Piper Jaffray Adopts 2020 Employment Inducement Award Plan
November 29 2019 - 4:00PM
Business Wire
Piper Jaffray Companies (NYSE: PJC), a leading investment bank
and institutional securities firm, today announced that it has
agreed to issue equity awards under the Piper Jaffray 2020
employment inducement award plan (the “Inducement Plan”).
Piper Jaffray established the Inducement Plan to issue
restricted stock awards to new hires in connection with its
previously announced merger with Sandler O’Neill + Partners, L.P.
(“Sandler”). Under the terms of the merger, Piper Jaffray has
agreed to implement an aggregate retention pool of $115 million
payable in restricted consideration (generally restricted shares of
Piper Jaffray common stock) to approximately 106 current Sandler
employees who will become Piper Jaffray employees in the merger.
Jonathan J. Doyle, Senior Managing Principal of Sandler, will
receive an award from the retention pool of $10 million payable in
restricted stock. As previously announced, Mr. Doyle will be
appointed to Piper Jaffray’s board of directors and to the
positions of Vice Chairman of Piper Jaffray and Senior Managing
Principal of Piper Jaffray’s financial services group. The
restricted stock granted under the retention pool will be issued
immediately following the closing of the merger pursuant to the
Inducement Plan and will be subject to the terms and conditions of
the applicable award agreements to be entered into between Piper
Jaffray and each recipient, including the applicable vesting
schedule. The restricted stock will be valued based upon the
volume-weighted average per-share closing price of Piper Jaffray
common stock on the New York Stock Exchange for the ten trading
days ending on the third trading day before the date of closing.
The awards are intended to aid in the retention of the Sandler
employees.
The Inducement Plan and the grant of restricted stock awards
thereunder were approved by the Piper Jaffray board of directors,
including its independent directors, in connection with the board’s
approval of the merger with Sandler. The awards will be granted
pursuant to the Inducement Plan in reliance on the employment
inducement exemption under the NYSE’s Listed Company Manual Rule
303A.08. Pursuant to the requirements of that rule, Piper Jaffray
is issuing this press release.
ABOUT PIPER JAFFRAY Piper Jaffray Companies (NYSE: PJC)
is a leading investment bank and institutional securities firm
driven to help clients Realize the Power of Partnership®.
Securities brokerage and investment banking services are offered in
the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in
Europe through Piper Jaffray Ltd., authorized and regulated by the
U.K. Financial Conduct Authority; and in Hong Kong through Piper
Jaffray Hong Kong Limited, authorized and regulated by the
Securities and Futures Commission. Asset management products and
services are offered through four separate investment advisory
affiliates. U.S. Securities and Exchange Commission (SEC)
registered Piper Jaffray Investment Management LLC, PJC Capital
Partners LLC and Piper Jaffray & Co., and Guernsey-based
Parallel General Partners Limited, authorized and regulated by the
Guernsey Financial Services Commission.
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Since 1895. © 2019 Piper Jaffray Companies, 800 Nicollet Mall,
Suite 1000, Minneapolis, Minnesota 55402-7036
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Pamela Steensland Tel: 612 303-8185
pamela.k.steensland@pjc.com
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