Document:

Exhibit 10.8

 

SVC89 COMBINED PORTFOLIO

 

MARRIOTT INTERNATIONAL, INC.

10400 Fernwood Road

Bethesda, MD 20817

 

December 31, 2019

 

HPT TRS MRP, Inc.

HPT CY TRS, Inc.

c/o Service Properties Trust

Two Newton Place

255 Washington Street

Newton, Massachusetts 02458

Attention: John G. Murray, President

 

Re:       SVC89
Combined Portfolio

 

Dear Mr. Murray:

 

Reference is made to
those certain properties currently owned by Service Properties Trust and known commonly as the SVC89 Combined Portfolio (collectively,
the “SVC89 Properties”). Each of HPT TRS MRP, Inc. (“MRP Tenant”) and HPT CY TRS, Inc. (“CY
Tenant” and together with MRP Tenant, the “Tenants”) are parties with certain affiliates and subsidiaries
of Marriott International, Inc. (such affiliates and subsidiaries, collectively with Marriott International, Inc., “MI”)
to those certain Second Amended and Restated Management Agreements or Management Agreement (as applicable), executed as of December
31, 2019 but effective as of January 1, 2020 (as amended from time to time collectively, the “Management Agreements”)
with respect to the SVC89 Properties. Additionally, the Tenants and MI, as applicable, are parties to that certain Amended and
Restated Pooling Agreement, executed as of December 31, 2019 but effective as of January 1, 2020 (as amended from time to time,
the “Pooling Agreement”). Terms used but not defined herein shall have the meanings ascribed to such terms in
the Pooling Agreement.

 

Notwithstanding any
term or provision in the Pooling Agreement to the contrary, the Tenants and MI acknowledge and agree as follows:

 

1.       Interim
Distributions. So long as Service Properties Trust owns a Controlling Interest, directly or indirectly, in the Portfolio
Properties and the Pooling Agreement is in effect, the interim distributions of Aggregate Tenants’ Priority which are
described in Sections 3.01 and 3.02 of the Pooling Agreement shall be made twice per Portfolio Accounting Period, rather than
once per Portfolio Accounting Period (notwithstanding the provisions of such sections in the Pooling Agreement regarding the
frequency of such distributions). The first interim distribution (in the amount of one-half of the estimated Aggregate
Tenants’ Priority for each Portfolio Accounting Period) shall be made no later than the first (1st) day of
such Portfolio Accounting Period. The second interim distribution (in the amount of the remainder of such Aggregate
Tenants’ Priority) with respect to such Portfolio Accounting Period shall be made no later than the twentieth
(20th) day of such Portfolio Accounting Period. In addition, there shall be an adjustment (if necessary) to the
amount of such distributions for such period after the delivery of the Aggregate Accounting Period Statement reconciling the
actual amount of Aggregate Tenants’ Priority payable with respect to such Portfolio Accounting Period, and any such
adjustment shall be reflected in future interim distributions for the subsequent Portfolio Accounting Periods in accordance
with the Pooling Agreement. Tenants may, in their sole discretion, elect immediately to repay any Additional Marriott Advance
or Additional Manager Advance made or deemed made to fund the payment of Aggregate Tenants’ Priority.

 

    

     

    

 

2.       Conflict
with Pooling Agreement. In the event of a conflict between the interpretation of the terms and provisions of the Pooling Agreement
and the terms and provisions of this Letter Agreement, the terms and provisions of this Letter Agreement shall control.

 

3.       Governing
Law. This Letter Agreement shall be interpreted, construed, applied and enforced in accordance with the laws of the State of
Maryland, without regard to its “choice of law” rules.

 

4.       Dispute
Resolution; Arbitration and Expert Resolution. Disputes under this Letter Agreement shall be resolved by Arbitration in accordance
with the procedures set forth in Section 11.23.A of the applicable Management Agreement(s), unless the underlying dispute is one
which, if arising under the Management Agreements, would be resolved by referral to an Expert, in which event the Dispute shall
be resolved in accordance with the procedures set forth in Section 11.23.B of the applicable Management Agreement(s).

 

5.       Counterparts.
This Letter Agreement may be executed in one or more counterparts (including by means of facsimile or via email in electronic or
portable document format (.pdf) signature pages), each of which shall be deemed an original but all of which together will constitute
one and the same instrument.

 

6.       Notices.
Any notices by any party to this Letter Agreement shall be given in accordance with Section 7.01 of the Pooling Agreement.

 

7.       Pooling
Agreement. Except as herein modified, the Pooling Agreement remains unmodified and in full force and effect.

 

8.       Further
Assurances. Each party hereby agrees, without further consideration, to take such other actions following the date hereof
and to execute and deliver such other documents as any party or its counsel may reasonably request in order to consummate or memorialize
the transactions contemplated in this Letter Agreement.

 

[Signature Pages Follow]

 

    

     

    

 

Please confirm your agreement to the foregoing terms and conditions
by countersigning one copy of this Letter Agreement in the space below provided.

 

Very Truly Yours,

 

	MARRIOTT:
	 	 	 
	MARRIOTT INTERNATIONAL, INC.
	By:	/s/ Julie Bowen	(SEAL)	 
	Name:	Julie Bowen	 
	Title:	Authorized Signatory	 
	 	 	 
	MANAGERS:
	 
	MARRIOTT
    HOTEL SERVICES, INC.  
	 	 	 
