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Document

Exhibit 10.31

RESTRICTED STOCK AND MUTUAL FUND RESTRICTED SHARE AGREEMENT
(2021 Annual Grant)

Under the

PIPER SANDLER COMPANIES
AMENDED AND RESTATED 2003 ANNUAL AND LONG-TERM INCENTIVE PLAN
AND
MUTUAL FUND RESTRICTED SHARE INVESTMENT PLAN

Notice of Grant

Piper Sandler Companies, a Delaware corporation (the “Company”), hereby grants to the below-named employee of the Company or an Affiliate of the Company (the “Employee”) (i) a Restricted Stock Award pursuant to the Company’s Amended and Restated 2003 Annual and Long-Term Incentive Plan, as amended from time to time (the “2003 Plan”), and (ii) a Mutual Fund Restricted Share Award (the “MFRS Award”) pursuant to the Company’s Mutual Fund Restricted Share Investment Plan, as amended from time to time (the “MFRS Plan” and together with the Restricted Stock Plan, the “Plans”).  The terms and conditions of the Restricted Stock Award and MFRS Award (collectively, the “Awards”) are set forth in this Restricted Stock and Mutual Fund Restricted Share Agreement (the “Agreement”), consisting of this Notice of Grant and the Terms and Conditions on the following pages.  This Agreement and the Awards are subject to all of the provisions of the applicable Plans.  Any capitalized term that is not defined in this Agreement shall have the meaning set forth in the Plans as they currently exist or as they are amended in the future. 

Name of Employee: ________________________

Date of Issuance: _______________, 2021

Restricted Stock Award 

						
	No. of Restricted Shares Covered:
	Vesting Schedule pursuant to Section 3:
	The Restricted Shares shall vest ratably over three years on the 16th day of the month (or, if the 16th falls on a weekend or another day on which the New York Stock Exchange is closed, on the immediately preceding business day) in which the first, second, and third anniversaries of the date of issuance occurs.

Mutual Fund Restricted Share Award 

									
	Restricted Mutual Fund Shares Covered:*		
	Vanguard Short-term Government Bond Index Fund		
	Dodge & Cox Income Fund		
	T. Rowe Price Blue Chip Growth Fund		
	Vanguard Extended Market Index Fund		
	Vanguard Global Equity Fund		
	Vanguard 500 Index		
	Vesting Schedule pursuant to Section 3:
	The Restricted Mutual Fund Shares shall vest ratably over three years on the 16th day of the month (or, if the 16th falls on a weekend or another day on which the New York Stock Exchange is closed, on the immediately preceding business day) in which the first, second, and third anniversaries of the date of issuance occurs.

* Subject to adjustment in accordance with the terms of this Agreement

IMPORTANT ACKNOWLEDGEMENT:  By signing this Agreement, Employee voluntarily elects to receive and accept the Restricted Stock Award and MFRS Award subject to all of the terms and conditions set forth in this Agreement, and specifically acknowledges and agrees that under certain circumstances, as specified in Section 5(a), the unvested Restricted Shares and Restricted Mutual Fund Shares may cease to vest and be forfeited to the Company.  Employee also acknowledges and agrees that such terms and conditions are fair and reasonable under the circumstances.

EMPLOYEE

                                                                         

PIPER SANDLER COMPANIES

By__________________________________
     Its                                                                

Terms and Conditions

1.    Restricted Shares.

(a)    The Shares subject to the Restricted Stock Award are subject to the restrictions provided for in this Agreement and are referred to collectively as the “Restricted Shares” and each as a “Restricted Share.”

(b)    The Restricted Shares will be evidenced by a book entry made in the records of the Company’s transfer agent in the name of the Employee (unless the Employee requests a certificate evidencing the Restricted Shares).  All restrictions provided for in this Agreement will apply to each Restricted Share and to any other securities distributed with respect to that Restricted Share. Any dividends or distributions payable or distributable with respect to or in exchange for outstanding but unvested Restricted Shares shall be held by the Company (or its designated agent) subject to the same restrictions, vesting conditions, and other terms of this Agreement to which the underlying unvested Restricted Shares are subject. At the time the underlying Restricted Shares vest, the Company shall cause to be delivered to the Employee (without interest) the portion of such retained dividends and distributions that relate to the Restricted Shares that have vested. Unless otherwise permitted by the Committee in accordance with the terms of the Plan, the Restricted Shares may not (until such Restricted Shares have vested in the Employee in accordance with all terms and conditions of this Agreement) be assigned or transferred other than by will or the laws of descent and distribution and shall not be subject to pledge, hypothecation, execution, attachment or similar process.  Each Restricted Share will remain restricted and subject to forfeiture to the Company unless and until that Restricted Share has vested in the Employee in accordance with all of the terms and conditions of this Agreement and the 2003 Plan.  Each book entry (or stock certificate if requested by the Employee) evidencing any Restricted Share may contain such notations or legends and stock transfer instructions or limitations as may be determined or authorized by the Company in its sole discretion.  If a certificate evidencing any Restricted Share is requested by the Employee, the Company may, in its sole discretion, retain custody of the certificate throughout the period during which any restrictions are in effect and require, as a condition to issuing a certificate, that the Employee tender to the Company a stock power duly executed in blank relating to such custody.

2.    Restricted Mutual Fund Shares.

    (a)    The Restricted Mutual Fund Shares represent Restricted Mutual Fund Shares that have been awarded to the Employee by the Company as well as any additional Restricted Mutual Fund Shares that the Employee has elected to receive in lieu of amounts that would have been otherwise awarded as Restricted Shares, in accordance with the Committee’s determination to permit such an election and in the amount so permitted. The Restricted Mutual Fund Shares were to be allocated by the Employee among mutual funds and exchange-traded funds selected by the Company. 

