Baker James P 4
4 · PIPER SANDLER COMPANIES · Filed Mar 2, 2026
Research Summary
AI-generated summary of this filing
Piper Sandler (PIPR) James P. Baker Receives Performance Award
What Happened
James P. Baker, Global Co‑Head of Investment Banking and Capital Markets at Piper Sandler (PIPR), received 7,377 performance share units that settled into common shares on Feb 26, 2026 (grant/award, price $0.00). To satisfy tax withholding related to the award, 2,903 shares were withheld/treated as disposed (code F), leaving a net 4,474 shares issued to him.
Key Details
- Transaction date(s): February 26, 2026; Form 4 filed March 2, 2026.
- Award: 7,377 shares acquired (A) at $0.00 per share.
- Tax withholding: 2,903 shares disposed (F) at $0.00 per share; net shares delivered = 4,474.
- Vesting detail (footnote): These were performance share units that vested at 163% overall — 126% on the adjusted return on equity metric and 200% on the relative total shareholder return metric for performance measured 1/1/2023–12/31/2025.
- Trusts (footnotes): Some shares are held in irrevocable trusts — one for the reporting person’s spouse (reporting person disclaims beneficial ownership) and one for the reporting person (reporting person is trustee).
- Filing timeliness: Form filed March 2, 2026 reporting the Feb 26 transaction; consult the Form 4 for any late-filing designation.
Context
These were performance share awards settling into stock, not open-market purchases or option exercises. The withholding of shares to cover tax obligations (code F) is a routine administrative step and not a market sale signaling sentiment. Performance-driven vesting (ROE and relative TSR) produced the above payout level; for full details and current post-transaction holdings, refer to the complete Form 4.
Insider Transaction Report
- Award
Common Stock
[F1]2026-02-26+7,377→ 69,069 total - Tax Payment
Common Stock
2026-02-26−2,903→ 66,166 total
- 25,699(indirect: By Trust)
Common Stock
[F2] - 25,699(indirect: By Trust)
Common Stock
[F3]
Footnotes (3)
- [F1]Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 163% overall, with 126% vesting of the portion of the award based on attaining certain levels of adjusted return on equity and 200% vesting of the portion of the award based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2023 through December 31, 2025.
- [F2]The shares are held in an irrevocable trust for the benefit of the reporting person's spouse. The reporting person's spouse is trustee of the trust. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.
- [F3]The shares are held in an irrevocable trust for the benefit of the reporting person. The reporting person is trustee of the trust.