Piper Sandler Companies (NYSE: PIPR) director logs 14-share stock accrual

Rhea-AI Filing Summary

Piper Sandler Companies director Victoria M. Holt reported acquiring 14 shares of common stock on December 12, 2025 at a price of $0. After this transaction, she beneficially owns 7,339 shares of Piper Sandler common stock in direct form. The filing explains that dividend equivalents paid on shares of phantom stock are automatically reinvested into additional phantom shares in the directors' deferred compensation plan, and these phantom shares are ultimately payable in an equal number of common shares after the year in which the director’s board service ends.

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^*

HOLT VICTORIA M

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		A		14(1)	A	$0	7,339	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 Victoria M. Holt	12/15/2025
	** 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 was reported for Piper Sandler Companies (PIPR)?

A director of Piper Sandler Companies, Victoria M. Holt, reported acquiring 14 shares of common stock on December 12, 2025 at a price of $0, as shown in Table I of the filing.

Who is the reporting person in this Piper Sandler Companies (PIPR) filing and what is their role?

The reporting person is Victoria M. Holt, who is identified in the filing as a Director of Piper Sandler Companies.

How many Piper Sandler Companies (PIPR) shares does the director own after the reported transaction?

Following the reported transaction, the director beneficially owns 7,339 shares of Piper Sandler common stock, reported as direct ownership in Table I.

At what price were the 14 Piper Sandler Companies (PIPR) shares acquired?

The 14 shares of Piper Sandler common stock were reported as acquired at a price of $0 per share.

What does the filing say about dividend equivalents and phantom stock for Piper Sandler Companies (PIPR) directors?

The explanation states that dividend equivalents paid on shares of phantom stock are deemed reinvested in additional phantom shares on the payment date, accrue in the director’s deferred compensation plan, and become payable in an equal number of shares of common stock on the last day of the year in which the director’s service terminates.

When will the phantom stock referenced in the Piper Sandler Companies (PIPR) filing be paid out?

The filing explains that 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.