Document:

2005 Deferred Compensation Plan for Non-Employee Directors

 EXHIBIT 10.2 
 JPMORGAN CHASE & CO. 
 2005 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE 
 DIRECTORS 
 Effective as of
January 1, 2005 
 Effective January 1, 2005, JPMorgan Chase & Co (“Corporation”) hereby establishes the
JPMorgan Chase & Co. 2005 Deferred Compensation Plan for Non-Employee Directors (“Plan”). 
 The Plan applies to deferrals
made on or after January 1, 2005. The Plan is designed to comply with Section 409A of the Internal Revenue Code (“Code”) and should be interpreted in a manner to satisfy that Code Section. In that regard, because employees are
not entitled to participant in this Plan and because Directors are not “officers,” the Plan does not include provisions regarding “specified employees.” Further, until final Treasury Regulations were promulgated under
Section 409A of the Code, the Plan has been interpreted and operated in good faith compliance with Section 409A and Internal Revenue Service Notice 2005-1 through December 31, 2007. 
 At all times, this Plan is entirely unfunded, both for tax purposes and for purposes of Title I of ERISA. This Plan is maintained primarily for the
purpose of providing non-qualified deferred compensation and is not a qualified plan within the meaning of Section 401(a) of the Code. Further, the Plan is not subject to any of the ERISA provisions regarding participation, vesting, funding or
fiduciary responsibility. 
 For avoidance of doubt, it is intended that each election with respect to the form or timing of a distribution
shall be a “class year” applying solely to the deferral and investment experience thereon to which the election pertains. 
 All
amounts deferred under the JPMorgan Chase Deferred Compensation Plan For Non-Employee Directors as in effect prior to January 1, 2005 (“Prior Plan”) were vested as December 31, 2004. Amounts deferred under the Prior Plan, as well
as investment experience thereon, are separately accounted for under, and remain subject to the terms and conditions of, the Prior Plan. No material modifications to the operations or terms of the Prior Plan occurred after October 3, 2004. The
Prior Plan will not comply with Section 409A of the Code, unless there is a material modification of such Prior Plan. 
  

	1.	 Definitions - The following are defined terms wherever they appear in the Plan. 

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 1.1        “Administrator” shall mean the
Secretary of the Corporation, or such other person or committee appointed by the Chief Executive Officer of the Corporation to be responsible for those functions assigned to the Administrator under the Plan. 
 1.2        “Annual Installments” shall mean an amount payable annually on a distribution date
based the on value of the Account as of the Valuation Date. The amount of each installment shall be calculated by multiplying such Account balance by a fraction the numerator is one and denominator is the remaining installments. Each installment
shall be a separate payment for purposes of the Treasury Regulations issued pursuant to Section 409A of the Code. 
 1.3        “Annual Stock Retainer” or “Stock compensation” shall mean an annual award of Restricted Stock Units. 
 1.4        “Board of Directors” shall mean the Board of Directors of the Corporation.

 1.5        “Corporation” shall mean JPMorgan Chase & Co. and successor.

 1.6        “Deferred Compensation Account” or “Account” shall
mean the separate account established effective January 1, 2005 under the Plan for each Participant as described in Section 3.1. 
 1.7        “Director” shall mean a member of the Board of Directors who is not also an employee of the Corporation or a Subsidiary. 
 1.8        “Participant” shall mean each Director who participates in the Plan in accordance
with the terms and conditions of the Plan. 
 1.9        “Plan” shall mean the
JPMorgan Chase & Co. 2005 Deferred Compensation Plan for Non-Employee Directors, as amended from time to time. 
 1.10      “Restricted Stock Unit(s)” shall mean a contractual obligation to deliver, following a Separation from Service, a number of shares of Stock equal to the number of units credited to a
Participant’s Stock Account. 
 1.11      “Separation from Service” means a termination
of services as a Director of Board of Directors as set forth in Treasury Regulation 1.409A-1(h), using the 20% bench mark set forth therein. 
 1.12      “Stock” shall mean the Common Stock of the Corporation, $1.00 par value per share. 
 1.13      “Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from an illness or accident of the Participant or beneficiary, the
Participant’s spouse, or the Participant’s dependent (as defined in Section 152(a) of 

