PJT Partners CEO Paul Taubman Exercises Options, Sells 36,000 Shares

What Happened

• Paul J. Taubman, Chairman and CEO of PJT Partners (PJT), executed a derivative conversion (code M) that resulted in the disposition of 36,000 shares on July 30, 2026. The exercise/conversion price was $166.17 per share, producing gross proceeds of $5,982,293. Per the filing, the exchange of Partnership Units was settled for cash rather than stock.

Key Details

• Transaction date: July 30, 2026; Form 4 filed August 3, 2026 (timely).
• Transaction type/code: M — exercise or conversion of a derivative; disposition (sold/settled for cash).
• Price and value: 36,000 shares at $166.17 each = $5,982,293.
• Shares owned after transaction: Reporting Person holds 5,352,000 Partnership Units (per filing), of which 200,000 remain subject to time-based vesting through March 1, 2027. No Class A shares were received because the exchange was settled in cash.
• Notable footnotes:
  • The Reporting Person had elected on May 25, 2026 to exchange up to 36,000 Partnership Units in the quarter; the Issuer’s Exchange Agreement allows quarterly exchanges for cash or Class A stock on a one-for-one basis.
  • Footnote confirms these Partnership Units were exchanged for cash effective July 30, 2026.
• Filing timeliness: Filed within the reporting deadline (Form 4 filed Aug 3 for a July 30 transaction).

Context

• This was a derivative exercise/conversion settled for cash (a cash-out), not a purchase of stock. Such transactions often reflect planned vesting/exchange mechanics rather than an open-market investment decision; they do not, by themselves, indicate the insider’s view on the company’s prospects.