Document:

Exhibit

Exhibit 10.28

FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) made and entered into as of December 17, 2016 (the “Effective Date”), by and between PIPER JAFFRAY & CO., a Delaware corporation (“Borrower”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Lender”); has reference to the following facts and circumstances (the “Preambles”):

A.    Borrower and Lender entered into the Amended and Restated Loan Agreement dated as of December 28, 2012 (as amended, the “Agreement”; all capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings ascribed to them in the Agreement as amended by this Amendment), pursuant to which Borrower executed the Amended and Restated Revolving Credit Note dated December 28, 2012, payable to the order of Lender in the original principal amount of up to $250,000,000 (as amended, the “Note”).

B.    The Agreement was previously amended as described in the First Amendment to Amended and Restated Loan Agreement dated as of December 28, 2013, the Second Amendment to Amended and Restated Loan Agreement dated as of December 19, 2014 and the Third Amendment to Amended and Restated Loan Agreement dated as of December 18, 2015.

C.    Borrower and Lender desire to further amend the Agreement and to amend the Note in order to reduce the Facility Amount to $200,000,000 and to extend the Termination Date until December 16, 2017, on the terms set forth below.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender hereby agree as follows:

1.    Preambles.  The Preambles are true and correct, and, with the defined terms set forth herein, are incorporated herein by this reference.

2.    Amendments to Agreement.  As of the Effective Date, the Agreement is amended as follows:

(a)    Recital B on page 1 of the Agreement is deleted and replaced with the following:

B.    Borrower and Lender have agreed that the Original Agreement shall be amended, restated and replaced to provide for a revolving credit facility from Lender in the principal amount of up to $250,000,000 (subsequently decreased to $200,000,000).

(b)    The definitions of “Facility Amount” and “Termination Date” in Section 1 of the Agreement are deleted and replaced with the following:

Facility Amount shall mean $200,000,000.

Termination Date shall mean the earlier of December 16, 2017, or the date on which this Agreement is terminated pursuant to Section 12.

(c)    The reference to “December 18, 2015” in Exhibit C (Pricing and Fees) to the Agreement is deleted and replaced with “December 17, 2016.”

3    Amendments to Note:  As of the Effective Date, the Note is amended as follows:

(a)    The reference at the top of page 1 of the Note to “$250,000,000.00” is deleted and replaced with “$200,000,000.”

(b)    The first paragraph on page 1 of the Note is deleted and replaced with the following:

FOR THE VALUE RECEIVED, the undersigned, PIPER JAFFRAY & CO., a Delaware corporation (“Borrower”), hereby unconditionally promises to pay, to the order of U.S. BANK NATIONAL ASSOCIATION, a national banking association (“Lender”), on the Termination Date (as 

defined in the Amended and Restated Loan Agreement between Lender and Borrower dated of even date herewith, as the same may from time to time be amended [the “Loan Agreement”; all capitalized terms not otherwise defined shall have the meanings ascribed to them in the Loan Agreement]), the principal amount of Two Hundred Million Dollars ($200,000,000) or, if less, the aggregate unpaid principal amount of all Advances made by Lender to Borrower and evidenced by this Amended and Restated Revolving Credit Note (as amended, this “Note”), which amount may be borrowed, paid, reborrowed and repaid, in whole or in part, subject to the terms of this Note and the Loan Agreement.

4.    Collateral Schedules.  Borrower acknowledges receipt of the Schedules of Eligible Securities attached to this Amendment as Exhibit A, which are the current Collateral Summaries.

5.    References.  All references in the other Credit Documents to “the Loan Agreement” or “the Note” and any other references of similar import shall mean the Agreement and the Note as amended by this Amendment.

6.    Full Force and Effect.  Except to the extent specifically amended by this Amendment, all of the terms, provisions, conditions, covenants, representations and warranties contained in the Agreement shall be and remain in full force and effect and the same are hereby ratified and confirmed.