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the Code); loss of the Participant’s property due to casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, as described in Section 409A of the Code. 
 1.14    “Valuation Date” shall mean the close of business on the last business day of each calendar quarter or such other dates as may be specified by the Administrator. 
 1.15    “Subsidiary” shall mean any corporation, which at the time qualifies as a subsidiary of the Corporation
under the definition of “subsidiary corporation” in Section 425(f) of the Internal Revenue Code, as amended from time to time. 
 2.        Participation. 
 2.1      Basis of
Participation. Only Directors are eligible to participate. Each Director participates on a mandatory basis with respect to the Annual Stock Retainer and on a voluntary basis with respect to cash compensation. 
 2.2      Participation in the Plan and Elections. 
   (a)        Mandatory. All Directors shall have their Annual Stock Retainer
deferred automatically hereunder but may make the elections described in Section 2.2(d)(v)(c), (d) and (e) with respect to such deferred amount. 
   (b)        Voluntary—Existing Director. A Director also may elect to participate with respect to cash compensation for any calendar
year by delivering the completed election form described in Section 2.2 (d)(v). 
   (c)        Voluntary—New Directors. An individual who becomes a Director during a calendar year may also elect to participate with respect to cash compensation to be earned for
the remainder of calendar year by delivering the completed election form described in Section 2.2(d)(v). In addition, such individual shall make the elections specified in Section 2.2(d)(v)(c), (d) and (e) with respect the Annual
Stock Retainer to be awarded in the next succeeding calendar year. 
   (d)        Elections. 
   (i)         Elections Irrevocable. On proper and timely delivery to the Administrator of the election form described herein, the elections made therein are irrevocable. Each
election, including the elections specified by in Section 2.2(d)(v)(c), (d) and (e), shall apply only to amount deferred in the calendar year to which the election applies. 
   (ii)        Timing of Election for Annual Stock Retainer. Effective for Annual
Stock Retainers awarded during or after calendar 2009 and subject to the special rule in Section 2.2(d)(iv), each Director shall make the election described in Sections 2.2(d)( v)(c), (d) and (e) with respect to the Annual Stock
Retainer by delivering a 

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properly executed deferral election form to the Administrator by not later than December 31 of the second calendar year immediately prior to the date of
such award or such earlier date as specified by the Administrator. (By way of clarification, if an Annual Stock Retainer is awarded in 2010, the election described above must be made on or before December 31, 2008.) In the event that a Director
fails to make such an election for any particular calendar year in which the Annual Stock Retainer is made, the number of Restricted Stock Units represented by the Annual Stock Retainer for that year and by the re-reinvested dividend equivalents
thereon shall be distributed in their entirety in the calendar year immediately following a Separation from Service. 
 (iii)      Timing of Election of Cash Compensation. Subject to Section 2.3(iv), each Director electing to participate in the Plan with respect to cash compensation for any calendar year must make
the elections described herein by delivering a properly completed deferral election form to the Administrator not later than December 31 of the calendar year immediately preceding the year for which the deferral election is effective.

 (iv)      Timing of Elections for Individual who become Directors during a Calendar
Year. An individual who becomes a Director during a calendar year may also elect to participate in this Plan with respect to his/her cash compensation to be earned during that calendar year by delivering a properly completed election form to the
Administrator prior to the date that he or she becomes a Director but not later than the date specified by the Administrator. In addition, at the same time, such individual shall make the elections specified in Section 2.2 (c)(v)(c),
(d) and (e) with respect the Annual Stock Retainer to be awarded in the next succeeding calendar year. In the event that such a Director fails to make such an election with respect to the Annual Stock Retainer, the number of Restricted
Stock Units represented by the Annual Stock Retainer for that year and by reinvested dividend equivalents thereon shall be distributed in their entirety in the calendar year immediately following a Separation from Service. 
 (v)        Election Form. Each annual election by the Director shall specify the 
  

	 	(a)	 amount, by percentage or by dollar amount, of cash compensation to be deferred; 

	 	(b)	 allocation of deferred cash compensation among the hypothetical investment funds provided by the Plan; 

	 	(c)	 manner in which cash deferred compensation is to be paid—a lump sum or Annual Installments (not to exceed 15); 

	 	(d)	 the calendar year or calendars years for payment of deferred compensation, provided that no date shall be earlier than the calendar year next following a
Separation from Service; and 

	 	(e)	 manner of payment of deferred compensation to a Participant’s estate in the event of death before complete distribution of deferred compensation.

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 (vi)     Transition Elections. Pursuant to the transition
rules set forth in the Preamble to the Final and Proposed Regulations under Section 409A, elections as to the date and form of a distribution with respect to Annual Stock Retainers awarded in calendar years 2005, 2006, 2007 and 2008 were
permitted to be made up to December 31, 2007. 
 (vii)    Changes in Form and Date of
Distribution. In his discretion, the Administrator may permit a particular Participant to change the form and time of distribution in accordance with Section 409A (a)(4) of the Code and the final Treasury Regulations issued thereunder.

  

	2.3	 Term of Election of Deferral. 

 (a)        An election to defer cash compensation and the timing and form of distribution of such deferred amount shall be effective only for cash compensation earned in the
calendar year to which it relates or otherwise as specified herein. 
 (b)        A
new election to defer cash compensation shall be made for each future calendar year in accordance with Section 2.2(d). 
  

