Document:

WELLS FARGO & COMPANY 8-K

 

Exhibit
4.4

 

[Face
of Note]

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”),
to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

 

	CUSIP NO. 95001HDQ1	FACE AMOUNT:
    $___________ 

REGISTERED
NO. ___

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index, the Russell 2000® Index and

the EURO STOXX 50® Index due January 9, 2030

 

WELLS
FARGO FINANCE, LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under and as defined in the Indenture hereinafter
referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the
Maturity Payment Amount (as defined below) on the Stated Maturity Date (as defined below), unless this Security is automatically
called prior to the Stated Maturity Date as provided below under “Automatic Call,” and to pay Contingent Coupon Payments
(as defined below) on the Face Amount of this Security to the extent provided herein on the Contingent Coupon Payment Dates specified
herein at the Contingent Coupon Rate (as defined below) until the earlier of the Stated Maturity Date and the Call Settlement
Date (as defined below), if any. The “Initial Stated Maturity Date” shall be January 9, 2030. If the Final
Calculation Day (as defined below) is not postponed, the Initial Stated Maturity Date will be the “Stated Maturity Date.”
If the Final Calculation Day is postponed, the “Stated Maturity Date” shall be the later of (i) the Initial
Stated Maturity Date and (ii) three Business Days (as defined below) after the last Final Calculation Day as postponed.

 

“Face
Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this Security as its
“Face Amount.”

 

Automatic
Call

 

If
the Closing Level (as defined below) of the Lowest Performing Index (as defined below) on any of the quarterly Calculation Days
(as defined below) from January 2021 to October 2029,

 

     

     

    

 

inclusive,
is greater than or equal to its Starting Level (as defined below), this Security will be automatically called by the Company,
and on the related Call Settlement Date the Holder hereof will receive the Call Price (as defined below) plus a final Contingent
Coupon Payment. Unless the Company defaults in the payment of the Call Price plus the final Contingent Coupon Payment, this Security
will cease to be outstanding on such Call Settlement Date, no additional Contingent Coupon Payments will be payable on this Security
and the Holder hereof will have no further rights under this Security after such Call Settlement Date. The Holder hereof will
not receive any notice from the Company in the event this Security is automatically called pursuant to the terms hereof. The “Call
Price” is equal to the Face Amount of this Security. The “Call Settlement Date” for a Calculation
Day shall be three Business Days after such Calculation Day, as such Calculation Day may be postponed as provided herein. If a
Calculation Day is postponed with respect to one or more Indices, the related Call Settlement Date will be three Business Days
after the last Calculation Day as postponed.

 

Payment
of Contingent Coupon Payments, the Maturity Payment Amount and the Call Price

 

On
each quarterly Contingent Coupon Payment Date, the Company shall pay a Contingent Coupon Payment if, and only if, the Closing
Level of the Lowest Performing Index on the related Calculation Day is greater than or equal to its Threshold Level (as defined
below). A “Contingent Coupon Payment,” if payable as provided herein, shall be equal to (i) the product of
the Face Amount of this Security and the Contingent Coupon Rate, (ii) divided by 4. The “Contingent Coupon Payment Dates”
shall be the third Business Day following each Calculation Day, as each such Calculation Day may be postponed as herein provided,
provided that the Contingent Coupon Payment Date with respect to the Final Calculation Day will be the Stated Maturity Date. If
a Calculation Day is postponed with respect to one or more Indices, the related Contingent Coupon Payment Date will be three Business
Days after the last Calculation Day as postponed. The “Contingent Coupon Rate” is 6.00% per annum. Any Contingent
Coupon Payments will be rounded to the nearest cent, with one-half cent rounded upward. If a Contingent Coupon Payment Date is
postponed, the Contingent Coupon Payment, if any, due on that Contingent Coupon Payment Date will be made on that Contingent Coupon
Payment Date as so postponed with the same force and effect as if it had been made on the originally scheduled Contingent Coupon
Payment Date, with no additional amount accruing or payable as a result of the postponement.

 

Any
Contingent Coupon Payment so payable, and punctually paid or duly provided for, on any Contingent Coupon Payment Date will, as
provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such Contingent Coupon Payment next preceding such Contingent Coupon Payment
Date. The Regular Record Date for a Contingent Coupon Payment Date shall be the date one Business Day prior to such Contingent
Coupon Payment Date.

 

Any
Contingent Coupon Payment not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not

 

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inconsistent
with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.

 

Payment
of any Contingent Coupon Payment on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota; provided, however, that, at the option of the Company, payment
of any Contingent Coupon Payment may be paid by check mailed to the Person entitled thereto at such Person’s last address
as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person. Payments
of any Contingent Coupon Payment and the Maturity Payment Amount or the Call Price, as applicable, on this Security at Maturity
will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City
of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. Notwithstanding the foregoing,
for so long as this Security is a Global Security registered in the name of the Depositary, any payments on this Security will
be made to the Depositary by wire transfer of immediately available funds.

 

Payment
of the Maturity Payment Amount or the Call Price, as applicable, and any Contingent Coupon Payments on this Security will be made
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts.

 

Definitions
Relating to Maturity Payment Amount, the Call Price and Contingent Coupon Payments

 

If
this Security is not automatically called prior to the Stated Maturity Date as provided above under “Automatic Call,”
the “Maturity Payment Amount” of this Security will equal:

 

		●	if
the Ending Level of the Lowest Performing Index on the Final Calculation Day (as defined below) is greater than or equal to its
Threshold Level: the Face Amount; or

 

		●	if
the Ending Level of the Lowest Performing Index on the Final Calculation Day is less than its Threshold Level:

 

 

 

All
calculations with respect to the Maturity Payment Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Maturity Payment Amount will be rounded to the nearest cent,
with one-half cent rounded upward.

 

“Index”
shall mean each of the S&P 500 Index, the Russell 2000 Index and the EURO STOXX 50 Index.

 

The
“Pricing Date” shall mean December 27, 2019.

 

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The
“Lowest Performing Index” for any Calculation Day will be the Index with the lowest Performance Factor on that
Calculation Day (as such Calculation Day may be postponed for one or more Indices as provided herein).

 

The
“Performance Factor” with respect to an Index on any Calculation Day is its Closing Level on such Calculation
Day divided by its Starting Level (expressed as a percentage).

 

The
“Starting Level” with respect to the S&P 500 Index is 3240.02, its Closing Level on the Pricing Date, with
respect to the Russell 2000 Index is 1669.033, its Closing Level on the Pricing Date, and with respect to the EURO STOXX 50 Index
is 3782.27, its Closing Level on the Pricing Date.

 

The
“Ending Level” of an Index will be its Closing Level on the Final Calculation Day.

 

The
“Threshold Level” with respect to the S&P 500 Index is 1944.012, which is equal to 60% of its Starting
Level, with respect to the Russell 2000 Index is 1001.4198, which is equal to 60% of its Starting Level, and with respect to the
EURO STOXX 50 Index is 2269.362 which is equal to 60% of its Starting Level.

 

The
“Closing Level” with respect to each Index on any Trading Day means the official closing level of that Index
reported by the relevant Index Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the
licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the
decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to
the provisions set forth below under “—Market Disruption Events,” “—Adjustments to an Index”
and “—Discontinuance of an Index.”

 

“Index
Sponsor” shall mean the sponsor or publisher of an Index.

 

“Business
Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorized or required by law or regulation to close in New York, New York.

