Andrew Duff Piper Jaffray Cos.

Chairman, CEO

Total compensation: $6,081,980 for the year ended Dec. 31, 2016

Salary: $650,000

Nonequity incentive pay: $2,736,475

Other compensation: $66,783

Exercised stock options: $782,906

Value realized on vesting shares: $1,845,816

Total 2016 shareholder return: 79.5 percent

Note: According to the Piper proxy, Duff's annual incentive compensation declined 3.1 percent from 2015. The company achieved record adjusted earnings and adjusted net revenue, but the compensation committee applied some downward discretion to account for the acquisition of Simmons & Co. International that was finalized in February 2016. The results of Simmons contributed to Piper's results in 2016.

Annual incentive compensation at Piper is paid partly in cash and partly in time-vested restricted compensation — either in Piper stock or a mutual fund restricted share plan. Sixty percent of Duff's 2016 annual incentives were in time-based restricted shares.

For 2017, the compensation committee, after listening to shareholders, changed the restricted stock awards portion of the annual incentive compensation, splitting that piece between time-based restricted shares and performance share awards. The performance share units will be dependent on return on equity and total shareholder return measures and will vest only if those metrics are achieved.

Patrick Kennedy