Stifel (SF) Form 4: CEO Contributes 9,000 Shares and Sells 40,000

Rhea-AI Filing Summary

Ronald J. Kruszewski, CEO and Director of Stifel Financial Corp (SF), reported transactions reducing his direct common stock holdings. He contributed 9,000 shares on 08/15/2025 to an entity called Exchange Place All Capp II LP and sold 40,000 shares on 08/19/2025 at reported prices of $114.20 and $112.90 respectively. After these transactions his direct holdings are reported as 1,196,467 shares. He also holds 177,889 phantom stock units that vest in 20% increments over five years and have no expiration.

Positive

• Maintained long-term alignment through 177,889 phantom stock units vesting in 20% increments over five years
• Substantial remaining ownership with 1,196,467 direct shares after reported transactions

Negative

• Reported sale of 40,000 shares on 08/19/2025 at $112.90, reducing direct ownership
• Contribution of 9,000 shares to Exchange Place All Capp II LP on 08/15/2025, further lowering direct holdings

Insights

Corporate Governance Expert

TL;DR: CEO reduced direct share holdings via a contribution and a sale, while retaining long-term phantom units.

The filing shows a voluntary contribution of 9,000 shares to a named partnership and an open-market sale of 40,000 shares a few days later, reducing reported direct ownership to 1,196,467 shares. Retention of 177,889 phantom units that vest over five years indicates continued long-term alignment with shareholders through deferred compensation. The transactions are routine insider activity but are material to ownership totals for governance disclosures.

Securities Analyst

TL;DR: Insider sell and contribution change public float exposure but do not eliminate executive’s substantial ownership stake.

The reported sale at ~$112.9 per share and prior contribution are concrete decreases in direct holdings; however, the CEO still reports over 1.19 million direct shares plus significant phantom units. For investors monitoring insider liquidity or potential signaling, these moves are notable, though the filing does not indicate any broader corporate action or rule-based disposition 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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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^*

KRUSZEWSKI RONALD J

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		J(1)		9,000	D	$114.2	1,236,467	D
Common Stock	08/19/2025		D		40,000	D	$112.9	1,196,467	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							(2)	(3)	Common Stock	0		177,889	D

Explanation of Responses:

1. These shares were contributed by Mr. Kruszewski to the Exchange Place All Capp II LP.

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

3. No expiration date for these Units

	/s/ Ronald Kruszewski	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).
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FAQ

What insider transactions did Ronald Kruszewski report for SF?

He reported contributing 9,000 shares on 08/15/2025 and selling 40,000 shares on 08/19/2025.

How many shares does the CEO of Stifel (SF) own after the reported transactions?

The filing shows 1,196,467 direct common shares owned following the transactions.

Does Ronald Kruszewski hold any restricted or deferred equity in SF?

Yes; he holds 177,889 phantom stock units that vest in 20% increments over five years and have no expiration date.

At what prices were the reported transactions executed?

The contribution is disclosed with a price reference of $114.20 and the sale executed at $112.90.

Were these transactions filed as an individual Form 4 or jointly?

The form indicates it was filed by one reporting person.