 

The
“Calculation Days” shall be the 4th day of each January, April, July and October, commencing April
2020 and ending October 2029, and the Final Calculation Day. If any such day is not a Trading Day with respect to any Index, such
Calculation Day for each Index will be postponed to the next succeeding day that is a Trading Day with respect to each Index.
A Calculation Day for an Index is also subject to postponement due to the occurrence of a Market Disruption Event (as defined
below) with respect to such Index on such Calculation Day. The “Final Calculation Day” is January 4, 2030.
If a Market Disruption Event occurs or is continuing with respect to an Index on any Calculation Day, then such Calculation Day
for such Index will be postponed to the first succeeding Trading Day for such Index on which a Market Disruption Event for such
Index has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth
Trading Day for such Index after the originally scheduled Calculation Day, that eighth Trading Day shall be deemed to be the Calculation
Day for such Index. If a Calculation Day has been postponed eight Trading Days for an Index after the originally scheduled Calculation
Day and a Market Disruption Event occurs or is continuing with respect to such Index on such eighth Trading Day, the Calculation
Agent will determine the

 

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Closing
Level of such Index on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level
of such Index last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to
any relevant security, if a Market Disruption Event has occurred with respect to such security, its good faith estimate of the
value of such security at (i) with respect to the S&P 500 Index or the Russell 2000 Index, the Scheduled Closing Time
of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session of such
Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which the official Closing Level of
such Index is calculated and published by the relevant Index Sponsor) on such date of each security included in such Index. As
used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded
or quoted price of such security as of (i) with respect to the S&P 500 Index or the Russell 2000 Index, the Scheduled
Closing Time of the Relevant Stock Exchange for such security or, if earlier, the actual closing time of the regular trading session
of such Relevant Stock Exchange or (ii) with respect to the EURO STOXX 50 Index, the time at which the official Closing Level
of such Index is calculated and published by the relevant Index Sponsor. Notwithstanding the postponement of a Calculation Day
for an Index due to a Market Disruption Event with respect to such Index on such Calculation Day, the originally scheduled Calculation
Day will remain the Calculation Day for any Index not affected by a Market Disruption Event on such day.

 

“Calculation
Agent Agreement” shall mean the Calculation Agent Agreement dated as of May 18, 2018 between the Company and the Calculation
Agent, as amended from time to time.

 

“Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among
other things, the determination of whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any, which term shall, unless the context
otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells
Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from
time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying
the Holder of this Security.

 

Certain
Definitions 

 

A
“Trading Day” with respect to the S&P 500 Index or the Russell 2000 Index means a day, as determined by
the Calculation Agent, on which (i) the Relevant Stock Exchanges with respect to each security underlying such Index are
scheduled to be open for trading for their respective regular trading sessions and (ii) each Related Futures or Options Exchange
with respect to such Index is scheduled to be open for trading for its regular trading session.

 

A
“Trading Day” with respect to the EURO STOXX 50 Index means a day, as determined by the Calculation Agent,
on which (i) the relevant Index Sponsor is scheduled to publish the level of the EURO STOXX 50 Index and (ii) each Related
Futures or Options Exchange with respect to the EURO STOXX 50 Index is scheduled to be open for trading for its regular trading
session.

 

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The
“Relevant Stock Exchange” for any security underlying an Index means the primary exchange or quotation system
on which such security is traded, as determined by the Calculation Agent.

 

The
“Related Futures or Options Exchange” for an Index means an exchange or quotation system where trading has
a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to
such Index.

 

Adjustments
to an Index

 

If
at any time the method of calculating an Index or a Successor Equity Index, or the closing level thereof, is changed in a material
respect, or if an Index or a Successor Equity Index is in any other way modified so that such index does not, in the opinion of
the Calculation Agent, fairly represent the level of such index had those changes or modifications not been made, then the Calculation
Agent will, at the close of business in New York, New York, on each date that the closing level of such index is to be calculated,
make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive
at a level of an index comparable to such Index or Successor Equity Index as if those changes or modifications had not been made,
and the Calculation Agent will calculate the closing level of such Index or Successor Equity Index with reference to such index,
as so adjusted. Accordingly, if the method of calculating an Index or Successor Equity Index is modified so that the level of
such index is a fraction or a multiple of what it would have been if it had not been modified (e.g., due to a split or
reverse split in such equity index), then the Calculation Agent will adjust such Index or Successor Equity Index in order to arrive
at a level of such index as if it had not been modified (e.g., as if the split or reverse split had not occurred).

 

Discontinuance
of an Index

 

If
an Index Sponsor discontinues publication of an Index, and such Index Sponsor or another entity publishes a successor or substitute
equity index that the Calculation Agent determines, in its sole discretion, to be comparable to such Index (a “Successor
Equity Index”), then, upon the Calculation Agent’s notification of that determination to the Trustee and the Company,
the Calculation Agent will substitute the Successor Equity Index as calculated by the relevant Index Sponsor or any other entity
for purposes of calculating the Closing Level of such Index on any date of determination. Upon any selection by the Calculation
Agent of a Successor Equity Index, the Company will cause notice to be given to the Holder of this Security.

 

In
the event that an Index Sponsor discontinues publication of an Index prior to, and the discontinuance is continuing on, a Calculation
Day and the Calculation Agent determines that no Successor Equity Index is available at such time, the Calculation Agent will
calculate a substitute Closing Level for such Index in accordance with the formula for and method of calculating such Index last
in effect prior to the discontinuance, but using only those securities that comprised such Index immediately prior to that discontinuance.
If a Successor Equity Index is selected or the Calculation Agent calculates a level as a substitute for such Index, the Successor
Equity Index or level will be used as a substitute for such Index for all purposes, including the purpose of determining whether
a Market Disruption Event exists.

 

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If
on a Calculation Day an Index Sponsor fails to calculate and announce the level of an Index, the Calculation Agent will calculate
a substitute Closing Level of such Index in accordance with the formula for and method of calculating such Index last in effect
prior to the failure, but using only those securities that comprised such Index immediately prior to that failure; provided
that, if a Market Disruption Event occurs or is continuing on such day with respect to such Index, then the provisions set
forth above under the definition of “Calculation Days” shall apply in lieu of the foregoing.

 

Market
Disruption Events 

 

A
“Market Disruption Event” with respect to the S&P 500 Index or the Russell 2000 Index means any of the
following events as determined by the Calculation Agent in its sole discretion:

 

		(A)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by the Relevant Stock Exchanges or otherwise relating to securities which then comprise
                                         20% or more of the level of such Index or any Successor Equity Index at any time during
                                         the one-hour period that ends at the Close of Trading on that day, whether by reason
                                         of movements in price exceeding limits permitted by those Relevant Stock Exchanges or
                                         otherwise.

 

		(B)	The
                                         occurrence or existence of a material suspension of or limitation imposed on trading
                                         by any Related Futures or Options Exchange or otherwise in futures or options contracts
                                         relating to such Index or any Successor Equity Index on any Related Futures or Options
                                         Exchange at any time during the one-hour period that ends at the Close of Trading on
                                         that day, whether by reason of movements in price exceeding limits permitted by the Related
                                         Futures or Options Exchange or otherwise.

 

		(C)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, securities that then comprise 20% or more of the level of such
                                         Index or any Successor Equity Index on their Relevant Stock Exchanges at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(D)	The
                                         occurrence or existence of any event, other than an early closure, that materially disrupts
                                         or impairs the ability of market participants in general to effect transactions in, or
                                         obtain market values for, futures or options contracts relating to such Index or any
                                         Successor Equity Index on any Related Futures or Options Exchange at any time during
                                         the one-hour period that ends at the Close of Trading on that day.

 

		(E)	The
                                         closure on any Exchange Business Day of the Relevant Stock Exchanges on which securities
                                         that then comprise 20% or more of the level of such Index or any Successor Equity Index
                                         are traded or any Related Futures or Options Exchange with respect to such Index or any
                                         Successor Equity Index prior to its Scheduled

 

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Closing
Time unless the earlier closing time is announced by the Relevant Stock Exchange or Related Futures or Options Exchange, as applicable,
at least one hour prior to the earlier of (1) the actual closing time for the regular trading session on such Relevant Stock Exchange
or Related Futures or Options Exchange, as applicable, and (2) the submission deadline for orders to be entered into the Relevant
Stock Exchange or Related Futures or Options Exchange, as applicable, system for execution at such actual closing time on that
day.

