JPMorgan grants CEO 1.5 mln stock option to stay

J.P. Morgan Chase CEO Jamie Dimon is getting a big incentive to stay put.

The board of directors of America's largest bank said Tuesday that Dimon will be given 1.5 million additional stock options, calling it a special award to incentivize him "to continue to lead the firm for a further significant number of years."

At today's prices the options are worth about $50 million, according to some calculations.

But Dimon can't immediately turn the stay-on bonus into cold hard cash.

He has to wait five years to turn the stock options into shares, and another five years after that before he can sell.

The promised pay-day will turn into a reality as long as Dimon remains employed by JPMorgan, or if he leaves the bank for government office or because of a disability.

At the helm of JP Morgan since 2005, he's had a number of health challenges including heart surgery last year and a successful battle with throat cancer in 2014.

Dimon, who turned 65 in March, is already one of the most highly-paid CEOs on Wall Street.