Piper Sandler (PIPR) director Ann Gallo receives 1,875-share deferred equity grant

Rhea-AI Filing Summary

Piper Sandler Companies director Ann C. Gallo reported a compensation-related award involving 1,875 shares. On this Form 4, she is shown acquiring 1,875 shares at a price of $0.00 per share, with her direct common stock holdings reported at 7,706 shares after the transaction.

According to the footnote, she elected to defer receipt of an annual equity grant, resulting in an accrual of 1,875 shares of phantom stock in her account. These phantom shares will be paid out in common stock on the last day of the year in which her service as a director ends, making this a standard deferred equity compensation arrangement rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Gallo Ann C

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,875	$0.00	--

Holdings After Transaction: Common Stock — 7,706 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Equity grant size: 1,875 shares Grant price per share: $0.00 per share Shares held after transaction: 7,706 shares

3 metrics

Equity grant size 1,875 shares Annual equity grant deferred into phantom stock

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

Shares held after transaction 7,706 shares Direct common stock holdings after the grant

Key Terms

phantom stock, annual equity grant, payable, in common stock

3 terms

phantom stock financial

"resulting in an accrual to her account of 1,875 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.

annual equity grant financial

"elected to defer receipt of an annual equity grant of 1,875 shares of common stock"

payable, in common stock financial

"The shares of phantom stock become payable, in common stock, on the last day"

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^*

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)
05/20/2026

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	05/20/2026		A		1,875(1)	A	$0	7,706	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 an annual equity grant of 1,875 shares of common stock resulting in an accrual to her account of 1,875 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	05/21/2026
	** 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 Ann C. Gallo report in this Form 4 for PIPR?

Ann C. Gallo reported the acquisition of 1,875 shares tied to an annual equity grant. The transaction reflects deferred equity compensation, not an open-market trade, with her direct common stock holdings shown as 7,706 shares after the award.

Is Ann C. Gallo buying or selling Piper Sandler (PIPR) shares in this filing?

The filing reports an acquisition related to compensation, not a market purchase or sale. She received 1,875 shares at $0.00 per share as a grant, with the award structured as deferred phantom stock payable in common shares later.

How many Piper Sandler (PIPR) shares are involved in Ann C. Gallo’s grant?

The grant involves 1,875 shares associated with an annual equity award. These are recorded as phantom stock units in her account and will be settled in common stock when her service as a director ends under the plan’s terms.

What are Ann C. Gallo’s Piper Sandler (PIPR) holdings after this Form 4 transaction?

After the reported transaction, Ann C. Gallo’s direct common stock holdings are listed as 7,706 shares. This figure reflects her position following the compensation-related award and provides context for the size of the new 1,875-share phantom stock grant.

How is the 1,875-share award to Ann C. Gallo in PIPR structured?

She elected to defer an annual equity grant of 1,875 shares into phantom stock. These 1,875 phantom shares accrue in her account and will be paid out in an equivalent number of common shares when her board service ends in a future year.

Does Ann C. Gallo pay anything for the 1,875 Piper Sandler (PIPR) shares?

No cash payment is indicated; the 1,875-share award is recorded at $0.00 per share. This reflects a compensation grant, where shares are provided as part of director pay rather than purchased in the open market.