 

		(F)	The
                                         Relevant Stock Exchange for any security underlying such Index or Successor Equity Index
                                         or any Related Futures or Options Exchange with respect to such Index or Successor Equity
                                         Index fails to open for trading during its regular trading session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to the S&P 500 Index or the Russell 2000
Index:

 

		(1)	the
                                         relevant percentage contribution of a security to the level of such Index or any Successor
                                         Equity Index will be based on a comparison of (x) the portion of the level of such
                                         Index attributable to that security and (y) the overall level of such Index or Successor
                                         Equity Index, in each case immediately before the occurrence of the Market Disruption
                                         Event;

 

		(2)	the
                                         “Close of Trading” on any Trading Day for such Index or any Successor
                                         Equity Index means the Scheduled Closing Time of the Relevant Stock Exchanges with respect
                                         to the securities underlying such Index or Successor Equity Index on such Trading Day;
                                         provided that, if the actual closing time of the regular trading session of any such
                                         Relevant Stock Exchange is earlier than its Scheduled Closing Time on such Trading Day,
                                         then (x) for purposes of clauses (A) and (C) of the definition of “Market
                                         Disruption Event” above, with respect to any security underlying such Index or
                                         Successor Equity Index for which such Relevant Stock Exchange is its Relevant Stock Exchange,
                                         the “Close of Trading” means such actual closing time and (y) for purposes
                                         of clauses (B) and (D) of the definition of “Market Disruption Event”
                                         above, with respect to any futures or options contract relating to such Index or Successor
                                         Equity Index, the “Close of Trading” means the latest actual closing time
                                         of the regular trading session of any of the Relevant Stock Exchanges, but in no event
                                         later than the Scheduled Closing Time of the Relevant Stock Exchanges;

 

		(3)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day for such Index or any Successor Equity
                                         Index means the scheduled weekday closing time of such Relevant Stock Exchange or Related
                                         Futures or Options Exchange on such Trading Day, without regard to after hours or any
                                         other trading outside the regular trading session hours; and

 

		(4)	an
                                         “Exchange Business Day” means any Trading Day for such Index or any
                                         Successor Equity Index on which each Relevant Stock Exchange for the securities underlying
                                         such Index or any Successor Equity Index and each Related Futures or Options Exchange
                                         with respect to such Index or any Successor Equity Index are open for

 

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trading
during their respective regular trading sessions, notwithstanding any such Relevant Stock Exchange or Related Futures or Options
Exchange closing prior to its Scheduled Closing Time.

 

A
“Market Disruption Event” with respect to the EURO STOXX 50 Index means any of (A), (B), (C) or (D) below,
as determined by the Calculation Agent in its sole discretion:

 

		(A)	Any
                                         of the following events occurs or exists with respect to any security included in such
                                         Index or any Successor Equity Index, and the aggregate of all securities included in
                                         such Index or Successor Equity Index with respect to which any such event occurs comprise
                                         20% or more of the level of such Index or Successor Equity Index;

 

		●	a
                                         material suspension of or limitation imposed on trading by the Relevant Stock Exchange
                                         for such security or otherwise at any time during the one-hour period that ends at the
                                         Scheduled Closing Time for the Relevant Stock Exchange for such security on that day,
                                         whether by reason of movements in price exceeding limits permitted by the Relevant Stock
                                         Exchange or otherwise;

 

		●	any
                                         event, other than an early closure, that materially disrupts or impairs the ability of
                                         market participants in general to effect transactions in, or obtain market values for,
                                         such security on its Relevant Stock Exchange at any time during the one-hour period that
                                         ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security
                                         on that day; or

 

		●	the
                                         closure on any Exchange Business Day of the Relevant Stock Exchange for such security
                                         prior to its Scheduled Closing Time unless the earlier closing is announced by such Relevant
                                         Stock Exchange at least one hour prior to the earlier of (i) the actual closing time
                                         for the regular trading session on such Relevant Stock Exchange and (ii) the submission
                                         deadline for orders to be entered into the Relevant Stock Exchange system for execution
                                         at the Scheduled Closing Time for such Relevant Stock Exchange on that day.

 

		(B)	Any
                                         of the following events occurs or exists with respect to futures or options contracts
                                         relating to such Index or any Successor Equity Index:

 

		●	a
                                         material suspension of or limitation imposed on trading by any Related Futures or Options
                                         Exchange or otherwise at any time during the one-hour period that ends at the close of
                                         trading on such Related Futures or Options Exchange on that day, whether by reason of
                                         movements in price exceeding limits permitted by the Related Futures or Options Exchange
                                         or otherwise;

 

		●	any
                                         event, other than an early closure, that materially disrupts or impairs the ability of
                                         market participants in general to effect transactions in, or obtain market values for,
                                         futures or options contracts relating to such Index or Successor Equity Index on any
                                         Related Futures or Options Exchange at any

 

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time
during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day; or

 

		●	the
                                         closure on any Exchange Business Day of any Related Futures or Options Exchange prior
                                         to its Scheduled Closing Time unless the earlier closing time is announced by such Related
                                         Futures or Options Exchange at least one hour prior to the earlier of (i) the actual
                                         closing time for the regular trading session on such Related Futures or Options Exchange
                                         and (ii) the submission deadline for orders to be entered into the Related Futures or
                                         Options Exchange system for execution at the close of trading for such Related Futures
                                         or Options Exchange on that day.

 

		(C)	The
                                         relevant Index Sponsor fails to publish the level of such Index or any Successor Equity
                                         Index (other than as a result of the relevant Index Sponsor having discontinued publication
                                         of such Index or Successor Equity Index and no Successor Equity Index being available).

 

		(D)	Any
                                         Related Futures or Options Exchange fails to open for trading during its regular trading
                                         session.

 

For
purposes of determining whether a Market Disruption Event has occurred with respect to the EURO STOXX 50 Index:

 

		(1)	the
                                         relevant percentage contribution of a security included in such Index or any Successor
                                         Equity Index to the level of such Index will be based on a comparison of (x) the portion
                                         of the level of such index attributable to that security to (y) the overall level of
                                         such index, in each case using the official opening weightings as published by the relevant
                                         Index Sponsor as part of the market opening data;

 

		(2)	the
                                         “Scheduled Closing Time” of any Relevant Stock Exchange or Related
                                         Futures or Options Exchange on any Trading Day means the scheduled weekday closing time
                                         of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading
                                         Day, without regard to after hours or any other trading outside the regular trading session
                                         hours; and

 

		(3)	an
                                         “Exchange Business Day” means any Trading Day on which (i) the relevant
                                         Index Sponsor publishes the level of such Index or any Successor Equity Index and (ii)
                                         each Related Futures or Options Exchange is open for trading during its regular trading
                                         session, notwithstanding any Related Futures or Options Exchange closing prior to its
                                         Scheduled Closing Time.

 

Calculation
Agent

 

The
Calculation Agent will determine whether this Security will be automatically called prior to stated maturity and whether a Contingent
Coupon Payment will be made, the Call Price, if any, and the Maturity Payment Amount, if any. In addition, the Calculation Agent
will (i) determine if adjustments are required to the Closing Level of an Index under the circumstances described in this
Security, (ii) if publication of an Index is discontinued, select a Successor Equity

 

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Index
or, if no Successor Equity Index is available, determine the Closing Level of such Index under the circumstances described in
this Security, and (iii) determine whether a Market Disruption Event has occurred.

 

The
Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which shall
be a broker-dealer, bank or other financial institution) with respect to this Security.

 

All
determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the Calculation Agent
and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security.

 

Redemption
and Repayment

 

This
Security is not subject to repayment at the option of the Holder hereof prior to January 9, 2030. Except as set forth above under
“Automatic Call,” this Security is not subject to redemption prior to January 9, 2030. This Security is not entitled
to any sinking fund.

 

Acceleration

 

If
an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Maturity Payment
Amount (calculated as set forth in the next two sentences) of this Security may be declared due and payable in the manner and
with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under the Indenture
will be equal to the Maturity Payment Amount hereof calculated as provided herein, plus a portion of a final Contingent Coupon
Payment, if any. The Maturity Payment Amount and any final Contingent Coupon Payment will be calculated as though the date of
acceleration were the Final Calculation Day. The final Contingent Coupon Payment, if any, will be prorated from and including
the immediately preceding Contingent Coupon Payment Date to but excluding the date of acceleration.

 

 

 

Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature
or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    11 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

DATED:

 

	 	WELLS FARGO FINANCE LLC
	 	 	 
	 	By:	 
	 	 	Its:
	 	 	 
	 	Attest:	 
	 	 	Its:

 

	TRUSTEE’S
                    CERTIFICATE OF

                    AUTHENTICATION

This
is one of the Securities of the series

designated therein described in the

within-mentioned Indenture.