7.    Continuing Security.  The Agreement, as hereby amended, and the Note, are, and shall continue to be, secured by the Collateral Pledge Agreement.

8.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns, except that Borrower may not assign, transfer or delegate any of its rights or obligations under the Agreement as amended by this Amendment.

9.    Representations and Warranties.  Borrower hereby represents and warrants to Lender that:

(a)    the execution, delivery and performance by Borrower of this Amendment are within the corporate powers of Borrower, have been duly authorized by all necessary corporate action and require no action by or in respect of, consent of or filing or recording with, any governmental or regulatory body, instrumentality, authority, agency or official or any other person or entity;

(b)    the execution, delivery and performance by Borrower of this Amendment do not conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under or result in any violation of, the terms of the Certificate of Incorporation or Bylaws of Borrower, any applicable law, rule, regulation, order, writ, judgment or decree of any court or governmental or regulatory body, instrumentality authority, agency or official or any agreement, document or instrument to which Borrower is a party or by which Borrower or any of its property or assets is bound or to which Borrower or any of its property is subject;

(c)    this Amendment has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligation of Borrower enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(d)    all of the representations and warranties made by Borrower in the Agreement, the Note, the Collateral Pledge Agreement, and the other Credit Documents are true and correct in all material respects on and as of the date of this Amendment as if made on and as of the date of this Amendment; 

(e)    Borrower is an “exempted borrower” (as defined in Section 221.2 of Federal Reserve Board Regulation U) and Borrower acknowledges that Lender is entering into this Agreement and the Other Agreements based on Lender’s good faith determination that Borrower is an “exempted borrower”; and

(f)    as of the date of this Amendment, Borrower is in compliance with all provisions of the Agreement, the Note, the Collateral Pledge Agreement, and the other Credit Documents.

- 2 -

10.    Inconsistency.  In the event of any inconsistency or conflict between this Amendment and the Agreement, the terms, provisions and conditions contained in this Amendment shall govern and control.

11.    Governing Law.  This Amendment shall be governed by and construed in accordance with the substantive laws of the State of Minnesota (without reference to conflict of law principles) but giving effect to Federal laws applicable to national banks.

12.    Electronic Imaging.  Borrower hereby acknowledges the receipt of a copy of the Agreement, the Note, the Collateral Pledge Agreement, this Amendment and all other Advance Documents.  Lender may, on behalf of Borrower, create a microfilm or optical disk or other electronic image of any or all of the Credit Documents.  Lender may store the electronic image of any Credit Document in its electronic form and then destroy the paper original as part of Lender’s normal business practices, with the electronic image deemed to be an original.

13.    Conditions.  Notwithstanding any provision contained in this Amendment to the contrary, this Amendment shall not be effective unless and until Lender shall have received:  

(a)    this Amendment and the 2016 Pricing Letter, duly executed by Borrower; 

(b)    a Certificate of Secretary (with Resolutions), certified by the Secretary of Borrower; 

(c)    the current Schedule I (Schedule of Eligible Securities) to the Control Agreement;

(d)    a certificate of good standing for Borrower issued by the Delaware Secretary of State (or other evidence of good standing acceptable to Lender); and

(e)    such other documents and information as reasonably required by Lender.

Borrower and Lender executed this Amendment as of the Effective Date.

[SIGNATURES ON FOLLOWING PAGE]

- 3 -

SIGNATURE PAGE- 
FOURTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

Borrower:
                        
PIPER JAFFRAY & CO.

