Document:

Second Supplemental Indenture

 Exhibit 4.1 
 Execution Version 
 SECOND SUPPLEMENTAL INDENTURE 

dated as of February 8, 2013 
 to the 
 INDENTURE 

Dated as of May 17, 2010 
 between 
 MCE FINANCE LIMITED, as Company 

THE BANK OF NEW YORK MELLON, as Trustee 
 and 
 THE BANK OF NEW YORK MELLON, as Collateral Agent 

 
  

10.25% Senior Notes Due 2018 

 THIS SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as
of February 8, 2013 between MCE Finance Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”), The Bank of New York Mellon, as Trustee (the
“Trustee”) and The Bank of New York Mellon as Collateral Agent (the “Collateral Agent”). 

RECITALS 

WHEREAS, the Company and the Trustee have executed and delivered an Indenture dated as of May 17, 2010 (the
“Indenture”) governing the Company’s 10.25% Senior Notes due 2018 (the “Notes”). 

WHEREAS, Section 9.02 of the Indenture provides that, with the consent of the Holders of not less than a majority in aggregate
principal amount of the outstanding Notes, the Company and the Trustee may enter into a supplemental indenture for the purpose of amending certain provisions of the Indenture; 
 WHEREAS, the Company has offered to purchase for cash outstanding Notes upon the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated
January 28, 2013 (as the same has been amended and supplemented to date and may be amended or supplemented from time to time in the future, the “Offer to Purchase”) (the “Offer”), from each Holder of such
Notes; 
 WHEREAS, the Company is soliciting the Consents of Holders of a majority of the aggregate principal amount of the
outstanding Notes to certain amendments to the Indenture and to the Notes set forth in Article Two of this Supplemental Indenture (the “Base Amendments”); 
 WHEREAS, the Company has received consents from Holders of not less than a majority of the outstanding aggregate principal amount of the Notes to effect the Base Amendments; 

WHEREAS, the Company has delivered to the Trustee an Officer’s Certificate as well as an Opinion of Counsel pursuant to
Section 9.06 of the Indenture to the effect that (i) the execution and delivery of this Supplemental Indenture by the Company is authorized and permitted under the Indenture, (ii) this Supplemental Indenture is legal, valid, binding
and enforceable against the Company and (iii) that all conditions precedent provided for in the Indenture to the execution and delivery of this Supplemental Indenture to be complied with by the Company have been complied with; and 

WHEREAS, all other acts and proceedings required by law, by the Indenture and by the charter documents of the Company and the Subsidiary
Guarantors to make this Supplemental Indenture a valid and binding agreement for the purposes expressed herein, in accordance with its terms, have been duly done and performed. 

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable
consideration the receipt of which is hereby acknowledged, the Company and the Trustee hereby agree as follows: 

  
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 ARTICLE ONE 
 SECTION 1.01. Definitions. 
 Capitalized terms used in this Supplemental
Indenture and not otherwise defined herein shall have the meanings assigned to such terms in the Indenture. 
 ARTICLE TWO

 The Indenture is hereby amended as follows: 
 SECTION 2.01. Elimination of Certain Definitions and References. 
 (a) All
definitions set forth in Section 1.01 (Definitions) of the Indenture that relate to defined terms used solely in covenants or sections deleted hereby are deleted in their entirety. 

(b) All references to a covenant or section deleted hereby are deleted throughout the Indenture and such references shall be of no
further force or effect. 
 SECTION 2.02. Elimination of Certain Provisions in Article Four. 

(a) Section 4.03 (Reports) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu
thereof the phrase “[intentionally omitted].” 
 (b) Section 4.04 (Compliance Certificate) of the Indenture is
amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (c) Section 4.05 (Taxes) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

(d) Section 4.06 (Stay, Extension and Usury Laws) of the Indenture is amended by deleting the text of such Section in its entirety
and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (e) Section 4.07 (Restricted Payments) of
the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (f) Section 4.08 (Dividend and Other Payment Restrictions Affecting Subsidiaries) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the
phrase “[intentionally omitted].” 
 (g) Section 4.09 (Incurrence of Indebtedness and Issuance of Preferred
Stock) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

  
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 (h) Section 4.10 (Asset Sales) of the Indenture is amended by deleting the text of such
Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (i) Section 4.11
(Transactions with Affiliates) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

(j) Section 4.12 (Liens) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu
thereof the phrase “[intentionally omitted].” 
 (k) Section 4.13 (Business Activities) of the Indenture is
amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (l) Section 4.14 (Corporate Existence) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].”

