Document:

Exhibit 10.1

 

 

EIGHTH AMENDMENT TO CREDIT AGREEMENT AND
WAIVER

 

 

This EIGHTH AMENDMENT TO CREDIT AGREEMENT
AND WAIVER (this “Amendment”) is made effective and executed as of August 1, 2017, by and among WILHELMINA
INTERNATIONAL, INC., a Delaware corporation (“Borrower”), ZB, N.A. dba AMEGY BANK (“Bank”),
and each of the Guarantors set forth on the signature pages hereof (each a “Guarantor”, and collectively the
“Guarantors”).

 

RECITALS

 

A.                
Borrower and Bank entered into that certain Credit Agreement dated as of April 20, 2011, as amended by that certain First
Amendment to Credit Agreement dated as of January 1, 2012, that certain Second Amendment to Credit Agreement dated as of October
24, 2012, that certain Third Amendment to Credit Agreement dated as of July 31, 2014, that certain Fourth Amendment to Credit Agreement
dated effective October 24, 2015, that certain Fifth Amendment to Credit Agreement dated effective May 13, 2016, that certain Sixth
Amendment to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016, and that certain Seventh
Amendment to Credit Agreement (the “Seventh Amendment”) dated effective May 4, 2017 (as amended, the “Credit
Agreement”).

 

B.                
In connection with the Credit Agreement, Borrower executed and delivered to Bank (i) that certain Line of Credit Promissory
Note dated April 20, 2011, in the stated principal amount of $500,000.00, as amended and restated by that certain Amended and Restated
Line of Credit Promissory Note dated as of January 1, 2012, in the stated principal amount of $1,500,000.00, as amended and
restated by that certain Second Amended and Restated Line of Credit Promissory Note dated as of October 24, 2012, in the stated
principal amount of $5,000,000.00, as amended and restated by that certain Third Amended and Restated Line of Credit Promissory
Note dated as of October 24, 2015, in the stated principal amount of $4,000,000.00, and as amended by that certain Sixth Amendment
to Credit Agreement and First Amendment to Line of Credit Note dated effective November 9, 2016 (as amended and restated, the “Line
of Credit Note”), and (ii) that certain Promissory Note dated effective October 24, 2015, in the stated principal amount
of $3,000,000.00 (the “Term Note”).

 

C.                
In connection with the Credit Agreement, (i) Guarantors (other than Artists at Wilhelmina LLC, Wilhelmina Licensing (Texas)
LLC, and Wilhelmina Artist Management LLC, a Delaware limited liability company) executed and delivered to Bank that certain Unlimited
Guaranty dated April 20, 2011, (ii) Artists at Wilhelmina LLC (formerly known as Wilhelmina Creative, LLC) and Wilhelmina
Licensing (Texas) LLC executed and delivered to Bank those certain Unlimited Guaranties dated effective October 24, 2015, and (iii)
Wilhelmina Artist Management LLC, a Delaware limited liability company, executed and delivered to Bank that certain Unlimited Guaranty
dated effective November 9, 2016 (the Unlimited Guaranties referenced in items (i) through (iii) preceding, collectively, the “Guaranty
Agreements”).

 

D.                
Borrower has failed to be in compliance with Section 4.9(b) of the Credit Agreement for the fiscal quarter ending
June 30, 2017 (the “Existing Default”).

 

E.                 
Borrower has requested Bank to waive the Existing Default and amend Section 4.9(b) of the Credit Agreement, as more
fully set forth herein, and Bank has agreed to the same upon the terms and conditions hereinafter set forth.

 

    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Page 1

     

    

 

NOW, THEREFORE, in consideration of the premises
herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties,
intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

Definitions

 

Section 1.1.          
Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have
the same meaning as assigned to them in the Credit Agreement, as amended hereby.

 

ARTICLE
II

Amendments; WAIVER

 

Section 2.1.          
Amendment to Section 4.9(b) of Credit Agreement. The first sentence in Section 4.9(b) of the Credit
Agreement is hereby amended and restated in its entirety to hereafter read as follows:

 

“(b)           Fixed Charge Coverage
Ratio. Fixed Charge Coverage Ratio, tested at the end of each fiscal quarter of Borrower (other than the fiscal quarter ending
September 30, 2017), of not less than (i) 1.0 to 1.0 for the fiscal quarters ending March 31, 2017 and June 30, 2017, and (ii)
1.25 to 1.0 for the fiscal quarter ending December 31, 2017 and for each fiscal quarter thereafter.”

 

For the avoidance of doubt, all of the definitions
set forth in Section 4.9(b) of the Credit Agreement shall remain unchanged.

 

Section 2.2.          
Waiver. Borrower acknowledges and agrees that all applicable notice and cure periods, if any, with respect
to the Existing Default have lapsed, and the Existing Default currently constitutes an Event of Default. Subject to Borrower’s
and each Guarantor’s compliance with the terms and conditions of this Amendment and the other Loan Documents, including without
limitation the complete satisfaction of the conditions precedent set forth in this Amendment, Bank hereby waives the Existing Default.
Except for the waiver expressly set forth in this Section 2.2, nothing contained herein shall otherwise be deemed a consent
to any violation of, or a waiver of compliance with, any term, provision, or condition set forth in any of the Loan Documents or
a consent to or waiver of any other or future violations, breaches, Defaults, or Events of Default. The waiver set forth above
in this Section 2.2 is made only with respect to Section 4.9(b) of the Credit Agreement for the fiscal quarter ending
June 30, 2017, and said waiver shall not apply to any other provisions or measurement periods.

 

Section 2.3.          
Correction to Seventh Amendment. Section D of the Recitals to the Seventh Amendment contained a mutual scrivener’s
error and is therefore amended and restated in its entirety to read as follow:

 

“D.Borrower has requested Bank
to amend Section 4.9(b) to the Credit Agreement, as more fully set forth herein, and Bank has agreed to the same upon the
terms and conditions hereinafter set forth.”

