Amended and Restated Pricing Supplement no. 591-A
To prospectus dated November 21, 2008,
prospectus supplement dated November 21, 2008 and
product supplement no. 39-A-VI dated February 22, 2010

Registration Statement No. 333-155535
Dated May 21, 2010
Rule 424(b)(8)

Structured 
Investments 

      JPMorgan Chase & Co.
$3,000,000
Buffered Return Enhanced Notes Linked to the S&P 500® Index due June 14, 2011

General

Key Terms

Index:

The S&P 500® Index (“SPX”) (the “Index”)

Upside Leverage Factor:

1.5

Payment at Maturity:

If the Ending Index Level is greater than the Initial Index Level, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Index Return multiplied by one and one half, subject to a Maximum Total Return on the notes of 19.50%. For example, if the Index Return is equal to or greater than 13.00%, you will receive the Maximum Total Return on the notes of 19.50%, which entitles you to a maximum payment at maturity of $1,195.00 for every $1,000 principal amount note that you hold. Accordingly, if the Index Return is positive, your payment at maturity per $1,000 principal amount note will be calculated as follows, subject to the Maximum Total Return:

 

$1,000 + [$1,000 x (Index Return x 1.5)]

 

Your principal is protected against up to a 10% decline of the Index at maturity. If the Ending Index Level is equal to or declines from the Initial Index Level by up to 10%, you will receive the principal amount of your notes at maturity.

If the Ending Index Level declines from the Initial Index Level by more than 10%, you will lose 1% of the principal amount of your notes for every 1% that the Index declines beyond 10% and your payment at maturity per $1,000 principal amount note will be calculated as follows:

 

$1,000 + [$1,000 x (Index Return + 10%)]

 

If the Ending Index Level declines from the Initial Index Level by more than 10%, you could lose up to $900 per $1,000 principal amount note.

Buffer Amount:

10%, which results in a minimum payment of $100 per $1,000 principal amount note.

Index Return:

Ending Index Level – Initial Index Level
               Initial Index Level

Initial Index Level:

The Index closing level on May 7, 2010, which was 1110.88.

Ending Index Level:

The Index closing level on the Observation Date.

Observation Date:

June 9, 2011††

Maturity Date:

June 14, 2011

CUSIP:

48124AQK6

† 

This amended and restated pricing supplement no. 591-A amends and restates and supersedes the pricing supplement no. 591 related hereto dated May 11, 2010 to product supplement no. 39-A-VI in its entirety (the pricing supplement no. 591 is available on the SEC website at http://sec.gov/Archives/edgar/data/19617/000089109210001960/e38757_424b2.pdf).

††

Subject to postponement in the event of a market disruption event and as described under “Description of Notes — Payment at Maturity” in the accompanying product supplement no. 39-A-VI.

Investing in the Buffered Return Enhanced Notes involves a number of risks. See “Risk Factors” beginning on page PS-10 of the accompanying product supplement no. 39-A-VI and “Selected Risk Considerations” beginning on page PS-2 of this amended and restated pricing supplement.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this amended and restated pricing supplement or the accompanying prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.


 

Price to Public (1)

Fees and Commissions (2)

Proceeds to Us


Per note

$1,000

$10.60

$989.40


Total

$3,000,000

$31,800

$2,968,200


(1)

The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.

(2)

J.P. Morgan Securities Inc., which we refer to as JPMSI, acting as agent for JPMorgan Chase & Co., will receive a commission of $10.60 per $1,000 principal amount note and will use a portion of that commission to allow selling concessions to other affiliated or unaffiliated dealers of $1.00 per $1,000 principal amount note. This commission includes the projected profits that our affiliates expect to realize, some of which may be allowed to other unaffiliated dealers, for assuming risks inherent in hedging our obligations under the notes. See “Plan of Distribution” beginning on page PS-174 of the accompanying product supplement no. 39-A-VI.

The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

May 21, 2010

Additional Terms Specific to the Notes

You should read this amended and restated pricing supplement no. 591-A together with the prospectus dated November 21, 2008, as supplemented by the prospectus supplement dated November 21, 2008 relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in product supplement no. 39-A-VI dated February 22, 2010. This amended and restated pricing supplement no. 591-A, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. This pricing supplement no. 591-A amends and restates and supersedes pricing supplement no. 591 related hereto dated May 11, 2010 to product supplement no. 39-A-VI in its entirety. You should rely only on the information contained in this pricing supplement no. 591-A and in the documents listed below in connection with your investment in the notes. You should carefully consider, among other things, the matters set forth in “Risk Factors” in the accompanying product supplement no. 39-A-VI, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Our Central Index Key, or CIK, on the SEC website is 19617. As used in this amended and restated pricing supplement, the “Company,” “we,” “us” or “our” refers to JPMorgan Chase & Co.

Selected Purchase Considerations


JPMorgan Structured Investments —
Buffered Return Enhanced Notes Linked to the S&P 500® Index

 PS-1

presented by this notice. Non-U.S. Holders should also note that they may be withheld upon at a rate of up to 30% unless they have submitted a properly completed IRS Form W-8BEN or otherwise satisfied the applicable documentation requirements.