	By:	/s/ Julie Bowen	(SEAL)	 
	Name:	Julie Bowen	 
	Title:	Authorized Signatory	 
	 	 	 
	RESIDENCE INN BY MARRIOTT, LLC  
	 	 	 
	By:	/s/ Julie Bowen	(SEAL)	 
	Name:	Julie Bowen	 
	Title:	Authorized Signatory	 
	 	 	 
	 	 	 
	COURTYARD MANAGEMENT CORPORATION
	 
	By:	/s/ Julie Bowen	(SEAL)	 
	Name:	Julie Bowen	 
	Title:	Authorized Signatory	 
	 	 	 
	SPRINGHILL SMC, LLC  
	 
	By:	/s/ Julie Bowen	(SEAL)	 
	Name:	Julie Bowen 	   
	Title:	Authorized Signatory   	 

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	TOWNEPLACE MANAGEMENT, LLC  	 
	 	 	 	 
	By:	 	/s/ Julie Bowen	(SEAL)	 
	Name:	 	Julie Bowen	 
	Title:	 	Authorized Signatory 	 
	 	 	 	 
	ESSEX HOUSE CONDOMINIUM CORPORATION	 
	 	 	 	 
	By:	 	/s/ Julie Bowen	 (SEAL)	 
	Name:	 	Julie Bowen	 
	Title:	 	Authorized Signatory	 

 

[Signature Page to Letter Agreement]

 

     

     

    

 

	TENANTS:  	 
	 	 	 	 
	HPT TRS MRP, INC.  	 
	 	 	 	 
	By:	 	/s/ John G. Murray	 (SEAL)	 
	Name:	 	John G. Murray	 
	Title:	 	President	 
	 	 	 	 
	HPT CY TRS, INC.    	 
	 	 	 	 
	By:	 	/s/ John G. Murray	(SEAL)	 
	Name:	 	John G. Murray	 
	Title:	 	President	 

 

[Signature Page to Letter Agreement]EXHIBIT 10.1

 

 

 

	 	800 Nicollet Mall, Minneapolis, MN  55402
	 	Tel: 612 303-6000	Tel: 800 333-6000	Fax: 612 303-8199
	 	Piper Jaffray & Co. Since 1895. Member SIPC and NYSE.

 

July 1, 2019

 

Jonathan J. Doyle

Sandler O’Neill & Partners, L.P.

 

Dear Jon,

 

As you are aware, SOP Holdings, LLC (“Sandler”
or the “Seller”), Piper Jaffray Companies and certain of their respective subsidiaries are entering into an
Agreement and Plans of Merger (the “Merger Agreement”) whereby Piper Jaffray Companies will acquire the Seller
(the “Acquisition”). Upon the closing date of the Acquisition (the “Closing Date”), Piper
Jaffray Companies will rename itself Piper Sandler Companies and Piper Jaffray & Co. will rename itself Piper Sandler &
Co. References in this letter agreement (this “Letter”) to the “Company” refer to Piper Jaffray
Companies and Piper Jaffray & Co. (if applicable before the Closing Date) and to Piper Sandler Companies and Piper Sandler
 & Co. (if applicable after the Closing Date). As of the Closing Date, the Financial Services Group of the Company will consist
of the historic operations of Sandler and the business operations of Piper Jaffray & Co. that are contributed thereto as agreed
between you, James J. Dunne III and Chad Abraham consistent with the Operating Principles (such business operations following the
Closing Date, collectively referred to as the “Financial Services Group”). As used in this Letter, references
to the “Operating Principles” mean the commitments and principles regarding compensation, benefits and the operations
of the Financial Services Group set forth in Section 8.04 of the Merger Agreement and Section 8.04(c) of the Company Disclosure
Schedule (as defined in the Merger Agreement).

 

At Piper Jaffray, our people make the difference for our clients. 
We are proud of our 124-year legacy and our unique culture that, along with our commitment to our core values and our reputation
for a client-first approach, straightforward advice, strategic advisory relationships and expert execution, continue to attract
and retain the best and the brightest in this business.

 

You are a highly valued leader of Sandler, and I am pleased
to confirm your employment with the Company effective as of the Closing Date pursuant to the terms and conditions set forth in
this Letter.

 

I welcome and invite your questions at any time.

 

The terms of your employment with the Company following the
Closing Date shall be as follows:

 

     

     

    

 

July 1, 2019

Page 2 of 14

 

Commencement Date

 

Your employment with the Company pursuant to the terms of this
Letter will commence on the Closing Date. You and the Company acknowledge that (i) this Letter will be binding immediately upon
its execution, but, notwithstanding any provision of this Letter to the contrary, this Letter will not become effective until the
Closing Date, and (ii) if the Company and the Seller terminate the Merger Agreement and the Acquisition is not consummated, or
if you fail to remain employed by the Seller through the Closing Date, this Letter will not become effective and all of the terms
and provisions of this Letter shall be null and void.

