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

Stacey Friedman, General Counsel of JPMorgan Chase, settled Performance Share Units (PSUs) for common stock on March 25, 2024, and now beneficially owns 77,117 shares directly.

Summary

• On March 25, 2024, Stacey Friedman, General Counsel of JPMorgan Chase, settled Performance Share Units (PSUs) into common stock.
• This transaction involved the acquisition of 39,511.1775 shares of JPMC common stock upon settlement of a PSU award granted on January 19, 2021, for the three-year performance period ended December 31, 2023.
• Friedman also disposed of 21,850.1775 shares to cover tax obligations at a price of $195.65 per share.
• Following these transactions, Friedman directly owns 77,117 shares of JPMC common stock and indirectly owns 34,556 shares through a GRAT.
• The shares acquired from the PSU settlement are subject to an additional two-year holding period, resulting in a total combined vesting and holding period of five years from the grant date.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The settlement of PSUs indicates the achievement of performance goals, which is a positive signal. The filing itself is a routine disclosure.

Positives

• The settlement of PSUs indicates that JPMorgan Chase met pre-established performance goals for the three-year performance period ended December 31, 2023.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• The vesting and holding period of five years for the PSU award is a fairly standard practice among large financial institutions to ensure long-term alignment of executive interests with shareholder value.
• Other financial institutions such as Goldman Sachs and Morgan Stanley also utilize performance-based equity compensation with similar vesting schedules.

Stakeholder Impact

• The settlement of PSUs aligns management's interests with those of shareholders by rewarding performance and incentivizing long-term value creation.

Key Dates