PELTIER JEAN-PAUL M 4

What Happened Jean‑Paul Peltier, Global Co‑Head of Investment Banking and Capital Markets at Piper Sandler (PIPR), received 6,722 shares on 2026-02-26 as the settlement of vested performance share units (reported as an award, code A) at $0.00 per share. On the same date, 3,066 shares were surrendered/disposed (reported under code F) to cover tax liabilities related to the award; both transactions were reported on a Form 4 filed 2026-03-02. The filing reports $0.00 per-share acquisition/disposition because these were compensation-settlement and tax-withholding transactions, not open-market purchases or cash sales.

Key Details

• Transaction date: 2026-02-26; Form 4 filed: 2026-03-02 (within the required reporting window).
• Award: 6,722 shares acquired (code A) at $0.00 reported price.
• Tax withholding: 3,066 shares surrendered (code F) at $0.00 reported price to satisfy tax obligations.
• Shares owned after the transactions: not specified in the provided filing summary.
• Footnote: Each performance share unit represented a contingent right to one share. The performance share units vested at 163% overall — 126% for the portion tied to adjusted return on equity and 200% for the portion tied to relative total shareholder return (measurement period Jan 1, 2023 – Dec 31, 2025).

Context

• These transactions reflect compensation settlement (vesting of performance share units) and routine tax withholding, not an open‑market buy or sale for investment purposes. Tax-withholding disposals (code F) are common when equity awards vest.
• The award’s vesting was performance-based (ROE and relative TSR) and paid out in shares; the reported $0.00 per-share price is standard for awards/withholdings on Form 4 and does not indicate market value.