Form 4: Piper Sandler Director Sherry M. Smith Increases Phantom Stock Holdings Through Dividend Reinvestment

Piper Sandler Companies Director Sherry M. Smith has acquired 25 additional shares of phantom stock through the reinvestment of dividend equivalents as part of her deferred compensation plan.

Summary

• Sherry M. Smith, a Director at Piper Sandler Companies (PIPR), acquired 25 shares of common stock.
• The acquisition occurred on June 13, 2025, and was reported on June 16, 2025.
• The shares were acquired at a price of $0, indicating they were not purchased but rather received as dividend equivalents.
• These dividend equivalents are paid on existing phantom stock and are automatically reinvested into additional phantom stock.
• The phantom shares accrue in the reporting person's directors' deferred compensation plan account.
• Following this transaction, Sherry M. Smith beneficially owns 10,831 shares of common stock.
• The phantom shares will become payable, in an equal number of common stock shares, on the last day of the year in which the reporting person's service as a director terminates.

Sentiment

Score: 6

Explanation: Slightly positive, as it indicates a routine increase in a director's beneficial ownership, aligning their interests with shareholders, but it's a non-cash transaction and part of a compensation plan rather than a direct market purchase.

Positives

• The increase in beneficial ownership by a director, even through dividend reinvestment, aligns the director's interests more closely with those of shareholders.
• The transaction is part of a structured deferred compensation plan, indicating a routine and expected compensation event.

Future Outlook

The acquired phantom shares will become payable in an equal number of common stock shares on the last day of the year in which Sherry M. Smith's service as a director terminates.

Industry Context

This Form 4 filing is a standard disclosure for insider transactions, specifically detailing a director's acquisition of shares through a compensation plan. Such filings are routine and provide transparency into executive and director holdings, which is a common practice across publicly traded companies.

Stakeholder Impact

• Shareholders: The transaction slightly increases the director's alignment with shareholder interests through increased beneficial ownership, albeit through a non-cash compensation mechanism.

Next Steps

• Phantom shares will become payable in common stock upon the termination of the director's service.

Key Dates

Keywords

SEC Form 4, Insider Transaction, Director Compensation, Phantom Stock, Dividend Reinvestment, Deferred Compensation Plan, PIPR, Piper Sandler Companies