	3.	 Compensation Deferred. 

  

	3.1	 Deferred Compensation Account. 

 (a)        Account. A Deferred Compensation Account shall be established for each Participant. The Account shall consist of two parts: (1) cash compensation deferred
by a Participant under the Plan (other than those amounts that a Participant allocates to the Stock Account), along with investment experience on such deferred compensation (the “Cash Account”) with respect to the hypothetical investment
funds provided by the Plan and (2) Restricted Stock Units attributable to the Annual Stock Retainer and cash compensation allocated by a Participant to an investment in the hypothetical investment Stock fund plus additional Restricted Stock
Units credited to the Participant’s Account as a result of dividend equivalents (the “Stock Account”). The amount of cash deferred (including investment experience) shall be credited to the Participant’s Cash Account. The number
of Restricted Stock Units plus additional number of units resulting from dividend equivalents shall be credited to the Participant’s Stock Account. 
 (b)        Crediting of Deferred Cash Compensation. Deferred cash compensation shall be credited to the Participant’s Cash Account as of the last day of the month
during which such cash compensation was otherwise payable to the Participant. For purposes of hypothetical investment of cash compensation under Section 3.3, however, deferred cash compensation shall not be considered to be hypothetically invested
until the first day of the calendar quarter next following the 

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date that such compensation is credited to the Participant’s Cash Account or such earlier date (but not earlier than the date on which the deferred
compensation is credited to the Account) as may specified by the Administrator and shall not begin to accrue investment experience until the first day of such quarter or such earlier date, (but not earlier than the date such compensation is credited
to the Account) as may be specified by the Administrator). 
 (c)        Crediting
of the Annual Stock Retainer. The Restricted Stock Units attributable to the Annual Stock Retainer shall be credited to the Participant’s Stock Account as of date the award of such Retainer. See Section 3.6 for crediting of dividends
equivalents. 
 3.2        Amount of Deferral. A Participant may elect to defer receipt of all
or a specified portion, by percentage or by dollar amount, of cash compensation otherwise payable in cash to the Participant for services as a Director or as a member of a committee of the Board of Directors. For these purposes, cash compensation
shall include, but shall not be limited to, Directors’ fees, retainers, meeting fees, fees for committees or other similar forms of remuneration, but shall not include direct reimbursement of expense. 
 3.3        Hypothetical Investment of Cash. Deferred cash compensation is assumed to be invested in one or
more of the hypothetical investment funds made available from time to time hereunder. Descriptions of hypothetical investment funds available under the Plan shall be provided to each Participant on or prior to the Participant making an allocation or
reallocation of investment equivalents into which any deferred cash payments are to be allocated or reallocated. 
 3.4        Time of Hypothetical Investment of Cash. The amount of cash in the Participant’s Cash Account on each Valuation Date which has not been previously invested shall be deemed
invested in a hypothetical investment fund (elected by the Participant) on that Valuation Date based on the value of the hypothetical investment fund on that date. 
  

	3.5        Allocation	 of Hypothetical Investments of Cash; Reallocation of Hypothetical Investments of Cash. 

 (a)        A Participant may allocate the balance of the Participant’s Cash Account to one
or more hypothetical investment funds. The allocation shall be selected by the Participant. 
 (b)        A Participant may at any time prospectively change the allocation of deferred cash compensation from one hypothetical investment fund to another. Such reallocation shall be effective as of
the date the reallocation request is received in good order by the Administrator. 

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 (c)        Subject to subsection (d), a
Participant may at any time also reallocate among the hypothetical investment funds any cash compensation previously deferred by the Participant and then credited to the Participant’s Cash Account. This reallocation is in addition to the
reallocation described in paragraph (b) above. The reallocation shall be effective as of the date the reallocation request is received in good order by the Administrator. 
 (d)        If a Participant allocates any deferred cash compensation to the hypothetical Stock investment fund, the number of shares of associated with
such allocation shall be based on the rules set forth Section 3.6 below. Amounts allocated to the Stock Account cannot be reallocated or transferred among other hypothetical investment funds and shall be distributed in the form of Stock.

 3.6      Dividends Equivalents on Restricted Stock Unit. Dividends shall be deemed to have been paid
on the Restricted Stock Units allocated to a Participant’s Stock Account as if such allocated Restricted Stock Units were actual shares of Stock issued and outstanding on the record date for dividends on Stock. Such dividend equivalents shall
be converted into additional Restricted Stock Units and shall be credited to a Participant’s Stock Account quarterly. Fractional shares shall be credited to a Participant’s Stock Account cumulatively, but the balance of shares of Stock in
a Participant’s Stock Account shall be rounded to the next highest whole share in the event of any issuance and distribution of Stock to such Participant pursuant to Section 4.1. The number of Restricted Stock Units in a Participant’s
Stock Account shall be adjusted to reflect stock dividends, splits, reclassifications, and similar transactions with respect to Stock. 
 3.7      Balance of Deferred Compensation Account. The balance of each Participant’s Deferred Compensation Account shall include: (1) cash compensation deferred by the Participant and the
investment experience credited to the Participant’s Cash Account (other than Stock) and (2) the Restricted Stock Units attributable to the Annual Stock Retainer and to cash compensation credited to the Participant’s Stock Account and
any additional Restricted Stock Units credited to the Participant’s Stock Account from the investment of dividend equivalents. 
 3.8      Statement of Account. A statement shall be provided to each Participant as to the balance of the Participant’s Deferred Compensation Account at least once a calendar year. 
 4.        Payment of Deferred Compensation. 
 4.1      Payment of Deferred Compensation. Following a Separation from Service, the balance of the Participant’s Deferred Compensation Account
attributable to each 

