Document:

Cohen Brothers LLC 2009 Senior Managers' Cash Bonus Retention Plan

 Exhibit 10.21 
 COHEN BROTHERS, LLC 
 2009 Senior Managers’ Cash Bonus Retention Plan 
 1. Purpose. The purpose of the Cohen Brothers, LLC 2009 Senior Managers’ Cash Bonus Retention Plan (the “Plan”) is to provide cash
bonuses for eligible participants in order to provide an incentive to such participants to continue in the employ of Cohen Brothers, LLC (the “Company”) during the first nine months of 2009. This is intended to encourage participants to
remain focused on their service with the Company, notwithstanding distractions attributable to general economic, Company and market conditions. The payment of cash bonuses under the Plan will be made in the last quarter of 2008 or the first quarter
of 2009, contingent on the eligible participants providing services to the Company during the first nine months of 2009, and such other requirements, all as set forth herein. 
 2. Definitions. The following words and phrases as used herein shall have the following meanings, unless a different meaning is plainly required
by the context: 
 (a) “Board” shall mean the Board of Managers of the Company. 
 (b) “Cause” shall have the meaning set forth in the Participant’s Senior Management Agreement with the Company. 
 (c) “Change of Control” shall mean any one of the following events: 
 (i) The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any person; 
 (ii) The adoption by the members of the Company of a plan relating to the liquidation or dissolution of the Company; or 
 (iii)
The Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding membership interests of the Company
or such other person is converted into or exchanged for cash, securities or other property, other than in connection with an internal reorganization of the Company. 
 (d) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (e) “Committee”
shall mean the Board, or such committee as may be established by the Board to act as the administrative committee with respect to the Plan. 
 (f) “Disability” shall mean a Participant’s inability to perform substantially and continuously the duties assigned to him due to a disability as defined in the Company’s long-term disability plan then in effect, or, if
no such plan is in effect, by virtue of ill health or other disability for more than 180 consecutive or non-consecutive days out of any consecutive 12 

 
month period. Notwithstanding anything herein to the contrary, if the Company terminates a Participant’s employment, and at the time of such termination
of employment, an agreement between the Participant and the Company is then in effect and defines termination for “Disability,” then the term “Disability” as used in such other agreement shall supersede the definition of
Disability defined above. 
 (g) “Good Reason” shall have the meaning set forth in the Participant’s Senior Management
Agreement with the Company. 
 (h) “Participant” shall mean each person designated as eligible to receive a cash bonus under the
Plan and who also executes a consent to the terms of the Plan, as required hereunder. 
 (j) “Senior Management Agreement” shall
mean the Senior Management Agreement executed by the Company and the Participant, as such Senior Management Agreement has been (or may in the future be) amended or amended and restated. 
 3. Participation. The Participants in the Plan are those employees designated by the Company, at its sole discretion, and as reflected on the
Company’s books and records; provided, however, that no employee shall become a participant unless and until such employee executes a consent to the terms of the Plan, in substantially the form attached hereto as Exhibit A. 
 4. Term of Plan. The Plan shall be in effect from January 1, 2009 through September 30, 2009; provided, however, that the Plan shall be
considered to remain in effect to the extent the Company or any Participant has any rights or obligations pursuant to the terms of the Plan that remain unresolved. 
 5. Entitlement to Cash Bonus. 
 (a) Each Participant shall be entitled to receive a cash bonus in the
amount determined at the discretion of the Committee, subject to the satisfaction of the requirements set forth in the Plan and such other requirements as may be established by the Committee, at its discretion. 
 (b) Each Participant shall receive a payment of his or her cash bonus in the form of a lump sum cash payment in the last quarter of 2008 or the first
quarter of 2009; provided, however, that no Participant shall have any entitlement to receive such cash bonus unless (i) such Participant remains actively employed or otherwise providing services to the Company as of the date of payment and
(ii) such Participant executes a consent agreeing to be bound by the terms of the Plan (in substantially the form attached hereto as Exhibit A); and provided, further, that each Participant agrees and promises that he/she shall repay to the
Company the portion of his or her cash bonus (taking into account only the net payment actually received by the Participant and not any amounts paid as required federal, state or local wage or tax withholding) that is not considered to have
become vested, such vesting determination to occur in accordance with and as provided by Section 5(c) below. To the extent a Participant is obligated to repay a portion of his or her cash bonus, the Company shall be entitled to enforce its
right to be repaid by any method available to it, including taking partial or full repayment of amounts owed to the Company from amounts otherwise owed by the Company to the 

