SORAN PHILIP 4

What Happened
Philip Soran, a director of Piper Sandler Companies (PIPR), was granted/acquired 323 shares of phantom stock on 2026-03-31. The reported price per share is $0.00, so the transaction shows a $0 cash value on the Form 4. This is an award (code A) tied to deferral of director cash retainer fees rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-31; Filing date: 2026-04-01 (timely).
• Reported transaction: 323 shares acquired at $0.00; total reported cash value $0.
• Shares owned after the transaction: not disclosed in the filing.
• Footnote: The 323 shares are phantom stock credited in lieu of quarterly director cash retainer fees; payable in common stock on the last day of the year in which the reporting person's director service terminates.
• Transaction code: A (award/acquisition). No indication of a 10b5-1 plan, tax withholding, or late filing.

Context
This is a routine deferral of director compensation into phantom stock. Phantom shares are bookkeeping units that may convert to actual shares later (here, upon termination of service as a director), so this entry does not reflect an immediate open-market purchase or sale and may not indicate near-term insider sentiment.