Raymond James Financial (NYSE: RJF) CAO details RSU vesting and tax withholding trades

Rhea-AI Filing Summary

Raymond James Financial reported equity transactions by its Chief Accounting Officer, Katherine H. Larson. The filing shows that previously granted restricted stock units (RSUs) vested into shares of common stock on 11/30/2025 and 12/02/2025, and that some of the resulting shares were surrendered to the company to cover tax withholding.

On 11/30/2025, RSUs converting into 863, 525, and 332 shares of common stock were exercised at an exercise price of $0, while a total of 418 shares were withheld at prices of $156.54 per share to satisfy taxes. On 12/02/2025, an additional 93 RSUs converted to common stock at $0, with 22 shares withheld at $155.83 per share for taxes.

After these transactions, Larson directly held 1,975 shares of common stock and had indirect beneficial ownership of 193 shares through her spouse’s ESOP account and 493 shares through her own ESOP account. The vesting schedules disclosed indicate that related RSU awards vested in tranches across 2023, 2024, 2025, and will continue vesting through 2027.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Larson Katherine H

(Last) (First) (Middle)

880 CARILLON PARKWAY

(Street)

ST. PETERSBURG FL 33716

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RAYMOND JAMES FINANCIAL INC [ RJF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/30/2025		M		863	A	$0(1)	1,465	D
Common Stock	11/30/2025		M		525	A	$0(1)	1,990	D
Common Stock	11/30/2025		M		332	A	$0(1)	2,322	D
Common Stock	11/30/2025		F		80	D	$156.54	2,242	D
Common Stock	11/30/2025		F		128	D	$156.54	2,114	D
Common Stock	11/30/2025		F		210	D	$156.54	1,904	D
Common Stock	12/02/2025		M		93	A	$0(1)	1,997	D
Common Stock	12/02/2025		F		22	D	$155.83	1,975	D
Common Stock								193(2)	I	By spouse through ESOP
Common Stock								493(3)	I	ESOP

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	11/30/2025		M			525	(4)	11/30/2025	Common Stock	525	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			332	(5)	11/30/2026	Common Stock	332	$0.0000	332	D
Restricted Stock Units	(1)	11/30/2025		M			863	(6)	11/30/2027	Common Stock	863	$0.0000	576	D
Restricted Stock Units	(1)	12/02/2025		M			93	12/02/2025	12/02/2025	Common Stock	93	$0.0000	0.0000	D

Explanation of Responses:

1. Each Restricted Stock Unit (RSU) represents a contingent right to receive, upon vesting of the award: (i) one share of common stock, and (ii) accrued cash in lieu of dividends.

2. Includes shares of common stock acquired under the reporting person's spouse's Employee Stock Ownership Plan (ESOP) account through November 24, 2025.

3. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through November 24, 2025.

4. RSUs vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025.

5. RSUs vested 60% on 11/30/2024, 20% on 11/30/2025, and will vest 20% on 11/30/2026.

6. RSUs vested 60% on 11/30/2025 and will vest 20% on 11/30/2026 and 20% on 11/30/2027.

Remarks:

This Form 4 reports (i) the vesting of RSUs awarded to the reporting person and (ii) dispositions by the reporting person to the issuer to cover the tax liability in connection with such vesting.

	/s/ Katherine H. Larson by Jonathan J. Doyle as Attorney-in-Fact	12/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

What insider activity at RJF is disclosed in this Form 4?

The filing shows that Katherine H. Larson, Chief Accounting Officer of Raymond James Financial (RJF), had several restricted stock unit (RSU) awards vest into common stock and surrendered some of the resulting shares back to the company to cover tax withholding.

How many RJF shares did the executive acquire through RSU vesting?

On 11/30/2025, RSUs representing 863, 525, and 332 shares of common stock vested, and on 12/02/2025 an additional 93 shares vested, all at an exercise price of $0 per share.

How many RJF shares were used to pay taxes on the vesting?

The reporting person disposed of 80, 128, and 210 shares on 11/30/2025 at $156.54 per share, and 22 shares on 12/02/2025 at $155.83 per share, all to cover tax liabilities related to RSU vesting.

What is Katherine H. Larson’s RJF share ownership after these transactions?

Following the reported transactions, she directly owned 1,975 shares of Raymond James Financial common stock, plus indirect beneficial ownership of 193 shares through her spouse’s ESOP account and 493 shares through her own ESOP account.

What do the RSU vesting schedules at RJF look like for this executive?

The explanation notes that certain RSU awards vested 60% on dates in 2023, 2024, or 2025, with remaining 20% tranches vesting on 11/30/2025, 11/30/2026, and 11/30/2027, reflecting multi-year vesting structures.

What is an RSU and how is it treated in this RJF filing?

The filing states that each restricted stock unit (RSU) represents a contingent right to receive, upon vesting, one share of common stock plus accrued cash in lieu of dividends, illustrating how equity awards convert into actual RJF shares over time.