Gates Anne 4

What Happened
Anne Gates, a director of Raymond James Financial Inc. (RJF), was granted 1,303 Deferred Restricted Stock Units (DRSUs) on February 19, 2026. The grant was recorded at $0.00 per unit (a compensation award, not a purchase), so there was no cash outlay by the reporting person. This is a routine non-executive director equity grant as part of board compensation.

Key Details

• Transaction date: 2026-02-19; Form 4 filed 2026-02-23 (appears timely under Section 16 reporting rules).
• Transaction type/code: Award/Grant (A). Grant amount: 1,303 DRSUs; grant price listed as $0.00.
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes:
  • F1: DRSUs convert one-for-one into common shares upon vesting and include accrued cash in lieu of dividends. Vesting occurs at the next annual shareholders meeting (or by March 15 of the calendar year following the grant). The reporting person irrevocably elected to defer settlement until the fifth anniversary of the vest date.
  • F2: Confirms the reported units are DRSUs.
• Remarks: The filing notes the grant resulted from the registrant’s annual director compensation program for non-executive directors.

Context

• This award is a compensation grant (not a market purchase or sale) and is generally considered routine director pay rather than a direct signal of market sentiment.
• The DRSUs will only convert to actual shares at vesting; because settlement is deferred for five years after vesting per the director’s election, Gates will not receive the underlying shares immediately. The ultimate economic value depends on RJF’s stock price at settlement.