  

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Participant. In addition, and notwithstanding anything to the contrary herein, a Participant’s obligation to repay all or a portion of his or her bonus
may not be waived by the Company without the unanimous approval of such waiver by the Board of Managers. 
 (c) Each Participant’s cash
bonus shall be considered to become vested as follows: Regardless of when Participant actually receives the cash bonus (that is, even if it occurs after a vesting date), as of January 31, the cash bonus shall be considered to be 11.11% vested,
and on each of February 28, 2009, March 31, 2009, April 30, 2009, May 31, 2009, June 30, 2009, July 31, 2009, and August 31, 2009 the cash bonus shall be considered to be vested with
respect to an additional 11.11%, and the cash bonus shall be considered 100% vested as of September 30, 2009; provided, however, that the vesting described in this Section 5(c) shall terminate if Participant ceases to be employed with the
Company due to the Participant’s voluntary resignation (other than voluntary resignation for Good Reason) or if the Company terminates Participant’s employment for Cause (the foregoing, “Forfeiture Events”), and in such case,
effective as of the date that such Participant ceases to be employed due to a Forfeiture Event, Participant shall be entitled to retain that portion of the cash advance he/she had vested into on such date, and the Participant shall not vest into any
further portion of his/her cash bonus following such date (and the Participant shall be obligated to repay to the Company the net amount received by Participant related to the unvested portion). 
 (d) Notwithstanding the foregoing, including Section 5(c), if the Participant remains actively serving as an officer or otherwise providing services
to the Company as of the relevant event described below, the Participant’s vesting shall accelerate and shall be considered to be fully 100% vested on the first to occur of any of the following events that occur prior to September 30,
2009: 
 (i) The occurrence of a Change of Control; 
 (ii) The date the Participant’s relationship with the Company terminates by reason of the Participant’s death or Disability; or 
 (iii) The date the Participant’s relationship with the Company is (a) involuntarily terminated by the Company (except acceleration shall not occur if such termination by the Company was for Cause) or
(b) voluntarily terminated by the Participant for Good Reason. 
 Where vesting occurs by reason of the provisions of Section 5(c)(i), (ii) or
(iii), the Participant shall be considered to be fully vested immediately and shall not be subject to any forfeiture or repayment obligation. 
  

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 6. Committee. 
 (a) Powers. The Committee shall have the power and duty to do all things necessary or convenient to effect the intent and purposes of the Plan and not inconsistent with any of the provisions hereof, whether or
not such powers and duties are specifically set forth herein, and, by way of amplification and not limitation of the foregoing, the Committee shall have the power to: 
 (i) provide rules and regulations for the management, operation and administration of the Plan, and, from time to time, to amend or supplement such rules and regulations; 
 (ii) construe the Plan, which construction, as long as made in good faith, shall be final and conclusive upon all parties; and 
 (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan in such manner and to such extent as it shall deem expedient
to carry the same into effect, and it shall be the sole and final judge of when such action shall be appropriate. 
 The resolution of any questions with
respect to payments and entitlements pursuant to the provisions of the Plan shall be determined by the Committee, and all such determinations shall be final and conclusive. 
 (b) Indemnity. No member of the Committee shall be directly or indirectly responsible or under any liability by reason of any action or default by
him as a member of the Committee, or the exercise of or failure to exercise any power or discretion as such member. No member of the Committee shall be liable in any way for the acts or defaults of any other member of the Committee, or any of its
advisors, agents or representatives. The Company shall indemnify and save harmless each member of the Committee against any and all expenses and liabilities arising out of his own membership on the Committee. 
 (c) Compensation and Expenses. Members of the Committee shall receive no separate compensation for services rendered as members of the Committee
and shall only be compensated for their services as members of the Board of Directors and any other Committee of the Board of Directors which is entitled to compensation. Members of the Committee shall be entitled to receive from the Company their
reasonable expenses incurred in administering the Plan. 
 (d) Participant Information. The Company shall furnish to the Committee in
writing all information the Company deems appropriate for the Committee to exercise its powers and duties in administration of the Plan. Such information shall be conclusive for all purposes of the Plan and the Committee shall be entitled to rely
thereon without any investigation thereof; provided, however, that the Committee may correct any errors discovered in any such information. 
 (e) Inspection of Documents. The Committee shall make available to the Participant and his beneficiary, for examination at the principal office of the Company (or at 

