Rohrbaugh Troy L 4
4 · JPMORGAN CHASE & CO · Filed Mar 27, 2026
Research Summary
AI-generated summary of this filing
JPMorgan Co-CEO CIB Troy Rohrbaugh Receives PSU Shares; Sells 40,349
What Happened
Troy L. Rohrbaugh, Co-CEO of the Corporate & Investment Bank at JPMorgan Chase & Co., had 72,965.113 performance share units (PSUs) convert into common shares on March 25, 2026. To cover tax withholding, 40,349.113 of those shares were withheld/sold at $295.04 per share, generating approximately $11,904,602. The PSU settlement entries are reported as derivative exercises (code M) and the withholding sale as tax-withholding (code F).
Key Details
- Transaction date: March 25, 2026; Form 4 filed March 27, 2026 (timely filing).
- Shares settled: 72,965.113 PSUs converted to common shares (no cash exercise price).
- Tax withholding: 40,349.113 shares disposed at $295.04 each = ~$11,904,602.
- Remaining shares from the settlement (after withholding) must be held for an additional two-year period — total 5 years from the Jan 17, 2023 grant date (per footnotes).
- PSUs represent contingent rights to one share each and include earned amounts plus reinvested dividend equivalents.
- Shares owned after the transaction are not disclosed in the provided filing.
Context
This was a PSU settlement (not an open-market purchase or sale for investment). The sale was a routine tax-withholding/net settlement; the larger event is the PSU vesting based on 3-year performance (ended 12/31/2025). Because the delivered shares are subject to an additional two-year holding requirement, these are not immediately tradable in full by the insider.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-03-25+72,965.113→ 184,244.113 total - Tax Payment
Common Stock
2026-03-25$295.04/sh−40,349.113$11,904,602→ 143,895 total - Exercise/Conversion
Performance Share Units
[F2][F3]2026-03-25−72,965.113→ 0 total→ Common Stock (72,965.113 underlying)
- 92.404(indirect: By 401(k))
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.