Piper Sandler (PIPR) director defers cash fees into 323 phantom stock units

Rhea-AI Filing Summary

Piper Sandler Companies director Ann C. Gallo reported receiving an award of 323 shares of common stock-equivalent phantom stock. This reflects her election to defer quarterly director cash retainer fees, converting that cash into phantom stock credited to her account. Following this award, she holds 5,831 shares of common stock directly. The phantom stock will be settled in common stock on the last day of the year in which her board service ends.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gallo Ann C

Role Director

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

Holdings After Transaction: Common Stock — 5,831 shares (Direct)

Footnotes (1)

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Key Figures

Phantom stock award: 323 shares Transaction price per share: $0.0000 per share Shares owned after transaction: 5,831 shares

3 metrics

Phantom stock award 323 shares Quarterly director cash retainer deferral

Transaction price per share $0.0000 per share Phantom stock grant value basis

Shares owned after transaction 5,831 shares Common stock held directly post-award

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"

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^*

Gallo Ann C

(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	5,831	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 her 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 Ann C. Gallo	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 PIPR director Ann C. Gallo report on this Form 4?

Ann C. Gallo reported an acquisition of 323 shares of Piper Sandler Companies common stock-equivalent phantom stock. The shares were credited to her account as a result of deferring quarterly director cash retainer fees into stock-based compensation.

How many PIPR shares does Ann C. Gallo hold after this transaction?

After this transaction, Ann C. Gallo beneficially owns 5,831 shares of Piper Sandler Companies common stock directly. This figure reflects her holdings following the 323-share phantom stock award reported in the Form 4 filing.

What is phantom stock in the context of Piper Sandler (PIPR) director compensation?

In this context, phantom stock represents stock-denominated units credited instead of cash fees. Gallo’s deferred director cash retainer fees created 323 phantom stock shares, which are payable later in actual Piper Sandler common stock when her board service ends.

When will Ann C. Gallo’s phantom stock in PIPR be paid out in common stock?

The 323 phantom stock shares become payable in common stock on the last day of the year in which Ann C. Gallo’s service as a Piper Sandler director terminates. At that point, the phantom units will be settled in actual shares.

Did Ann C. Gallo pay a purchase price for the PIPR phantom stock shares?

The Form 4 lists a transaction price of $0.0000 per share for the 323 phantom stock units. They were received as compensation through deferral of quarterly director cash retainer fees rather than as an open-market stock purchase.