Director Victoria Holt (PIPR) receives 76-share phantom stock award in deferred plan

Rhea-AI Filing Summary

Piper Sandler Companies director Victoria M. Holt received an equity award tied to her board compensation. On June 12, 2026, she acquired 76 shares of common stock at an award price of $0.00 per share, recorded as dividend-equivalent phantom stock in the directors' deferred compensation plan.

These phantom shares will be paid out in an equal number of common shares after her service as a director ends, with payment on the last day of that year. Following this grant, Holt directly holds 31,863 shares of Piper Sandler common stock, reflecting a small, routine, non-cash compensation-related increase in her stake.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HOLT VICTORIA M

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	76	$0.00	--

Holdings After Transaction: Common Stock — 31,863 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares acquired: 76 shares Award price per share: $0.00 per share Shares owned after transaction: 31,863 shares

3 metrics

Shares acquired 76 shares Common Stock grant/award on June 12, 2026

Award price per share $0.00 per share Non-cash compensation award

Shares owned after transaction 31,863 shares Direct ownership following June 12, 2026 award

Key Terms

phantom stock, dividend equivalents, directors' deferred compensation plan

3 terms

phantom stock financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date."

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

dividend equivalents financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date."

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

directors' deferred compensation plan financial

"These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/15/2026 - 04:23 PM Accepted by SEC EDGAR 06/15/2026 - 04:22 PM Learn about SEC filing dates

FAQ

What did Victoria M. Holt report in this Piper Sandler (PIPR) Form 4?

Victoria M. Holt reported an acquisition of 76 Piper Sandler common shares as a compensation-related award. The award reflects dividend equivalents credited as phantom stock in the directors' deferred compensation plan rather than an open-market stock purchase.

How many Piper Sandler (PIPR) shares did Victoria Holt acquire and at what price?

Victoria Holt acquired 76 shares of Piper Sandler common stock at an award price of $0.00 per share. The transaction represents dividend-equivalent phantom stock credited under a deferred compensation plan rather than a cash purchase on the open market.

What is Victoria Holt's Piper Sandler (PIPR) ownership after this Form 4 transaction?

After this award, Victoria Holt directly holds 31,863 shares of Piper Sandler common stock. The increase comes from 76 dividend-equivalent phantom shares credited to her deferred compensation account, which will ultimately be settled in an equal number of common shares.

Are the 76 Piper Sandler (PIPR) shares a cash purchase by Victoria Holt?

No, the 76 shares are not a cash purchase. They represent dividend equivalents reinvested as phantom stock under the directors' deferred compensation plan, with an award price of $0.00 per share rather than an open-market buy transaction.

When will Victoria Holt receive actual Piper Sandler (PIPR) common shares for these phantom stock units?

The phantom stock units become payable in an equal number of Piper Sandler common shares on the last day of the year in which Holt's service as a director ends. Until then, they remain as deferred compensation credits in her account.

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 MINNESOTA 55401

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/12/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	06/12/2026		A		76(1)	A	$0	31,863	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	06/15/2026
	** 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.
* Form 4: SEC 1474 (03-26)