 

Title and Position; Reporting Relationship; Duties; Location

 

While employed by the Company, you will: (i) be employed as
a Vice Chairman of Piper Sandler Companies and Senior Managing Principal and Head of the Financial Services Group of Piper Sandler
 & Co., (ii) report directly to Chad Abraham, Chief Executive Officer of Piper Jaffray Companies or his successor (the “Reporting
Person”), (iii) be a member of the Piper Jaffray Companies Leadership Team and a member of the Board of Directors of
Piper Sandler Companies (the “Board”), and (iv) perform your services primarily in Sandler’s New York
City offices or the combined headquarters of the Company in New York City. While employed, you will be provided with administrative
support on a basis no less favorable than the office and support in effect for you prior to the Closing Date.

 

While employed by the Company, as Senior Managing
Principal and Head of the Financial Services Group of the Company, you will have overall responsibility for the operation of
the Financial Services Group, as a business division of the Company. You will have the autonomy and authority, together with
the other Senior Managing Principal of the Financial Services Group (the “Other SMP”), to manage the
operations and personnel of the Financial Services Group in a manner substantially consistent with the collective autonomy
and authority exercised by you and the Other SMP immediately prior to the Closing Date. Accordingly, the Company agrees that
such autonomy and authority shall include, without limitation, the autonomy and authority to make all decisions and
determinations respecting hiring and firing, promotions, compensation, perquisites and other material personnel matters, and
respecting marketing of the Financial Services Group’s services, including client outreach, the terms of client
engagements and generally the manner in which client services are provided, and to operate the Financial Services Group
consistent with the Operating Principles, while applicable; provided, however, that (a) underwriting
commitments, capital expenditures or other matters involving a material deployment of the Company’s balance sheet shall
also require the consent of Reporting Person; (b) if any policies of the Company would conflict with the manner in which you
managed Sandler prior to the Closing Date or your management decisions after the Closing Date, you, the Other SMP and the
Reporting Person shall cooperate to resolve any such conflicts so as to give maximum effect to the intention of the parties
that the Financial Services Group be operated as a business division of the Company and consistent with this paragraph and,
while applicable, the Operating Principles. For purposes of clarification and not in limitation of anything contained
herein, you shall consult with the Reporting Person prior to (1) terminating the employment of a legacy Sandler partner who
received Equity Consideration (as defined in the Merger Agreement) or a Sandler employee who received an award from the
Retention Pool (as defined in the Merger Agreement), in each case, that is unvested, (2) waiving any applicable
non-competition tail period or garden leave period following his or her termination without cause or resignation with good
reason (with the characterization of such determination to be made by you consistent with item 5 under
 “Operations” of the Operating Principles), or providing severance or garden leave that is not otherwise
contractually required, in each case, for any employee who received Equity Consideration or an award from the Retention Pool,
and (3) designating an alternative or additional reporting line for a legacy Sandler partner. The compensation for the
Financial Services Group for the 2020 and 2021 calendar years will be determined in the sole discretion of you and the Other
SMP consistent with the Operating Principles and thereafter will be determined by you and the Other SMP in consultation with
the Reporting Person consistent with past practice with such adjustments, including any adjustments to reflect changes in
market practice, as determined by you and the Other SMP in consultation with the Reporting Person. With respect to calendar
years after 2021, you will continue to have primary authority for the Financial Services Group as set forth herein,
consistent with the intent to operate the Financial Services Group in accordance with past practice, although the Operating
Principles will no longer apply (other than item 5 under “Operations” which will continue in effect in
accordance with its terms). For the avoidance of doubt, with respect to the matters addressed in items (1) and (2) above, you
will have the authority with the Other SMP as to the determinations required thereby, including determining the
characterization of any such termination (i.e., with or without cause or for good reason), through the later of
January 17, 2025 and the fifth (5th) anniversary of the Closing Date.

 

     

     

    

 

July 1, 2019

Page 3 of 14

 

Retention Equity Award Upon the Closing Date

 

On the Closing Date, you will be granted an equity award in
the form of restricted common stock of Piper Jaffray Companies, with a value on the Closing Date of $10,000,000 (the “Retention
Equity Award”). The number of shares granted will be determined by dividing this dollar amount by the volume-weighted
average per share closing price of Piper Jaffray Companies’ common stock on the New York Stock Exchange for the ten (10)
trading days ending on the third (3rd) trading day before the Closing Date.

 

The Retention Equity Award will vest ratably in three (3) equal
installments (i.e., one-third (1/3)) on each of January 17, 2023, January 17, 2024 and January 17, 2025. Except as provided below,
if your employment with the Company terminates, voluntarily or involuntarily, for any reason prior to any vesting date, then the
unvested portion of the Retention Equity Award will not vest and will be forfeited. The limited exceptions to this are as follows:

 

		•	First,
if your employment terminates because of your death or you are determined to be disabled under the Company’s long-term disability
plan, then the Retention Equity Award shall immediately vest in full upon your date of termination (and will be delivered or paid
no later than twenty (20) days following the date of your termination).

 

		•	Second,
if your employment is terminated by the Company without “Cause” (as defined below) or if your employment is terminated
by you solely under circumstances constituting “Good Reason” (as defined below), then the Retention Equity Award shall
immediately vest in full upon your date of termination
(and will be delivered or paid no later than twenty (20) days following the date of your termination).

