Petno Douglas B 4
4 · JPMORGAN CHASE & CO · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
JPMorgan (JPM) Co‑CEO CIB Douglas Petno Receives Award, Withholds Shares
What Happened
Douglas B. Petno, Co‑CEO of the Corporate & Investment Bank at JPMorgan Chase & Co., had Performance Share Units (PSUs) settle into 50,647.544 shares on March 25, 2026. To cover tax withholding on that settlement, 28,008.544 of those shares were surrendered at an effective price of $295.04 per share, representing roughly $8,263,641. The PSU settlement is recorded as an exercise/conversion of a derivative (PSU → shares) and the withholding is a disposition to satisfy tax obligations.
Key Details
- Transaction date: March 25, 2026; Form 4 filed March 27, 2026 (within the typical 2-business‑day window).
- Shares acquired on settlement: 50,647.544 shares (PSU conversion; no cash cost shown).
- Shares withheld/disposed for taxes: 28,008.544 shares at $295.04 each = $8,263,641 (code F — tax withholding).
- Additional derivative entry shows the PSUs settled/cancelled (code M).
- Shares owned after the transaction: not specified in the provided excerpt of the Form 4.
- Footnotes: PSUs were granted Jan 17, 2023 for the 3‑year performance period ending Dec 31, 2025; PSUs vested based on attainment of performance goals and settled in stock on 3/25/2026. Per award terms, delivered shares (after withholding) must be held for an additional two years, for a total five‑year vesting/holding period from the grant date.
Context
This was not an open‑market sale for investment purposes but a routine settlement of earned PSUs with shares withheld to cover taxes. PSUs are contingent awards that convert to stock when performance goals are met; the withholding disposition is a standard administrative step and does not necessarily signal insider sentiment about the stock.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-25+50,647.544→ 415,475.544 total - Tax Payment
Common Stock
2026-03-25$295.04/sh−28,008.544$8,263,641→ 387,467 total - Exercise/Conversion
Performance Share Units
[F2][F3]2026-03-25−50,647.544→ 0 total→ Common Stock (50,647.544 underlying)
- 70,457(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.