The deadline for submitting an allocation form for this award cycle has passed and no reallocation among selected mutual funds or exchange-traded funds shall be permitted. The Employee’s allocation, and any election to increase the amount of Restricted Mutual Fund Shares received in lieu of amounts that would have been otherwise awarded as Restricted Shares, is irrevocable. If the Employee failed to allocate their Restricted Mutual Fund Shares among the available mutual funds and exchange-traded funds prior to the deadline, the Company’s determination of the allocation shall be binding on the Employee, and no reallocation shall be permitted.    

(b)    All vesting contingencies and restrictions provided for in this Agreement will apply to each Restricted Mutual Fund Share. The Restricted Mutual Fund Shares may not (until such Restricted Mutual Fund Shares have vested in the Employee in accordance with all terms and conditions of this Agreement) be assigned or transferred other than by will or the laws of descent and distribution and shall not be subject to pledge, hypothecation, execution, attachment or similar process.  Each Restricted Mutual Fund Share will remain restricted, and its unvested portion subject to forfeiture to the Company, unless and until that Restricted Mutual Fund Share has vested in the Employee in accordance with all of the terms and conditions of this Agreement and the MFRS Plan.  The Employee shall execute such pledge or other agreement that the Company may require at any time to perfect such restriction.

3.    Vesting.

(a)    Continuous Employment:  So long as the Employee remains continuously employed (including during the continuance of any leave of absence as approved by the Company or an Affiliate) by the Company or an Affiliate, then the Restricted Shares and Restricted Mutual Fund Shares will vest in the numbers and on the dates specified in their respective Vesting Schedules in the Notice of Grant.  Except as otherwise provided herein, if and when the Employee’s employment with the Company or an Affiliate terminates, whether by the Employee or by the Company (or an Affiliate), voluntarily or involuntarily, for any reason, then, in accordance with Section 5 of this Agreement, the Restricted Shares and Restricted Mutual Fund Shares shall cease vesting, the unvested Restricted Shares and Restricted Mutual Fund Shares as of the termination date shall be forfeited to the Company.

    (b)    Vesting in Event of Death:  If the Employee’s employment by the Company or an Affiliate terminates because of the Employee’s death, then the unvested Restricted Shares and Restricted Mutual Fund Shares will immediately vest in full.

    (c)    Vesting in Event of Long-Term Disability:  If the Employee’s employment by the Company or an Affiliate terminates because of the Employee’s long-term disability (as defined in the Company’s long-term disability plan, a “Disability”), then the unvested Restricted Shares and Restricted Mutual Fund Shares will continue vesting during the Employee’s long-term disability period in accordance with their respective Vesting Schedules set forth in the Notice of Grant.  If, however, the Employee recovers 

from the Disability, and returns to gainful employment with any employer other than the Company or an Affiliate, the Employee’s entitlement to the unvested Restricted Shares and Restricted Mutual Fund Shares will be subject to the requirements of subparagraph 3(f) below.

(d)    Vesting in Event of Severance Event:  If the Employee’s employment by the Company or an Affiliate is involuntarily terminated as a result of a Company-determined severance event (i.e., an event specifically designated as a severance event by the Company in a written notice to the Employee that he or she is eligible for severance benefits under the Company’s Severance Plan, as may be amended from time to time), then the unvested Restricted Shares and Restricted Mutual Fund Shares will, as set forth in writing in a severance agreement, vest in full upon the expiration of a thirty-day period commencing upon the Employee’s execution of a general release of all claims against the Company and its Affiliates, on a form provided by the Company for this purpose and within the timeframe designated by the Company; provided that, no such vesting will occur unless (i) the Employee has not revoked the general release and it remains effective and enforceable upon expiration of the thirty-day period following its execution, and (ii) the Employee has complied with the terms and conditions of the Company’s Severance Plan and the applicable severance agreement.

(e)    Vesting in Event of For Cause Discharge:  If the Employee’s employment with the Company or an Affiliate terminates because the Employee was discharged for “Cause” (as that term is defined in subparagraph 5(b)) below, then the unvested Restricted Shares and Restricted Mutual Fund Shares shall cease vesting and be forfeited to the Company.

(f)    Vesting in the Event of Any Other Type of Separation:  If the Employee’s employment with the Company or an Affiliate terminates for any reason other than the Employee’s death, Disability, termination in a Company-determined severance event, or for Cause (all as described above), then the unvested Restricted Shares and Restricted Mutual Fund Shares shall cease vesting and be forfeited to the Company; provided, however, that at the time of termination, the Company shall offer the Employee an opportunity to (a) sign a Post-Termination Agreement, and (b) execute a general release of all claims against the Company and its Affiliates on a form provided by the Company for this purpose and within the timeframe designated by the Company.

If the Employee signs a Post-Termination Agreement, and thereafter complies with the Employee’s obligations under such Post-Termination Agreement, including the obligation to refrain from engaging in any Restricted Activities (as defined below) for the shorter of the remaining vesting period of the unvested Restricted Shares and Restricted Mutual Fund Shares, or the restricted period identified in the Post-Termination Agreement (which may extend beyond the Applicable Post-Employment Restricted Period (as defined below) and be up to two years following the date of termination), and the Employee signs and does not rescind or take any action to revoke the general release as described above in whole or in part, then the unvested Restricted 

Shares and Restricted Mutual Fund Shares shall not cease to vest and shall not be forfeited, but rather, as set forth in the Post-Termination Agreement, shall continue to vest in the numbers and on the dates specified in their respective Vesting Schedules in the Notice of Grant for so long as the Employee continuously refrains from engaging in all Restricted Activities for the shorter of the remaining vesting period of the unvested Restricted Shares and Restricted Mutual Fund Shares, or the restricted period identified in the Post-Termination Agreement.