  

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such other location as may be determined by the Committee), a copy of the Plan and such of its records, or copies thereof, as may pertain to any benefits of
the Participant and his beneficiary under the Plan. 
 7. Effective Date, Termination and Amendment. 
 (a) Effective Date of Participation in Plan. Participation in this Plan shall be effective as of January 1, 2009, and shall continue
thereafter until all cash bonuses are fully vested, forfeited or repaid to the Company, as expressly set forth in the Plan. 
 (b)
Amendment and Termination of the Plan. The Plan may be terminated or revoked by action of the Committee at any time and amended by action of the Committee from time to time, provided that neither the termination, revocation or amendment of the
Plan may, without the written approval of an affected Participant, change the vesting schedule and the events related to vesting. In addition, and notwithstanding the foregoing, no amendment to the Plan, including any amendment that has the effect,
direct or indirect, of waiving any Participant’s obligation to repay all or any portion of his or her cash bonus, shall be effective with respect to any Participant who is a member of the Company’s Board unless such amendment is approved
by the unanimous vote by the Company’s Board. 
 8. Miscellaneous Provisions. 
 (a) Unsecured Creditor Status. The Participant, when entitled to a cash bonus hereunder, shall rely solely upon the unsecured promise of the
Company, as set forth herein, for the payment thereof, and nothing herein contained shall be construed to give to or vest in the Participant or any other person now or at any time in the future, any right, title, interest, or claim in or to any
specific asset, fund, reserve, account, insurance or annuity policy or contract, or other property of any kind whatsoever owned by the Company, or in which the Company may have any right, title, or interest now or at any time in the future.

 (b) Other Company Plans. It is agreed and understood that any benefits under the Plan are in addition to any and all benefits to
which the Participant may otherwise be entitled under any other contract, arrangement, or voluntary pension, profit sharing or other compensation plan of the Company, whether funded or unfunded, and that the Plan shall not affect or impair the
rights or obligations of the Company or the Participant under any other such contract, arrangement, or voluntary pension, profit sharing or other compensation plan. 
 (c) Separability. If any term or condition of the Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the Plan, with the exception of such invalid or unenforceable
provision, shall not be affected thereby, and shall continue in effect and application to its fullest extent. 
 (d) Continued
Service. Neither the establishment of the Plan, any provisions of the Plan, nor any action of the Committee shall be held or construed to confer upon the Participant the right to a continuation of service or employment by the Company. The
Company reserves the right to dismiss the Participant, or otherwise deal with the Participant to the same extent as though the Plan had not been adopted. 
  

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 (e) Jurisdiction. The Plan shall be construed, administered, and enforced according to the laws of
the Commonwealth of Pennsylvania, except to the extent that such laws are preempted by the Federal laws of the United States of America. 
 (f) Claims. If, pursuant to the provisions of the Plan, the Committee denies the claim of the Participant or his beneficiary for benefits under the Plan, the Committee shall provide written notice within 60 days after receipt of the
claim, setting forth in a manner calculated to be understood by the claimant: 
 (i) the specific reasons for such denial; 
 (ii) the specific reference to the Plan provisions on which the denial is based; 
 (iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is
needed; and 
 (iv) an explanation of the Plan’s claim review procedure and the time limitations of this subsection applicable thereto.

 If the Participant or his beneficiary is denied a claim for benefits, the Participant may request review by the Committee of the denied claim by notifying
the Committee in writing within 60 days after receipt of the notification of claim denial. As part of said review procedure, the Participant or his beneficiary or authorized representative may review pertinent documents and submit issues and
comments to the Committee in writing. The Committee shall render its decision in writing in a manner calculated to be understood by the Participant not later than 60 days after receipt of the request for review, unless special circumstances require
an extension of time, in which case decision shall be rendered as soon after the sixty-day period as possible, but not later than 120 days after receipt of the request for review. The decision on review shall state the specific reasons therefor and
the specific Plan references on which it is based. 
 (g) Withholding. The Participant or his beneficiary shall make appropriate
arrangements with the Company for satisfaction of any federal, state or local income tax withholding requirements and Social Security or other tax requirements applicable to the accrual or payment of benefits under the Plan. If no other arrangements
are made, the Company may provide, at its discretion, for any withholding and tax payments as may be required. 
  

