SLINEY DAVID D 4

What Happened

• David D. Sliney, Chief Operating Officer of Stifel Financial Corp (SF), had performance-based equity units issued/converted on Feb 18, 2026. The Form 4 shows a grant/acquisition of 13,868 units (PRSU-related) and exercise/conversion activity involving 11,094 derivative units (zero exercise price). To satisfy tax withholding, 4,887 shares were surrendered/disposed at an implied value of $120.49 per share, totaling $588,835. The reported exercise/conversion entries list $0 exercise price, consistent with conversion of awarded units rather than a cash option purchase.

Key Details

• Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (timely).
• Actions reported: Grant/acquisition of 13,868 PRSU units; exercise/conversion of 11,094 units; 4,887 shares surrendered for tax withholding (code F) at $120.49 each = $588,835.
• Exercise/price notes: Exercise/conversion entries show $0 price (award conversion). Footnotes indicate these units stem from a PRSU award agreement dated Feb 18, 2022; 80% are currently vested and 20% vest in one year. Footnotes also state units have no expiration and are currently exercisable.
• Shares owned after transaction: Not specified in the filing.
• No 10b5-1 plan or sale plan disclosed; this appears to be routine vesting/conversion and tax withholding, not an open-market sale.

Context

• This was primarily an award conversion/vesting event, not an open-market purchase or discretionary sale. The surrender of 4,887 shares was to satisfy tax withholding (a common, non-bullish routine). For derivative/PRSU transactions, a $0 exercise price typically indicates conversion of awarded units into common shares rather than paying cash to buy options.