Travin David Adam 4
4 · PJT Partners Inc. · Filed Feb 6, 2026
Research Summary
AI-generated summary of this filing
PJT Partners (PJT) GC David Travin Exercises Units for $1.32M Cash
What Happened
David Travin, General Counsel of PJT Partners (PJT), completed a derivative exercise/conversion on February 5, 2026, resulting in the disposition of 8,264 underlying shares at an effective per-share value of $159.92 for a cash payout of $1,321,579. The transaction was a cash settlement of partnership units rather than an open-market sale of Class A common stock.
Key Details
- Transaction date: February 5, 2026; Filing date: February 6, 2026 (timely file).
- Transaction type/code: M (exercise or conversion of a derivative) — reported as "Disposed" (cash settlement).
- Shares/units converted: 8,264; Price used: $159.92; Total cash received: $1,321,579.
- Post-transaction holdings: Filing references 13,420 Partnership Units reported (all remain subject to previously disclosed time-based vesting conditions). (See Footnote 4.)
- Notable footnotes: F1 — election to exchange submitted Nov 11, 2025; F2 — Partnership Units may be exchanged quarterly for cash or Class A shares; F3 — these units were settled for cash effective Feb 5, 2026.
- No indication of a 10b5-1 plan or a late filing in this report.
Context
This was an exchange/settlement of partnership units for cash rather than a purchase of stock. Per the filing, Partnership Units can be exchanged one-for-one for cash or Class A common stock at the issuer’s election; in this case the company settled in cash. Because the units remain subject to vesting, the filing reflects ongoing compensation-related holdings rather than a straightforward open-market sale by the insider.
Insider Transaction Report
- Exercise/Conversion
Partnership Units of PJT Partners Holdings LP
[F1][F2][F3][F4]2026-02-05$159.92/sh−8,264$1,321,579→ 13,420 total→ Class A Common Stock (8,264 underlying)
Footnotes (4)
- [F1]On November 11, 2025, the Reporting Person submitted an Election to Exchange 8,264 Partnership Units of PJT Partners Holdings LP ("Partnership Units") with such exchange to be settled for either cash or Class A Common Stock, as determined by the Issuer's Board of Directors.
- [F2]Subject to the terms of the Issuer's Exchange Agreement, on a quarterly basis, Partnership Units may be exchanged for cash or, at the election of the Issuer, shares of Class A Common Stock of the Issuer on a one-for-one basis.
- [F3]Effective February 5, 2026, the Reporting Person's Partnership Units were exchanged for cash.
- [F4]Includes Partnership Units that were acquired upon the occurrence of specified vesting events or grants and previously reported as Performance LTIP Units or Partnership LTIP Units of PJT Partners Holdings LP. Of the 13,420 Partnership Units reported, all remain subject to previously disclosed time-based vesting conditions.