Raymond James Financial (RJF) details executive gifts, RSUs and tax sales

Rhea-AI Filing Summary

Raymond James Financial executive Tashtego S. Elwyn, President, PCG, reported several equity transactions. On 12/12/2025 he made gifts of 2,703 shares of common stock. On 12/15/2025 multiple restricted stock unit (RSU) awards vested, delivering 27,203, 4,194 and 3,264 shares of common stock at reported prices of $0, while 1,284, 1,651, 2,136 and 10,704 shares were disposed of at $163.85 per share to cover tax liability in connection with the vesting.

Elwyn also received new RSU grants of 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 that vest on 12/15/2028 as a portion of his annual bonus under the Amended and Restated 2012 Stock Incentive Plan. After these transactions, he directly owned 55,114 common shares, 7,492 shares through an Employee Stock Ownership Plan account, and 75 shares in each of two custodial accounts for his children, and continued to hold RSU awards, each representing a contingent right to one share of common stock plus accrued cash in lieu of dividends.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Elwyn Tashtego S

(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, PCG

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		G		2,703(1)	D	$0.0000	36,228	D
Common Stock	12/15/2025		M		27,203	A	$0(2)	63,431	D
Common Stock	12/15/2025		M		4,194	A	$0(2)	67,625	D
Common Stock	12/15/2025		M		3,264	A	$0(2)	70,889	D
Common Stock	12/15/2025		F		1,284	D	$163.85	69,605	D
Common Stock	12/15/2025		F		1,651	D	$163.85	67,954	D
Common Stock	12/15/2025		F		2,136	D	$163.85	65,818	D
Common Stock	12/15/2025		F		10,704	D	$163.85	55,114	D
Common Stock								7,492(3)	I	ESOP
Common Stock								75(4)	I	UTMA Custodian for Daughter
Common Stock								75(4)	I	UTMA Custodian for Son

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	(2)	12/15/2025		M			3,264	(5)	12/15/2027	Common Stock	3,264	$0.0000	47,515	D
Restricted Stock Units	(2)	12/15/2025		M			27,203	(5)	12/15/2027	Common Stock	27,203	$0.0000	20,312	D
Restricted Stock Units	(2)	12/15/2025		A		3,661		(6)	12/15/2030	Common Stock	3,661	$0.0000	3,661	D
Restricted Stock Units	(2)	12/15/2025		M			4,194	12/15/2025	12/15/2025	Common Stock	4,194	$0.0000	0.0000	D
Restricted Stock Units	(2)	12/15/2025		A		6,103(7)		12/15/2028	12/15/2028	Common Stock	6,103	$0.0000	6,103	D

Explanation of Responses:

1. The reporting person effected multiple gifts on the same day in different amounts.

2. 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.

3. Includes shares of common stock acquired under the reporting person's Employee Stock Ownership Plan (ESOP) account through December 10, 2025.

4. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

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

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

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

Remarks:

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

	/s/ Tashtego S. Elwyn by Jonathan J. Doyle as Attorney-in-Fact	12/16/2025
	** 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.