Geelan John W 4

What Happened

• John W. Geelan, General Counsel of Piper Sandler Companies (PIPR), was credited with 1,806 shares on February 26, 2026 as the result of vested performance share units (reported as Acquisition, code A). The Form 4 also shows 824 shares withheld to satisfy tax withholding obligations (code F). Both transactions are reported at $0.00 on the form (typical for awards and tax withholdings), yielding a net increase of 982 shares to his holdings.

Key Details

• Transaction date(s): February 26, 2026
• Reported prices: $0.00 (award and tax withholding)
• Shares acquired: 1,806 (award); Shares disposed/withheld: 824 (tax withholding)
• Net share change from these transactions: +982 shares
• Shares owned after the transaction: Not disclosed in the filing
• Footnote (F1): Each performance share unit converted to one common share; the PSU award vested at 163% overall — 126% for adjusted return on equity performance and 200% for relative total shareholder return vs. peers, measured Jan 1, 2023–Dec 31, 2025
• Filing: Reported on Mar 2, 2026; filed within the standard two business-day Form 4 reporting window (timely)
• Transaction codes: A = Award/Grant (acquisition); F = Payment of exercise price or tax liability (withholding)

Context

• These were vested performance awards (not open-market purchases or voluntary sales). The withheld shares reflect standard tax-withholding on the award and do not indicate an open-market sale. Performance share units are contingent awards that converted to shares based on the company meeting performance metrics; here the award vested above target.