Bloomberg News

Lloyds Awards CEO $5.3 Million Long-Term Incentive Plan

March 09, 2012

Lloyds Banking Group Plc (LLOY) awarded Chief Executive Officer Antonio Horta-Osorio shares valued at about 3.4 million pounds ($5.3 million) as part of his long-term incentive plan.

Horta-Osorio will receive 9.6 million shares valued at 34.79 pence each, the London-based lender, 41 percent government owned, said in a statement today. He will only receive the shares in 2015 if certain performance conditions are met, the company said.

The CEO said in January he’ll spurn his 2011 bonus, given the bank’s full-year loss and his nine-week absence for exhaustion last year. The bank’s former CEO, Eric Daniels, was stripped of 40 percent of his bonus last month, losing about 580,000 pounds in deferred stock as he was penalized for the bank’s improper sale of payment-protection insurance.

Lloyds’s head of consumer banking, Alison Brittain, received a deferred bonus award of 2.41 million shares, valued at about 840,000 pounds and long-term compensation of about 1.6 million pounds, the bank said today. Chief Risk Officer Juan Colombas will receive a bonus of about 620,000 pounds and a long-term award of about 1.4 million pounds.

Lloyds said last month it cut the money it set aside for employee bonuses by 30 percent to 375 million pounds. Cash payments will be capped at 2,000 pounds and above that level will be subject to deferral and clawback, the bank said.

To contact the reporter on this story: Gavin Finch in London at gfinch@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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