KRUSZEWSKI RONALD J 4

What Happened
Ronald J. Kruszewski, CEO of Stifel Financial Corp (SF), exercised/converted 12,542 derivative units/shares on Jan 30, 2026. Of those, 5,525 shares were disposed/withheld to satisfy tax obligations at $126.24/share, generating roughly $697,476. The conversion shows a $0.00 exercise price for the units; net shares retained after the withholding appear to be 7,017 (12,542 acquired minus 5,525 withheld).

Key Details

• Transaction date: 2026-01-30; Form 4 filed 2026-02-03 (covers the Jan 30 transactions).
• Exercise/conversion: 12,542 shares acquired via derivative conversion (code M) at $0.00.
• Tax withholding: 5,525 shares disposed (code F) at $126.24, value ≈ $697,476.
• Net shares retained (calculated): 7,017.
• Footnotes: F1 = currently exercisable; F2 = no expiration date for these Units.
• Filing timeliness: filing date provided; no late filing flag noted in the information given.

Context
This appears to be an option/unit conversion with shares withheld to cover tax liabilities (a common cashless exercise/withholding arrangement), not an open-market sale for investment purposes. Such withholding transactions are routine and do not necessarily signal the insider’s view on the stock. The filing does not disclose the total shares Kruszewski owned after the transaction beyond the amounts reported here.