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 Exhibit A 
 COHEN BROTHERS, LLC 
 2009 Senior Managers’ Cash Bonus Retention Plan 
 Consent to Participation and Terms of Plan 
 I hereby agree that, as a condition to my receipt of a cash bonus in the amount of $             under the terms of the Cohen Brothers, LLC 2009 Senior Managers’ Cash
Bonus Retention Plan (the “Plan”) that I am bound by all of the terms and conditions of the Plan. I hereby acknowledge that I have received and read a copy of the Plan, a copy of which is attached as an exhibit to this Consent. I
understand that under circumstances described in the Plan, I may be obligated to repay all or a portion of the cash bonus payment I receive under the Plan, and that the Company has the right to enforce its rights to seek such repayment by any and
all means available to it, including legal action that may be taken against me and by retaining amounts that the Company would otherwise be required to pay to me. 
  

					
	 Print Name:                                     
                
	  		 	Signed:                                      
               
			
		  		 	Date:                                      
                   

  

 -7-Unsecured Subordinated Promissory Note - Daniel G. Cohen

 Exhibit 10.22 
 THIS UNSECURED SUBORDINATED PROMISSORY NOTE IS SUBORDINATE 
 TO THE SENIOR DEBT AS DEFINED IN, AND IN
ACCORDANCE WITH, THE 
 PROVISIONS HEREOF 
 Unsecured Subordinated Promissory Note 
 Aggregate Principal Amount: 

	 US $2,000,000.00 
	 June 25, 2008 

 COHEN BROTHERS, LLC, a Delaware limited liability company (the “Company”
or “Maker”), having an address at 2929 Arch Street, 17th Floor, Philadelphia, PA 19104, for value received, hereby promises to pay
to the order of Daniel G. Cohen (the “Payee”) the principal amount of Two Million and 00/100 Dollars ($2,000,000.00), or if less than such principal sum, the aggregate unpaid principal amount of all loans made by Payee to the
Company as indicated on the books and records of the Payee upon demand at any time from Payee and from time to time as of and after the earlier to occur of either (i) an Event of Default (as hereinafter defined), or (ii) June 20, 2013
(the “Maturity Date”). 
 The Maker shall also pay interest on the unpaid balance of such principal amount from the date
hereof, subject to Section 3 and 4, until the aggregate principal amount is paid in full as set forth herein. Interest shall be payable semiannually on the 1st day of May and November of each year commencing November 1, 2008 until the
Maturity Date in cash at an annual rate equal to nine percent (9%) per annum (such interest, “Cash Interest”) and (y) in kind, at an annual rate equal to three percent (3%) per annum (such interest “In Kind
Interest”). All accrued In Kind Interest shall on each payment date be added to the unpaid principal balance under this Note and thereafter, the increased principal balance shall accrue interest as set forth in this Note. All payments of
principal, Cash Interest and fees shall be made in lawful money of the United States of America in cash or wire transfer at the address of Payee set forth on the signature page hereof or such other address as Payee may designate in writing to the
Company. All payments hereunder shall be made without reduction by reason of any set-off, defense or counter-claim whatsoever. 
 1.
Representation and Warranties. The Maker represents and warrants to Payee that it is a limited liability company duly organized and validly existing in good standing under the laws of the jurisdiction of organization with full power and
authority to execute, deliver and perform this Note, that this Note has been duly authorized, executed and delivered by it and constitutes its legal, valid, binding and enforceable obligation and that the execution, delivery and performance of this
Note does not and will not violate, constitute a default under or result in a breach of its constitutive documents, any applicable laws or regulations (as hereinafter defined) or any contract, agreement or instrument to which it is a party or by
which it or its property may be bound or subject. 

