Form 4: Raymond James CFO Receives RSU Grants

Raymond James Financial Inc.'s Chief Financial Officer, Jonathan W. Oorlog Jr., was granted Restricted Stock Units as part of a management incentive and annual bonus.

Summary

• Jonathan W. Oorlog Jr., Chief Financial Officer of Raymond James Financial Inc. (RJF), acquired Restricted Stock Units (RSUs) on December 15, 2025.
• The transaction involved two grants of RSUs: 3,661 RSUs as a management incentive and 1,678 RSUs as a portion of the annual bonus.
• The 3,661 RSUs vest 60% on December 15, 2028, 20% on December 15, 2029, and the remaining 20% on December 15, 2030, with an expiration date of December 15, 2030.
• The 1,678 RSUs, awarded as part of the annual bonus under the Amended and Restated 2012 Stock Incentive Plan, vest and expire on December 15, 2028.
• Each RSU represents a contingent right to receive one share of common stock and accrued cash in lieu of dividends upon vesting.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The grant of Restricted Stock Units to the CFO is a positive for executive retention and alignment with shareholder interests, reflecting standard compensation practices. It does not indicate any immediate negative or highly positive market-moving news.

Positives

• The grant of Restricted Stock Units aligns the Chief Financial Officer's interests with those of shareholders, promoting long-term value creation.
• Equity-based compensation serves as a retention mechanism for key executives.

Future Outlook

The RSU grants are forward-looking compensation, designed to incentivize the CFO's performance and retention over several years, with vesting schedules extending to 2030.

Management Comments

• This Form 4 reports (i) a grant of management RSUs to the reporting person and (ii) a grant of RSUs as a portion of the annual bonus to the reporting person.

Industry Context

The grant of Restricted Stock Units to a Chief Financial Officer is a standard and widely adopted practice for executive compensation within the financial services industry, aiming to align executive incentives with long-term shareholder value.

Comparison to Industry Standards

• Executive compensation through equity awards like RSUs is a common practice across major financial institutions, including peers such as Morgan Stanley, Goldman Sachs, and Charles Schwab, which frequently utilize similar long-term incentive plans to attract and retain top talent and align management interests with company performance.

Corporate Governance

Stakeholder Impact

• Shareholders: The equity grants align the CFO's financial interests with long-term shareholder value creation, potentially fostering more strategic decision-making.
• Employees: This reflects the company's established executive compensation practices, which can influence broader compensation strategies and employee morale.

Next Steps

• Vesting of 1,678 RSUs on December 15, 2028.
• Vesting of 60% of 3,661 RSUs on December 15, 2028.
• Vesting of 20% of 3,661 RSUs on December 15, 2029.
• Vesting of the final 20% of 3,661 RSUs on December 15, 2030.

Key Dates

Recommendation

This Form 4 reports a routine grant of Restricted Stock Units to the Chief Financial Officer as part of their compensation package. While it aligns management's interests with shareholders, it does not present new information that would significantly alter the investment thesis for Raymond James Financial Inc. Therefore, a 'hold' recommendation is appropriate based solely on this filing.

Keywords

Raymond James Financial, RJF, Form 4, Restricted Stock Units, RSU, Executive Compensation, Insider Transaction, Jonathan W. Oorlog Jr., CFO