 

ARTICLE
III

Conditions Precedent

 

Section 3.1.          
Conditions. The effectiveness of this Amendment is subject to the satisfaction of the following conditions
precedent, unless specifically waived by the Bank:

 

    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Page 2

     

    

 

(a)               
The following instruments shall have been duly and validly executed and delivered to Bank by the parties thereto, all in
form, scope and content satisfactory to the Bank:

 

(i)                
this Amendment executed by Borrower and Guarantors; and

 

(ii)              
resolutions of the Board of Directors (or other governing body) of Borrower and each Guarantor certified by the Secretary
or an Assistant Secretary (or other custodian of records of each such entity) which authorize the execution, delivery, and performance
by Borrower and each Guarantor of this Amendment and the other Loan Documents to be executed in connection herewith.

 

(b)              
The representations and warranties contained herein, in the Credit Agreement, as amended hereby, and in each other Loan
Document shall be true and correct as of the date hereof, as if made on the date hereof, except to the extent such representations
and warranties relate to an earlier date.

 

(c)               
No Event of Default shall have occurred and be continuing and no Default shall exist, unless such Event of Default or Default
has been specifically waived in writing by Bank.

 

(d)              
All corporate proceedings taken in connection with the transactions contemplated by this Amendment and all documents, instruments
and other legal matters incident thereto, shall be satisfactory to Bank and its legal counsel.

 

(e)               
There shall have been no material adverse change in the condition (financial or otherwise) of Borrower or any Guarantor
since May 4, 2017.

 

ARTICLE
IV

Ratifications, Representations, Warranties

 

Section 4.1.          
Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent
terms and provisions set forth in the Credit Agreement and except as expressly modified and superseded by this Amendment, the terms
and provisions of the Credit Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force
and effect. Borrower and Guarantors agree that the Credit Agreement, as amended hereby, and the other Loan Documents shall continue
to be legal, valid, binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors in accordance with
their respective terms.

 

Section 4.2.          
Renewal of Security Interests. Each of Borrower and Guarantors hereby renews, regrants and affirms the liens
and security interests created and granted in the Credit Agreement and in all other Loan Documents (including, without limitation,
those certain Pledge and Security Agreements to which it is a party, as amended), to secure the prompt payment of all indebtedness
and obligations of Borrower and each Guarantor under the Loan Documents as amended by the terms hereof, including without limitation
any Letter of Credit Liabilities, the Line of Credit, and the Term Loan. Each of Borrower and Guarantors agree that this Amendment
shall in no manner affect or impair the liens and security interests securing the indebtedness of Borrowers and Guarantors to Bank
and that such liens and security interests shall not in any manner be waived, the purposes of this Amendment being to modify the
Credit Agreement as herein provided, and to carry forward all liens and security interests securing same, which are acknowledged
by Borrower and Guarantors to be valid and subsisting.

 

Section 4.3.          
Representations and Warranties. Borrower and Guarantors hereby represent and warrant to Bank as follows:

 

    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Page 3

     

    

 

(a)               
The execution, delivery and performance of this Amendment and any and all other Loan Documents executed and delivered in
connection herewith have been authorized by all requisite corporate action on the part of Borrower and each Guarantor and do not
and will not conflict with or violate any provision of any applicable laws, rules, regulations or decrees, the organizational documents
of Borrower or any Guarantor, or any agreement, document, judgment, license, order or permit applicable to or binding upon Borrower
or any Guarantor or their respective assets. No consent, approval, authorization or order of, and no notice to or filing with,
any court or governmental authority or third person is required in connection with the execution, delivery or performance of this
Amendment or to consummate the transactions contemplated hereby;

 

(b)              
The representations and warranties contained in the Credit Agreement, as amended hereby, and the other Loan Documents are
true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the
extent such representations and warranties relate to an earlier date;

 

(c)               
No Event of Default under the Credit Agreement or any Loan Document has occurred and is continuing (other than the Existing
Default);

 

(d)              
Borrower and Guarantors are in full compliance with all covenants and agreements contained in the Credit Agreement, as amended
hereby, and the other Loan Documents to which each is a party (other than the Existing Default);

 

(e)               
Neither Borrower nor any Guarantor has amended any of its organizational documents since the date of the original execution
of the Credit Agreement; and

 

(f)               
As of the date of this Amendment, the unpaid principal amount of the Line of Credit Note is $0, the unpaid principal amount
of the Term Note is $2,358,813.21, and the aggregate Letter of Credit Liabilities are $221,742.50, which amounts are unconditionally
owed by Borrower to Bank without offset, defense or counterclaim of any kind or nature whatsoever.

 

Section 4.4.          
Guarantors’ Consent and Ratification. Each Guarantor hereby consents and agrees to the terms of this
Amendment, and agrees that the Guaranty Agreement to which it is a party shall remain in full force and effect and shall continue
to be the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms.
Furthermore, each Guarantor hereby agrees and acknowledge that (a) the Guaranty Agreements are Loan Document, (b) the Guaranty
Agreements are not subject to any claims, defenses or offsets, (c) nothing contained in this Amendment or any other Loan Document
shall adversely affect any right or remedy of Bank under the Guaranty Agreements, (d) the execution and delivery of this Amendment
shall in no way reduce, impair or discharge any obligations of any Guarantor pursuant to the Guaranty Agreements and shall not
constitute a waiver by Bank against any Guarantor, (e) by virtue hereof and by virtue of the Guaranty Agreements, each Guarantor
hereby guarantees to Bank the prompt and full payment and full and faithful performance by the Borrower of the entirety of the
Guaranteed Indebtedness (as defined in the Guaranty Agreements) including, without limitation, all amounts owing under the Line
of Credit Note, and the Term Note and all Letter of Credit Liabilities, (f) no Guarantor’s consent is required to the effectiveness
of this Amendment, and (g) no consent by any Guarantor is required for the effectiveness of any future amendment, modification,
forbearance or other action with respect to the Credit Agreement or any present or future Loan Document.