 

     

     

    

 

July 1, 2019

Page 4 of 14

 

Certain Definitions

 

“Cause” means (i) your continued failure
to substantially perform your duties under this Letter, other than as a result of your absence due to illness or injury, and after
written demand for substantial performance is delivered to you by the Reporting Person identifying in reasonable detail the basis
for such alleged failure; you shall be provided thirty (30) days to attempt to remedy the deficiencies identified by the Reporting
Person in the written demand; (ii) your conviction of or plea of guilty or no contest to a misdemeanor involving fraud, embezzlement
or financial dishonesty or a felony; (iii) your willful or gross misconduct that results in material harm, including reputational,
for the Company or an Affiliate (as defined in the Merger Agreement); (iv) your violation in any material respect of a material
written policy of the Company or an Affiliate that is applicable to and has been provided or made available to you, which is not
corrected after written demand is delivered to you by the Reporting Person, which written demand shall provide thirty (30) days
for you to attempt to remedy the deficiencies identified by the Reporting Person; or (v) a final determination by the applicable
regulatory body or court of competent jurisdiction, not subject to appeal, that you have violated any material securities law,
rule or regulation resulting in you being disqualified from performing your duties to the Company in any material respect.

 

“Good Reason” means, without your prior written
consent, (i) the Company takes action that diminishes your titles, positions (including service on the Board), duties, responsibilities
or authorities, in any material respect from your titles, positions (including service on the Board), duties, responsibilities
or authorities as contemplated above in the section “Title and Position; Reporting Relationship; Duties; Location”;
(ii) the Company changes your reporting relationship such that you no longer report to the Reporting Person; (iii) the Company
locates your primary work location more than twenty-five (25) miles from the work location set forth in this Letter; (iv) the Company
materially breaches the terms of this Letter, which shall include without limitation the failure to provide each element of the
compensation, benefits and perquisites as set forth in this Letter other than an inadvertent and insubstantial failure that is
promptly remedied, or (v) the Company or its Affiliates fail to fulfill or comply with the commitments and principles with respect
to the operation of the Financial Services Group as set forth in this Letter, and, while applicable, the Operating Principles,
other than an inadvertent and insubstantial failure that is promptly remedied. Your resignation from employment will not constitute
a resignation for “Good Reason” unless you provide written notice to the Reporting Person of the occurrence of the
event constituting “Good Reason” within thirty (30) days of its initial occurrence, the Company fails to remedy the
event within thirty (30) days of its receipt of such notice, and you terminate your employment no later than thirty (30) days following
the end of such cure period.

 

Base Salary

 

The Company has twenty-four (24) bi-monthly paydays per
year, generally on the fifteenth (15th) and the last day of the month. Following the Closing Date, you will be
paid each pay period for services provided based on an annualized salary of $500,000, less applicable taxes and other
required or authorized withholdings. Your annual base salary will be reviewed consistent with the practices applicable to the
Reporting Person.

 

     

     

    

 

July 1, 2019

Page 5 of 14

 

Annual Bonus Opportunity and Equity Awards

 

For each of calendar years 2020 and 2021, your total compensation,
consisting of base salary and annual bonus, shall range between $7,000,000 and $10,000,000, and your total compensation for calendar
years 2022, 2023 and 2024 shall be no less than $5,000,000. For each of calendar years 2020 and 2021, your annual bonus will be
determined by you in consultation with the Reporting Person, based on the Financial Services Group “Total Revenue”
(as defined in the Operating Principles), the portion of Total Revenue attributable to you (determined consistent with the revenue
allocation and attribution methodology applicable to Sandler prior to the Closing Date and the Operating Principles), your performance
in managing the Financial Services Group and any revenues attributable to you that are not Financial Services Group revenues (determined
consistent with the Operating Principles). For each calendar year during your employment thereafter, your annual bonus will be
determined by the Reporting Person in consultation with you, based on the Financial Services Group Total Revenue (without regard
to the fact that the Operating Principles apply through December 31, 2021), the portion of Total Revenue attributable to you (determined
consistent with past practice), your performance in managing the Financial Services Group and any revenues attributable to you
that are not Financial Services group revenues (as determined by the Reporting Person and you). If your employment is terminated
without Cause or due to your death or disability or you resign for Good Reason, you (or your estate) will receive an annual bonus
(without proration) for the applicable calendar year determined in accordance with this Letter.

 

Annual incentive pay may be made in a mix of cash and
equity (in Piper Jaffray Companies common stock or, pursuant to the policies in place, a portion may also be awarded in
mutual fund restricted shares) based on the guidelines established at the discretion of the Company (which shall apply to you
on a basis no less favorable than as applicable to similarly situated employees of the Company); provided, however,
that your annual bonus payments with respect to your performance during 2020 and 2021 shall be made up of (a) 60% cash and
(b) 40% equity, of which (i) 37.5% shall be paid in restricted Piper Jaffray Companies common stock which shall vest
ratably over three (3) years from the date of grant, (ii) 37.5% shall be paid in mutual fund restricted shares which shall
vest ratably over three (3) years from the date of grant, and (iii) 25% shall be paid in the Company’s annual long-term
performance share unit award granted in February following the year of performance, in each case with the terms and
conditions of such awards to be no less favorable than as applicable to similarly situated executives of Piper Jaffray
Companies. Bonus payments are paid (or granted in the case of the equity award portion) annually, generally in the month of
February following the calendar year of performance, but in any event no later than March 15 of the year following the
calendar year of performance.  Any equity grant will be subject to the terms and conditions of the restricted stock or
the mutual fund restricted share agreement pursuant to which it is granted, including a condition that dividends on unvested
restricted stock are accrued and paid out only at the time of vesting, which terms and conditions shall be no less favorable
than those applicable to similarly situated employees of the Company; provided that, notwithstanding anything to the
contrary, in no event shall the restrictive covenants contained in any such equity grants prohibit or be interpreted to
prohibit your engaging in a Designated Field after the third
(3rd) anniversary of the Closing Date (consistent with clause (iii) of the third paragraph under the section
 “Non-Compete Agreement”).

