Gallo Ann C 4

What Happened
Ann C. Gallo, a director of Piper Sandler Companies (PIPR), was granted 20 shares (transaction code A) on 2026-06-12. The Form 4 reports the shares at $0.00 per share (total reported value $0). This was an award of phantom shares under the directors’ deferred compensation plan—not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-12
• Filing date: 2026-06-15
• Transaction type/code: A (Grant/Award/Other acquisition)
• Shares granted: 20; price per share reported: $0.00; total reported value: $0
• Shares owned after transaction: not specified in the filing
• Footnote summary: Dividend equivalents on phantom stock are reinvested as additional phantom shares in the directors’ deferred compensation plan; those phantom shares become payable in an equal number of common shares on the last day of the year in which the director’s service terminates (see footnote F1).
• Timeliness: Filing shows transaction on 6/12 and filing on 6/15. Form 4s are typically due within two business days of the transaction—check whether this filing met the regulatory timing requirement.

Context
These are phantom (deferred-comp) shares that accrue in a director compensation plan and do not represent immediate, free-floating common stock ownership. Such awards are routine compensation and should not be read as a direct buy/sell signal by the insider. They will convert to actual shares only under the plan’s payout conditions (e.g., upon termination as described in the footnote).