Piper Sandler director awarded 22 share units

Director Ann C. Gallo received a small phantom stock award tied to dividend equivalents under Piper Sandler’s deferred compensation plan.

Available on EDGAR 09/14/2026 - 05:11 PM EDT Accepted by SEC EDGAR 09/14/2026 - 05:09 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

PIPER SANDLER COMPANIES (PIPR) reported that director Ann C. Gallo acquired 22 shares of common stock equivalents on September 11, 2026 through a grant/award. These arose from dividend equivalents being reinvested into phantom stock under the directors' deferred compensation plan, bringing her directly held equivalent position to 8,093 shares.

The filing indicates no Rule 10b5-1 trading plan applies to this transaction, and the award carried no cash purchase price.

Insider Trade Summary

Grant/Award: 22 shares

Grant/Award 1 txn

Insider Gallo Ann C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	22	$0.00	$0.00

Holdings After Transaction: Common Stock — 8,093 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Shares acquired: 22 shares Price per share: $0.00 per share Shares owned after transaction: 8,093 shares +1 more

4 metrics

Shares acquired 22 shares Grant/award acquisition on September 11, 2026

Price per share $0.00 per share Compensation-related phantom stock award, not a market purchase

Shares owned after transaction 8,093 shares Direct common stock equivalents held by Ann C. Gallo after September 11, 2026 award

Transaction date September 11, 2026 Date of phantom stock dividend-equivalent grant

Key Terms

phantom stock, dividend equivalents, directors' deferred compensation plan

3 terms

phantom stock financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested"

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.

dividend equivalents financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

directors' deferred compensation plan financial

"These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan"

FAQ

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

What insider transaction did PIPR disclose for Ann C. Gallo?

PIPER SANDLER COMPANIES disclosed that director Ann C. Gallo received a grant of 22 shares of common stock equivalents on September 11, 2026, arising from dividend equivalents reinvested in phantom stock under the directors' deferred compensation plan.

How many PIPR shares does Ann C. Gallo hold after this transaction?

After the reported grant, Ann C. Gallo holds 8,093 shares of common stock equivalents directly, as reflected in the Form 4 following the September 11, 2026 award.

Was Ann C. Gallo’s PIPR transaction under a Rule 10b5-1 plan?

No. The filing’s Rule 10b5‑1 checkbox is not marked, and there is no footnote stating that the September 11, 2026 phantom stock grant was made pursuant to a Rule 10b5‑1 trading plan.

Did Ann C. Gallo pay a price per share for the PIPR award?

No. The Form 4 reports a per-share price of $0.00 for the 22 shares acquired on September 11, 2026, indicating a compensation-related award rather than a market purchase.

What does the footnote say about the PIPR phantom stock award to Ann C. Gallo?

The footnote explains that dividend equivalents paid on existing phantom stock are reinvested in additional phantom shares in the directors' deferred compensation plan, which later become payable in an equal number of common shares when the director’s service ends.

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

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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^*

Gallo Ann C

(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)
09/11/2026

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	09/11/2026		A		22(1)	A	$0	8,093	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 Ann C. Gallo	09/14/2026
	** 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)