Stifel Financial (NYSE: SF) director receives 2,450 phantom stock units as equity award

Rhea-AI Filing Summary

Berlew Adam T. reported acquisition or exercise transactions in this Form 4 filing.

STIFEL FINANCIAL CORP director Adam T. Berlew reported a compensation grant of derivative equity tied to the company’s common stock. He received 2,450 Phontom Stock Units on June 9, 2026 at a reference price of $71.40 per unit, each linked to one share of common stock.

The units vest quarterly over a one-year period and have no stated expiration date, providing deferred, stock-based compensation rather than an immediate cash transaction. Separately, the filing shows he directly holds 24,475 shares of Stifel common stock following the reported transactions.

Insights

Equity compensation analyst

Routine director equity award using phantom stock units, no open-market buying or selling.

The filing shows Adam T. Berlew, a director of STIFEL FINANCIAL CORP, receiving 2,450 Phontom Stock Units at a reference price of $71.40. Code A indicates a grant or award, not a market purchase.

The units vest quarterly over one year, aligning compensation with the company’s stock performance over time. There is no expiration date for these units, and no sales are reported, so this is standard deferred equity compensation rather than a signal about his short‑term view of the stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Berlew Adam T.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phontom Stock Unit	2,450	$71.40	$175K
holding	Common Stock	--	--	--

Holdings After Transaction: Phontom Stock Unit — 2,450 shares (Direct); Common Stock — 24,475 shares (Direct)

Footnotes (2)

1. F1. Units vest quarterly over a one year period.
2. F2. No expiration date for these Units

Key Figures

Phantom stock units granted: 2,450 units Reference price per unit: $71.40 Underlying common shares for units: 2,450 shares +2 more

5 metrics

Phantom stock units granted 2,450 units Grant to director Adam T. Berlew on June 9, 2026

Reference price per unit $71.40 Phontom Stock Unit grant

Underlying common shares for units 2,450 shares Common Stock underlying Phontom Stock Units

Common shares held after transaction 24,475 shares Direct ownership following reported transactions

Vesting schedule Quarterly over one year Phontom Stock Units vesting terms

Key Terms

Phontom Stock Unit, vest quarterly over a one year period, no expiration date, grant, award, or other acquisition

4 terms

Phontom Stock Unit financial

"security_title: "Phontom Stock Unit""

vest quarterly over a one year period financial

"Units vest quarterly over a one year period."

no expiration date financial

"No expiration date for these Units"

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

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

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FAQ

What insider transaction did STIFEL FINANCIAL CORP (SF) report for Adam T. Berlew?

STIFEL FINANCIAL CORP reported that director Adam T. Berlew received 2,450 Phontom Stock Units. The grant, coded as an award, represents stock-based compensation linked to common shares rather than an open-market purchase or sale of existing stock.

How many STIFEL FINANCIAL CORP shares does Adam T. Berlew hold after this Form 4?

After the reported transactions, Adam T. Berlew directly holds 24,475 shares of STIFEL FINANCIAL CORP common stock. This figure reflects his direct ownership position shown in the Form 4 and does not include the separate phantom stock unit award.

What are the terms of Adam T. Berlew’s Phontom Stock Unit grant at STIFEL FINANCIAL CORP (SF)?

Adam T. Berlew received 2,450 Phontom Stock Units linked to common stock at a reference price of $71.40. According to the filing footnotes, these units vest quarterly over a one-year period, providing staged equity-based compensation rather than immediate full vesting.

Do Adam T. Berlew’s Phontom Stock Units at STIFEL FINANCIAL CORP have an expiration date?

The filing states there is no expiration date for Adam T. Berlew’s Phontom Stock Units. This means the units remain outstanding subject to their vesting conditions, instead of automatically terminating on a fixed future date specified in the award details.

Did Adam T. Berlew buy or sell STIFEL FINANCIAL CORP (SF) stock in the open market?

The Form 4 does not report any open-market purchases or sales by Adam T. Berlew. It shows a grant of 2,450 Phontom Stock Units as compensation and a holding entry for his 24,475 directly owned common shares, with no sale transactions listed.

What does transaction code A mean in Adam T. Berlew’s STIFEL FINANCIAL CORP Form 4?

Transaction code A on the Form 4 is described as a grant, award, or other acquisition. In this case, it refers to the 2,450 Phontom Stock Units awarded to Adam T. Berlew, representing stock-based compensation rather than a discretionary market trade.

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^*

Berlew Adam T.

(Last) (First) (Middle)

501 NORTH BROADWAY

(Street)

ST. LOUIS MISSOURI 633102

(City) (State) (Zip)

UNITED STATES

(Country)

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

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/09/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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								24,475	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
Phontom Stock Unit	$0	06/09/2026		A		2,450		(1)	(2)	Common Stock	2,450	$71.4	2,450	D

Explanation of Responses:

1. Units vest quarterly over a one year period.

2. No expiration date for these Units

	/s/ Adam Berlew	06/11/2026
	** 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.
* Form 4: SEC 1474 (03-26)