Piper Sandler (PIPR) director defers fees into 345 phantom shares

Rhea-AI Filing Summary

Piper Sandler Companies director Brian R. Sterling reported a compensation-related share award. On June 30, 2026, he accrued 345 shares of phantom stock by electing to defer his quarterly director cash retainer fees. These phantom shares will be paid in common stock after his board service ends.

Following this accrual, Sterling directly holds 104,910 shares of common stock. The transaction reflects a grant/award acquisition rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sterling Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	345	$0.00	--

Holdings After Transaction: Common Stock — 104,910 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Phantom stock grant: 345 shares Post-transaction holdings: 104,910 shares Grant price: $0.0000 per share

3 metrics

Phantom stock grant 345 shares Accrued from deferred quarterly director cash retainer on June 30, 2026

Post-transaction holdings 104,910 shares Direct Piper Sandler common stock held after the June 30, 2026 award

Grant price $0.0000 per share Reported price for the compensation-related phantom stock award

Key Terms

phantom stock, quarterly director cash retainer fees, Form 4

3 terms

phantom stock financial

"accrual to his account of 345 shares of phantom stock"

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.

quarterly director cash retainer fees financial

"elected to defer receipt of quarterly director cash retainer fees"

Form 4 financial

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

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Available on EDGAR 07/01/2026 - 04:11 PM Accepted by SEC EDGAR 07/01/2026 - 04:09 PM Learn about SEC filing dates

FAQ

What did Brian R. Sterling report on his latest Form 4 for PIPR?

Brian R. Sterling reported a grant-type acquisition of 345 shares of phantom stock. The award resulted from deferring his quarterly director cash retainer fees and will be settled in Piper Sandler common stock after his service as a director ends.

How many Piper Sandler phantom stock shares did Brian Sterling receive?

Brian Sterling received 345 shares of phantom stock tied to Piper Sandler common stock. These units accrued to his account when he elected to defer his quarterly director cash retainer fees instead of receiving the payment in cash for that period.

Did Brian Sterling buy or sell Piper Sandler (PIPR) shares in this Form 4?

Brian Sterling did not buy or sell shares in the market. The Form 4 shows an acquisition coded as a grant or award, reflecting deferred director fees converted into 345 phantom stock shares rather than an open-market purchase or sale.

When will Brian Sterling’s Piper Sandler phantom stock become payable?

The phantom stock becomes payable on the last day of the year when his service as a director terminates. At that time, the 345 phantom stock shares will be settled in Piper Sandler common stock according to the terms described in the footnote.

How many Piper Sandler shares does Brian Sterling hold after this transaction?

After this transaction, Brian Sterling directly holds 104,910 shares of Piper Sandler common stock. This figure reflects his ownership position following the accrual of 345 phantom stock shares tied to deferred director cash retainer fees on June 30, 2026.

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^*

Sterling Brian R

(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)
06/30/2026

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	06/30/2026		A		345(1)	A	$0	104,910	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. The reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to his account of 345 shares of phantom stock. The shares of phantom stock become payable, in 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 Brian R. Sterling	07/01/2026
	** 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)