Stifel Financial COO exercises phantom stock units

Stifel Financial Corp Chief Operating Officer David D. Sliney reported the exercise and settlement of 10,854 Phantom Stock Units into an equal number of shares of common stock at a stated price of $0.00 per share.

Rhea-AI Filing Summary

Stifel Financial Corp Chief Operating Officer David D. Sliney reported the exercise and settlement of 10,854 Phantom Stock Units into an equal number of shares of common stock at a stated price of $0.00 per share. On the same date, 3,677 shares of common stock were disposed of to cover tax obligations at a price of $125.22 per share. After these transactions, he directly holds 162,470 shares of common stock and 22,065 Phantom Stock Units, which are noted as currently exercisable with no expiration date.

Insider Trade Summary

10,854 shares exercised/converted

Exercise 3 txns

Insider SLINEY DAVID D

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Exercise	Phantom Stock Units	10,854	$0.00	$0.00
Exercise	Common Stock	10,854	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	3,677	$125.22	$460K

Holdings After Transaction: Phantom Stock Units — 22,065 contracts (Direct); Common Stock — 162,470 shares (Direct)

Footnotes (2)

1. F1. Currently exercisable.
2. F2. No expiration date for these Units

Key Figures

Phantom units exercised: 10,854 units Tax-withheld shares: 3,677 shares Tax withholding price: $125.22 per share +3 more

6 metrics

Phantom units exercised 10,854 units Phantom Stock Units converted into common stock on 2026-01-13

Tax-withheld shares 3,677 shares Common stock disposed of to cover tax obligations at $125.22 per share

Tax withholding price $125.22 per share Price per share for the 3,677 shares used for tax withholding

Common stock holdings 162,470 shares Direct common stock held by David D. Sliney after the reported transactions

Phantom Stock Units remaining 22,065 units Total Phantom Stock Units held after the derivative exercise

Exercise price $0.00 per unit Stated exercise or conversion price for Phantom Stock Units into common stock

Key Terms

Phantom Stock Units, tax-withholding disposition, derivative security, direct ownership

4 terms

Phantom Stock Units financial

"Security title reported as Phantom Stock Units in the derivative transaction"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

tax-withholding disposition financial

"Transaction action described as a tax-withholding disposition of common stock"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

derivative security financial

"Transaction code description notes an exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

direct ownership financial

"Ownership type for the common stock holdings is listed as direct"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transactions did SF COO David D. Sliney report on this Form 4?

David D. Sliney reported exercising 10,854 Phantom Stock Units into common stock and a related tax-withholding disposition of 3,677 shares. The exercise was recorded at $0.00 per share, while the tax shares were valued at $125.22 per share.

How many Stifel Financial (SF) shares did David D. Sliney have withheld for taxes?

The filing shows 3,677 shares of common stock were disposed of to satisfy tax obligations at a price of $125.22 per share. This tax-withholding transaction is coded as an “F” disposition under SEC reporting rules.

What are David D. Sliney’s holdings in Stifel Financial (SF) after these transactions?

After the reported transactions, David D. Sliney directly holds 162,470 shares of common stock and 22,065 Phantom Stock Units. The Phantom Stock Units are described as currently exercisable and having no expiration date, providing ongoing equity-linked exposure.

What type of derivative security did SF’s COO exercise in this Form 4?

He exercised Phantom Stock Units, a form of derivative security, converting 10,854 units into the same number of common shares. These Phantom Stock Units are noted as currently exercisable and having no expiration date, according to the contextual footnotes.

Did the Form 4 for Stifel Financial (SF) report any open-market buys or sells?

The Form 4 reports a derivative exercise of 10,854 Phantom Stock Units and a tax-withholding disposition of 3,677 shares. It does not show any open-market purchase or sale transactions; the disposition is specifically for tax payment purposes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/15/2026 - 05:01 PM EST Learn about SEC filing dates

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^*

SLINEY DAVID D

(Last) (First) (Middle)

501 NORTH BROADWAY

(Street)

ST. LOUIS MO 63102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
STIFEL FINANCIAL CORP [ SF ]

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)
01/13/2026

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	01/13/2026		M		10,854	A	$0	166,147	D
Common Stock	01/13/2026		F		3,677	D	$125.22	162,470	D

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
Phantom Stock Units	$0	01/13/2026		M			10,854	(1)	(2)	Common Stock	10,854	$0	22,065	D

Explanation of Responses:

1. Currently exercisable.

2. No expiration date for these Units

	/s/ David Sliney	01/15/2026
	** 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.