If Dimon, a billionaire, keeps working at the bank for five years the options will vest, although he could still receive them if he leaves to work for the government or to run for public office. Stock from the options must be held until 10 years after being granted. The board said it considered Dimon's performance, his leadership since 2005 and "management succession planning amidst a highly competitive landscape for executive leadership talent." The award was separate from Dimon's usual annual pay package, which was up 10% to $34.5 million for 2021. America's too-big-to-fail banks are following other companies with retention awards to keep their leaders from being lured away by competitors, according to Glass Lewis. "The result has been another ratcheting up of CEO pay," Glass Lewis wrote to clients about the upcoming JPMorgan vote. Goldman Sachs Group Inc also gave some of its top executives special awards last year, including one to CEO David Solomon worth $17 million.