 

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ARTICLE
V

Miscellaneous

 

Section 5.1.          
Survival of Representations and Warranties. All representations and warranties made in the Credit Agreement
or any other Loan Document, including without limitation, any Loan Document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the other Loan Documents, and no investigation by Bank or any closing
shall affect such representations and warranties or the right of Bank to rely thereon.

 

Section 5.2.          
Reference to Credit Agreement. Each of the Loan Documents, including the Credit Agreement, and any and all
other agreements, documents or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to
the terms of the Credit Agreement, as amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement shall mean a reference to the Credit Agreement as amended hereby.

 

Section 5.3.          
Expenses of Bank. As provided in the Credit Agreement, Borrower agrees to pay on demand all reasonable costs
and expenses incurred by Bank in connection with the preparation, negotiation and execution of this Amendment and the other Loan
Documents executed pursuant hereto and any and all amendments, modifications, and supplements hereto, including, without limitation,
the reasonable costs and fees of Bank’s legal counsel, and all reasonable costs and expenses incurred by Bank in connection
with the enforcement or preservation of any rights under the Credit Agreement, as amended hereby, and any other Loan Document,
including, without limitation, the reasonable costs and fees of Bank’s legal counsel.

 

Section 5.4.          
RELEASE. BORROWER AND EACH GUARANTOR HEREBY VOLUNTARILY AND KNOWINGLY RELEASE AND FOREVER DISCHARGE BANK,
ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION,
DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN. ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED,
FIXED, CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS AMENDMENT IS
EXECUTED, WHICH BORROWER AND ANY GUARANTOR MAY NOW OR HEREAFTER HAVE AGAINST BANK, ITS DIRECTORS, OFFICERS, AGENTS, EMPLOYEES,
SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS,
OR OTHERWISE, AND ARISING FROM ANY LOAN, INCLUDING, WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS,
AND NEGOTIATIONS FOR AND EXECUTION OF THE LOAN DOCUMENTS.

 

Section 5.5.          
Severability. Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable
shall not impair or invalidate the remainder of this Amendment and the effect thereof shall be confined to the provision so held
to be invalid or unenforceable.

 

Section 5.6.          
GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS.

 

    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Page 5

     

    

 

Section 5.7.          
Successors and Assigns. This Amendment is binding upon and shall inure to the benefit of the parties hereto
and their respective successors, assigns, heirs, executors, and legal representatives, except that none of the parties hereto other
than Bank may assign or transfer any of its rights or obligations hereunder without the prior written consent of Bank.

 

Section 5.8.          
WAIVER OF TRIAL BY JURY. THE PARTIES HERETO AGREE THAT NO PARTY SHALL REQUEST A TRIAL BY JURY IN THE EVENT
OF LITIGATION BETWEEN THEM CONCERNING THE LOAN DOCUMENTS OR ANY CLAIMS OR TRANSACTIONS IN CONNECTION THEREWITH, IN EITHER A STATE
OR FEDERAL COURT, THE RIGHT TO TRIAL BY JURY BEING EXPRESSLY WAIVED BY BANK, BORROWER AND GUARANTORS. EACH OF BANK, BORROWER AND
GUARANTORS ACKNOWLEDGES THAT SUCH WAIVER IS MADE WITH FULL KNOWLEDGE AND UNDERSTANDING OF THE NATURE OF THE RIGHTS AND BENEFITS
WAIVED HEREBY, AND WITH THE BENEFIT OF ADVICE OF COUNSEL OF ITS CHOOSING.

 

Section 5.9.          
Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall
be deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

Section 5.10.      
Descriptive Headings. The captions in this Amendment are for convenience only and shall not define or limit
the provisions hereof.

 

Section 5.11.      
ENTIRE AGREEMENT. THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED AND DELIVERED
IN CONNECTION WITH AND PURSUANT TO THIS AMENDMENT AND THE CREDIT AGREEMENT REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS BETWEEN THE PARTIES.

 

Section 5.12.      
Arbitration. All disputes, claims, and controversies arising from this Amendment shall be arbitrated in accordance
with Section 7.15 of the Credit Agreement.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Page 6

     

    

 

EXECUTED as of the date first written above.

 

	 	BORROWER:	 
	 	 	 	 
	 	WILHELMINA INTERNATIONAL, INC.,
	 	a Delaware corporation	 
	 	 	 	 
	 	By:	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	GUARANTORS:	 
	 	 	 	 
	 	WILHELMINA LICENSING LLC,
	 	a Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA LICENSING (TEXAS) LLC,
	 	a Texas limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA FILM & TV PRODUCTIONS LLC, a Delaware limited liability company
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA ARTIST MANAGEMENT LLC, a New York limited liability company
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 

 

 

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    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Signature Page

     

    

 

	 	WILHELMINA-MIAMI, INC.,
	 	a Florida corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA INTERNATIONAL, LTD.,
	 	a New York corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA WEST, INC.,
	 	a California corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA MODELS, INC.,
	 	a New York corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	LW1, INC.,	 
	 	a California corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 

 

 

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    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Signature Page

     

    

 

	 	ARTISTS AT WILHELMINA LLC,
	 	a Florida limited liability company
	 	(formerly known as Wilhelmina Creative, LLC)
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthy	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	 	 
	 	WILHELMINA ARTIST MANAGEMENT LLC,
	 	a Delaware limited liability company
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ James A. McCarthyv	 
	 	 	James McCarthy	 
	 	 	Chief Financial Officer	 

 

 

 

