Piper Sandler director awarded 33 phantom shares

PIPR director Brian R. Sterling added 33 phantom stock-based shares through dividend equivalents, bringing his reported direct holdings to 104,943 shares.

Rhea-AI Filing Summary

PIPER SANDLER COMPANIES (symbol: PIPR) is the issuer of record for a Form 4 filing submitted to the SEC. Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

PIPER SANDLER COMPANIES (PIPR) director Brian R. Sterling reported an award of 33 shares of common stock equivalents on September 11, 2026. The award arose from dividend equivalents reinvested into phantom stock under the directors' deferred compensation plan at a stated price of $0.00 per share, increasing his direct holdings to 104,943 shares. The phantom shares are payable in an equal number of common shares after his board service ends, and no Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Grant/Award: 33 shares

Grant/Award 1 txn

Insider Sterling Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	33	$0.00	$0.00

Holdings After Transaction: Common Stock — 104,943 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.

Key Figures

Shares acquired: 33 shares Price per share: $0.00 per share Shares owned after transaction: 104,943 shares +1 more

4 metrics

Shares acquired 33 shares Grant/award acquisition on September 11, 2026 via dividend equivalents

Price per share $0.00 per share Reported for the 33-share phantom stock-related award

Shares owned after transaction 104,943 shares Direct holdings of Brian R. Sterling following the reported award

Transaction date September 11, 2026 Date of the phantom stock dividend equivalent award

Key Terms

dividend equivalents, phantom stock, deferred compensation plan

3 terms

dividend equivalents financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

phantom stock financial

"Dividend equivalents that are paid on shares of phantom stock are deemed reinvested"

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.

deferred compensation plan financial

"accrue to the reporting person's account in the directors' deferred compensation plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

FAQ

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

What transaction did PIPR director Brian R. Sterling report on this Form 4?

He reported an acquisition of 33 shares of common stock equivalents on September 11, 2026, resulting from dividend equivalents reinvested into phantom stock under the directors' deferred compensation plan.

How many PIPER SANDLER COMPANIES (PIPR) shares does Brian R. Sterling hold after this transaction?

After the reported award, Brian R. Sterling holds 104,943 shares of PIPER SANDLER COMPANIES common stock in direct ownership, according to the Form 4 disclosure.

What is the nature of the 33-share award reported for PIPR on September 11, 2026?

The 33 shares arise from dividend equivalents paid on phantom stock that are deemed reinvested into additional phantom stock under the directors' deferred compensation plan, to be settled later in common shares.

When will Brian R. Sterling receive actual PIPR common shares for these phantom stock units?

The phantom stock units, including those from the 33-share dividend equivalent award, become payable in an equal number of common shares on the last day of the year in which his service as a director terminates.

Was the PIPR Form 4 transaction under a Rule 10b5-1 trading plan?

No. The Form 4 indicates that no Rule 10b5-1 plan is reported for this transaction; it reflects automatic dividend equivalent reinvestment in the directors' deferred compensation plan.

What price per share is associated with the 33-share award for PIPR?

The Form 4 reports a transaction price of $0.00 per share for the 33-share grant, consistent with an award of dividend-equivalent phantom stock rather than an open-market purchase.

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

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Available on EDGAR 09/14/2026 - 05:16 PM Accepted by SEC EDGAR 09/14/2026 - 05:15 PM 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 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)
09/11/2026

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	09/11/2026		A		33(1)	A	$0	104,943	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	09/14/2026
	** 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)