Document:

exv10w13

 

Exhibit 10.13

PIPER JAFFRAY COMPANIES

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

Directors who are not Piper Jaffray employees receive an annual cash retainer of $50,000 for
service on our Board of Directors and committees of the Board. No separate meeting fees are paid.
The lead director and the chairperson of the Audit Committee each receives an additional annual
cash retainer of $8,000. The chairperson of each other standing committee of the Board each
receives an additional annual cash retainer of $5,000.

In addition to the cash retainer, we grant equity awards to our non-employee directors to further
align their interests with those of our shareholders. Starting in 2007, we began granting
non-employee directors who will continue their service on the Board following an annual meeting of
shareholders 1,000 shares of our common stock on the date of the annual meeting. In addition, each
non-employee director receives 500 shares of our common stock on the date of the director’s initial
election to the Board. Prior to 2007, each non-employee director who continued their service on
the Board following an annual meeting received a grant of immediately exercisable stock options
with a fair market value of $50,000, and each newly-elected non-employee director received a grant
of immediately exercisable stock options with a fair market value of $20,000 on the date of the
director’s initial election to the Board. The number of shares underlying the grant of stock
options was determined using the Black-Scholes option-pricing model, and the options were
exercisable immediately. The equity awards and options granted to our non-employee directors are
granted under our Amended and Restated 2003 Annual and Long-Term Incentive Plan. Non-employee
directors who join our Board after the first month of a calendar year are paid pro rata annual
retainers and awarded pro rata equity awards based on the period they serve as directors during the
year.

Our non-employee directors may participate in the Piper Jaffray Companies Deferred Compensation
Plan for Non-Employee Directors, which was designed to facilitate increased equity ownership in the
company by our non-employee directors. The plan permits our non-employee directors to defer all or
a portion of the cash payable to them for service as a director of Piper Jaffray for any calendar
year. In 2007, we amended the plan to permit non-employee directors to defer all or a portion of
the shares of common stock granted to them as part of the changes to our non-employee director
compensation program discussed above. With respect to the 2007 share grant, each non-employee
director who was eligible to participate in the plan prior to 2007 and who received a grant of
shares during 2007 was deemed to have deferred the entire 2007 grant. Beginning in 2008,
non-employee directors may elect to defer all or a portion of the shares granted to them. All cash
amounts and share grants deferred by a participating director are credited to a recordkeeping
account and deemed invested in shares of our common stock as of the date the deferred fees
otherwise would have been paid or the shares otherwise would have been issued to the director.
This deemed investment is measured in phantom stock, and no shares of common stock are reserved,
repurchased or issued pursuant to the plan. With respect to cash amounts that have been deferred,
the fair market value of all phantom stock credited to a director’s account will be paid out to the
director (or, in the event of the director’s death, to his or her beneficiary) in a single lump-sum
cash payment following the director’s cessation of service as a non-employee director. The amount
paid out will be determined based on the fair market value of the stock

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on the last day of the year
in which the director’s service with us terminates. Share amounts that have been deferred will be
paid out to the director (or, in the event of the director’s death, to his or her beneficiary) in
the form of shares of common stock in an amount equal to the full number of shares credited to the
non-employee director’s account as of the last day of the year in which the cessation of service
occurred. Directors who elect to participate in the plan are not required to pay income taxes on
amounts or grants deferred but will instead pay income taxes on the amount of the lump-sum cash
payment paid to the director (or beneficiary) at the time of such payment. Our obligations under
the plan are unsecured general obligations to pay in the future the value of the participant’s
account pursuant to the terms of the plan.

Non-employee directors also may participate in our charitable gift matching program, pursuant to
which we will match a director’s gifts to eligible organizations dollar for dollar from a minimum
of $50 up to an aggregate maximum of $1,500 per year. In addition, our non-employee directors are
reimbursed for reasonable out-of-pocket expenses incurred in connection with their service on the
Board and committees of the Board. Employees of Piper Jaffray who also serve as directors receive
compensation for their service as employees, but they do not receive any additional compensation
for their service as directors. No other compensation is paid to our Board members in their
capacity as directors. Non-employee directors do not participate in our employee benefit plans.

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EXHIBIT
10.29

APTARGROUP, INC.

RESTRICTED STOCK UNIT AWARD AGREEMENT

          AptarGroup, Inc., a Delaware corporation (the “Company”), hereby grants                                          (the
“Employee”) as of                     ,                      (the “Grant Date”), pursuant to Section 4(d) of the
AptarGroup, Inc. 2004 Stock Awards Plan (the “Plan”), a restricted stock unit award (the “Award”)
of                      restricted stock units, upon and subject to the restrictions, terms and conditions set
forth below. Capitalized terms not defined herein shall have the meanings specified in the Plan.

          1. Award Subject to Acceptance of Agreement. The Award shall be null and void unless
the Employee shall accept this Agreement by executing it in the space provided below and returning
it to the Company.

          2. Restriction Period and Vesting. (a) The Award shall vest (i) with respect to                     
restricted stock units subject to the Award on,                     ,                     , an additional           
           restricted stock
units subject to the Award on                                          , and the remaining           
           restricted stock units subject to the Award on                     ,                     , or (ii) earlier pursuant to Section 2(c) or (e) hereof (the “Restriction
Period”).

          (b) If the Employee’s employment by the Company terminates by reason of retirement, the Award
shall continue to vest in accordance with Section 2(a)(i) or earlier pursuant to Section 2(e)
hereof; provided, however, that if the Employee dies after such Employee’s termination of
employment by reason of retirement, the portion of the Award, if any, which is not vested as of the
date of death shall become fully vested as of the date of death. For purposes of this Agreement,
“retirement” shall mean retirement either (i) at or after age 55 after a minimum of ten years of
employment with the Company or (ii) at or after age 65. For purposes of this Section 2.2(b) only,
employment with an entity or business acquired by the Company shall be deemed to be employment with
the Company.

          (c) If the Employee’s employment by the Company terminates by reason of permanent disability
or death, the Award shall become fully vested as of the effective date of the Employee’s
termination of employment or the date of death, as the case may be; provided, however, that in the
case of the Employee’s termination of employment by reason of permanent disability, the delivery of
shares of Stock by reason of the Award becoming fully vested shall be delayed for a period of six
months to the extent required for compliance with Section 409A of the Internal Revenue Code of
1986, as amended (“Code”). For purposes of this Agreement, “permanent disability” shall mean the
inability of the Employee to substantially perform his or her duties for a continuous period of at
least six months as determined by the Committee.

          (d) If the Employee’s employment by the Company terminates for any reason other than
retirement, permanent disability or death, the portion of the Award, if any, which is

 

 

not vested as of the effective date of the Employee’s termination of employment shall be forfeited
and cancelled by the Company.

          (e) (1) In the event of a Change in Control (as defined in Appendix A), the Award shall
immediately vest in full.

               (2) In the event of a Change in Control pursuant to paragraph (3) or (4) of Appendix A, the
Board of Directors (as constituted prior to such Change in Control) may, in its discretion (subject
to existing contractual arrangements):

	 	(i)	 	require that shares of stock of the corporation resulting from such Change in
Control, or a parent corporation thereof, be substituted for some or all of the Shares
(as defined in Section 3) issuable pursuant to the Award, as determined by the Board of
Directors; and/or
	 
	 	(ii)	 	require the Award, in whole or in part, to be surrendered to the Company by the
Employee and to be immediately cancelled by the Company, and provide for the Employee
to receive a cash payment in an amount not less than the amount determined by
multiplying the number of restricted stock units subject to the Award immediately prior
to such cancellation (but after giving effect to any adjustment pursuant to Section
5(c) of the Plan in respect of any transaction that gives rise to such Change in
Control), by the highest per share price offered to holders of Common Stock in any
transaction whereby the Change in Control takes place.

               (3) The Company may, but is not required to, cooperate with the Employee if the Employee is
subject to Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to
assure that any cash payment or substitution in accordance with the foregoing to the Employee is
made in compliance with Section 16 and the rules and regulations thereunder.

          3. Conversion of Restricted Stock Units and Issuance of Shares. Upon the vesting of
all or any portion of the Award in accordance with Section 2 hereof, one share of the Company’s
Common Stock, $0.01 par value, shall be issuable for each restricted stock unit that vests on such
date (the “Shares”), subject to the terms and provisions of the Plan and this Agreement.
Thereafter, the Company will transfer such Shares to the Employee upon satisfaction of any required
tax withholding obligations. No fractional shares shall be issued under this Agreement.

          4. Rights as a Stockholder. The Employee shall not be entitled to any privileges of
ownership (including any voting rights or rights with respect to dividends paid on the Common
Stock) with respect to any of the Shares issuable under the Award unless and until, and only to the
extent, the Award is settled by the issuance of such Shares to the Employee.

          5. Termination of Award. In the event that the Employee shall forfeit all or a
portion of the restricted stock units subject to the Award, the Employee shall promptly return this

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Agreement to the Company for cancellation. Such cancellation shall be effective regardless of
whether the Employee returns this Agreement.

          6. Additional Terms and Conditions of Award.

          6.1 Nontransferability of Award. During the Restriction Period, the restricted stock
units subject to the Award and not then vested may not be transferred by the Employee other than by
will, the laws of descent and distribution or pursuant to Section 5(f) of the Plan on a beneficiary
designation form approved by the Company. Except as permitted by the foregoing, during the
Restriction Period, the restricted stock units subject to the Award and not then vested may not be
sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by
operation of law or otherwise) or be subject to execution, attachment or similar process. Any such
attempted sale, transfer, assignment, pledge, hypothecation or encumbrance, or other disposition of
such shares shall be null and void.

          6.2. Withholding Taxes. As a condition precedent to the delivery to the Employee of
any of the Shares subject to the Award, the Employee shall, upon request by the Company, pay to the
Company (or shall cause a broker-dealer on behalf of the Employee to pay to the Company) such
amount of cash as the Company may be required, under all applicable federal, state, local or other
laws or regulations, to withhold and pay over as income or other withholding taxes (the “Required
Tax Payments”) with respect to the Award. If the Employee shall fail to advance the Required Tax
Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax
Payments from any amount then or thereafter payable by the Company to the Employee.

          6.3. Compliance with Applicable Law. The Award is subject to the condition that if
the listing, registration or qualification of the Shares subject to the Award upon any securities
exchange or under any law, or the consent or approval of any governmental body, or the taking of
any other action is necessary or desirable as a condition of, or in connection with, the vesting of
the restricted stock units or the delivery of the Shares hereunder, the Shares subject to the Award
may not be delivered, in whole or in part, unless such listing, registration, qualification,
consent or approval shall have been effected or obtained, free of any conditions not acceptable to
the Company. The Company agrees to use reasonable efforts to effect or obtain any such listing,
registration, qualification, consent or approval.

          6.4. Delivery of Certificates. Subject to Section 6.2, as soon as practicable after
the vesting of the Award, in whole or in part, the Company shall deliver or cause to be delivered
one or more certificates issued in the Employee’s name (or such other name as is acceptable to the
Company and designated in writing by the Employee) representing the number of vested shares. The
Company shall pay all original issue or transfer taxes and all fees and expenses incident to such
delivery, except as otherwise provided in Section 6.2.

          6.5. Award Confers No Rights to Continued Employment. In no event shall the granting
of the Award or its acceptance by the Employee give or be deemed to give the Employee any right to
continued employment by the Company or any Affiliate of the Company.

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          6.6. Decisions of Board or Committee. The Board of Directors of the Company or the
Committee shall have the right to resolve all questions which may arise in connection with the
Award. Any interpretation, determination or other action made or taken by the Board of Directors
or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive.

          6.7. Company to Reserve Shares. The Company shall at all times prior to the
cancellation of the Award reserve and keep available, either in its treasury or out of it
authorized but unissued shares of Common Stock, the full number of unvested restricted stock units
subject to the Award from time to time.

          6.8. Agreement Subject to the Plan. This Agreement is subject to the provisions of
the Plan (including the adjustment provision set forth in Section 5(c) thereof) and shall be
interpreted in accordance therewith. The Employee hereby acknowledges receipt of a copy of the
Plan. The Company reserves the right to amend this Agreement to the extent it determines in its
sole discretion such amendment is necessary or appropriate to comply with applicable law, including
but not limited to Section 409A of the Code.

          7. Miscellaneous Provisions.

          7.1. Meaning of Certain Terms. As used herein, the term “vest” shall mean no longer
subject to forfeiture and all rights hereunder shall be deemed to be vested. As used herein,
employment by the Company shall include employment by an Affiliate of the Company.

