Piper Sandler director granted 59 common shares

Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

Piper Sandler Companies director Brian R. Sterling received a grant of 59 shares of Common Stock on March 13, 2026, as a compensation-related award at no cost. Following this grant, he directly holds 25,584 shares of the company’s common stock.

The related footnote explains that dividend equivalents on phantom stock in the directors’ deferred compensation plan are reinvested into additional phantom shares and will ultimately be paid out in an equal number of common shares after the director’s service ends.

Insider Trade Summary

Grant/Award: 59 shares

Grant/Award 1 txn

Insider Sterling Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	59	$0.00	$0.00

Holdings After Transaction: Common Stock — 25,584 shares (Direct)

Footnotes (1)

1. F1. Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date. These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan. The shares of phantom stock become payable, in an equal number of shares of common stock, on the last day of the year in which the reporting person's service as a director terminates.

FAQ

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

What did Piper Sandler (PIPR) director Brian R. Sterling report in this Form 4?

Brian R. Sterling reported receiving 59 shares of Piper Sandler Common Stock as a grant or award. The shares were acquired at no cost and increased his direct holdings to 25,584 common shares, reflecting routine director compensation rather than an open-market transaction.

How many Piper Sandler (PIPR) shares does Brian R. Sterling hold after this transaction?

After the reported grant, Brian R. Sterling holds 25,584 shares of Piper Sandler Common Stock directly. This total incorporates the 59-share award disclosed in the filing and represents his direct ownership position following the March 13, 2026, compensation-related acquisition.

Was cash paid for the Piper Sandler (PIPR) shares in this Form 4 transaction?

No cash was paid for these shares. The 59 Piper Sandler Common Stock shares were acquired at a price of $0.0000 per share, indicating they were granted as compensation rather than purchased in the market, consistent with the Form 4’s grant or award classification.

What does the phantom stock footnote mean in the Piper Sandler (PIPR) Form 4?

The footnote explains that dividend equivalents on phantom stock are reinvested into additional phantom shares within the directors’ deferred compensation plan. These phantom shares become payable in an equal number of common shares on the last day of the year when the director’s service ends.

Is the Piper Sandler (PIPR) Form 4 transaction an open-market buy or a compensation award?

The transaction is a compensation award, not an open-market buy. The Form 4 uses code “A” for a grant or other acquisition, with 59 Common Stock shares received at no cost, reflecting routine director compensation rather than discretionary market purchasing activity.

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

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Accepted by SEC EDGAR 03/16/2026 - 04:22 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^*

Sterling Brian R

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/13/2026

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	03/13/2026		A		59(1)	A	$0	25,584	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. Dividend equivalents that are paid on shares of phantom stock are deemed reinvested in additional shares of phantom stock as of the payment date. These phantom shares accrue to the reporting person's account in the directors' deferred compensation plan. The shares of phantom stock become payable, in an equal number of shares of 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 Brian R. Sterling	03/16/2026
	** 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.