Travin David Adam 4

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.