 2. Event of Default. Upon the occurrence of any of the following events (each, an “Event
of Default”): 
 (i) the Maker shall fail to pay any principal, Cash Interest or other amount payable in respect of this Note on the
date due and otherwise in accordance with the terms hereof; 
 (ii) the Maker shall default in the observance or performance of any covenant
contained in this Note or any representation in this Note shall become untrue in any material respect and that default shall continue unremedied for a period of five (5) calendar days following notice given by Payee; 
 (iii) the Maker shall file a petition or commence a proceeding under any bankruptcy, insolvency or similar law of any state or any subdivision thereof or
any other nation, state or political entity (whether such petition or proceeding is for relief from debts or for the appointment or authorization of a receiver, trustee, liquidator, custodian or conservator of the Maker or of the whole or
substantially all of its property or any other purpose), or there is filed against the Maker any such petition or commenced against the Maker any such proceeding, and any such petition or proceeding filed or commenced against the Maker remains
undismissed for a period of sixty (60) calendar days, or if the Maker by any act consents to, approves of or expressly acquiesces in any such petition or proceeding; the Maker shall seek relief under any such law; or the Maker shall make an
assignment for the benefit of creditors; or a court of competent jurisdiction shall enter an order, judgment or decree, or enter an order for relief against the Maker in any case commenced under any such law; or 
 (iv) if the Maker should default under any agreement or instrument to which it is a party with respect to any indebtedness for borrowed money and such
default shall continue after the expiration of applicable grace periods, 
 then, at any time thereafter during the continuance of any Event of Default,
Payee may, by written notice to the Maker, but subject to the provisions of Section 4 below, declare this Note to be forthwith due and payable, both as to principal and interest, without presentment, demand, protest, notice of acceleration,
notice of intent to accelerate, or other notice of any kind, all of which are hereby expressly waived to the fullest extent permitted by law, anything contained herein to the contrary notwithstanding. Upon the occurrence of an Event of Default
described in clause (iii) above, all amounts due under this Note shall automatically be payable without the requirement of any notice to the Maker or any further act of the Payee. The remedies provided above shall be in addition to any other
remedy available to the Payee under this Note or under applicable law, or otherwise. Should the indebtedness represented by this Note, or any part thereof, be collected in law or in equity or in bankruptcy, receivership or other court proceedings,
or this Note be placed in the hands of attorneys for collection after default, the Maker agrees to pay, in addition to the principal, interest and other amounts due and payable hereon and hereunder, all costs and expenses incurred in connection with
such collection, including, without limitation, reasonable attorneys’ and collection fees. No delay on the part of Payee in exercising any rights hereunder shall operate as a waiver of such rights. 
  

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 3. Default Interest. Notwithstanding any other provision of this Note to the contrary, if the
Company shall fail to pay when due any amount owing to Payee hereunder, then to the extent permitted by law the Company will pay to Payee, subject to the provisions of Section 4 below, on demand Cash Interest on the amount in default from the
date such payment became due until payment in full at a rate of interest equal to sixteen percent (16%) per annum. 
 4.
Subordination. (a) The payment of all indebtedness, liabilities, and obligations of Maker to Payee under this Note, whether, now existing or hereafter arising, (collectively, the “Subordinated Debt”) is expressly subordinated
to the Senior Debt (as defined herein) as provided in this Section 4. The term “Senior Debt” means any and all Obligations (as defined in the Loan Agreement, as defined herein) of Maker to Agent, Issuing Bank or Lenders under the Loan
Agreement including without limitation interest accruing after the commencement of any bankruptcy, insolvency or similar proceeding with respect to Maker, whether or not a claim for such post-commencement interest is allowed. The term “Loan
Agreement” means that certain Loan and Security Agreement dated July 27, 2007, as the same may be amended, supplemented, restated or replaced from time to time among Maker, TD Bank, N.A. (successor by merger to Commerce Bank, N.A.) as
Agent and Issuing Bank and the Lenders party thereto from time to time. All capitalized terms not otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement. 
 (b) Until the Senior Debt is indefeasibly paid in full and any commitment to make Advances under the Loan Agreement has terminated, Maker shall not pay,
and Payee shall not accept, any payments of any kind (including prepayments) associated with the Subordinated Debt; provided, however, that so long as no Event of Default or Default under the Loan Agreement exists or after giving effect to the
making of any such payment(s) would exist, Maker may pay and Payee may accept regularly scheduled payments of Cash Interest on the Subordinated Debt. No principal payment of any kind (by voluntary prepayment, acceleration, set-off or otherwise) of
any portion of the Subordinated Debt may be made by Maker or received or accepted by Payee at any time prior to the infeasible payment in full of the Senior Debt and termination of any commitment to make Advances under the Loan Agreement.

