Gallo Ann C 4

What Happened

• Ann C. Gallo, a director of Piper Sandler Companies (PIPR), was granted 323 shares of phantom stock (transaction code A) on 2026-03-31. The filing shows an acquisition price of $0.00, reflecting that these shares were credited as deferred director cash retainer fees rather than a market purchase.
• This is an award/deferral of compensation, not an open-market buy or sale. The phantom shares are payable in common stock on the last day of the year in which her service as a director terminates, so they do not represent immediately tradable shares.

Key Details

• Transaction date and type: 2026-03-31 — Award/Grant (A) of 323 phantom shares at $0.00.
• Report filed: 2026-04-01 for the 2026-03-31 transaction; this appears timely under the SEC’s 2-business-day reporting rule.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: The reporting person elected to defer quarterly director cash retainer fees, resulting in accrual of 323 phantom shares that convert to common stock upon termination of director service.

Context

• Phantom stock is a deferred compensation device; it does not create immediately tradable shares and typically doesn’t signal the same market conviction as an outright purchase.
• This transaction reflects routine director compensation deferral rather than a purchase or sale by the insider.