Piper Sandler director accrues 383 phantom shares

The accrued phantom stock becomes payable in common stock on the last day of the year the director's service terminates.

Rhea-AI Filing Summary

Ann C. Gallo reported acquisition or exercise transactions in this Form 4 filing. Ann C. Gallo, a director of Piper Sandler Companies (PIPR), accrued 383 shares of phantom stock on September 30, 2026, after electing to defer receipt of quarterly director cash retainer fees. The reported post-transaction position was 8,476 shares. The phantom stock becomes payable in common stock on the last day of the year in which her service as a director terminates.

Insider Trade Summary

Grant/Award: 383 shares

Grant/Award 1 txn

Insider Gallo Ann C

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	383	$0.00	$0.00

Holdings After Transaction: Common Stock — 8,476 shares (Direct)

Footnotes (1)

1. F1. The reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to her account of 383 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

Phantom stock accrued: 383 shares Reported post-transaction position: 8,476 shares Transaction date: September 30, 2026

3 metrics

Phantom stock accrued 383 shares September 30, 2026

Reported post-transaction position 8,476 shares Following the September 30, 2026 transaction

Transaction date September 30, 2026 Phantom stock accrual

Key Terms

phantom stock, quarterly director cash retainer fees, accrual

3 terms

phantom stock financial

"383 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.

quarterly director cash retainer fees financial

"defer receipt of quarterly director cash retainer fees"

accrual financial

"resulting in the accrual to her account"

Accrual is an accounting method that records income and expenses when they are earned or owed, not necessarily when cash changes hands. For investors it shows the true timing of a company’s performance—like writing down a bill when you receive the service even if you’ll pay later—so balance sheets and profits reflect ongoing obligations and receivables rather than just bank account activity.

FAQ

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

How many phantom shares did Ann C. Gallo accrue in PIPR?

Ann C. Gallo, a director of PIPR, accrued 383 shares of phantom stock on September 30, 2026, after electing to defer receipt of quarterly director cash retainer fees. Her reported post-transaction position was 8,476 shares.

When does Ann C. Gallo's PIPR phantom stock become payable?

It becomes payable in common stock on the last day of the year in which Ann C. Gallo's service as a director terminates.

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

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Available on EDGAR 10/01/2026 - 04:10 PM Accepted by SEC EDGAR 10/01/2026 - 04:10 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^*

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)
09/30/2026

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	09/30/2026		A		383(1)	A	$0	8,476	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 383 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	10/01/2026
	** 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)