Compensation & Management Development Committee

Committee Charter

Mission

The purpose of the Compensation & Management Development Committee (“Committee”) is to assist Board oversight of:

1. The development of and succession for key executives;
2. The corporation’s compensation principles and practices, including by
   • reviewing and approving the corporation’s compensation and qualified benefit programs,
   • seeking to maintain the competitiveness of these programs, and
   • reviewing the relationship among risk, risk management, and compensation in light of the corporation’s objectives, including its safety and soundness and the avoidance of practices that would encourage excessive or unnecessary risk-taking; and
3. The corporation’s culture, including reviewing updates from management regarding significant conduct issues and any related employee actions, including but not limited to compensation actions.

The Committee oversees reputational risks and conduct risks within its scope of responsibility.

Membership

4. The Compensation & Management Development Committee shall be composed solely of non-management directors, not fewer than three in number.
5. Each member of the Committee shall meet the independence standards of the New York Stock Exchange corporate governance listing standards as of the corporation’s most recent annual meeting and the corporation’s standards of independence as provided in the Corporate Governance Principles of the Board. Each member shall also be a non-employee director for purposes of Section 16 of the Securities Exchange Act of 1934 ("Section 16").
6. Membership on the Committee is reviewed each year by the Corporate Governance & Nominating Committee and approved by the Board, which also designates a Chair for the Committee. Each Committee member and Chair serves at the pleasure of the Board.

Meetings

7. The Committee shall meet as often as it determines is appropriate, but not less frequently than four times per annum. The Chair shall preside at all meetings of the Committee and shall set the agenda.
8. The Committee may ask any officer or employee of the firm to attend the meeting of the Committee or for such persons to meet with any members of, or advisors to, the Committee.
9. The Committee has authority to retain advisers when it deems appropriate, including compensation consultants, outside legal counsel or other advisors, and including approval of fees and terms of retention, without the prior permission of the Board or management, and shall be provided the necessary resources for such purpose. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any advisor it retains. To the extent required by New York Stock Exchange rules, the committee will conduct an independence assessment, taking into consideration the factors set forth in the New York Stock Exchange rules and any other factors the Committee deems relevant to the advisor’s independence from management, prior to selecting or receiving advice from an adviser.
10. The Committee shall report periodically to the Board, generally at the next regularly scheduled Board meeting following a Committee meeting, on actions taken and significant matters reviewed by the Committee.

Duties and responsibilities

The Committee will:

Compensation and benefit programs

11. Periodically review and approve a statement of the corporation's compensation philosophy, principles and practices.
12. Approve the goals and objectives of the corporation relevant to the compensation of the Chief Executive Officer and any other Officer- Director (the "Officer-Directors"); evaluate the Officer-Directors in light of those goals and objectives; and determine the compensation for the Officer-Directors based on this evaluation (subject to ratification by the independent directors of the Board). In determining the long-term incentive awards for the Officer-Directors, the Committee seeks to further align the interests of the Officer-Directors with stockholders and considers among other factors the corporation's performance and relative shareholder return, overall risk and controls management, the awards given to the Officer-Directors in past years, the award practices of the relevant peer group of competitive financial institutions and the Committee's assessment of the current and expected contribution of the Officer-Directors to the corporation's success.
13. Approve all salary, short-term incentive compensation, and long-term incentive awards for Officer-Directors (subject to ratification by the independent directors of the Board) and for Section 16 officers.
14. Approve the annual award totals under the Long-Term Incentive Plan and approve the terms and conditions for each type of award. The Head of Human Resources, with the concurrence of an Operating Committee member, can approve Long-Term Incentive Plan awards to prospective hires and to current officers for retention purposes (except for Section 16 officers). Awards to new hires who will be Section 16 officers require approval by the Committee chair with subsequent notification to the Committee. The Committee chair will determine if the entire Committee should approve such awards at the time of hire.
15. Review and recommend employee equity-based plans to the full Board.
16. Approve the overall incentive compensation pool for the corporation.
17. Review the corporation's compensation practices and the relationship among risk, risk management and compensation in light of the corporation's objectives, including its safety and soundness and the avoidance of practices that would encourage excessive risk; for this purpose, the Committee will meet not less than annually with the corporation's Chief Risk Officer and other management, and will also meet with one or more members of the Risk Committee of the Board of Directors.
18. Review and approve changes in the corporation's qualified benefit plans that result in a material change in costs or the benefit levels provided.
19. Approve the delegation of authority to the Head of Human Resources and the Chief Financial Officer to appoint the members of each employee pension plan’s fiduciary Committee and to appoint the Plan Administrator for employee benefit plans subject to ERISA; approve the Fiduciary Rules; and receive reports regarding the operation of the employee benefit plans.
20. Review and discuss with management the Compensation Discussion and Analysis and approve the Compensation & Management Development Committee report to be included in the corporation's annual proxy statement.
21. Approve the delegation of authority to the Head of Human Resources or other appropriate officer to administer and amend the corporation’s compensation and benefits programs, including the authority to interpret the program in individual cases when appropriate.

Management development, culture, conduct and succession planning

22. Periodically review and approve a written talent management program that provides for development, recruitment, and succession planning for key executives; review diversity programs; evaluate the performance of key executives; review the succession plan for key executives, including the Chairman and the Chief Executive Officer; and make recommendations to the Board regarding key executives.
23. Approve the corporation’s Business Principles and any material changes to such principles.
24. Periodically review the corporation’s culture including review of thematic feedback from employees and cultural initiatives, and review reports from management regarding significant conduct issues and any related employee actions, including but not limited to compensation actions.

Action on behalf of national bank subsidiaries

25. The Committee has full and complete authority to act for and on behalf of the Firm’s national bank subsidiaries (the “Banks”) in the exercise of the Compensation & Management Development Committee responsibilities of the Banks, pursuant to authority granted to the Committee by the By-laws of the Banks and by the Board of Directors of JPMorgan Chase & Co. In furtherance of such responsibilities, the Committee has a duty to seek to preserve the safety and soundness of the Banks and exercises its oversight of Banks’ Compensation & Management Development Committee matters with the understanding that the Banks’ interests are not to be subordinated to the interests of the parent holding company in a way as to jeopardize the safety and soundness of the Banks.

Charter review

26. Review, at least annually, the Committee's charter and recommend any proposed changes to the Board for approval. The Compensation & Management Development Committee shall prepare, and report to the Board the results of, an annual performance evaluation of the Committee, which shall compare the performance of the Committee with the requirements of this charter.

Effective July 2024