By:/s/ Debbra L. Schoneman        
Name:  Debbra L. Schoneman
Title:  Chief Financial Officer

By:/s/ Timothy L. Carter            
Name:  Timothy L. Carter
Title:  Treasurer

    

Lender:

U.S. BANK NATIONAL ASSOCIATION
    
By:/s/ Christopher M. Doering            
Name:  Christopher M. Doering
Title:  Senior Vice President

- 4 -

[U.S. Bank Letterhead]

December 17, 2016

Piper Jaffray & Co.
800 Nicollet Mall, J09S04
Minneapolis, Minnesota 55402
Attention:  Debbra L. Schoneman, Chief Financial Officer and Timothy L. Carter, Treasurer

Re:    Amended and Restated Loan Agreement dated as of December 28, 2012, executed by U.S. Bank National Association (“Lender”) and Piper Jaffray & Co. (“Borrower”), as amended by the First Amendment to Amended and Restated Loan Agreement dated as of December 28, 2013, the Second Amendment to Amended and Restated Loan Agreement dated as of December 19, 2014, the Third Amendment to Amended and Restated Loan Agreement dated as of December 18, 2015 and the Fourth Amendment to Amended and Restated Loan Agreement dated as of December 17, 2016 (as amended, the “Agreement”; all capitalized terms used and not otherwise defined in this Amendment shall have the respective meanings ascribed to them in the Agreement as amended by this letter agreement).

Dear Debbra and Tim:

This letter agreement is the Pricing Letter, as defined in the Agreement (and amends, restates and replaces the Pricing Letter dated December 18, 2016).  The following terms are defined and incorporated into the Agreement by reference:

Applicable Margin shall mean 1.75%.

Commitment Fee.  From and including the date of this Agreement to but excluding the Termination Date, Borrower shall pay a nonrefundable commitment fee on the unused portion of the Facility Amount (determined by subtracting the outstanding principal amount of all Advances from the Facility Amount) at an annual rate of 0.20%.  The commitment fee shall be (a) calculated on a daily basis, (b) payable quarterly in arrears on the first day of each calendar quarter prior to the Termination Date and on the Termination Date, and (c) calculated on an actual day, 360‐day year basis.

Work Fee.  Borrower shall pay Lender, in conjunction with the Fourth Amendment to Loan Agreement dated as of December 17, 2016, a work fee in the amount of $250,000.

Please indicate your acceptance of this Pricing Letter by signing in the space indicated below and returning a copy of this letter to the undersigned.

Very Truly Yours,

U.S. BANK NATIONAL ASSOCIATION 

By:/s/ Christopher M. Doering    
Name:  Christopher M. Doering    
Title:  Senior Vice President

[BORROWER’S SIGNATURES ON PAGE 2]

Piper Jaffray & Co.
December 17, 2016
Page 2

Accepted and agreed to by Borrower as of December 17, 2016:

PIPER JAFFRAY & CO.

By:/s/ Debbra L. Schoneman    
Name:  Debbra L. Schoneman
Title:  Chief Financial Officer

By:/s/ Timothy L. Carter    
Name:  Timothy L. Carter
Title:  TreasurerExhibit

Exhibit 10.34

PIPER JAFFRAY COMPANIES
MUTUAL FUND RESTRICTED SHARE INVESTMENT PLAN
(Amended and Restated as of December 13, 2016)

1.    Plan and Purpose.

Piper Jaffray Companies (the “Company”) pays a portion of certain employees’ annual incentive compensation in restricted Company equity (the “Restricted Compensation”) under the Piper Jaffray Companies Amended and Restated 2003 Annual and Long-Term Incentive Plan (the “LTIP”). The Company established this Piper Jaffray Companies Mutual Fund Restricted Share Investment Plan (the “Plan”) to enable the Company to provide a percentage of the Restricted Compensation in the form of restricted shares of mutual funds managed by affiliates of the Company or other mutual funds or exchange trade funds (“Restricted Fund Shares”) as approved by the Compensation Committee of the Board of Directors (the “Committee”).  Providing a portion of employees’ Restricted Compensation in the form of Restricted Fund Shares is intended to further the Company’s goals of attracting, retaining, motivating and rewarding key employees. 

