HOLT VICTORIA M 4

What Happened Victoria M. Holt, a director of Piper Sandler Companies (PIPR), was credited with an award of 139 shares of phantom stock on 2026-03-13. The filing reports the shares were granted at $0.00 each (total reported value $0). This is an award under the directors' deferred compensation plan, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-13; Form 4 filed 2026-03-16 (filing covers the 03-13 grant).
• Transaction type: Award/Grant (code A); 139 shares acquired at $0.00 per share (reported value $0).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: Dividend equivalents on the phantom shares are automatically reinvested into additional phantom shares; those phantom shares accrue in the director deferred compensation plan and become payable in an equal number of common shares on the last day of the year in which the director’s service terminates (see footnote F1).
• No indication of a 10b5-1 sale plan or tax withholding reported for this grant.

Context This was a deferred-compensation award of phantom stock: it typically does not provide immediate tradable shares or cash. The phantom shares track ownership and dividend equivalents and will convert to actual common stock (and potentially trigger taxation) only when payable under the plan’s terms, such as upon termination of director service. Awards like this are routine for director compensation and do not by themselves indicate a buy or sell signal.