MINNEAPOLIS--(BUSINESS WIRE)--Feb. 29, 2016--
Piper
Jaffray Companies (NYSE: PJC) today announced that it has agreed to
issue equity awards under the Piper Jaffray Companies 2016 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 Simmons & Company International. Under the terms of
the agreement, Piper Jaffray will issue an aggregate of $11.614 million
of restricted shares to 31 employees who had been associated with
Simmons. The shares will be issued on May 15, 2016 and will be valued
based upon the closing price of the Piper Jaffray common stock on that
date. The awards are intended to aid in the retention of Simmons
employees and were approved in connection with the definitive
transaction agreement signed on November 16, 2015.
The inducement award plan was approved by the Piper Jaffray Board of
Directors in connection with the acquisition of Simmons. 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.
About Piper Jaffray
Piper
Jaffray Companies (NYSE: PJC) is a leading, international 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 Simmons &
Company International Limited, authorized and regulated by the U.K.
Financial Conduct Authority and the Dubai Financial Services Authority;
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 Advisory Research, Inc., Piper Jaffray Investment Management
LLC and PJC Capital Partners LLC; and Guernsey-based Parallel General
Partners Limited, authorized and regulated by the Guernsey Financial
Services Commission. Simmons & Company International® | Energy
Specialists of Piper Jaffray® is a brand name used by certain
broker/dealer affiliates of Piper Jaffray Companies.
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© 2016 Piper Jaffray Companies, 800 Nicollet Mall, Suite 1000,
Minneapolis, Minnesota 55402-7036
View source version on businesswire.com: http://www.businesswire.com/news/home/20160229007000/en/
Source: Piper Jaffray Companies
Piper Jaffray Companies
Tom Smith, 612 303-6336
Head of
Investor Relations
thomas.g.smith@pjc.com
or
Pamela
Steensland, 612 303-8185
Head of Media Relations
pamela.k.steensland@pjc.com
