Piper Sandler director granted 1,875 phantom shares

Mitchell Robbin reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Mitchell Robbin reported acquisition or exercise transactions in this Form 4 filing.

PIPER SANDLER COMPANIES director Mitchell Robbin reported a deferred equity award. The director elected to defer an annual equity grant of 1,875 shares of common stock, which accrued as 1,875 shares of phantom stock in the director's account. These phantom shares will be paid out in common stock on the last day of the year in which the director's board service ends. Following this grant, the director directly holds 15,715 shares of Piper Sandler common stock.

Insider Trade Summary

Grant/Award: 1,875 shares

Grant/Award 1 txn

Insider Mitchell Robbin

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,875	$0.00	$0.00

Holdings After Transaction: Common Stock — 15,715 shares (Direct)

Footnotes (1)

1. F1. The reporting person elected to defer receipt of an annual equity grant of 1,875 shares of common stock resulting in an accrual to her account of 1,875 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.

Key Figures

Deferred equity grant: 1,875 shares Shares held after transaction: 15,715 shares Transaction price per share: $0.0000 per share

3 metrics

Deferred equity grant 1,875 shares Annual equity grant deferred into phantom stock

Shares held after transaction 15,715 shares Director's direct common stock holdings post-award

Transaction price per share $0.0000 per share Grant or award acquisition, no cash consideration

Key Terms

phantom stock, annual equity grant, payable, in common stock

3 terms

phantom stock financial

"resulting in an accrual to her account of 1,875 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.

annual equity grant financial

"elected to defer receipt of an annual equity grant of 1,875 shares of common stock"

payable, in common stock financial

"The shares of phantom stock become payable, in common stock, on the last day"

FAQ

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

What insider transaction did PIPER SANDLER (PIPR) director Mitchell Robbin report?

Director Mitchell Robbin reported receiving an annual equity grant of 1,875 shares, deferred into phantom stock. These phantom shares represent a compensation award and will ultimately be settled in Piper Sandler common stock when the director’s board service ends.

How many phantom stock shares did the PIPER SANDLER (PIPR) director accrue?

The director accrued 1,875 shares of phantom stock tied to an annual equity grant. This award reflects deferred compensation and tracks the value of Piper Sandler common stock until it is paid out in actual shares at a future date.

When will the 1,875 phantom stock shares for PIPER SANDLER (PIPR) become payable?

The 1,875 phantom stock shares become payable in common stock on the last day of the year in which the director’s service as a Piper Sandler board member terminates. Payout timing is therefore linked directly to the end of the director’s board tenure.

How many PIPER SANDLER (PIPR) shares does the director hold after this Form 4 transaction?

After the reported grant, the director directly holds 15,715 shares of Piper Sandler common stock. This figure reflects the director’s post-transaction equity position as disclosed, separate from the deferred phantom stock units that will be settled in the future.

Was the PIPER SANDLER (PIPR) director’s transaction a market purchase or sale?

The transaction was not an open-market trade. It reflects a grant or award acquisition of 1,875 shares, deferred into phantom stock as part of director compensation, rather than a discretionary purchase or sale of Piper Sandler shares on the open market.

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

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Accepted by SEC EDGAR 05/21/2026 - 04:08 PM EDT 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^*

Mitchell Robbin

(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)
05/20/2026

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	05/20/2026		A		1,875(1)	A	$0	15,715	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 an annual equity grant of 1,875 shares of common stock resulting in an accrual to her account of 1,875 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 Robbin Mitchell	05/21/2026
	** 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)