According
to a regulatory filing CEO of JPMorgan Chase Jamie Dimon has received restricted
stock and options that could be worth $17 million at current valuations.
Other payments
to Dimon, who runs the second-largest U.S. bank by assets, including salary,
bonuses will be disclosed later.
However
Dimon will not be able to get his money immediately. According to the filing
submitted today he got 251,415 units of restricted stock, half of them vests on
Jan. 13, 2013, while the other half vests a year later.
The same is
with stock options totaling 367,377 with a strike price of $47.73 a share. Stock
appreciation rights, which have a ten-year term, become exercisable in five
equal installments beginning January 19, 2012. Shares resulting from exercise
must be held at least five years from the grant date.
It is also
said that Dimon may lose some of his awards, or vesting could be delayed. The conditions
can be the following: dismissal, activity that resulted in losses, important
risks or hurt the reputation of bank.
There are
also some other payouts made to heads of banks. So, Bank of America CEO
Brian Moynihan received in 2010 $950,000 and $9.05 million as a salary and
bonus accordingly. Morgan Stanley CEO James Gorman received award worth $7.4
million in restricted stock and options. Lloyd Blankfein CEO of Goldman Sachs received $600,000
salary and award worth $12.6 million in restricted stock units. However it was
said that starting this year his salary will increased to $2 million.
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