PELTIER JEAN-PAUL M 4

What Happened
Jean‑Paul M. Peltier, Global Co‑Head, Investment Banking and Capital Markets at Piper Sandler (PIPR), surrendered a total of 2,093 shares on 2026-02-17 to cover tax withholding tied to equity awards or option activity. The filing shows three withholding entries: 1,257 shares, 732 shares, and 104 shares; each reported with a per‑share price of $0.00 and $0 total proceeds (transaction code F — payment of exercise price or tax liability). This is not an open‑market sale but a routine tax withholding transaction.

Key Details

• Transaction date: 2026-02-17; Form 4 filed: 2026-02-19 (filed timely, two days after the transactions).
• Individual entries: 1,257 shares, 732 shares, and 104 shares surrendered; total 2,093 shares. Reported price: $0.00 per share; reported proceeds: $0.
• Transaction code: F — payment of exercise price or tax liability (i.e., shares withheld to cover taxes).
• Shares owned after transaction: not specified in the provided filing details.
• No indication of a 10b5-1 plan or other special instructions in the provided data.

Context
When insiders “surrender” or withhold shares (code F), they’re typically using company shares to cover withholding taxes upon option exercise or award vesting. That differs from a sale — no cash proceeds were received by the insider and the action is generally administrative/routine rather than a directional bet on the stock. Retail investors should view tax‑withholding disposals as administrative and not necessarily signaling insider sentiment.