Michaud Thomas B. 4

What Happened

• Thomas B. Michaud, Senior Vice President of Stifel Financial Corp. (SF), completed derivative exercises and a related tax-withholding transaction on Feb 18, 2026. He exercised/converted 16,179 derivative shares (reported as acquired at $0.00). To satisfy tax obligations, 7,983 shares were disposed/withheld at $120.49 each, generating $961,872. He was also issued 20,224 PRSU units (a grant/award) on the same date.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (filed within two days).
• Exercise/conversion (code M): 16,179 shares acquired (reported $0.00 per share).
• Tax withholding (code F): 7,983 shares disposed at $120.49 = $961,872.
• Grant/award (code A): 20,224 PRSU units issued at $0.00 (derivative units).
• Net shares from this exercise (simple arithmetic): 16,179 exercised − 7,983 withheld = 8,196 shares retained (as implied by the filing).
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnotes: F1 — PRSU units issued per Feb 18, 2022 award agreement; 80% vested now, 20% vests in one year. F2 — Units have no expiration date. F3 — Units currently exercisable.
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price or tax liability; A = grant/award.

Context

• This looks like a routine cashless exercise/settlement: options or other derivatives were converted to shares and a portion of the shares was withheld/disposed to cover taxes. The $961,872 figure represents the value of the withheld/disposed shares at $120.49 each. The separate PRSU grant vests mostly now (80%) with the remainder vesting in one year, per the footnote.