Piper Sandler (PIPR) exec logs 7,377-share award, tax-share disposal

Rhea-AI Filing Summary

Piper Sandler Companies executive James P. Baker, Global Co-Head of Investment Banking and Capital Markets, reported equity compensation activity in the company’s common stock. He acquired 7,377 shares at no cost through a grant/award tied to performance share units, and disposed of 2,903 shares to cover tax obligations by delivering shares.

The performance share units represented the right to receive one share each and vested 163% overall, with 126% vesting based on adjusted return on equity and 200% vesting based on relative total shareholder return versus peers, measured from January 1, 2023 through December 31, 2025. Following these transactions, Baker directly held 66,166 shares. Additional shares are held in irrevocable trusts, including one for the benefit of his spouse for which he disclaims beneficial ownership, and another irrevocable trust for his benefit where he serves as trustee.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Baker James P

Role Global Co-Head IB and Cap Mkts

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7,377	$0.00	--
Tax Withholding	Common Stock	2,903	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 69,069 shares (Direct); Common Stock — 25,699 shares (Indirect, By Spouse as sole Trustee and Beneficiary for Irrevocable Trust)

Footnotes (1)

1. Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025. The shares are held in an irrevocable trust for the benefit of the reporting person's spouse. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. The shares are held in an irrevocable trust for the benefit of the reporting person. The reporting person is trustee of the trust.

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
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^*

Baker James P

(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)
	Global Co-Head IB and Cap Mkts

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

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	02/26/2026		A		7,377	A	$0(1)	69,069	D
Common Stock	02/26/2026		F		2,903	D	$0	66,166	D
Common Stock								25,699	I	By Spouse as sole Trustee and Beneficiary for Irrevocable Trust(2)
Common Stock								25,699	I	By Irrevocable Trust(3)

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. Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025.

2. The shares are held in an irrevocable trust for the benefit of the reporting person's spouse. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

3. The shares are held in an irrevocable trust for the benefit of the reporting person. The reporting person is trustee of the trust.

Remarks:

	/s/ James Grant for James P. Baker	03/02/2026
	** 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 did James P. Baker report in this Piper Sandler (PIPR) Form 4?

James P. Baker reported a stock award and related tax withholding in Piper Sandler common stock. He received 7,377 shares through a grant and used 2,903 shares to satisfy tax obligations, updating his direct and indirect holdings and associated trust structures.

How many Piper Sandler (PIPR) shares did James P. Baker acquire and dispose?

James P. Baker acquired 7,377 shares of Piper Sandler common stock via a grant and disposed of 2,903 shares to pay tax liabilities by delivering shares. These transactions reflect equity compensation mechanics rather than open-market buying or selling of stock.

What performance metrics drove James P. Baker’s Piper Sandler (PIPR) share award vesting?

The award vesting was based on adjusted return on equity and relative total shareholder return versus peers. Overall vesting reached 163%, including 126% for the adjusted return on equity portion and 200% for the relative total shareholder return portion over the 2023–2025 measurement period.

Over what period were James P. Baker’s Piper Sandler (PIPR) performance units measured?

The performance share units were measured from January 1, 2023 through December 31, 2025. During this timeframe, adjusted return on equity and relative total shareholder return versus a peer group determined how many units vested and ultimately converted into Piper Sandler common shares.

What are James P. Baker’s direct Piper Sandler (PIPR) share holdings after these transactions?

After the reported grant and tax-withholding disposition, James P. Baker directly held 66,166 shares of Piper Sandler common stock. This figure reflects his direct ownership only, separate from any shares held in irrevocable trusts disclosed in the filing’s indirect ownership information.

How are irrevocable trusts used in James P. Baker’s Piper Sandler (PIPR) holdings?

Some shares are held in irrevocable trusts, including one for the benefit of his spouse and another for his benefit where he is trustee. For the spouse’s trust, he disclaims beneficial ownership, meaning those shares are attributed to the trust and spouse rather than to him personally.

Was James P. Baker’s Piper Sandler (PIPR) share disposition an open-market sale?

The disposition was not described as an open-market sale; it was a tax-withholding transaction. He delivered 2,903 Piper Sandler shares to satisfy tax liabilities associated with the equity award, a common mechanism for handling taxes on vested performance-based stock.