Beer Lori A 4
4 · JPMORGAN CHASE & CO · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
JPMorgan CIO Lori Beer Receives PSU Shares; Sells for Tax Withholding
What Happened Lori A. Beer, Chief Information Officer of JPMorgan Chase & Co., had Performance Share Units (PSUs) settled into 28,327.869 shares of JPM common stock on March 25, 2026. To cover tax withholding, 15,665.869 of those shares were surrendered (disposed) at an implied value of $295.04 per share, totaling $4,622,058. Net shares delivered to Beer after withholding were 12,662.000 shares. This was not an open-market sale but a settlement of a compensation award (PSUs) with shares withheld for taxes.
Key Details
- Transaction date: March 25, 2026 (Form 4 filed March 27, 2026 — appears timely).
- Shares settled (acquired): 28,327.869 (conversion of PSUs) — transaction code M.
- Shares withheld/disposed for taxes: 15,665.869 @ $295.04 per share, totaling $4,622,058 — transaction code F.
- Net shares delivered to insider: 12,662.000 shares.
- Footnotes:
- PSUs were granted Jan 17, 2023 for the 3-year performance period ended Dec 31, 2025 and vested based on performance (footnotes F1–F3).
- Each PSU converts to one share upon vesting. Shares received after withholding must be held for an additional two years (five-year total from grant).
- This was a PSU settlement with tax withholding (net settlement/cashless-style), not an open-market purchase or discretionary sale.
Context PSU settlements reflect compensation tied to firm performance and often include mandatory holding periods; the withholding here is routine to satisfy tax obligations. This transaction is informational rather than a direct bullish/bearish signal from an open-market trade.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-25+28,327.869→ 88,779.869 total - Tax Payment
Common Stock
2026-03-25$295.04/sh−15,665.869$4,622,058→ 73,114 total - Exercise/Conversion
Performance Share Units
[F2][F3]2026-03-25−28,327.869→ 0 total→ Common Stock (28,327.869 underlying)
Footnotes (3)
- [F1]These shares represent JPM common stock acquired on March 25, 2026 upon settlement of a Performance Share Unit (PSU) award granted on January 17, 2023 for the three-year performance period ended December 31, 2025 (as previously disclosed on a Form 4 filed on March 19, 2026), and must be held for an additional two-year period, for a total combined vesting and holding period of five years from the date of grant, as provided under the terms of the PSU award.
- [F2]Each PSU represents a contingent right to receive one share of JPM common stock upon vesting based on the attainment of performance goals.
- [F3]Represents PSUs earned (including reinvested dividend equivalents) based on the Firm's attainment of pre-established performance goals for the three-year performance period ended December 31, 2025, as provided under the terms of a PSU award granted on January 17, 2023, and as previously reported on a Form 4 filed on March 19, 2026. The PSUs settled in shares of common stock on March 25, 2026. Shares delivered, after applicable tax withholding, must be held for an additional two-year period, for a total combined vesting and holding period of five years from the date of grant.