Director at Piper Sandler (NYSE: PIPR) defers fees into phantom stock

Rhea-AI Filing Summary

Sterling Brian R reported acquisition or exercise transactions in this Form 4 filing.

Piper Sandler Companies director Brian R. Sterling reported a compensation-related share accrual rather than an open-market trade. He elected to defer his quarterly director cash retainer fees, resulting in the accrual of 323 shares of phantom stock to his account. These phantom shares will be paid out in common stock on the last day of the year in which his board service ends. Following this accrual, he is shown as beneficially owning 102,659 shares of common stock directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Sterling Brian R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	323	$0.00	--

Holdings After Transaction: Common Stock — 102,659 shares (Direct)

Footnotes (1)

1. [object Object]

Key Figures

Phantom stock accrued: 323 shares Shares owned after transaction: 102,659 shares Transaction code: A (grant/award acquisition)

3 metrics

Phantom stock accrued 323 shares Deferred quarterly director cash retainer fees

Shares owned after transaction 102,659 shares Direct beneficial ownership after phantom stock accrual

Transaction code A (grant/award acquisition) Non-derivative common stock entry on Form 4

Key Terms

phantom stock, director cash retainer fees, grant, award, or other acquisition

3 terms

phantom stock financial

"resulting in the accrual to his account of 323 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.

director cash retainer fees financial

"elected to defer receipt of quarterly director cash retainer fees resulting in the accrual"

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

Form 4 Insider Transactions: What Each Field Means →

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)
03/31/2026

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	03/31/2026		A		323(1)	A	$0	102,659	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 his account of 323 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 Brian R. Sterling	04/01/2026
	** 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 did Piper Sandler (PIPR) director Brian R. Sterling report in this Form 4?

Brian R. Sterling reported a compensation-related accrual of 323 phantom stock shares. These arose from deferring his quarterly director cash retainer, with payment to be made in common stock after his board service ends.

Is the PIPR Form 4 transaction a market buy or sell of shares?

The Form 4 does not show a market buy or sell. It reports an acquisition coded as a grant or award, reflecting deferred director fees converted into 323 phantom stock shares payable later in common stock.

How many Piper Sandler (PIPR) shares does Brian R. Sterling hold after this transaction?

After this compensation-related transaction, Brian R. Sterling is shown as directly beneficially owning 102,659 shares of Piper Sandler common stock. This figure includes his direct holdings as reported in the non-derivative section.

What are the terms of the phantom stock reported by Piper Sandler (PIPR) director Sterling?

The phantom stock results from deferred director cash retainer fees and totals 323 shares. According to the footnote, these phantom shares become payable in common stock on the last day of the year when his director service terminates.

Does the Piper Sandler (PIPR) Form 4 indicate a change in ownership structure or control?

The Form 4 reflects a routine director compensation arrangement, not a control-related transaction. It shows deferred cash fees converted into 323 phantom stock shares, with total direct beneficial ownership reported as 102,659 common shares afterward.