Document:

exv10w10

 

Exhibit 10.10

PIPER JAFFRAY COMPANIES

AMENDED AND RESTATED

2003 ANNUAL AND LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK AGREEMENT

	 	 	 
	   Name of Employee:
	 	 
	 
	 	 
	 
	 
	 	 
	   No. of Shares Covered:

	 	   Date of Issuance:
	 
	 	 
	 
	 
	 	 
	   Vesting Schedule pursuant to Section 2:
	 	 
	 
	 	 
	 

	 	No. of Shares Which
	Vesting Date(s)

	 	Become Vested as of Such Date
	 
	 	 
	 
	 	 

     This is a Restricted Stock Agreement (“Agreement”) between Piper Jaffray Companies, a Delaware
corporation (the “Company”), and the above-named employee of the Company (the “Employee”).

Recitals

     WHEREAS, the Company maintains the Piper Jaffray Companies Amended and Restated 2003 Annual
and Long-Term Incentive Plan, as amended from time to time (the “Plan”);

     WHEREAS, the Board of Directors of the Company has appointed the Compensation Committee (the
“Committee”) with the authority to determine the awards to be granted under the Plan; and

     WHEREAS, the Committee or its delegee has determined that the Employee is eligible to receive
an award under the Plan in the form of restricted stock and has set the terms thereof;

     NOW, THEREFORE, the Company hereby grants this award to the Employee under the terms set by
the Committee as follows.

 

 

Terms and Conditions*

1. Grant of Restricted Stock.

     (a) Subject to the terms and conditions of this Agreement, the Company has granted to the
Employee the number of Shares specified at the beginning of this Agreement. These Shares 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. 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. 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 any such
certificate throughout the period during which any restrictions are in effect and require, as a
condition to issuing any such certificate, that the Employee tender to the Company a stock power
duly executed in blank relating to such custody.

2. Vesting.

     (a) If 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 will vest in the numbers and on the dates specified in the Vesting Schedule
at the beginning of this Agreement.

     (b) If the Employee’s employment by the Company or an Affiliate terminates because of the
Employee’s death or long-term disability (as defined in the Company’s long-term disability plan, a
“Disability”), then the unvested Restricted Shares will immediately vest in full.

     (c) If the Employee’s employment by the Company or an Affiliate terminates as a result of a
Severance Event (as defined in the Company’s Severance Plan and as determined in the sole
discretion of the Company), then the unvested Restricted Shares will, as determined by the
Committee and set forth in writing in a severance agreement, continue to vest in the numbers
and on the dates specified in the Vesting Schedule at the beginning of this Agreement, so long as
the

 

			
	*	 	Unless the context indicates otherwise, terms that
are not defined in this Agreement shall have the meaning set forth in the Plan.

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Employee complies with the terms and conditions of the Severance Plan and the applicable
severance agreement, including execution of a general release of all claims against the Company and
any designated Affiliates and their respective agents, on a form provided by the Company for this
purpose and within the timeframe designated by the Company, that becomes effective and enforceable.

     (d) If the Employee’s employment with the Company or an Affiliate terminates for any reason
other than for Cause (as defined below) or due to the Employee’s death, Disability or as a result
of a Severance Event (as set forth in paragraphs 2(b)-(c), above), then the Restricted Shares shall
cease vesting and be forfeited in accordance with Section 4 of this Agreement, unless, at or around
the time of such termination, the Employee voluntarily elects to sign a Post-Termination Agreement
with the Company, and thereafter complies with the Employee’s obligations under such agreement
including the obligation to refrain from engaging in any Post-Termination Restricted Activities.
“Post-Termination Restricted Activities” include each of the following:

