[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Mitchell Robbin, a director of Piper Sandler Companies (PIPR), received additional phantom common stock shares through dividend equivalents that were deemed reinvested on 09/12/2025. The reported non-derivative transaction shows 7(1) phantom shares acquired at $0, increasing the reporting person's beneficial ownership to 3,384 shares. The filing explains these phantom shares accrue under the directors' deferred compensation plan and are payable in an equal number of common shares on the last day of the year in which the director's service terminates.

Insights

Financial Analyst

TL;DR: Routine director compensation reinvestment; small, non-cash increase in beneficial ownership to 3,384 shares.

The Form 4 reports a non-cash reinvestment of dividend equivalents into phantom shares under the directors' deferred compensation plan. The transaction is coded as an acquisition at $0 and reflects payroll/compensation mechanics rather than market purchases or sales. For investors, this is a disclosure of director remuneration and resulting ownership but not a market-moving trade or change in control stake.

Corporate Governance Expert

TL;DR: Governance disclosure shows compensation deferral mechanics; phantom shares convert to common stock upon service termination.

The filing clarifies the nature of indirect ownership: phantom stock accrues and is payable in common shares when the director leaves service. This is standard practice for deferred director compensation and provides transparency on potential future share issuance tied to termination events. No indication of unusual governance action or change in board-level holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Mitchell Robbin

(Last) (First) (Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS MN 55401

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PIPER SANDLER COMPANIES [ PIPR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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	09/12/2025		A		7(1)	A	$0	3,384	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. 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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date. These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan. The shares of phantom stock become payable, in an equal number of shares of common stock, on the last day of the year in which the reporting person's service as a director terminates.

Remarks:

	/s/ James Grant for Robbin Mitchell	09/15/2025
	** Signature of Reporting Person	Date
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 Number.

FAQ

What change in ownership did Mitchell Robbin report for PIPR?

The Form 4 reports a deemed acquisition of phantom common stock via dividend equivalents on 09/12/2025, bringing beneficial ownership to 3,384 shares.

Was cash paid for the shares reported on the Form 4 for PIPR?

No. The transaction is recorded as an acquisition at a price of $0, representing reinvested dividend equivalents into phantom shares.

How are the phantom shares described in the filing paid out?

The phantom shares accrue in the directors' deferred compensation plan and are payable in an equal number of common shares on the last day of the year in which the reporting person's service as a director terminates.

Does this Form 4 indicate a market purchase or sale by the director of PIPR?

No. The filing reflects a non-derivative acquisition through dividend reinvestment into phantom stock, not an open-market purchase or sale.