Document:

Employment Agreement - Daniel G. Cohen

 EXHIBIT 10.36 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT is
dated as of February 18, 2010, by and among Cohen Brothers LLC (the “Company”), a subsidiary of Cohen & Company Inc. (“Parent”), Parent, each of which has its principal place of business at 2929 Arch
Street, Philadelphia, PA 19104 and Daniel G. Cohen (the “Executive”). 
 WHEREAS, the Company wishes to employ the
Executive as its Chairman, Chief Executive Officer and Chief Investment Officer, and the Executive wishes to accept such employment, on the terms set forth below, effective as of December 17, 2009 (“Effective Date”); 
 NOW THEREFORE, the parties hereto agree as follows: 
 1. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial term commencing as of the Effective Date and continuing through
December 31, 2012, unless sooner terminated in accordance with the provisions of Section 4 or Section 5, with such employment to continue for successive one-year periods in accordance with the terms of this Agreement (subject to
termination as aforesaid) unless either party notifies the other party of non-renewal in writing prior to three months before the expiration of the initial term and each annual renewal, as applicable. (The period during which the Executive is
employed hereunder being hereinafter referred to as the “Term”). 
 2. Duties. During the Term, the Executive shall be
employed by the Company as its Chairman, Chief Executive Officer and Chief Investment Officer. During the Term, Executive shall also serve as the Chairman and Chief Executive Officer of Parent. The Executive shall faithfully perform for the Company
the duties of said offices and shall perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to time by the board of directors of Parent (the “Board”). 
 3. Compensation. 
 3.1 Base Salary. The Company shall pay the Executive during the Term a salary at a minimum rate of $1,000,000.00 per annum for the period beginning on the Effective Date through December 31, 2010 (the “Base
Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives. For each year thereafter, the Compensation Committee of the Board shall review the Executive’s Base Salary and may provide for
such increases therein as it may, in its discretion, deem appropriate. (Any such increased salary shall constitute the “Base Salary” as of the time of the increase.) 
 3.2 Performance Bonus. During the Term, in addition to the Base Salary, for each fiscal year of the Company ending during the
Term, the Executive shall have the opportunity to receive an annual bonus in an amount and on such terms to be determined by the Compensation Committee of the Board (“Performance Bonus”). The Compensation Committee of the Board shall
further have the discretion to grant Executive annual bonuses in such amounts and on such terms as it shall determine in its sole discretion. Nothing contained in the foregoing shall limit the Executive’s eligibility to receive any other bonus
under any other bonus plan, stock option or equity–based plan, or other policy or program of Parent or the Company. With respect to Executive’s performance in 2009, the Company shall pay to Executive a bonus of $2,000,000.00 under the
Company’s 2010 Executive Officers’ Cash Bonus Plan. 

 3.3 Equity Incentive Compensation. Executive shall be entitled to participate
in any equity compensation plan of Parent or the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to purchase units of Company membership interest, shares of
Parent’s common stock, shares of restricted stock, and other equity awards in the discretion of the Compensation Committee of the Board. 
 3.4 Benefits-In General. The Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans,
fringe benefit programs and other benefits that may be available to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs. 
 3.5 Vacation. The Executive shall be entitled to vacation of no less than 20 business days per year, to be credited in
accordance with ordinary Company policies. 
 3.6 Expenses-In General. The Company shall pay or reimburse the
Executive for all ordinary and reasonable out-of-pocket expenses actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s services under this Agreement, in accordance
with the Company’s policies regarding such reimbursements. 
 4. Termination upon Death or Disability. If the Executive dies
during the Term, the Term shall terminate as of the date of death, and the obligations of the Company to or with respect to the Executive shall terminate in their entirety upon such date except as otherwise provided under this Section 4. If the
Executive is unable to perform substantially and continuously the duties assigned to him due to a disability as defined for purposes of 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, the Company shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in
writing to the Executive. Upon termination of employment due to death or disability, (i) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive any Base Salary and
other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this Agreement for expenses incurred prior to the date of termination); (ii) the Executive (or the Executive’s estate or
beneficiaries in the case of the death of the Executive) shall be entitled to receive a single-sum payment equal to the value of his Base Salary that would have been paid to him for the remainder of the year in which the termination occurs;
(iii) without duplication of any amounts due under clauses (i) and (ii), the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall receive a single-sum payment equal to the value of the
highest bonus earned by the Executive in the one year period preceding the date of termination, multiplied by a fraction (x) the numerator of which is the number of days in the fiscal year preceding the termination and (y) the denominator
of which is 365; (iv) all outstanding unvested equity-based awards held by the Executive shall fully vest and become immediately exercisable, as applicable, subject to the terms of such awards; and (v) the Executive (or the
Executive’s estate or beneficiaries in the case of the death of the Executive) shall have no further rights to any other compensation or benefits hereunder, or any other rights hereunder (but, for the avoidance of doubt, shall receive such
disability and death benefits as may be provided under the Company’s plans and arrangements in accordance with their terms). Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable pursuant
to clauses (i), (ii) and (iii) above shall be paid to the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) within 60 days following the date of his termination of employment on account
of death or disability. 
  

