The bonus scheme can earn Chief Executive Michael O'Leary around US$111 million over five years.
All customers affected by the strike have been notified and offered either a refund or the option to move their flights free of charge.
A UK court is due to rule whether Ryanair's British pilots can go ahead with their planned strike on Thursday - the same day as the proposed action in Ireland.
Ryanair has seen first-quarter net profits plunge by more than a fifth, as it faces rising costs, intense competition and Brexit turmoil, the Irish airline says.
Bellew’s contract includes a six-month notice period, and all Ryanair senior management contracts 'have a pretty extensive non-compete agreement,' says its CEO.
Ryanair's recent performance has been hit also by pan-European strikes last year that forced it to cancel flights and offer improved pay to staff.
With a return date for the Max still uncertain, it has become unlikely that Boeing will be able to hand over all 58 planes that Ryanair was expecting.
Ryanair's CEO warns of the impact the prolonged grounding of Boeing Co's 737 MAX could make on the airline's growth plans.
Ryanair, Europe's largest budget airline is experiencing a drop in its earnings due to weakening economies and a surge in fuel prices.
While the EU and the UK have pledged that flights will continue no matter the outcome of Brexit, the uncertainty is still not good for consumers.
The CEO has opened talks with employees in all major markets.
The authority did not specify the amount owed by Ryanair, which did not immediately respond to a request for comment.
Ryanair's move follows a Dutch court ruling on Friday that said the company could not force 16 pilots to relocate, though it could also not prevent Ryanair from closing the base.
Ryanair said last month it would shut its base in Eindhoven in November, moving 16 pilots who operate flights from the southern Dutch airport to other locations to cut costs.
A cabin crew member and a passenger can be seen intervening in an apparent attempt to calm the man, whilst another can be heard pleading for staff to move the woman.
The Dublin-based carrier cut its annual net profits forecast by 12% owing to recent walkouts by pilots and cabin crew that has forced it to cancel hundreds of flights over the summer peak season.
The impact on the airline's bookings has forced it even to consider cutting its short-term growth plans.
Ryanair pilots across Europe in August staged a coordinated 24-hour strike for better pay and conditions, plunging tens of thousands of passengers into transport chaos at the peak of summer season.
One more shareholder group indicated during the meeting that they would vote against the re-election of the chairman if there was no "clear progress" on their succession by the next annual general meeting.
The Irish budget carrier said it was cancelling 150 out of 400 scheduled flights to and from Germany because of the walkout, which it slammed as unacceptable and unnecessary.
The Irish carrier scrapped 24 flights out of 300 to and from Ireland on Friday, affecting 3,500 passengers, all of whom have been rescheduled or refunded, the company said.
The Swedish pilots union Svensk Pilotforening (SPF) also on Wednesday said its members intended to strike on August 10.
Nearly all flight deck crew backed “possible” industrial action, the Dutch Airline Pilots Association said in an email Tuesday.
The airline said on Wednesday it will cut its Irish fleet by a fifth to 24 aircraft, blaming pilot walkouts for hurting bookings, air fares and consumer confidence in Irish flight schedules.