PIPER JAFFRAY COMPANIES (NYSE:PJC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February6, 2018, the Compensation Committee (the “Committee”) of the Board of Directors of Piper Jaffray Companies (the “Company”) approved the grant of a one-time non-qualified stock option (an “Option”) to purchase shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), to each of Chad R. Abraham and Debbra L. Schoneman with a grant date fair value of $1,200,000 and $800,000, respectively. The Options will be awarded on February 15, 2018 in connection with the Company’s appointment of Mr.Abraham to Chief Executive Officer of the Company and Ms.Schoneman to President of the Company effective as of January1, 2018.
Under the terms of the non-qualified stock option agreements (each, an “Option Agreement”) entered into between the Company and each of Mr.Abraham and Ms.Schoneman, the Options have a ten-year term from February 15, 2018, and vest in equal installments on each of the third, fourth and fifth anniversaries of February 15, 2018, as long as the applicable recipient remains continuously employed by the Company during such period. The exercise price per share of Common Stock underlying each Option is equal to the closing price per share of Common Stock on the New York Stock Exchange on February15, 2018, plus 10% per share.
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Option Agreement, a copy of which is filed hereto as Exhibit10.1 and incorporated by reference in this Current Report on Form8-K.
Item 9.01. Financial Statements and Exhibits.