Piper Sandler director awarded 1,875 deferred shares

Piper Sandler Companies director Philip Soran reported a compensation-related stock award.

Rhea-AI Filing Summary

Piper Sandler Companies director Philip Soran reported a compensation-related stock award. He acquired 1,875 shares of common stock in the form of an annual equity grant, which he elected to defer into 1,875 shares of phantom stock credited to his account.

After this grant, Soran directly holds 81,082 shares of common stock. The phantom stock will be settled in common stock and become payable on the last day of the year in which his service as a director ends. This is a non-cash award and not an open-market purchase or sale.

Insider Trade Summary

Grant/Award: 1,875 shares

Grant/Award 1 txn

Insider SORAN PHILIP

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,875	$0.00	$0.00

Holdings After Transaction: Common Stock — 81,082 shares (Direct)

Footnotes (1)

1. F1. The reporting person elected to defer receipt of an annual equity grant of 1,875 shares of common stock resulting in an accrual to his account of 1,875 shares of phantom stock. The shares of phantom stock become payable, in common stock, on the last day of the year in which the reporting person's service as a director terminates.

Key Figures

Equity grant size: 1,875 shares Shares held after transaction: 81,082 shares Grant price per share: $0.0000 per share +1 more

4 metrics

Equity grant size 1,875 shares Annual equity grant deferred into phantom stock

Shares held after transaction 81,082 shares Direct common stock holdings after grant

Grant price per share $0.0000 per share Indicates non-cash, compensation-related award

Phantom stock units 1,875 units Payable in common stock at director service end

Key Terms

phantom stock, annual equity grant, common stock, director

4 terms

phantom stock financial

"resulting in an accrual to his account of 1,875 shares of phantom stock"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

annual equity grant financial

"elected to defer receipt of an annual equity grant of 1,875 shares of common stock"

common stock financial

"The shares of phantom stock become payable, in common stock, on the last day"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

director financial

"the reporting person's service as a director terminates"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Philip Soran report for PIPR?

Philip Soran reported receiving 1,875 shares as an annual equity grant. He elected to defer this into 1,875 phantom stock units, which will later be paid in common stock when his board service ends.

Was Philip Soran’s PIPR transaction a stock purchase or sale?

The transaction was not a market purchase or sale. It was a grant of 1,875 shares as compensation, deferred into phantom stock units, with no cash changing hands in the market.

How many PIPR shares does Philip Soran hold after this Form 4?

After the reported grant and deferral, Philip Soran directly holds 81,082 shares of Piper Sandler common stock. This figure reflects his position following the 1,875-share equity award reported in the filing.

What does phantom stock mean in the PIPR Form 4 filing?

Phantom stock represents a bookkeeping entry tied to the value of common shares. Soran’s 1,875 phantom shares will be paid out in actual Piper Sandler common stock when his service as a director ends.

When will Philip Soran receive the PIPR shares underlying the phantom stock?

The 1,875 phantom stock units become payable in Piper Sandler common stock on the last day of the year in which Philip Soran’s service as a director terminates, according to the filing footnote.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/21/2026 - 04:11 PM EDT Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

SORAN PHILIP

(Last) (First) (Middle)

350 NORTH 5TH STREET, SUITE 1000

(Street)

MINNEAPOLIS MINNESOTA 55401

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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

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

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

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	05/20/2026		A		1,875(1)	A	$0	81,082	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. The reporting person elected to defer receipt of an annual equity grant of 1,875 shares of common stock resulting in an accrual to his account of 1,875 shares of phantom stock. The shares of phantom stock become payable, in 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 Philip E. Soran	05/21/2026
	** 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.
* Form 4: SEC 1474 (03-26)