Piper Sandler (NYSE: PIPR) director defers 1,875-share stock award into phantom stock

Rhea-AI Filing Summary

Director Victoria M. Holt of Piper Sandler Companies received an award linked to 1,875 shares of common stock on May 20, 2026. She elected to defer this annual equity grant, so it was credited as 1,875 shares of phantom stock in her account rather than current shares.

These phantom shares will be paid out in common stock on the last day of the year in which her board service ends. After this grant, Holt’s reported direct holdings total 31,787 shares of common stock, reflecting a routine, compensation-related acquisition rather than an open-market trade.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HOLT VICTORIA M

Role null

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

Holdings After Transaction: Common Stock — 31,787 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Deferred equity grant: 1,875 shares Shares after transaction: 31,787 shares Transaction price per share: $0.0000 per share +2 more

5 metrics

Deferred equity grant 1,875 shares Annual equity grant elected to be deferred into phantom stock on May 20, 2026

Shares after transaction 31,787 shares Total direct common stock holdings following the reported acquisition

Transaction price per share $0.0000 per share Grant or award acquisition, no cash price shown for the equity grant

Transaction code A Classified as a grant, award, or other acquisition of common stock

Settlement timing End of termination year Phantom stock payable in common stock on last day of year director service ends

Key Terms

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

4 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

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

defer receipt financial

"The reporting person elected to defer receipt of an annual equity grant"

payable, in common stock financial

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

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^*

HOLT VICTORIA M

(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	31,787	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 Victoria M. Holt	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)

FAQ

What did Victoria M. Holt report in this Form 4 for PIPR?

Victoria M. Holt reported a compensation-related acquisition tied to 1,875 shares of Piper Sandler common stock. She deferred an annual equity grant, resulting in 1,875 phantom stock shares credited to her account instead of receiving current common shares.

Is Victoria M. Holt buying or selling PIPER SANDLER (PIPR) shares?

She is not buying or selling in the open market. The Form 4 shows an acquisition coded as a grant or award, tied to deferred director compensation and recorded as 1,875 phantom stock shares, rather than a discretionary market trade.

How many PIPR shares are involved in Victoria Holt’s latest Form 4?

The filing shows 1,875 shares tied to an annual equity grant that Holt elected to defer into phantom stock. Following this award, her reported direct holdings total 31,787 shares of Piper Sandler common stock, according to the Form 4 data.

What are phantom stock shares in Victoria Holt’s PIPR Form 4?

Phantom stock represents a deferred compensation credit that tracks the value of common shares. Holt’s 1,875 phantom stock shares will be settled in Piper Sandler common stock on the last day of the year when her board service ends.

When will Victoria Holt receive PIPR common stock for her phantom shares?

The phantom stock becomes payable in common stock on the last day of the year in which Holt’s service as a director ends. Until that termination year, the 1,875 phantom shares remain as a deferred equity-based compensation balance.

How many PIPR shares does Victoria Holt hold after this transaction?

After the reported acquisition, Holt’s direct holdings are 31,787 shares of Piper Sandler common stock. This figure reflects the updated balance following the 1,875-share equity award that she chose to defer into phantom stock form.