Raymond James (RJF) EVP Campagnoli reports RSU vesting and Form 4 share moves

Rhea-AI Filing Summary

Raymond James Financial Inc. executive vice president of Technology & Operations Vincent Campagnoli reported multiple equity transactions involving company common stock. The filing shows the vesting and settlement of several restricted stock unit (RSU) awards on 11/30/2025 and 12/02/2025, which delivered shares of common stock at an exercise price of $0.0000 per share. Some of the newly delivered shares were automatically disposed of back to the issuer at prices including $156.54 and $155.83 to cover tax liabilities associated with the RSU vesting.

After these transactions, Campagnoli directly beneficially owned 32,745 shares of Raymond James common stock and indirectly beneficially owned 1,202 shares through an Employee Stock Ownership Plan as of the dates shown in the report.

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^*

Campagnoli Vincent

(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, Technology & Operations

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		2,220	A	$0(1)	28,507	D
Common Stock	11/30/2025		M		1,200	A	$0(1)	29,707	D
Common Stock	11/30/2025		M		815	A	$0(1)	30,522	D
Common Stock	11/30/2025		F		191	D	$156.54	30,331	D
Common Stock	11/30/2025		F		283	D	$156.54	30,048	D
Common Stock	11/30/2025		F		522	D	$156.54	29,526	D
Common Stock	12/02/2025		M		4,662	A	$0(1)	34,188	D
Common Stock	12/02/2025		F		1,443	D	$155.83	32,745	D
Common Stock								1,202(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			1,200	(3)	11/30/2025	Common Stock	1,200	$0.0000	0.0000	D
Restricted Stock Units	(1)	11/30/2025		M			815	(4)	11/30/2026	Common Stock	815	$0.0000	815	D
Restricted Stock Units	(1)	11/30/2025		M			2,220	(5)	11/30/2027	Common Stock	2,220	$0.0000	1,480	D
Restricted Stock Units	(1)	12/02/2025		M			4,662	12/02/2025	12/02/2025	Common Stock	4,662	$0.0000	0.0000	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.

5. RSUs vested 60% on 11/30/2025 and will vest 20% on 11/30/2026 and 20% on 11/30/2027.

Remarks:

This Form 4 reports (i) the 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/ Vincent Campagnoli by Jonathan J. Doyle as Attorney-in-Fact	12/02/2025
	** Signature of Reporting Person	Date
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