SORAN PHILIP 4

What Happened

• Philip Soran, a director of Piper Sandler Companies (PIPR), received an award of 391 shares on 2026-03-13. The transaction is reported as an "A" (award/grant/acquisition) at $0.00 per share, i.e., no cash was paid for these shares. This appears to be a non-purchase compensation credit (phantom stock/dividend equivalents) rather than a market purchase or sale.

Key Details

• Transaction date: 2026-03-13; Form 4 filed: 2026-03-16 (filing appears timely).
• Amount: 391 shares credited; reported price: $0.00; total cash exchanged: $0.
• Shares owned after transaction: not specified in the provided filing.
• Footnote: Dividend equivalents paid on phantom stock are reinvested as additional phantom shares credited to the director's deferred compensation account. Those phantom shares convert into an equal number of common shares and are payable on the last day of the year in which the director's service terminates.
• Transaction code: A (award/grant/acquisition).

Context

• This is a deferred-compensation credit (phantom stock/dividend equivalents), a common form of director compensation. It is not a market purchase or sale and therefore does not directly signal buying or selling intent in the open market. The credited phantom shares will convert to actual common shares only upon the director's termination of service (per the footnote).