MINNEAPOLIS--(BUSINESS WIRE)--Dec. 30, 2020-- Piper Sandler Companies (NYSE: PIPR), a leading investment bank, today announced that its board of directors has approved the grant of equity awards under the Piper Jaffray Companies 2020 Employment Inducement Award Plan (the “Inducement Plan”) in connection with Piper Sandler’s acquisition of TRS Advisors, LLC (“TRS Advisors”).
Under the terms of the acquisition, Piper Sandler will grant an aggregate of $3 million of restricted shares of Piper Sandler common stock to five current TRS Advisors employees who will become Piper Sandler employees following the acquisition. The restricted stock granted will be issued immediately following the closing of the acquisition pursuant to the Inducement Plan and will be subject to the terms and conditions of the applicable award agreements entered into between Piper Sandler and each recipient. The restricted stock will be valued based upon the volume-weighted average per-share trading price of Piper Sandler common stock on the New York Stock Exchange for the ten trading days ending on the second trading day before the date of closing. The awards are intended to aid in the retention of the TRS Advisors employees.
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 Sandler is issuing this press release.
About Piper Sandler
As a leading investment bank, we enable growth and success for our clients through deep sector expertise, candid advice and a differentiated, highly productive culture. We transcend transactions to define possibilities—enabling clients to achieve their short-term goals while realizing their long-term vision. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen and Hong Kong. Learn more at PiperSandler.com.
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. TRS Advisors was acquired by Piper Sandler and is a brand name used by the restructuring group of the Piper Sandler investment banking division. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.
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Source: Piper Sandler Companies