2.    Nature of the Plan.

The Plan provides for restricted property transfers subject to Section 83 of the Internal Revenue Code of 1986, as amended (“Code”).  Because Section 83 of the Code applies, awards and payments hereunder are not subject to Section 409A of the Code. 

3.    Eligibility.

The Plan shall be available to U.S. and U.K. employees (each an “Employee”) of the Company and its subsidiaries (each, an “Affiliate”) who are eligible to receive a grant of Restricted Compensation as a portion of their annual incentive compensation, and who satisfy such additional eligibility criteria as may be established from time to time by the Committee (“Participants”). 

4.    Grant of Restricted Fund Shares.

(a)    Mandatory Receipt. At the time that it approves the annual grant of Restricted Compensation to Participants, the Committee shall specify the percentage of the Restricted Compensation to be paid in the form of Restricted Fund Shares (the “Mandatory Percentage”).  If the Committee does not so act with respect to an annual grant of Restricted Compensation, the Mandatory Percentage for that annual grant of Restricted Compensation shall be fifty percent (50%). The Mandatory Percentage shall apply to the amount of Restricted Compensation paid to each Participant; provided, however, that the Committee may separately approve a different Mandatory Percentage for individual employees or a class of employees, or it may permit any employee or class of employee to elect to receive a percentage greater or less than the Mandatory Percentage of their Restricted Compensation in the form of Restricted Fund Shares (the “Elective Percentage”).  

(c)    Employee Elections.  Participants shall specify how the percentage of his or her Restricted Compensation to be received in Restricted Fund Shares will be allocated among the mutual funds and exchange traded funds selected pursuant to Section 5. In addition, to the extent applicable, a Participant shall specify an Elective Percentage if they are eligible to do so with respect to an annual grant of Restricted Compensation. These elections shall be made at such time, on such form(s) and in accordance with such rules as may be prescribed for this purpose by the Company.  If a Participant fails to make an election for the allocation among the mutual funds and exchange traded funds before the deadline for such election, the Company shall make such allocation on behalf of the Participant in its sole discretion. If a Participant fails 

to specify an Elective Percentage before the deadline for such election, the Participant shall receive the Mandatory Percentage of his or her Restricted Compensation in Restricted Fund Shares. Any election pertaining to the allocation of the Restricted Fund Shares or the Elective Percentage shall be irrevocable once the applicable election deadline has passed.

(d)    No Reallocation.  Unless otherwise determined by the Company, no reallocation among the selected mutual funds and exchange traded funds shall be permitted after the deadline for making an allocation election has passed.  

5.    Funds Distributed As Restricted Fund Shares.

The Company shall select the funds in which Restricted Fund Shares will be issued in any award cycle from among the mutual funds that are managed by an Affiliate and from among other mutual funds and exchange traded funds that have been approved for such purpose by the Committee.  The Company may, from time to time and in its sole discretion, add to, remove or substitute such funds, provided that only the Committee may approve the inclusion of mutual funds or exchange traded funds other than those managed by an Affiliate among the funds from which the Company may select for any award cycle.

6.    Terms of the Restricted Fund Share Grants.

A Participant who receives Restricted Fund Shares shall be issued and required to execute a Mutual Fund Restricted Share Agreement (“Agreement”) which shall set forth the terms applicable to the grant of such Restricted Fund Shares.

