Kavanaugh James P. 4

What Happened

• James P. Kavanaugh, a director of Stifel Financial Corp., exercised/converted 2,812 derivative units (code M) into 2,812 shares on 2026-06-04 at $0.00 each, and the same 2,812 shares were subsequently disposed to the issuer (code D) at $0.00 each. No cash proceeds are reported for these transactions.

Key Details

• Transaction date: 2026-06-04
• Transactions: M (exercise/conversion of derivative) — 2,812 shares @ $0.00 (acquired); D (disposition to issuer) — 2,812 shares @ $0.00 (disposed)
• Report filed: 2026-06-08 (4 days after the transaction) — may be later than the typical 2-business-day Section 16 filing window
• Shares owned after transaction: not specified in the information provided
• Footnotes: F1 — totals adjusted for a 3-for-2 stock split payable Feb 26, 2026; F2 — units were currently exercisable; F3 — no expiration date for these units
• No cash proceeds reported; disposition to issuer often reflects withholding, net settlement, or surrender to the company (filing does not specify the reason)

Context

• This was an exercise/conversion of derivative units followed by transfer to the issuer, not an open-market sale — it does not necessarily indicate a market sell-off or new investment. For retail investors, direct purchases are usually more informative about insider optimism; here, the record shows no purchase price paid and no proceeds received.