Friedman Stacey 4
4 · JPMORGAN CHASE & CO · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
JPMorgan GC Stacey Friedman Sells 27,058 Shares to Cover Taxes
What Happened
Stacey Friedman, General Counsel of JPMorgan Chase & Co., had 48,929.443 performance share units (PSUs) settle into common stock on March 25, 2026. To satisfy tax withholding on the PSU settlement, 27,058.443 shares were surrendered at an effective price of $295.04, totaling $7,983,323. The remaining 21,871.000 shares were delivered to Friedman and are subject to a holding requirement.
Key Details
- Transaction date: March 25, 2026; Form 4 filed March 27, 2026 (timely within required period).
- PSU units converted: 48,929.443 shares (exercise/conversion code M).
- Shares withheld for taxes: 27,058.443 shares at $295.04 per share (code F), proceeds ≈ $7,983,323.
- Net shares delivered to insider: 21,871.000 shares.
- Footnotes: PSUs were granted Jan 17, 2023 for the three-year performance period ended Dec 31, 2025; PSUs include reinvested dividend equivalents and, after settlement, must be held for an additional two years (total five-year grant+hold period).
Context
This was a PSU settlement with shares withheld to cover tax obligations (a routine tax-withholding disposition), not an open-market sale. PSUs represent contingent rights to receive shares upon vesting; here they vested based on performance goals and settled into stock. The withholding reduces the delivered share count and does not necessarily indicate insider sentiment about the stock.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-25+48,929.443→ 99,065.443 total - Tax Payment
Common Stock
2026-03-25$295.04/sh−27,058.443$7,983,323→ 72,007 total - Exercise/Conversion
Performance Share Units
[F2][F3]2026-03-25−48,929.443→ 0 total→ Common Stock (48,929.443 underlying)
- 61,949(indirect: By GRAT)
Common Stock
- 13,604(indirect: By Trust)
Common Stock
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.