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 5. Certain Terminations of Employment; Certain Benefits. 
 5.1 Termination by the Company for Cause; Termination by the Executive without Good Reason. 
 (a) For purposes of this Agreement, “Cause” shall mean the Executive’s: 
 (i) commission of, and indictment for or formal admission to a felony, or any crime of moral turpitude, dishonesty, breach of trust or
unethical business conduct, or any crime involving the Company; 
 (ii) engagement in fraud, misappropriation or embezzlement;

 (iii) continued failure to materially adhere to the directions of the Board or Parent’s or the Company’s written
policies and practices; or 
 (iv) material breach of any of the provisions of Section 6; 
 provided, that the Company shall not be permitted to terminate the Executive for Cause except on written notice given to the Executive at any time not more
than 30 days following the occurrence of any of the events described in clause (ii) through (iv) above (or, if later, the Company’s knowledge thereof). No termination for Cause under clauses (ii) through (iv) shall be
effective unless the Board makes a determination that Cause exists after notice to the Executive, and the Executive has been provided with an opportunity (with counsel of his choice) to contest the determination at a meeting of the Board.

 (b) The Company may terminate this Agreement and the Executive’s employment hereunder for Cause, and the Executive may
terminate his employment on at least 30 days’ written notice given to the Company. If the Company terminates the Executive for Cause, or the Executive terminates his employment and the termination by the Executive is not for Good Reason in
accordance with Section 5.2, (i) the Executive shall receive Base Salary and other benefits (including any bonus for a fiscal year completed before termination and awarded but not yet paid) earned and accrued under this Agreement prior to
the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment); and (ii) the Executive shall have no further rights to any other compensation or benefits under this Agreement
on or after the termination of employment. Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.1(b) shall be paid to the Executive in a single-sum
payment within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.1(b). 
  

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 5.2 Termination by the Company without Cause; Termination by the Executive for Good
Reason. 
 (a) For purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented to by the
Executive, 
 (i) the material reduction of the Executive’s title, authority, duties and responsibilities or the
assignment to the Executive of duties materially inconsistent with the Executive’s position or positions with Parent and the Company; 
 (ii) a material reduction in Base Salary of the Executive; 
 (iii) the
Company’s material breach of this Agreement; or 
 (iv) Executive is required to relocate his office more than 30 miles
outside of Philadelphia, Pennsylvania or the Borough of Manhattan, New York. 
 Notwithstanding the foregoing, (i) Good Reason shall not be
deemed to exist unless notice of termination on account thereof (specifying a termination date no later than 30 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise
to Good Reason first occurs or arises and (ii) if there exists (without regard to this clause (ii)) an event or condition that constitutes Good Reason, the Company shall have 15 days from the date notice of such a termination is given to cure
such event or condition and, if the Company does so, such event or condition shall not constitute Good Reason hereunder. 
 (b)
The Company may terminate the Executive’s employment and the Executive may terminate the Executive’s employment with the Company at any time for any reason or no reason. If the Company terminates the Executive’s employment (and the
termination is not covered by Section 4 or 5.1), the Executive terminates his employment for Good Reason, or the Company does not renew this Agreement as described in Section 1: 
 (i) the Executive shall receive a single-sum payment equal to accrued but unpaid Base Salary and other benefits (including any bonus for a
calendar year completed before termination) earned and accrued under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment); 
 (ii) the Executive shall receive a single-sum payment of an amount equal to 3.0 times (a) the average of the Base Salary amounts paid
to Executive over the three calendar years prior to the date of Termination, (b) if less than three years have elapsed between the date of this Agreement and the date of termination, the highest Base Salary paid to Executive in any calendar
year prior to the date of Termination, or (c) if less than 12 months have elapsed from the date of this Agreement to the date of termination, the highest Base Salary received in any month times 12; and 
  

