Piper Jaffray Companies (NYSE: PJC), a leading investment bank and institutional securities firm, today announced that it has agreed to issue equity awards under the Piper Jaffray 2020 employment inducement award plan (the “Inducement Plan”).

Piper Jaffray established the Inducement Plan to issue restricted stock awards to new hires in connection with its previously announced merger with Sandler O’Neill + Partners, L.P. (“Sandler”). Under the terms of the merger, Piper Jaffray has agreed to implement an aggregate retention pool of $115 million payable in restricted consideration (generally restricted shares of Piper Jaffray common stock) to approximately 106 current Sandler employees who will become Piper Jaffray employees in the merger. Jonathan J. Doyle, Senior Managing Principal of Sandler, will receive an award from the retention pool of $10 million payable in restricted stock. As previously announced, Mr. Doyle will be appointed to Piper Jaffray’s board of directors and to the positions of Vice Chairman of Piper Jaffray and Senior Managing Principal of Piper Jaffray’s financial services group. The restricted stock granted under the retention pool will be issued immediately following the closing of the merger pursuant to the Inducement Plan and will be subject to the terms and conditions of the applicable award agreements to be entered into between Piper Jaffray and each recipient, including the applicable vesting schedule. The restricted stock will be valued based upon the volume-weighted average per-share closing price of Piper Jaffray common stock on the New York Stock Exchange for the ten trading days ending on the third trading day before the date of closing. The awards are intended to aid in the retention of the Sandler employees.

The Inducement Plan and the grant of restricted stock awards thereunder were approved by the Piper Jaffray board of directors, including its independent directors, in connection with the board’s approval of the merger with Sandler. 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 Jaffray is issuing this press release.

ABOUT PIPER JAFFRAY Piper Jaffray Companies (NYSE: PJC) is a leading investment bank and institutional securities firm driven to help clients Realize the Power of Partnership®. 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 four separate investment advisory affiliates. U.S. Securities and Exchange Commission (SEC) registered 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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Pamela Steensland Tel: 612 303-8185 pamela.k.steensland@pjc.com

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