Piper Sandler (NYSE: PIPR) director awarded 28 stock units

Rhea-AI Filing Summary

Gallo Ann C reported acquisition or exercise transactions in this Form 4 filing.

Piper Sandler Companies director Ann C. Gallo received a grant of 28 shares of common stock as a compensation award, recorded as dividend-equivalent phantom stock in the directors' deferred compensation plan. These phantom shares will be paid out in an equal number of common shares after her board service ends.

Following this grant, Gallo directly holds 1,377 shares of common stock. This is a routine, non-cash equity compensation transaction rather than an open-market purchase or sale.

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^*

Gallo Ann C

(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		28(1)	A	$0	1,377	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 Ann C. Gallo	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.

FAQ

What insider transaction did Piper Sandler (PIPR) report for Ann C. Gallo?

Piper Sandler reported that director Ann C. Gallo received a grant of 28 shares of common stock as a compensation award. These are credited as dividend-equivalent phantom shares in the directors' deferred compensation plan and paid in stock after her service ends.

How many Piper Sandler (PIPR) shares does Ann C. Gallo hold after this Form 4?

After the reported grant, Ann C. Gallo directly holds 1,377 shares of Piper Sandler common stock. The 28-share award increased her position and is structured as phantom stock that will ultimately be settled in an equal number of common shares.

Was the Ann C. Gallo Form 4 for Piper Sandler (PIPR) a stock purchase or sale?

The Form 4 shows neither a market purchase nor a sale. Instead, Ann C. Gallo received 28 shares as a grant, recorded as dividend-equivalent phantom stock under a directors' deferred compensation plan, with future settlement in common shares.

How are the 28 phantom shares for Ann C. Gallo at Piper Sandler (PIPR) structured?

The 28 phantom shares reflect dividend equivalents reinvested in additional phantom stock units under the directors' deferred compensation plan. They become payable in an equal number of Piper Sandler common shares after Ann C. Gallo’s service as a director ends.

What does the Piper Sandler (PIPR) Form 4 reveal about director compensation?

The filing shows part of director compensation is delivered through phantom stock in a deferred compensation plan. Dividend equivalents are reinvested as phantom shares, later paid in an equal number of common shares when the director’s board service concludes.