Baker James P 4

What Happened

• James P. Baker, Global Co-Head, Investment Banking and Capital Markets at Piper Sandler (PIPR), was granted 2,364 shares on Feb 17, 2026 (reported at $0.00). On the same date, 539 shares were surrendered/withheld to cover tax liabilities (three withholdings of 211, 215 and 113 shares). All transactions were reported on a Form 4 filed Feb 19, 2026.

Key Details

• Transaction date: 2026-02-17; Form 4 filed: 2026-02-19 (filed two days after the transaction).
• Transactions: A (award/grant) — 2,364 shares @ $0.00; F (payment of exercise price/tax liability) — 211, 215, and 113 shares @ $0.00 (total 539 shares withheld).
• Reported dollar amounts: $0.00 for award and withholdings (typical for equity awards and tax withholding entries).
• Shares owned after transaction: Not disclosed in the provided filing.
• Footnotes: Some shares are held in irrevocable trusts — one trust for the benefit of the reporting person's spouse (the reporting person disclaims beneficial ownership of those securities) and another trust for the benefit of the reporting person (who is trustee).
• Filing timeliness: Appears timely (filed within two business days of the transactions).

Context

• The $0.00 award likely represents a stock award or restricted shares rather than an open-market purchase; the withheld shares are to satisfy tax obligations (code F), not an open-market sale. Such withholdings are a routine part of compensation processing and do not by themselves indicate the insider’s market view.