Piper Sandler director receives stock award

Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

Piper Sandler Companies director Brian R. Sterling received a grant of 31 shares of common stock-equivalent phantom stock as compensation. The award was recorded at a price of $0.00 per share and brings his directly held and deferred position to 104,565 shares.

The footnote explains that dividend equivalents on phantom stock are automatically reinvested into additional phantom shares in the directors' deferred compensation plan. These phantom shares will be settled in an equal number of common shares, payable after Sterling’s service as a director ends.

Insider Trade Summary

Grant/Award: 31 shares

Grant/Award 1 txn

Insider Sterling Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	31	$0.00	$0.00

Holdings After Transaction: Common Stock — 104,565 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Shares granted: 31 shares Grant price: $0.00 per share Total holdings after: 104,565 shares

3 metrics

Shares granted 31 shares Common stock-equivalent phantom stock grant on 2026-06-12

Grant price $0.00 per share Stated price for the 31-share award

Total holdings after 104,565 shares Shares held by Brian R. Sterling following the transaction

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"

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"

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."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Piper Sandler (PIPR) report for Brian R. Sterling?

Piper Sandler reported that director Brian R. Sterling received 31 shares of common stock-equivalent phantom stock as a compensation-related grant, bringing his total holdings reported in this filing to 104,565 shares following the transaction.

Was the Piper Sandler (PIPR) insider transaction a stock purchase or a grant?

The transaction was a grant or award, not an open-market purchase. Sterling received 31 phantom stock shares at a stated price of $0.00 per share as part of director compensation rather than buying shares in the market.

How many Piper Sandler (PIPR) shares does Brian R. Sterling hold after this Form 4?

After the reported grant, Brian R. Sterling holds 104,565 shares according to the filing. This figure includes the newly awarded 31 phantom stock-equivalent shares associated with the directors' deferred compensation plan.

What are phantom stock and dividend equivalents in Piper Sandler’s (PIPR) plan?

Phantom stock represents units tied to common shares in a deferred plan. Dividend equivalents on these units are reinvested into additional phantom shares, which later become payable in an equal number of common shares after a director’s service ends.

When will Brian R. Sterling receive actual Piper Sandler (PIPR) common shares for this award?

According to the footnote, phantom stock units, including those created from dividend equivalents, become payable in an equal number of common shares on the last day of the year in which Sterling’s service as a director terminates.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/15/2026 - 04:28 PM Learn about SEC filing dates

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)
06/12/2026

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		31(1)	A	$0	104,565	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 Brian R. Sterling	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)