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 (iii) all outstanding unvested equity-based awards (including without limitation stock
options and restricted stock) held by the Executive shall fully vest and shall become immediately exercisable, as applicable. 
 Unless the
payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.2(b) shall be paid to the Executive within 60 days following the date of his termination of employment with
the Company pursuant to this Section 5.2(b). 
 5.3 Change of Control. Without duplication of the foregoing,
upon a “Change of Control” (as defined below) while the Executive is employed, all outstanding unvested equity-based awards shall fully vest and shall become immediately exercisable, as applicable. After such Change of Control, there will
be transition period (“Transition Period”) which will begin on date of the Change of Control and end on the first anniversary of such Change of Control. If the Executive terminates his employment with the Company within the six-month
period following the Transition Period, such termination shall be deemed a termination by the Executive for Good Reason covered by Section 5.2. For purposes of this Agreement, “Change of Control” shall mean the occurrence of any of
the following: 
 (i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding Executive, Christopher Ricciardi, any Family Member of Executive or Christopher Ricciardi, the Company, any entity or person controlling, controlled by
or under common control with Executive, Christopher Ricciardi, any Family Member of Executive or Christopher Ricciardi, any employee benefit plan of the Company or any such entity, and any “group” (as such term is used in
Section 13(d)(3) of the Exchange Act) of which the Executive is a member) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of Parent representing 30% or
more of either (A) the combined voting power of Parent’s then outstanding securities or (B) the then outstanding Common Stock of Parent (in either such case other than as a result of an acquisition of securities directly from Parent
or the Company); provided, however, that, in no event shall a Change of Control be deemed to have occurred upon a public offering of the Common Stock under the Securities Act of 1933, as amended (for purposes hereof, “Family Member” means
(I) a person’s spouse, parent, sibling and descendants (whether natural or adopted), (II) any family limited partnership, limited liability company or other entity wholly owned, directly or indirectly, by such person and/or such
person’s spouse, parent, sibling and/or descendants (whether natural or adopted), and (III) any estate or trust for the benefit of such person and/or such person’s spouse, parent, sibling and/or descendants (whether natural or adopted));

 (ii) any consolidation or merger of Parent where the stockholders of Parent, immediately prior to the consolidation or
merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power
of the securities of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any); 
  

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 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one
transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent or the Company, other than a sale or disposition by Parent or the Company of all or substantially all
of Parent or the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of Parent or
the Company, as applicable, immediately prior to such sale or (B) the approval by stockholders of Parent or members of the Company of any plan or proposal for the liquidation or dissolution of Parent or the Company, as applicable; or

