Dillahunt Michael R 4

What Happened
Michael R. Dillahunt, Global Co-Head of Investment Banking and Capital Markets at Piper Sandler (PIPR), was granted 8,615 shares on February 26, 2026 as the settlement of performance share units (transaction code A). To cover tax withholding (transaction code F), 3,929 of those shares were surrendered. The award was settled in shares (no cash paid); the filing lists $0.00 per share for both the award and the withheld shares.

Key Details

• Transaction date: February 26, 2026; Form 4 filed March 2, 2026. No late-filing flag indicated.
• Award: 8,615 performance share units settled into 8,615 shares (A) at $0.00 reported.
• Tax withholding: 3,929 shares surrendered (F) at $0.00 reported.
• Shares owned after transaction: not specified in the filing.
• Footnote: The performance share units vested at 163% overall — 126% for adjusted return on equity and 200% for relative total shareholder return vs. peers (measurement period Jan 1, 2023–Dec 31, 2025).

Context
This was a payout of long-term incentive PSUs rather than an open-market purchase or sale. The withholding of 3,929 shares to satisfy tax obligations is a routine administrative step and does not represent a directional trade decision. For retail investors, awards like this reflect executive compensation realization but are not direct evidence of trading sentiment.