Form 4 Filing: Burke Increases JPM Direct Ownership to 184,880 Shares

Rhea-AI Filing Summary

Stephen B. Burke, a director of JPMORGAN CHASE & CO, reported a transaction dated 09/30/2025 on Form 4 showing a non-derivative acquisition of 178.328 shares of common stock at a price of $315.43 per share. Following the reported transaction, Mr. Burke beneficially owns 184,880.6865 shares directly and an additional 75,000 shares indirectly through a GRAT. The filing notes the shares stem from a deferral of a quarterly director retainer, with the retainer payable in common stock following termination of director service. The form is signed under power of attorney on 10/01/2025.

Positive

• Director increased direct beneficial ownership to 184,880.6865 shares following the acquisition
• Disclosure of indirect holdings (75,000 shares held by a GRAT) improves transparency

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A routine director compensation deferral increases direct ownership and discloses indirect holdings via a GRAT.

The Form 4 discloses a standard compensation-in-stock deferral by a sitting director rather than an open-market purchase, which aligns long-term director compensation with shareholder equity without indicating market timing. The combination of direct ownership (184,880.6865 shares) and a 75,000-share GRAT position shows concentrated insider exposure to the issuer's stock. This is a governance transparency item rather than a material operational development.

Securities Analyst

TL;DR: Transaction reflects compensation mechanics; no evidence of market-significant insider buying or selling.

The report documents acquisition of 178.328 shares at $315.43 via a director retainer deferral, not an open-market trade, and lists substantial beneficial ownership levels. For investors, the filing confirms insider alignment through equity compensation but contains no new operational or financial metrics to change valuation models.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BURKE STEPHEN B

(Last) (First) (Middle)

383 MADISON AVENUE

(Street)

NEW YORK NY 10179-0001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
JPMORGAN CHASE & CO [ JPM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/30/2025		A(1)		178.328	A	$315.43	184,880.6865	D
Common Stock								75,000	I	By GRAT

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Deferral of quarterly retainer, payable in common stock following termination of service as director.

	/s/ Holly Youngwood under POA	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 filed for AMJB / JPM report for Stephen B. Burke?

The Form 4 reports a 09/30/2025 acquisition of 178.328 common shares at $315.43 and shows 184,880.6865 shares owned directly plus 75,000 indirectly via a GRAT.

Why were the shares issued to Stephen B. Burke according to the filing?

The filing explains the shares arose from a deferral of a quarterly director retainer, payable in common stock following termination of director service.

Does the Form 4 indicate open-market trading by the director for AMJB / JPM?

No. The transaction code and explanation indicate the shares were received as a compensation deferral, not an open-market purchase or sale.

Who signed the Form 4 and when was it signed?

The form is signed by Holly Youngwood under POA on 10/01/2025.

What is the nature of the 75,000 shares listed in the filing?

The filing identifies the 75,000 shares as held indirectly through a Grantor Retained Annuity Trust (GRAT).