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annual deferral shall be paid to the Participant in accordance with the elections on file with the Administrator for that annual deferral. In the absence of
such election for any deferral, such deferral plus investment experience thereon shall be distributed in a lump sum in the calendar year next following the Separation from Service. The balance of the Participant’s Account shall be valued as of
the Valuation Date coincident with or immediately prior to any payment date, but the balance of the Participant’s Account shall include all compensation deferred by the Participant since the last Valuation Date. The Cash Account not allocated
to Stock shall be paid in cash. The number of Restricted Stock Units allocated to Stock Account shall be distributed in the form of Stock. 
 4.2        Payments to a Deceased Participant’s Estate or Beneficiaries. Pursuant to the election set forth in Section 2.2(d)(v), a Participant may elect that in the event of the
Participant’s death, any balance in the Participant’s Deferred Compensation Account shall be paid (i) to beneficiaries, named by the Participant, provided that if no such election is made, payment shall be to the Participant’s
estate; and (ii) in the same manner as provided with respect to the Participant, provided that if no such election is made the balance of the Participant’s Deferred Compensation Account shall be determined as of the Valuation Date
coincident with or immediately prior to the Participant’s death and this amount shall be paid in a single payment to the Participant’s estate in the calendar year in which such death occurred, or if later, ninety days following death.

 4.3        Unforeseeable Emergency Distribution. Upon the Participant’s request and
the submission of evidence of demonstrating an Unforeseeable Emergency, the Administrator may, in his sole and absolute discretion, determine that a Participant has incurred an Unforeseeable Emergency. If such a determination is made, the
Administrator may cancel a deferral election for the balance of the calendar year and, taking into account the dollar value of such cancellation to the Participant, shall authorize a distribution limited to the amount reasonably necessary to satisfy
the emergency need (which may include amounts necessary to pay any Federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution). For these purposes, a distribution shall not be allowed to the extent that
the hardship may be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets (to the extent such liquidation would not itself cause a severe financial hardship). 
 5.          General Provisions. 
 5.1        Participant’s Rights Unsecured. The right of any Participant to receive future payments of cash or Stock under the provisions of the
Plan shall be an unsecured claim against the general assets of the Corporation or the Bank, as appropriate. 

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 5.2        Assignability. No right to receive payments or
distributions under the Plan shall be transferable or assignable by a Participant, except by will, by the laws of descent and distribution or by a court of competent jurisdiction. Any other attempted assignment or alienation of payments under the
Plan shall be void and of no force or effect. 
 5.3        Administration. Except as
otherwise provided herein, the Plan shall be administered by the Administrator, who shall have the authority to adopt rules and regulations for carrying out the Plan and who shall interpret, construe and implement the provisions of the Plan in the
Administrator’s discretion. Notwithstanding any other provision of the Plan, the Administrator may conform, in whole or in part, the administration of the Plan, to the administration of the JPMorgan Chase 2005 Deferred Compensation Program, as
such program may from time to time be amended, and to the Corporation’s Policy on Personal Investment in JPMorgan Chase Securities. 
 5.4        Amendment. The Plan may at any time or from time to time be amended, modified or terminated by the Corporation and/or the Bank by the act of the Administrator, provided that no
amendment, modification or termination (a) shall, without the consent of the Participant, adversely affect the balance of a Participant’s Deferred Compensation Account at that time or (b) permit payment of the balance of a
Participant’s Deferred Compensation Account prior to the date of payment specified in Section 4.2 (except for payments provided in Section 4.4 or Section 4.5). 
 5.5        Legal Opinions. The Administrator may consult with legal counsel, who may be counsel for the Corporation or other counsel, with respect
to the Administrator’s obligations or duties hereunder, or with respect to any action, proceeding or any question of law, and shall not be liable with respect to any action taken or omitted to be taken, by the Administrator in good faith
pursuant to the advice of such counsel. 
 5.6        Liability. Any decision made or action
taken by the Board of Directors, the Administrator, or any employee of the Corporation or any of its subsidiaries arising out of or in connection with the construction, administration, interpretation or effect of the Plan shall be within their or
its absolute discretion and shall be conclusive and binding on all parties. Neither the Administrator nor any member of the Board of Directors, and no employee of the Corporation or of any of its subsidiaries, shall be liable for any act or action
hereunder, whether of omission or commission, except in circumstances involving bad faith, or for any act of any other member or employee or of any agent to whom duties in connection with the administration of the Plan have been delegated.

