[Form 4] PIPER SANDLER COMPANIES Insider Trading Activity

Rhea-AI Filing Summary

Piper Sandler Companies (PIPR) director Victoria M. Holt reported an acquisition of 7,325 shares of common stock on 09/12/2025. The Form 4 shows the shares were issued at no cash cost (Price $0) under a director deferred compensation arrangement: dividend equivalents on phantom stock are deemed reinvested into additional phantom shares that accrue to her account and convert to common stock when her director service ends. The filing was signed on 09/15/2025 and reflects routine, non-cash compensation-related share accrual rather than an open-market purchase or sale.

Positive

• Director ownership increased by 7,325 shares through reinvested dividend equivalents, enhancing alignment with shareholders

Negative

• None.

Insights

Financial Analyst

TL;DR: Director increased beneficial holdings by 7,325 shares through dividend-equivalent reinvestment; a routine, non-cash event.

The reported transaction is categorized as an acquisition via reinvested dividend equivalents under the directors' deferred compensation plan. This raises the director's reported beneficial ownership to 7,325 shares and does not reflect market buying pressure or insider selling. For investors, the item is informational about compensation mechanics and ownership alignment but is not a material operational or financial event for the company.

Corporate Governance Expert

TL;DR: Routine governance-related stock accrual for deferred compensation; aligns director pay with shareholder outcomes without immediate share issuance.

The explanation clarifies these are phantom shares that convert to common stock upon termination of service, and dividend equivalents are reinvested as phantom stock. This is a standard director compensation mechanism that modestly increases long-term alignment with shareholders. The Form 4 provides required transparency; there is no indication of unusual timing or the exercise of options.

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^*

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)
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		14(1)	A	$0	7,325	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	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 transaction did Victoria M. Holt report on Form 4 for PIPR?

The filing reports an acquisition of 7,325 shares on 09/12/2025 via reinvested dividend equivalents in a directors' deferred compensation plan.

Was the reported acquisition a market purchase for PIPR insider Victoria M. Holt?

No. The Price is $0; the shares result from dividend equivalents reinvested as phantom stock under the deferred compensation plan.

When do phantom shares reported on the Form 4 convert to common stock?

According to the filing, phantom shares convert to an equal number of common shares on the last day of the year in which the director's service terminates.

How many shares did the filing report as beneficially owned after the transaction?

The Form 4 shows 7,325 shares beneficially owned following the reported transaction.

Who signed the Form 4 for Victoria M. Holt and when?

The form was signed by James Grant for Victoria M. Holt on 09/15/2025.