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Ross McEwan told the bank's board he did not want to receive the "role-based" shares incentive, which tops up his regular salary.
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There will be a separate share incentive plan for other staff.
Another popular type of scheme is the share incentive plan (SIP), introduced in 2000, which offers several different ways of getting shares.
Third, rumour springs up when a strong, shared incentive to act is blocked in some way, even by merely the lack of an occasion for action.
The share incentive, which will be conditional on partners' staying at the firm for a period that has yet to be specified, is intended to stem defections.
Including bonuses and share incentive payments, Budden's total pay packet could hit £2.3m for this year compared with the £856,000 he was given last year.
In all profit before tax jumped 61% to £9.5m, boosted by its international business and a lower payment relating to share incentive schemes.
Add in all the extras with bonuses, share incentive schemes and pension contributions and that takes it beyond the £4m mark.
New Star Asset Management ripped up its share incentive scheme for staff and reverted to cash bonuses as it continued to struggle with volatile stockmarkets yesterday.
Including bonuses and share incentive payments, Budden's total pay packet could hit £2.3m for this year compared with the £856,000 he received last year.
Majestic Wine is introducing new share incentive plans and overhauling cash bonuses for its 213 store managers, who typically earn a £30,000 salary – up from £28,000 in November – plus an annual bonus.
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