Friedman Stacey 4

What Happened
Stacey Friedman, General Counsel of JPMorgan Chase & Co., had 48,929.443 performance share units (PSUs) settle into common stock on March 25, 2026. To satisfy tax withholding on the PSU settlement, 27,058.443 shares were surrendered at an effective price of $295.04, totaling $7,983,323. The remaining 21,871.000 shares were delivered to Friedman and are subject to a holding requirement.

Key Details

• Transaction date: March 25, 2026; Form 4 filed March 27, 2026 (timely within required period).
• PSU units converted: 48,929.443 shares (exercise/conversion code M).
• Shares withheld for taxes: 27,058.443 shares at $295.04 per share (code F), proceeds ≈ $7,983,323.
• Net shares delivered to insider: 21,871.000 shares.
• Footnotes: PSUs were granted Jan 17, 2023 for the three-year performance period ended Dec 31, 2025; PSUs include reinvested dividend equivalents and, after settlement, must be held for an additional two years (total five-year grant+hold period).

Context
This was a PSU settlement with shares withheld to cover tax obligations (a routine tax-withholding disposition), not an open-market sale. PSUs represent contingent rights to receive shares upon vesting; here they vested based on performance goals and settled into stock. The withholding reduces the delivered share count and does not necessarily indicate insider sentiment about the stock.