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    	EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER - Signature Page

     

    

 

 

	 	BANK:	 
	 	 	 	 
	 	ZB, N.A. dba AMEGY BANK
	 	 	 	 
	 	By: 	/s/ Tamara Ray	 
	 	 	Tamara Ray 	 
	 	 	Vice President	 

 

 

 

 

 

 

 

 

 

 

EIGHTH AMENDMENT TO CREDIT AGREEMENT AND WAIVER – Signature PageExhibit

Exhibit 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE
 
This Separation Agreement and General Release (“Agreement”) is between Jeff Klinefelter (“you”) and Piper Jaffray & Co. (“Piper Jaffray”). The following facts are important to the creation of this Agreement:

		
	A.
	You are an employee of Piper Jaffray.

		
	B.
	You are separating from your employment with Piper Jaffray. As a result, your employment with Piper Jaffray or any of its affiliates is being terminated effective August 1, 2017 with your last day worked being June 12, 2017.

		
	C.
	You agree to provide Piper Jaffray with a release of any and all claims you may have against Piper Jaffray and its parent company, Piper Jaffray Companies, and affiliates, and Piper Jaffray agrees to provide you with consideration in return for your release and other commitments in this Agreement.

You and Piper Jaffray agree as follows:

		
	1.
	Your employment with Piper Jaffray or its affiliates are being terminated effective August 1, 2017, with your last day worked being June 12, 2017.

		
	2.
	You agree not to do or say anything at any time to disparage the character, integrity or business of Piper Jaffray or its affiliates, or any of their respective officers, directors or employees including, but not limited to, officers, directors and employees of Piper Jaffray; provided, however, that nothing in this Agreement shall prohibit you from engaging in any Protected Activity. For purposes of this Agreement, Protected Activity means (a) filing a charge or complaint, or (b) reporting possible violations of state or federal law to any governmental 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. Protected Activity does not include the disclosure of any information you came to learn during the course of your employment that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege, attorney work product doctrine, the bank examiner’s privilege, and/or privileges applicable to information covered by the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. You understand that you are not required to obtain prior authorization from Piper Jaffray or to inform Piper Jaffray  prior to engaging in any Protected Activity. Piper Jaffray will likewise reasonably endeavor to prevent any officers, directors or employees of Piper Jaffray from disparaging your character or integrity. Nothing in this paragraph prohibits you or Piper Jaffray  from providing  any truthful information or testimony provided during the course of legal proceedings, or in response to a court order, subpoena or inquiry by a government agency.

		
	3.
	You agree that you will return all property of Piper Jaffray or its affiliates to Piper Jaffray  prior to the termination of your employment. This includes, without limitation, proprietary and confidential information which you learned in the course of your employment with Piper Jaffray  (which, in turn, includes all non-public information that might be of use to competitors or harmful to Piper Jaffray  or its clients, if disclosed), including information that you may have retained in personal items (e.g. electronic devices or home computers). In addition, you acknowledge and agree that, except for Protected Activity, your obligation to preserve and not disclose confidential information continues even after your employment ends. Except for Protected Activity, you agree to maintain the confidentiality of all proprietary and confidential information with which you became acquainted through your employment at Piper Jaffray. 

		
	4.
	Transition Period

Between June 12, 2017 and August 1, 2017 (“transition period”), you continued to be a registered employee of Piper Jaffray & Co. and remained subject to firm wise Compliance and employee conduct policies, as such, your business and personal disclosure activities continued to be subject to Piper Jaffray’s compliance and supervisory requirements, specifically including requirements to obtain Firm approval for outside business activities, board affiliations, private securities transactions, and political contributions, and complete all required regulatory education requirements. 

		
	5.
	Release  

You, on behalf of yourself, your spouse, successors, heirs, and assigns, hereby forever relieves, releases, and discharges Piper Jaffray, any affiliates of Piper Jaffray, as well as their past, present and future officers, directors, administrators, shareholders, employees, agents, successors, subsidiaries, parents, assigns, representatives, and all other affiliated or related corporations, all benefit plans sponsored by Piper Jaffray, and entities, and each of their respective present and former agents, employees, or representatives, insurers, partners, associates, successors, and assigns, in any and all capacities (including but not limited to the fiduciary, representative or individual capacity of any released person or entity), and any entity owned by or affiliated with any of the above, from any and all claims, debts, liabilities, demands, obligations, liens, promises, acts, agreements, costs and expenses (including but not limited to attorneys’ fees), damages, actions, and causes of action, of whatever kind or nature, including but not limited to any statutory, civil, administrative, or common law claims, whether known or unknown, suspected or unsuspected, fixed or contingent, apparent or concealed, arising out of any act or omission occurring before your execution of this Agreement, including but not limited to:

		
	a.
	Any claims based on, arising out of, or related to your employment with, or the ending of your employment with, Piper Jaffray;

		
	b.
	Any claims based on, arising out of, or related to the forfeiture of any restricted stock shares previously granted to you;

		
	c.
	Any claims arising from rights under federal, state, and/or local laws relating to the regulation of federal or state tax payments or accounting;

		
	d.
	Federal, state or local laws that prohibit harassment or discrimination on the basis of race, national origin, religion, sex, gender, age, marital status, bankruptcy status, disability, perceived disability, ancestry, sexual orientation, family and medical leave, or any other form of harassment or discrimination or related cause of action;

		
	e.
	Federal, state or local laws that prohibit retaliation;

		
	f.
	Statutory claims of any kind, including but not limited to, any alleged violation of Title VII of the Civil Rights Act of 1964, The Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code, as amended; The Employee Retirement Income Security Act of 1971, as amended, The Americans with Disability Act of 1990, as amended, the Workers Adjustment and Retraining Notification Act, as amended; the Occupational Safety and Health Act, as amended, the Sarbanes-Oxley Act of 2002, the Older Workers Benefit Protection Act; the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq.; the the Minnesota Human Rights Act; Minn. Stat. § 181.81; the Minneapolis Code of Ordinances; or any other federal, state or local statute, ordinance or law, statute, ordinance, or other regulation;