     (i) at any time during the period set forth in the Post-Termination Agreement, the
Employee uses, discloses or misappropriates any Company-Related Information (as defined
below) unless the Company or an Affiliate consents otherwise in writing. “Company-Related
Information” means any confidential or secret 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, including, without limitation, any confidential
customer list, confidential business information, confidential materials relating to the
practices or procedures of the Company or an Affiliate, or any other proprietary information
of the Company or an Affiliate; provided, however that Company-Related Information shall not
include any knowledge or information that is now published or which subsequently becomes
generally publicly known in the form in which it was obtained from the Company or an
Affiliate, other than as a direct or indirect result of the Employee’s disclosure in
contradiction of this Section 2(d);

     (ii) any time during the period set forth in the Post-Termination Agreement, the
Employee directly or indirectly, on behalf of the Employee or any other person (including
but not limited to a Talent Competitor (as defined below)), solicits for employment any
person employed by the Company or an Affiliate who was employed by the Company or an
Affiliate and with whom Employee interacted at any time within three (3) years prior to the
date of the Employee’s termination of employment;

     (iii)any time during the period set forth in the Post-Termination Agreement, the
Employee directly or indirectly, on behalf of any Talent Competitor, solicits any customer,
client or account of the Company or any Affiliate, that was a customer, client or account of
the Company or any Affiliate and with whom the Employee interacted at any time within three
(3) years prior to the date of the Employee’s termination of employment, or the Employee
otherwise seeks to divert any such customer, client or account away from the Company or any
Affiliate; or

     (iv) any time during the period set forth in the Post-Termination Agreement, without
the prior written consent of the Company or an Affiliate, the Employee directly or
indirectly owns, manages, operates, controls or participates in the ownership, management,

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operation or control of a Talent Competitor; or becomes connected as an officer, employee,
partner, director, consultant, independent contractor or otherwise with a Talent Competitor;
or has or acquires any financial or other pecuniary interest in any Talent Competitor. A
“Talent Competitor” means any corporation, partnership, limited liability company or other
business association, organization or entity or person of any kind whatsoever 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. Notwithstanding the
foregoing, however, ownership by the Employee, for passive personal investment purposes
only, of less than 5% of the voting stock of a Talent Competitor that is any publicly held
corporation shall not by itself constitute engaging in a Post-Termination Restricted
Activity.

If and so long as the conditions of Paragraph 2(d) are satisfied, the Restricted Shares shall not
cease to vest and be forfeited in accordance with Section 4 of this Agreement but, as set forth in
the Post-Termination Agreement, shall vest in full or will continue to vest in the numbers and on
the dates specified in the Vesting Schedule at the beginning of this Agreement.

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

3. Lapse of Restrictions. Upon the vesting of any Restricted Shares, such vested
Restricted Shares will no longer be subject to forfeiture as provided in Section 4 of this
Agreement.

4. Forfeiture. 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 Restricted 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 2(c) or
Section 2(d) 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 that
have not previously vested shall be forfeited by the Employee to the Company, the Employee shall
thereafter have no right, title or interest whatever in such Restricted 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 Restricted Shares forfeited 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

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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 Shares that vested prior to forfeiture. 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. “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, (ii) the Employee’s conviction of a crime (including misdemeanors)
that, in the Company’s determination, impairs the Employee’s ability to perform his or her duties
with the Company or an Affiliate, (iii) the Employee’s violation of any policy of the Company or an
Affiliate that the Company deems material, (iv) the Employee’s violation of any securities law,
rule or regulation that the Company deems material, (v) the Employee’s engagement in conduct that,
in the Company’s determination, exposes the Company or an Affiliate to civil or regulatory
liability or injury to their reputations, (vi) 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 (vii) the Employee’s gross or willful misconduct, as
determined by the Company.

5. Stockholder Rights. As of the date of issuance specified at the beginning of this
Agreement, the Employee shall have all of the rights of a stockholder of the Company with respect
to the Restricted Shares, except as otherwise specifically provided in this Agreement.

6. 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, in the event that the Employee elects under Code Section 83(b) to report the receipt of
the Restricted Shares as income in the year of receipt, upon the Employee’s receipt of the
Restricted Shares. 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 Plan), 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.

7. 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
AGREEMENT BETWEEN THE COMPANY AND THE

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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.

