Nesi Victor 4

What Happened

• Victor Nesi, a director of Stifel Financial Corp. (SF), exercised 6,898 derivative units (options/units converted to common stock) on January 30, 2026. The filing shows 6,898 shares were acquired at $0 reported exercise price for the conversion. To satisfy tax withholding, 3,522 shares were surrendered/disposed at an implied value of $126.24 per share, totaling $444,617. The filing also records the derivative instrument conversion/disposition related to the exercise.

Key Details

• Transaction date: 2026-01-30.
• Exercise/Conversion: 6,898 shares (code M) — reported acquisition at $0 per share.
• Tax withholding/disposition: 3,522 shares (code F) withheld at $126.24/share = $444,617.
• Additional derivative entry: 6,898 shares (code M) shown as disposed (reflects conversion of the derivative instrument).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: F1 = units currently exercisable; F2 = no expiration date for these units.
• Timeliness: Filed 2026-02-03 for a 2026-01-30 transaction — filing appears timely (within required SEC business-day window).

Context

• This was an exercise/conversion of a derivative instrument (options or similar units). The surrender of 3,522 shares to cover taxes is a common tax-withholding/cashless-surrender practice and should be read as a withholding event, not an open-market sale for investment reasons. The filing is factual and does not indicate the director’s market view.