exv10w18






     



Exhibit 10.18




PIPER JAFFRAY COMPANIES

2010 Compensation and Benefits for Non-Employee Directors




	 	 	 	 	 	 	 
	 	 	Amount	 	Objective	 	Time and Terms of Payment
	 
	Annual Cash Retainer

	 	$60,000 
	 	Consideration for Board and committee service for the current calendar year
	 	Paid on the first business day in January. For directors joining the Board after January in any year, a pro
rata amount will be paid on the date the director is elected to the Board based on the number of days during
which the director will serve on the Board during that year.

	 
	 	 	 	 	 	 
	Additional Annual Cash Retainer for
Lead Director and Committee
Chairpersons

	 	$20,000-Lead Director


$20,000-Audit


$10,000-Compensation


$5,000-Nominating and Governance
	 	Consideration for service as lead director or committee chairperson for

the current calendar year
	 	Paid on the first business day in
January.

	 
	 	 	 	 	 	 
	Initial Equity Grant

	 	$60,000 (valued as of 
election date)
	 	Establish PJC equity interest upon initial election to the Board to align
director and shareholder interests
	 	Shares of PJC common stock granted on
the date of the director’s initial election or appointment to
the Board.

	 
	 	 	 	 	 	 
	Annual Equity Grant

	 	$60,000 (valued on the date of the annual meeting of shareholders)
	 	Incentive compensation for continuing service on the Board and enhanced
alignment of director and shareholder interests
	 	Shares of PJC common stock granted on the date of the annual meeting of shareholders to any director whose
service on the Board will continue following the annual meeting. For directors joining the Board after the
annual meeting in any year, an equity award will be granted on the date the director is elected to the Board
covering a pro rata number of shares based on the number of days during which the director will serve on the
Board during that year.

	 
	 	 	 	 	 	 
	Deferral Opportunity

	 	All cash and equity received on an annual basis
	 	Increase equity stake by directors
	 	Annual opportunity to participate in the Amended and Restated Piper Jaffray Companies Deferred Compensation
Plan for Non-Employee Directors, permitting deferral into phantom stock units of all or a portion of the
director’s annual cash compensation for service as a Piper Jaffray Companies director, and deferral of any
shares granted in consideration of the director’s service as a director. To participate in any year,
irrevocable election must be made by December 31 of the preceding year for continuing directors and on the
date of initial election or appointment to the Board for new directors. Annual opportunity to change the
subsequent year’s election. The deferral date for the cash retainer is the first business day in January
each year; the deferral date for the equity grant is the date of the annual meeting of shareholders each
year.

	 
	 	 	 	 	 	 
	Charitable Gift Matching Program

	 	Up to $1,500 
	 	Encourage charitable giving
	 	Pursuant to the Piper Jaffray Gift Matching Program, Piper Jaffray will match directors’ gifts to eligible
organizations dollar for dollar from a minimum of $50 up to an aggregate maximum of $1,500 per year (the same
terms and conditions as are applicable to employees).

	 
	 	 	 	 	 	 
	Reimbursement of Out-of-Pocket Expenses	 	In addition to the
foregoing, non-employee directors will be reimbursed for reasonable
out-of-pocket expenses incurred in connection with their service on
the Board and Board committees.