MINNEAPOLIS--(BUSINESS WIRE)--Piper Jaffray Companies (NYSE: PJC) today announced that it has agreed to issue equity awards under the Piper Jaffray Companies 2016 Employment Inducement Award Plan. Piper Jaffray established the inducement award plan to issue restricted stock awards to new hires in connection with the acquisition of Simmons & Company International. Under the terms of the agreement, Piper Jaffray will issue an aggregate of $11.614 million of restricted shares to 31 employees who had been associated with Simmons. The shares will be issued on May 15, 2016 and will be valued based upon the closing price of the Piper Jaffray common stock on that date. The awards are intended to aid in the retention of Simmons employees and were approved in connection with the definitive transaction agreement signed on November 16, 2015.
The inducement award plan was approved by the Piper Jaffray Board of Directors in connection with the acquisition of Simmons. Under the plan, Piper Jaffray may issue awards to new employees in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents or similar awards.
About Piper Jaffray
Piper Jaffray Companies (NYSE: PJC) is a leading, international investment bank and asset management firm. Securities brokerage and investment banking services are offered in the U.S. through Piper Jaffray & Co., member SIPC and FINRA; in Europe through Piper Jaffray Ltd., authorized and regulated by the U.K. Financial Conduct Authority and Simmons & Company International Limited, authorized and regulated by the U.K. Financial Conduct Authority and the Dubai Financial Services Authority; in Hong Kong through Piper Jaffray Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through four separate investment advisory affiliates―U.S. Securities and Exchange Commission (SEC) registered Advisory Research, Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC; and Guernsey-based Parallel General Partners Limited, authorized and regulated by the Guernsey Financial Services Commission. Simmons & Company International® | Energy Specialists of Piper Jaffray® is a brand name used by certain broker/dealer affiliates of Piper Jaffray Companies.
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