8. Interpretation of This Agreement. All decisions and interpretations made by the
Committee with regard to any question arising hereunder or under the Plan shall be binding and
conclusive upon the Company and the Employee. If there is any inconsistency between the provisions
of this Agreement and the Plan, the provisions of the Plan shall govern.

9. Not Part of Employment Contract; Discontinuance of Employment. The Employee
acknowledges that this Agreement awards restricted stock to the Employee, but does not impose any
obligation on the Company to make any future grants or issue any future Awards to the Employee or
otherwise continue the participation of the Employee under the Plan. 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 and otherwise deal with the
Employee without regard to the effect it may have upon him or her under this Agreement.

10. Binding Effect. This Agreement shall be binding in all respects on the heirs,
representatives, successors and assigns of the Employee.

11. Choice of Law. 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).

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

13. Amendment and Waiver. Except as provided in the Plan, this Agreement may be amended,
waived, modified, or canceled only by a written instrument executed by the parties or, in the case
of a waiver, by the party waiving compliance.

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

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     IN WITNESS WHEREOF, the Employee and the Company have executed this Agreement as of the date
of issuance specified at the beginning of this Agreement.

	 	 	 	 	 	 	 
	 	 	EMPLOYEE
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	PIPER JAFFRAY COMPANIES
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Its	 	 	 	 
	 

	 	 	 	 	 	 

7exv10w13

 

Exhibit 10.13

PIPER JAFFRAY COMPANIES

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

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

In addition to the cash retainer, we also grant equity awards to our non-employee directors in
order to further align their interests with those of our shareholders. Starting in 2007, each
non-employee director will receive a grant of 500 shares of our common stock on the date of the
director’s initial election to the Board, granted under our Amended and Restated 2003 Annual and
Long-Term Incentive Plan. Non-employee directors who will continue their service on the Board
following an annual meeting of shareholders will receive a grant of 1,000 shares of our common
stock on the date of the annual meeting. Non-employee directors who join our Board after the first
month of a calendar year are paid pro rata annual retainers and awarded pro rata equity awards
based on the period during which they serve as directors during the year.

Prior to 2007, each non-employee director received a grant of stock options with a fair market
value of $20,000 on the date of the director’s initial election to the Board, and non-employee
directors who were continuing their service on the Board following an annual meeting of
shareholders received a grant of stock options valued at $50,000 on the date of the annual meeting.
The number of shares underlying the grant of stock options was determined using the Black-Scholes
option-pricing model, and the options were exercisable immediately, have a 10-year term and have an
exercise price equal to the closing price of our common stock on the date of grant. The options
were granted under our Amended and Restated 2003 Annual and Long-Term Incentive Plan.

Our non-employee directors may participate in the Piper Jaffray Companies Deferred Compensation
Plan for Non-Employee Directors, which was designed to facilitate increased equity ownership in the
company by our non-employee directors. The plan permits our non-employee directors to defer all or
a portion of the cash fees payable to them for their service as a
director of Piper Jaffray for any calendar year. Any cash amounts deferred by a
participating director are credited to a recordkeeping account established for the director and
deemed invested in shares of our common stock as of the date the deferred fees otherwise would have
been paid to the director. This deemed investment is measured in phantom stock, and no shares of
common stock are reserved, repurchased or issued pursuant to the plan. The fair market value of
all phantom stock credited to a director’s account will be paid out to the director (or, in the
event of the director’s death, to his or her beneficiary) in a single lump-sum cash payment
following the director’s cessation of service as a non-employee director. The amount paid out will
be determined based on the fair market value of the stock on the last day of the year in which the
director’s service with us terminates. Directors who elect to participate in the plan are not
required to pay income taxes on amounts deferred but will instead pay income taxes on the amount of
the lump-sum cash payment paid to the director (or beneficiary) at the time of such payment. Our
obligations under the plan are unsecured general obligations to pay in the future the value of the
participant’s account pursuant to the terms of the plan.

 

 

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

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