	 
	 	 	 
	CITIBANK,
    N.A.,	 
	 	as
    Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 
	 	 	 
	 	OR	 
	 	 	 
	WELLS
    FARGO BANK, N.A.,	 
	as
    Authenticating Agent for the Trustee	 
	 	 	 
	By:	 	 
	 	Authorized
    Signature	 

 

    12 

     

    

 

[Reverse
of Note]

 

WELLS
FARGO FINANCE LLC

 

MEDIUM-TERM
NOTE, SERIES A

Fully
and Unconditionally Guaranteed by Wells Fargo & Company

 

Principal
at Risk Securities Linked to the Lowest Performing of the

S&P 500® Index, the Russell 2000® Index and

the EURO STOXX 50® Index due January 9, 2030

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued
and to be issued in one or more series under an indenture dated as of April 25, 2018, as amended or supplemented from time to
time (herein called the “Indenture”), among the Company, as issuer, Wells Fargo & Company, as guarantor
(the “Guarantor”) and Citibank, N.A., as trustee (herein called the “Trustee,” which term
includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor,
the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series of the Securities designated as Medium-Term Notes, Series A, of the Company.
The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-,
commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic
or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest
at a fixed rate or a floating rate. The Securities of this series may mature at different times, be redeemable at different times
or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies.

 

The
Securities are issuable only in registered form without coupons and will be either (a) book-entry securities represented
by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated securities
issued to and registered in the names of, the beneficial owners or their nominees.

 

The
Company agrees, to the extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of
interest against a Holder of this Security.

 

Guarantee

 

The
Securities of this series are fully and unconditionally guaranteed by the Guarantor as and to the extent set forth in the Indenture.

 

Modification
and Waivers 

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the Guarantor and the rights

 

    13 

     

    

 

of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company, the Guarantor and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all
series to be affected, acting together as a class. The Indenture also contains provisions permitting the Holders of a majority
in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting
together as a class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company or the Guarantor
with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the
Indenture by the Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf
of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or
other action or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the
Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed
to be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by
the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and
of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

Defeasance

 

Section 403
and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the Indenture, relating
to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants, upon
compliance by the Company or the Guarantor with certain conditions set forth therein, shall not apply to this Security. The remaining
provisions of Section 401 of the Indenture shall apply to this Security.

 

Authorized
Denominations

 

This
Security is issuable only in registered form without coupons in denominations of $1,000 or any amount in excess thereof which
is an integral multiple of $1,000.

 

Registration
of Transfer

 

Upon
due presentment for registration of transfer of this Security at the office or agency of the Company in the City of Minneapolis,
Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for
an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the Indenture and subject
to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

This
Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the Company that
it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing
agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not appointed within 90 days
after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines
that this Security shall be exchangeable for definitive

 

    14 

     

    

 

Securities
in registered form and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby
has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable
for definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity
Date and other terms and of authorized denominations aggregating a like amount.

 

This
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary
or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled
to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under
the Indenture.

 

Prior
to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

Obligation
of the Company Absolute

 

No
reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Contingent Coupon Payments, if any, and the Maturity Payment Amount or
the Call Price, as applicable, on this Security at the times, place and rate, and in the coin or currency, herein prescribed,
except as otherwise provided in this Security.

 

No
Personal Recourse

 

No
recourse shall be had for the payment of any Contingent Coupon Payments or the Maturity Payment Amount or the Call Price, as applicable,
on this Security or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or
any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future,
of the Company or any successor corporation or of the Guarantor or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

Defined
Terms

 

All
terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture unless
otherwise defined in this Security.

 

Governing
Law

 

This
Security shall be governed by and construed in accordance with the law of the State of New York, without regard to principles
of conflicts of laws.

 

    15 

     

    

 

ABBREVIATIONS

 

 The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN COM	--	as tenants in common
	 	 	 
	TEN ENT	--	as tenants by the entireties
	 	 	 
	JT TEN	--	as joint tenants with right
	 	 	of survivorship and not
	 	 	as tenants in common

 

	UNIF GIFT MIN ACT

	--

	 

	 

	Custodian 

	 

	 

	 

	(Cust)

	 

	 

	(Minor)

  

Under
Uniform Gifts to Minors Act

 

	 	 
	(State)	 

 

Additional
abbreviations may also be used though not in the above list.

 

FOR
VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

Please
Insert Social Security or

Other
Identifying Number of Assignee

 

	  	 
	 	 
	 	 

(Please
print or type name and address including postal zip code of Assignee)

 

    16 

     

    

 

the
within Security of WELLS FARGO FINANCE LLC and does hereby irrevocably constitute and appoint __________________ attorney to transfer
the said Security on the books of the Company, with full power of substitution in the premises.

 

	Dated: _________________________	 
	 	 
	 	 
	 	 
	 	 
	 	 

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular,
without alteration or enlargement or any change whatever.

 

    17Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE AGREEMENT (this
“Agreement”), dated as of December 30, 2019 (the “Effective Date”), is entered into by and
among Cohen & Company Inc., a Maryland corporation (“Parent”), Cohen & Company, LLC, a Delaware limited
liability company and a subsidiary of Parent (the “Operating LLC”), Daniel G. Cohen, an individual (“Mr.
Cohen”), and The DGC Family Fintech Trust, a trust established by Mr. Cohen (the “DGC Trust” and
together with Mr. Cohen, “Buyer”). Each of Parent, the Operating LLC, Mr. Cohen and the DGC Trust may be referred
to herein, individually, as a “Party,” and, collectively, as the “Parties.”

 

RECITALS:

 

WHEREAS, Mr. Cohen is the owner of
370,881 shares (collectively, the “Cohen IMXI Shares”) of the common stock, par value $0.0001 per share
(“IMXI Common Stock”), of International Money Express, Inc. (formerly FinTech Acquisition Corp. II), a
Delaware corporation (“IMXI”), of which (a) 161,340 shares are subject to certain restrictions on transfer
until the closing price per share of IMXI Common Stock (as reported by The Nasdaq Capital Market) exceeds $15.00
for any twenty (20) trading days within a consecutive thirty (30) trading day period or immediately upon certain change of
control events involving IMXI, as set forth in the letter agreement, dated January 19, 2017 (the “Letter
Agreement”), by and among IMXI, Mr. Cohen, the DGC Trust and the other parties named therein and (b) 161,341 shares
are subject to certain restrictions on transfer until the closing price per share of IMXI Common Stock (as reported by
The Nasdaq Capital Market) exceeds $17.00 for any twenty (20) trading days within a consecutive thirty (30) trading
day period or immediately upon certain change of control events involving IMXI, as set forth in the Letter Agreement;

 

WHEREAS, the DGC Trust is the owner of 291,480
shares (collectively, the “Trust IMXI Shares” and, together with the Cohen IMXI Shares, the “IMXI Shares”)
of IMXI Common Stock, of which (a) 102,681 shares are subject to certain restrictions on transfer until the closing price per share
of IMXI Common Stock (as reported by The Nasdaq Capital Market) exceeds $15.00 for any twenty (20) trading days within
a consecutive thirty (30) trading day period or immediately upon certain change of control events involving IMXI, as set forth
in the Letter Agreement and (b) 102,682 shares are subject to certain restrictions on transfer until the closing price per share
of IMXI Common Stock (as reported by The Nasdaq Capital Market) exceeds $17.00 for any twenty (20) trading days within
a consecutive thirty (30) trading day period or immediately upon certain change of control events involving IMXI, as set forth
in the Letter Agreement;

 

WHEREAS, the IMXI Common Stock is listed
on The Nasdaq Capital Market under the trading symbol “IMXI;”

 

WHEREAS, subject to the terms and
conditions of this Agreement, (i) the Operating LLC desires to issue to Mr. Cohen an aggregate of 12,549,273 newly issued
units of membership interests in the Operating LLC (collectively, the “Cohen LLC Units”); (ii) Parent
desires to issue to Mr. Cohen 12,549,273 shares of newly issued Series F Voting Non-Convertible Preferred Stock of Parent,
par value $0.001 per share (collectively, the “Cohen Series F Shares”); and (iii) in consideration of the
issuance of the Cohen LLC Units and the Cohen Series F Shares to Mr. Cohen by the Operating LLC and Parent, respectively, Mr.
Cohen desires to transfer all of his right, title and interest in the Cohen IMXI Shares to the Operating LLC; and

 

    

     

    

 

WHEREAS, subject to the terms and conditions
of this Agreement, (i) the Operating LLC desires to issue to the DGC Trust an aggregate of 9,880,268 newly issued units of membership
interests in the Operating LLC (collectively, the “Trust LLC Units” and, together with the Cohen LLC Units,
the “LLC Units”); (ii) Parent desires to issue to the DGC Trust 9,880,268 shares of newly issued Series F Voting
Non-Convertible Preferred Stock of Parent, par value $0.001 per share (collectively, the “Trust Series F Shares”
and, together with the Cohen Series F Shares, the “Series F Shares”); and (iii) in consideration of the issuance
of the Trust LLC Units and the Trust Series F Shares to the DGC Trust by the Operating LLC and Parent, respectively, the DGC Trust
will transfer all of its right, title and interest in the Trust IMXI Shares to the Operating LLC.

