Form 4: Raymond James Executive Reports RSU Vesting and Tax Sales

Raymond James Financial's President of Capital Markets, James E. Bunn, reported the vesting of Restricted Stock Units and subsequent share dispositions to cover tax obligations.

Summary

• James E. Bunn, President of Capital Markets at Raymond James Financial Inc. (RJF), reported transactions related to his equity holdings.
• On November 30, 2025, Bunn acquired a total of 6,136 shares of common stock (4,636 and 1,500 shares) upon the vesting of Restricted Stock Units (RSUs).
• Concurrently, Bunn disposed of 2,414 shares of common stock (590 and 1,824 shares) at a price of $156.54 per share to satisfy tax withholding obligations related to the RSU vesting.
• Following these transactions, Bunn's direct beneficial ownership of common stock is 81,949 shares.
• Bunn also holds 2,069 shares indirectly through an Employee Stock Ownership Plan (ESOP) account as of November 24, 2025.

Sentiment

Score: 6

Explanation: The filing reports routine insider transactions related to equity compensation vesting and tax-related sales. While there's a disposition of shares, it's for tax purposes, which is a neutral event. The overall sentiment is slightly positive due to the executive realizing value from long-term incentives and maintaining significant direct and indirect ownership.

Positives

• Acquisition of 6,136 common shares through RSU vesting, indicating realization of long-term incentive compensation.
• Continued direct beneficial ownership of 81,949 common shares, demonstrating alignment with shareholder interests.
• Indirect ownership of 2,069 shares via an ESOP, further aligning executive interests with company performance.

Negatives

• Disposition of 2,414 shares at $156.54 per share to cover tax liabilities, resulting in a reduction of direct share count.

Risks

• The Power of Attorney document highlights the reporting person's responsibility for compliance with SEC filing requirements (Sections 13 and 16 of the Exchange Act, Rule 144) and the potential for violations if information is not provided timely.
• The Attorney-in-Fact, Company, and Broker assume no liability for the undersigned's compliance or disgorgement of profits under Section 16(b).

Future Outlook

Future vesting events are scheduled, with the remaining 20% of 4,636 Restricted Stock Units set to vest on November 30, 2026.

Management Comments

• This Power of Attorney authorizes, but does not require, the Attorney-in-Fact to act in his or her discretion on information provided to such Attorney-in-Fact without independent verification of such information.
• Neither the Company, the Broker, nor the Attorney-in-Fact assumes any liability for the undersigned's responsibility to comply with the requirements of Section 13 or Section 16 of the Exchange Act or Rule 144, any liability of the undersigned for any failure to comply with such requirements, or any liability of the undersigned for disgorgement of profits under Section 16(b) of the Exchange Act.
• It is his/her responsibility to provide information to the Attorneys-in-Fact on a timely basis with respect to any proposed transaction that could require the filing of any Form 3, 4 or 5, or Form 144, and to respond in a timely manner to all communications, notices and inquiries from the Attorneys-in-Fact, the Company or the Broker, or their respective representatives, with respect to any proposed transaction.

Industry Context

This filing represents a routine insider transaction report, common across all publicly traded companies, detailing executive compensation realization and associated tax obligations. It provides transparency into executive stock ownership changes, which is a standard practice in the financial services industry.

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency regarding executive compensation and stock ownership changes, which can influence investor confidence. The executive's continued significant holdings align interests with shareholders.
• Employees: The ESOP holdings indicate a broader employee ownership program, potentially fostering employee alignment with company performance.

Next Steps

• The remaining 20% of the 4,636 Restricted Stock Units will vest on November 30, 2026.

Key Dates

Keywords

Raymond James Financial, RJF, James E. Bunn, Insider Trading, Form 4, Restricted Stock Units, RSU Vesting, Share Disposition, Tax Withholding, Employee Stock Ownership Plan, ESOP, Corporate Governance