 (iv) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent
Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company’s stockholders, was approved by a
vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director. 
 5.4 Parachutes. If any amount payable to or other benefit receivable by the Executive pursuant to this Agreement would be
deemed to constitute a Parachute Payment (as defined below), alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive which is deemed to constitute a Parachute Payment (whether or not under
an existing plan, arrangement or other agreement), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Parachute Payments
shall be reduced (but not below zero) so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the excise tax imposed by
Section 4999 of the Code. Any such reduction shall be made by first reducing severance benefits (if any). Notwithstanding the foregoing, if the reduction of Parachute Payments under this Section 5.4 would be equal to or greater than
$50,000, then there shall be no such reduction and the full amount of the Parachute Payment shall be payable. “Parachute Payment” shall mean a “parachute payment” as defined in Section 280G of the Code. The calculation under
this Section 5.4 shall be as determined by the Company’s accountants. 
 Unless the payment is required to be delayed pursuant to
Section 7.14(b) below, any additional payment payable to the Executive pursuant to this Section shall be paid by the Company to the Executive within 5 days of receipt of the Company’s accountants’ determination, which such
determination shall be made to the Company within 30 days of any event requiring payment to the Executive hereunder. 
 5.5
Execution of Release. The Executive acknowledges that, if required by the Company prior to making the payments and benefits set forth in this Section 5 (other than accrued but unpaid Base Salary and other benefits), all such
payments and benefits are subject to his execution of a general release from liability of the Company, Parent, and their respective Officers (including his successor), Directors/Managers and employees, and such release becoming irrevocable by its
terms. If Executive fails to execute such release, or such release does not become irrevocable, all such payments and benefits set forth in this Section 5 shall be forfeited. 
  

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 6. Covenants of the Executive. 
 6.1 Confidentiality. The Executive acknowledges that (i) the primary businesses of the Company are its asset management
business (managing assets through listed and private companies, funds, managed accounts and collateralized debt obligations) and its capital markets business (credit-related fixed income sales and trading as well as new issue placements in corporate
and securitized products) (the “Businesses”); (ii) the Company is one of the limited number of persons who have such a business; (iii) the Company’s Businesses are, in part, national and international in scope; (iv) the
Executive’s work for the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the Executive contained in this Section 6 are
essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. Accordingly, the Executive covenants and agrees during
and after the period of the Executive’s employment with the Company and its affiliates, the Executive (x) shall keep secret and retain in strictest confidence all confidential matters relating to the Company’s Business and the
business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its affiliates (the “Confidential Company Information”), and
(y) shall not disclose such Confidential Company Information to anyone outside of the Company except with the Company’s express written consent and except for Confidential Company Information which is at the time of receipt or thereafter
becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such information confidential and without breach of this Agreement. 
 6.2 Noncompetition. For a period of six months following the end of the Term (the “Non-Compete Period”), Executive
shall not, directly or indirectly, engage or participate in, or become employed by, or affiliated with, or render advisory or any other services to, any person or business entity or organization, of whatever form, that competes with the Company.
Executive specifically acknowledges that the temporal limitations hereof, in view of the nature of the Company’s Businesses, are reasonable and necessary to protect the Company’s legitimate business interests. 
 6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any breach by him of any of the provisions of
Sections 6.1 and 6.2 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any of
the provisions of Sections 6.1 or 6.2, the Company and its affiliates, in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the recovery
of damages), shall have the right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and
injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants. 
  

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 7. Other Provisions. 
 7.1 Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in
connection with this Agreement and (ii) the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects. If it is determined that any of the provisions of this Agreement, including, without limitation, any
of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 
 7.2 Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines that any of the
Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such
determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be
enforced. 
 7.3 Enforceability; Jurisdiction; Arbitration. Any controversy or claim arising out of or relating to
this Agreement or the breach of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies referred to in
Section 6.2) that is not resolved by the Executive and the Company (or its affiliates, where applicable) shall be submitted to arbitration in Philadelphia, Pennsylvania in accordance with the law of the Commonwealth of Pennsylvania and the
procedures of the American Arbitration Association. The determination of the arbitrator(s) shall be conclusive and binding on the Company (or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’
award in any court having jurisdiction. 
 7.4 Notices. Any notice or other communication required or permitted
hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered
personally, telegraphed, telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows: 
  

					
	(i)	  	If to the Company, to:
		
		  	 Cohen & Company Inc.
 2929 Arch Street, 17th Floor
 Philadelphia, PA 19104
 Attention: General Counsel

		
	(ii)	  	If to the Executive, to:
		  	  
	  	
		  	  
	  	
		  	  
	  	

  

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 Any such person may by notice given in accordance with this Section 7.4 to the other parties hereto
designate another address or person for receipt by such person of notices hereunder. 
 7.5 Entire Agreement. This
Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 
 7.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may
be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof,
nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right,
power or privilege. 
 7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE COMMONWEALTH OF PENNSYLVANIA. 
 7.8 Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors,
heirs (in the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred, subject to
Section 5.3, pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however, that the assignee or transferee
is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law.

