Document:

Exhibit 10.4

 

COHEN & COMPANY, LLC

 

AMENDMENT NO. 4 TO 

AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT 

 

THIS AMENDMENT NO. 4 TO AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT of Cohen & Company, LLC, dated as of September 25, 2020 (“Amendment No. 4”),
is entered into by and among each of the Members set forth on the signature pages hereto.

 

Background 

 

On December 16, 2009, the Members
entered into the Amended and Restated Limited Liability Company Agreement (the “Amended and Restated Agreement”)
of Cohen & Company, LLC (formerly, IFMI, LLC, the “Company”). On June 20, 2011, the Members entered
into Amendment No. 1 to Amended and Restated Limited Liability Company Agreement of Cohen & Company, LLC (“Amendment
No. 1”). On May 9, 2013, the Members entered into Amendment No. 2 to Amended and Restated Limited Liability Company Agreement
of Cohen & Company, LLC (“Amendment No. 2”). On October 30, 2019, the Members entered into Amendment No.
3 to Amended and Restated Limited Liability Company Agreement of Cohen & Company, LLC (collectively with the Amended and Restated
Agreement, Amendment No. 1 and Amendment No. 2, the “Agreement”).

 

Pursuant to Section 13.10 of the Agreement,
the Members desire to amend certain provisions of the Agreement.

 

NOW, THEREFORE, intending to be bound hereby,
the Members agree as follows:

 

1.       Defined
Terms. Terms that are used but not defined herein shall have the meaning ascribed to such terms in the Agreement.

 

2.       Amendment
to Section 6.13. The last sentence of Section 6.13 of the Agreement is hereby deleted and replaced with the following language:

 

“Notwithstanding anything to the contrary herein,
this Section 6.13 shall automatically become null and void and the proxy set forth in this Section 6.13 shall be automatically
revoked, in each case without further action by any party, upon the earliest to occur of the following: (i) a Notice Default (as
defined in the Convertible Secured Note); (ii) an Automatic Default (as defined in the Convertible Secured Note); and (iii) if
Daniel G. Cohen and/or his Affiliates shall cease to beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) a majority of the voting securities of Parent.”

 

3.       Integration.
The Agreement, as amended by this Amendment No. 4 sets forth all (and is intended by all parties hereto to be an integration
of all) of the promises, agreements, conditions, understandings, warranties and representations among the parties hereto with
respect to the Company, the Company business and the property of the Company, and there are no promises, agreements, conditions,
understanding, warranties, or representations, oral or written, express or implied, among them other than as set forth herein
or in the agreements noted above.

 

     

     

    

 

4.       No Other Amendments.
Except as expressly amended, modified and supplemented hereby, the provisions of the Agreement are and shall remain in full force
and effect.

 

5.       Governing Law.
It is the intention of the parties that all questions with respect to the construction of this Amendment No. 4 and the rights
and liabilities of the parties hereto shall be determined in accordance with the laws of the State of Delaware.

 

6.       Binding
Effect. This Amendment No. 4 shall be binding upon, and inure to the benefit of, the parties hereto and their respective
personal and legal representatives, successors and assigns.

 

7.       Counterparts.
This Amendment No. 4 may be executed in any number of counterparts and it shall not be necessary that each party to this
Amendment No. 4 execute each counterpart. Each counterpart so executed (or, if all parties do not sign on the same counterpart,
each group of counterparts signed by all parties) shall be deemed to be an original, but all such counterparts together shall
constitute one and the same instrument. In making proof of this Amendment No. 4, it shall not be necessary to account for
more than one counterpart or group of counterparts signed by all parties.

 

[Signatures on Following Page]

 

    2

     

    

 

IN WITNESS WHEREOF, the undersigned parties
have caused this Amendment No. 4 to be executed as of the date and year first set forth above.

 

 

	 	/s/ Linda Koster
	 	Linda Koster
	 	 	 
	 	/s/ Daniel Cohen
	 	Daniel G. Cohen
	 	 	 
	 	COHEN BROS. FINANCIAL, LLC
	 	 	 
	 	By:	/s/ Daniel G. Cohen
	 	Name:	Daniel G. Cohen
	 	Title:	Managing Member
	 	 	 
	 	COHEN & COMPANY INC.
	 	 	 