 

You will receive the final distribution of 2019 Sandler income
consistent with the terms of the Merger Agreement.

 

     

     

    

 

July 1, 2019

Page 6 of 14

 

Benefits

 

You and any eligible family members will be offered a comprehensive
and competitive benefits program, including medical, dental, vision, employee and dependent life, short-term and long-term disability,
health care, dependent care and transportation reimbursement accounts, 401(k), employee assistance, tuition reimbursement, and
more.  You will be eligible to participate in the welfare and retirement benefit plans and other plans of general applicability,
as of the Closing Date, although if it is determined that any of the Sandler healthcare plans will remain in effect after the Closing
Date, your healthcare benefits will be provided under those plans while they remain in effect.  During your employment, you
will be entitled to time off from work in accordance with the Company’s Personal Time Management program. You will be credited
with your prior service with Sandler in accordance with the terms of the Merger Agreement. We are proud of the benefits we offer
our employees and design them to give you the flexibility to fit your personal needs.  You will receive your benefits enrollment
materials shortly after the Closing Date.  Benefits questions can be directed to our HR Direct line at 612-303-6246 or 888-477-4737.
In addition, while employed by the Company, you will be entitled to receive expense reimbursement and travel benefits on a basis
no less favorable than that available to you prior to the Closing Date, including the use of private aircraft for business and
personal travel and car service, which will be made available and provided to you on a basis no less favorable than that applicable
to you immediately prior to the Closing Date.

 

Registration Requirements 

 

Your offered position with the Company requires you to be registered
as a condition of your continued employment. It is our expectation that you take all of the necessary means to maintain your active
status for all of the required registrations for this position going forward.

 

Representations

 

You represent and warrant to the Company that you are under
no contractual or other binding legal restriction which would prohibit you from entering into and performing under this Letter
or that would limit the performance of your duties under this Letter.

 

Notice of Intent to Resign

 

You agree to abide by the Company’s notice period
policy which requires that you provide the Company with ninety (90) days’ written notice of your intent to resign from
your employment without Good Reason (the “Notice Period”).  During the Notice Period, you will
continue to be an employee of the Company and may be required to continue to perform certain job responsibilities and/or
transition your responsibilities.  You will continue to receive your base salary and will continue to be eligible to
participate in all benefit plans corresponding to an employee at your level.  The Company may require, in its sole
discretion, that you not come to work during the Notice Period.  In no event, however, may you, directly or
indirectly, perform services for any other employer during the Notice Period.  Any material violation of the Notice
Period requirement under this paragraph shall result in the forfeiture of any unvested stock grants, unvested equity awards,
and any eligibility for severance pay, subject to the terms of such plans, programs, or agreements.  By signing this
Letter, you are hereby voluntarily electing to accept employment with the Company and all the benefits and obligations
associated with it, and specifically acknowledge and agree that the Notice Period is fair and reasonable.

 

     

     

    

 

July 1, 2019

Page 7 of 14

 

Termination for Cause by the Company

 

The Company may terminate your employment at any time for Cause
(subject to the notice and cure requirements set forth herein). Upon such termination, you: (i) shall forfeit all rights to further
payments of base salary, incentives, commissions, bonuses, and any other incentive awards, other than any base salary that has
accrued through the date of termination, but has not yet been paid; (ii) shall forfeit all rights to any unvested equity awards
received with respect to an annual bonus, the unvested Retention Equity Award, and the unvested Equity Consideration; (iii) shall
be entitled to reimbursement for all unpaid reasonable expenses which accrued prior to the notice of termination; and (iv) shall
receive such benefits as provided under the governing terms of any applicable benefit plan.

 

Restrictive Covenant Definitions

 

For purposes of this Letter,
the following terms shall have the meanings set forth below:

 

“Client” means the Company’s current
or prospective investment banking, capital markets, merchant banking, private equity, equities or fixed income institutional brokerage,
loan sales, loan trading, investment advisory, fixed income advisory, portfolio analytics or balance sheet advisory clients, including
any such clients or prospective clients of Sandler preceding the Closing Date or any such client that has done business with the
Company (or Sandler, prior to the Closing Date), in all cases within the twelve (12) months prior to your date of termination,
with a “prospective client” to mean any individual or entity that has been solicited for business by the Company or
an Affiliate within the twelve (12) months prior to your date of termination.

 

“Designated Field” means the 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. For the avoidance of doubt, Designated Field does not include the activities
and businesses included in the term “Investment Banking.”

 

“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 the
activities and businesses included in the term “Designated Field.”