 7.9 Withholding. The Company shall be entitled to withhold from any payments or deemed payments any amount of
tax withholding it determines to be required by law. 
 7.10 Binding Effect. This Agreement shall be binding upon
and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives. 
 7.11 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts
together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 
 7.12 Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 5 and 6 and any other provisions of this Agreement expressly imposing
obligations that survive termination of Executive’s employment hereunder, and the other provisions of this Section 7 to the extent necessary to effectuate the survival of such provisions, shall survive termination of this Agreement and any
termination of the Executive’s employment hereunder. 
  

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 7.13 Existing Agreements. The Executive represents to the Company that he is
not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit his ability to fulfill his responsibilities
hereunder. 
 7.14 Section 409A. 
 (a) Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of
section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and
interpreted to comply with section 409A. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the
earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly,
designate the calendar year of payment. 
 (b) Payment Delay. Notwithstanding any provision to the contrary in
this Agreement, if on the date of the Executive’s termination of employment, the Executive is a “specified employee” (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by
the Board (or its delegate) in its sole discretion in accordance with its “specified employee” determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation
subject to the requirements of section 409A of the Code shall be postponed for a period of six months following the Executive’s “separation from service” with the Company (or any successor thereto). The postponed amounts shall be paid
to the Executive in a lump sum within 30 days after the date that is 6 months following the Executive’s “separation from service” with the Company (or any successor thereto). If the Executive dies during such six-month period and
prior to payment of the postponed cash amounts hereunder, the amounts delayed on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after Executive’s death. If any of
the cash payments payable pursuant to this Agreement are delayed due to the requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to 5%.

 (c) Reimbursements. All reimbursements provided under this Agreement shall be made or provided in accordance with the
requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a short period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of all eligible expense will be made on or before the last day of
the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to the liquidation or exchange for another benefit. Any tax gross up payments to be made hereunder shall be made not later
than the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. 
  

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 7.15 Headings. The headings in this Agreement are for reference only and shall
not affect the interpretation of this Agreement. 
  

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 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first
above written. 
  

			
	COHEN BROTHERS LLC
		
	By:	 	 /s/ CHRISTOPHER RICCIARDI

	Name:	 	Christopher Ricciardi
	Title:	 	President
	
	COHEN & COMPANY INC.
		
	By:	 	 /s/ CHRISTOPHER RICCIARDI

	 Name:
	 	Christopher Ricciardi
	Title:	 	President
	
	   /s/ DANIEL G. COHEN

		 	Daniel G. Cohen

  

 122010 Executive Officers' Cash Bonus Plan

 Exhibit 10.37 
 COHEN BROTHERS, LLC 
 2010 Executive Officers’
Cash Bonus Plan 
 1. Purpose. The purpose of the Cohen Brothers, LLC 2010 Executive Officers’ Cash Bonus Plan
(the “Plan”) is to provide cash bonuses for eligible participants based on such participants’ performance in 2009 and to provide an incentive to such participants to continue in the employ of Cohen Brothers, LLC (the
“Company”). The payment of cash bonuses under the Plan will be made in February 2010, contingent on the eligible Participants providing services to the Company through December 31, 2010 and such other requirements as may be 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) “Cause” shall mean (1) the Participant’s
willful and deliberate failure to perform his or her material duties (other than as a result of his or her total or partial incapacity due to physical or mental illness); (2) the material breach of the terms of any agreement between the Company
and the Participant following written notice by the Company to the Participant and his or her failure to promptly cure that breach; (3) commission of, and indictment for or formal admission to a felony, or any crime of moral turpitude,
dishonesty, breach of trust or unethical business conduct, or any crime involving the Company; (4) engagement in fraud, misappropriation or embezzlement; (5) a reportable violation by the Participant of securities industries’ laws,
rules or regulations; or (6) the Participant’s failure to adhere to and comply with the Company’s material policies and procedures applicable to the Participant. 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 “Cause,” the Participant shall be considered
to have been terminated for Cause for purposes of the Plan only if such termination is treated as a termination for Cause under the terms of such separate agreement. 
 (b) “Change of Control” shall mean the occurrence after the effective date of the Plan of any of the following: 
 (i) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but
excluding Daniel G. Cohen, Christopher Ricciardi, the Company, Parent, any entity or person controlling, controlled by or under common control with Daniel G. Cohen, Christopher Ricciardi, the Company, Parent , any employee benefit plan of the
Company or Parent or any such entity, and Executive and any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Executive is a member) is or becomes the “beneficial owner” (as defined in Rule
13(d)(3) under the Exchange Act), directly or indirectly, of securities of Parent representing 30% or more of either (A) the combined voting power of Parent’s then outstanding securities or (B) the then outstanding common stock of
Parent (in either such case other than as a result of an acquisition of securities directly from Parent, the Company or any of their respective

