FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Nelson Adam D		 2. Issuer Name and Ticker or Trading Symbol

Triumph Financial, Inc. [ TFIN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP and General Counsel
(Last)          (First)          (Middle)

12700 PARK CENTRAL DRIVE, SUITE 1700		 3. Date of Earliest Transaction (MM/DD/YYYY)

5/1/2023
(Street)

DALLAS, TX 75251		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 5/1/2023  A  1463 (1)A$0 27901 D  
Common Stock 5/1/2023  A  5428 (2)A$0 33329 D  
Common Stock 5/1/2023  F  2279 (3)D$51.25 31050 (4)D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Options (5)$51.25 5/1/2023  A   2976     (6)5/1/2033 Common Stock 2976.0 $0 2976 D  
Employee Stock Options (5)$69.44            (6)5/1/2032 Common Stock 2187.0  2187 D  
Employee Stock Options (5)$88.63            (6)5/1/2031 Common Stock 1802.0  1802 D  
Employee Stock Options (5)$26.25            (6)5/1/2030 Common Stock 4598.0  4598 D  
Employee Stock Options (5)$31.0            (6)5/1/2029 Common Stock 2529.0  2529 D  
Employee Stock Options (5)$38.75            (6)5/1/2028 Common Stock 3508.0  3508 D  
Employee Stock Options (5)$25.8            (6)4/1/2027 Common Stock 5023.0  5023 D  
Employee Stock Options (5)$15.87            (6)4/1/2026 Common Stock 10539.0  10539 D  
Explanation of Responses:
(1) Each share is represented by a Restricted Stock Unit ("RSU"). The RSUs will vest on the ratably on each of the first four anniversaries of the grant date.
(2) Represents the number of shares earned upon satisfaction of performance goals in connection with performance-based restricted stock units.
(3) Represents the number of shares forfeited to cover tax withholding obligations in connection with the vesting of restricted stock or restricted stock unit and performance awards.
(4) Consists of (i) 28,080 shares beneficially owned by reporting person, and (ii) 2,970 shares of restricted stock or restricted stock units of the reporting person subject to future vesting requirements.
(5) Represents non-qualified stock options of Issuer granted to reporting person under Issuer's 2014 Omnibus Incentive Plan.
(6) Exercise of the employee stock option is subject to vesting over four years from the date of grant, with one fourth of such options becoming exercisable on each of the first four anniversaries of the date of grant.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Nelson Adam D
12700 PARK CENTRAL DRIVE
SUITE 1700
DALLAS, TX 75251

EVP and General Counsel
Signatures
Adam D. Nelson5/3/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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