[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Scott C. Taylor, a director of Piper Sandler Companies (PIPR), reported a non-cash acquisition of phantom stock dividend equivalents under the directors' deferred compensation plan on 09/12/2025. The Form 4 shows a transaction coded as an acquisition (Code A) under rule 17(1) with a reported price of $0. Following the reported transaction, Mr. Taylor beneficially owned 16,336 shares (listed as direct ownership). The filing explains that dividend equivalents on phantom stock are reinvested as additional phantom shares that accrue to the director's account and convert into an equal number of common shares on the last day of the year in which the director's service terminates.

Positive

• Non-cash acquisition disclosed: The Form 4 records a dividend-equivalent reinvestment into phantom stock on 09/12/2025.
• Updated beneficial ownership: The filing reports the reporting person beneficially owns 16,336 shares following the transaction.
• Clear plan mechanics disclosed: The filing explains phantom shares accrue in the directors' deferred compensation plan and convert to common stock upon termination of service.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-compensation reinvestment; disclosure confirms accrual and future conversion mechanics.

The Form 4 documents a standard non-cash reinvestment of dividend equivalents into phantom stock under the directors' deferred compensation plan. The filing explicitly states that phantom shares accrue to the reporting person's account and will be payable in common stock upon termination of director service. The transaction is coded as an acquisition with a reported price of $0, reflecting reinvestment rather than an open-market purchase. From a governance disclosure perspective, this is a routine compensation-related filing rather than an operational or financing event.

Securities/Insider Transactions Analyst

TL;DR: Insider reported acquisition increases recorded beneficial ownership to 16,336 shares; transaction arises from dividend-equivalent reinvestment.

The report shows a 09/12/2025 acquisition under Code A and Rule 17(1) with a price of $0, consistent with dividend equivalents being credited as phantom shares. The filing explicitly lists the resulting beneficial ownership as 16,336 shares (direct). The signature block indicates the Form 4 was signed on behalf of the reporting person on 09/15/2025. This disclosure documents compensation-plan mechanics and updates the insider ownership record.

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
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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^*

TAYLOR SCOTT C

(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)
09/12/2025

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	09/12/2025		A		17(1)	A	$0	16,336	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 Scott C. Taylor	09/15/2025
	** 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 did Scott C. Taylor report on the Form 4 for PIPR?

He reported a non-cash acquisition of phantom stock dividend equivalents under the directors' deferred compensation plan on 09/12/2025.

How many shares does the Form 4 show Scott C. Taylor beneficially owns after the transaction?

16,336 shares are reported as beneficially owned following the transaction, listed as direct ownership.

Why is the reported price shown as $0 on the Form 4?

The filing states dividend equivalents are reinvested into phantom stock, which are credited without a cash purchase price, hence a reported price of $0.

When will the phantom shares convert to actual common stock?

The filing states phantom shares become payable in an equal number of common shares on the last day of the year in which the reporting person's service as a director terminates.

Who signed the Form 4 and when?

The form was signed by James Grant on behalf of Scott C. Taylor with a signature date of 09/15/2025.