Piper Jaffray Companies Adopts 2010 Employment Inducement Award Plan
March 01 2010 - 3:48PM
Business Wire
Piper Jaffray Companies today announced the issuance of equity
awards under the Piper Jaffray Companies 2010 Employment Inducement
Award Plan. The Company established the Inducement Award Plan to
issue restricted stock awards to new hires in connection with the
acquisition of Advisory Research, Inc., an asset management firm
based in Chicago, Illinois. The Company issued 158,802 shares of
restricted stock on Mar. 1, 2010, with a grant-date market value
per share of $44.08, or an aggregate fair value of $7 million, to
seventeen employees of Advisory Research. The awards are intended
to aid in the retention of Advisory Research employees and were
approved as part of the definitive transaction agreement signed on
Dec. 20, 2009.
The inducement award plan was approved by the Compensation
Committee of the Board of Directors in connection with the
acquisition of Advisory Research. Under the plan, the Company 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 institutional securities firm, serving the
needs of corporations, private equity groups, public entities,
nonprofit clients and institutional investors. Founded in 1895,
Piper Jaffray provides a comprehensive set of products and
services, including equity and debt capital markets products;
public finance services; financial advisory services; institutional
equity and fixed-income sales and trading; equity research; fixed
income analytics. Piper Jaffray headquarters are located in
Minneapolis, Minnesota, with offices across the U.S. and in London
and Hong Kong. Piper Jaffray & Co. is the firm's principal
operating subsidiary. (www.piperjaffray.com)
Since 1895. Member SIPC and FINRA.
© 2010 Piper Jaffray & Co., 800 Nicollet Mall, Suite 800,
Minneapolis, Minnesota 55402-7020
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