Stifel (SF) Senior VP exercises 2,665 phantom units and withholds 1,315 shares for taxes

Filing Impact

(Moderate)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Stifel Financial Corp Senior Vice President Thomas B. Michaud reported equity transactions dated January 30, 2026. He exercised 2,665 Phantom Stock Units into an equal number of Stifel common shares at an exercise price of $0, increasing his directly held common stock before tax withholding.

To cover taxes on this award, 1,315 common shares were withheld at a price of $126.24 under transaction code "F," leaving Michaud with 78,294 Stifel common shares held directly. He also continues to hold 30,281 Phantom Stock Units, which are currently exercisable and have no stated expiration date.

Insider Trade Summary

2,665 shares exercised/converted

Mixed 3 txns

Insider Michaud Thomas B.

Role Senior Vice President

Type	Security	Shares	Price	Value
Exercise	Phantom Stock Units	2,665	$0.00	--
Exercise	Common Stock	2,665	$0.00	--
Tax Withholding	Common Stock	1,315	$126.24	$166K

Holdings After Transaction: Phantom Stock Units — 30,281 shares (Direct); Common Stock — 79,609 shares (Direct)

Footnotes (1)

Currently exercisable. No expiration date for these Units

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/03/2026 - 04:27 PM

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^*

Michaud Thomas B.

(Last)

(First)

(Middle)

787 SEVENTH AVENUE

(Street)

NEW YORK

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)
01/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	01/30/2026		M		2,665	A	$0	79,609	D
Common Stock	01/30/2026		F		1,315	D	$126.24	78,294	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	$0	01/30/2026		M			2,665	⁽¹⁾	⁽²⁾	Common Stock	2,665	$0	30,281	D

Explanation of Responses:

1. Currently exercisable.

2. No expiration date for these Units

	/s/ Thomas Michaud	02/03/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did SF executive Thomas Michaud report on this Form 4?

Thomas B. Michaud reported exercising 2,665 Phantom Stock Units into Stifel Financial Corp common stock on January 30, 2026. The exercise was at an effective price of $0 per share, reflecting a stock-based compensation event rather than an open-market share purchase.

How many Stifel (SF) shares did Thomas Michaud receive and how many were withheld for taxes?

Michaud received 2,665 Stifel common shares from exercising Phantom Stock Units and had 1,315 shares withheld to cover taxes. The tax withholding shares were valued at $126.24 each, reducing his post-transaction directly held common stock balance to 78,294 shares.

What is the significance of the $126.24 price in Thomas Michaud’s SF Form 4 filing?

The $126.24 figure is the price used for the 1,315 Stifel common shares withheld to satisfy tax obligations. This shows the valuation applied to the tax-related disposition, rather than an open-market sale executed by Michaud on an exchange.

How many Stifel (SF) shares does Thomas Michaud own after the reported transactions?

After the January 30, 2026 transactions, Michaud directly holds 78,294 Stifel common shares. In addition, he beneficially owns 30,281 Phantom Stock Units, which are currently exercisable and tied to the value of the company’s common stock.

What are Phantom Stock Units in the context of Thomas Michaud’s SF Form 4?

Phantom Stock Units are a form of stock-based compensation that track Stifel’s share value and can be settled in stock. Michaud exercised 2,665 such units, with 30,281 units remaining outstanding, currently exercisable and without a stated expiration date in the filing.

Did Thomas Michaud buy Stifel (SF) shares on the open market in this Form 4?

No, the Form 4 shows an exercise of 2,665 Phantom Stock Units at $0 and a tax withholding of 1,315 shares at $126.24. These transactions stem from equity compensation rather than discretionary open-market share purchases.