Raymond James Financial (RJF) details insider RSU and stock moves

Rhea-AI Filing Summary

Raymond James Financial officer James E. Bunn, President, Capital Markets, reported multiple equity transactions dated 12/15/2025. Previously granted restricted stock units (RSUs) vested and were converted into blocks of common stock at no cash cost to him, including 10,428, 5,440 and 3,264 shares, with each RSU representing the right to receive one share plus accrued cash in lieu of dividends.

To cover related tax liabilities, Bunn disposed of several lots of common stock to the issuer at $163.85 per share. He also received new RSU awards, including 3,661 units that vest 60% on 12/15/2028, 20% on 12/15/2029 and 20% on 12/15/2030, and 6,103 units vesting on 12/15/2028 as part of his annual bonus. After these transactions, he directly beneficially owned 101,741 common shares as of 12/15/2025, and his employee stock ownership plan account held 2,069 shares as of 12/10/2025.

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^*

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)
12/15/2025

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	12/15/2025		M		10,428	A	$0(1)	105,878	D
Common Stock	12/15/2025		M		5,440	A	$0(1)	111,318	D
Common Stock	12/15/2025		M		3,264	A	$0(1)	114,582	D
Common Stock	12/15/2025		F		1,284	D	$163.85	113,298	D
Common Stock	12/15/2025		F		2,140	D	$163.85	111,158	D
Common Stock	12/15/2025		F		4,105	D	$163.85	107,053	D
Common Stock	12/15/2025		F		5,312	D	$163.85	101,741	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)	12/15/2025		M			3,264	(3)	12/15/2027	Common Stock	3,264	$0.0000	11,243	D
Restricted Stock Units	(1)	12/15/2025		M			5,440	(3)	12/15/2027	Common Stock	5,440	$0.0000	5,803	D
Restricted Stock Units	(1)	12/15/2025		A		3,661		(4)	12/15/2030	Common Stock	3,661	$0.0000	3,661	D
Restricted Stock Units	(1)	12/15/2025		M			10,428	12/15/2025	12/15/2025	Common Stock	10,428	$0.0000	0.0000	D
Restricted Stock Units	(1)	12/15/2025		A		6,103(5)		12/15/2028	12/15/2028	Common Stock	6,103	$0.0000	6,103	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 December 10, 2025.

3. RSUs vested 60% on 12/15/2025 and will vest 20% on 12/15/2026 and 20% on 12/15/2027.

4. RSUs vest 60% on 12/15/2028, 20% on 12/15/2029, and 20% on 12/15/2030.

5. Award of RSUs as a portion of annual bonus under Amended and Restated 2012 Stock Incentive Plan.

Remarks:

This Form 4 reports (i) the vesting of RSUs awarded to the reporting person, (ii) dispositions by the reporting person to the issuer to cover tax liability in connection with such vesting, (iii) a grant of management RSUs to the reporting person, and (iv) a grant of RSUs as a portion of the annual bonus to the reporting person.

	/s/ James E. Bunn by Jonathan J. Doyle as Attorney-in-Fact	12/17/2025
	** 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 at Raymond James Financial (RJF), reported RSU vesting into common stock, share dispositions to cover taxes, and new RSU grants, all dated 12/15/2025.

How many RJF shares vested from RSUs on 12/15/2025?

On 12/15/2025, previously granted RSUs vested and were settled in common stock in blocks of 10,428, 5,440 and 3,264 shares of Raymond James Financial.

At what price were RJF shares disposed to cover tax liabilities?

To cover tax liabilities arising from RSU vesting, Bunn disposed of several lots of Raymond James Financial common stock to the issuer at a price of $163.85 per share.

What new RSU awards did James E. Bunn receive from RJF?

Bunn received new restricted stock unit awards of 3,661 RSUs that vest 60% on 12/15/2028, 20% on 12/15/2029 and 20% on 12/15/2030, and 6,103 RSUs vesting on 12/15/2028 as part of his annual bonus.

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

After the 12/15/2025 transactions, Bunn directly beneficially owned 101,741 shares of Raymond James Financial common stock and held an additional 2,069 shares indirectly through an employee stock ownership plan.

How do the reported Raymond James Financial RSUs work for James E. Bunn?

Each restricted stock unit (RSU) reported represents a contingent right to receive, upon vesting, one share of Raymond James Financial common stock plus accrued cash in lieu of dividends. Some awards vested 60% on 12/15/2025 with the remaining 20% tranches scheduled for 12/15/2026 and 12/15/2027, while newer grants vest between 2028 and 2030.