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Tuesday, July 21, 2009 4:36:16 PM
edited:
Five JPMorgan Chase & Co. (JPM) executives, including Chairman and Chief Executive Jamie Dimon, exercised options on Friday just ahead of their expiration. Most of the received shares were subsequently surrendered to pay taxes or the exercise price.
According to filings with the Securities and Exchange Commission on Tuesday, Dimon had by far the largest amount with 660,000 options exercised at $29.96 each. To pay for the $19.8 million exercise price and resulting taxes, he surrendered 601,279 of the shares. The surrendered stock had a value of $22.1 million.
Dimon ended up with 58,721 shares, putting his direct holdings at 2.6 million shares and his indirect holding at 2.5 million.
Three others exercised options and surrendered at least 90% of them - James Staley, asset-management head; Charles Scharf, consumer-banking chief; and Jay Mandelbaum, executive vice president.
A fourth, Controller Louis Rauchenberger, sold the 29,600 shares he exercised, making $5,008, or 17 cents a share. His move on Friday came two days before the options were to expire.
JPMorgan shares closed Tuesday at $36.94, down 4 cents.
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