GARCIA ART A 4

What Happened

• Art A. Garcia, a director of Raymond James Financial Inc. (RJF), received a grant of 1,303 Deferred Restricted Stock Units (DRSUs) on 2026-02-19. The grant price is reported as $0.00 because this is a compensation award rather than a purchase; the DRSUs convert one-for-one into common shares upon vesting and accrue cash in lieu of dividends.
• This award was reported on an SEC Form 4 filed 2026-02-23. Per the filing, Garcia made an irrevocable election to defer settlement of the DRSUs after vesting until he terminates his board service.

Key Details

• Transaction date: 2026-02-19; transaction type: Award/Grant (code A); amount: 1,303 DRSUs; price per unit: $0.00 (compensation grant).
• Vesting: DRSUs vest at the next annual shareholders meeting following the grant date, but no later than March 15 of the calendar year following the grant (per footnote).
• Settlement: Although DRSUs convert 1:1 to shares at vesting (plus accrued cash in lieu of dividends), the reporting person has elected to defer settlement until termination of board service.
• Shares owned after transaction: not specified in the summary provided (check the full Form 4 for beneficial ownership totals).
• Filing timeliness: Form 4 was filed on 2026-02-23 for a 2026-02-19 grant; this filing appears to be timely under the 2-business-day Form 4 rule.

Context

• DRSUs are a deferred compensation vehicle (a grant, not a purchase or sale). They generally don’t signal an immediate buy/sell decision because settlement is deferred and the award is part of routine director compensation.
• For retail investors, note that awards to non-executive directors are common and intended to align director interests with shareholders; they are not the same as open-market purchases by insiders.