 (m) Section 4.15 (Offer to Repurchase upon Change of Control) of the Indenture is amended by deleting the text of such
Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (n) Section 4.16
(No Layering of Debt) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

(o) Section 4.17 (Amendment to Subordination Provisions) of the Indenture is amended by deleting the text of such Section in its
entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (p) Section 4.19 (Additional Note
Guarantees) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (q) Section 4.20 (Designation of Restricted and Unrestricted Subsidiaries) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase
“[intentionally omitted].” 
 (r) Section 4.21 (Prepayment of Certain Amounts under Senior Credit Agreement) of
the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 (s) Section 4.22 (Listing) of the Indenture is amended by deleting the text of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

(t) Section 4.23 (Future Subordination Rights in Favor of the Holders of the Notes) of the Indenture is amended by deleting the text
of such Section in its entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 

  
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 SECTION 2.03. Elimination of Article Five. 

(a) Article 5 (Successors) of the Indenture is amended by deleting the text of such Article in its entirety and inserting in lieu thereof
the phrase “[intentionally omitted].” 
 SECTION 2.04. Elimination of Certain Provisions in Article Six.

 (a) Section 6.01 (Events of Default) of the Indenture is amended by deleting the text of clauses (3), (4), (5), (6),
(7), (8), (11), (12) and (13) in their entirety and inserting in lieu thereof the phrase “[intentionally omitted].” 
 ARTICLE THREE 
 SECTION 3.01. Confirmation of Indenture.

 Except as amended hereby, the Indenture and the Notes are in all respects ratified and confirmed, and all the terms shall
remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby, and all terms
and conditions of both shall be read together as though they constitute a single instrument, except that in the case of conflict, the provisions of this Supplemental Indenture shall control. 

SECTION 3.02. Acceptance. 
 In carrying out the Trustee’s and/or the Collateral Agent’s responsibilities hereunder, the Trustee and the Collateral Agent shall have all of the rights, protections, indemnities and immunities
which it possesses under the Indenture. The Trustee assumes no responsibility for the correctness or completeness of the recitals contained herein. The Trustee makes no representations as to and shall not be liable for the validity or sufficiency of
this Supplemental Indenture. 
 SECTION 3.03. Governing Law. 

THE LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE NOTES. 

SECTION 3.04. Effectiveness. 
 The provisions of this Supplemental Indenture shall be effective immediately upon execution and delivery of this instrument by the parties hereto. Notwithstanding the foregoing sentence, Article Two of
this Supplemental Indenture shall only become operative at the time when the Company pays the Holders who in aggregate hold not less than a majority of the outstanding principal amount of the Notes and who validly delivered the consents to the Base
Amendments all consent payments due to such Holders in accordance with the terms and conditions of the Consent Solicitation. 

  
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 SECTION 3.05. Counterpart Originals. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of
them together shall represent the same agreement. 
 SECTION 3.06. Severability. 

In case any one or more of the provisions in this Supplemental Indenture shall be held invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 3.07.
Effect of Headings. 
 The Section headings herein have been inserted for convenience of reference only, are not to be
considered a part of this Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

SECTION 3.08. Successors and Assigns. 
 All agreements in this Supplemental Indenture by the Company shall bind their respective successors and assigns. All agreements in this Supplemental Indenture by the Trustee shall bind its successor and
assigns. 
 SECTION 3.09. Notices. 
 All notices, instructions, directions, requests and demands delivered in connection herewith shall be made according to Section 12.02 of the Indenture. 

SECTION 3.10. Conflicts with the Trust Indenture Act. 
 If any provision of this Supplemental Indenture limits, qualifies or conflicts with any provision of the Trust Indenture Act of 1939, as amended (the “TIA”) that is required under the TIA to be
part of and govern any provision of this Supplemental Indenture or Indenture, the provision of the TIA shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the TIA that may be so modified or excluded,
the provision of the TIA shall be deemed to apply to the Indenture as so modified or to be excluded by this Supplemental Indenture, as the case may be. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the
date first above written. 
  