 5.7        Construction. The singular shall include the plural, where appropriate.

 5.8        Interpretation. This Plan shall be construed to comply with Section 409A of
the Code. 

 10Form of JPMorgan Chase & Co. Long-Term Incentive Plan

 Exhibit 10.25 
 JPMORGAN CHASE & CO. 2005 LONG-TERM INCENTIVE PLAN 
 FORM OF TERMS AND CONDITIONS OF JANUARY 22, 2008 
 STOCK APPRECIATION RIGHTS 
  

			
	Award Agreement	    	 These terms and conditions are made part of the Award Agreement dated as of January 22, 2008 (“Grant Date”) awarding Stock
Appreciation Rights pursuant to the terms of the JPMorgan Chase & Co. 2005 Long-Term Incentive Plan (“Plan”). To the extent the terms of the Award Agreement (all references to which will include these terms and conditions) conflict
with the Plan, the Plan will govern. The Award Agreement, the Plan and Prospectus supersede any other agreement, whether written or oral, that may have been entered into by the Firm and you relating to this award.
  
 The grant of this award is contingent upon your acceptance of this Award
Agreement. Unless you decline by the deadline and in the manner specified in the Award Agreement, you will have accepted this award and be bound by these terms and conditions, effective as of the Grant Date. If you decline the
award, the award will not become effective and will be cancelled as of the Grant Date.
  
 Capitalized terms that are not defined in the Award Agreement will have the same meaning as set forth in the Plan.
  
 JPMorgan Chase & Co. will be referred to throughout the Award Agreement as “JPMorgan Chase,” and together with its subsidiaries as the
“Firm.”
  

	Form and Purpose of Award	    	 Stock Appreciation Rights represent the right, following exercise, to receive (without payment), a number of shares of JPMorgan Chase Common
Stock, the Fair Market Value of which, as of the date of exercise, is equal to the excess of the Fair Market Value of one share of such Common Stock on such exercise date over the Exercise Price, multiplied by the number of Stock Appreciation Rights
being exercised. The Firm will retain from each distribution the number of shares of Common Stock required to satisfy tax withholding obligations.
  
 The purpose of this award is to motivate your future performance and to align your interests with those of the Firm and its shareholders.
  

	 Exercisable Dates/
 Expiration Date
	    	 Your award will become exercisable on the “Exercisable Dates” set forth in your Award Agreement, provided that you are
continuously employed by the Firm from the date of grant through the relevant Exercisable Date or you meet the requirements to allow your award to remain outstanding upon termination of employment as described below. Your award will remain
exercisable until the earlier of the tenth anniversary of the Grant Date (the “Expiration Date”) or the date the award is cancelled pursuant to this Award Agreement. No Stock Appreciation Right may be exercised after its Expiration
Date.
  

	Termination of Employment	    	 Except as explicitly set forth below under “Job Elimination,” “Full Career Eligibility” and “Death or Total
Disability,” any Stock Appreciation Rights outstanding under this award will be cancelled effective on the date your employment with the Firm terminates for any reason.
  
 •       Job Elimination:
 In the event that the Director Human Resources of the Firm or his nominee in his sole discretion determines that the Firm terminated your employment because your
job was eliminated, and provided that you continue to provide services in a cooperative and professional manner as requested by the Firm until the date your employment terminates, then any Stock Appreciation Rights that were exercisable on your
termination date will remain exercisable for the ninety-day period immediately following your termination date, but in no event beyond the Expiration Date.
  

You must timely execute and deliver a release of claims in favor of the Firm, having such form and terms as the Firm shall specify, to have all or any portion of
your award remain exercisable for such ninety-day period. If you fail to return the required release within the specified deadline, your outstanding Stock Appreciation Rights will be cancelled.

  

	
	 January 22, 2008 Stock Appreciation Rights (continued)

			
		    	 •      Full Career Eligibility:
 Any Stock Appreciation Rights that were exercisable as of the date of your employment termination will remain exercisable for a two year period following your
termination date but in no event beyond the Expiration Date in the event that:
 •       you leave the Firm voluntarily, have completed at least five years of continuous service with the Firm immediately preceding your termination date, and
 •       the sum of your age and Recognized Service (as defined below) on your date of termination
equals or exceeds 60, and
 •       you provide at least 90 days advance written
notice to the Firm of your intention to voluntarily terminate your employment under this provision during which notice period you provide such services as requested by the Firm in a cooperative and professional manner and you do not perform any
services for any other employer, and
 •       for the two year period following
your termination date, you do not (i) perform services in any capacity (including self-employment) for a Financial Services Company or (ii) work in your profession (whether or not for a non-Financial Services Company); provided that you may work for
a government, education or Not-for-Profit Organization (as defined below).
  
 After
receipt of such advance written notice, the Firm may choose to have you continue to provide services during the 90-day period, or may place you on a paid leave for all or a part of the 90-day period. You and the Firm may mutually agree to shorten
the length of the 90-day notice period, but to a date no earlier than the date you would otherwise meet the age and service requirement.
  
 Additional advance notice requirements may apply in certain business units (or equivalent organizational unit or department). (See “Special Notice
Period” below.)
  
