Raymond James (RJF) COO Scott Curtis details RSU vesting and stock tax sales

Rhea-AI Filing Summary

Raymond James Financial Chief Operating Officer Scott A. Curtis reported equity award activity involving company stock. On 11/30/2025, he converted restricted stock units (RSUs) into 1,500 shares of common stock and another 1,264 shares, each RSU delivering one share plus accrued cash in lieu of dividends. To cover related tax liabilities, he disposed of 406 and 482 shares back to the issuer at $156.54 per share.

After these transactions, Curtis directly beneficially owned 168,002 shares of Raymond James common stock and held an additional 4,190 shares through an Employee Stock Ownership Plan as of late November 2025. The RSU awards followed multi-year vesting schedules, with portions vesting in prior years and remaining tranches scheduled to vest through 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

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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^*

Curtis Scott A

(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 Operating Officer

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)	167,626	D
Common Stock	11/30/2025		M		1,264	A	$0(1)	168,890	D
Common Stock	11/30/2025		F		406	D	$156.54	168,484	D
Common Stock	11/30/2025		F		482	D	$156.54	168,002	D
Common Stock								4,190(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			1,264	(4)	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. 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/ Scott A. Curtis 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 Scott A. Curtis report on this Form 4?

Scott A. Curtis, Chief Operating Officer of Raymond James Financial (RJF), reported the vesting and conversion of restricted stock units into 1,500 and 1,264 shares of common stock on 11/30/2025, along with share dispositions to cover taxes.

How many RJF shares does Scott A. Curtis beneficially own after the reported transactions?

Following the reported activity, Scott A. Curtis beneficially owned 168,002 Raymond James common shares directly and 4,190 additional shares indirectly through an Employee Stock Ownership Plan as of late November 2025.

What prices and codes were associated with Scott A. Curtis’s RJF stock transactions?

The RSU conversions were coded M and occurred at a stated price of $0 per share for 1,500 and 1,264 shares. To cover taxes, he had disposals coded F of 406 and 482 shares at a price of $156.54 per share.

How do the RJF restricted stock units (RSUs) reported by Scott A. Curtis vest?

One RSU grant vested 60% on 11/30/2023, 20% on 11/30/2024, and 20% on 11/30/2025. A second grant 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 RJF restricted stock unit reported by Scott A. Curtis represent?

Each restricted stock unit reported represents a contingent right to receive, upon vesting, (i) one share of Raymond James Financial common stock and (ii) accrued cash in lieu of dividends.

Why did Scott A. Curtis dispose of some RJF shares in this Form 4 filing?

The filing states that the reported dispositions were made to the issuer to cover the tax liability arising from the vesting of the restricted stock units.