[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Piper Sandler Companies (PIPR): President Debbra L. Schoneman reported insider transactions on 11/05/2025. She exercised 2,500 employee stock options at an exercise price of $99 per share, then sold portions of common stock in multiple trades at weighted-average prices.

Reported sales included 700 shares at $328.68, 443 shares at $330.09, 1,237 shares at $331.19, and 120 shares at $331.98. Following these transactions, she directly held 2,896 common shares. In addition, 56,264 common shares are held indirectly through revocable living trusts where she and her spouse serve as co-trustees. After the exercise, 15,167 derivative (option) securities remained beneficially owned.

Insights

Equity compensation analyst

Routine option exercise with partial share sales; neutral impact.

The reporting officer exercised 2,500 stock options at an exercise price of $99 and sold several lots the same day at weighted-average prices between roughly $328.68 and $331.98. This sequence—exercise followed by sales—is a common liquidity and portfolio-management event.

Post-transaction positions show 2,896 common shares held directly and 56,264 held indirectly via revocable living trusts. Derivative holdings total 15,167 options remaining. Actual market impact depends on trade size relative to daily volume; the excerpt lists only the reported lots.

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^*

Schoneman Debbra L.

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2025

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	11/05/2025		M		2,500	A	$99	5,396	D
Common Stock	11/05/2025		S		700	D	$328.68(1)	4,696	D
Common Stock	11/05/2025		S		443	D	$330.09(2)	4,253	D
Common Stock	11/05/2025		S		1,237	D	$331.19(3)	3,016	D
Common Stock	11/05/2025		S		120	D	$331.98	2,896	D
Common Stock								56,264(4)	I	Through Living Trust

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
Employee Stock Option (right to buy)	$99	11/05/2025		M			2,500	02/15/2021	02/15/2028	Common Stock	2,500	$0	15,167	D

Explanation of Responses:

1. The price reported in Column 4 for the first three sales transactions on this report is a weighted average price. The shares sold in footnotes (1) through (3) were sold in multiple transactions at the price ranges provided in footnotes (1) through (3). These shares in footnote (1) were sold in multiple transactions at prices ranging from $328.4500 to $329.4300 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnotes (1) through (3) upon request by the SEC staff, the issuer or any shareholder of the issuer.

2. These shares were sold in multiple transactions at prices ranging from $329.7550 to $330.4600 inclusive.

3. These shares were sold in multiple transactions at prices ranging from $330.9000 to $331.5700 inclusive.

4. The shares are held in revocable living trusts, of which the reporting person and the reporting person's spouse are co-trustees.

Remarks:

	/s/ James Grant for Debbra L. Schoneman	11/05/2025
	** 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 PIPR's President report on Form 4?

An exercise of 2,500 stock options at $99 on 11/05/2025 and multiple same-day sales of common stock at weighted-average prices.

How many PIPR shares were sold and at what prices?

Sales reported: 700 at $328.68, 443 at $330.09, 1,237 at $331.19, and 120 at $331.98.

What are the insider’s PIPR direct holdings after the transactions?

Directly held common shares total 2,896 after the reported transactions.

What indirect PIPR holdings were disclosed?

An additional 56,264 common shares are held indirectly through revocable living trusts.

How many PIPR options remain after the exercise?

Remaining derivative (option) securities beneficially owned are 15,167.

What were the option terms disclosed?

The exercised employee stock option covered 2,500 shares, exercisable from 02/15/2021 and expiring on 02/15/2028 at $99 per share.