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Two former Transat executives received nearly $2.2 million in departure packages

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MONTREAL - Two former Transat A.T. executives who left the tour company during a restructuring last year netted nearly $2.2 million in departure packages.

Former chief operating officer Nelson Gentiletti, who left the company in October, received a termination allowance of almost $1.5 million, according to the proxy circular released Monday ahead of Transat's annual meeting March 15.

Overall, Gentiletti's 2011 total compensation was listed at $2.48 million, including a base salary of $456,221, plus various share-based awards and the value of his pension.

However, the company said Monday some of the share-based compensation awarded to him will never be vested so the total value of his pay will be reduced to about $2.1 million.

Once viewed as the heir-apparent to chief executive Jean-Marc Eustache, Gentiletti was shuffled out of the company when Eustache regained operational control and put off retirement plans.

The involuntary termination allowance was included in Gentiletti's contract with the Montreal-based company (TSX:TRZ.B).

Transat Tours president Michael DiLollo's parting package was $730,210. His total compensation wasn't provided.

Eustache earned $1.86 million in compensation last year, down from $2.37 million in 2010.

His base salary increased by 5.4 per cent to $814,200, but he didn't receive a bonus which came to $389,300 in 2011.

In fact, no executives were awarded bonuses last year as Transat lost $12.2 million or 32 cents per share for the 12 months ended Oct. 31.

That compared to an annual profit of $65.6.4 million, or $1.73 per share the previous year.

For the final quarter, Transat lost $4.5 million, reversing a year-earlier quarterly profit of $52.4 million.

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