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Piper Sandler News Releases
MINNEAPOLIS--(BUSINESS WIRE)--Mar. 13, 2019--
Piper
Jaffray Companies (NYSE: PJC), a leading investment bank and asset
management firm, today announced that it has agreed to issue equity
awards under the Piper Jaffray Companies 2019 employment inducement
award plan.
Piper Jaffray established the inducement award plan to issue restricted
stock awards to new hires in connection with the acquisition of Weeden &
Co. L.P. (“Weeden & Co.”). Under the terms of the acquisition, Piper
Jaffray will issue an aggregate of $7.5 million of restricted shares to
42 employees who had been employees of Weeden & Co. The shares will be
issued immediately following the closing of the acquisition and will be
valued based upon the closing price of Piper Jaffray common stock on the
closing date. The awards are intended to aid in the retention of Weeden
& Co. employees and were approved in connection with the definitive
transaction agreement signed on February 24, 2019.
The inducement award plan was approved by the Piper Jaffray board of
directors in connection with the acquisition of Weeden & Co. Under the
plan, Piper Jaffray may issue awards to new employees in the form of
stock options, stock appreciation rights, restricted stock, restricted
stock units, dividend equivalents or similar awards. The awards will be
granted in reliance on the employment inducement exemption under the
NYSE’s Listed Company Manual Rule 303A.08, which requires public
announcement of inducement awards. Pursuant to the requirements of that
rule, Piper Jaffray is issuing this press release.
Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and
asset management firm. 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 five separate investment advisory
affiliates―U.S. Securities and Exchange Commission (SEC) registered
Advisory Research, Inc., 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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© 2019 Piper Jaffray Companies. 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036

View source version on businesswire.com: https://www.businesswire.com/news/home/20190313005044/en/
Source: Piper Jaffray Companies
Pamela Steensland
Tel: 612 303-8185
pamela.k.steensland@pjc.com