Mark Oman, who oversees the mortgage division of Wells Fargo, has been granted a "retention" bonus in the form of stock that is valued at $5 million, according to a statement made by the company.
Wells says the "grant" is not a form of cash compensation and has strings attached to it: Oman will forfeit the shares if he leaves the lender to join a competitor; the shares do not vest for three years and only if Wells meets certain performance goals.
In total, Oman — who joined a Wells affiliate back in 1979 — was granted 189,800 shares. The bank's stock has been trading in the range of $28 a share of late.
Four other Wells executives were given retention bonuses including CEO John Stumpf. Wells is the nation's second largest originator of home loans, according to the National Mortgage News Quarterly Data Report. Oman carries the title of senior executive vice president.