Document:

Exhibit

Exhibit 10.15

PIPER JAFFRAY COMPANIES
2018 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 Retainer for Chairman, Lead Director, Committee Chairpersons
	$100,000 - Chairman
$50,000 cash
$50,000 PJC equity granted at the time of the annual equity grant
$20,000 cash -Lead Director
$25,000 cash -Audit
$15,000 cash -Compensation
$15,000 cash -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
(Chairman is not eligible. Maximum annual non-member attendance fees being:
$10,000 - Audit
$5,000 - Compensation
$5,000 - Nominating and Governance)
	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
	$80,000 (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 date that each quarterly payment would have otherwise been made; the deferral date for the equity grant is the date of the annual meeting of shareholders each year.

	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 10.22

FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT

THIS FIFTH AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT (this “Amendment”) made and entered into as of December 16, 2017 (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 (subsequently decreased to $200,000,000) (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, 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.

C.    Borrower and Lender desire to further amend the Agreement in order to extend the Termination Date until December 14, 2018, 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)    The definition of “Termination Date” in Section 1 of the Agreement IS deleted and replaced with the following:

Termination Date shall mean the earlier of December 14, 2018, or the date on which this Agreement is terminated pursuant to Section 12.

(b)    The reference to “December 17, 2016” in Exhibit C (Pricing and Fees) to the Agreement is deleted and replaced with “December 16, 2017.”

3    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.

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;

(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.

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 2017 Pricing Letter, duly executed by Borrower; 

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

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

(d)    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]

SIGNATURE PAGE- 
FIFTH 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

[U.S. Bank Letterhead]

December 16, 2017

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

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, the Fourth Amendment to Amended and Restated Loan Agreement dated as of December 17, 2016 and Fifth Amendment to Amended and Restated Loan Agreement dated as of December 16, 2017 (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 17, 2016).  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 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 Fifth Amendment to Loan Agreement dated as of December 16, 2017, 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 16, 2017
Page 2

Accepted and agreed to by Borrower as of December 16, 2017:

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

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