Selected Risk Considerations

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Index or in any of the component securities of the Index. These risks are explained in more detail in the “Risk Factors” section of the accompanying product supplement no. 39-A-VI dated February 22, 2010.


JPMorgan Structured Investments —
Buffered Return Enhanced Notes Linked to the S&P 500® Index

 PS-2

What Is the Total Return on the Notes at Maturity Assuming a Range of Performance for the Index?

The following table and examples illustrate the hypothetical total return at maturity on the notes. The Ending Index Level used to calculate the Index Return is not subject to any tracking error. The “total return” as used in this amended and restated pricing supplement is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns set forth below assume an Initial Index Level of 1110.00 and reflect the Maximum Total Return of 19.50% and the Buffer Amount of 10%. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns applicable to a purchaser of the notes. The numbers appearing in the following table and in the examples on the following page have been rounded for ease of analysis.


Ending Index
Level

Index Return

Total Return


1998.00

80.00%

19.50%

1887.00

70.00%

19.50%

1776.00

60.00%

19.50%

1665.00

50.00%

19.50%

1554.00

40.00%

19.50%

1443.00

30.00%

19.50%

1332.00

20.00%

19.50%

1276.50

15.00%

19.50%

1254.30

13.00%

19.50%

1221.00

10.00%

15.00%

1165.50

5.00%

7.50%

1137.75

2.50%

3.75%

1121.10

1.00%

1.50%

1110.00

0.00%

0.00%

1054.50

-5.00%

0.00%

999.00

-10.00%

0.00%

943.50

-15.00%

-5.00%

888.00

-20.00%

-10.00%

777.00

-30.00%

-20.00%

666.00

-40.00%

-30.00%

555.00

-50.00%

-40.00%

444.00

-60.00%

-50.00%

333.00

-70.00%

-60.00%

222.00

-80.00%

-70.00%

111.00

-90.00%

-80.00%

0.00

-100.00%

-90.00%




JPMorgan Structured Investments —
Buffered Return Enhanced Notes Linked to the S&P 500® Index

 PS-3

Hypothetical Examples of Amounts Payable at Maturity

The following examples illustrate how the total returns set forth in the table on the previous page are calculated.

Example 1: The level of the Index increases from the Initial Index Level of 1110.00 to an Ending Index Level of 1165.50. Because the Ending Index Level of 1165.50 is greater than the Initial Index Level of 1110.00 and the Index Return of 5% multiplied by 1.5 does not exceed the Maximum Total Return of 19.50%, the investor receives a payment at maturity of $1,075 per $1,000 principal amount note, calculated as follows:

$1,000 + [$1,000 x (5% x 1.5)] = $1,075

Example 2: The level of the Index decreases from the Initial Index Level of 1110.00 to an Ending Index Level of 999.00. Although the Index Return is negative, because the Ending Index Level of 999.00 is less than the Initial Index Level of 1110.00 by not more than the Buffer Amount of 10%, the investor receives a payment at maturity of $1,000 per $1,000 principal amount note.

Example 3: The level of the Index increases from the Initial Index Level of 1110.00 to an Ending Index Level of 1332.00. Because the Ending Index Level of 1332.00 is greater than the Initial Index Level of 1110.00 and the Index Return of 20% multiplied by 1.5 exceeds the Maximum Total Return of 19.50%, the investor receives a payment at maturity of $1,195.00 per $1,000 principal amount note, the maximum payment on the notes.

Example 4: The level of the Index decreases from the Initial Index Level of 1110.00 to an Ending Index Level of 777.00. Because the Index Return is negative and the Ending Index Level of 777.00 is less than the Initial Index Level of 1110.00 by more than the Buffer Amount of 10%, the investor receives a payment at maturity of $800 per $1,000 principal amount note, calculated as follows:

$1,000 + [$1,000 x (-30% + 10%)] = $800

Example 5: The level of the Index decreases from the Initial Index Level of 1110.00 to an Ending Index Level of 0. Because the Index Return is negative and the Ending Index Level of 0 is less than the Initial Index Level of 1110.00 by more than the Buffer Amount of 10%, the investor receives a payment at maturity of $100 per $1,000 principal amount note, which reflects the principal protection provided by the Buffer Amount of 10%, calculated as follows:

$1,000 + [$1,000 x (-100% + 10%)] = $100

Historical Information

The following graph sets forth the historical performance of the S&P 500® Index based on the weekly Index closing level from January 7, 2005 through May 14, 2010. The Index closing level on May 20, 2010 was 1071.59. We obtained the Index closing levels below from Bloomberg Financial Markets. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.

The historical levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the Index closing level on the Observation Date. We cannot give you assurance that the performance of the Index will result in the return of any of your initial investment in excess of $100 per $1,000 principal amount note.


JPMorgan Structured Investments —
Buffered Return Enhanced Notes Linked to the S&P 500® Index

 PS-4