Lehman Brothers has guaranteed a stock payout to its chief executive Richard Fuld of $186m (€140m) over the next 10 years based on its current share price, in an attempt to keep him at the bank.

The bank said the stock award had been made to encourage Fuld to stay with the firm and because the rise in Lehman's share price had exceeded expectations. Lehman's share price closed at $75.28 in the US yesterday.