		
	g.
	Common law claims of any kind, including but not limited to claims alleging contract, tort, and property rights, breach of contract, breach of implied-in-fact contract, breach of the implied covenant of good faith and fair dealing, tortious interference with contract or current or prospective economic advantage, fraud, deceit, invasion of privacy, unfair competition, misrepresentation, defamation, wrongful termination, tortious infliction of emotional distress (whether intentional or negligent), breach of fiduciary duty, violation of public policy, or any other common law claim of any kind whatsoever;

		
	h.
	Any claims for severance pay, sick leave, family leave, liability pay, vacation, life insurance, health insurance, continuation of health benefits, disability or medical insurance, or your 401(k) rights or any other fringe benefit or compensation, including but not limited to stock options, and any claims based on, Piper Jaffray  arising out of, or related to employment agreement and any amendment thereto;

		
	i.
	Any claim for damages or declaratory or injunctive relief of any kind.

		
	6.
	Consideration

		
	a.
	Lump Sum Payment. Piper Jaffray issued payment to you in the gross amount of $250,000, on or about the first regular payday that falls after Piper Jaffray’s receipt of your signed Agreement and the revocation period in Paragraph 16 has expired.  

		
	b.
	Payroll continuation. Although your last day in the office was June 12, 2017, you remained on Piper Jaffray’s payroll until August 1, 2017. In addition, in consideration 

of your early transition on August 1, 2017, Piper Jaffray will issue you a payment in the amount of $70,833, which represents payment for your base salary and the employer-paid portion of your benefits for the period from August 2, 2017 through October 1, 2017.

		
	c.
	Career Transition Services. Piper Jaffray & Co. has made available to you career transition services through Lee Hecht Harrison (800‐845‐5855) at a level corresponding to your position.

		
	d.
	Attorneys Fees. Piper Jaffray & Co. paid for 4 hours of your attorney’s fees at a rate of $375.00 per hour in connection with his/her review of this Agreement for a total of $1,500 net.

		
	e.
	COBRA. Piper Jaffray & Co. paid you $3,127.56 to cover the cost of your COBRA (of $1,563.78 per month for family coverage) for the months of November and December. Piper Jaffray & Co. will pay you $3,127.56 to cover the cost of your COBRA for the months of September and October. 

		
	f.
	Equity Awards. The restricted stock and mutual fund restricted stock award(s) identified below will continue to vest on their normal schedule so long as: (1) you sign a “Post-Termination Agreement” (attached as Exhibit 1) and for the duration of the vesting period you abide by the provisions therein including, but not limited to, refraining from becoming a director, officer, employee, partner, consultant, or independent contractor of a “Talent Competitor” as that term is more narrowly defined to be limited to the following firms: Cowen Inc., Evercore ISI, Friedman Billings Ramsey Group, Inc., Greenhill & Co., Houlihan Lokey, JMP Securities, Lazard, Moelis & Company, Oppenheimer, Stifel, Robert W. Baird & Co., William Blair & Co., or any successor entity of the foregoing if such successor entity is determined to be a peer for compensation purposes by the Compensation Committee of the Piper Jaffray Companies Board of Directors; (2) you sign and have not revoked this Agreement pursuant to paragraph 15, and (3) you have complied with the terms of this Agreement.

PJC EQUITY	
							
	Award Date
	2018 Vesting
	Shares to Vest on Vesting Date
	2019 
Vesting
	Shares to Vest on Vesting Date 
	2020 Vesting
	Shares to Vest on Vesting Date

	02/17/2015
	2/17/2018
	3,950
	 
	 
	 
	 

	02/16/2016
	2/16/2018
	6,764
	2/16/2019
	6,765
	 
	 

	02/15/2017
	2/16/2018
	1,314
	2/16/2019
	1,314
	2/16/2020
	1,314

MFRS AWARDS	
					
	Grant Date
	Vesting Date
	ADVGX
	ADVWX
	INFIX

	02/17/2015
	2/17/2018
	2,773.568
	3,602.455
	4,347.582

	 
	 
	 
	 
	 

	Grant Date
	Vesting Date
	VFINX
	VEXAX
	DODIX

	02/15/2017
	2/16/2018
	247.179
	280.727
	2,364.566

	02/15/2017
	2/16/2019
	247.179
	280.727
	2,364.566

	02/15/2017
	2/16/2020
	247.179
	280.727
	2,364.566

You agree that all of the considerations set forth and outlined above, represents full and fair consideration for your release of claims in paragraph 5 and other commitments within this Agreement. 

		
	7.
	You understand that while you retain the right to file a charge of discrimination or pursue an administrative action through an agency such as the Equal Employment Opportunity Commission or any state counterpart, you are releasing any claims for money damages, by such administrative charge or otherwise, whether brought by you on your own behalf or by any other party (governmental or otherwise), unless this Agreement is found to be void.

		
	8.
	You expressly and knowingly acknowledge that, after the execution of this Agreement, you may discover facts different from or in addition to those that you now know or believe to be true with respect to the claims released in this Agreement. Nonetheless, this Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional facts and you intend to fully, finally, and forever settle and release those claims released in this Agreement. In furtherance of such intention, the release given in this Agreement shall be and remain in effect as a full and complete release of such claims, notwithstanding the discovery and existence of any additional or different claims or facts. Similarly, in entering into this Agreement, you assume the risk of misrepresentations, concealments, or mistakes, and if you should subsequently discover that any fact relied upon in entering into this Agreement was untrue, that any fact was concealed, or that your understanding of the facts or law was incorrect, you shall not be entitled to set aside this Agreement or the settlement reflected in this Agreement or be entitled to recover any damages on that account.

