SORAN PHILIP 4

What Happened
Soran Philip, a director of Piper Sandler Companies (PIPR), was granted 206 shares on 2026-06-12 as an award/acquisition (Form 4 code A). The filing reports an acquisition price of $0 and a total reported value of $0 — these are phantom shares credited under the directors' deferred compensation plan rather than immediate common-stock issuances.

Key Details

• Transaction date: 2026-06-12 (reported on Form 4 filed 2026-06-15).
• Transaction type/code: Award/Grant (A); 206 shares acquired at $0.00 (total $0 reported).
• Shares owned after transaction: not specified in the provided filing summary.
• Footnote: Dividend equivalents on phantom shares are reinvested into additional phantom shares; phantom shares accrue in the directors' deferred compensation plan and convert to an equal number of common shares on the last day of the year in which the director’s service terminates.
• Timeliness: Filed 2026-06-15 for a 2026-06-12 transaction — reported within the standard Form 4 reporting window.

Context
This was a compensation award of phantom stock (deferred compensation), not an open-market purchase. Phantom-share awards are common for directors and become payable as actual shares only upon specified vesting/termination events per the footnote; they do not necessarily signal immediate personal buying or selling intent.