Piper Sandler (NYSE: PIPR) president exercises options and sells stock

Rhea-AI Filing Summary

Piper Sandler Companies’ President Debbra L. Schoneman reported an option exercise and related stock sales. On February 11, 2026, she exercised an employee stock option for 5,240 shares of common stock at $99 per share. The exercise increased her direct common stock holdings before subsequent sales.

That same day, she sold 81 shares of common stock at a weighted average price of $350.03, and separately sold 5,159 shares at $351.01 in open-market transactions. Following these trades, she directly owned 2,896 shares and indirectly held 56,264 shares through revocable living trusts for which she and her spouse serve as co‑trustees.

Insider Trade Summary

Net Seller: 5,240 shares ($1,839,213)

Net Sell 5 txns

Insider Schoneman Debbra L.

Role President

Sold 5,240 shs ($1.84M)

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	5,240	$0.00	--
Exercise	Common Stock	5,240	$99.00	$519K
Sale	Common Stock	81	$350.03	$28K
Sale	Common Stock	5,159	$351.01	$1.81M
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 9,927 shares (Direct); Common Stock — 8,136 shares (Direct); Common Stock — 56,264 shares (Indirect, Through Living Trust)

Footnotes (1)

1. The price reported in Column 4 for the first sales transaction on this report is a weighted average price. The shares sold in footnote (1) were sold in multiple transactions at prices ranging from $350.0000 to $350.3700 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) upon request by the SEC staff, the issuer or any shareholder of the issuer. The shares are held in revocable living trusts, of which the reporting person and the reporting person's spouse are co-trustees.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Schoneman Debbra L.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/11/2026

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	02/11/2026		M		5,240	A	$99	8,136	D
Common Stock	02/11/2026		S		81	D	$350.03(1)	8,055	D
Common Stock	02/11/2026		S		5,159	D	$351.01	2,896	D
Common Stock								56,264(2)	I	Through Living Trust

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
Employee Stock Option (right to buy)	$99	02/11/2026		M			5,240	02/15/2021	02/15/2028	Common Stock	5,240	$0	9,927	D

Explanation of Responses:

1. The price reported in Column 4 for the first sales transaction on this report is a weighted average price. The shares sold in footnote (1) were sold in multiple transactions at prices ranging from $350.0000 to $350.3700 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) upon request by the SEC staff, the issuer or any shareholder of the issuer.

2. The shares are held in revocable living trusts, of which the reporting person and the reporting person's spouse are co-trustees.

Remarks:

	/s/ James Grant for Debbra L. Schoneman	02/13/2026
	** 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.

FAQ

What insider transaction did Piper Sandler (PIPR) report for Debbra L. Schoneman?

Piper Sandler (PIPR) reported that President Debbra L. Schoneman exercised stock options and sold common shares on February 11, 2026. She converted options into 5,240 common shares at $99 each, then sold portions of her holdings in two separate open-market transactions the same day.

How many Piper Sandler (PIPR) options did Debbra L. Schoneman exercise?

Debbra L. Schoneman exercised employee stock options for 5,240 Piper Sandler (PIPR) shares at an exercise price of $99 per share. These options, originally granted in 2021 and expiring in 2028, were converted into an equal number of common shares before subsequent sales.

At what prices did Debbra L. Schoneman sell Piper Sandler (PIPR) stock?

Schoneman sold 81 Piper Sandler (PIPR) shares at a weighted average price of $350.03 and another 5,159 shares at $351.01. The weighted average sale involved multiple trades between $350.00 and $350.37, as disclosed in the Form 4 footnote.

How many Piper Sandler (PIPR) shares does Debbra L. Schoneman own after the transactions?

After the reported transactions, Schoneman directly owned 2,896 Piper Sandler (PIPR) common shares. In addition, 56,264 common shares are held indirectly in revocable living trusts, where she and her spouse serve as co‑trustees, reflecting indirect beneficial ownership.

What type of derivative security did Debbra L. Schoneman hold in Piper Sandler (PIPR)?

Schoneman held an employee stock option to buy Piper Sandler (PIPR) common stock at $99 per share. On February 11, 2026, she exercised 5,240 option shares, reducing her remaining option position to 9,927 derivative securities beneficially owned directly.

How are Debbra L. Schoneman’s indirect Piper Sandler (PIPR) holdings structured?

Her indirect Piper Sandler (PIPR) holdings consist of 56,264 common shares held in revocable living trusts. According to the disclosure, she and her spouse act as co‑trustees of these trusts, which means the trust entities, not just her individually, hold legal title to the shares.