		
	9.
	You represent that you have not revealed to anyone any trade secrets or confidential or proprietary information of Piper Jaffray, not otherwise available to the public, except in connection with Protected Activity. You further represent that you have returned any and all Piper Jaffray  documents to Piper Jaffray.

		
	10.
	Your release of all legal claims includes all claims related to your employment or employee benefits with Piper Jaffray  or its affiliates, including your hiring, the terms and conditions of your employment and the termination of your employment. You agree that your separation of employment does not constitute a severance event and you are not entitled to any benefits under the Piper Jaffray  Severance Pay Plan or under any severance agreement, plan or arrangement of Piper Jaffray  or its affiliates. 

		
	11.
	Your release does not affect any rights you may have under any tax-qualified retirement plan in which you may have a vested, unpaid, accrued benefit.

		
	12.
	You agree to keep the fact and terms of this Agreement strictly confidential, except that you may disclose them (a) in connection with Protected Activity or (b) to your present or future attorneys, accountants, tax advisors, financial advisors, and spouse, provided they agree to hold them strictly confidential. 

		
	13.
	You agree that if you violate any of your obligations under this Agreement, Piper Jaffray may recover any damages incurred by reason of your breach by refraining from paying the compensation described in Section 5 and/or by recovering any amount already paid to you. Piper Jaffray  may also seek any other available remedies for any such violation by you.

		
	14.
	You agree to cooperate with Piper Jaffray  and any of its affiliates in any legal or regulatory matters (including regulatory inquiries that are not formal investigations) brought by counsel, administrators, predecessors, successors and shareholders before any court, arbitrator, mediator, regulator, government agency or self-regulatory organization. By agreeing to cooperate with Piper Jaffray  and any of its affiliates in any such matters, you agree, among other things, to make yourself available at mutually agreeable dates and times, provide any documents within your possession or control, and provide testimony if you are called to provide it at a deposition, trial or arbitration. Piper Jaffray agrees to reimburse you for all reasonable out-of-pocket expenses that you may incur in providing the foregoing cooperation.  

		
	15.
	You understand that Piper Jaffray will be required to file a U-5 upon termination of your employment and that the form will disclose for reason of termination “Other: Mutual Agreement. The parties determined it was in their respective best interests for Jeff Klinefelter to transition out of the Company. (There is no sales or business practice violation). 

		
	16.
	You represent that you have: (a) received a copy of this Agreement for review and study and have had at least twenty-one (21) days to consider the Agreement before signing it; (b) you have fully read this Agreement; (c) you have been advised and encouraged to consult an attorney, and you had the opportunity to discuss this Agreement with an attorney; and (d) you understand and fully agrees to the Agreement's provisions. You represents and agrees that if you sign this Agreement before the expiration of the twenty-one (21) day period, it is because you have decided voluntarily that you do not need any additional time to decide whether to sign the Agreement.

		
	17.
	You may revoke this Agreement up to 15 days after you sign it by either hand-delivering written notice to Piper Jaffray  or by sending written notice postmarked within the 15-day period and addressed as follows:  

Christine Esckilsen
Piper Jaffray & Co.

Chief Human Capital Officer and Assistant General Counsel
800 Nicollet Mall, J09S02
Minneapolis, MN  55402
		
	18.
	You may not, without Piper Jaffray’s prior written consent, assign to anyone any of your rights or obligations under this Agreement.

		
	19.
	This Agreement does not mean and may not be interpreted to mean that Piper Jaffray or any of its affiliates acted wrongfully toward you or anyone else.

		
	20.
	This Agreement, together with the Post-Termination Agreement set forth in Exhibit 1 and the Restricted Stock and MFRS Agreements you have executed (and for which the Talent Competitor language is now governed by the Post-Termination Agreement), contain the entire agreement between you and Piper Jaffray, and supersedes all prior or contemporaneous agreements and understandings, oral or written, between you and Piper Jaffray  as of the date of this Agreement.

		
	21.
	If a court decides that any part of this Agreement is invalid or cannot be enforced, such part will be deleted or, if possible, modified so that it is enforceable, and the other parts of this Agreement will remain in effect.

		
	22.
	This Agreement will be governed by the laws of the State of Minnesota without regard for principles and conflicts of laws thereof.

YOU UNDERSTAND AND AGREE THAT THIS RELEASE IS A FULL, FINAL AND COMPLETE SETTLEMENT AND RELEASE OF ALL CLAIMS, EXCEPT AS SPECIFICALLY SET FORTH IN PARAGRAPH 2, AGAINST PIPER JAFFRAY AND ITS AFFILIATES.  YOU ALSO UNDERSTAND THAT YOU ARE RELEASING POTENTIALLY UNKNOWN CLAIMS, AND THAT YOU HAVE LIMITED KNOWLEDGE WITH RESPECT TO SOME OF THE CLAIMS BEING RELEASED.  YOU ACKNOWLEDGE THAT THERE IS A RISK THAT, AFTER SIGNING THIS AGREEMENT, YOU MAY LEARN INFORMATION THAT MIGHT HAVE AFFECTED YOUR DECISION TO ENTER INTO THIS AGREEMENT.  YOU ASSUME THIS RISK AND ALL OTHER RISKS OF ENTERING INTO THIS AGREEMENT.  YOU AGREE THAT THIS RELEASE IS VOLUNTARILY AND KNOWINGLY MADE.

8/1/2017                                                   /s/ Jeff Klinefelter                                           
Date                        JEFF KLINEFELTER
                        
Piper Jaffray & Co.

