Friedman Stacey 4

What Happened
Stacey Friedman, General Counsel of JPMorgan Chase & Co., was granted 48,929.443 Performance Share Units (PSUs) on 2026-03-17 (reported on Form 4 filed 2026-03-19). The PSUs were awarded as earned compensation (derivative award reported at $0.00) based on the firm’s achievement of pre-established performance goals for the three-year period ended 12/31/2025. The Compensation & Management Development Committee certified that the maximum number of previously granted PSUs was earned.

Key Details

• Transaction date: 2026-03-17 (Form 4 filed 2026-03-19; appears timely).
• Transaction type: Award/Grant of PSUs (code A); amount: 48,929.443 PSUs; reported price: $0.00 (derivative award).
• Expected settlement: PSUs are expected to vest and be settled in shares on 2026-03-25; a further Form 4 will report the actual share delivery.
• Post-delivery holding: Shares delivered after applicable tax withholding must be held for an additional two years — total combined vesting + holding = five years from the original grant date (grant was 01/17/2023).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes: PSUs include reinvested dividend equivalents and represent contingent rights to receive one share per PSU upon vesting; committee certified maximum payout for the period.

Context
PSUs are a form of long-term, performance-based compensation that convert into company shares only if performance and vesting conditions are met; this is not an open-market purchase or sale by the insider. Such awards are common for executives and reflect company performance metrics and retention rules rather than an insider’s immediate trading sentiment.