Lloyds chief executive Antonio Horta Osorio is to receive his 2012 bonus as 3m or so in shares - worth £2.3m at currency values. That's because the Lloyds share price has been above the government's break-even point for 30 consecutive trading days.
But the boss of the state backed bank will have to wait five years to receive them. That deferral programme is to promote good long-term behaviour.
"Antonio's bonus, which he won't receive until 2018, reflects the significant turnaround at Lloyds under his leadership - something that has enabled taxpayers to start getting back their money at a profit," a Lloyds spokesman said.