Baker James P 4

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.