 

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, hereby agree as follows:

 

Article
I

PURCHASE AND SALE

 

Section
1.01       Definitions.
The following terms have the meanings specified or referred to in this Section 1.01:

 

(a)        
“Action” means any proceedings, litigation, arbitrations, mediations, actions, claims, suits,
disputes, controversies, demands, petitions, hearings, inquiries, audits, notices of violation, disciplinary actions, indictments,
citations, summons, subpoenas, charges, complaints, appeals, examinations and investigations of any nature, whether at law or equity,
or civil or criminal administrative, regulatory or otherwise in nature, including any matter commenced, brought, conducted or heard
by or before any Governmental Authority.

 

(b)        
“Additional Units” means the number of units of membership interests in the Operating LLC representing
fifty-one percent (51%) of the votes entitled to be cast at any Meeting, plus one (1) unit of membership interests in the Operating
LLC, minus the number of units of membership interests in the Operating LLC owned by Parent as of the record date of such Meeting.

 

(c)        
“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.

 

(d)       
“Board of Directors” means the board of directors of Parent.

 

    2

     

    

 

(e)        
“Business Day” means any day except Saturday, Sunday or any other day on which commercial banks
located in the State of Delaware are authorized or required by Law to be closed for business.

 

(f)         
“Code” means the Internal Revenue Code of 1986, as amended.

 

(g)        
“Contract” means any contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments,
undertakings, indentures, joint ventures and all other agreements, commitments and legally binding arrangements, whether written
or oral.

 

(h)        
“Conversion Shares” means the shares of Parent Common Stock into which the LLC Units may be redeemed
upon a Unit Redemption.

 

(i)          
“Encumbrance” means any lien, pledge, mortgage, deed of trust, security interest, charge, claim,
easement, encroachment, restriction or other similar encumbrance, excluding any restrictions set forth in the Letter Agreement.

 

(j)          
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

(k)         
“Governmental Authority” means any federal, state, local or foreign government or political subdivision
thereof, or any agency or instrumentality of such government or political subdivision, or any self-regulated organization or other
non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders of such
organization or authority have the force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

(l)          
“Law” means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty,
common law, judgment, decree, other requirement or rule of law of any Governmental Authority.

 

(m)        
“Losses” means actual out-of-pocket losses, damages, liabilities, costs or expenses, including
reasonable attorneys’ fees.

 

(n)        
“Meeting” means any meeting of the holders of units of membership interests in the Operating LLC,
or any adjournment thereof or any other circumstances upon which a vote, agreement, consent (including unanimous written consents)
or other approval is sought from the holders of units of membership interests in the Operating LLC.

 

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

 

    3

     

    

 

(p)         “Pro
Rata Share” means an amount as of the applicable measurement date and expressed as a percentage equal to: (i) with
respect to Mr. Cohen, (1) the number of units of membership interests in the Operating LLC owned by Mr. Cohen, divided by (2)
an amount equal to the sum of (A) the number of units of membership interests in the Operating LLC owned by Mr. Cohen plus
(B) the number of units of membership interests in the Operating LLC owned by the DGC Trust, and (ii) with respect to the DGC
Trust, (1) the number of units of membership interests in the Operating LLC owned by the DGC Trust, divided by (2) an amount
equal to the sum of (A) the number of units of membership interests in the Operating LLC owned by Mr. Cohen plus (B)
the number of units of membership interests in the Operating LLC owned by the DGC Trust.

 

(q)        
“SEC” means the United States Securities and Exchange Commission.

 

(r)         
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

(s)        
“Unit Redemption” means a redemption of units of membership interests by the holder thereof pursuant
to and in accordance with Section 12.2 of the LLC Agreement.

 

Section
1.02       Additional
Definitions. The following terms shall have the respective meanings ascribed to them in the corresponding sections below:

 

	Term	Section
	2020 Annual Meeting of Stockholders 	Section 5.01
	Agreement 	Preamble
	Buyer 	Preamble
	Closing 	Section 2.03
	Closing Date 	Section 2.03
	Cohen IMXI Shares 	Recitals
	Cohen LLC Units 	Recitals
	Cohen Series F Shares 	Recitals
	DGC Trust 	Preamble
	Effective Date 	Preamble
	IMXI 	Recitals
	IMXI Common Stock 	Recitals
	IMXI Shares 	Recitals
	Indemnified Party 	Section 6.04
	Indemnifying Party 	Section 6.04
	Letter Agreement 	Recitals
	LLC Agreement 	Section 3.02
	LLC Units 	Recitals
	Mr. Cohen 	Preamble
	Operating LLC 	Preamble
	Parent 	Preamble
	Parent Common Stock 	Section 3.03(a)
	Parent Proxy Statement 	Section 5.01
	Party(ies)  	Preamble
	Series F Shares 	Recitals
	Stockholder Proposal 	Section 5.01
	Trust IMXI Shares 	Recitals
	Trust LLC Units 	Recitals
	Trust Series F Shares 	Recitals

 

    4

     

    

 

Article
II

PURCHASE AND SALE

 

Section
2.01       Purchase
and Sale. Subject to the terms and conditions set forth herein and for the consideration specified in Section 2.02, at
the Closing:

 

(a)       
The Operating LLC shall issue and shall sell to Mr. Cohen, and Mr. Cohen shall purchase from the Operating LLC, the
Cohen LLC Units;

 

(b)       
The Operating LLC shall issue and shall sell to the DGC Trust, and the DGC Trust shall purchase from the Operating
LLC, the Trust LLC Units;

 

(c)        
Parent shall issue and shall sell to Mr. Cohen, and Mr. Cohen shall purchase from Parent, the Cohen Series F Shares;
and

 

(d)        
Parent shall issue and shall sell to the DGC Trust, and the DGC Trust shall purchase from Parent, the Trust Series
F Shares.

 

Section
2.02       Purchase
Price.

 

(a)       
At the Closing and in consideration of the Operating LLC’s and Parent’s issuance and sale to Mr. Cohen
of the Cohen LLC Units and the Cohen Series F Shares, respectively, Mr. Cohen shall transfer to the Operating LLC all of Mr. Cohen’s
right, title and interest in and to the Cohen IMXI Shares, free and clear of any Encumbrances.

 

(b)       
At the Closing and in consideration of the Operating LLC’s and Parent’s issuance and sale to the DGC
Trust of the Trust LLC Units and the Trust Series F Shares, respectively, the DGC Trust shall transfer to the Operating LLC all
of the DGC Trust’s right, title and interest in and to the Trust IMXI Shares, free and clear of any Encumbrances.

 

Section
2.03       Closing.
The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place simultaneously
with the execution hereof on the date of this Agreement (the “Closing Date”) at the offices of Parent, located
at Cira Centre, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104, or at such other time, date, place or means (including
electronically via email, facsimile transfer or other similar means of communication) as the Parties may mutually agree upon in
writing. The consummation of the transactions contemplated by this Agreement shall be deemed to occur at 12:01 a.m. on the Closing
Date.