 You will be required to timely execute and
deliver a release of claims in favor of the Firm, having such form and terms as the Firm shall specify, to have all or any portion of your award remain exercisable after the termination of your employment and you must certify compliance with the
above requirements on a form provided by the Firm in connection with exercise.
  
 With respect to full career eligibility, you must notify JPMorgan Chase in writing if you perform services for any party or if you are self-employed following the date of your termination of employment.
  
 •      Death or
Total Disability:
 If you die while employed by the Firm, or in the event your employment terminates as a result of your permanent and total
disability as defined in the JPMorgan Chase & Co. Long Term Disability Plan (or for non-U.S. employees the equivalent local country plan), then any Stock Appreciation Rights that were exercisable as of the date of your termination will remain
exercisable for a two year period following your termination date but in no event beyond the Expiration Date. You must notify JPMorgan Chase in writing if you perform services for any party or if you are self-employed following the date of your
termination of employment. In the case of death, your beneficiary is the designated beneficiary on file with the Human Resources Department, or if no beneficiary has been designated or survives you, then your estate.
  
 Any Stock Appreciation Rights that are not exercised within the applicable two
year period set forth above will be cancelled.
  
 •      Termination for Cause:
 In the event your employment is terminated for Cause (as defined
below), or in the event that the Firm determines after the termination of your employment that your employment should have been terminated for Cause, any outstanding Stock Appreciation Rights will be cancelled and you may be required to return to
the Firm the value of certain shares previously delivered to you. See “Remedies” for additional information.
  

	 Restriction on
 Disposition of Shares

Derived from an Exercise
 Under this Award
	    	 If you exercise any part of your award before the fifth anniversary of the Grant Date, then you may not sell, assign, transfer, pledge or encumber the net number of shares of Common
Stock derived from such exercise until the fifth anniversary of the Grant Date. Notwithstanding the foregoing, this restriction on disposition and transfer of shares shall not apply to your beneficiary in the event of your
death.

  

 2 

	
	 January 22, 2008 Stock Appreciation Rights (continued)

			
	Your Obligations	    	 As consideration for the grant of this award, you agree to comply with and be bound by the following:

		
	 •       Non-Solicitation of Employees and Customers:
	    	 During your employment by the Firm and for one year following the termination of your employment, you will not directly or indirectly, whether
on your own behalf or on behalf of any other party, without the prior written consent of the Director Human Resources of JPMorgan Chase: (i) solicit, induce or encourage any of the Firm’s then current employees to leave the Firm or to apply for
employment elsewhere; (ii) hire any employee or former employee who was employed by the Firm at the date your employment terminated, unless the individual’s employment terminated more than six months before the date of hire or because his or
her job was eliminated; or (iii) solicit or induce or attempt to induce to leave the Firm, or divert or attempt to divert from doing business with the Firm, any then current customers, suppliers or other persons or entities that were serviced by you
or whose names became known to you by virtue of your employment with the Firm, or otherwise interfere with the relationship between the Firm and such customers, suppliers or other persons or entities. This does not apply to publicly known
institutional customers that you service after your employment with the Firm without the use of the Firm’s confidential or proprietary information.
  
 These restrictions do not apply to authorized actions you take in the normal course of your employment with the Firm, such as employment decisions with respect to
employees you supervise or business referrals in accordance with the Firm’s policies.

		
	 •       Confidential Information:
	    	 You may not, either during your employment with the Firm or thereafter, directly or indirectly use or disclose to anyone any confidential information related to the Firm’s
business, except as explicitly permitted by the JPMorgan Chase Code of Conduct and applicable policies or law or legal process. “Confidential information” shall have the same meaning for the Award Agreement as it has in the JPMorgan Chase
Code of Conduct.

		
	 •       Non-Disparagement:
	    	 You may not, either during your employment with the Firm or thereafter, make or encourage others to make any public statement or release any information that is intended to, or
reasonably could be foreseen to, embarrass or criticize the Firm or its employees, directors or shareholders as a group. This shall not preclude you from reporting to the Firm’s management or directors or to the government or a regulator
conduct you believe to be in violation of the law or the Firm’s Code of Conduct or responding truthfully to questions or requests for information to the government, a regulator or in a court of law in connection with a legal or regulatory
investigation or proceeding.

		
	 •       Compliance with Award Agreement:
	    	 You agree that you will provide the Firm with any information reasonably requested to determine compliance with the Award Agreement, and you authorize the Firm to disclose the terms of
the Award Agreement to any third party who might be affected thereby, including your prospective employer.

		
	 •       Special Notice Period:
	    	 If you are a managing director, executive director or vice president (or comparable title) of a business unit or equivalent organizational unit
or department (“business unit”) that requires as a condition of your continued employment that you provide advance written notice (“Special Notice Period”) of your intention to terminate your employment for any reason, then as
consideration for this Award, you shall provide the Firm advance written notice of your election to terminate your employment as specified by such business unit. In business units that require this Special Notice Period, the current notice period is
90 days for managing directors (or comparable title), 60 days for executive directors (or comparable title) and 30 days for vice presidents (or comparable title). Please note that in some cases, individuals may have specific agreements providing for
longer notice periods than those stated above. In those cases, the longer notice period shall apply.
  
