Piper Sandler director granted 42 phantom shares

PIPER SANDLER COMPANIES (PIPR) reported that director Mitchell Robbin acquired 42 shares of common stock-equivalent phantom stock on September 11, 2026 as a grant/award with no cash price.

Rhea-AI Filing Summary

PIPER SANDLER COMPANIES (PIPR) reported that director Mitchell Robbin acquired 42 shares of common stock-equivalent phantom stock on September 11, 2026 as a grant/award with no cash price. This increased his directly reported holdings to 15,797 shares, accrued in the directors' deferred compensation plan.

The footnote explains that dividend equivalents on existing phantom stock are reinvested as additional phantom shares, which are credited to the director’s deferred compensation account and become payable in an equal number of common shares on the last day of the year in which his service as a director ends. No Rule 10b5-1 trading plan is indicated.

Insider Trade Summary

Grant/Award: 42 shares

Grant/Award 1 txn

Insider Mitchell Robbin

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	42	$0.00	$0.00

Holdings After Transaction: Common Stock — 15,797 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

Phantom stock shares granted: 42 shares Price per share for grant: $0.00 per share Shares held after transaction: 15,797 shares +1 more

4 metrics

Phantom stock shares granted 42 shares Grant/award acquisition on September 11, 2026, tied to dividend equivalents

Price per share for grant $0.00 per share Reported transaction price for 42 phantom stock-equivalent shares

Shares held after transaction 15,797 shares Total directly reported holdings of common stock-equivalent shares after the grant

Form 4 transaction count (acquisitions) 1 transaction One reported grant/award acquisition of phantom stock on this Form 4

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 director Mitchell Robbin?

PIPER SANDLER COMPANIES disclosed that director Mitchell Robbin was granted 42 shares of common stock-equivalent phantom stock on September 11, 2026 as a grant/award with a reported price of $0.00 per share, reflecting dividend-equivalent accruals.

How many PIPR shares does Mitchell Robbin hold after this Form 4 transaction?

After the September 11, 2026 grant, director Mitchell Robbin is reported as directly holding 15,797 shares of PIPER SANDLER COMPANIES common stock (including phantom stock equivalents) in the directors' deferred compensation plan.

What are dividend equivalents on PIPR phantom stock in this Form 4?

Dividend equivalents on PIPR phantom stock are reinvested in additional phantom shares as of each payment date. These additional phantom shares accrue in the director’s deferred compensation plan account and increase the number of common stock-equivalent units credited.

When do PIPR phantom stock units reported for Mitchell Robbin become payable?

According to the disclosure, the phantom stock units, including those from dividend equivalents, become payable in common stock on the last day of the year in which Mitchell Robbin’s service as a director terminates, on a one-for-one share basis.

Was the PIPR Form 4 transaction by Mitchell Robbin under a Rule 10b5-1 plan?

The filing indicates the Rule 10b5-1 checkbox is not affirmed, and the footnotes do not reference any trading plan. The reported grant of 42 phantom stock-equivalent shares therefore is not stated to be under a Rule 10b5-1 plan.

Is the PIPR Form 4 transaction a market purchase or sale?

No. The transaction is coded as a grant, award, or other acquisition of 42 phantom stock-equivalent shares at $0.00 per share, reflecting dividend equivalent reinvestment within the directors’ deferred compensation plan, not an open-market trade.

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

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Available on EDGAR 09/14/2026 - 05:14 PM Accepted by SEC EDGAR 09/14/2026 - 05:13 PM 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^*

Mitchell Robbin

(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		42(1)	A	$0	15,797	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	09/14/2026
	** 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)