Daley, Obama Chief Of Staff Pick, Exercises JP Morgan Restricted Stock - By David Benoit, Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- William M. Daley, who is leaving J.P. Morgan Chase & Co. (JPM) to become
chief of staff for President Barack Obama, exercised restricted stock, converting his right to about $2.7
million of the bank's stock.
According to a filing with the Securities and Exchange Commission, Daley acquired 61,264 shares, after
subtracting shares he surrendered to cover tax liabilities. At Monday's closing price those shares are worth
$2.7 million.
The stock, which he converted last week after it was announced he would be chief of staff, consisted of
restricted shares that weren't exercisable for at least one year. Some of the shares weren't supposed to be
exercised for another four years and nine months, according to the filing.
The shares were accelerated to become exercisable on Thursday, the filing said, the same day Obama
named Daley, who is also a former Commerce secretary, to succeed Rahm Emanuel in the post. It was seen
as a move to bring a Democratic business voice to the top of the White House. Daley, 62, had overseen
Midwestern operations for J.P. Morgan.
All told, Daley now has about $7.6 million in J.P. Morgan stock, or 175,678 shares.
A spokesman for J.P. Morgan declined to comment.
-By David Benoit, Dow Jones Newswires; 212-416-2458; david.benoit@dowjones.com http://bit.ly/
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