8/1/2017                                                              /s/ Christine Esckilsen                                     
Date                        By:  CHRISTINE ESCKILSEN

EXHIBIT 1 TO SEPARATION AGREEMENT AND GENERAL RELEASE

PIPER JAFFRAY COMPANIES
POST-TERMINATION AGREEMENT

This Post-Termination Agreement (this “Agreement”) is between Piper Jaffray Companies, a Delaware corporation (the “Company”), and Jeff Klinefelter (the “Grantee”) and is effective as of August 1, 2017 (the “Termination Date”).
In exchange for the consideration, promises and covenants below, the Company and the Grantee hereby agree as follows:
Agreements

1.    Agreements of the Company.  The Company agrees that, so long as the Grantee complies with the obligations set forth in Section 2 below, the following restricted stock awards (RSAs) Mutual Fund Restricted Shares (MFRS’) and/or non-qualified stock options (NQSOs) shall continue to vest and be exercisable as follows:

PJC EQUITY	
							
	Award Date
	2018 Vesting
	Shares to Vest on Vesting Date
	2019 
Vesting
	Shares to Vest on Vesting Date 
	2020 Vesting
	Shares to Vest on Vesting Date

	02/17/2015
	2/17/2018
	3,950
	 
	 
	 
	 

	02/16/2016
	2/16/2018
	6,764
	2/16/2019
	6,765
	 
	 

	02/15/2017
	2/16/2018
	1,314
	2/16/2019
	1,314
	2/16/2020
	1,314

MFRS AWARDS
	
					
	Grant Date
	Vesting Date
	ADVGX
	ADVWX
	INFIX

	02/17/2015
	2/17/2018
	2,773.568
	3,602.455
	4,347.582

	 
	 
	 
	 
	 

	Grant Date
	Vesting Date
	VFINX
	VEXAX
	DODIX

	02/15/2017
	2/16/2018
	247.179
	280.727
	2,364.566

	02/15/2017
	2/16/2019
	247.179
	280.727
	2,364.566

	02/15/2017
	2/16/2020
	247.179
	280.727
	2,364.566

2.    Agreements of the Grantee.

(a)    Post Termination Restricted Activities.  The Grantee agrees to refrain from engaging in the Post-Termination Restricted Activities identified on Exhibit A-1, attached hereto as follows:

(1) for grants awarded in 2010 or after, at any time during the period from the Termination Date through the shorter of (i) the remaining vesting period of the last to vest of the RSAs and/or NQSOs, or (ii) two years following the Termination Date; and

Each attached Exhibit A describes substantially the same Post-Termination Restricted Activities contained in the award agreement(s) covering the RSAs, MFRS’and/or NQSOs that are the subject of this Agreement, and is incorporated into and made a part of this Agreement, as if fully set forth herein.

(b)    Grantee acknowledges and also agrees that:

(1) The Post-Termination Restricted Activities of this Agreement are fair and reasonable and protect legitimate business interests of the Company.  Grantee is electing to enter into this Agreement freely and with knowledge of its contents and with the intent to be bound by the restrictions contained herein.  By complying with the restrictions of this Agreement, Grantee will not be precluded from pursuing a profession, trade or business or otherwise earning a livelihood.
(2) Grantee is free to terminate this Agreement upon notice to the Company at any time and, thereafter, to engage in any of the Post-Termination Restricted Activities described in Section 2(a) above (to the extent not otherwise unlawful), but shall not be entitled to any additional vesting of shares under the RSAs, MFRS’ and/or NQSOs that are the subject of this Agreement.  Such vesting immediately and automatically shall cease as of the first date that the Grantee engages or attempts to engage in any of the Post-Termination Restricted Activities, and the Grantee promptly shall provide truthful notice to the Company of such date by use of the Notice attached hereto as Exhibit B.
(3) Grantee shall truthfully complete and submit to the Company, beginning on December 15, 2017, and every December 15 thereafter (“Notice Date”) through the termination of this Agreement, the Notice attached hereto as Exhibit C unless the Grantee has, or should have, given to the Company the Notice attached hereto as Exhibit B.  Failure of the Company to have received from the Grantee a Notice in the form attached hereto as Exhibit C within fifteen (15) days after any Notice Date shall entitle the Company to treat this Agreement as having been terminated by the Grantee.

(4) When vesting of shares ceases under any of the NQSOs that are the subject of this Agreement, the Grantee shall have ninety (90) days thereafter to exercise all vested shares under that NQSO, after which time the vested portion of the NQSO shall terminate and cease to be exercisable.

3.    Agreements of the Company and Grantee.

(a)    Notices.  Any notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the party shall specify in writing.  Such notice shall be deemed given upon personal delivery to the appropriate address or, if sent by certified or registered mail, seven (7) calendar days after the date of mailing.

	
		
	(1)To the Company:
	(2)To the Grantee:

	Piper Jaffray Companies
Attention:  Compensation
U.S. Bancorp Center
800 Nicollet Mall, Ste. 800
Mail Stop J09SHR
Minneapolis, MN  55402
	Jeff Klinefelter
_____________________ 
____________________
USA

    
(b)    Modification; Termination.  In the event that any one or more of the Post-Termination Restrictions of Section 2(a) above shall for any reason be held to be unenforceable, invalid or illegal for any reason including, but not limited to, being excessively broad as to duration, geographical scope, activity or subject, such restriction shall be construed or modified by limiting and reducing it, so as to provide the Company with the maximum protection of its business interests and the intent of the parties hereto and yet be valid and enforceable under the applicable law as it shall then exist.  If any such restriction held to be unenforceable, invalid or illegal cannot be so construed or modified, then this Agreement shall terminate in its entirety, and at the time of such termination, vesting of the RSAs, MFRS’ and/or NQSOs that are the subject of this Agreement shall cease immediately and automatically.
(c)    Amendment and Waiver.  Except as provided in the plan pursuant to which the RSAs, MFRS’ and/or NQSOs were granted (the “Plan”), this Agreement may be amended, modified, or canceled only by a written instrument executed by the parties.  No term or condition of this Agreement shall be deemed to have been waived, nor shall there be any estoppel to enforce any provision of this Agreement, except by a statement in writing signed by the party against whom enforcement of the waiver or estoppel is sought.  Any written waiver shall not be deemed a continuing waiver unless specifically stated, shall operate only as to the specific term or condition waived, and shall not constitute a waiver of such term or condition for the future or as to any other act other than that specifically waived.

