X0306 4 2020-02-28 0001230245 PIPER SANDLER COMPANIES PIPR 0001538590 LaRue R Scott 800 NICOLLET MALL MINNEAPOLIS MN 55402 0 1 0 0 Co-Head Global IB and Cap Mkts Common Stock 2020-02-28 4 M 0 1785 0 A 12205 D Common Stock 2020-02-28 4 F 0 882 0 D 11323 D Common Stock 2020-02-28 4 G 0 903 0 D 10420 D Common Stock 2020-02-28 4 G 0 903 0 A 58360 I Through Living Trust Performance Share Unit 2020-02-28 4 M 0 2379 D 2019-12-31 Common Stock 2379 0 D Each performance share unit represented a contingent right to receive one share of PIPR common stock. The performance share units vested 50% based on attaining certain levels of adjusted return on equity and 50% based on relative total shareholder return within a group of peer companies, both as measured from January 1, 2017 through December 31, 2019. The reporting person made a bona fide gift to a revocable living trust as described in note 3 below. The shares are held through a revocable living trust, of which the reporting person is trustee and both the reporting person and the reporting person's spouse are beneficiaries. /s/ James Grant for R. Scott LaRue 2020-03-03