Sterling Brian R 4

What Happened
Brian R. Sterling, a director of Piper Sandler Companies (PIPR), was credited with 323 shares as an award/other acquisition on 2026-03-31. The filing reports the shares at $0.00 per share (total reported value $0) because these are phantom shares credited in lieu of quarterly cash retainer fees.

Key Details

• Transaction date: 2026-03-31; reported on Form 4 filed 2026-04-01 (timely filing).
• Transaction type/code: Award/Other acquisition (A) — 323 shares at $0.00.
• Shares owned after the transaction: Not disclosed in the provided filing excerpt.
• Footnote: The reporting person elected to defer quarterly director cash retainer fees into phantom stock; these phantom shares will be paid in common stock on the last day of the year in which the director’s service terminates.
• No indication of a sale or open-market purchase; this is routine compensation-related crediting.

Context
Phantom shares are a deferred-compensation mechanism and do not reflect an open-market purchase or sale. Such awards are common for non-employee directors and are generally considered routine compensation rather than a direct signal of the insider’s view on the company’s stock.