 (c) Any payments on the Subordinated Debt received by Payee other than as permitted in clause b above, shall be held in trust for Agent
and Payee will forthwith turn over any such payments in the form received, properly endorsed, to Agent to be applied to the Senior Debt as determined in accordance with the Loan Agreement. 
 (d) Maker shall not grant to Payee and Payee shall not take any lien on or security interest in any of Maker’s property, now owned or hereafter
acquired, created or arising. 
 (e) Payee shall not make any assertion or claim in any action, suit or proceeding of any nature whatsoever
in any way challenging the priority, validity or effectiveness of the liens and security interests granted to Agent for the benefit of Secured Parties under and in connection with the Loan Agreement, or any amendment, extension, replacement thereof
or related agreement among Agent, Issuing Bank, Lenders and Maker. 
 (f) Payee shall not commence any action or proceeding of any kind
against 

  

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Maker to recover all or any part of the Subordinated Debt not paid when due, and shall at no time join with any creditor, in bringing any proceeding against
Maker under any liquidation, conservatorship, bankruptcy, reorganization, rearrangement, or other insolvency law now or hereafter existing, unless and until the Senior Debt shall be indefeasibly paid in full and any commitment to make advances under
the Loan Agreement has terminated. Payee, however may accelerate the amount of the Subordinated Debt upon the occurrence of (i) the acceleration of the Senior Debt; and (ii) the filing of a voluntary petition under the Bankruptcy Code by
Maker or the filing of an involuntary proceeding under the Bankruptcy Code against Maker that is not released, discharged or stayed within 60 days. 
 (g) In the event of any liquidation, conservatorship, bankruptcy, reorganization, rearrangement, or other insolvency proceeding of Agent, Payee shall at Agent’s request file any claims, proofs of claim, or other instruments of similar
character necessary to enforce the obligations of Maker in respect of the Subordinated Debt and will hold in trust for Agent and pay over to Agent in the same form received, to be applied on the Senior Debt as determined in accordance with the Loan
Agreement, any and all money, dividends or other assets received in any such proceedings on account of the Subordinated Debt, unless and until the Senior Debt shall be indefeasibly paid in full (and any commitment to make advances under the Loan
Agreement has terminated), including without limitation interest accruing after the commencement of any bankruptcy, insolvency or similar proceeding with respect to Maker, whether or not a claim for such post-commencement interest is allowed. Agent
may, as attorney-in-fact for Payee, take such action on behalf of Payee and Payee hereby appoints Agent as attorney-in-fact for Payee to demand, sue for, collect, and receive any and all such money, dividends or other assets and give acquittance
therefore and to file any claim, proof of claim or other instrument of similar character and to take such other proceedings in Agent’s name or in the name of Payee, as Agent may deem necessary or advisable for the enforcement of the provisions
of this Section 4. Payee shall execute and deliver to Agent such other and further powers of attorney or other instruments as Agent reasonably may request in order to accomplish the foregoing. 
 (h) Agent, Issuing Bank and Lenders may at any time and from time to time, without the consent of or notice to Payee, without incurring responsibility to
Payee, and without impairing or releasing any of rights of Agent, Issuing Bank and Lenders, or any of the obligations of Payee hereunder: 
 (i) Change the amount, manner, place or terms of payment or change or extend the time of payment of or renew or alter the Senior Debt (including increasing the principal amount thereof), or any part thereof, or amend, supplement or replace
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Loan Agreement and/or any other Loan Document in any manner or enter into or amend, supplement or replace in any manner any other agreement relating to the
Senior Debt; 
 (ii) Sell, exchange, release or otherwise deal with all or any part of the Collateral securing the Senior Debt or any part
thereof; 
 (iii) Release anyone liable in any manner for the payment or collection of the Senior Debt; 
 (iv) Exercise or refrain from exercising any rights against Maker or any Subsidiary Guarantor, or any of them, or others; and 
 (v) Apply sums paid by any party to the Senior Debt in any order or manner as determined pursuant to the Loan agreement. 
 (i) Payee will advise each future holder of all or any part of the Subordinated Debt that the Subordinated Debt is subordinated to the Senior Debt in the
manner and to the extent provided herein. Payee represents that no part of the Subordinated Debt or any instrument evidencing the same has been transferred or assigned and Payee will not transfer or assign, except to Agent for the ratable benefit of
Secured Parties, any part of the Subordinated Debt while any Senior Debt remains outstanding, unless such transfer or assignment is made expressly subject to the provisions of this Section 4. Payee and Maker shall not modify or permit the
modification of the payment terms of the Subordinated Debt or otherwise modify this Note. 
 (j) Payee represents and warrants that neither
the contents and provisions of this Section 4 nor fulfillment of nor compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms, conditions, or provisions of or constitute a default under any
agreement or instrument to which Payee is now subject. 
 (k) In the event that Maker at any time terminates the financing arrangements with
respect to the Senior Debt, then the provisions of this Section 4 hereof shall inure to the benefit of any financial institution obtained by Maker to provide replacement financing for Maker and, in connection with such replacement financing,
Payee shall, if requested by such replacement lender, execute with such replacement lender a subordination agreement substantially similar to the provisions of this Section 4 to this Subordination Agreement. 
 (l) Maker and Payee each expressly agree that Agent, Issuing Bank and Lenders are third party beneficiaries of the provisions of this Section 4 and
understand that Agent, Issuing Bank and Lenders shall rely on such provisions to make and continue to make the Senior Debt available to Maker. 
 5. Set-Off. Subject to Section 4, this Note shall not limit any rights that Payee has by law to set off and apply amounts held by Payee to or for the credit of the account of the Company against any and all obligations of the
Company then due and payable under the Note. 
  