(g)    Notwithstanding any other provisions of this Agreement to the contrary, the Committee may, in its sole discretion, declare at any time that the unvested Restricted Shares or Restricted Mutual Fund Shares, or any portion of either thereof, shall vest immediately or, to the extent they otherwise would be forfeited, shall vest in the numbers and on such dates as are determined by the Committee to be in the interests of the Company as determined by the Committee in its sole discretion.

4.    Effect of Vesting.  Upon the vesting of any Restricted Shares or Restricted Mutual Fund Shares, such vested Restricted Shares and Restricted Mutual Fund Shares will no longer be subject to forfeiture; provided, however, that such vested Restricted Shares and Restricted Mutual Fund Shares shall remain subject to potential recovery by the Company pursuant to Section 7 of this Agreement.

5.    Forfeiture of Unvested Restricted Shares and Restricted Mutual Fund Shares.

(a)    If (i) the Employee attempts to pledge, encumber, assign, transfer or otherwise dispose of any of the Restricted Shares (except as permitted by Section 1(b) of this Agreement) or the Employee’s interest in or rights to any of the Restricted Mutual Fund Shares (except as permitted by Section 2(b) of this Agreement), or the Restricted Shares or Restricted Mutual Fund Shares become subject to attachment or any similar involuntary process in violation of this Agreement, or (ii) the Employee’s employment with the Company or an Affiliate (A) is terminated for Cause or (B) terminates under the circumstances covered by Section 3(d) or Section 3(f) (including as Section 3(f) applies with respect to Section 3(c)) of this Agreement and either (1)  the conditions or restrictions of such Section, as applicable, are not satisfied or (2) the conditions or restrictions of such Section, as applicable, are satisfied but the Employee subsequently violates any of them, then any Restricted Shares and Restricted Mutual Fund Shares that have not previously vested shall cease to vest and shall be forfeited to the Company immediately, the Employee shall thereafter have no right, title or interest whatsoever in such unvested Restricted Shares and Restricted Mutual Fund Shares, and, if the Company does not have custody of any and all certificates representing Restricted Shares so forfeited, the Employee shall immediately return to the Company any and all certificates representing Restricted Shares so forfeited.  Additionally, the Employee will deliver to the Company a stock power duly executed in blank relating to any and all certificates representing such forfeited Restricted Shares to the Company in accordance with the previous sentence or, if such stock power has previously been 

tendered to the Company, the Company will be authorized to deem such previously tendered stock power delivered, and the Company will be authorized to cancel any and all certificates representing Restricted Shares so forfeited and to cause a book entry to be made in the records of the Company’s transfer agent in the name of the Employee (or a new stock certificate to be issued, if requested by the Employee) evidencing any Restricted Shares that vested prior to the forfeiture of unvested Restricted Shares under this Section 5.  If the Restricted Shares are evidenced by a book entry made in the records of the Company’s transfer agent, then the Company will be authorized to cause such book entry to be adjusted to reflect the number of Restricted Shares so forfeited.

(b)    For purposes of this Agreement, “Cause” means (i) the Employee’s continued failure to substantially perform his or her duties with the Company or an Affiliate after written demand for substantial performance is delivered to the Employee; the Employee shall be provided thirty (30) days to attempt to remedy the deficiencies identified by the Company or an Affiliate in its written demand; (ii) the Employee’s conviction of a felony; (iii) the Employee committing a felony or engaging in other misconduct that the Company determines in its sole discretion impairs the Employee’s ability to perform his or her duties with the Company or an Affiliate, and/or results in negative or otherwise adverse publicity for the Company or an Affiliate; (iv) the Employee’s violation of any policy of the Company or an Affiliate that the Company, in its sole discretion, deems material; (v) the Employee’s violation of any securities law, rule or regulation that the Company, in its sole discretion, deems material; (vi) the Employee’s engagement in conduct that, in the Company’s sole discretion, exposes the Company or an Affiliate to civil or regulatory liability or injury to its reputation; (vii) the Employee’s engagement in conduct that would subject the Employee to statutory disqualification pursuant to Section 15(b) of the Exchange Act and the regulations promulgated thereunder; or (viii) the Employee’s gross or willful misconduct that the Company, in its sole discretion, deems material.

6.    Restricted Activities.  In consideration of the grant of this Award, the Employee agrees to comply with and be bound by the following restrictive covenants (each a “Restricted Activity” and together the “Restricted Activities”):

(a)    the Employee will not, either during the Employee’s employment by the Company or an Affiliate or at any time thereafter, except in connection with the performance of the Employee’s job duties for the benefit of the Company, use, disclose or misappropriate any Company-Confidential Information (as defined below) unless the Company or an Affiliate consents otherwise in writing.  “Company-Confidential Information” shall have the same meaning as provided in the Company’s Code of Ethics and Business Conduct, and shall include without limitation any confidential, secret or proprietary knowledge or information of the Company or an Affiliate that the Employee has acquired or become acquainted with during the Employee’s employment with the Company or an Affiliate. For the avoidance of doubt, nothing in this paragraph or any other provision of this Agreement precludes you from reporting to the Company’s management or directors or to the government, a regulator, or a self-regulatory agency 

conduct that you believe to be in violation of the law, or responding truthfully to questions or requests from the government, a regulator, a self-regulatory agency, or in a court of law.

(b)    the Employee will not, during the Employee’s employment by the Company or an Affiliate and during the Applicable Post-Employment Restricted Period, directly or indirectly, on behalf of the Employee or any other person (including but not limited to any Talent Competitor (as defined below)), solicit, induce or encourage any person then employed, or employed within the 180-day period preceding the Employee’s termination, by the Company or an Affiliate to terminate or otherwise modify their employment relationship with the Company;

(c)    the Employee will not, during the Employee’s employment by the Company or an Affiliate and during the Applicable Post-Employment Restricted Period, on behalf of the Employee or any other person (including but not limited to any Talent Competitor (as defined below)), hire, retain or employ in any capacity any person then employed, or employed within the 180-day period preceding the Employee’s termination, by the Company or an Affiliate;

(d)    the Employee will not, during the Employee’s employment by the Company or an Affiliate and during the Applicable Post-Employment Restricted Period, directly or indirectly, on behalf of the Employee or any other person (including but not limited to any Talent Competitor), solicit any customer, client or account of the Company or an Affiliate, or otherwise seek to divert any customer, client or account of the Company or an Affiliate away from engaging in business with the Company or an Affiliate.  For purposes of this subparagraph, “customer, client or account” shall include the following: then-current customers, clients, or accounts of the Company or an Affiliate; any customers, clients or accounts that had been represented by or had a business relationship with the Company or an Affiliate within the 365-day period preceding the Employee’s termination; and any individual, company or other form of legal entity that had been solicited or pitched for business by the Company or an Affiliate within the 365-day period preceding the Employee’s termination, if the Employee was involved in any capacity in the solicitation or pitch;

(e)    the Employee will not, during the Employee’s employment by the Company or an Affiliate and during the Applicable Post-Employment Restricted Period, without the prior written consent of the Company or an Affiliate, (x) become a director, officer, employee, partner, consultant or independent contractor of, or otherwise work or provide services for, a Talent Competitor doing business in the same geographic or market area(s) in which the Company or an Affiliate is also doing business, or (y) acquire any material ownership or similar financial interest in any such Talent Competitor;

(f)    the Employee will not, either during the Employee’s employment by the Company or an Affiliate or at any time thereafter, make disparaging, derogatory, or 

defamatory statements about the Company or an Affiliate in any public forum or media; and

(g)    the Employee will not, either during the Employee’s employment by the Company or an Affiliate or at any time thereafter, fail to cooperate fully with and provide full and accurate information to the Company and its counsel with respect to any matter (including any audit, tax proceeding, litigation, investigation or governmental proceeding) with respect to which the Employee may have knowledge or information, subject to reimbursement for actual, appropriate and reasonable expenses incurred by the Employee.

For purposes of this Section 6, the “Applicable Post-Employment Restricted Period” means: (i) with respect to Sections 6(b) and (c), one year following any termination of the Employee’s employment with the Company or an Affiliate (not including any period of notice provided by the Employee); (ii) with respect to Section 6(d), six months following any termination of the Employee’s employment with the Company or an Affiliate (not including any period of notice provided by the Employee); and (iii) with respect to Section 6(e), one month following any termination of the Employee’s employment initiated and effected by the Company or an Affiliate without Cause, or three months following any other termination of the Employee’s employment with the Company or an Affiliate (not including any period of notice provided by the Employee); provided, however, that if the Employee voluntarily elects to sign a Post-Termination Agreement with the Company pursuant to Section 3(f), then such Post-Termination Agreement may include one or more restricted periods that are longer than the Applicable Post-Employment Restricted Period with respect to one or more of the Restricted Activities.

For purposes of this Section 6, a “Talent Competitor” means any corporation, partnership, limited liability company or other business association, organization or entity that engages in the investment banking, securities brokerage or investment management business, including, but not limited to, investment banks, sell-side broker dealers, mergers and acquisitions or strategic advisory firms, merchant banks, hedge funds, private equity firms, venture capital firms, asset managers and investment advisory firms.

7.    Potential Clawback.  The Employee acknowledges that he or she has been provided a copy of the Company’s Incentive Compensation Recovery Policy, dated February 4, 2014 (the “Recovery Policy”), and understands, accepts and agrees that this grant in this Agreement of Restricted Shares and Restricted Mutual Fund Shares, and any other outstanding Award he or she may have been granted under the Plans after May 8, 2013 (a “Prior Award”) are subject to the terms and conditions of the Recovery Policy as it currently exists and as it may be amended from time to time, which include the potential forfeiture to or recovery by the Company of the Restricted Stock Award or the MFRS Award, any Prior Award, any Shares issued or mutual fund shares vested pursuant to this Agreement or any Prior Award, any proceeds received by 

the Employee upon the sale of any such Shares or mutual fund shares, and any other compensatory value received by Employee under the Restricted Stock Award, the MFRS Award or any Prior Award under the circumstances and to the extent set forth in the Recovery Policy.  This Agreement may be unilaterally amended by the Committee at any time to comply with the Recovery Policy as it may be amended from time to time.

8.    Shareholder Rights.  As of the date of issuance specified at the beginning of this Agreement, the Employee shall have all of the rights of a shareholder of the Company with respect to the Restricted Shares, and all the rights of a mutual fund shareholder with respect to the Restricted Mutual Fund Shares, except as otherwise specifically provided in this Agreement.

9.    Fund Fees and Distributions. 

(a)    Management fees of the applicable mutual funds for the Restricted Mutual Fund Shares shall be the sole responsibility of the Employee.

(b)    If any mutual fund in which the Employee holds an interest distributes dividends, income or earnings with respect to the Restricted Mutual Fund Shares prior to the vesting of such Restricted Mutual Fund Shares, then the following shall apply. In the event of distributions made in cash, such cash distributions shall be reinvested in the mutual fund from which the distribution occurred and the mutual fund shares representing the reinvested amounts shall be considered Restricted Mutual Fund Shares under this Agreement, and shall vest along with the other unvested Restricted Mutual Fund Shares in equal installments over the remaining vesting dates provided in the Vesting Schedule in the Notice of Grant. In the event of in-kind distributions, extraordinary distributions (whether in other securities or other property) or other adjustments, such distributions shall be held in the account of the Employee together with the Restricted Mutual Fund Shares.  All Restricted Mutual Fund Shares received via distributions shall also be restricted and shall vest on the dates specified in the applicable Vesting Schedule in the Notice of Grant.  For the avoidance of doubt, in the event that any unvested Restricted Mutual Fund Shares are forfeited in accordance with this Agreement, the distributions with respect to any such Restricted Mutual Fund Shares not previously paid out will also be forfeited.

10.    Tax Withholding.  The parties hereto recognize that the Company or an Affiliate may be obligated to withhold federal and state taxes or other taxes upon the vesting of the Restricted Shares or Restricted Mutual Fund Shares, or, in the event that the Employee elects under Code Section 83(b) to report the receipt of the Restricted Shares or Restricted Mutual Fund Shares as income in the year of receipt, upon the Employee’s receipt of the Restricted Shares or Restricted Mutual Fund Shares, respectively.  The Employee agrees that, at such time, if the Company or an Affiliate is required to withhold such taxes, the Employee will promptly pay, in cash upon demand (or in any other manner permitted by the Committee in accordance with the terms of the Plans), to the Company or an Affiliate such amounts as shall be necessary to satisfy such obligation.  

The Employee further acknowledges that the Company has directed the Employee to seek independent advice regarding the applicable provisions of the Code, the income tax laws of any municipality, state or foreign country in which the Employee may reside, and the tax consequences of the Employee’s death.

11.    Injunctive Relief.  In the event of a breach by the Employee of the Employee’s obligations under this Agreement, including but not limited to a commission by the Employee of a Restricted Activity as described in Section 6, in addition to being entitled to exercise all rights granted by law, including recovery of damages, the Company will be entitled to specific performance of its rights under this Agreement.  The Employee acknowledges that a violation or attempted violation of the obligations set forth herein will cause immediate and irreparable damage to the Company, and therefore agrees that the Company shall be entitled as a matter of right to an injunction, from any court of competent jurisdiction, restraining any violation or further violation of such obligations (without posting any bond or other security).  

12.    Restrictive Legends and Stop-Transfer Orders.

    (a)    Legends.  The book entry or certificate representing the Restricted Shares shall contain a notation or bear the following legend (as well as any notations or legends required by applicable state and federal corporate and securities laws) noting the existence of the restrictions and the Company’s rights to reacquire the Restricted Shares set forth in this Agreement:

“THE SHARES REPRESENTED BY THIS [BOOK ENTRY] [CERTIFICATE] MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A RESTRICTED STOCK AND MUTUAL FUND RESTRICTED SHARE AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.”

(b)    Stop-Transfer Notices.  The Employee agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

    (c)    Refusal to Transfer.  The Company shall not be required (i) to transfer on its books any Restricted Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of the Restricted Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom the Restricted Shares shall have been so transferred.

13.    Interpretation of This Agreement.  All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plans shall be 

binding and conclusive upon the Company and the Employee.  If there is any inconsistency between the provisions of this Agreement and the Plans, the provisions of the Plans shall govern.

14.    No Promise of Future Awards or Continued Employment.  The Employee acknowledges that this Agreement awards restricted stock and/or property to the Employee, but does not impose any obligation on the Company to make any future grants or issue any future restricted shares or restricted mutual fund shares to the Employee or otherwise continue the participation of the Employee under either of the Plans.  This Agreement shall not give the Employee a right to continued employment with the Company or any Affiliate, and the Company or Affiliate employing the Employee may terminate his or her employment at will, and otherwise deal with the Employee without regard to this Agreement.

15.    Binding Effect.  This Agreement shall be binding in all respects on the heirs, administrators, representatives, executors and successors of the Employee, and on the Company and its successors and assigns.

16.    Agreement to Arbitrate.  The Company and the Employee each agrees (i) that any dispute, claim or controversy arising out of or relating directly or indirectly to the construction, performance or breach of this Agreement (including, without limitation, the grant, issuance or forfeiture of Restricted Shares and Restricted Mutual Fund Shares) shall be settled by arbitration conducted before and in accordance with the rules of the Financial Industry Regulatory Authority; and (ii) that judgment upon any award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.  Accordingly, the Company and the Employee each waive their right (if any) to a trial before a court judge and/or jury to resolve any such disputes; provided, this Section 16 shall not be construed to limit the Company’s right to obtain equitable relief under Section 11 with respect to any matter or controversy subject to Section 11, and pending a final determination by the arbitrators with respect to any such matter or controversy, the Company shall be entitled to obtain any such relief by direct application to state, federal, or other applicable court, without being required to first arbitrate such matter or controversy.

17.    Choice of Law.  The Company is incorporated in the State of Delaware, and by their terms the Plans are governed by the laws of the State of Delaware.  Accordingly, this Agreement is entered into under the laws of the State of Delaware and shall be construed and interpreted thereunder (without regard to its conflict-of-law principles).  

18.    Modification.  In the event that any one or more of the Restricted Activities described in Section 6 above shall be held to be unenforceable, invalid or illegal for any reason including, but not limited to, being excessively broad as to duration, geographical scope, activity or subject, such restriction shall be construed or modified by limiting and reducing it, so as to provide the Company with the maximum protection of its business interests and the intent of the parties as set forth herein and yet be valid and 

enforceable under the applicable law as it shall then exist.  If any such restriction held to be unenforceable, invalid or illegal cannot be so construed or modified, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

19.    Entire Agreement.  This Agreement and the Plans set forth the entire agreement and understanding of the parties hereto with respect to the issuance and sale of the Restricted Shares and Restricted Mutual Fund Shares and the administration of the Plans, and supersede all prior agreements, arrangements, plans, and understandings relating to the issuance and sale of the Restricted Shares and Restricted Mutual Fund Shares and the administration of the Plans.

20.    Amendment and Waiver.  Except as provided in the Plans or in Section 7 above, this Agreement may be amended, modified, or canceled only by a written instrument executed by the parties.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any provision of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel is sought.  Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived, and shall not constitute a waiver of such term or condition for the future or as to any other act other than that specifically waived.

21.    Acknowledgment of Receipt of Copy.  By execution hereof, the Employee acknowledges having received a copy of the prospectus related to the 2003 Plan and instructions on how to access a copy of each of the Plans.

22.    Acknowledgement of Voluntary Election; Fairness.  By executing this Agreement, the Employee acknowledges his or her voluntary election to receive and accept the Restricted Shares and any Restricted Mutual Fund Shares subject to all of the terms and conditions set forth in this Agreement, and agrees to be bound thereby, including, without limitation, the terms and conditions specifying the circumstances under which the unvested Restricted Shares and Restricted Mutual Fund Shares shall cease to vest and be forfeited.  Employee further acknowledges and agrees that such terms and conditions are fair and reasonable in light of the circumstances under which the award of Restricted Shares and any award of Restricted Mutual Fund Shares is being made.Document

Exhibit 10.36

TRANSITION SERVICES AGREEMENT

THIS AGREEMENT, dated as of December 31, 2020 (the “Agreement”), is entered into by and between Piper Sandler & Co. (“Piper Sandler” or the “Company”) and Brian R. Sterling (“Sterling” and, jointly, the “Parties”) for the purpose of establishing the terms and conditions governing Sterling’s provision of limited transition services to Piper Sandler. 

1.    Services.  Piper Sandler hereby retains Sterling in an advisory capacity to transition client engagements existing as of the termination of his employment.  Sterling agrees to provide such assistance to Piper Sandler as Piper Sandler may reasonably request, and to perform all such services in accordance with the direction and supervision of Jonathan J. Doyle or his designee.  Piper Sandler agrees that Sterling shall have access to such of Piper Sandler’s employees and support staff as may be reasonably necessary to assist Sterling in performing his duties under this Agreement.   Piper Sandler shall have direct access to any work product developed by Sterling in performing his services hereunder, and Sterling acknowledges that any such work product shall be deemed to be the sole and exclusive property of Piper Sandler.  The Parties acknowledge that it is their mutual intention and expectation that Sterling shall not be required to provide services to Piper Sandler on a full-time basis, and Sterling shall be free to devote other portions of his working hours to other activities consistent with Sterling’s obligations contained in this Agreement pertaining to confidentiality, non-competition and non-solicitation.

2.    Payment.  As payment for the services provided to Piper Sandler by Sterling, Piper Sandler shall pay to Sterling a mutually agreed amount based upon the fees received by Piper Sandler during the term of this Agreement relating to transactions with respect to which Sterling was substantively involved prior to the date of this Agreement (each a “Covered Transaction”). The form of payment may consist of cash, shares of common stock, par value $0.01 per share, of Piper Sander Companies, or a combination of both forms of payment. Sterling shall be responsible for payment of all required taxes and other levies that may be payable in respect of his receipt of any payment hereunder.

3.    Expenses.  Piper Sandler agrees to reimburse Sterling for his reasonable out-of-pocket expenses incurred in connection with the performance of his services under this Agreement (“Expenses”); provided, however, that Piper Sandler will reimburse such Expenses only to the extent that such reimbursement is consistent with Piper Sandler’s expense reimbursement policy (including compliance with the terms of such policy governing timing and manner of requests for reimbursement), a copy of which has been provided to Sterling. 

4.    Term.  Unless sooner terminated mutually by the Parties, this Agreement shall terminate on December 31, 2021 (the “Termination Date”), provided, however, that if any Covered Transaction has been publicly announced on or prior to the Termination Date, then Sterling shall receive payment for such Covered Transaction so long as the fees relating to such Covered Transaction are received by Piper Sandler prior to June 30, 2022.  Notwithstanding the foregoing, the terms and provisions of Sections 7, 9-12, and 16-19 of this Agreement shall survive termination of this Agreement. 

5.    Securities Licenses and Registrations. Piper Sandler agrees that during the term of this Agreement, it shall continue to maintain Sterling’s securities registrations, including his S7, S24, S63 and S79 licenses with the Financial Industry Regulatory Authority (“FINRA”) and Sterling shall be registered with FINRA as an associated person of Piper Sandler.  Sterling warrants to Piper Sandler that he shall promptly advise Piper Sandler of any actions or events that require that his Form U-4 be amended or updated.

6.    Conflict of Interest Prohibited.  Sterling represents and warrants that he currently has no conflict of interest with any Client (as defined in Section 12) relating to any potential Covered Transaction or with Piper Sandler that may arise out of the services that Sterling is to provide pursuant to this Agreement.  In the event Sterling anticipates any conflict of interest arising as a result of this Agreement, or as between himself and Piper Sandler, Sterling covenants that he will promptly notify Piper Sandler of any such conflict or potential conflict.

7.    Cooperation.  Sterling agrees to reasonably cooperate with Piper Sandler and any of its affiliates, at their cost and expense, in any legal or regulatory matters (whether or not such regulatory matters are formal investigations) arising in connection with services performed during Sterling’s employment with Piper Sandler (including its predecessors) or services performed under this Agreement brought by or against them or any of their officers, directors, employees, agents, assigns, insurers, representatives, counsel, administrators, predecessors, successors and shareholders before any court, arbitrator, mediator, regulator government agency or self-regulatory agency.  By agreeing to cooperate with Piper Sandler and any of its affiliates in any such matters, Sterling agrees, among other things, to make himself available at mutually agreeable dates and times, provide any documents within his possession or control, and provide testimony if Sterling is called to provide it at a deposition, trial or arbitration.  

8.    Independent Contractor.  The Parties mutually agree that Sterling’s employment with Piper Sandler ends as of December 31, 2020.  The Parties further agree that neither party is acting in the capacity of agent for the other party under this Agreement. Sterling’s relationship to Piper Sandler is that of an independent contractor and Sterling’s services hereunder shall in no way create on the part of Sterling any right or entitlement to any benefit as an employee of Piper Sandler. Sterling shall not hold himself out as being in any way affiliated with Piper Sandler, other than as (i) an independent contractor providing services to Piper Sandler and (ii) upon election, a member of the Board of Directors of Piper Sandler Companies.  The parties will have no authority to make representations, commitments or contracts on behalf of the other party, and none of the parties will hold itself out as possessing such authority.  Sterling will not make, publish or distribute any advertisement or marketing material utilizing the trademarks, logos, trade names or abbreviations thereof or any other such identifying mark or name of Piper Sandler without the prior consent of Piper Sandler.

9.    Confidentiality.  Sterling acknowledges that he may, in the course of the performance of services hereunder or while in the offices of Piper Sandler, come into contact with or become familiar with proprietary, secret or confidential information concerning Clients (the “Client Confidential Information”).  Sterling shall keep all Client Confidential Information 

confidential and shall not disclose or reveal in any manner whatsoever any Client Confidential Information to any person other than persons (including officers, employees and agents of Piper Sandler) with respect to whom Piper Sandler has authorized Sterling to disclose such Client Confidential Information.  

Sterling also acknowledges that Sterling may, in the course of the performance of services hereunder or while in the offices of Piper Sandler, come into contact with or become familiar with proprietary, secret or confidential information concerning Piper Sandler, including, without limitation, any and all proprietary work product generated by any officer, employee or agent of Piper Sandler, the identity and any other information about any of Piper Sandler’s Clients and information about Piper Sandler’s business and financial affairs (the “Company Confidential Information,” and together with the Client Confidential Information, the “Confidential Information”). 

Sterling agrees that he shall not use any Confidential Information for any purpose other than in connection with the performance of his services pursuant to the terms and conditions of this Agreement.  Sterling further agrees that he shall not use any Confidential Information in any way to the detriment of Piper Sandler.  Sterling acknowledges that Sterling does not have, nor will he acquire based upon the performance of his services hereunder, any right, title or interest in any Confidential Information.

Sterling shall implement all reasonable, necessary and appropriate measures to safeguard the Confidential Information from disclosure to anyone other than as permitted in this Agreement.  

Sterling acknowledges that monetary damages would not be an adequate or sufficient remedy to compensate Piper Sandler for any breach of Sterling’s obligations pertaining to Confidential Information and that Piper Sandler shall be entitled to specific performance and injunctive relief as remedies for any such breach or any threat of such breach without being required to prove actual damages, and that Piper Sandler shall not be required to post a bond or other security in connection therewith, and that Sterling shall not oppose the granting of such relief.  Such remedies shall not be deemed to be the exclusive remedies for any such breach of the provisions relating to Confidential Information but shall be in addition to all other remedies at law or in equity available to Piper Sandler.  

10.    Non-Competition.  Sterling acknowledges and agrees that Piper Sandler has a legitimate interest in being protected from Sterling being employed by, or providing services to, an entity that competes with Piper Sandler. By signing this Agreement, Sterling voluntarily agrees to accept the terms of this noncompetition provision as reasonable and equitable under the circumstances. Sterling specifically agrees that (1) it is reasonable with respect to its scope, duration and geographic area and (2) the payment that Piper Sandler has offered is sufficient consideration for this noncompetition provision. Sterling agrees that he shall not become an employee of, or a consultant to, or otherwise engage (including as a director, partner, agent or advisor) in any business, enterprise or activity that competes with Piper Sandler or any of its affiliates in Investment Banking in the Restricted Territory during the term of this Agreement 

and for the period ending on January 3, 2023. Notwithstanding the foregoing, nothing in this Agreement shall prevent (a) ownership of a passive investment interest of no more than five percent (5%) in a publicly traded company, or (b) management of personal investments, including through Sterling’s family office, to the extent such investments do not compete with Piper Sandler or any of its affiliates in Investment Banking in the Restricted Territory.  The following terms shall have the meanings set forth below:

“Investment Banking” means any capital markets (including equity and debt capital raising), fixed income sales and trading (including fixed income analysis), equity research, equity sales and trading, mergers and acquisition advisory, and/or strategic advisory services, in each case, of the type and in the manner provided by investment banks. For the avoidance of doubt, Investment Banking does not include investment advisory and investment management business as conducted by merchant banks, hedge funds, private equity firms, venture capital firms, family offices, asset managers and investment advisory firms.

“Restricted Territory” means any geographic area, including, but not limited to, North America, Europe, Asia, and the Middle East, in which the Company or any of its affiliates: (i) is engaged in business at any time within the prior twelve (12)-month period through sales and trading, research, merger and acquisition advisory services, capital raising or otherwise; or (ii) has within the prior twelve (12)-month period otherwise taken demonstrable steps to commence engaging in business, including by establishing client relationships.

11.    Non-Solicitation of Clients.  During the term of this Agreement and for the period ended January 3, 2023, Sterling will not, directly or indirectly, solicit or assist in the solicitation of Clients in the Restricted Territory for a firm other than Piper Sandler or any of its affiliates to provide services comparable to those services provided by the Company. Sterling acknowledges and agrees that this non-solicitation agreement is necessary to protect Piper Sandler’s legitimate business interests, and that the payment that Piper Sandler has offered in this Agreement is sufficient consideration for this non-solicitation provision. By signing this Agreement, Sterling voluntarily elects to receive and accept the terms and conditions of this paragraph and acknowledge and agree that they are fair, reasonable and necessary to protect Piper Sandler’s legitimate business interests.

“Client” means Piper Sandler’s current or prospective investment banking, capital markets, merchant banking, investment advisory or private equity clients, or any such client that has done business with Piper Sandler, in all cases within the prior twelve (12)-month period, with a “prospective client” to mean any individual or entity that has been solicited for business by Piper Sandler or an affiliate within the prior twelve (12)-month period.

12.    Non-Solicitation of Employees. During the term of this Agreement and for the period ended January 3, 2023, Sterling will not, directly or indirectly, alone or in concert with others, hire or attempt to hire any person who is an employee, an individual consultant or individual contractor of the Company or who was an employee, individual consultant or individual contractor of the Company during the prior twelve (12)-month period. Sterling agrees that during this period he will not, directly or indirectly, encourage or induce any employee, 

individual consultant or individual contractor of Piper Sandler to cease providing services to Piper Sandler (other than general solicitations not specifically targeted at any such persons). References herein to an “individual consultant” or “individual contractor” shall refer to individuals who provide professional services exclusively to Piper Sandler for more than a limited period of time. By signing this Agreement, Sterling voluntarily elects to receive and accept the terms and conditions of this paragraph and acknowledge and agree that they are fair, reasonable and necessary to protect Piper Sandler’s legitimate business interests.

13.    Termination of Offer Letter and Entire Agreement.  The parties agree that Sterling’s Offer Letter, dated July 2, 2019, is terminated effective December 31, 2020, concurrently with the termination of Sterling’s employment with Piper Sandler, and that this Agreement constitutes the entire understanding between Sterling and Piper Sandler with respect to the subject matter hereof and supersedes any and all prior understandings, whether oral or written, in connection therewith.    This Agreement may be amended only in a writing signed by the Parties.

14.    Compliance with Piper Sandler Policies and Procedures.  In consideration of Piper Sandler agreeing to continue to maintain Sterling’s registrations and association with Piper Sandler during the term of this Agreement, Sterling will be subject to and agrees to comply with all Piper Sandler ethics and compliance policies and procedures in the same manner as he would if he were an employee, including but not limited to Piper Sandler’s Code of Ethics and Business Conduct, the Piper Sandler Information Barriers Policy, the Piper Sandler Personal Trading Policy, and the Piper Sandler personal conflict policies (i.e., disclosure of Outside Securities Accounts, Outside Business Activities, Outside Board Affiliations and Private Securities Transactions).  For the avoidance of doubt, all trading activity in Sterling’s personal and related securities accounts must continue to be pre-approved by the Chief Administrative Officer of Investment Banking until the Termination Date.  In addition, Sterling will be required to fulfill all Piper Sandler training and continuing education requirements, as specified by Compliance.  Sterling acknowledges and agrees that current regulations require Sterling to disclose to Piper Sandler any outside business activities and/or outside employment Sterling is contemplating engaging in during the term of this Agreement, and all such contemplated outside business activities and/or outside employment during the term of this Agreement shall be subject to Piper Sandler’s prior review and prior approval.  Notwithstanding the foregoing, it is expressly acknowledged that Sterling shall cease to have any supervisory responsibilities at Piper Sandler and its affiliates as of December 31, 2020, and no policies, procedures, or requirements previously applicable to him in his supervisory and managerial capacities shall apply following as of December 31, 2020.   

15.    Facilities.  During the term of this Agreement, Piper Sandler shall provide Sterling with an e-mail address, a laptop and a mobile device.  Sterling agrees to conduct any and all Piper Sandler business on Piper Sandler’s network so that Piper Sandler can meet its regulatory requirements. 

16.    Indemnification.  Piper Sandler agrees to indemnify and hold Sterling harmless from and against any and all losses, claims, damages and liabilities, joint or several, to which 

Sterling may become subject under applicable federal or state law, or otherwise, related to or arising out of the retention of Sterling pursuant to, and the performance by Sterling of the services contemplated by, this Agreement, and will reimburse Sterling for all expenses (including reasonable counsel fees and expenses) as they are incurred, including expenses incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not Sterling is a party.  Piper Sandler will not be liable under the foregoing indemnification provision to the extent that any such loss, claim, damage, liability or expense is found in a final judgment by a court of competent jurisdiction to have resulted from Sterling’s bad faith, willful misconduct or gross negligence.

17.    Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York applicable to agreements made and to be fully performed therein. 

18.    Assignment.  The rights and obligation of Piper Sandler under this Agreement shall be transferable, and all covenants and agreements hereunder shall be binding upon, inure to the benefit of, and be enforceable by its successors and assigns.  Sterling may not assign this Agreement, and any such assignment shall be null and void.

19.    Miscellaneous.

Entire Agreement.  This Agreement constitutes the entire understanding between Sterling and Piper Sandler with respect to the subject matter hereof and supersedes any and all prior understandings, whether oral or written, in connection therewith.  This Agreement may be amended only in a writing signed by the Parties.

  Waivers.  The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach thereof.  No waiver of any of the provision of this Agreement shall be valid or effective unless in writing, signed by both parties hereto.

Severability.  If any provision of this Agreement shall be held or made invalid by a statute, rule, regulation, decision of a tribunal or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent the provisions of this Agreement shall be deemed to be severable. 

Counterparts. This Agreement may be executed in one or more counterparts (including by means of telecopied or emailed signature pages), each of which need not contain the signature of all parties hereto, and all of such counterparts taken together shall constitute a single agreement.

[Signature Page Follows]

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date and year first above written.

PIPER SANDLER & CO.

By: /s/ Chad R. Abraham                                                                        /s/ Brian R. Sterling
Name: Chad R. Abraham                                                                        Brian R. Sterling
Title: Chairman and CEO

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