JPMorgan Chase & Co.'s independent directors approved Chairman, President and CEO Jamie Dimon's total compensation for 2016, in the amount of $28 million, which includes an annual base salary of $1.5 million and performance-based variable incentive compensation of $26.5 million.

A Form 8-K said that $21.5 million of the variable incentive compensation will be delivered in the form of performance share units. The remainder will be delivered in cash.

Dimon's total compensation in 2015 was $27 million.

Unchanged from 2015 were Dimon's base salary, cash incentive and the key features of his PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements.