Rafferty Emily K 4

What Happened

• Emily K. Rafferty, a director of PJT Partners (PJT), had derivative instruments converted/settled on June 1, 2026 that resulted in 1,541 shares and is also shown receiving a grant/award of 800 restricted stock units (RSUs).
• The Form 4 reports the 1,541-share conversion (exercise/conversion, code M) and shows a 1,541-share disposition at $0.00 (no cash proceeds). The new award of 800 RSUs is reported as a grant/award (code A) with $0.00 reported value.

Key Details

• Transaction date: June 1, 2026; Form filed June 3, 2026 (covering the June 1 transaction).
• Conversion/exercise (code M): 1,541 shares acquired (price N/A in filing) and 1,541 shares disposed at $0.00 (reported proceeds $0).
• Grant/award (code A): 800 RSUs granted, $0.00 reported value.
• Shares owned after the transactions: not specified in the supplied filing excerpt.
• Notable footnotes: the reported shares relate to settlement of previously granted RSUs; RSUs convert one-for-one into Class A common stock, represent a contingent right to receive one share, were granted as long-term incentive awards, and the 800 RSUs vest in four substantially equal installments on Aug 31, 2026; Nov 30, 2026; Feb 28, 2027; and May 31, 2027. RSUs will be settled (stock or cash) on the earlier of termination of service or the fifth anniversary of the grant date.
• Filing timeliness: filed two days after the transaction date (appears to be a timely Form 4 filing).

Context

• Code M indicates exercise or conversion of a derivative instrument; code A indicates a grant/award. RSUs are not open-market purchases/sales — they are compensation awards that convert to shares per the footnote terms.
• The 1,541-share "disposed" line at $0.00 often reflects shares withheld or surrendered to satisfy tax withholding or other settlement mechanics rather than an open-market sale (the filing shows no cash proceeds).