Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 525

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 525
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treats these grants as having a performance condition (i.e. the completion of the SPAC business combination).  Further, at the time of the investments, the Company treats this performance condition as being non-probable.  The effect of this is that the Company records no expense related to these investments until (and only if) the business combination is completed.  Upon completion of the business combination, the Company records compensation expense in an amount equal to the fair value of the grant.  The fair value of the grant is equal to the public trading price of the SPAC on the grant date adjusted for certain sale restrictions imposed on the shares the employee receives (generally, the shares are restricted for sale for some time period and subject to certain hurdle prices before they become freely tradeable).  

        F-
       60

    RESTRICTED STOCK - SERVICE BASED VESTING 

       Number of Shares of Restricted Stock    Weighted Average Grant Date Fair Value  
 Unvested at January 1, 2022   366,293  $16.80 
 Granted   92,400   11.13 
 Vested   (117,634)  14.08 
 Unvested at December 31, 2022   341,059   16.17 
 Granted   143,900   7.57 
 Vested   (113,301)  17.18 
 Forfeiture   (4,167)  (11.65)
 Unvested at December 31, 2023   367,491   12.54 
 Granted   153,125   8.91 
 Vested   (114,491)  13.97 
 Forfeiture   (1,334)  8.81 
 Unvested at December 31, 2024   404,791  $10.79 

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    OPERATING LLC RESTRICTED UNITS - SERVICE BASED VESTING 

       Number of Restricted Units    Weighted Average Grant Date Fair Value  
 Unvested at January 1, 2022   6,871,030  $1.46 
 Granted   422,000   1.93 
 Vested   (751,540)  0.85 
 December