SORAN PHILIP 4

What Happened

• Soran Philip, a director of Piper Sandler Companies (PIPR), was credited with 345 shares of phantom stock on 2026-06-30 as an award/accrual (transaction code A). The filing shows an acquisition of 345 shares at $0.00 (no cash paid). These phantom shares represent deferred quarterly director cash retainer fees and will be paid in common stock on the last day of the year in which his service as a director terminates.

Key Details

• Transaction date: 2026-06-30; Filing date: 2026-07-01 (timely).
• Price per share reported: $0.00; total reported acquisition value: $0.
• Shares recorded in this transaction: 345 phantom shares.
• Shares owned after transaction: not reported in the provided filing details.
• Footnote: The 345 shares are phantom stock credited in lieu of cash retainer fees; they become payable in common stock upon termination of the director’s service (see footnote F1).
• Transaction type: Award/Grant (code A) — not a market purchase or sale.

Context

• Phantom stock is a deferred compensation mechanism: it reflects an accrued entitlement to receive shares later (here, upon termination), not an immediate open-market purchase or sale. Such awards are routine for director compensation and do not by themselves indicate a buy or sell signal.