Raymond James (RJF) officer Bunn reports RSU vesting, tax-share sales at $156.54

Rhea-AI Filing Summary

Raymond James Financial officer James E. Bunn, President, Capital Markets, reported equity transactions in company common stock tied to restricted stock unit (RSU) awards on 11/30/2025.

He acquired 4,636 shares of common stock and separately 1,500 shares upon the vesting and settlement of RSUs at a conversion price of $0 per share, reflecting the nature of RSUs as equity awards rather than open-market purchases. To cover related tax liabilities from these vestings, he disposed of 590 shares and 1,824 shares at a price of $156.54 per share.

After these transactions, he directly owned 81,949 shares of Raymond James Financial common stock and indirectly held 2,069 shares through an Employee Stock Ownership Plan as of the dates referenced. The filing also notes that the RSU grants vest in tranches over multiple years, with some remaining units scheduled to vest on 11/30/2026.

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

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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^*

Bunn James E

(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, Capital Markets

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		4,636	A	$0(1)	82,863	D
Common Stock	11/30/2025		M		1,500	A	$0(1)	84,363	D
Common Stock	11/30/2025		F		590	D	$156.54	83,773	D
Common Stock	11/30/2025		F		1,824	D	$156.54	81,949	D
Common Stock								2,069(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			4,636	(4)	11/30/2026	Common Stock	4,636	$0.0000	4,636	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. bunnpoa.txt

	/s/ James E. Bunn 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 insider transaction did RJF executive James E. Bunn report?

James E. Bunn, President, Capital Markets of Raymond James Financial (RJF), reported the vesting of restricted stock units (RSUs) into common stock and related share dispositions on 11/30/2025.

How many Raymond James Financial shares did James E. Bunn acquire from RSU vesting?

On 11/30/2025, he acquired 4,636 shares of common stock from one RSU grant and 1,500 shares from another RSU grant when they vested and settled.

At what price were RJF shares disposed of to cover taxes for the RSU vesting?

To cover tax liabilities associated with the RSU vesting, 590 shares and 1,824 shares of Raymond James Financial common stock were disposed of at $156.54 per share.

How many Raymond James Financial shares does James E. Bunn own after these transactions?

Following the reported transactions, James E. Bunn directly owned 81,949 shares of Raymond James Financial common stock and indirectly held 2,069 shares through an Employee Stock Ownership Plan (ESOP).

How do the reported RJF restricted stock units (RSUs) 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, and will vest the remaining 20% on 11/30/2026.

What does each RJF restricted stock unit reported by James E. Bunn represent?

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

What indirect RJF share ownership does James E. Bunn report?

He reports indirect ownership of 2,069 Raymond James Financial common shares acquired through his Employee Stock Ownership Plan (ESOP) account through November 24, 2025.