			
	MCE FINANCE LIMITED
		
	By:	 	  /s/ Geoffrey Davis

	Name:	 	Geoffrey Davis
	Title:	 	Authorized Signatory

 
			
	 THE BANK OF NEW YORK MELLON,
       as Trustee

		
	By:	 	  /s/ Michael Cheng

	Name:	 	Michael Cheng
	Title:	 	Vice President

  

			
	 THE BANK OF NEW YORK MELLON,
       as Collateral Agent

		
	By:	 	  /s/ Michael Cheng

	Name:	 	Michael Cheng
	Title:	 	Vice PresidentEX-10.1

 Exhibit 10.1 
 SECOND AMENDMENT 
 To 

EMPLOYMENT AGREEMENT 

THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Second Amendment”) is entered into effective as of January 30, 2013, by and
between Piper Jaffray Companies, a Delaware corporation (the “Company”), and Brien M. O’Brien, a resident of the State of Illinois (“Employee”). 
 WHEREAS, the Company and Employee previously have entered into that certain Employment Agreement, as amended by that certain First Amendment to Employment Agreement, the “Employment Agreement”);

 WHEREAS, the Company and Employee have mutually agreed to further amend the Employment Agreement as set forth in this Second
Amendment; and 
 WHEREAS, both the Company and Employee have been represented by counsel for purposes of the negotiation of
this Second Amendment, and the Company and Employee each hereby acknowledge and agree that the negotiation has been at arms-length, and that neither this Second Amendment nor any of the negotiated terms herein constitute a basis for Employee to
terminate for “Good Reason” as defined in Section 2.4 of the Employment Agreement, including but not limited to, subdivisions (i) and (ii) thereof. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and Employee do hereby mutually agree as follows: 

 

	1.	Defined Terms – General. All capitalized terms used but not defined in this Second Amendment have the meanings given them in the Employment Agreement. All
references in the Employment Agreement to “this Agreement” mean the Employment Agreement as amended by this Second Amendment. 

  

	2.	Effect of Employment Agreement. Except as modified by this Second Amendment, the Employment Agreement remains in full force and effect, without change.

  

	3.	Amendment to Employment Section. 

 Continued Employment. Section 1.1 of the Employment Agreement is hereby amended to read in its entirety as follows: 

“The Company agrees to continue to employ Employee as Chairman and Chief Executive Officer of ARI and Head of Asset Management of the
Company through December 31, 2013, and then as Chairman of ARI from January 1, 2014 through the Expiration of the Term of this Agreement. Effective January 1, 2014, there will be a new Chief Executive Officer of ARI and Head of Asset
Management of the Company.” 
 Duties of Employee. The first paragraph of Section 1.2 of the Employment
Agreement is hereby amended to read in its entirety as follows: 
 “Subject to this Agreement, during 2013, while
serving as Chairman and CEO of ARI and Head of Asset Management of the Company, the Employee shall be the senior most executive associated with the Business and, in such capacity, shall be responsible for managing the day-to-day operations of the
Business and shall report directly and exclusively to the Company’s chief executive officer. Throughout 

 
2013, Employee will be reasonably cooperative in developing the successor candidate for the role of CEO of ARI and Head of Asset Management of the Company and assisting with his transition such
that the CEO function is transitioned to the successor candidate effective January 1, 2014. Employee shall perform those additional duties from time to time designated by the Company’s chief executive officer, and such additional duties
shall be generally consistent with the duties customarily performed by individuals acting in a like capacity. In his role as Chairman of ARI in 2014 and during the remainder of the Term, Employee will focus on ARI’s retention of clients
(including those clients for whom he has been the principal point of contact), new business development for ARI and serving as an advisor to the ARI research staff. 
  

	4.	Adjustment to Term of Agreement Section.  

 Term; Notice of Early Termination. The first sentence of Section 2.1 of the Employment Agreement is hereby amended to read in its entirety as follows: 

“This Agreement is effective as of the date first above written (the “Effective Date”) and will continue in effect until
January 1, 2018 (the “Expiration Date”), unless earlier terminated pursuant to the terms and conditions of this Agreement.” 
 Termination by Employee for Good Reason. Subdivision (i) of Employment Agreement is hereby amended to read in its entirety as follows: 

