[Form 4] Stifel Financial Corp. Insider Trading Activity

Rhea-AI Filing Summary

Thomas B. Michaud, Senior Vice President and director of Stifel Financial Corp (SF), reported a sale of common stock on 08/19/2025. The Form 4 shows a disposition of 20,000 shares at a price of $112.90 per share, leaving 69,469 shares beneficially owned directly after the transaction. The filing also reports 47,911 phantom stock units beneficially owned; those units vest in 20% increments over five years and have no expiration date. The Form 4 is signed on 08/21/2025.

This disclosure fulfills Section 16 reporting for an officer reporting a recent sale and provides details on outstanding phantom units and their vesting schedule.

Positive

• Timely disclosure of the insider sale and post-transaction holdings under Section 16
• Clear vesting schedule for phantom stock units: 20% increments over five years
• Specific transaction details provided: trade date, share count, and price ($112.90)

Negative

• Insider disposition of 20,000 shares, which may be viewed unfavorably by some investors
• No indication in the filing that the sale was made under a Rule 10b5-1 trading plan

Insights

Securities Analyst

TL;DR: Routine officer sale disclosed: 20,000 shares sold at $112.90, leaving 69,469 shares; phantom units vest over five years.

The transaction appears to be a single open-market disposition by a company officer. The filing clearly states the number of shares sold, the per-share price, and the remaining direct ownership, which supports transparency and timely disclosure under Section 16. The sale size and price are documented but the filing does not provide context such as whether the sale was part of a pre-arranged plan.

Corporate Governance Expert

TL;DR: Disclosure is complete and timely; phantom stock vesting schedule is specified, aiding oversight of future dilution.

The Form 4 includes material governance-related details: the reporter is an officer and director, the exact post-transaction direct holdings are disclosed, and the phantom unit vesting (20% annually over five years) and no-expiration feature are specified. These elements help investors and boards monitor insider incentives and potential future share delivery from phantom units. The form does not state if the sale was pursuant to a Rule 10b5-1 plan.

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
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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^*

Michaud Thomas B.

(Last) (First) (Middle)

787 SEVENTH AVENUE

(Street)

NEW YORK NY 10019

(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)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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	08/19/2025		D		20,000	D	$112.9	69,469	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							(1)	(2)	Common Stock	0		47,911	D

Explanation of Responses:

1. Units vest in 20% increments over a five year period.

2. No expiration date for these Units

	/s/ Thomas B. Michaud	08/21/2025
	** 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 did Thomas B. Michaud report on Form 4 for SF?

He reported a sale of 20,000 shares of Stifel Financial Corp common stock on 08/19/2025 at $112.90 per share and disclosed post-transaction ownership of 69,469 direct shares.

How many phantom stock units does the reporting person hold for SF and what is their vesting?

The filing shows 47,911 phantom stock units beneficially owned; they vest in 20% increments over five years and have no expiration date.

When was the Form 4 signed and filed?

The Form 4 is signed by Thomas B. Michaud on 08/21/2025 reflecting the transaction dated 08/19/2025.

Does the Form 4 state the sale was under a 10b5-1 plan for SF?

No. The filing does not indicate that the transaction was made pursuant to a Rule 10b5-1 trading plan.

What is the reporter’s role at Stifel Financial Corp (SF)?

Thomas B. Michaud is reported as a Senior Vice President and a director of Stifel Financial Corp.