NEW YORK (
Chairman and CEO Jamie Dimon received restricted stock and options within his bonus package for 2009, but no cash, according to the company.
According to a
Securities and Exchange Commission
filing on Friday, Dimon received 195,704 shares of restricted stock earlier this week. Fifty percent of the restricted stock units will vest in January 2012, and the rest in January 2013, the filing said.
Based on Thursday's closing price of $38.35 for JPMorgan shares, the restricted stock awards are worth roughly $7.5 million.
Dimon also received 563,562 of stock-appreciation rights, which expire in January 2020. The options, granted with an exercise price of $43.20 become exercisable in five equal installments starting in January 2011, the SEC filing said. Shares that result from the exercise of these options must be held for at least five years from the grant, JPMorgan said in the filing.
Dimon will not receive a cash component of his bonus for 2009, a spokesman confirmed to
Dimon received about $19.7 million in total compensation for 2008, media reports have said.
Executive compensation is a hot-button issue with greater scrutiny being given over to banks' bonus practices following the use of taxpayer monies to bail out many banks during the financial crisis. Last month
sent letters to eight large banks including
Bank of America
requesting detailed information on their bonus structures and compensation plans.
JPMorgan was one of the first recipients of funds from the Troubled Asset Relief Program, or TARP, to repurchase preferred shares held by the U.S. Treasury last summer.
JPMorgan's stock is down roughly 19% from a 52-week-high of $47.47 reached in October. The shares were falling an additional 0.8% to $38.04 on Friday. Roughly 24 million shares had traded hands by 11:30 AM EST. The average three-month daily trading average for JPMorgan Chase shares is 40 million.
--Written by Laurie Kulikowski in New York.