ZEMLYAK JAMES M 4

What Happened

• James M. Zemlyak, President of Stifel Financial Corp (SF), converted/exercised 5,644 derivative units into common shares on 2026-01-30. To cover tax obligations, 2,487 of those shares were surrendered/withheld at $126.24 each for a total value of $313,959. The filing also reports an open-market sale of 9 shares on 2026-01-29 at $123.90 for $1,115.
• This sequence (conversion/exercise followed by share withholding) is a tax-withholding settlement of an award/conversion rather than a market purchase; the small open-market sale is a routine disposition.

Key Details

• Transaction dates & prices:
  • 2026-01-29: Open-market sale — 9 shares @ $123.90 = $1,115 (Sale, code S)
  • 2026-01-30: Exercise/conversion — 5,644 units acquired @ $0.00 (code M)
  • 2026-01-30: Tax/payment withholding — 2,487 shares surrendered @ $126.24 = $313,959 (code F)
  • 2026-01-30: 5,644 derivative units disposition also reported (code M, derivative line)
• Shares owned after the transaction: not listed in the supplied filing details.
• Footnotes: F1 notes the units were "currently exercisable." F2 states "No expiration date for these Units."
• Filing timeliness: Report was filed 2026-02-02 for transactions on 2026-01-29–01-30; this appears to be filed within the SEC’s two-business-day window (timely).

Context

• For retail investors: this pattern — exercise/conversion of units with shares withheld to cover taxes — is common when awards or vested units convert to stock; it is effectively a net settlement rather than a market sale triggered by investment intent.
• The material cash value reported here is the tax withholding ($314k); the small 9-share sale ($1.1k) is minor and routine.