Piper Sandler director awarded 345 deferred shares

PIPER SANDLER COMPANIES director Philip Soran acquired 345 shares tied to his board compensation.

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Form Type

Rhea-AI Filing Summary

PIPER SANDLER COMPANIES director Philip Soran acquired 345 shares tied to his board compensation. The Form 4 shows an "A" code transaction for 345 shares of Common Stock at a price of $0.00 per share, reflecting a grant or award rather than an open-market purchase.

According to the footnote, Soran elected to defer quarterly director cash retainer fees, which resulted in the accrual of 345 shares of phantom stock to his account. These phantom shares become payable in common stock on the last day of the year in which his service as a director ends. Following this award, his direct holdings total 81,633 shares of common stock.

Insider Trade Summary

Grant/Award: 345 shares

Grant/Award 1 txn

Insider SORAN PHILIP

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	345	$0.00	$0.00

Holdings After Transaction: Common Stock — 81,633 shares (Direct)

Footnotes (1)

F1. The reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to his account of 345 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

Shares acquired: 345 shares Price per share: $0.00 per share Total shares after transaction: 81,633 shares +2 more

5 metrics

Shares acquired 345 shares Grant/award via deferred director fees on June 30, 2026

Price per share $0.00 per share Compensation-related award, not open-market purchase

Total shares after transaction 81,633 shares Direct holdings following the Form 4 transaction

Acquire transactions 1 transaction Transaction summary shows one acquisition, no sales

Net buy/sell shares 0 shares Transaction summary net buy/sell direction neutral

Key Terms

phantom stock, quarterly director cash retainer fees, Common Stock, Grant, award, or other acquisition

4 terms

phantom stock financial

"the accrual to his account of 345 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.

quarterly director cash retainer fees financial

"elected to defer receipt of quarterly director cash retainer fees"

Common Stock financial

"security_title": "Common Stock""

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.

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

FAQ

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

What insider transaction did PIPR director Philip Soran report?

Philip Soran reported an acquisition of 345 shares related to director compensation. The shares arise from deferred quarterly cash retainer fees, structured as phantom stock payable later in common stock.

Was the PIPR Form 4 transaction an open-market stock purchase?

No, the transaction was a compensation-related award, not an open-market purchase. Soran deferred quarterly director cash retainer fees, receiving 345 phantom stock shares credited to his account.

How many PIPR shares did Philip Soran acquire in this Form 4?

He acquired 345 shares associated with his board service. These come from deferred director cash retainer fees, recorded as phantom stock units that will ultimately be settled in common stock.

What are Philip Soran’s PIPR holdings after this reported transaction?

After the reported award, Soran directly holds 81,633 shares of Piper Sandler common stock. This total reflects his position following the 345-share compensation-related acquisition disclosed in the filing.

How does the PIPR Form 4 describe the nature of the award?

The Form 4 uses transaction code "A" for a grant or award. The footnote explains Soran elected to defer quarterly director cash retainer fees, resulting in 345 phantom stock shares payable later in common stock.

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

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Accepted by SEC EDGAR 07/01/2026 - 04:08 PM EDT

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)
06/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/30/2026		A		345⁽¹⁾	A	$0	81,633	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to his account of 345 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	07/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR