Director Victoria Holt receives 139-share grant at Piper Sandler (PIPR)

Rhea-AI Filing Summary

HOLT VICTORIA M reported acquisition or exercise transactions in this Form 4 filing.

Piper Sandler Companies director Victoria M. Holt received a grant of 139 shares of common stock on dividend-equivalent terms, with no cash paid per share. This award is tied to phantom stock in the directors' deferred compensation plan and brings her direct holdings to 7,478 shares.

Insights

Equity compensation analyst

Director received a small stock-based award as routine compensation.

Director Victoria M. Holt acquired 139 shares of Piper Sandler Companies common stock through a grant classified as a dividend-equivalent award, with a per-share price of $0.0000. This reflects stock-based compensation rather than an open-market purchase.

The footnote explains that dividend equivalents on phantom stock are reinvested and later settled in common shares when board service ends. After this grant, Holt directly holds 7,478 shares, indicating the transaction is modest in size and routine in nature, with no buy or sell signal.

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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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)
03/13/2026

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	03/13/2026		A		139(1)	A	$0	7,478	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	03/16/2026
	** 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 insider transaction did PIPER SANDLER COMPANIES (PIPR) report for Victoria M. Holt?

Piper Sandler Companies reported that director Victoria M. Holt received a grant of 139 shares of common stock. The award was recorded at a per-share price of $0.0000, reflecting stock-based compensation rather than an open-market purchase of shares.

How many PIPER SANDLER COMPANIES shares does Victoria M. Holt hold after this Form 4?

After the reported grant, director Victoria M. Holt directly holds 7,478 shares of Piper Sandler Companies common stock. This total includes the newly acquired 139 shares reported in the Form 4 insider transaction filed for the March 13, 2026 grant date.

Was the PIPER SANDLER COMPANIES Form 4 transaction a market purchase or a grant?

The Form 4 transaction for Piper Sandler Companies was a grant, not a market purchase. It is coded as an "A" transaction for a grant or award, with 139 shares acquired at a stated price of $0.0000 per share as compensation.

What does the phantom stock footnote mean in the PIPR Form 4 filing?

The footnote explains that dividend equivalents on phantom stock are reinvested into additional phantom shares in the directors' deferred compensation plan. These phantom shares later become payable in an equal number of common shares when the director’s service ends, aligning compensation with long-term shareholder value.

Does the PIPER SANDLER COMPANIES Form 4 show any insider stock sales?

No insider stock sales are shown in this Form 4 for Piper Sandler Companies. The filing reports only one acquisition transaction: a grant of 139 common shares to director Victoria M. Holt, increasing her direct holdings to 7,478 shares after the award.