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PJC > SEC Filings for PJC > Form 8-K on 12-Jun-2013All Recent SEC Filings

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Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 11, 2013, Piper Jaffray Companies (the "Company") adopted the Piper Jaffray Companies Deferred Compensation Plan (the "Plan"). The Plan will be effective as of the date it was adopted. The Plan is intended to be an "unfunded" plan and will be maintained by the Company primarily for the purpose of providing deferred compensation to a select group of employees. Accordingly, the Plan is also intended to be exempt from Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, and to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended. Deferred compensation under the Plan will consist of elective deferrals, if any, made by Plan participants. Deferrals under the Plan will be fully vested at all times. Under the Plan, the Company will provide participants with the opportunity to defer a maximum of 50% of their base salary and commissions (or such other percentage that may be prescribed by the Plan administrator) and 90% of their cash bonuses (or such other percentage that may be prescribed by the Plan administrator). Payment obligations, if any, under the Plan are payable in cash on a date or dates selected by the participant or upon certain specified events such as termination of employment, death or disability, subject to change in certain specified circumstances.

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