Piper Sandler (PIPR) executive reports share award and tax withholding move

Rhea-AI Filing Summary

Piper Sandler Companies director and officer Jonathan J. Doyle reported equity compensation activity in company common stock. He acquired 14,443 shares through a grant or award on February 26, 2026, bringing his direct holdings to 147,858 shares immediately after that award.

On the same date, 5,937 shares were disposed of to cover tax liabilities by delivering shares, a tax-withholding disposition rather than an open-market sale. After this withholding, Doyle directly owned 141,921 common shares. The underlying performance share units vested at 163% overall, based on adjusted return on equity and relative total shareholder return measured from January 1, 2023 through December 31, 2025.

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
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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^*

Doyle Jonathan J

(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
X	Officer (give title below)		Other (specify below)
	Hd of Financial Services Group

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

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	02/26/2026		A		14,443	A	$0(1)	147,858	D
Common Stock	02/26/2026		F		5,937	D	$0	141,921	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. Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025.

Remarks:

	/s/ James Grant for Jonathan J. Doyle	03/02/2026
	** 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.

FAQ

What insider transactions did Jonathan J. Doyle report for PIPR common stock?

Jonathan J. Doyle reported two transactions in PIPR common stock on February 26, 2026. He acquired 14,443 shares via a grant or award and disposed of 5,937 shares in a tax-withholding transaction to satisfy tax obligations by delivering shares.

How many Piper Sandler (PIPR) shares does Jonathan J. Doyle own after these transactions?

After the reported transactions, Jonathan J. Doyle directly owns 141,921 shares of Piper Sandler common stock. His holdings first rose to 147,858 shares after the award of 14,443 shares, then decreased following the 5,937-share tax-withholding disposition.

Were the PIPR shares reported by Jonathan J. Doyle bought or awarded?

The 14,443 PIPR shares were awarded, not purchased, classified as a grant or other acquisition. The filing describes these as common stock received from performance share units, which vested based on specific financial and shareholder return performance metrics over a defined measurement period.

What is the purpose of the 5,937-share tax-withholding disposition in the PIPR filing?

The 5,937-share disposition is reported under code F, indicating shares were delivered to cover tax liabilities. This represents tax-withholding rather than an open-market sale, reducing Jonathan J. Doyle’s directly held shares while satisfying associated tax obligations from the equity award.

How were Jonathan J. Doyle’s PIPR performance share units structured and vested?

Each performance share unit represented a contingent right to receive one PIPR share. The units vested 163% overall, including 126% based on adjusted return on equity and 200% based on relative total shareholder return from January 1, 2023 through December 31, 2025.

What performance period determined Jonathan J. Doyle’s vested PIPR performance share units?

The performance share units vested based on results measured from January 1, 2023 through December 31, 2025. During this period, awards were tied to adjusted return on equity and relative total shareholder return versus a defined group of peer companies.