Document:

pjc2015ex41

COMMON   SEE REVERSE SIDE   FOR CERTAIN DEFINITIONS   CUSIP 724078 10 0   THIS CERTIFIES THAT   is the owner of   FULLY PAID AND NON-ASSESSABLE COMMON SHARES, $0.01 PAR VALUE, OF   PIPER JAFFRAY COMPANIES   transferable on the books of the Corporation by the holder hereof in person or by Attorney upon surrender of   this certificate properly endorsed.This certificate is not valid until countersigned and registered by the Transfer   Agent and Registrar.   IN WITNESS WHEREOF, the said Corporation has caused this certificate to be signed by facsimile   signatures of its duly authorized officers.   Dated:   CHAIRMAN & CHIEF EXECUTIVE OFFICER   CORPORATE SECRETARY   COMMON STOCK   INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE   PIPER JAFFRAY COMPANIES   PJ   COUNTERSIGNED AND REGISTERED:   WELLS FARGO BANK, N.A.   TRANSFER AGENT   AND REGISTRAR   BY   AUTHORIZED SIGNATURE   MR. SAMPLE & MRS. SAMPLE &   MR. SAMPLE & MRS. SAMPLE   MR. SAMPLE & MRS. SAMPLE &   MR. SAMPLE & MRS. SAMPLE   * * 000000* * * * * *   * * * 000000* * * * *****SPECIMEN***************    

 

PIPER JAFFRAY COMPANIES   THE CORPORATE SECRETARY OF THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO   SO REQUESTS, THE POWERS, DESIGNATIONS, PREFERENCES, AND RELATIVE, PARTICIPATING, OPTIONAL, OR OTHER   SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF OF THE CORPORATION, AND THE QUALIFICATIONS,   LIMITATIONS, OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS.   The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were   written out in full according to applicable laws or regulations:   TEN COM – as tenants in common UTMA – ____________ Custodian ____________(Cust) (Minor)   TEN ENT – as tenants by entireties under Uniform Transfers to Minors   JT TEN – as joint tenants with right of survivorship Act _______________________________   and not as tenants in common (State)   Additional abbreviations may also be used though not in the above list.   For value received _____ hereby sell, assign, and transfer unto   (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)   Shares   of the capital stock represented by the within Certificate,   and do hereby irrevocably constitute and appoint   Attorney   to transfer the said stock on the books of the within-named   Corporation with full power of substitution in the premises.   Dated ________________   NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE   OF THE CERTIFICATE IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.   SIGNATURE GUARANTEED   ALL GUARANTEES MUST BE MADE BY A FINANCIAL INSTITUTION (SUCH   AS A BANK OR BROKER) WHICH IS A PARTICIPANT IN THE SECURITIES   TRANSFER AGENTS MEDALLION PROGRAM (“STAMP”), THE NEW YORK   STOCK EXCHANGE, INC. MEDALLION SIGNATURE PROGRAM (“MSP”), OR   THE STOCK EXCHANGES MEDALLION PROGRAM (“SEMP”) AND MUST NOT   BE DATED. GUARANTEES BY A NOTARY PUBLIC ARE NOT ACCEPTABLE.   PLEASE INSERT SOCIAL SECURITY OR OTHER   IDENTIFYING NUMBER OF ASSIGNEEExhibit

Exhibit 10.20

PIPER JAFFRAY COMPANIES
2016 Compensation and Benefits for Non-Employee Directors
	
				
	 
	Amount
	Objective
	Time and Terms of Payment

	Annual Cash Retainer

	$60,000
	Consideration for Board and committee service for the current calendar year
	Paid quarterly in arrears.  For any director joining or leaving the Board during a quarter, the amount paid shall be a pro rata sum based on the number of days served during the quarter.

	Additional Annual Cash Retainer for Lead Director and Committee Chairpersons

	$20,000-Lead Director
$25,000-Audit
$15,000-Compensation
$15,000-Nominating and Governance
	Consideration for service as lead director or committee chairperson for the current calendar year
	Paid quarterly in arrears.  For any director gaining (or resigning) a lead director or committee chairperson position during a quarter, the amount paid shall be a pro rata sum based on the number of days served during the quarter.

	Additional Annual Cash Retainer for Committee Members
	$10,000-Audit
$5,000-Compensation
$5,000-Nominating and Governance
	Consideration for service as committee member for the current calendar year

	Paid quarterly in arrears.  For any director joining or leaving a committee during a quarter, the amount paid shall be a pro rata sum based on the number of days served during the quarter.

	Additional Cash Fee for Non-Member Attendance at Committee Meetings
	$1,000 per meeting

	Consideration for attendance at a meeting of a committee on which the attendee is not a member
	Paid on the last business day in December.