7.    Administration. 

(a)    Administration and Discretionary Authority.  The Company shall administer the Plan and awards under the Plan.   Except with respect to Participants that are officers of the Company, as determined pursuant to Rule 16a-1(f) under the Securities and Exchange Act of 1934, as amended (collectively, the “Executive Officers”), the Global Head of Human Capital of the Company shall have the full and final discretionary authority and responsibility to interpret and construe the Plan and the Agreements, to adopt and revise rules and policies relating to the Plan and to make any other determinations necessary or advisable for the administration of the Plan and awards under the Plan; the Committee shall have such authority and responsbilitiy with respect to any action affecting Executive Officers.  The interpretations and determinations of the Global Head of Human Capital (or, the Committee in the case of an interpretation or determination affecting an Executive Officer) shall be binding on all persons, including Participants.  By receiving Restricted Fund Shares, the Employee is agreeing that the interpretations and determinations of the Global Head of Human Capital (or, the Committee, as applicable) be given deference in all courts to the greatest extent allowed under law, and that they not be overturned or set aside by any court unless found to be arbitrary and capricious, or made in bad faith.
(b)    Correction of Errors.  Errors may occur in the administration and operation of the Plan, and the Company reserves the power to cause such equitable adjustments to be made to correct for such errors as it considers appropriate.  Such adjustments will be final and binding on all persons.

8.    Amendment and Termination. 

(a)    Amendment.  The Company may amend the Plan or any Agreement at any time and for any reason by action of the Committee.  However, the Company may not amend the Plan or any Agreement in a manner that has the effect of reducing any outstanding award (an award that has been granted but not yet 

2

paid), except for an amendment that is required by law or for which the failure to adopt the amendment would have adverse tax consequences to the Participant.  

(b)    Termination. The Committee may terminate the Plan at any time and grant no further Restricted Fund Shares.

9.    Miscellaneous.

(a)    No Assignment of Benefits.   Rights and benefits under this Plan with respect to a Participant may not be alienated, assigned, transferred, pledged or hypothecated by any person, at any time, or to any person whatsoever.  

(b)    Withholding.  A Participant must make appropriate arrangements with the Company or an Affiliate for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other employee tax requirements applicable to the awards under the Plan.  If no other arrangements are made, the Company or Affiliate may provide, at its discretion, for such withholding and tax payments as may be required, including, without limitation, by the reduction of other amounts payable to the Participant.

(c)    Successors of Company.  The rights and obligations of the Company or an Affiliate under the Plan will inure to the benefit of, and will be binding upon, the successors and assigns of the Company or any Affiliate.

(d)    No Employment Rights.  Nothing contained in the Plan or any Agreement, nor any action taken hereunder, will be construed as a contract of employment or as giving any Participant any right to continued employment with the Company or any Affiliate.

(e)    Modification by Employment or Similar Agreement.  The Company or an Affiliate may be a party to an employment or similar agreement with a Participant, the terms of which may enhance or modify in some respect the benefits provided under this Plan, including, but not necessarily limited to, an enhancement to or modification of the benefit amount, payment forms and/or other rights and features of the Plan.  The Plan consists only of this document and other documents contemplated under this document, but not including such employment or similar agreement; and accordingly, any contractual rights that a Participant may have to any enhancement or modification called for under an employment or similar agreement are rights that derive from such agreement and not under the Plan.  

(f)    Governing Law.  The Plan and all Awards granted and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws thereof.
(g)    Gender, Singular and Plural.  All pronouns and any variations thereof will be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.

(h)    Captions.  The captions of the articles, paragraphs and sections of this document are for convenience only and will not control or affect the meaning or construction of any of its provisions.

(i)    Validity.  In the event any provision of the Plan or any Agreement is held invalid, void or unenforceable, the same will not affect, in any respect whatsoever, the validity of any other provisions of the Plan.

3

(j)    Waiver of Breach.  The waiver by the Company of any breach of any provision of the Plan or any Agreement will not operate or be construed as a waiver of any subsequent breach by that Participant or any other Participant.

(k)    Notice.  Any notice or filing required or permitted to be given to the Company or a Participant under the Plan or any Agreement will be sufficient if in writing and hand delivered, or sent by registered or certified mail, in the case of Company, to the principal office of Company, directed to the attention of the Head of Human Resources, and in the case of the Participant, to the last known address of the Participant indicated on the employment records of Company.  Such notice will be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.  Notices to the Company may be permitted by electronic communication according to specifications established by the Company.

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]