Costos James 4

What Happened

• James Costos, a director of PJT Partners (PJT), had derivative units converted/settled into 1,929 shares and was granted 1,200 restricted stock units (RSUs) on June 1, 2026. The filing reports $0 consideration for these entries, reflecting conversion/award activity rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-01; Form 4 filed 2026-06-03 (timely — within required reporting window).
• Reported transactions:
  • Code M (exercise/conversion): 1,929 shares — reported as both "Acquired" and a separate "Disposed" line at $0 (no cash proceeds reported).
  • Code A (award/grant): 1,200 RSUs acquired @ $0.00.
• Price/value: $0 reported for the transactions (typical for RSU settlement/award reporting).
• Shares owned after transaction: not specified in this Form 4 (not reported in the filing).
• Relevant footnotes:
  • F1–F4: The reported items relate to previously granted RSUs that convert one-for-one into Class A common stock; each RSU is a contingent right to one share and were granted as long‑term incentive awards.
  • F5: The RSUs vest in four substantially equal installments (Aug 31, 2026; Nov 30, 2026; Feb 28, 2027; May 31, 2027) and will be settled on earlier of service termination or the fifth anniversary of grant, in stock, cash, or a mix at the compensation committee’s discretion.
• The filing does not show an open‑market sale or cash proceeds; the "Disposed" line at $0 should not be read as a market sale.

Context

• These entries reflect director compensation and RSU settlement mechanics (long‑term incentive), not routine buy/sell trading by the insider. RSUs convert to shares on a one‑for‑one basis and may be settled in cash or stock per the issuer’s policy.