Beer Lori A 4

What Happened Lori A. Beer, Chief Information Officer of JPMorgan Chase & Co., had Performance Share Units (PSUs) settled into 28,327.869 shares of JPM common stock on March 25, 2026. To cover tax withholding, 15,665.869 of those shares were surrendered (disposed) at an implied value of $295.04 per share, totaling $4,622,058. Net shares delivered to Beer after withholding were 12,662.000 shares. This was not an open-market sale but a settlement of a compensation award (PSUs) with shares withheld for taxes.

Key Details

• Transaction date: March 25, 2026 (Form 4 filed March 27, 2026 — appears timely).
• Shares settled (acquired): 28,327.869 (conversion of PSUs) — transaction code M.
• Shares withheld/disposed for taxes: 15,665.869 @ $295.04 per share, totaling $4,622,058 — transaction code F.
• Net shares delivered to insider: 12,662.000 shares.
• Footnotes:
  • PSUs were granted Jan 17, 2023 for the 3-year performance period ended Dec 31, 2025 and vested based on performance (footnotes F1–F3).
  • Each PSU converts to one share upon vesting. Shares received after withholding must be held for an additional two years (five-year total from grant).
• This was a PSU settlement with tax withholding (net settlement/cashless-style), not an open-market purchase or discretionary sale.

Context PSU settlements reflect compensation tied to firm performance and often include mandatory holding periods; the withholding here is routine to satisfy tax obligations. This transaction is informational rather than a direct bullish/bearish signal from an open-market trade.