HOLT VICTORIA M 4

What Happened Victoria M. Holt, a director of Piper Sandler Companies (PIPR), elected to defer her annual equity grant, resulting in an accrual of 1,875 shares of phantom stock on 2026-05-20. The reported acquisition is coded as an award (A) at an acquisition price of $0 — the award is a deferred credit rather than an immediate cash purchase or sale. The phantom shares will be paid out in common stock on the last day of the year in which her service as a director ends, so no current market value was exchanged in this filing.

Key Details

• Transaction date: 2026-05-20; Form 4 filed: 2026-05-21 (timely filing).
• Transaction type/code: Grant/Award (A).
• Shares involved: 1,875 phantom shares; reported price: $0.00.
• Shares owned after transaction: not specified in the provided filing.
• Footnote: Holt deferred receipt of an annual equity grant; the 1,875 phantom shares become payable in common stock on the last day of the year when her directorship terminates.
• No 10b5-1 plan, sale, purchase, or tax-withholding event is indicated in this filing.

Context Phantom stock is a deferred-compensation arrangement that tracks equity value but is not immediate share ownership or an open-market purchase. Director equity awards like this are routine components of non-employee director compensation and do not by themselves signal a buying or selling intent in the market. The award will convert to actual Piper Sandler common stock only when the payout condition (termination of director service) is met.