Piper Sandler (NYSE: PIPR) GC reports 1,806-share award, tax withholding

Rhea-AI Filing Summary

Piper Sandler Companies General Counsel John W. Geelan reported equity compensation activity involving common stock. He acquired 1,806 shares on February 26, 2026 as a grant or award, increasing his directly held stake, then disposed of 824 shares in a tax-withholding transaction related to that award.

The footnote explains that each performance share unit converted into one share of common stock and that the overall performance share unit award vested at 163%, 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

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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^*

Geelan John W

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

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		1,806	A	$0(1)	14,807	D
Common Stock	02/26/2026		F		824	D	$0	13,983	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 John W. Geelan	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).
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FAQ

What insider transactions did PIPR General Counsel John W. Geelan report?

John W. Geelan reported receiving 1,806 shares of Piper Sandler common stock as an equity award and disposing of 824 shares to cover taxes. Both transactions occurred on February 26, 2026 and involved directly owned common stock.

Was the Piper Sandler (PIPR) Form 4 transaction a stock sale or purchase?

The Form 4 shows an equity award and a tax-related disposition, not an open-market purchase or sale. Geelan received 1,806 shares as a grant and 824 shares were withheld to satisfy tax obligations tied to that vesting event.

How many Piper Sandler (PIPR) shares does John W. Geelan own after the Form 4?

After the reported transactions, Geelan directly owned 13,983 shares of Piper Sandler common stock. This reflects the 1,806-share award and the 824-share tax-withholding disposition reported as of February 26, 2026.

What performance period governed the Piper Sandler (PIPR) performance share units?

The performance share units vested based on results from January 1, 2023 through December 31, 2025. Metrics included adjusted return on equity and relative total shareholder return compared with a group of peer companies over that period.

How did Piper Sandler (PIPR) performance share units convert into common stock?

Each performance share unit represented a contingent right to receive one share of Piper Sandler common stock. Upon vesting, they converted one-for-one into common shares, resulting in the 1,806-share award reported by John W. Geelan on the Form 4.

What vesting percentage applied to the Piper Sandler (PIPR) performance share units?

The performance share units vested at 163% overall. This combined 126% vesting for the portion tied to adjusted return on equity and 200% vesting for the portion based on relative total shareholder return versus peer companies for 2023–2025.