(d)    Agreement to Arbitrate.  The Company and the Grantee each agrees (i) that any dispute, claim or controversy arising out of or relating directly or indirectly to the construction, performance or breach of this Agreement shall be settled by arbitration before and in accordance with the rules of the Financial Industry Regulatory Authority; and (ii) that judgment upon any award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.  Accordingly, the Company and the Grantee each waive their right (if any) to a trial before a court judge and/or jury to resolve any such disputes.  

(e)    Miscellaneous.  This Agreement is entered into under the laws of the State of Delaware, the state in which the Company is incorporated, and shall be construed and interpreted thereunder (without regard to its conflict-of-law principles).  This Agreement, the award agreement(s) granting the RSAs and/or NQSOs to the Grantee, and the Plan set forth the entire agreement 

and understanding of the parties hereto with respect to the post-termination treatment of the RSAs, MFRS’ and/or NQSOs covered by this Agreement.  This Agreement shall be binding in all respects on the heirs, representatives, successors and assigns of the Grantee.

IN WITNESS WHEREOF, the Grantee and the Company have executed this Agreement effective as of the Termination Date specified at the beginning of this Agreement.

GRANTEE

/s/ Jeff Klinefelter                                                 

PIPER JAFFRAY COMPANIES

/s/ Andrew Duff                                                    

By  Andrew S. Duff
Its  Chairman & CEO

Exhibit A-1

POST-TERMINATION RESTRICTED ACTIVITIES (Awards 2010 and after)

1.    Non-Disclosure & Non-Use of Company-Confidential Information:  Grantee shall not use, disclose or misappropriate any Company-Confidential Information (as defined below) unless the Company or an Affiliate consents otherwise in writing.  “Company-Confidential Information” means any confidential, secret or proprietary knowledge or information of the Company or an Affiliate that the Grantee has acquired or become acquainted with during the Grantee’s employment with the Company or an Affiliate, including, without limitation, any confidential customer, client or account lists or contacts or confidential business plans or information; provided, however, that Company-Confidential Information shall not include any knowledge or information that is now publicly available 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 Grantee’s disclosure in violation of this paragraph.

2.    Non-Solicitation of Employees:  Grantee shall not, directly or indirectly, on behalf of the Grantee or any other person (including but not limited to any Talent Competitor (as defined below)), solicit, induce or encourage any person then employed by the Company or an Affiliate to terminate or otherwise modify their employment relationship with the Company or such Affiliate.  A “Talent Competitor” means: Cowen Inc., Evercore ISI, Friedman Billings Ramsey Group, Inc., Greenhill & Co., Houlihan Lokey, JMP Securities, Lazard, Moelis & Company, Oppenheimer, and Stifel), Robert W. Baird & Co., and William Blair & Co., or any successor entity of the foregoing if such successor entity is determined to be a peer for compensation purposes by the Compensation Committee of the Piper Jaffray Companies Board of Directors.  

3.    Non-Solicitation of Customers:  Grantee shall not, directly or indirectly, on behalf of the Grantee or any other person (including but not limited to any Talent Competitor), solicit or otherwise seek to divert any customer, client or account of the Company or any Affiliate with which the Grantee had substantive interaction prior to the Grantee’s termination of employment, away from engaging in business with the Company or any Affiliate.

4.    No Services to or Ownership of Talent Competitors:  Grantee shall not, without the prior written consent of the Company or an Affiliate, directly or indirectly (i) become a director, officer, employee, partner, consultant or independent contractor of, or otherwise work or provide services for, a Talent Competitor doing business in the same geographic or market area(s) in which the Company or an Affiliate is also doing business, or (ii) have or acquire any material ownership or similar financial interest in any such Talent Competitor.

Exhibit B

NOTICE OF ELECTION TO TERMINATE
POST-TERMINATION AGREEMENT

Pursuant to the Post-Termination Agreement (“Agreement”) existing between me and Piper Jaffray Companies, a Delaware corporation (the “Company”), by my signature below I hereby give notice to the Company that I am electing to engage in one or more of the Post-Termination Restricted Activities described in Section 2(a) of the Agreement, as of ____________________.
I understand that, as a result of my election to engage in one or more of the Post-Termination Restricted Activities described in Section 2(a) of the Agreement:
(a)    On and after the date set forth above, I am not entitled to any additional vesting of shares under my restricted stock awards and/or my stock options granted to me by the Company prior to my Termination Date (as defined in the Agreement) and that are the subject of the Agreement.

(b)    I have through 90 calendar days after the date set forth above during which I may exercise shares that vested prior to such date under my stock option grant(s).

I declare, under penalty of perjury under all applicable laws, that I have not engaged in any of the Post-Termination Restricted Activities during the period beginning with my Termination Date and until the date set forth above.

		
	Date:                                        
	                                                                                                              Signature

                                                                                                
Printed name

Exhibit C

ANNUAL NOTICE OF COMPLIANCE WITH
POST-TERMINATION AGREEMENT

Pursuant to the Post-Termination Agreement (“Agreement”) existing between me and Piper Jaffray Companies, a Delaware corporation (the “Company”), by my signature below I declare under penalty of perjury under all applicable laws, that I have not engaged in any of the Post-Termination Restricted Activities at any time during the period ending December 15, ______________:

		
	Date:                                        
	                                                                                                              Signature

                                                                                                
Printed name

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