Piper Sandler (PIPR) CEO reports November option exercises and stock sales

Rhea-AI Filing Summary

Piper Sandler Companies CEO and Chairman reported several stock transactions involving company common stock. On 11/26/2025, he exercised 4,400 employee stock options at an exercise price of $99 per share and sold blocks of common stock in multiple trades at weighted average prices around $336–$339. On 11/28/2025, he exercised an additional 3,000 employee stock options at $99 and sold shares at weighted average prices around $335–$337.

After these transactions, he held 53,558 shares of common stock directly and 36,000 shares indirectly through a revocable living trust. He also held 15,600 employee stock options (right to buy) following the reported exercises.

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
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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^*

Abraham Chad R

(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
X	Officer (give title below)		Other (specify below)
	CEO and Chairman

3. Date of Earliest Transaction (Month/Day/Year)
11/26/2025

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	11/26/2025		M		4,400	A	$99	57,958	D
Common Stock	11/26/2025		S		1,614	D	$336.87(1)	56,344	D
Common Stock	11/26/2025		S		1,630	D	$337.65(2)	54,714	D
Common Stock	11/26/2025		S		1,156	D	$338.55(3)	53,558	D
Common Stock	11/28/2025		M		3,000	A	$99	56,558	D
Common Stock	11/28/2025		S		1,384	D	$335.36(4)	55,174	D
Common Stock	11/28/2025		S		1,616	D	$336.94(5)	53,558	D
Common Stock								36,000(6)	I	Through Living Trust

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
Employee Stock Option (right to buy)	$99	11/26/2025		M			4,400	02/15/2021	02/15/2028	Common Stock	4,400	$0	18,600	D
Employee Stock Option (right to buy)	$99	11/28/2025		M			3,000	02/15/2021	02/15/2028	Common Stock	3,000	$0	15,600	D

Explanation of Responses:

1. The price reported in Column 4 for all sales transactions on this report is a weighted average price. The shares sold in footnotes (1) through (5) were sold in multiple transactions at the price ranges provided in footnotes (1) through (5). These shares in footnote (1) were sold in multiple transactions at prices ranging from $336.2800 to $337.1950 inclusive. The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the range set forth in footnotes (1) through (5) upon request by the SEC staff, the issuer or any shareholder of the issuer.

2. These shares were sold in multiple transactions at prices ranging from $337.2900 to $338.2400 inclusive.

3. These shares were sold in multiple transactions at prices ranging from $338.3050 to $338.8700 inclusive.

4. These shares were sold in multiple transactions at prices ranging from $335.0900 to $335.6100 inclusive.

5. These shares were sold in multiple transactions at prices ranging from $336.4450 to $337.0100 inclusive.

6. These shares are held in a revocable living trust, of which the reporting person and the reporting person's spouse are trustees, and the reporting person is a beneficiary.

Remarks:

	/s/ James Grant for Chad R. Abraham	12/01/2025
	** 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 insider transaction did Piper Sandler (PIPR) report on this Form 4?

The reporting person, who is CEO and Chairman of Piper Sandler Companies, reported exercising employee stock options and selling shares of common stock on 11/26/2025 and 11/28/2025.

How many Piper Sandler (PIPR) options did the insider exercise and at what price?

The insider exercised 4,400 employee stock options on 11/26/2025 and 3,000 employee stock options on 11/28/2025, each with an exercise price of $99 per share.

At what prices were Piper Sandler (PIPR) shares sold by the insider?

The reported sales used weighted average prices. On 11/26/2025, sales were reported at weighted averages of $336.87, $337.65, and $338.55. On 11/28/2025, sales were reported at weighted averages of $335.36 and $336.94, each representing multiple trades within the price ranges described in the footnotes.

How many Piper Sandler (PIPR) shares does the insider own after these transactions?

Following the reported transactions, the insider beneficially owned 53,558 shares of common stock directly and 36,000 shares indirectly through a revocable living trust.

How many Piper Sandler (PIPR) stock options does the insider still hold?

After the option exercises reported in this Form 4, the insider held 15,600 employee stock options (right to buy) with an exercise price of $99 per share and an expiration date of 02/15/2028.

What is the nature of the indirect ownership reported for Piper Sandler (PIPR) shares?

The indirect ownership relates to 36,000 shares held in a revocable living trust, for which the reporting person and the reporting person's spouse are trustees and the reporting person is a beneficiary.