 

Section
2.04       Closing
Deliveries. At the Closing:

 

(a)       
The Operating LLC shall deliver to Mr. Cohen written evidence that the Cohen LLC Units have been issued by the Operating
LLC to Mr. Cohen and registered on the books and records of the Operating LLC, free and clear of any Encumbrances;

 

(b)       
The Operating LLC shall deliver to the DGC Trust written evidence that the Trust LLC Units have been issued by the
Operating LLC to the DGC Trust and registered on the books and records of the Operating LLC, free and clear of any Encumbrances;

 

    5

     

    

 

(c)        
Parent shall deliver to Mr. Cohen a stock certificate evidencing the issuance of the Cohen Series F Shares by Parent
to Mr. Cohen, free and clear of any Encumbrances;

 

(d)        
Parent shall deliver to the DGC Trust a stock certificate evidencing the issuance of the Trust Series F Shares by
Parent to the DGC Trust, free and clear of any Encumbrances;

 

(e)         
Mr. Cohen shall deliver to the Operating LLC (or, at the direction of the Operating LLC, to IMXI’s stock transfer
agent) all stock certificates evidencing the Cohen IMXI Shares, free and clear of any Encumbrances, duly endorsed in
blank or accompanied by stock powers or other instruments of transfer duly executed in blank and with all required stock
transfer tax stamps affixed; and

 

(f)         
The DGC Trust shall deliver to the Operating LLC (or, at the direction of the Operating LLC, to IMXI’s stock
transfer agent) all stock certificates evidencing the Trust IMXI Shares, free and clear of any Encumbrances, duly endorsed
in blank or accompanied by stock powers or other instruments of transfer duly executed in blank and with all required stock
transfer tax stamps affixed.

 

Article
III

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Parent and the Operating LLC, jointly and
severally, represent and warrant to Buyer that the statements contained in this Article III are true and correct as of the date
hereof.

 

Section
3.01        Organization
and Authority of Parent and the Operating LLC; Enforceability.

 

(a)         
Parent is a corporation duly organized, validly existing and in good standing under the Laws of the State of Maryland.
Parent has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry
out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery, and performance
by Parent of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby
have been duly authorized by all requisite corporate action on the part of Parent. This Agreement and the documents to be delivered
hereunder have been duly executed and delivered by Parent, and (assuming due authorization, execution, and delivery by the remaining
Parties) this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding obligations of Parent,
enforceable against Parent in accordance with their respective terms, except as may be limited by any bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other similar laws affecting the enforcement of creditors’ rights generally or by general
principles of equity.

 

    6

     

    

 

(b)          The
Operating LLC is a limited liability company duly organized, validly existing and in good standing under the Laws of the
State of Delaware. The Operating LLC has full limited liability company power and authority to enter into this Agreement and
the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution, delivery, and performance by the Operating LLC of this Agreement and the documents to be
delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite
limited liability company action on the part of the Operating LLC. This Agreement and the documents to be delivered hereunder
have been duly executed and delivered by the Operating LLC, and (assuming due authorization, execution, and delivery by the
remaining Parties) this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding
obligations of the Operating LLC, enforceable against the Operating LLC in accordance with their respective terms, except as
may be limited by any bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other similar laws
affecting the enforcement of creditors’ rights generally or by general principles of equity.

 

Section
3.02        No
Conflicts; Consents. The execution, delivery, and performance by the Parent and the Operating LLC of this Agreement and
the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a)
violate or conflict with the Second Articles of Amendment and Restatement of Parent, as amended, or the Bylaws of Parent, (b) violate
or conflict with the certificate of formation or Amended and Restated Limited Liability Company Agreement of the Operating LLC,
dated as of December 16, 2009, as amended (“LLC Agreement”); (c) violate or conflict with any Law applicable
to Parent or the Operating LLC; or (d) conflict with, or result in (with or without notice or lapse of time or both) any violation
of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit
under any Contract or other instrument to which Parent or the Operating LLC is a party or bound, except where the conflict, violation,
default, termination, cancellation, modification, or acceleration would not, individually or in the aggregate, have a material
adverse effect on Parent’s or the Operating LLC’s ability to consummate the transactions contemplated hereby on a timely
basis. No consent, approval, waiver, or authorization is required to be obtained by Parent or the Operating LLC from any Person
in connection with the execution, delivery, and performance by Parent or the Operating LLC of this Agreement and the consummation
of the transactions contemplated hereby.

 

Section
3.03        Capitalization.

 

(a)          The
authorized capital stock of Parent consists of: (a) 100,000,000 shares of Parent’s common stock, par value $0.01 per
share (“Parent Common Stock”) of which 1,193,624 shares of Parent Common Stock are issued and
outstanding as of the Effective Date; (b) 10,000,000 shares of Preferred Stock, par value $0.001 per share, all of which are
designated as Series C Junior Participating Preferred Stock, none of which are issued or outstanding as of the Effective
Date; and (c) 50,000,000 shares of Preferred Stock, par value $0.001 per share, of which (i) 4,983,557 shares are designated
as Series E Voting Non-Convertible Preferred Stock, all of which are issued and outstanding as of the Effective Date; and
(ii) 25,000,000 shares are designated as Series F Voting Non-Convertible Preferred Stock, none of which are issued and
outstanding as of the Effective Date (assuming the Series F Shares have not yet been issued in accordance with the terms and
conditions of this Agreement). All outstanding shares of Parent Common Stock and Series F Voting Non-Convertible Preferred
Stock have been duly authorized, validly issued and are fully paid and nonassessable. The Parent Common Stock is currently
quoted on the NYSE American under the trading symbol “COHN,” and the Company has maintained all requirements on
its part for the continuation of such quotation. No shares of Parent Common Stock are subject to preemptive rights or any
other similar rights.

 

    7

     

    

 

(b)         
As of the Effective Date (assuming the LLC Units have not yet been issued in accordance with the terms and conditions
of this Agreement), 17,073,174 units of membership interests in the Operating LLC are issued and outstanding. All outstanding units
of membership interests in the Operating LLC have been duly authorized, validly issued and are fully paid and nonassessable. No
outstanding units of membership interests in the Operating LLC are subject to preemptive rights or any other similar rights.

 

(c)         
Except as previously disclosed by Parent in its public filings with the SEC, as of the Effective Date, there are
no outstanding options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to,
or securities or rights convertible into, any securities of the Parent or the Operating LLC, or Contracts, commitments, understandings
or arrangements by which Parent or the Operating LLC is or may become bound to issue additional securities of Parent or the Operating
LLC, or options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities
or rights convertible into, any securities of Parent or the Operating LLC.

 

Section
3.04        Brokers.
Except for any fees owing to Northland Capital Markets, no broker, finder, or investment banker is entitled to any brokerage,
finder’s, or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements
made by or on behalf of Parent or the Operating LLC.

 

Section
3.05        Unregistered
Securities. Parent and Operating LLC acknowledge that the IMXI Shares are not registered under the Securities Act or any
state securities Laws, and that the IMXI Shares may not be transferred or sold except pursuant to the registration provisions of
the Securities Act or pursuant to an applicable exemption therefrom and subject to state securities Laws and regulations, as applicable,
and in accordance with the terms and conditions of the Letter Agreement.

 

Section
3.06        No
Other Representations or Warranties. Except for the representations and warranties contained in this Article III, none
of Parent or the Operating LLC or any stockholder, member, director, officer, employee, or agent of Parent or the Operating LLC
has made or makes any other express or implied representation or warranty, either written or oral, on behalf of Parent or the Operating
LLC.

 

Article
IV

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Mr. Cohen and the DGC Trust, jointly and
severally, represent and warrant to Parent and the Operating LLC that the statements contained in this Article IV are true and
correct as of the date hereof.

  

    8

     

    

 

Section
4.01        Organization
and Authority of Buyer; Enforceability.

 

(a)          The
DGC Trust has full organizational power and authority to enter into this Agreement and the documents to be
delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The
execution, delivery, and performance by the DGC Trust of this Agreement and the documents to be delivered hereunder and the
consummation of the transactions contemplated hereby have been duly authorized by all requisite organizational action on the
part of the DGC Trust. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by
the DGC Trust, and (assuming due authorization, execution, and delivery by the remaining Parties) this Agreement and the
documents to be delivered hereunder constitute legal, valid, and binding obligations of the DGC Trust, enforceable against
the DGC Trust in accordance with their respective terms, except as may be limited by any bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other similar laws affecting the enforcement of creditors’ rights
generally or by general principles of equity.

 

(b)         
Mr. Cohen has full power and authority to enter into this Agreement and the documents to be delivered hereunder,
to carry out his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement and the documents
to be delivered hereunder have been duly executed and delivered by Mr. Cohen, and (assuming due authorization, execution, and delivery
by the remaining Parties) this Agreement and the documents to be delivered hereunder constitute legal, valid, and binding obligations
of the Mr. Cohen, enforceable against Mr. Cohen in accordance with their respective terms, except as may be limited by any bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, or other similar laws affecting the enforcement of creditors’
rights generally or by general principles of equity.

