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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Source: Piper Jaffray Companies
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