Gallo Ann C 4

What Happened
Ann C. Gallo, a director of Piper Sandler Companies (PIPR), was granted 345 phantom shares (reported as an Award, code A) on 2026-06-30. The filing reports the shares at $0.00 (no immediate cash consideration). These are deferred compensation (phantom stock) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-30; Filing date: 2026-07-01.
• Transaction type/code: Award/Grant (A) — 345 shares @ $0.00.
• Shares owned after transaction: not specified in the Form 4 filing.
• Footnote (F1): Ms. Gallo elected to defer quarterly director cash retainer fees, resulting in accrual of 345 phantom shares; these phantom shares are payable in common stock on the last day of the year in which her service as a director terminates.
• No late-filing flag noted in the filing; the Form 4 was submitted the day after the transaction.

Context
Phantom shares are a form of deferred compensation that will convert to actual common stock only under the condition described in the footnote (when her director service ends). Such director awards are routine compensation and do not by themselves signal a buy or sell sentiment by the insider.