Piper Sandler director awarded 206 deferred shares

Piper Sandler Companies director Philip Soran reported a compensation-related share award.

Rhea-AI Filing Summary

Piper Sandler Companies director Philip Soran reported a compensation-related share award. He acquired 206 shares of common stock at $0.00 per share, bringing his directly held stake to 81,288 shares.

The award stems from dividend equivalents on phantom stock under the directors' deferred compensation plan. These phantom shares are deemed reinvested and will be paid out in an equal number of common shares after Soran’s board service ends.

Insider Trade Summary

Grant/Award: 206 shares

Grant/Award 1 txn

Insider SORAN PHILIP

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	206	$0.00	$0.00

Holdings After Transaction: Common Stock — 81,288 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: 206 shares Price per share: $0.00 per share Shares held after: 81,288 shares +1 more

4 metrics

Shares acquired 206 shares Grant/award acquisition on 2026-06-12

Price per share $0.00 per share Compensation-related award, not market purchase

Shares held after 81,288 shares Direct holdings following the reported transaction

Acquisition transactions 1 transaction Non-derivative grant/award classified as acquisition

Key Terms

phantom stock, dividend equivalents, directors' deferred compensation plan

3 terms

phantom stock financial

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

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.

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.

directors' deferred compensation plan financial

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

FAQ

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

What insider transaction did Philip Soran report for Piper Sandler (PIPR)?

Philip Soran reported receiving 206 shares of Piper Sandler common stock as a compensation-related award at no cost. The award relates to dividend equivalents on phantom stock in the directors' deferred compensation plan, increasing his directly held stake to 81,288 shares.

How many Piper Sandler (PIPR) shares does Philip Soran hold after this Form 4?

After this transaction, Philip Soran directly holds 81,288 Piper Sandler common shares. The Form 4 shows an acquisition of 206 shares at a price of zero, reflecting dividend equivalents tied to phantom stock in the directors’ deferred compensation plan.

Was Philip Soran’s Piper Sandler (PIPR) Form 4 an open-market stock purchase?

No, the Form 4 reports a grant-type acquisition, not an open-market purchase. The 206 shares were received at a price of zero as dividend equivalents on phantom stock under the directors’ deferred compensation plan, rather than bought on the market.

What is the role of phantom stock in Philip Soran’s Piper Sandler (PIPR) award?

The award arises from phantom stock, which tracks Piper Sandler shares in a deferred account. Dividend equivalents on these phantom shares are reinvested as additional phantom stock and will be settled in an equal number of common shares after Soran’s board service ends.

When will Philip Soran’s Piper Sandler (PIPR) phantom stock be paid out?

According to the disclosure, phantom stock accrues in Soran’s directors’ deferred compensation plan and becomes payable in an equal number of common shares on the last day of the year in which his service as a director terminates, deferring receipt until he leaves the board.

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

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Accepted by SEC EDGAR 06/15/2026 - 04:26 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^*

SORAN PHILIP

(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)
06/12/2026

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	06/12/2026		A		206(1)	A	$0	81,288	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	06/15/2026
	** 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)