Form 4: Raymond James EVP Acquires Shares via RSU Vesting

Raymond James Financial's EVP, General Counsel, and Secretary, Jonathan N. Santelli, acquired 2,128 shares of common stock through the vesting of performance-based restricted stock units.

Summary

• Jonathan N. Santelli, Executive Vice President, General Counsel, and Secretary of Raymond James Financial Inc. (RJF), acquired 2,128 shares of common stock.
• The acquisition occurred on December 2, 2025, and was a result of the vesting of Performance Restricted Stock Units (PRSUs).
• These PRSUs were originally granted on December 15, 2022, and vested based on the company's attainment of certain levels of average after-tax return-on-equity, modified by its relative total shareholder return compared to a peer group over a three-year measurement period.
• The transaction price for these shares was $0.0000, indicating they were received as part of a compensation plan rather than purchased.
• Following this transaction, Mr. Santelli directly beneficially owns 27,563 shares of common stock.
• Additionally, Mr. Santelli indirectly holds 540 shares of common stock through his Employee Stock Ownership Plan (ESOP) account, updated as of November 24, 2025.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as the vesting of performance-based restricted stock units indicates that the company met its performance targets, which is a favorable outcome. It also increases insider ownership, aligning management's interests with shareholders.

Positives

• The vesting of Performance Restricted Stock Units (PRSUs) indicates that Raymond James Financial met specific performance targets related to average after-tax return-on-equity and relative total shareholder return over a three-year measurement period.
• Increased insider ownership through vesting aligns management's interests with those of shareholders.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance, but the vesting of performance-based awards suggests past performance met internal targets, which can be a positive indicator for future stability.

Management Comments

• Jonathan N. Santelli, EVP, General Counsel, and Secretary, acquired common stock resulting from the vesting of Restricted Stock Units (RSUs) granted on 12/15/2022 based on the company's attaining certain levels of average after-tax return-on-equity, as modified by the company's relative total shareholder return compared to a peer group, over a three-year measurement period.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically the vesting of executive compensation. It reflects standard corporate governance practices for aligning executive incentives with company performance within the financial services industry. Such transactions are common across publicly traded companies, including those in the financial sector like Raymond James Financial, and do not inherently indicate broader industry trends.

Comparison to Industry Standards

• The use of Performance Restricted Stock Units (PRSUs) tied to metrics like return-on-equity and relative total shareholder return is a common practice in executive compensation across the financial services industry, aligning with best practices for performance-based incentives.
• Many financial institutions, including peers like Morgan Stanley, LPL Financial, and Charles Schwab, utilize similar long-term incentive plans to motivate executives and link their compensation to shareholder value creation.

Stakeholder Impact

• Shareholders: Increased insider ownership may be viewed positively as it aligns management's interests with shareholder value creation.
• Employees: The vesting of performance-based awards can serve as a positive signal regarding the company's performance and compensation structure.

Key Dates

Keywords

Raymond James Financial, RJF, Insider Transaction, Form 4, Restricted Stock Units, RSU Vesting, Executive Compensation, Share Acquisition, Corporate Governance