 After receipt of such notice, the Firm may choose to have you continue to provide services during the applicable Special Notice Period or may place you on a paid leave for all or part of the applicable
Special Notice Period. During the Special Notice Period, you shall continue to devote your full time and loyalty to the Firm by providing services in a cooperative and

  

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	 January 22, 2008 Stock Appreciation Rights (continued)

			
		    	 professional manner and not perform any services for any other employer and shall receive your base salary and certain benefits until your
employment terminates.
  
 You and the Firm may mutually agree to waive
or modify the length of the Special Notice Period. Notwithstanding the foregoing, regardless of your title, you must comply with the 90-day advance notice period in the event you wish to terminate employment under the Full Career Eligibility
provision.

		
	Remedies	    	 In addition to the cancellation of the award as provided for in “Termination of Employment” and “Termination for Cause,” if
the Firm in its sole discretion determines that (i) you are not in compliance with any of the advance notice/cooperation requirements or employment restrictions applicable to your termination of employment, or (ii) you have not returned the
applicable release of claims or other documents specified above within the required deadline, or (iii) you violated any of the provisions as set forth above in “Your Obligations,” all outstanding Stock Appreciation Rights under your award
and any shares that are subject to the restriction on disposition of shares described above will be immediately cancelled.
  
 In addition, if you received shares under this award resulting from an exercise during the one year prior to (i) the violation of any of the provisions as set forth
above in “Your Obligations” or (ii) the termination of your employment for “Cause” as described under “Termination for Cause,” you will be required to pay the Firm liquidated damages by returning to the Firm an amount
equal to the gain on exercise (as of the exercise date), less withholding taxes. Payment may be made in shares of Common Stock or in cash.
  
 You agree that this payment will be liquidated damages and is not to be construed in any manner as a penalty. You acknowledge that a violation or attempted
violation of the obligations set forth herein will cause immediate and irreparable damage to the Firm, and therefore agree that the Firm shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining
any violation or further violation of such obligations; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies the Firm may have under law or equity. In any action or proceeding by the Firm to enforce
the terms and conditions of this Award Agreement where the Firm is the prevailing party, the Firm shall be entitled to recover from you its reasonable attorneys’ fees and expense incurred in such action or proceeding.

		
	Not a Shareholder Until Exercise	    	 You shall not be deemed for any purpose to be or have rights as a shareholder of JPMorgan Chase with respect to the shares of Common Stock subject to Stock Appreciation Rights until
such Stock Appreciation Rights are exercised. No adjustments shall be made for cash dividends or distributions or other rights for which the record date is prior to the date you become a shareholder of record of JPMorgan Chase. Shares upon exercise
will be issued in accordance with JPMorgan Chase’s procedures for issuing stock.

		
	Administrative Provisions	    	 Binding Agreement: The Award Agreement will be binding upon any successor in interest to JPMorgan Chase, by merger or
otherwise.
  
 Not a Contract of Employment: Nothing contained
herein constitutes a contract of employment or continued employment. Employment is at-will and may be terminated by either you or JPMorgan Chase for any reason at any time. This award does not confer any right or entitlement to, nor does the award
impose any obligation on the Firm to provide, the same or any similar award in the future.
  
 Exercise Procedures/Withholding Taxes: The exercise of Stock Appreciation Rights shall be in accordance with the Firm’s procedures for exercises of such awards. The date of exercise shall be
the date when the properly completed notice of exercise is received and accepted by the Firm or its designee in accordance with the Firm’s procedures. If, according to local country tax regulations, a withholding tax liability arises at a time
after the date of exercise, JPMorgan Chase may implement any procedures necessary to ensure that the withholding obligation is fully satisfied, including, but not limited to, restricting transferability of the shares.

  

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	 January 22, 2008 Stock Appreciation Rights (continued)

			
		    	 Assignment or Transfer: Except as provided in the next succeeding sentence, Stock Appreciation Rights shall not be assignable or
transferable or subject to any lien, obligation or liability. You may make a gift of unexpired, unexercised Stock Appreciation Rights, subject to the Firm’s prior consent, to an immediate family member or a trust (or similar vehicle) for the
benefit of these immediate family members (or beneficiaries) as defined below. JPMorgan Chase may condition its prior consent to receipt of an agreement by you and proposed transferee containing such terms and conditions and undertakings as JPMorgan
Chase deems appropriate in its sole and absolute discretion. No attempted transfer will be valid without the Firm’s prior consent. “Immediate family members” include your parents, parents-in-law, children (including adopted children),
grandchildren, and siblings or a trust exclusively for the benefit of one or more of these immediate family members. Your spouse is an Immediate Family Member but only if Stock Appreciation Rights are transferred to a trust (or similar vehicle) for
the benefit of such spouse, which trust includes one or more other Immediate Family Members as beneficiaries.
  