 

Section
4.02        No
Conflicts; Consents. The execution, delivery, and performance by the DGC Trust and Mr. Cohen of this Agreement and the
documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate
or conflict with the organizational documents of the DGC Trust; (b) violate or conflict with any Law applicable to the DGC Trust
or Mr. Cohen; or (d) conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default
under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any
Contract or other instrument to which the DGC Trust or Mr. Cohen is a party or bound, except where the conflict, violation, default,
termination, cancellation, modification, or acceleration would not, individually or in the aggregate, have a material adverse effect
on the DGC Trust’s or Mr. Cohen’s ability to consummate the transactions contemplated hereby on a timely basis. No
consent, approval, waiver, or authorization is required to be obtained by the DGC Trust or Mr. Cohen from any Person in connection
with the execution, delivery, and performance by the DGC Trust or Mr. Cohen of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section
4.03        Investment
Purpose. Buyer is acquiring the LLC Units and the Series F Shares solely for its own account for investment purposes and
not with a view to, or for offer or sale in connection with, any distribution thereof. Buyer acknowledges that neither the LLC
Units nor the Series F Shares are registered under the Securities Act or any state securities Laws, and that the LLC Units and
the Series F Shares may not be transferred or sold except pursuant to the registration provisions of the Securities Act or pursuant
to an applicable exemption therefrom and subject to state securities Laws and regulations, as applicable, and in accordance with
the terms and conditions of this Agreement.

 

    9

     

    

 

Section
4.04        Ownership
of IMXI Shares. All of the IMXI Shares have been duly authorized, are validly issued, fully paid and non-assessable, and
are owned of record and beneficially by Buyer, free and clear of any Encumbrances.

 

Section
4.05        Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s, or other fee or commission in connection with
the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer.

 

Article
V

POST-CLOSING COVENANTS AND AGREEMENTS

 

Section
5.01        Stockholder
Meeting and Parent Proxy Statement. At the 2020 annual meeting of the Parent’s stockholders (the “2020 Annual
Meeting of Stockholders”), Parent shall cause its stockholders to vote on, among other things, proposals (collectively,
the “Stockholder Proposal”) regarding the issuance of the Conversion Shares for purposes of Section 713 of the
NYSE American’s Company Guide. The Board of Directors shall recommend to the Parent’s stockholders that such stockholders
approve the Stockholder Proposal, and shall not modify or withdraw such resolution. In connection with the 2020 Annual Meeting
of Stockholders, Parent shall promptly prepare and file with the SEC a Definitive Proxy Statement on Schedule 14A pursuant to Section
14(a) of the Exchange Act (the “Parent Proxy Statement”), use its reasonable best efforts to solicit proxies
for such stockholder approval and to respond to any comments of the SEC or its staff and mail a definitive proxy statement related
the 2020 Annual Meeting of Stockholders to the Parent’s stockholders promptly after clearance by the SEC. The Parent shall
notify Buyer promptly of the receipt by Parent of any comments from the SEC or its staff with respect to the Parent Proxy Statement
and of any request by the SEC or its staff for amendments or supplements to such proxy statement or for additional information
and shall supply Buyer with copies of all correspondence between the Parent or any of its representatives, on the one hand, and
the SEC or its staff, on the other hand, with respect to such proxy statement. If at any time prior to the 2020 Annual Meeting
of Stockholders there shall occur any event that is required to be set forth in an amendment or supplement to the Parent Proxy
Statement, the Parent shall promptly prepare and mail to its stockholders such an amendment or supplement. The Parent shall promptly
correct any information provided by it or on its behalf for use in the Parent Proxy Statement if and to the extent that such information
shall have become false or misleading in any material respect, and the Parent shall promptly prepare and mail to its stockholders
an amendment or supplement to correct such information to the extent required by applicable Laws. The Board of Directors’
recommendation described in this Section 5.01 shall be included in the Parent Proxy Statement.

 

Section
5.02        Voting
Proxy.

 

(a)          Effective
as of the Effective Date, if the Parent owns a number of units of membership interests in the Operating LLC representing less
than a majority of the votes entitled to be cast at any Meeting, then for so long as the Parent owns a number of units of
membership interests in the Operating LLC representing less than a majority of the votes entitled to be cast at any Meeting,
Mr. Cohen hereby grants to and appoints the Parent as Mr. Cohen’s proxy and attorney-in-fact (with full power
of substitution), for and in the name, place and stead of Mr. Cohen, to vote at any Meeting the number of units of membership
interests in the Operating LLC owned by Mr. Cohen as of the record date of such Meeting equal to (i) the Additional Units,
multiplied by (ii) Mr. Cohen’s Pro Rata Share. Such attorney-in-fact may evidence the taking of any action, giving of
any consent or the voting of such Additional Units by the execution of any document or instrument for such purpose in the
name of Mr. Cohen. Mr. Cohen hereby affirms that the proxy set forth in this Section 5.02 is given in connection with, and in
consideration of, this Agreement. Mr. Cohen hereby further affirms that this proxy is coupled with an interest and may not be
revoked unless otherwise terminated by the mutual consent of Mr. Cohen and Parent. Mr. Cohen hereby ratifies and confirms all
that the proxy and attorney-in-fact appointed pursuant to this Section 5.02 may lawfully do or cause to be done by virtue
hereof.

 

    10

     

    

 

(b)         
Effective as of the Effective date, if the Parent owns a number of units of membership interests in the Operating
LLC representing less than a majority of the votes entitled to be cast at any Meeting, then for so long as the Parent owns a number
of units of membership interests in the Operating LLC representing less than a majority of the votes entitled to be cast at any
Meeting, the DGC Trust hereby grants to and appoints the Parent as the DGC Trust’s proxy and attorney-in-fact (with full
power of substitution), for and in the name, place and stead of the DGC Trust, to vote at any Meeting the number of units of membership
interests in the Operating LLC owned by the DGC Trust as of the record date of such Meeting equal to (i) the Additional Units,
multiplied by (ii) the DGC Trust’s Pro Rata Share. Such attorney-in-fact may evidence the taking of any action, giving of
any consent or the voting of such Additional Units by the execution of any document or instrument for such purpose in the name
of the DGC Trust. The DGC Trust hereby affirms that the proxy set forth in this Section 5.02 is given in connection with, and in
consideration of, this Agreement. The DGC Trust hereby further affirms that this proxy is coupled with an interest and may not
be revoked unless otherwise terminated by the mutual consent of the DGC Trust and Parent. The DGC Trust hereby ratifies and confirms
all that the proxy and attorney-in-fact appointed pursuant to this Section 5.02 may lawfully do or cause to be done by virtue hereof.

 

(c)         
No LLC Units may be sold, assigned or otherwise transferred by Mr. Cohen or the DGC Trust to any Person unless the
transferee of such LLC Units agrees in writing in a form acceptable to Parent in its reasonable discretion to be bound by the provisions
of this Section 5.02.

 

Section
5.03        Restrictions
on Redemption.

 

(a)         
Mr. Cohen shall not cause a Unit Redemption with respect to any portion of the Cohen LLC Units if the Board of Directors,
after consultation with legal counsel, determines in good faith and in its sole discretion that satisfaction of such Unit Redemption
by Parent with shares of Parent Common Stock would jeopardize or endanger the availability to Parent of its net operating loss
and net capital loss carryforwards and certain other tax benefits under Section 382 of the Code.

 

(b)          The
DGC Trust shall not cause a Unit Redemption with respect to any portion of the Trust LLC Units if the Board of Directors,
after consultation with legal counsel, determines in good faith and in its sole discretion that satisfaction of such Unit
Redemption by Parent with shares of Parent Common Stock would jeopardize or endanger the availability to Parent of its net
operating loss and net capital loss carryforwards and certain other tax benefits under Section 382 of the Code.

 

    11

     

    

 

(c)         
Until the Company’s stockholders approve the Stockholder Proposal, Mr. Cohen shall not cause a Unit Redemption
with respect to any portion of the Cohen LLC Units if such Unit Redemption would result in Parent issuing a number of shares
of Parent Common Stock that, when aggregated with any shares of Parent Common Stock previously issued in connection with any Unit
Redemption of the Cohen LLC Units equals or exceeds 11.18% of the outstanding Parent Common Stock as of the Effective Date.

