Piper Sandler (NYSE: PIPR) exec logs stock grant and tax share delivery

Rhea-AI Filing Summary

Piper Sandler Companies executive James P. Baker reported equity compensation activity in company stock. He received a grant of 2,364 shares of common stock at no cost. On the same date, 211, 215, and 113 shares were delivered to cover tax withholding obligations, treated as dispositions rather than open-market sales.

After these transactions, Baker directly held 61,692 Piper Sandler common shares. In addition, 25,699 shares are held in an irrevocable trust for his spouse, for which he disclaims beneficial ownership, and 25,699 shares are held in an irrevocable trust for his benefit, both reported as indirect holdings.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider Baker James P

Role Global Co-Head IB and Cap Mkts

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,364	$0.00	--
Tax Withholding	Common Stock	211	$0.00	--
Tax Withholding	Common Stock	215	$0.00	--
Tax Withholding	Common Stock	113	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 62,231 shares (Direct); Common Stock — 25,699 shares (Indirect, By Spouse as sole Trustee and Beneficiary for Irrevocable Trust)

Footnotes (1)

1. The shares are held in an irrevocable trust for the benefit of the reporting person's spouse. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose. The shares are held in an irrevocable trust for the benefit of the reporting person. The reporting person is trustee of the trust.

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^*

Baker James P

(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)
	Global Co-Head IB and Cap Mkts

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2026

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	02/17/2026		A		2,364	A	$0	62,231	D
Common Stock	02/17/2026		F		211	D	$0	62,020	D
Common Stock	02/17/2026		F		215	D	$0	61,805	D
Common Stock	02/17/2026		F		113	D	$0	61,692	D
Common Stock								25,699	I	By Spouse as sole Trustee and Beneficiary for Irrevocable Trust(1)
Common Stock								25,699	I	By Irrevocable Trust(2)

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 shares are held in an irrevocable trust for the benefit of the reporting person's spouse. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

2. The shares are held in an irrevocable trust for the benefit of the reporting person. The reporting person is trustee of the trust.

Remarks:

	/s/ James Grant for James P. Baker	02/19/2025
	** 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 insider transactions did PIPER SANDLER (PIPR) executive James P. Baker report?

James P. Baker reported a grant of 2,364 Piper Sandler common shares and share deliveries for tax withholding. Three dispositions of 211, 215, and 113 shares were used to satisfy tax liabilities, not open-market sales, reflecting routine equity compensation activity.

How many PIPER SANDLER (PIPR) shares does James P. Baker hold directly after this Form 4?

After the reported transactions, James P. Baker directly holds 61,692 Piper Sandler common shares. This figure reflects the 2,364-share grant and subsequent tax-withholding share deliveries, as disclosed in the Form 4 non-derivative transaction table.

Were any of James P. Baker’s PIPER SANDLER (PIPR) share disposals open-market sales?

The reported disposals were tax-withholding deliveries, not open-market sales. Code “F” transactions of 211, 215, and 113 shares were used to pay exercise price or tax liabilities by delivering shares back, according to the transaction descriptions.

What is the nature of James P. Baker’s indirect ownership of PIPER SANDLER (PIPR) shares?

Baker reports indirect holdings through two irrevocable trusts. One trust holds shares for his spouse’s benefit, where he disclaims beneficial ownership, and another trust holds shares for his benefit, both listed as indirect ownership positions in the filing.

Does James P. Baker disclaim beneficial ownership of any PIPER SANDLER (PIPR) shares?

Yes. He disclaims beneficial ownership of shares held in an irrevocable trust for his spouse’s benefit. The filing states that reporting this trust is not an admission that he is the beneficial owner for Section 16 or any other purpose.

What does transaction code “A” mean in the PIPER SANDLER (PIPR) Form 4 for James P. Baker?

Transaction code “A” reflects a grant, award, or other acquisition of shares. In this case, Baker received 2,364 common shares as an equity award at a stated price of zero per share, indicating non-cash compensation.

What does transaction code “F” indicate in James P. Baker’s PIPER SANDLER (PIPR) Form 4?

Code “F” represents payment of exercise price or tax liability by delivering securities. Baker’s three F-coded entries show shares delivered to satisfy tax obligations related to equity awards, rather than discretionary buying or selling on the market.