Bear Stearns said it awarded Chief Executive James Cayne a stock bonus worth $14.7 million, continuing a record-breaking bonus season on Wall Street.
In a filing with the Securities and Exchange Commission, the New York investment bank said it gave Cayne 89,758 shares of Bear Stearns stock. Based on Thursday's closing price of $163.30, that award is worth $14.7 million.
Bear Stearns also granted Cayne options to buy up to 35,788 shares at $165.32. Cayne can't profit from the options until the stock price surpasses that price.