Raymond James (RJF) EVP Santelli details RSU vesting and $156.54 tax sales

Rhea-AI Filing Summary

Raymond James Financial (RJF) executive vice president, general counsel and secretary Jonathan N. Santelli reported routine equity compensation activity on 11/30/2025. Several batches of restricted stock units (RSUs) were converted into common stock at no cost to him, including 1,500, 1,264 and 1,011 shares, reflecting scheduled vesting of prior awards.

To cover withholding taxes on these vested shares, Santelli disposed of 246, 307 and 366 shares of common stock back to the issuer at a price of $156.54 per share. After these transactions, he directly owned 25,435 shares of Raymond James common stock and held an additional 540 shares indirectly through an employee stock ownership plan, as well as a remaining RSU balance disclosed in the derivative securities table.

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^*

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)
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)	24,079	D
Common Stock	11/30/2025		M		1,264	A	$0(1)	25,343	D
Common Stock	11/30/2025		M		1,011	A	$0(1)	26,354	D
Common Stock	11/30/2025		F		246	D	$156.54	26,108	D
Common Stock	11/30/2025		F		307	D	$156.54	25,801	D
Common Stock	11/30/2025		F		366	D	$156.54	25,435	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)	11/30/2025		M			1,500	(3)	11/30/2025	Common Stock	1,500	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			1,011	(4)	11/30/2026	Common Stock	1,011	$0.0000	3,539	D
Restricted Stock Units	(1)	11/30/2025		M			1,264	(4)	11/30/2026	Common Stock	1,264	$0.0000	2,275	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. RSUs vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025.

4. 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.

	/s/ Jonathan N. Santelli 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 transaction did RJF executive Jonathan N. Santelli report?

Jonathan N. Santelli, EVP, general counsel and secretary of Raymond James Financial (RJF), reported the vesting of restricted stock units (RSUs) into common stock and share dispositions to cover related tax liabilities on 11/30/2025.

How many Raymond James (RJF) shares vested from RSUs in this filing?

On 11/30/2025, RSU vesting resulted in the issuance of 1,500, 1,264 and 1,011 Raymond James common shares to Jonathan N. Santelli, in line with the vesting schedules of his prior RSU awards.

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

To satisfy tax withholding tied to RSU vesting, Jonathan N. Santelli disposed of 246, 307 and 366 Raymond James shares back to the issuer at a price of $156.54 per share.

What is Jonathan N. Santelli’s Raymond James share ownership after these transactions?

Following the reported transactions, Jonathan N. Santelli directly owned 25,435 Raymond James common shares and indirectly held 540 shares through an Employee Stock Ownership Plan (ESOP).

How do the reported RSUs for RJF vest over time?

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, with the remaining 20% scheduled to vest on 11/30/2026.

What does each Raymond James (RJF) RSU represent in this filing?

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