 

     

     

    

 

July 1, 2019

Page 8 of 14

 

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

 

Non-Compete Agreement

 

You acknowledge and agree that the Company has a legitimate
interest in being protected from you being employed by, or providing services to, an entity that competes with the Company. By
signing this Letter, you hereby voluntarily agree to accept the terms of this non-competition provision as reasonable and equitable
under the circumstances. You specifically agree that it is reasonable with respect to its scope, duration and geographic area.
You acknowledge and agree that the compensation the Company has offered you in this Letter and in connection with the Acquisition
is sufficient consideration for your agreement to this non-competition provision.

 

If your employment terminates for any reason, you agree that
you 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 the Company or its Affiliates in (i) any Designated Field in the Restricted
Territory for a period ending on the first to occur of (a) the third (3rd) anniversary of the Closing Date and (b) the date that
is twelve (12)-months after the date of your termination of employment by the Company other than for Cause (but not your termination
with or without Good Reason), and (ii) Investment Banking in the Restricted Territory for a period ending on the first to occur
of (a) the fifth (5th) anniversary of the Closing Date and (b) the date that is twelve (12) months after the date of
your termination of employment by the Company other than for Cause (but not your termination with or without Good Reason); provided,
however, that notwithstanding anything to the contrary, in the case of a termination of your employment by you for Good
Reason, if you fail to comply with the foregoing noncompetition covenant after the date that is twelve (12) months following your
date of termination, the Company’s sole remedy for an alleged violation shall be to seek injunctive relief. In all events,
the Designated Field noncompete covenant shall terminate on the third (3rd) anniversary of the Closing Date and the Investment
Banking noncompete covenant shall terminate on the fifth (5th) anniversary of the Closing Date and shall have no further force
and effect.

 

Notwithstanding the foregoing, nothing in this Letter
shall prevent (1) your ownership of a passive investment interest of no more than five percent (5%) in a publicly traded
company, (2) your management of your personal investments, including through your own family office, to the extent such
investments do not compete with the Company or its Affiliates in any Designated Field or Investment Banking, as applicable,
in the Restricted Territory, in each case during the applicable time periods set forth above, (3) your engaging in a
Designated Field after the third (3rd) anniversary of the Closing Date, including through a business or enterprise that
primarily engages in a Designated Field but that also has an investment bank subsidiary or division that provides services in
Investment Banking that compete with the Company or its Affiliates, as long as you do not provide services to such subsidiary
or division.

 

     

     

    

 

July 1, 2019

Page 9 of 14

 

For the avoidance of doubt, the non-competition covenant in
this Letter is separate and in addition to any non-competition covenant you may be subject to under the Equity Consideration Restricted
Stock Agreement entered into in connection with the Acquisition.

 

Non-Solicitation of Clients

 

In consideration of your employment, you agree that during your
employment and for the period ending on the first to occur of (i) the fifth (5th) anniversary of the Closing Date and (ii) the
date that is twelve (12) months following the date of your termination for any reason, you will not, directly or indirectly, solicit
or assist in the solicitation of Clients in the Restricted Territory for a firm other than the Company or its Affiliates to provide
services comparable to those services provided by the Company. In all events, this covenant shall terminate on the fifth (5th)
anniversary of the Closing Date and have no further force and effect. You acknowledge and agree that this non-solicitation agreement
is necessary to protect the Company’s legitimate business interests, and that the compensation that the Company has offered
to you in this Letter and in connection with the Acquisition, including the Retention Equity Award, is sufficient consideration
for your agreement to this non-solicitation provision. By signing this Letter, you voluntarily elect to receive and accept the
terms and conditions of this paragraph and acknowledge and agree that they are fair, reasonable and necessary to protect the Company’s
legitimate business interests.

 

Non-Solicitation of Employees

 

In consideration of your employment by the Company, you agree
that during your employment and for the twelve (12)-month period following the effective date of the termination of your employment
for any reason, you will not, directly or indirectly, alone or in concert with others, hire or attempt to hire any person who is,
on the date of the termination of your employment, an employee, an individual consultant or individual contractor of the Company
or Sandler or who was an employee, individual consultant or individual contractor of the Company or Sandler during the twelve (12)
months prior to your date of termination. You also agree that during this period you will not, directly or indirectly, encourage
or induce any employee, individual consultant or individual contractor of the Company to cease providing services to the Company
(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 the Company
or Sandler for more than a limited period of time. By signing this Letter, you voluntarily elect to receive and accept the terms
and conditions of this paragraph and acknowledge and agree that they are fair, reasonable and necessary to protect the Company’s
legitimate business interests.

 

For the avoidance of doubt, the client and employee
non-solicitation covenants in this Letter are separate and in addition to any non-solicitation covenants you may be subject
to under the Equity Consideration Restricted Stock Agreement entered
into in connection with the Acquisition.

