Sterling Brian R 4

What Happened

• Brian R. Sterling, a director of Piper Sandler Companies (PIPR), was credited with 59 shares as an award (transaction code A) on 2026-03-13. The filing reports the acquisition price as $0.00 (total $0). These are phantom stock units credited to the directors' deferred compensation plan rather than an open-market purchase.

Key Details

• Transaction date: 2026-03-13; Filing date (Form 4): 2026-03-16 (timely filed).
• Transaction type/code: A = Award/Grant (phantom stock units added to deferred comp account).
• Price reported: $0.00 per share; aggregate reported value: $0.
• Shares owned after transaction: Not specified in the filing.
• Footnote: Dividend equivalents on phantom stock are reinvested as additional phantom shares; phantom shares accrue in the deferred compensation account and become payable in an equal number of common shares on the last day of the year in which the director’s service terminates.

Context

• This was an award of deferred phantom shares (not an immediate cash purchase or sale). Phantom stock units are common in director compensation and are paid out in actual shares only upon the triggering event described in the footnote, so this does not reflect an immediate change in marketable holdings.