          7.2. Successors. This Agreement shall be binding upon and inure to the benefit of any
successor or successors of the Company and any person or persons who shall, upon the death of the
Employee, acquire any rights hereunder in accordance with this Agreement or the Plan.

          7.3. Notices. All notices, requests or other communications provided for in this
Agreement shall be made in writing by (a) actual delivery to the party entitled thereto, (b)
mailing to the last known address of the party entitled thereto, via certified or registered mail,
return receipt requested or (c) telecopy with confirmation of receipt. The notice, request or
other communication shall be deemed to be received, in the case of actual delivery, on the date of
its actual receipt by the party entitled thereto, in the case of mailing, on the tenth calendar day
following the date of such mailing, and in the case of telecopy, on the date of confirmation of
receipt; provided, however, that if a notice, request or other communication is not received during
regular business hours, it shall be deemed to be received on the next succeeding business day of
the Company.

          7.4. Governing Law. This Agreement and all determinations made and actions taken
pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be
governed by the laws of the State of Delaware and construed in accordance therewith without giving
effect to conflicts of laws principles.

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          7.5 Reports Filed with the Securities and Exchange Commission. The Company files
periodic and current reports and proxy statements with the Securities and Exchange Commission
(“SEC”). These documents are available, free of charge, on the website of the SEC (www.sec.gov) and
on the Company’s website (www.aptargroup.com, under Investor Relations/ “Annual Report & Proxy” and
“SEC Filings”), as soon as reasonably practicable after the material is filed with, or furnished
to, the SEC. Any of these documents are available to the Director in paper format, without charge,
upon written or oral request to the Company’s Investor Relations Department located at 475 West
Terra Cotta Avenue, Suite E, Crystal Lake, Illinois, 60014, U.S.A., phone number 1-815-477-0424.

          7.6. Counterparts. This Agreement may be executed in two counterparts each of which
shall be deemed an original and both of which together shall constitute one and the same
instrument.

	 	 	 
	 

	 	APTARGROUP, INC.
	 
	 	 
	 

	 	 
	 

	 	By: Peter Pfeiffer
	 

	 	     President and Chief Executive Officer

	 	 	 
	Accepted this                      day of

	 	 
	                    , 200                    
	 	 
	 
	 	 
	 

Employee

	 	 

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	 	Appendix A
	 

	 	to AptarGroup, Inc.
	 

	 	Restricted Stock Unit Award
	 

	 	Agreement for Employees

For purposes of this Agreement “Change in Control” shall mean:

          (1) the acquisition by any individual, entity or group (a “Person”), including any “person”
within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated
under the Exchange Act, of more than 50% of either (i) the then outstanding shares of common stock
of the Company (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the
then outstanding securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that the
following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from
the Company (excluding any acquisition resulting from the exercise of a conversion or exchange
privilege in respect of outstanding convertible or exchangeable securities unless such outstanding
convertible or exchangeable securities were acquired directly from the Company), (B) any
acquisition by the Company, (C) any acquisition by an employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company or (D) any
acquisition by any corporation pursuant to a reorganization, merger or consolidation involving the
Company, if, immediately after such reorganization, merger or consolidation, each of the conditions
described in clauses (i), (ii) and (iii) of subsection (3) of this Appendix A shall be satisfied;
and provided further that, for purposes of clause (B), if any Person (other than
the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company
or any corporation controlled by the Company) shall become the beneficial owner of more than 50%
of the Outstanding Company Common Stock or more than 50% of the Outstanding Company Voting
Securities by reason of an acquisition by the Company and such Person shall, after such acquisition
by the Company, become the beneficial owner of any additional shares of the Outstanding Company
Common Stock or any additional Outstanding Company Voting Securities and such beneficial ownership
is publicly announced, such additional beneficial ownership shall constitute a Change in Control;

          (2) individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease
for any reason to constitute at least a majority of such Board; provided, however,
that any individual who becomes a director of the Company subsequent to the date hereof whose
election, or nomination for election by the Company’s stockholders, was approved by the vote of at
least a majority of the directors then comprising the Incumbent Board shall be deemed to have been
a member of the Incumbent Board; and provided further, that no individual who was
initially elected as a director of the Company as a result of an actual or threatened solicitation
by a Person other than the Board for the purpose of opposing a solicitation by any other Person
with respect to the election or removal of directors or any other actual or threatened solicitation
of proxies or consents by or on behalf of any Person other than the Board shall be deemed to have
been a member of the Incumbent Board;

