Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 2374

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 4
Chunk 2374
---
 January 31, 2024 to  January 31, 2026, (ii) the date following which the Amended and Restated Note  may be redeemed by JKD Investor from  January 31, 2023 to  January 31, 2025, and (iii) the date following which the Amended and Restated Note  may be prepaid by the Operating LLC from  January 31, 2023 to  January 31, 2025; and (b) increase the interest rate payable under the Amended and Restated Note from 10% per annum to 12% per annum effective as of  January 31, 2024.  See note 4.

        F-
       48

   The 2017 Convertible Note 
    
   The 2017 Convertible Note had a par value of $15,000 and bore interest at 8% per annum and was held by the DGC Trust, a trust established by Daniel G. Cohen. Daniel G. Cohen is the executive chairman of the Company’s board of directors and executive chairman of the board of managers of the Operating LLC.  Pursuant to the DGC Trust’s governing documents, Daniel G. Cohen has the ability to acquire at any time any of the DGC Trust’s assets, including the units of membership interests, by substituting other property of an equivalent value without the approval or consent of any person, including any trustee or beneficiary of the DGC Trust. 
    
   The 2017 Convertible Note was convertible into Operating LLC units at a price of $1.45 per unit (the equivalent of $14.50 per common share).  On  March 20, 2022, the DGC Trust elected to convert the 2017 Convertible Note into an aggregate of 10,344,827 units of membership interests in the Operating LLC at the conversion rate specified in the 2017 Convertible Note of $1.45 per unit. See notes 21 and 31. As a result of such conversion, the 2017 Convertible Note was cancelled in its entirety.
    
   Pursuant to the terms and conditions of the Operating LLC’s Amended and Restated Limited Liability Company Agreement, dated  December 16, 2009, as amended, a holder of LLC units of membership interests  may cause the Operating LLC to redeem such units of membership interests at any time for, at the Company’s option, (A)