Raymond James Financial (NYSE: RJF) officer discloses RSU vesting, tax share sales and updated holdings

Rhea-AI Filing Summary

Raymond James Financial executive reports RSU vesting and tax share sales. Tarazeta J. Haynes Morgan, Chief Audit Executive of Raymond James Financial Inc. (RJF), reported the vesting of restricted stock units into 1,292 shares of common stock on 11/30/2025. To cover tax withholding on this vesting, 314 shares were disposed of back to the issuer at $156.54 per share. Following these transactions, the reporting person holds 4,609 shares of RJF common stock directly and 377 shares indirectly through an Employee Stock Ownership Plan. RSU awards remain outstanding, including 1,338 and 843 restricted stock units that are scheduled to vest over time under previously established award schedules.

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^*

Haynes Morgan Tarazeta J

(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 Audit Executive

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		495	A	$0(1)	4,126	D
Common Stock	11/30/2025		M		450	A	$0(1)	4,576	D
Common Stock	11/30/2025		M		347	A	$0(1)	4,923	D
Common Stock	11/30/2025		F		84	D	$156.54	4,839	D
Common Stock	11/30/2025		F		110	D	$156.54	4,729	D
Common Stock	11/30/2025		F		120	D	$156.54	4,609	D
Common Stock								377(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			450	(3)	11/30/2025	Common Stock	450	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			347	(4)	11/30/2026	Common Stock	347	$0.0000	1,338	D
Restricted Stock Units	(1)	11/30/2025		M			495	(4)	11/30/2026	Common Stock	495	$0.0000	843	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/ Tarazeta J. Haynes Morgan 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 Tarazeta J. Haynes Morgan report on this Form 4?

The filing reports partial vesting of restricted stock units (RSUs) into common stock on 11/30/2025 and related share dispositions to cover taxes owed on that vesting.

How many Raymond James Financial (RJF) shares vested from RSUs on 11/30/2025?

On 11/30/2025, RSUs converted into a total of 1,292 shares of RJF common stock, through multiple "M" coded transactions in the filing.

How many RJF shares were sold or withheld to cover taxes in this Form 4?

The reporting person disposed of 314 shares of RJF common stock at $156.54 per share (coded "F"), representing shares surrendered to the issuer to satisfy withholding tax obligations on the RSU vesting.

What is the RJF share ownership of the reporting person after these transactions?

After the reported transactions, the reporting person beneficially owns 4,609 shares of RJF common stock directly and 377 shares indirectly through an Employee Stock Ownership Plan (ESOP).

What RSU awards for RJF stock remain outstanding after this filing?

Following the 11/30/2025 vesting, RSU awards remain outstanding, including 1,338 and 843 restricted stock units, which are scheduled to vest over time according to their stated vesting schedules.

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