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: JPMorgan Awards Jamie Dimon a Multi-Million "Particular Award" To Stay As CEO

Jamie Dimon just got a big incentive to stay CEO of JPMorgan Chase & Co. for a while longer.

The 65-year-old billionaire received a "special award" from the investment bank on Tuesday in the form of 1.5 million stock appreciation rights, which Dimon can exercise like tens of millions of dollars in options if the company's stock rises in the coming years.

The options have a 10-year vesting period and can be exercised in July 2026 at the earliest. The options are not part of Dimon's regular annual compensation and also include claw-back and claw-back provisions.

In a filing with the Securities and Exchange Commission, JPMorgan
JPM,
+ 1.86%
said the award “reflects the Board of Directors’s desire that Mr. Dimon will continue to lead the company for a significant number of years.

"When awarding the special award, the board of directors took into account the importance of Mr. Dimon's continuous, long-term leadership of the company, continuity of leadership and succession planning in a highly competitive environment for talented leaders."

Dimon has served as CEO since 2005 and has made JPMorgan the most profitable bank in the country. Last week it reported solid earnings for the second quarter, slightly beating analysts' sales estimates.

Dimon, who underwent emergency heart surgery last year, has given no retirement plans and has given a standard answer – "five more years" – to reporters and analysts asking him about it for years. In May, JPMorgan promoted two potential successors.

JPMorgan stock is up 18% year to date and 51% over the past 12 months, compared to gains of 15% and 33% for the S&P 500, respectively
SPX,
+ 1.52%
over these periods.

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