Form 4: JPMorgan Chase General Counsel Stacey Friedman Acquires Performance Share Units

Stacey Friedman, General Counsel of JPMorgan Chase, reports the acquisition of 42,190.8691 Performance Share Units (PSUs) based on the firm's performance, set to vest and settle on March 25, 2025.

Summary

• Stacey Friedman, General Counsel of JPMorgan Chase & Co., filed a Form 4 on March 20, 2025, reporting a transaction.
• On March 18, 2025, Friedman acquired 42,190.8691 Performance Share Units (PSUs).
• These PSUs represent a contingent right to receive one share of JPM common stock upon vesting, based on the attainment of performance goals.
• The PSUs were earned based on JPMorgan Chase's performance over a three-year period ending December 31, 2024.
• The Board's Compensation & Management Development Committee certified the firm's performance against pre-established goals, determining that the maximum amount of PSUs has been earned.
• The PSUs are expected to vest and settle in shares of common stock on March 25, 2025.
• Shares delivered after tax withholding must be held for an additional two years, totaling a five-year vesting and holding period from the grant date of January 18, 2022.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The filing indicates that the company met its performance goals, leading to the vesting of PSUs. This suggests confidence in the company's performance and future prospects.

Positives

• The acquisition of PSUs indicates that JPMorgan Chase met its performance goals, as certified by the Board's Compensation & Management Development Committee.
• The vesting of PSUs into common stock on March 25, 2025, suggests a positive outlook on the company's future performance.

Future Outlook

The PSUs are expected to vest and settle in shares of common stock on March 25, 2025, contingent on continued employment and subject to the holding period requirements.

Management Comments

• The Board's Compensation & Management Development Committee has certified the Firm's absolute and relative performance against the pre-established performance goals for the performance period and has determined that the maximum amount of the previously granted PSUs has been earned.

Industry Context

This filing is a routine disclosure related to executive compensation and is common in the financial services industry. It reflects the company's performance-based compensation structure.

Comparison to Industry Standards

• Performance-based equity compensation is a standard practice among large financial institutions like JPMorgan Chase, Goldman Sachs, and Morgan Stanley.
• These companies often use PSUs to align executive incentives with long-term shareholder value creation.
• The vesting and holding periods are also typical, designed to ensure executives remain invested in the company's success over several years.

Stakeholder Impact

• The vesting of PSUs into common stock can positively impact shareholder value if the company continues to perform well.
• Employees, particularly executives, are incentivized to achieve performance goals, which can benefit the company's overall success.

Next Steps

• The PSUs are expected to vest and settle in shares of common stock on March 25, 2025, which will be reported in a later Form 4 filing.

Key Dates

Keywords

Form 4, JPMorgan Chase, Performance Share Units, PSU, Stacey Friedman, General Counsel, Beneficial Ownership, Compensation, Vesting