Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective February 5, 2013, the Board of Directors of Piper Jaffray Companies (the "Company") increased the size of the Board by one, to ten directors, and elected Philip E. Soran to serve as a director of Company for an initial term expiring at the Company's 2013 annual meeting of shareholders. Mr. Soran is the retired president of Dell Compellent and co-founder and former chairman, CEO and president of Compellent Technologies Inc., an enterprise storage solutions provider. Mr. Soran will join the Audit Committee of the Board of Directors effective February 5, 2013. He will participate in the Company's 2013 non-employee director compensation program, receiving a pro-rated $60,000 annual cash retainer, a $60,000 initial equity grant and a pro-rated $60,000 annual equity grant to be granted the day of the 2013 annual meeting of shareholders. The Company expects that the size of the Board will decrease following its 2013 annual meeting of shareholders.

---