Lake Marianne 4
4 · JPMORGAN CHASE & CO · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
JPMorgan Marianne Lake Receives PSU Shares; Sells 31,806 for Taxes
What Happened
Marianne Lake, CEO CCB of JPMorgan Chase & Co., had Performance Share Units (PSUs) settle into 57,514.735 shares of JPM common stock on March 25, 2026. To satisfy withholding for taxes, 31,805.735 of those shares were disposed (reported as tax withholding) at $295.04 per share for proceeds of $9,383,964. The net shares retained by Lake after withholding are 25,709.000 shares. The PSU settlement is not an open‑market purchase or sale but a scheduled award payout with mandatory tax withholding.
Key Details
- Transaction date: March 25, 2026; Form 4 filed March 27, 2026.
- Received: 57,514.735 shares via PSU settlement (code M – exercise/conversion of derivative).
- Disposed/withheld for taxes: 31,805.735 shares at $295.04 each, totaling $9,383,964 (code F – payment of tax liability).
- Net shares retained after withholding: 25,709.000 shares.
- Footnotes: PSUs were granted Jan 17, 2023 for the 3‑year performance period ending Dec 31, 2025 and vested based on performance (includes reinvested dividend equivalents). Shares delivered are subject to an additional two‑year holding requirement (total five years from grant).
- Filing timeliness: Form 4 was filed two days after the settlement date (typical reporting window).
Context
This was a PSU settlement (an award), not an open‑market purchase or a discretionary sale; the only shares sold/disposed were to cover tax obligations. PSUs are contingent awards that convert to shares based on performance metrics — here they vested and settled into stock. The required two‑year additional holding period means retained shares cannot be sold immediately, reducing the likelihood that the withholding sale reflects a view on the stock.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-25+57,514.735→ 105,531.735 total - Tax Payment
Common Stock
2026-03-25$295.04/sh−31,805.735$9,383,964→ 73,726 total - Exercise/Conversion
Performance Share Units
[F2][F3]2026-03-25−57,514.735→ 0 total→ Common Stock (57,514.735 underlying)
- 64,271(indirect: By Trust)
Common Stock
- 137,299(indirect: By GRATs)
Common Stock
Footnotes (3)
- [F1]These shares represent JPM common stock acquired on March 25, 2026 upon settlement of a Performance Share Unit (PSU) award granted on January 17, 2023 for the three-year performance period ended December 31, 2025 (as previously disclosed on a Form 4 filed on March 19, 2026), and must be held for an additional two-year period, for a total combined vesting and holding period of five years from the date of grant, as provided under the terms of the PSU award.
- [F2]Each PSU represents a contingent right to receive one share of JPM common stock upon vesting based on the attainment of performance goals.
- [F3]Represents PSUs earned (including reinvested dividend equivalents) based on the Firm's attainment of pre-established performance goals for the three-year performance period ended December 31, 2025, as provided under the terms of a PSU award granted on January 17, 2023, and as previously reported on a Form 4 filed on March 19, 2026. The PSUs settled in shares of common stock on March 25, 2026. Shares delivered, after applicable tax withholding, must be held for an additional two-year period, for a total combined vesting and holding period of five years from the date of grant.