HOLT VICTORIA M 4

What Happened
Victoria M. Holt, a director of Piper Sandler Companies (PIPR), received an award of 76 shares reported as a grant/acquisition (transaction code A) on 2026-06-12. The filing shows an acquisition amount of $0, indicating these are phantom/deferred shares rather than a cash purchase. The award reflects dividend-equivalent reinvestment into phantom stock under the company’s directors’ deferred compensation plan.

Key Details

• Transaction date: 2026-06-12; Filing date (Form 4): 2026-06-15 (appears timely).
• Transaction type/code: A (grant/award or other acquisition).
• Shares involved: 76 phantom shares; reported dollar amount: $0.
• Shares owned after transaction: not specified in the provided filing.
• Footnote (F1): Dividend equivalents are reinvested as phantom shares credited to the director’s deferred compensation account; these phantom shares become payable in an equal number of common shares on the last day of the year in which the director’s service terminates.
• Not an option exercise, sale, or open-market purchase—this is a deferred-compensation award.

Context
This award represents deferred/phantom stock (dividend-equivalent reinvestment) rather than immediate delivery of common stock. Such grants are routine components of director compensation and do not necessarily signal a buy/sell decision by the insider.