The bank faces the possibility of further controversy over the bonuses, as according to a report in The Times, the five have been selected for the share awards by chief executive Stephen Hester.
Hester, who waived his bonus for 2012, could come under fresh pressure for the £780,000 of shares he is due to receive next month.
However, the share awards are the product of long-term incentive plans put in place in 2010 which run for three years, and therefore end in May this year.
The incentive plans are one of three components of pay for senior executives, on top of their salaries and annual bonus awards.
The other senior executives set to share the pay out are Ellen Alemany, who runs the US arm for the bank and could be in line for approximately £2.1m in shares, Nathan Bostock, who runs the non-core assets of RBS, Paul Geddes, who now runs the Direct Line insurance subsidiary, Chris Sullivan, head of business banking, and senior banker Ron Teerlink.
Decisions are yet to be made about exactly how remuneration will be distributed. It is also unlikely that the bank will award the full share payout available.
Earlier this month, the 81% state-owned bank was fined £390m by US and UK regulators over the Libor fixing scandal, and is still waiting to discover whether or not it will face any criminal charges for its actions relating to the scandal.
In addition, over the weekend George Osborne was moved to dismiss reports the government is preparing to privatise RBS before 2015, despite the plan having the support of coalition partners the Liberal Democrats.
The Treasury has insisted it would dispose of its 82% stake in Royal Bank of Scotland "at the right time and in the interests of the taxpayer" amid reports a pre-election share giveaway was under serious consideration.
“It’s just a premature discussion about what to do with the shares," said Osborne from the G20 summit in Moscow.
“We’ve got to get the Royal Bank of Scotland to a point where it is worth what the taxpayer paid then we can have a big discussion about what to do with the shares and how to return it to the private sector,” he told Sky News.