BROWN MICHAEL W 4

What Happened

• Michael W. Brown, a director of Stifel Financial Corp (SF), reported derivative activity on June 4, 2026. The Form 4 shows an exercise/conversion of derivative securities to acquire 2,812 shares at $0.00 and a corresponding derivative disposition of 2,812 shares at $0.00. The $0.00 price indicates a conversion of previously granted units or instruments rather than a cash purchase.

Key Details

• Transaction date: June 4, 2026.
• Reported on Form 4: filed June 8, 2026 (within the two-business-day reporting window).
• Amounts: 2,812 shares acquired via exercise/conversion @ $0.00; 2,812 shares reported as a derivative disposition @ $0.00.
• Footnotes: totals adjusted for a 3-for-2 stock split (payable Feb 26, 2026); securities were currently exercisable; the Units have no expiration date.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Transaction code: M = exercise/conversion of a derivative security.

Context

• Derivative entry and $0.00 price typically reflect conversion of vested units (e.g., RSUs or similar) into common stock rather than an open-market purchase or sale. The filing does not show an open-market sale of the underlying shares or proceeds — this appears to be a conversion/exercise event, not a cash sale.
• Such routine conversions are common for directors and do not by themselves indicate a buy/sell sentiment.