Good Reason means (i) any material adverse and actual change during the Term to Employee’s job title, primary job duties, base
salary compensation or the methodology used to determine the Quarterly Performance-Based Compensation Opportunity and Annual Performance Based Compensation Opportunity as set forth in Sections 3.2 and 3.3, except as specifically contemplated by
Section 1.2; (ii) any material actions taken by the Company that directly and adversely impact Employee’s ability to generate EBITDA as defined in Section 3.3 (including without limitation any material actions taken by the
Company, without Employee’s consent, to move any asset management business outside of the Business, that directly reduces the size of the Business), (iii) any relocation of the Employee’s assigned workplace more than fifteen
(15) miles from the Company’s current workplace, or (iv) any material breach of Sections 3 or 6. Employee must provide written notice of his intention to resign for Good Reason, the basis of his decision and not less than a 15-day
opportunity for the Company to cure what Employee perceives trigger his right to resign with Good Reason. 
  

	5.	Adjustment to Compensation Section. 

 Base Salary and Other Compensation. Section 3.1 of the Employment Agreement is hereby amended to read in its entirety as follows: 

“Employee will receive an annual base salary of $975,000 prorated and paid on a monthly basis, beginning as of the Effective Date and
continuing until December 31, 2013. Effective January 1, 2014, Employee will receive an annual base salary of $550,000 prorated and paid on a monthly basis through December 31, 2014. Effective January 1, 2015, Employee will
receive an annual base salary of $1,500,000 prorated and paid on a monthly basis through the Expiration Date. Employee will not be entitled to participate in any incentive, equity award or other compensation plans or programs offered or available to
other executives or employees of the Company, except as described in Sections 3.2, 3.3 and 6 or upon a recommendation of the Company’s chief executive officer that is approved as may be required by the Compensation Committee of the
Company’s Board of Directors.” 

  
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 Quarterly Performance-Based Compensation Opportunity. The heading of and the
first sentence of Section 3.2 of the Employment Agreement are hereby amended to read in their entirety as follows: 

““Quarterly Performance-Based Compensation Opportunity Through 2014” 

Subject to the Company’s obligation to make the pro-rated payment described in Section 2.3, for each fiscal quarter of the
Company, beginning with the fiscal quarter ending March 31, 2012, that is completed before December 31, 2014, Employee will receive a cash payment from the Company equal to 11% of Asset Management EBITDA (as hereinafter defined) for the
applicable period.” 
 Annual Performance-Based Compensation Opportunity. The heading of and the first
sentence of Section 3.3 of the Employment Agreement are hereby amended to read in their entirety as follows: 

““Annual Performance-Based Compensation Opportunity Through 2014” 

For each fiscal year of the Company, beginning with the fiscal year ending December 31, 2012, that is completed before
December 31, 2014, (i) if total Asset Management EBITDA exceeds $30,000,000 but is less than or equal to $47,000,000 for the applicable fiscal year, then Employee will receive an additional cash payment equal to 7.5% of the (x) Asset
Management EBITDA for the fiscal year less (y) $30,000,000; and (ii) if total Asset Management EBITDA exceeds $47,000,000 for the applicable fiscal year, then in addition to the 7.5% payout of EBITDA between $30,000,000 and $47,000,000
described in subdivision (i), Employee will receive a cash payment equal to 9% of the (x) Asset Management EBITDA for the fiscal year less (y) $47,000,000.” 
 Additional Compensation for Calendar Years 2015, 2016 and 2017. The Employment Agreement is hereby amended to add a new Section 3.4 with the preceding header to read as follows:

 “You will be eligible for a discretionary bonus in an amount to be determined by Piper Jaffray’s CEO and ARI’s
CEO for each of calendar years 2015, 2016 and 2017.” 
 Determination of Asset Management EBITDA. The
Employment Agreement is hereby amended so that what previously was Section 3.4 will change to 3.5, and the following language will be added as a new subdivision (e) and (f) of Section 3.5: 

(e) “The Long-Term Incentive Plan (“LTIP”) contribution for ARI employees for calendar years 2012, 2013 and 2014.”

 (f) “All goodwill charges or impairmant charges incurred in connection with FAMCO, including in connection with the sale
of that business.” 

  
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 IN WITNESS WHEREOF, Employee and the Company have caused this Second Amendment to be
executed and delivered as of the date first written above. 
  

			
	EMPLOYEE
		
		 	/s/ Brien O’Brien

  

			
	PIPER JAFFRAY COMPANIES
		
	By	 	Andrew S. Duff
		 	Its Chairman and Chief Executive Officer

  
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