	Initial Equity Grant

	$60,000 (valued as of election date)

	Establish PJC equity interest upon initial election to the Board to align director and shareholder interests
	Shares of PJC common stock granted on the date of the director's initial election or appointment to the Board.

	Annual Equity Grant

	$70,000 (valued on the date of the annual meeting of shareholders)

	Incentive compensation for continuing service on the Board and enhanced alignment of director and shareholder interests
	Shares of PJC common stock granted on the date of the annual meeting of shareholders to any director whose service on the Board will continue following the annual meeting.  For directors joining the Board after the annual meeting in any year, an equity award will be granted on the date the director is elected to the Board covering a pro rata number of shares based on the number of days during which the director will serve on the Board during that year.

	Deferral Opportunity

	All cash and equity received on an annual basis

	Increase equity stake by directors
	Annual opportunity to participate in the Amended and Restated Piper Jaffray Companies Deferred Compensation Plan for Non-Employee Directors, permitting deferral into phantom stock units of all or a portion of the director’s annual cash compensation for service as a Piper Jaffray Companies director, and deferral of any shares granted in consideration of the director’s service as a director.  To participate in any year, irrevocable election must be made by December 31 of the preceding year for continuing directors and on the date of initial election or appointment to the Board for new directors.  Annual opportunity to change the subsequent year’s election.  The deferral date for the cash retainer is the first business day in January each year; the deferral date for the equity grant is the date of the annual meeting of shareholders each year.

	
				
	 
	Amount
	Objective
	Time and Terms of Payment

	Charitable Gift Matching Program

	Up to $1,500

	Encourage charitable giving
	Pursuant to the Piper Jaffray Gift Matching Program, Piper Jaffray will match directors' gifts to eligible organizations dollar for dollar from a minimum of $50 up to an aggregate maximum of $1,500 per year (the same terms and conditions as are applicable to employees).

	Reimbursement of Out-of-Pocket Expenses

	In addition to the foregoing, non-employee directors will be reimbursed for reasonable out-of-pocket expenses incurred in connection with their service on the Board and Board committees.Exhibit

Exhibit 10.25

THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

THIS THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) made and entered into as of December 18, 2015, 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).

B.    The Agreement was previously amended as described in the First Amendment to Amended and Restated Loan Agreement dated as of December 28, 2013 and the Second Amendment to Amended and Restated Loan Agreement dated as of December 19, 2014, and Borrower and Lender desire to further amend the Agreement in order to, among other things, extend the Termination Date until December 17, 2016, 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.    Amendment to Agreement.  The Agreement is amended as follows:

(a)    The definition “Termination Date” in Section 1 of the Agreement is deleted and replaced with the following:

Termination Date shall mean the earlier of December 17, 2016, or the date on which this Agreement is terminated pursuant to Section 12.

(b)    The reference to “December 19, 2014” in Exhibit C (Pricing and Fees) to the Agreement is deleted and replaced with “December 18, 2015.”

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

4.    References.  All references in the Note, the Collateral Pledge Agreement, and the other Credit Documents to “the Loan Agreement” and any other references of similar import shall henceforth mean the Agreement as amended by this Amendment.

4.    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.

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

6.    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.

7.    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;

6287833

(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

(e)    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.

8.    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.

9.    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.

10.    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.

11.    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 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 have executed this Amendment as of the day and year first above written.

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[SIGNATURES ON FOLLOWING PAGE]

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SIGNATURE PAGE- 
THIRD AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

Borrower:
                        
PIPER JAFFRAY & CO.

By:/s/ Debbra L. Schoneman                                    
Debbra L. Schoneman, Chief Financial Officer

By:/s/ Timothy L. Carter                                             
     Timothy L. Carter, Treasurer

    

Lender:

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

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Exhibit A

Collateral Schedules

6287833
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[U.S. BANK LETTERHEAD]

December 18, 2015 

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 and the Third Amendment to Amended and Restated Loan Agreement dated as of December 18, 2015 (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 19, 2014).  The following terms are defined and incorporated into the Agreement by reference:

Applicable Margin shall mean 1.0%.

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 (1st) 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 Third Amendment to Loan Agreement dated as of December 18, 2015, a work fee in the amount of $312,500.

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________
     Christopher M. Doering, Senior Vice President

[BORROWER’S SIGNATURES ON PAGE 2]

6287884

Piper Jaffray & Co.
December 18, 2015
Page 2

Accepted and agreed to by Borrower as of December 18, 2015:

PIPER JAFFRAY & CO.

By:/s/ Debbra L. Schoneman        
     Debbra L. Schoneman, Chief Financial Officer

By:/s/ Timothy L. Carter                
     Timothy L. Carter, Treasurer

6287884

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