Eleven directors have received a stock deal valued at up to £18.25m from the Royal Bank of Scotland (RBS).
Under the plan, which will vest on 7 March 2017, RBS has offered CEO Ross McEwan stocks worth up to £3m.
The UK government owns a 81% stake in the bank, which unveiled the stock deal to investors.
Without citing individual pay awards, the government had earlier announced that it would veto any move for RBS to raise its general bonus bill.
The bank is required to limit bonuses at 200% of annual salary, from 2015, under EU rules.
Bringing the total amount involved to nearly £23.5m prior to tax, the directors had two tranches of stocks that paid out £5.27m before tax on Friday.
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