 

     

     

    

 

July 1, 2019

Page 10 of 14

 

Confidential Information and Unfair Competition; Right
to Report Possible Violations of Law

 

You recognize that any knowledge or information of any type
whatsoever of a confidential nature relating to the business of the Company or any of its parents, subsidiaries or Affiliates,
including, without limitation, all types of trade secrets, client lists or information, employee lists or information, information
regarding product development, marketing plans, management organization information, operating policies or manuals, performance
results, business plans, financial records, or other financial, commercial, business or technical information (collectively, “Confidential
Information”), must be protected as confidential, not copied, disclosed or used other than for the benefit of the Company
at any time, unless and until such knowledge or information is in the public domain through no wrongful act by you. You further
agree not to divulge to anyone (other than the Company or any of its Affiliates or any persons employed or designated by such entities),
publish or make use of any such Confidential Information without the prior written consent of the Company, except by an order of
a court having competent jurisdiction or under subpoena from an appropriate government agency. You further agree that all such
information, documents and records are and shall at all times remain the sole and exclusive property of the Company and at the
cessation of your employment you shall not retain and shall return to the Company any tangible property, documents or like material
assigned to you by the Company or prepared by you during your employment, including all copies thereof. You acknowledge that your
failure to comply with the provisions set forth herein would constitute unfair competition.

 

Nothing in this section or in any other provision of this Letter
prohibits you from reporting possible violations of state or federal law to any government agency or entity or any self-regulatory
organization, including but not limited to the Securities and Exchange Commission, the Department of Justice, FINRA, or any other
federal or state agency or Inspector General. Notwithstanding the foregoing, you agree to waive your right to recover monetary
damages in connection with any charge, complaint, or lawsuit filed by you or by anyone else on your behalf (whether involving a
government agency or entity or self-regulatory organization or not) against the Company or any of its Affiliates; provided
that you are not agreeing to waive, and this Letter shall not be read as requiring you to waive, any right you may have to receive
an award for information provided to any government agency or entity.

 

Remedies For Certain Breaches

 

You acknowledge and agree that the covenants and
obligations with respect to the provisions titled “Non-Compete Agreement,” “Non-Solicitation of
Clients,” “Non-Solicitation of Employees,” and “Confidential Information and Unfair
Competition; Right to Report Possible Violations of Law” (collectively, the “Restrictive
Covenants”) relate to special, unique and extraordinary services rendered by you to the Company and that the
Company has provided valuable consideration to you in exchange for your agreement to be bound by the Restrictive Covenants.
You further acknowledge and agree the Restrictive Covenants are intended to be valid, legal and enforceable and that a
violation of any of the material terms of the Restrictive Covenants (to the extent applicable) by you will cause the Company
to suffer irreparable injury for which adequate remedies are not available at law and damages would be difficult to ascertain
and speculative. Therefore, if you violate or threaten to violate any of the material terms of the Restrictive Covenants, you
agree that the Company shall be entitled to an injunction, restraining order or such other equitable relief (without the
requirement to post bond) restraining you from committing any violation of the Restrictive Covenants. This relief is
cumulative and in addition to any other rights and remedies the Company may have, whether at law or in equity.

 

     

     

    

 

July 1, 2019

Page  11 of 14

 

Furthermore, you acknowledge and agree that if you materially
violate the terms of any of the Restrictive Covenants (to the extent applicable), you shall forfeit your right to any severance
pay to which you may be entitled under the applicable Company plan. In addition, to the extent your actions would also constitute
a material violation of the terms of any covenants in the equity award agreements for any unvested restricted stock shares, or
other unvested equity grants previously awarded to you, you shall have no right, title or interest whatsoever in such shares or
equity grants. This relief is cumulative and in addition to any further rights and remedies the Company may have at law or in
equity or under the Equity Consideration Restricted Stock Agreement.

 

Outside Securities Accounts

 

Consistent with Company policy, employees are generally required
to maintain all securities accounts at a Company-approved firm. You agree that you will comply with all other Company trading policies
and procedures with respect to all of your securities accounts in which you, your spouse, your minor children or any person to
whom you contribute material financial support have a beneficial interest (“Employee-Related Accounts”). Please
note that the Company has reviewed and pre-approved a list of your Employee-Related Accounts provided by Sandler as of June 20,
2019.

 

Outside Business Activities

 

In addition, current regulations require you to disclose to
us now, and at any time in the future, any outside business activities and/or outside employment, as well as any outside board
affiliations of any public or private corporations. These disclosures will require prior review and approval to determine whether
these activities present any conflicts of interest or other regulatory issues. To the extent you are engaged in any such activity
prior to the date hereof, you shall be able to engage in such activity on the same basis.

 

Political Campaign Contributions

 

Certain political campaign contributions previously made by
you have the potential to prohibit the Company from engaging in municipal securities activity for a multi-year period (currently
up to six (6) months prior to the date of such request). You hereby agree to provide the Company information about your political
contributions for such period (whether occurring prior to the Closing Date or thereafter) as requested in writing or pursuant to
the Company’s written policy, in order for the Company to comply with the requirements of any rule of the Municipal Securities
Rulemaking Board, the Securities and Exchange Commission or the Commodity Futures Trading Commission.

 

     

     

    

 

July 1, 2019

Page 12 of 14

 

Income Taxes

 

The Company intends that the payments to you hereunder will
not be treated as taxable income to you under the Internal Revenue Code until you receive them. The compensation arrangements outlined
in this Letter are intended to satisfy, or be exempt from, the requirements of Section 409A(a)(2), (3) and (4) of the Internal
Revenue Code regarding deferred compensation, including current and future guidance and regulations interpreting such provisions,
and should be interpreted accordingly.

