Piper Sandler (PIPR) director defers fees into 345 phantom shares

Rhea-AI Filing Summary

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

Piper Sandler Companies director Ann C. Gallo reported a compensation-related stock accrual. She elected to defer her quarterly director cash retainer, resulting in an award of 345 shares of phantom stock at no cash cost. These phantom shares will be paid out in common stock on the last day of the year in which her board service ends. Following this grant, she directly holds 8,071 shares of Piper Sandler common stock.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gallo Ann C

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	345	$0.00	--

Holdings After Transaction: Common Stock — 8,071 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Phantom stock grant: 345 shares Shares after transaction: 8,071 shares Transaction price: $0.0000 per share +1 more

4 metrics

Phantom stock grant 345 shares Accrued from deferred quarterly director cash retainer fees

Shares after transaction 8,071 shares Total Piper Sandler common stock directly held after grant

Transaction price $0.0000 per share Grant of phantom stock tied to deferred fees, no cash price

Transaction date 2026-06-30 Date of phantom stock accrual for deferred director fees

Key Terms

phantom stock, quarterly director cash retainer fees, defer receipt

3 terms

phantom stock financial

"resulting in the accrual to her account of 345 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.

quarterly director cash retainer fees financial

"elected to defer receipt of quarterly director cash retainer fees"

defer receipt financial

"The reporting person elected to defer receipt of quarterly director cash retainer fees"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 04:06 PM Accepted by SEC EDGAR 07/01/2026 - 04:06 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^*

Gallo Ann C

(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)
06/30/2026

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	06/30/2026		A		345(1)	A	$0	8,071	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. The reporting person elected to defer receipt of quarterly director cash retainer fees resulting in the accrual to her account of 345 shares of phantom stock. The shares of phantom stock become payable, in 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	07/01/2026
	** 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)

FAQ

What insider transaction did Ann C. Gallo report for PIPR?

Director Ann C. Gallo reported acquiring 345 shares of phantom stock in Piper Sandler Companies. The shares result from deferring her quarterly director cash retainer into stock-based compensation rather than taking cash, and are tied to her continued board service.

How many Piper Sandler (PIPR) shares does Ann C. Gallo now hold?

After the reported transaction, Ann C. Gallo directly holds 8,071 shares of Piper Sandler common stock. This figure includes the impact of the 345 phantom stock units that accrued to her account as part of her deferred director compensation arrangement.

What is phantom stock in the Piper Sandler (PIPR) filing?

In this filing, phantom stock represents units credited instead of cash, linked to Piper Sandler common stock. Gallo accrued 345 phantom shares by deferring her director cash retainer, with those units ultimately payable in actual common stock when her board service ends.

Did Ann C. Gallo buy or sell Piper Sandler (PIPR) shares on the market?

She did not buy or sell shares on the open market. The Form 4 shows a grant-type acquisition: 345 phantom stock shares credited for deferred director fees, with no cash price per share reported and no market transaction disclosed in this filing.

When will Ann C. Gallo receive the Piper Sandler shares from this grant?

The 345 phantom stock shares become payable in Piper Sandler common stock on the last day of the year in which her service as a director ends. This means payout timing is tied to the eventual year of her board departure.