Doyle Jonathan J 4

What Happened Jonathan J. Doyle, Head of the Financial Services Group and a director of Piper Sandler Companies (PIPR), was granted 14,443 shares on February 26, 2026 via the vesting of performance share units (reported as an acquisition, code A). To satisfy tax withholding obligations, 5,937 of those shares were surrendered/disposed (code F). The Form 4 reports $0.00 per share for both the award and the withheld shares (standard for equity awards and withholding transactions).

Key Details

• Transaction date(s): February 26, 2026 (reported on Form 4 filed March 2, 2026). Filing was made within the normal Section 16 reporting window.
• Award (A): 14,443 performance shares acquired at $0.00 per share.
• Tax withholding (F): 5,937 shares disposed/surrendered at $0.00 per share to cover tax liability.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: the performance share units each represented a contingent right to one share and vested at 163% overall — 126% for the adjusted return-on-equity metric and 200% for the relative total shareholder return metric (measured Jan 1, 2023–Dec 31, 2025).

Context Performance share unit vesting is an equity compensation event (not an open-market purchase or sale). The withholding of shares to cover taxes is routine and does not represent a market sale for investment purposes. The enhanced vesting multiple (163% overall) reflects the award’s performance-based metrics and resulted in a larger share issuance than the target award.