual entitlements, but he declined to say whether these options would vest if the company is taken over, as is expected.

The pay-off comprises more than 200,000 in salary, a termination payment of nearly 318,000 and 100,000 as compensation for the loss of participation in this year's bonus scheme.

Other payments include a 150,000 pension contribution, nearly 9,000 in car allowances and an 80,000 payment to cover tax liabilities related to a rented property near the Misys banking unit's headquarters in Wimbledon.

The Independent says last year Martin was at the centre of an investor backlash against a controversial bonus scheme, which would have made Martin and Tom Skelton, the head of the company's healthcare division, eligible for bonuses worth 1.2m to keep the two executives within the company.

Investors rejected the plan and Martin left Misys by mutual consent.