Raymond James Financial (NYSE: RJF) details Santelli RSU awards

Rhea-AI Filing Summary

Raymond James Financial executive Jonathan N. Santelli, EVP, General Counsel and Secretary, reported stock and RSU activity dated 12/15/2025. Previously granted restricted stock units (RSUs) converted into common shares, and some of those shares were surrendered back to the company at $163.85 per share to cover tax withholding related to the vesting. On the same date, he received new RSU grants, including 3,661 units that vest 60% on 12/15/2028 and 20% on each of 12/15/2029 and 12/15/2030, and 1,488 units awarded as part of his annual bonus that are scheduled to vest in 2028. Each RSU represents the right to receive one share of Raymond James Financial common stock plus accrued cash in lieu of dividends upon vesting. Following these transactions, he beneficially owned 31,353 common shares directly and 540 shares indirectly through an employee stock ownership plan.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Santelli Jonathan N

(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)
	EVP, Gen Counsel, Secy

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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	12/15/2025		M		3,264	A	$0(1)	30,827	D
Common Stock	12/15/2025		M		2,720	A	$0(1)	33,547	D
Common Stock	12/15/2025		M		1,644	A	$0(1)	35,191	D
Common Stock	12/15/2025		F		647	D	$163.85	34,544	D
Common Stock	12/15/2025		F		837	D	$163.85	33,707	D
Common Stock	12/15/2025		F		1,070	D	$163.85	32,637	D
Common Stock	12/15/2025		F		1,284	D	$163.85	31,353	D
Common Stock								540(2)	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)	12/15/2025		M			2,720	(3)	12/15/2027	Common Stock	2,720	$0.0000	7,253	D
Restricted Stock Units	(1)	12/15/2025		M			3,264	(3)	12/15/2027	Common Stock	3,264	$0.0000	3,989	D
Restricted Stock Units	(1)	12/15/2025		A		3,661		(4)	12/15/2030	Common Stock	3,661	$0.0000	3,661	D
Restricted Stock Units	(1)	12/15/2025		M			1,644	12/15/2025	12/15/2025	Common Stock	1,644	$0.0000	0.0000	D
Restricted Stock Units	(1)	12/15/2025		A		1,488(5)		12/15/2028	12/15/2028	Common Stock	1,488	$0.0000	1,488	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 Employee Stock Ownership Plan (ESOP) account through December 10, 2025.

3. RSUs vested 60% on 12/15/2025 and will vest 20% on 12/15/2026 and 20% on 12/15/2027.

4. RSUs vest 60% on 12/15/2028, 20% on 12/15/2029, and 20% on 12/15/2030.

5. Award of RSUs as a portion of annual bonus under Amended and Restated 2012 Stock Incentive Plan.

Remarks:

This Form 4 reports (i) the vesting of RSUs awarded to the reporting person, (ii) dispositions by the reporting person to the issuer to cover tax liability in connection with such vesting, (iii) a grant of management RSUs to the reporting person, and (iv) a grant of RSUs as a portion of the annual bonus to the reporting person.

	/s/ Jonathan N. Santelli by Jonathan J. Doyle as Attorney-in-Fact	12/17/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider stock transactions did Raymond James Financial (RJF) report for Jonathan N. Santelli?

The report shows vesting of restricted stock units (RSUs), related dispositions of common stock to the issuer to cover tax liabilities, and new grants of management RSUs and bonus RSUs to Jonathan N. Santelli on 12/15/2025.

How many new restricted stock units did Jonathan N. Santelli receive at RJF?

Jonathan N. Santelli received 3,661 new RSUs as a management grant and 1,488 RSUs as a portion of his annual bonus under the Amended and Restated 2012 Stock Incentive Plan.

What are the vesting schedules for Santellis new Raymond James Financial RSUs?

The 3,661 management RSUs vest 60% on 12/15/2028, 20% on 12/15/2029, and 20% on 12/15/2030. The 1,488 bonus RSUs are scheduled to vest on 12/15/2028.

How were taxes handled on Santellis RSU vesting at Raymond James Financial (RJF)?

To cover tax liability arising from RSU vesting, common shares were disposed of to the issuer at a price of $163.85 per share, as reflected by multiple transactions coded "F" for tax withholding.

How many Raymond James Financial shares does Jonathan N. Santelli beneficially own after these transactions?

After the reported transactions, Jonathan N. Santelli beneficially owned 31,353 shares of common stock directly and 540 shares indirectly through an Employee Stock Ownership Plan (ESOP).

What does each Raymond James Financial restricted stock unit (RSU) represent for Santelli?

Each RSU represents a contingent right to receive one share of Raymond James Financial common stock upon vesting, plus accrued cash in lieu of dividends.