Stifel (SF) CFO James Marischen Exercises Units, Withholds 691 Shares

What Happened
James M. Marischen, Chief Financial Officer of Stifel Financial Corp (SF), exercised/converted 1,568 derivative units on 2026-01-30. Of those shares, 691 were withheld to cover tax liability at $126.24/share (total withheld ≈ $87,232). The net result was 877 shares retained by Marischen (877 × $126.24 ≈ $110,712 based on the withholding price). Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price/tax liability (share withholding).

Key Details

• Transaction date: 2026-01-30; Filing date: 2026-02-03 (filed within the two-business-day Form 4 window).
• Activity: Exercise/conversion of 1,568 units (M); 691 shares withheld to satisfy tax obligations at $126.24/share (F), amount ≈ $87,232.
• Net shares received: 877 (1,568 gross − 691 withheld). Estimated net value at withholding price ≈ $110,712.
• Shares owned after transaction: Not specified in the supplied filing extract.
• Footnotes: F1 — currently exercisable; F2 — no expiration date for these Units.
• This looks like a net-share settlement (cashless-like) for tax withholding rather than an open-market sale.

Context
Exercises and RSU/unit conversions with shares withheld for taxes are common executive compensation events and are typically administrative (not a straightforward buy/sell signal). The filing shows a conversion/exercise with shares withheld to cover taxes, not an open-market sale. No late filing flags appear on this Form 4.