 

(d)         
Until the Company’s stockholders approve the Stockholder Proposal, the DGC Trust shall not cause a Unit Redemption
with respect to any portion of the Trust LLC Units if such Unit Redemption would result in Parent issuing a number of shares
of Parent Common Stock that, when aggregated with any shares of Parent Common Stock previously issued in connection with any Unit
Redemption of the Trust LLC Units equals or exceeds 8.81% of the outstanding Parent Common Stock as of the Effective Date.

 

(e)         
No LLC Units may be sold, assigned or otherwise transferred by Mr. Cohen or the DGC Trust to any Person unless the
transferee of such LLC Units agrees in writing in a form acceptable to Parent in its reasonable discretion to be bound by the provisions
of this Section 5.03.

 

Article
VI

INDEMNIFICATION

 

Section
6.01        Survival.
Subject to the limitations and other provisions of this Agreement, the representations, warranties, and covenants contained herein
and all related rights to indemnification shall survive the Closing.

 

Section
6.02        Indemnification
by the Operating LLC. Subject to the other terms and conditions of this Article VI, Parent and the Operating LLC shall,
jointly and severally, defend, indemnify, and hold harmless Mr. Cohen, the DGC Trust and their Affiliates, and their respective
stockholders, members, directors, managers, officers, and employees and agents from and against:

 

(a)         
all third party Losses arising from or relating to any inaccuracy in or breach of any of the representations or warranties
of Parent or the Operating LLC contained in this Agreement; or

 

(b)         
any third party Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement, or obligation
to be performed by Parent or the Operating LLC pursuant to this Agreement.

  

    12

     

    

 

Section
6.03        Indemnification
By Buyer. Subject to the other terms and conditions of this Article VI, Mr. Cohen and the DGC Trust shall, jointly and
severally, defend, indemnify, and hold harmless Parent, the Operating LLC and their Affiliates, and their respective stockholders,
members, directors, managers, officers, and employees and agents from and against:

 

(a)         
all third party Losses arising from or relating to any inaccuracy in or breach of any of the representations or warranties
of Mr. Cohen or the DGC Trust contained in this Agreement; or

 

(b)        
any third party Loss arising from or relating to any breach or non-fulfillment of any covenant, agreement, or obligation
to be performed by Mr. Cohen or the DGC Trust pursuant to this Agreement.

 

Section
6.04        Indemnification
Procedures. Whenever any claim shall arise for indemnification hereunder, the Person entitled to indemnification under
this Article VI (the “Indemnified Party”) shall promptly provide written notice of such claim to the Party against
whom such claims are asserted under this Article VI (the “Indemnifying Party”). The failure to give prompt notice
shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying
Party forfeits rights or defenses by reason of such failure. In connection with any claim giving rise to indemnity hereunder resulting
from or arising out of any Action by a Person who is not a party to this Agreement, the Indemnifying Party, at its sole cost and
expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with its counsel. The Indemnified
Party shall be entitled to participate in the defense of any such Action, with its counsel and at its own cost and expense, subject
to the Indemnifying Party’s right to control the defense thereof. If the Indemnifying Party does not assume the defense of
any such Action, the Indemnified Party may, but shall not be obligated to, defend against such Action. Neither Party shall settle
any Action without the other Party’s prior written consent (which consent shall not be unreasonably withheld or delayed).

 

Section
6.05        Payments.
Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Article VI, the Indemnifying
Party shall satisfy its obligations within thirty (30) Business Days of such agreement or final, non-appealable adjudication by
wire transfer of immediately available funds.

 

Article
VII

MISCELLANEOUS

 

Section
7.01       Expenses.
Except as otherwise provided in Section 7.02, all costs and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

Section
7.02       Attorneys’
Fees. If either Party commences an Action against the other Party arising out of or in connection with this Agreement or
the transactions contemplated hereby, the prevailing Party shall be entitled to have and recover from the losing Party reasonable
attorneys’ fees and costs of suit.

 

Section
7.03       Further
Assurances. Following the Closing, each of the Parties shall, and shall cause their respective Affiliates to, execute and
deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required
to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement.

 

    13

     

    

 

Section
7.04        Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be
deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF
document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day
if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent to the respective Parties at the following addresses
(or at such other address for a Party as shall be specified in a notice given in accordance with this Section 7.04):

 

If to Parent or the Operating LLC:

 

Cohen & Company Inc.

Cira Centre

2929 Arch Street, Suite 1703

Philadelphia, Pennsylvania 19104

Attn: Joseph W. Pooler, Jr.

Facsimile:  (215) 701-8280

E-mail:        jpooler@cohenandcompany.com

 

and to:

 

Cohen & Company Inc.

3 Columbus Circle, 24th
Floor,

New York, New York 10019

Attn:  Rachael Fink

Facsimile: (866) 543-2907

E-mail:        rfink@cohenandcompany.com

 

with a copy to:

 

Duane Morris LLP

30 South 17th Street

Philadelphia, Pennsylvania 19103

Attn: Darrick M. Mix and Barry A. Steinman

Facsimile: (215) 405 2906 and (215) 754-4840

E-mail: dmix@duanemorris.com and bsteinman@duanemorris.com

 

If to Mr. Cohen or the DGC Trust:

 

At the address on the books and
records of Parent.

 

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

 

    14

     

    

 

Section
7.06        Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity,
illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render
unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is
invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify the Agreement so as to effect the
original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible.

 

Section
7.07        Entire
Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement of the Parties
with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements,
both written and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body
of this Agreement and those in documents to be delivered hereunder, the statements in the body of this Agreement will control.

 

Section
7.08        Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors
and permitted assigns. No Party may assign its rights or obligations hereunder without the prior written consent of the other Parties.
No assignment shall relieve the assigning Party of any of its obligations hereunder.

 

Section
7.09        No
Third-Party Beneficiaries. Except as provided in Article VI, this Agreement is for the sole benefit of the Parties and
their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any
other Person any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
7.10        Amendment
and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each
of the Parties.

 

Section
7.11        Waiver.
No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by
the Party so waiving. No waiver by any Party shall operate or be construed as a waiver in respect of any failure, breach, or default
not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after
that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement
shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

 

Section
7.12        Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction).

 

Section
7.13        Submission
to Jurisdiction. Any Action arising out of or based upon this Agreement or the transactions contemplated hereby may be
instituted in the federal courts of the United States of America or the courts of the State of Delaware in each case located in
the city of City of Wilmington, Delaware, and each Party irrevocably submits to the exclusive jurisdiction of such courts in any
such Action.

 

    15

     

    

 

Section
7.14        Waiver
of Jury Trial. Each Party acknowledges and agrees that any controversy which may arise
under this Agreement is likely to involve complicated and difficult issues and, therefore, each such Party irrevocably and unconditionally
waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or
the transactions contemplated hereby.

 

Section
7.15        Specific
Performance. The Parties agree that irreparable damage would occur if any provision of this Agreement were not performed
in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy to which they are entitled at law or in equity. Each Party (i) agrees that it shall not oppose the granting
of such specific performance or relief; and (ii) hereby irrevocably waives any requirements for the security or posting of any
bond in connection with such relief.

 

Section
7.16        Counterparts.
This Agreement 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 agreement. A signed copy of this Agreement delivered by facsimile, e-mail, or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    16

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Securities Purchase Agreement to be executed as of the date first written above by their respective officers thereunto
duly authorized.

 

	 	PARENT:
	 	 
	 	Cohen & Company Inc.
	 	 
	 	 
	 	By:	/s/ Joseph W. Pooler, Jr.
	 	Name:	 Joseph W. Pooler, Jr.
	 	Title:	 Executive Vice President,

Chief Financial Officer and Treasurer

 

 

	 	OPERATING LLC:
	 	 
	 	Cohen & Company, LLC
	 	 
	 	 
	 	By:	 /s/ Joseph W. Pooler, Jr.
	 	Name:	 Joseph W. Pooler, Jr.
	 	Title:	 Executive Vice President,

Chief Financial Officer
    and Treasurer

 

 

	 	MR. COHEN:
	 	 
	 	 
	 	By:	 /s/ Daniel G. Cohen
	 	Name:	 Daniel G. Cohen

 

 

	 	THE 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

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