Piper Sandler director granted 79 share units

Piper Sandler Companies (PIPR) reported that director Victoria M. Holt acquired 79 additional share-equivalent units on September 11, 2026 as a grant or award tied to dividend equivalents on phantom stock in the directors' deferred compensation plan.

Rhea-AI Filing Summary

Piper Sandler Companies (PIPR) reported that director Victoria M. Holt acquired 79 additional share-equivalent units on September 11, 2026 as a grant or award tied to dividend equivalents on phantom stock in the directors' deferred compensation plan. These units are payable in an equal number of common shares after her board service ends, bringing her reported directly held or share-equivalent position to 31,942 shares. No Rule 10b5-1 trading plan is indicated for this transaction.

Insider Trade Summary

Grant/Award: 79 shares

Grant/Award 1 txn

Insider HOLT VICTORIA M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	79	$0.00	$0.00

Holdings After Transaction: Common Stock — 31,942 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 or units acquired: 79 shares Holdings after transaction: 31,942 shares Per-share transaction price: $0.00 per share

3 metrics

Shares or units acquired 79 shares Grant or award acquisition on September 11, 2026, tied to dividend equivalents

Holdings after transaction 31,942 shares Total reported directly held or share-equivalent position after the September 11, 2026 grant

Per-share transaction price $0.00 per share Award of dividend-equivalent phantom stock units, no cash consideration

Key Terms

dividend equivalents, phantom stock, directors' 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.

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 PIPR director Victoria M. Holt report on this Form 4?

Victoria M. Holt reported the grant of 79 share-equivalent units on September 11, 2026, received as dividend equivalents on phantom stock under Piper Sandler’s directors' deferred compensation plan, increasing her reported common share-equivalent position.

How many Piper Sandler (PIPR) shares or equivalents does Victoria M. Holt hold after this transaction?

After the September 11, 2026 grant, Victoria M. Holt’s reported directly held or share-equivalent position totals 31,942 shares of Piper Sandler Companies common stock.

What are the 79 units reported by Victoria M. Holt in PIPR’s Form 4?

The 79 units are dividend equivalents that were reinvested as additional shares of phantom stock in the directors' deferred compensation plan, each unit ultimately payable in an equal number of Piper Sandler common shares.

When will the phantom stock reported by Victoria M. Holt in PIPR become payable?

The filing states that the phantom stock units become payable, in an equal number of shares of common stock, on the last day of the year in which Victoria M. Holt’s service as a director terminates.

Was Victoria M. Holt’s PIPR Form 4 transaction made under a Rule 10b5-1 trading plan?

No. The Form 4 indicates the Rule 10b5-1 checkbox is not affirmed, so the September 11, 2026 grant of 79 units is not reported as being made under a Rule 10b5-1 trading plan.

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

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Available on EDGAR 09/14/2026 - 05:13 PM Accepted by SEC EDGAR 09/14/2026 - 05:11 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^*

HOLT VICTORIA M

(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		79(1)	A	$0	31,942	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 Victoria M. Holt	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)