Piper Sandler (PIPR) director adds 323 phantom stock units as fees deferred

Rhea-AI Filing Summary

Piper Sandler Companies director Philip Soran reported an acquisition of 323 shares of phantom stock tied to his quarterly director cash retainer fees. These phantom shares, which increased his direct holdings to 79,207 shares, will be paid in common stock when his board service ends.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider SORAN PHILIP

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	323	$0.00	--

Holdings After Transaction: Common Stock — 79,207 shares (Direct)

Footnotes (1)

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Key Figures

Phantom stock units granted: 323 shares Shares held after transaction: 79,207 shares Price per share for grant: $0.0000 per share

3 metrics

Phantom stock units granted 323 shares Deferred quarterly director cash retainer fees on March 31, 2026

Shares held after transaction 79,207 shares Total direct common stock holdings following the award

Price per share for grant $0.0000 per share Non-cash phantom stock accrual from fee deferral

Key Terms

phantom stock, quarterly director cash retainer fees, defer receipt

3 terms

phantom stock financial

"323 shares of phantom stock. The shares of phantom stock become payable"

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 resulting"

defer receipt financial

"The reporting person elected to defer receipt of quarterly director"

Form 4 Insider Transactions: What Each Field Means →

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^*

SORAN PHILIP

(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)
03/31/2026

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	03/31/2026		A		323(1)	A	$0	79,207	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 323 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 Philip E. Soran	04/01/2026
	** 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)

FAQ

What insider transaction did PIPER SANDLER (PIPR) director Philip Soran report?

Director Philip Soran reported acquiring 323 shares of phantom stock. This came from deferring his quarterly director cash retainer fees, adding to his equity-based compensation and aligning part of his pay with Piper Sandler’s future share performance.

How many PIPER SANDLER (PIPR) shares does Philip Soran hold after this Form 4?

After the reported transaction, Philip Soran directly holds 79,207 shares. The filing shows the 323-share phantom stock accrual increased his position, reflecting ongoing equity-based compensation rather than an open-market stock purchase or sale.

What is the nature of the 323 phantom stock shares reported by PIPR director Soran?

The 323 shares are phantom stock credited for deferred director cash retainer fees. They are bookkeeping units that track common stock value and will be settled in actual Piper Sandler common shares when Soran’s board service ends in a future year.

When will Philip Soran’s phantom stock in PIPER SANDLER (PIPR) be paid out?

The phantom stock becomes payable in common stock on the last day of the year in which Soran’s service as a director terminates. Until then, the shares remain as deferred equity units tied to the company’s stock performance.

Does the Form 4 indicate a market buy or sell by PIPER SANDLER (PIPR) director Soran?

The Form 4 does not show a market buy or sell. It records a grant-type acquisition of 323 phantom stock shares as deferred compensation, with no transaction price and no open-market trading activity reported in this filing.