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     (3) consummation of a reorganization, merger or consolidation unless, in any such case,
immediately after such reorganization, merger or consolidation, (i) 50% or more of the then
outstanding shares of common stock of the corporation resulting from such reorganization, merger or
consolidation and 50% or more of the combined voting power of the then outstanding securities of
such corporation entitled to vote generally in the election of directors is then beneficially
owned, directly or indirectly, by all or substantially all of the individuals or entities who were
the beneficial owners, respectively, of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities immediately prior to such reorganization, merger or consolidation and in
substantially the same proportions relative to each other as their ownership, immediately prior to
such reorganization, merger or consolidation, of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities, as the case may be, (ii) no Person (other than the Company,
any employee benefit plan (or related trust) sponsored or maintained by the Company or the
corporation resulting from such reorganization, merger or consolidation (or any corporation
controlled by the Company) and any Person which beneficially owned, immediately prior to such
reorganization, merger or consolidation, directly or indirectly, more than 50% of the Outstanding
Company Common Stock or the Outstanding Company Voting Securities, as the case may be) beneficially
owns, directly or indirectly, more than 50% of the then outstanding shares of common stock of such
corporation or more than 50% of the combined voting power of the then outstanding securities of
such corporation entitled to vote generally in the election of directors and (iii) at least a
majority of the members of the board of directors of the corporation resulting from such
reorganization, merger or consolidation were members of the Incumbent Board at the time of the
execution of the initial agreement or action of the Board providing for such reorganization, merger
or consolidation; or

     (4) consummation of (i) a plan of complete liquidation or dissolution of the Company or (ii)
the sale or other disposition of all or substantially all of the assets of the Company other than
to a corporation with respect to which, immediately after such sale or other disposition, (A) 50%
or more of the then outstanding shares of common stock thereof and 50% or more of the combined
voting power of the then outstanding securities thereof entitled to vote generally in the election
of directors is then beneficially owned, directly or indirectly, by all or substantially all of the
individuals and entities who were the beneficial owners, respectively, of the Outstanding Company
Common Stock and the Outstanding Company Voting Securities immediately prior to such sale or other
disposition and in substantially the same proportions relative to each other as their ownership,
immediately prior to such sale or other disposition, of the Outstanding Company Common Stock and
the Outstanding Company Voting Securities, as the case may be, (B) no Person (other than the
Company, any employee benefit plan (or related trust) sponsored or maintained by the Company or
such corporation (or any corporation controlled by the Company) and any Person which beneficially
owned, immediately prior to such sale or other disposition, directly or indirectly, more than 50%
of the Outstanding Company Common Stock or the Outstanding Company Voting Securities, as the case
may be) beneficially owns, directly or indirectly, more than 50% of the then outstanding shares of
common stock thereof or more than 50% of the combined voting power of the then outstanding
securities thereof entitled to vote generally in the election of directors and (C) at least a
majority of the members of the board of directors thereof were members of the Incumbent Board at
the time of

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the execution of the initial agreement or action of the Board providing for such sale or other
disposition.

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	 	Appendix A
	 

	 	to AptarGroup, Inc.
	 

	 	Restricted Stock Unit Award Agreement
	 

	 	For Employees

APTARGROUP, INC.

2004 Stock Awards Plan

BENEFICIARY DESIGNATION FORM

          You may designate a primary beneficiary and a secondary beneficiary. You can name more than
one person as a primary or secondary beneficiary. For example, you may wish to name your spouse as
primary beneficiary and your children as secondary beneficiaries. Your secondary beneficiary(ies)
will receive nothing if any of your primary beneficiaries survive you. All primary beneficiaries
will share equally unless you indicate otherwise. The same rule applies for secondary
beneficiaries.

	 	 	 	 	 
	Designate Your Beneficiary(ies):
	 
	 	 	 	 
	 

	 	Primary Beneficiary(ies):	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 

	 	Secondary Beneficiary(ies):	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	I certify that my designation of beneficiary set forth above is my free act and deed.
	
	 	 	 	 

	 	 	 	 	 	 	 
	 

		
		

		
	Name of Employee

	 	 
	 	Employee’s Signature	 	 
	     (Please Print)
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Date	 	 

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