Schoneman Debbra L. 4

What Happened

• Debbra L. Schoneman, President of Piper Sandler (PIPR), exercised options to acquire 5,240 shares at $99.00 per share (cost $518,760) on Feb 11, 2026. The filing shows open-market sales of a total 5,240 shares the same day: 5,159 shares sold at $351.01 ($1,810,861) and 81 shares sold at a weighted average $350.03 ($28,352). Total gross proceeds from the sales were about $1,839,213. Combining the exercise cost and sales proceeds implies estimated net cash inflow of roughly $1,320,453 before fees and taxes.
• The Form 4 also lists a derivative disposition of 5,240 shares at $0, consistent with the exercised shares being immediately disposed of or used to satisfy obligations related to the exercise.

Key Details

• Transaction date: Feb 11, 2026; Form filed Feb 13, 2026 (appears timely).
• Option exercise: 5,240 shares @ $99.00 each; cash paid $518,760.
• Open-market sales: 5,159 shares @ $351.01 and 81 shares @ weighted avg $350.03; total sales ≈ $1,839,213.
• Net proceeds (sales minus exercise cost): ≈ $1,320,453 (approximate, excludes fees/taxes).
• Footnotes: (F1) the 81-share sale price is a weighted average over multiple trades ($350.00–$350.37); (F2) some shares are held in revocable living trusts where the reporting person and spouse are co-trustees.
• Shares owned after the transactions are not reported in the excerpt provided.

Context

• This filing shows an option exercise coupled with immediate sales of the resulting shares—commonly a cashless-exercise or simultaneous sell-to-cover arrangement (the Form’s derivative disposal at $0 supports this treatment). Such transactions often reflect liquidity/tax-management actions rather than an outright market view on the company.