 Cancellation/Substitution: JPMorgan Chase may, in its sole discretion and for any reason, cancel outstanding unexercised Stock Appreciation Rights and substitute an equal number of non-qualified
stock options to purchase the same number of shares of common stock of JPMorgan Chase represented by the cancelled Stock Appreciation Rights. Such substituted options shall have the same exercise price, Expiration Date and other terms and conditions
that were applicable to the Stock Appreciation Rights; provided that the method of exercise and the payment of exercise price, as well as the method of payment of withholding taxes, may be changed by JPMorgan Chase.
  
 Change in Outstanding Shares: In the event of any change in the
outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, issuance of a new class of common stock, merger, consolidation, spin-off, combination or exchange of shares or other similar corporate change, or any
distributions to stockholders of Common Stock other than regular cash dividends, the Committee will make an equitable substitution or proportionate adjustment, in the number or kind of shares of Common Stock or other securities issued or reserved
for issuance pursuant to the Plan and to any Stock Appreciation Rights (including but not to limited to their Exercise Price) outstanding under this award for such corporate events.
  
 Interpretation/Administration: The Director Human Resources has sole and
complete authority to interpret and administer this Award Agreement, including, without limitation, the power to (i) interpret the Plan and the terms of this Award Agreement; (ii) determine the reason for termination of employment and application of
the post-employment obligations; (iii) decide all claims arising with respect to this Award; and (iv) delegate such authority as he deems appropriate. Any determination by the Director Human Resources shall be binding on all parties.
  
 Notwithstanding anything herein to the contrary, the Firm’s determinations
under the Plan and the Award Agreements are not required to be uniform. By way of clarification, the Firm shall be entitled to make non-uniform and selective determinations and modifications under Award Agreements and the Plan.
  
 Amendment: The Firm by action of its Director Human Resources reserves the
right to amend this Award Agreement at any time and for any reason before a change in control of JPMorgan Chase, as such term is defined by the Board from time to time. After a change in control of JPMorgan Chase, this Award Agreement may not be
amended in any way that is adverse to your interests without your prior written consent. This Award Agreement may not be amended except in writing signed by the Director Human Resources JPMorgan Chase.
  
 Severability: If any portion of the Award Agreement is found to be
unenforceable, any court of competent jurisdiction may reform the restrictions (e.g. as to length of service, geographical area or scope) to the extent required to make the provision enforceable under applicable law.

  

 5 

	
	 January 22, 2008 Stock Appreciation Rights (continued)

			
		    	 Governing Law: By accepting this award, you are agreeing (i) to the extent not preempted by federal law, the laws of the state of New
York (without reference to conflict of law principles) will apply to the award and the Plan, and (ii) to waive the right to a jury trial with respect to any judicial proceeding brought in connection with this award.
  

	Definitions	    	 “Cause” means a determination by the Firm that your employment terminated as a result of your (i) violation of any law,
rule or regulation (including rules of self-regulatory bodies) related to the Firm’s business; (ii) indictment or conviction of a felony; (iii) commission of a fraudulent act; (iv) violation of the JPMorgan Code of Conduct or other Firm
policies or misconduct related to your duties to the Firm (other than an immaterial and inadvertent violation or misconduct); (v) failure to perform satisfactorily the duties associated with your job function or to follow reasonable directives of
your manager; or (vi) any act or failure to act that is or might reasonably be expected to be injurious to the interests of the Firm or its relationship with a customer, client or employee.
  
 “Financial Services Company” means a business enterprise that
employs you in any capacity (as an employee, contractor, consultant, advisor, self-employed individual, etc. whether paid or unpaid) and engages in:
  
 •     commercial or retail banking, including, but not limited to, commercial, institutional and personal
trust, custody and/or lending and processing services, originating and servicing mortgages, issuing and servicing credit cards;
  
 •     insurance, including but not limited to, guaranteeing against loss, harm damage, illness, disability or
death, providing and issuing annuities, acting as principal, agent or broker for purpose of the forgoing;
  
 •     financial, investment or economic advisory services, including but not limited to, investment banking
services (such as advising on mergers or dispositions, underwriting, dealing in, or making a market in securities or other similar activities), brokerage services, investment management services, asset management services, and hedge
funds;
  
 •     issuing,
trading or selling instruments representing interests in pools of assets or in derivatives instruments;
  
 •     advising on, or investing in, private equity or real estate; or
  
 •     any similar activities that
JPMorgan Chase determines in its sole discretion constitutes financial services.
  
 “Not-for-Profit Organization” means an entity exempt from tax under state law and under Section 501(c)(3) of the Internal Revenue Code. Section 501(c)(3) includes entities organized and operated exclusively for religious,
charitable, scientific, testing for public safety, literary or educational purposes, or to foster national or international amateur sports competition or for the prevention of cruelty to children or animals.
  
 “Recognized Service” means the period of service as an employee
set forth in the Firm’s applicable service-related policies.

  

 6

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