Raymond James (NYSE: RJF) officer details RSU vesting and tax share sales

Rhea-AI Filing Summary

Raymond James Financial officer Tashtego S. Elwyn, President of PCG, reported equity transactions on 11/30/2025. Restricted stock units converted into 1,500 and 1,264 shares of common stock, each at an exercise price of $0, reflecting scheduled RSU vesting. To cover related tax liabilities, the reporting person disposed of 443 and 527 shares at $156.54 per share to the issuer.

After these transactions, the reporting person directly owned 33,502 shares of common stock. Additional holdings included 7,492 shares through an ESOP account as of November 24, 2025, and 75 shares held as UTMA custodian for each of two children, for which beneficial ownership is disclaimed.

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^*

Elwyn Tashtego S

(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)
	President, PCG

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		1,500	A	$0(1)	33,208	D
Common Stock	11/30/2025		M		1,264	A	$0(1)	34,472	D
Common Stock	11/30/2025		F		443	D	$156.54	34,029	D
Common Stock	11/30/2025		F		527	D	$156.54	33,502	D
Common Stock								7,492(2)	I	ESOP
Common Stock								75(3)	I	UTMA Custodian for Daughter
Common Stock								75(3)	I	UTMA Custodian for Son

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			1,500	(4)	11/30/2025	Common Stock	1,500	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			1,264	(5)	11/30/2026	Common Stock	1,264	$0.0000	1,264	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 November 24, 2025.

3. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

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.

Remarks:

This Form 4 reports (i) the partial 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. elwynpoa.txt

	/s/ Tashtego S. Elwyn 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).
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 did RJF executive Tashtego S. Elwyn report on this Form 4 for RJF?

The filing reports vesting of restricted stock units (RSUs) into common stock and dispositions of shares back to Raymond James Financial to cover tax liabilities related to that vesting.

How many Raymond James (RJF) RSUs vested for the reporting person?

RSUs covering 1,500 shares and 1,264 shares of Raymond James common stock vested, each with an exercise or conversion price of $0 per share.

How many RJF shares were sold to cover taxes and at what price?

The reporting person disposed of 443 and 527 shares of Raymond James common stock at a price of $156.54 per share in transactions coded “F,” indicating tax withholding.

What is the Raymond James (RJF) share ownership of the reporting person after these transactions?

Following the reported transactions, the reporting person directly owned 33,502 shares of Raymond James common stock, plus 7,492 shares through an ESOP account, and 75 shares each held as UTMA custodian for a daughter and son.

What do the vesting schedules for the reported RJF RSU awards look like?

One RSU grant vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025. Another vested 60% on 11/30/2024, 20% on 11/30/2025, and will vest 20% on 11/30/2026.

Does the RJF reporting person claim beneficial ownership of the UTMA shares?

No. The reporting person disclaims beneficial ownership of the 75 shares held as UTMA custodian for each child, stating that the report is not an admission of beneficial ownership for Section 16 or any other purpose.