Company: COHN
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007158
Chunk: 980

Company: Cohen & Co Inc.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 15
Chunk 980
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 Note and the payment of all principal, interest, and any other amounts payable thereunder are senior obligations of the Operating LLC and will be senior to any Indebtedness (as defined in the Amended and Restated Note) of the Operating LLC outstanding as of and issued following  January 30, 2020 (the original issuance date of the JKD Note). Pursuant to the Amended and Restated Note, following  January 31, 2022, the Operating Company  may not incur indebtedness that is a senior obligation to the Amended and Restated Note.
    
   On  January 5, 2024, the Operating LLC and JKD Investor entered into an amendment to the Amended and Restated Note, pursuant to which the Amended and Restated Note was amended to (a) extend (i) the maturity date thereof from  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