	 	By:	/s/ Joseph W. Pooler, Jr.
	 	Name:	Joseph W. Pooler, Jr.
	 	Title:	Executive Vice President and Chief Financial Officer
	 	 	 
	 	 	 
	 	THE DGC FAMILY FINTECH TRUST
	 	 	 
	 	By:	/s/ Raphael Licht
	 	Name:	Raphael Licht
	 	Title:	Trustee
	 	 	 
	 	By:	/s/ Jeffrey D. Blomstrom
	 	Name:	Jeffrey D. Blomstrom
	 	Title:	TrusteeExhibit 10.5

 

AMENDMENT NO. 1 TO CONVERTIBLE SENIOR
SECURED PROMISSORY NOTE

 

THIS AMENDMENT NO. 1 TO CONVERTIBLE SENIOR
SECURED PROMISSORY NOTE (this “Amendment”), dated as of September 25, 2020 (the “Effective Date”),
is entered into by and between Cohen & Company, LLC, a Delaware limited liability company (the “Company”),
and the DGC Family Fintech Trust (the “Noteholder”), a trust established by Daniel G. Cohen (“Mr. Cohen”).
Each of the Company and the DGC Trust may be referred to herein as a “Party,” and, together, as the “Parties.”

 

RECITALS:

 

WHEREAS, on March 10, 2017, the Parties
entered into the Convertible Senior Secured Promissory Note (the “Note”); and

 

WHEREAS, in accordance with Section 11(d)
of the Note, the Parties desire to amend the Note to provide that the voting proxy granted therein shall be revoked in the event
that Mr. Cohen and/or his affiliates shall cease to beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act
of 1934, as amended) a majority of the voting securities of Cohen & Company Inc., pursuant to the terms and conditions of this
Amendment.

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.            
Amendment to Section 6(a) of the Note. Effective as of the Effective Date, the last sentence of Section 6(a) of the
Note is hereby deleted and replaced with the following language:

 

“Notwithstanding anything to the contrary herein,
this Section 6 shall automatically become null and void and the proxy set forth in this Section 6 shall be automatically revoked,
in each case without further action by any party, upon the earliest to occur of the following: (i) a Notice Default; (ii) an Automatic
Default; and (iii) if Daniel Cohen and/or his Affiliates shall cease to beneficially own (as defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) a majority of the voting securities of Parent.”

 

2.            
Amendment to Section 6(b) of the Note. Effective as of the Effective Date, Section 6(b) of the Note is hereby supplemented
by adding the following language immediately following Section 6(b)(ii) of the Note:

 

“(iii) “Affiliate” of a Person
means any other Person that directly or indirectly, through one (1) or more intermediaries, controls, is controlled by, or is under
common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and

 

    

     

    

 

(iv) “Person” means an individual,
corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust,
association or other entity.”

 

3.            
No Other Changes. Except as expressly amended by this Amendment, all of the terms and conditions of the Note shall
continue in full force and effect and shall be unaffected by this Amendment.

 

4.            
Amendment. This Amendment may not be amended or modified except by a written agreement executed by the Parties.

 

5.            
Governing Law. THIS AMENDMENT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES OR THE CONFLICTS OF LAW PRINCIPLES OF ANY OTHER STATE IN EITHER
CASE THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

 

6.            
Headings. The sections and other headings contained in this Amendment are for reference purposes only and shall not
affect the meaning or interpretation of this Amendment.

 

7.            
Binding Effect. This Amendment shall be binding upon and inure to the benefit of the Parties and their respective
heirs, successors and permitted assigns.

 

8.            
Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall be deemed to be one and the same instrument

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    2

     

    

 

IN WITNESS WHEREOF, the undersigned have
executed this Amendment No. 1 to Convertible Senior Secured promissory Note as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	COHEN & COMPANY, LLC
	 	 	 
	 	By:	/s/ Joseph W. Pooler, Jr.
	 	Name:	Joseph W. Pooler, Jr.
	 	Title:	Executive Vice President, Chief Financial
    Officer and Treasurer
	 	 	 
	 	DGC TRUST:
	 	 	 
	 	THE DGC FAMILY FINTECH TRUST
	 	 	 
	 	By:	/s/ Raphael Licht
	 	Name:	Raphael Licht
	 	Title:	Trustee
	 	 	 
	 	By:	/s/ Jeffrey D. Blomstrom
	 	Name:	Jeffrey D. Blomstrom
	 	Title:	Trustee

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]