NOVAKOVIC PHEBE N 4

What Happened
Phebe N. Novakovic, a director of JPMorgan Chase & Co. (JPM), was granted 913.525 shares on 2026-01-20 under an award/deferral of her annual stock grant. The grant is recorded at $306.50 per share for a total reported value of $280,000. This transaction is coded as an award/grant (A) — a compensation deferral rather than an open-market purchase.

Key Details

• Transaction date: 2026-01-20; filing date: 2026-01-22 (filed within the two-business-day Form 4 window).
• Price per share: $306.50; shares granted: 913.525; total value: $280,000.
• Transaction code: A (award/grant).
• Shares owned after transaction: not specified in the provided filing details.
• Footnote (F1): This is a deferral of the annual stock grant; the shares are payable in JPM stock upon termination of service as a director.
• No indication this was a sale or cash transaction—this is compensation-related and typically routine for directors.

Context
Deferred grants are common for directors who elect to receive compensation as company stock at a future date (here, upon termination of service). Such awards do not necessarily signal a change in insider sentiment about the stock; they are part of director pay programs.