Piper Sandler Companies (PIPR) director adds 3 phantom stock units

Rhea-AI Filing Summary

Piper Sandler Companies director Ann C. Gallo reported a small increase in her deferred equity holdings. On 12/12/2025, she acquired 3 additional shares of common stock at a price of $0, credited as dividend equivalents on existing phantom stock.

After this automatic reinvestment, she beneficially owns 1,274 shares, shown as directly held. According to the plan terms, dividend equivalents on phantom stock are reinvested as additional phantom shares in the directors' deferred compensation plan, and those phantom shares will be paid out in an equal number of common shares on the last day of the year in which her service as a director ends.

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

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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^*

Gallo Ann C

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		A		3(1)	A	$0	1,274	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 Ann C. Gallo	12/15/2025
	** 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 transaction did Piper Sandler (PIPR) director Ann C. Gallo report?

Director Ann C. Gallo reported acquiring 3 shares of common stock for $0 on 12/12/2025, credited as dividend equivalents on existing phantom stock.

When did Ann C. Gallo acquire additional Piper Sandler (PIPR) shares?

The reported acquisition occurred on 12/12/2025, as shown in the non-derivative securities table.

How many Piper Sandler (PIPR) shares does Ann C. Gallo own after this transaction?

Following the transaction, Ann C. Gallo beneficially owns 1,274 shares of Piper Sandler common stock, reported as directly held.

What are the phantom stock dividend equivalents reported for Piper Sandler (PIPR)?

The filing explains that dividend equivalents paid on phantom stock are deemed reinvested in additional phantom shares as of the payment date, which is how the 3 new shares were credited.

How and when will Ann C. Gallo’s phantom stock in Piper Sandler (PIPR) be paid out?

The phantom stock accrues in the directors' deferred compensation plan and becomes payable, in an equal number of common shares, on the last day of the year in which her service as a director terminates.

What is Ann C. Gallo’s relationship to Piper Sandler (PIPR)?

Ann C. Gallo is reported as a Director of Piper Sandler Companies on the form.