 

Please be reminded that the Company cannot guarantee any particular
tax treatment or be responsible for any tax penalties you may incur. Although the Company may withhold from any amounts payable
to you such federal, state and local income and employment taxes as the Company shall determine are required to be withheld pursuant
to any applicable law or regulation, ultimately you are solely responsible for the payment of all applicable taxes with respect
to your compensation. You acknowledge and agree that the Company hereby advises you to consult with your own attorney and tax advisor
concerning all provisions of this Letter, including all such provisions that are or may be subject to Section 409A of the Internal
Revenue Code. From and after the Closing Date, you and the Company agree to treat the transactions contemplated by the Merger Agreement
as “closed,” including with respect to the Equity Consideration, which shall be treated in accordance with the Equity
Consideration Restricted Stock Agreement and shall not be subject to withholding or reportable as taxable income upon any future
vesting event.

 

Governing Law; Jurisdiction; Venue

 

You agree that any claim, controversy or dispute arising out
of or relating in any way to your employment with the Company or the terms of your employment shall be submitted for arbitration
before the FINRA, subject to the Company’s right to seek equitable relief from any court of competent jurisdiction in accordance
with the provision below.

 

This Letter shall be subject to, governed by and interpreted
in accordance with, the laws of the State of New York without regard to conflicts of law principles. You and the Company (i) irrevocably
submit to the exclusive jurisdiction and venue of any state or federal court sitting in New York, for the purposes of any suit,
action or other proceeding arising out of or relating in any way to your employment with the Company and (ii) waive and agree not
to assert in any such proceeding a claim that you or it is not personally subject to the jurisdiction of the court referred to
above, that the suit or action was brought in an inconvenient forum or that the venue of the suit or action is improper.

 

Entire Agreement Between the Parties

 

This Letter, together with the agreements governing the
Retention Equity Award and Equity Consideration, are the entire agreement and understanding between you and the Company
relating to your compensation following the Closing Date. This Letter replaces any prior agreements or understandings between
you and the Company relating, in any way, to your compensation, including any agreement in principle or oral statement,
letter of intent, statement of understanding or guidelines of the parties hereto with respect to the subject matter hereof,
other than the commitments set forth in the Merger Agreement.

 

     

     

    

 

July 1, 2019

Page 13 of 14

 

Severability

 

The invalidity of any one or more provisions
of this Letter or any part thereof shall not affect the validity of any other provision of this Letter or part thereof. If one
or more provisions contained herein shall be held to be invalid, this Letter shall be construed as if such invalid provisions are
not a part of this Letter. In addition, if one or more of the Restrictive Covenants is not enforceable in accordance with its terms,
you and the Company agree that such a provision shall be reformed to make it enforceable in a manner which provides the Company
the maximum rights and protection permitted by law.

 

No Guarantee of Employment

 

Nothing in this Letter, nor any statement contained herein,
is intended to and, in fact, does not modify the at-will employment relationship that will exist between you and the Company. You
and the Company each retain the right to terminate the employment relationship, without notice, at any time, for any or no reason,
subject to the terms of this Letter governing the timing and consequences of termination of the employment relationship (which
terms shall survive the termination of the employment relationship).

 

Successors

 

No rights or obligations of the Company under this Letter may
be assigned or transferred, except that the Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree
to perform this Letter in the same manner and to the same extent that the Company would be required to perform it if no such succession
had taken place.

 

No rights or obligations of yours under this Letter may be assigned
or transferred by you, other than your rights to payments or benefits hereunder, which may be transferred only by will or the laws
of descent and distribution.

 

Amendments

 

No provisions of this Letter may be amended, modified, or waived
unless such amendment or modification is agreed to in writing signed by you and by a duly authorized officer of Piper Jaffray Companies
and Piper Jaffray & Co., and such waiver is set forth in writing and signed by the party to be charged.

 

Notice

 

For the purposes of this Letter, notices, demands and all other
communications provided for in this Letter will be in writing and will be deemed to have been duly given when delivered either
personally or by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows:

 

     

     

    

 

July 1, 2019

Page 14 of 14

 

If to you:

 

Address on file with the Company

 

If to the Company:

Piper Jaffray Companies

800 Nicollet Mall, Ste. 1000

Minneapolis, Minnesota 55402

Attention: John W. Geelan, General Counsel and Secretary

Email: John.W.Geelan@pjc.com

 

Counterparts

 

This Letter and any amendments may be executed in any number
of counterparts, each of which will be deemed an original, and all of which together will constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

 

We are excited about the future of Piper Sandler & Co. and
the opportunity to work with you. If you have any questions, please do not hesitate to contact me.

 

	 	Sincerely,
	 	 
		Piper Jaffray Companies

 

	 	By:	/s/ Chad. R. Abraham
	 	 	Name: Chad R. Abraham
	 	 	Title: Chief Executive Officer

 

		Piper Jaffray & Co.

 

	 	By:	/s/
Chad. R. Abraham
	 	 	Name: Chad R. Abraham
	 	 	Title: Chief Executive Officer

 

Acknowledged and Agreed:

 

	Signature:	/s/ Jonathan J. Doyle 	 	Date:	July
                                         8, 2019

		Jonathan J. Doyle

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