PIPR Form 4: Director Philip Soran Gains 39 Shares via Phantom Stock

Rhea-AI Filing Summary

Philip E. Soran, a director of Piper Sandler Companies (PIPR), reported an acquisition of 39 shares on 09/12/2025 at no cash price, increasing his beneficial holding to 19,742 shares. The filing shows the shares result from dividend equivalents reinvested as phantom stock under the directors' deferred compensation plan; those phantom shares convert to common stock in an equal number when the director's service ends. The transaction was signed on behalf of Mr. Soran on 09/15/2025.

Positive

• Director maintains ownership with 19,742 shares beneficially owned after the transaction
• Compensation aligned with shareholders via reinvestment of dividend equivalents into phantom stock

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation reinvestment; no change in control or material dilution.

The Form 4 shows a standard non-cash acquisition of 39 shares via dividend-equivalent reinvestment into phantom stock tied to the directors' deferred compensation plan. This is a customary mechanism to further align director interests with shareholders without immediate cash outlay. The reported 19,742 shares beneficially owned remain a stable holding; there is no indicated sale or exercise of options and no derivative positions reported.

Financial Analyst

TL;DR: Minor, routine share accrual; immaterial to valuation or market supply.

The acquisition of 39 shares at a $0 price reflects reinvested dividend equivalents rather than an open-market purchase. Given the small size relative to total outstanding shares (not disclosed here), this transaction is immaterial to Piper Sandler's capital structure and investor returns. The filing contains no proceeds, exercise prices, or derivative activity to suggest significant financial impact.

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

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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^*

SORAN PHILIP

(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)
09/12/2025

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	09/12/2025		A		39(1)	A	$0	19,742	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 Philip E. Soran	09/15/2025
	** 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 did Philip E. Soran report on the Form 4 for PIPR?

He reported an acquisition of 39 shares on 09/12/2025, resulting in 19,742 shares beneficially owned.

Was cash exchanged for the shares reported on this Form 4 (PIPR)?

No. The transaction shows a reported price of $0, reflecting reinvested dividend equivalents rather than a cash purchase.

Why were these phantom shares issued to the reporting person?

The filing explains dividend equivalents are reinvested as phantom stock in the directors' deferred compensation plan and convert to common shares when the director's service terminates.

Are there any derivative securities reported by Philip E. Soran in this filing for PIPR?

No. Table II for derivative securities contains no entries in this filing.

When was the Form 4 signed and filed for this transaction?

The signature block shows the form was signed on behalf of Philip E. Soran on 09/15/2025.