Michaud Thomas B. 4

What Happened
Thomas B. Michaud, Senior Vice President of Stifel Financial Corp (SF), exercised 2,665 derivative units (options) on January 30, 2026. To cover tax (and/or exercise) obligations, 1,315 of those shares were surrendered/withheld at a reported value of $126.24 per share, totaling $166,006. The exercise resulted in a net increase of 1,350 shares retained by Michaud (2,665 acquired minus 1,315 withheld).

Key Details

• Transaction date: 2026-01-30; Filing date: 2026-02-03 (filing appears to be timely).
• Transactions recorded:
  • Exercise/conversion (code M): 2,665 shares acquired @ $0.00 per share (derivative exercise).
  • Tax/withholding (code F): 1,315 shares disposed @ $126.24 per share = $166,006.
  • A derivative disposition line (2,665 shares) also appears reflecting the conversion/settlement of the derivative.
• Shares owned after transaction: Not reported in this filing.
• Footnotes: F1 = currently exercisable; F2 = no expiration date for these Units.
• No indication of a 10b5-1 plan or gift; the F-coded disposition here is routine tax withholding.

Context
This was an options exercise with partial share withholding to satisfy tax/price obligations — a common, routine insider event (not an open-market buy or sale of remaining shares). For retail investors, exercises with immediate withholding are administrative and do not by themselves indicate a bullish or bearish signal.