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 6. Prepayment. Subject to Section 4, this Note may be prepaid in whole or in part at any time
and from time to time without premium, penalty or fee, together with Cash Interest and In Kind Interest accrued on the amount prepaid to the date of any such prepayment. 
 7. Waivers; Attorney’s Fees. The parties hereto, including the Company and all endorsers of this Note, hereby waive presentment, demand, notice, protest and all other demands and notices in connection with
the delivery, acceptance, performance or enforcement of this Note. Payee will be entitled to receive, in addition to any other remedies at law or in equity, all costs in connection with the collection and enforcement of this Note (including
reasonable attorney’s fees). 
 8. Transfers. Subject to Section 4, the Payee may transfer all or a portion of this Note
with the consent of the Company, which shall not be unreasonably withheld. Upon any such transfer, the Company will, at its expense, prepare a new Note in the denomination indicated by Payee, deliver such new Note as instructed by the Payee and make
appropriate entries on the Note registry maintained at the Company’s offices. The Company may treat the person in whose name this Note is registered on the Note registry maintained at such office as the holder hereof for all purposes and the
Company shall not be affected by any notice to the contrary. 
 9. Indemnification of Payee. 
 (a) Maker shall indemnify and hold harmless Payee, from and against any and all suits, actions, proceedings, claims, damages, losses, liabilities and
expenses (including reasonable attorneys’ fees and disbursements and other reasonable out-of-pocket costs of investigation or defense, including those incurred upon any appeal) which may be instituted or asserted against or incurred by Payee as
the result of credit having been extended, suspended or terminated under this Note and the administration of such credit, and in connection with or arising out of the transactions contemplated hereunder and thereunder and any actions or failures to
act in connection therewith, including any and all reasonable legal costs and expenses arising out of or incurred in connection with disputes between or among any parties hereto (collectively, “Indemnified Liabilities”); provided,
that Maker shall not be liable for any indemnification to the Payee to the extent that any such suit, action, proceeding, claim, damage, loss, liability or expense results from that Payee’s gross negligence or willful misconduct. 
 (b) PAYEE SHALL NOT BE RESPONSIBLE OR LIABLE TO ANY OTHER PARTY TO THIS NOTE, ANY SUCCESSOR, ASSIGNEE OR THIRD PARTY BENEFICIARY OF SUCH PERSON OR ANY
OTHER PERSON ASSERTING CLAIMS DERIVATIVELY THROUGH SUCH PARTY, FOR INDIRECT, PUNITIVE, ENHANCED COMPENSATORY, EXEMPLARY OR CONSEQUENTIAL DAMAGES WHICH MAY BE ALLEGED AS A RESULT OF CREDIT HAVING BEEN EXTENDED, SUSPENDED OR TERMINATED UNDER THIS NOTE
OR AS A RESULT OF ANY OTHER TRANSACTION CONTEMPLATED HEREUNDER. 
  

