Royal Bank of Scotland Plc, the largest U.K. government-owned lender, granted Chief Executive Officer Ross McEwan a long-term award of as much as 2.68 million pounds ($3.8 million) of shares.
The award, which was granted on Tuesday, is 569,860 shares and could climb to as much as 1.19 million shares, the Edinburgh-based lender said in a statement. The stock vests in two equal parts in 2020 and 2021, and the bank can claw back the award for seven years, according to the statement.
RBS said it used a market price of about 226 pence for the award. Its shares traded at 229.7 pence at 3:10 p.m. London time.