Whitney Kenneth C 4

What Happened
Kenneth C. Whitney, a director of PJT Partners Inc. (PJT), executed an exchange/conversion of a derivative position on Feb 5, 2026. The filing reports 30,000 units converted at an economic price of $159.92 per share, for total proceeds of $4,797,600. The transaction is reported as an exercise/conversion (Form 4 code M) and the units were settled in cash.

Key Details

• Transaction date: February 5, 2026; Form 4 filed February 6, 2026 (appears timely).
• Reported amount: 30,000 units × $159.92 = $4,797,600 (disposed via derivative exercise/conversion).
• Settlement: Cash (per footnote: Partnership Units exchanged for cash effective Feb 5, 2026).
• Footnotes: F1 — Whitney elected to exchange 30,000 Partnership Units; F2 — Partnership Units may be exchanged quarterly for cash or one-for-one for Class A common stock at the issuer’s election; F3 — these units were exchanged for cash.
• Shares owned after transaction: Not specified in the reported excerpt.

Context
This was a derivative conversion/exchange settled for cash rather than an open-market sale of shares or a stock-for-stock exchange. Such cash settlements are typically routine under company exchange agreements and do not by themselves indicate the insider’s view on the company.