Gallo Ann C 4

What Happened

• Ann C. Gallo, a director of Piper Sandler Companies (PIPR), was credited with 1,875 shares as an award (transaction code A) on 2026-05-20. The transaction shows an acquisition price of $0.00 because the reporting person elected to defer the annual equity grant into phantom stock rather than receive current shares or cash.

Key Details

• Transaction date: 2026-05-20; Form 4 filed: 2026-05-21 (timely).
• Shares credited: 1,875 phantom shares; reported acquisition price: $0.00; immediate cash value: $0.
• Post-transaction total shares owned: not disclosed in this filing.
• Footnote: The deferral converted the 1,875-share annual grant into phantom stock that will be payable in common stock on the last day of the year in which the reporting person’s service as a director terminates (see footnote F1).
• Transaction type: Award/deferral (not an open-market purchase or sale).

Context

• Phantom stock is an accrual-based award that does not transfer actual shares immediately; it represents a future right to receive common stock under the conditions noted (here, payable upon termination of director service year). Such deferrals are common for directors and do not necessarily indicate a buy or sell signal.