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 (c) The Maker acknowledges that the Payee holds an equity interest in Maker. As a result, the interests
of Payee under this Note may be different from, or in conflict with, the interests of the holders of equity interests in Maker. In recognition of the foregoing and in consideration of Payee providing the loans under this Note, Maker acknowledges and
agrees that Payee is and will be entitled to enforce its rights under this Note and will be entitled to pursue any and all remedies to which it is entitled (including calling a default under or accelerating such loan) even if doing so would be
detrimental to or create a conflict with the Maker or any holder of its equity interests, and Maker and any other signatories hereto waives, to the fullest extent permitted by law, (i) any right to object to such enforcement, (ii) any
right to assert a claim against Payee as a result of such conflict of interest, and (iii) any claim for a breach of fiduciary duty, duty of loyalty, lender liability, equitable subordination or other claims relating to or arising from the fact
that Payee and its affiliates parties would have an interest, directly or indirectly, as both a creditor and a holder of equity interests in Maker. 
 10. Successors and Assigns. This Note shall be binding upon and shall inure to the benefit of the Company, Payee and their respective successors and assigns, provided that the Company may not assign or transfer any of its rights or
obligations hereunder without the prior written consent of Payee. 
 11. Savings Clause. Notwithstanding the foregoing or any other
provision contained in this Note, nothing herein contained shall authorize or permit the exaction or payment of interest by Payee where the same would be unlawful or prohibited by any applicable law or would violate the applicable usury law of any
jurisdiction. In any such event, this Note shall automatically be deemed amended to permit interest charged at an amount equal to, but not greater than, the maximum permitted by law. 
 12. Payments. Whenever any payment of principal of or interest on this Note or payment of any other amount due hereunder shall be stated to be due
on a day that is not a Business Day such payment shall be due on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest, if any, due in connection with any such payment. For the
purposes hereof, “Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in New York, New York are authorized or required by law to close. 
 13. Amendments. This Note may not be changed orally, but only by an agreement in writing, which is signed by the party or parties against whom
enforcement of any waiver, change, modification or discharge is sought. 
 14. Notices. Except as otherwise provided herein, all
notices, demands and other communications (“notices”) to either party hereto under this Note shall be in writing and shall be delivered or sent to such party at the address shown below its name on the signature pages hereof, or to
such other address as may be given by proper notice. Any notice given hereunder shall not be deemed effective until actually received. 
 15.
Governing Law. 
  

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 THIS NOTE AND ANY DOCUMENTS AND INSTRUMENTS DELIVERED IN CONNECTION HEREWITH AND THE RIGHTS AND DUTIES OF THE MAKER AND
PAYEE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW). THE MAKER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS NOTE MAY BE
BROUGHT IN THE COURTS OF THE STATE OF NEW YORK, IN NEW YORK COUNTY OR ANY FEDERAL COURT SITTING THEREIN AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE MAKER BY MAIL AT ADDRESS OF
SUCH PERSON AT ITS PRINCIPAL PLACE OF BUSINESS OR RESIDENCE, IF AN INDIVIDUAL. THE MAKER AND PAYEE HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN
INCONVENIENT FORUM. 
 16. Waiver of Jury Trial. 
 The parties hereto knowingly, voluntarily and expressly waive all right to trial by jury in any action, proceed or counterclaim enforcing or defending any rights arising out of or relating to this Note. 
  

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 IN WITNESS WHEREOF, this Note has been executed and delivered on the date first above written by
duly authorized representatives of the Company. 
  

			
	COHEN BROTHERS, LLC
		
	By:  	 	/s/  JOSEPH POOLER
		 	Name: Joseph Pooler
		 	Title: Chief Financial Officer
		 	Address:
		 	2929 Arch Street
		 	Philadelphia, PA 19104
		 	Attention: Chief Financial Officer
	
	ADDRESS OF PAYEE:
	
	Daniel Cohen
	c/o Cohen & Company
	2929 Arch Street,17th Floor
	Philadelphia, PA 19104

  

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