Nesi Victor 4

What Happened

• Victor Nesi, a director of Stifel Financial Corp (SF), exercised/converted 25,591 derivative units on 2026-01-26 (transaction code M). The filing records an exercise/conversion price of $0.00. To cover tax withholding, 11,981 shares were surrendered (transaction code F) at $129.20 each, totaling approximately $1,547,945. Net shares retained by Nesi after withholding: 13,610 (25,591 exercised − 11,981 withheld). The filing indicates the derivative units were also recorded as disposed in connection with the conversion.

Key Details

• Transaction date: 2026-01-26; Filing date: 2026-01-28 (filed timely).
• Exercise/conversion: 25,591 shares at $0.00 (M).
• Tax withholding: 11,981 shares at $129.20 = $1,547,945 (F).
• Net shares received: 13,610.
• Shares owned after transaction: not specified in the provided excerpt.
• Footnotes: F1 — Currently exercisable; F2 — No expiration date for these Units.
• Codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability (share withholding).

Context

• This appears to be a conversion/exercise event with shares withheld to cover tax obligations (a common, routine outcome following vesting/exercise). The $0.00 exercise price in the filing suggests the conversion did not require a cash payment per the reported terms. This transaction is not presented as an open-market sale (aside from the withholding).