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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐

Preliminary Proxy Statement

☐

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒

Definitive Proxy Statement

☐

Definitive Additional Materials

☐

Soliciting Material under §240.14a-12

Piper Sandler Companies

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒

No fee required.

☐

Fee paid previously with preliminary materials.

☐

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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Letter from our Chairman and CEO

April 9, 2026

Fellow Shareholders:

You are invited to join us for our 2026 annual meeting of shareholders which will take place on Wednesday, May 20, 2026 at 1:00 p.m. Central Time. The meeting will be held virtually via webcast. The Notice of Annual Meeting of Shareholders and the proxy statement that follow describe the business to be conducted at the meeting.

2025 marked another year of strong performance for our company. We achieved adjusted net revenues of $1.88 billion, adjusted net income of $318 million, and adjusted earnings per share of $4.43, each a non-GAAP financial measure. These results reflect strong growth from 2024 and included record or near-record revenues from several of our businesses, including our advisory services, equities institutional brokerage, public finance, and fixed income businesses, with standout years from many groups within those businesses. Our performance reflects our continued focus on finding new opportunities to serve and increase our value to our clients and execute on our long-term growth strategy. In addition, we returned $239 million of capital to shareholders through share repurchases and dividends for the year, and on March 23, 2026, we completed a four-for-one forward stock split of our shares of common stock. We continue to be excited by the opportunities that we see ahead of us for delivering value to you, our shareholders.

We are furnishing our proxy materials to you over the Internet, which will reduce our costs and the environmental impact of our annual meeting. Accordingly, we mailed a Notice of Internet Availability of Proxy Materials to you, which contains instructions on how to access our proxy statement and annual report and vote online. The Notice of Internet Availability of Proxy Materials also contains instructions on how to request a printed set of proxy materials.

Whether or not you plan to attend the meeting, your vote is important and we encourage you to vote your shares promptly. You may vote your shares using a toll-free telephone number or the Internet. If you received a paper copy of the proxy card by mail, you may sign, date and mail the proxy card in the envelope provided.

We are thankful that you have chosen to be our shareholders, and we look forward to continuing to serve our clients and provide long-term returns to our shareholders.

Sincerely,

Chad R. Abraham
Chairman and Chief Executive Officer

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Notice of Annual Meeting
of Shareholders

May 20, 2026, at 1:00 p.m., Central Time
Virtually at www.virtualshareholdermeeting.com/PIPR2026

To the Shareholders of Piper Sandler Companies:

The 2026 annual meeting of shareholders of Piper Sandler Companies will be held virtually on Wednesday, May 20, 2026 at 1:00 p.m., Central Time, for the following purposes:

The election of ten directors, each for a one-year term.

Ratification of the selection of Ernst & Young LLP as the independent auditor of Piper Sandler Companies for the fiscal year ending December 31, 2026.

An advisory (non-binding) vote to approve the compensation of the officers disclosed in the attached proxy statement, or say-on-pay vote.

Any other business that may properly be considered at the meeting or any adjournment or postponement of the meeting.

We believe that a virtual annual meeting of shareholders provides greater access to those who may want to attend and, therefore, have chosen this over an in-person meeting for 2026. In order to vote on the matters brought before the meeting, you may submit your proxy vote by telephone or internet, as described in the Notice of Internet Availability of Proxy Materials and the following proxy statement, by no later than 11:59 p.m., Eastern Time on Tuesday, May 19, 2026 for any shares you hold directly, and by no later than 11:59 p.m., Eastern Time on Friday, May 15, 2026 for any shares you hold in a retirement plan. If you received a paper copy of the proxy card by mail, you may sign, date and mail the proxy card in the envelope provided. The envelope is addressed to our vote tabulator, Broadridge Financial Solutions, Inc., and no postage is required if mailed in the United States. Holders of record of shares of our common stock at the close of business on March 24, 2026 are entitled to notice of, and to vote at, the meeting.

Important Notice Regarding the Availability of Proxy Materials
for the Annual Meeting of Shareholders to be held on May 20, 2026

Our proxy statement and 2025 annual report are available at
www.pipersandler.com/proxymaterials.

By Order of the Board of Directors

John W. Geelan
Secretary

April 9, 2026

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PROXY STATEMENT
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	INTRODUCTION					1
	EXECUTIVE SUMMARY					1
	PROPOSAL ONE—ELECTION OF DIRECTORS					7
	INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE					13
	Codes of Ethics and Business Conduct					13
	Insider Trading Policies					13
	Director Independence					13
	Board Leadership Structure and Lead Director					14
	Majority Voting Standard and Director Resignation Policy					14
	Board Involvement in Risk Oversight					15
	Meetings of the Non-Employee and Outside Directors					15
	Committees of the Board					16
	Annual Board Evaluation Process					19
	Meeting Attendance					19
	Procedures for Contacting the Board of Directors					20
	Procedures for Selecting and Nominating Director Candidates					20
	Compensation Program for Non-Employee Directors					21
	Non-Employee Director Compensation for 2025					22
	EXECUTIVE COMPENSATION					23
	Compensation Discussion and Analysis					23
	Compensation Committee Report					43
	Summary Compensation Table					44
	Grants of Plan-Based Awards					46
	Outstanding Equity Awards at Fiscal Year-End					47
	Option Exercises and Stock Vested					48
	Potential Payments Upon Termination or Change-in-Control					48
	Pay Versus Performance					50
	CEO Pay Ratio					53
	Equity Compensation Plan Information					54
	Risk Assessment of Compensation Policies and Practices					55
	SECURITY OWNERSHIP					56
	Stock Ownership Guidelines					56
	Beneficial Ownership of Directors, Nominees and Executive Officers					56
	Beneficial Owners of More than Five Percent of Our Common Stock					58
	Delinquent Section 16(a) Reports					58
	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS					59
	Compensation Committee Interlocks and Insider Participation					59
	Transactions with Related Persons					59
	Review and Approval of Transactions with Related Persons					59

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	AUDIT COMMITTEE REPORT AND PAYMENT OF FEES TO OUR INDEPENDENT AUDITOR					60
	Audit Committee Report					60
	Auditor Fees					60
	Auditor Services Pre-Approval Policy					61
	PROPOSAL TWO—RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR					62
	PROPOSAL THREE—ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION

SEC Form DEF 14A filed by Piper Sandler Companies