Air Canada has given chief executive officer Calin Rovinescu an enhanced pension that will almost double his retirement pay to $791,300 a year by age 65 if he remains at the airline for three more years.

Under a new employment agreement negotiated in November, Air Canada also guaranteed that Mr. Rovinescu, 59, will receive at least $9.31 a share for up to one-third of his Air Canada shares when he retires from the company, putting a floor price under his shares that protects their value if the price dives in the future.