Taubman Paul J 4

What Happened

• Paul J. Taubman, Chairman and CEO of PJT Partners, converted/exercised 36,000 partnership units (derivative transaction coded "M") on Feb 5, 2026. The Form 4 lists a price of $159.92 per unit, with a cash settlement totaling $5,757,120. The filing shows the units were "disposed" because the exchange was settled in cash rather than shares.

Key Details

• Transaction date: February 5, 2026; Form 4 filed February 6, 2026 (timely).
• Price / value: $159.92 per unit; total cash received $5,757,120.
• Transaction type: M = exercise/conversion of partnership units (settled in cash per issuer election).
• Shares/units shown in holdings: reporting includes 5,424,000 Partnership Units (of which 400,000 remain subject to time‑based vesting through March 1, 2027), per the filing footnote.
• Notable footnotes: Issuer's Exchange Agreement allows Partnership Units to be exchanged quarterly for cash or Class A common stock on a one‑for‑one basis; the issuer elected cash for this exchange (see Issuer 8‑K referenced in filing).

Context

• This was a conversion/settlement of partnership units for cash (not an open‑market sale of shares). Such cash settlements are company‑determined under the exchange agreement and do not necessarily indicate a purchase or market sentiment. The transaction was disclosed promptly in the Form 4 the business day after the exchange.