 
subsidiaries); provided, however, that, in no event shall a Change in Control be deemed to have occurred upon an initial public offering or a subsequent public offering of the common stock of
Parent under the Securities Act of 1933, as amended; or 
 (ii) any consolidation or merger of Parent where the stockholders of
Parent, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the
aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or 
 (iii) there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated
or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined
voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the
Company of any plan or proposal for the liquidation or dissolution of the Company; or 
 (iv) the members of the Board of
Directors of Parent at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board of Directors of Parent;
provided that any director whose election, or nomination for election by the Parent’s stockholders, was approved by a vote of at least a majority of the members of the Board of Directors of Parent then still in office who were members of the
Board of Directors of Parent at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director. 
 (c) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (d) “Committee” shall mean
the Compensation Committee of Parent. 
 (e) “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.

 (f) “Participant” shall mean each “Executive Officer” of the Company (as that term is defined in Rule
3b-7 of the Securities Exchange Act of 1934, amended) 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. 
 (g) “Parent” shall mean Cohen & Company Inc., a Maryland corporation. 
  

 2 

 3. Participation. The Participants in the Plan are those employees designated by the
Committee, 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, 2010 through
the date of termination of the Plan by the Committee; 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 February 2010; 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 Participant. 
 (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, 2010, the cash bonus shall be considered to be
8.33% vested, and on the last date of each month in 2010 thereafter the cash bonus shall be vested with respect to an additional 8.33% and the cash bonus shall be considered 100% vested as of December 31, 2010; 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 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 bonus 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). 
  

 3 

 (d) Notwithstanding the foregoing, including Section 5(c), if the Participant remains
actively serving as an employee 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 December 31, 2010: 
 (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;

 (iii) The date the Participant’s relationship with the Company is involuntarily terminated by the Company (except
acceleration shall not occur if such termination by the Company was for Cause); or 
 (iv) The date the Participant’s
relationship with the Company is terminated by the Participant for “Good Reason” (as defined in an agreement, if any, between the Participant and the Company then in effect). This Section 5(d)(iv) shall only apply to a Participant
that has an agreement with the Company in effect on the date of termination that defines “Good Reason.” 
 Where
vesting occurs by reason of the provisions of Section 5(d)(i), (ii), (iii) or (iv), the Participant shall be considered to be fully vested immediately and shall not be subject to any forfeiture or repayment obligation. 
 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. 
  

 4 

 (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 of Parent and any other Committee of the Board of Directors of Parent 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 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, 2010, 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. 
 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

  

 5 

 
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 Employment. 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 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. 
 (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

  

 6 

 
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 and the specific Plan references on which it is based. 
 (g) Withholding. The Company shall make in
accordance with federal, state and local income tax law and regulations appropriate arrangements 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. The Company may provide, at its discretion, for any withholding and tax payments as may be required. 
 (h) The Plan is a payroll practice of the Company and is not intended to constitute an employee welfare benefit plan or pension benefit plan under the Employee Retirement Income Security Act of 1974.

  

 7 

 Exhibit A 
 COHEN BROTHERS, LLC 
 2010 Executive Officers’
Cash Bonus 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 2010 Executive Officers’ Cash Bonus 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:	 	  

  

 8

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