Document:

Exhibit 10.2

 

AMENDMENT NO. 3 TO INVESTMENT AGREEMENT

 

THIS AMENDMENT NO. 3 TO INVESTMENT AGREEMENT
(this “Amendment”), dated as of September 25, 2020 (the “Effective Date”), is entered into
by and between Cohen & Company, LLC, a Delaware limited liability company (the “Company”), and Cohen
Bros. Financial LLC, a Delaware limited liability company (“Investor”). Capitalized terms used herein but otherwise
not defined shall have the meanings ascribed to such terms in the Investment Agreement (as defined below).

 

RECITALS:

 

WHEREAS, on September 29, 2017, the
Company and Investor entered into the Investment Agreement (the “Investment Agreement”), pursuant to which,
among other things, Investor agreed to invest $8,000,000 into the Company in exchange for the Investment Return Monthly Payments
to be made by the Company to Investor pursuant to the terms and conditions of the Investment Agreement;

 

WHEREAS, on September 25, 2019, the Company
and Investor entered into Amendment No. 1 to the Investment Agreement (“Amendment No. 1”), to, among other things,
(i) decrease the Investment Amount from $8,000,000 to $6,500,000; and (ii) amend the definition of “Investment Return”
in each case, subject to the terms and conditions of Amendment No. 1;

 

WHEREAS, on December 4, 2019, the Company
and Investor entered into Amendment No. 2 to the Investment Agreement (“Amendment No. 2”), to, among other things,
further amend the definition of “Investment Return,” subject to the terms and conditions of Amendment No. 2; and

 

WHEREAS, the Company and Investor desire
to further amend the Investment Agreement to (i) provide that no Investor Redemption or Company Redemption may occur prior to January
1, 2021; and (ii) that no Investor Redemption or Company Redemption may be consummated unless the Company’s consummation
thereof does not violate the terms and conditions of any loan agreement to which the Company is then a party.

 

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 hereto, intending to be legally bound, agree as follows:

 

1.         Amendments Section 6 of the Investment Agreement. Effective as of the Effective Date, Section 6 of the Investment
Agreement is hereby deleted in its entirety and replaced with the following language:

 

“6.     Redemption Rights.

 

(a)       Investor
Redemption.  At any time following January 1, 2021, Investor may cause the Company to pay to Investor (an “Investor
Redemption”) an amount equal to the Investment Balance, plus an amount equal to any accrued but unpaid Investment Return
from the start of the then current calendar month through the day prior to the closing of the Company Redemption.  Notice
of the Investor Redemption shall be provided by Investor to the Company at least sixty (60) days prior to the closing of the Investor
Redemption.  The Company shall have the right to accelerate the closing date of the Investor Redemption to any business day
of its choice that is on or after the January 1, 2021.  Subject to Section 5(d), following the closing of the Investor
Redemption, Investor shall have no further rights, title or interest in the Company and/or its subsidiaries or affiliates
arising out of or as a result of this Agreement. 

 

    

     

    

 

(b)       Company
Redemption.  At any time following January 1, 2021, the Company may pay to Investor (a “Company Redemption”)
an amount equal to the Investment Balance, plus an amount equal to any accrued but unpaid Investment Return from the start of the
then current calendar month through the day prior to the closing of the Company Redemption.  Notice of the Company Redemption
shall be provided by the Company to Investor at least sixty (60) days prior to the closing of the Company Redemption.  Subject
to Section 5(d), following the closing of the Company Redemption, Investor shall have no further rights, title or interest
in the Company and/or its subsidiaries or affiliates arising out of or as a result of this Agreement.

 

(c)        Limitations
on Investor Redemptions and Company Redemptions. Notwithstanding anything to the contrary herein, no Investor Redemption or
Company Redemption may be consummated unless the Company’s consummation thereof does not violate the terms and conditions
of any loan agreement to which the Company is then a party.”

 

2.         
No Other Changes. Except as expressly amended by this Amendment, all of the terms and conditions of the Investment
Agreement shall continue in full force and effect and shall be unaffected by this Amendment.

 

3.         
Amendment. This Amendment may not be amended or modified except by a written agreement executed by the Company and
Investor.

 

4.         
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION
OF THE LAWS OF ANOTHER JURISDICTION. THE PARTIES FURTHER AGREE THAT ANY ACTION BETWEEN THEM SHALL BE HEARD IN NEW YORK, NEW YORK,
AND EXPRESSLY CONSENT TO THE JURISDICTION AND VENUE OF THE STATE AND FEDERAL COURTS SITTING IN NEW YORK, NEW YORK, FOR THE ADJUDICATION
OF ANY CIVIL ACTION ASSERTED PURSUANT TO THIS AMENDMENT.  EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER THIS AMENDMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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5.         
Headings. The sections and other headings contained in this Amendment are for reference purposes only and shall not
affect the meaning or interpretation of this Amendment.

 

6.        
Binding Effect. This Amendment shall be binding upon and inure to the benefit of the Company and the Noteholder and
their respective heirs, successors and permitted assigns.

 

7.        
Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall be deemed to be one and the same agreement.  A signed copy of this Amendment 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 Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the undersigned have
executed this Amendment No. 3 to Investment Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	COHEN & COMPANY, LLC
	 	 
	 	 
	 	By:	             /s/ Joseph W. Pooler, Jr.
	 	 	Name:  Joseph W. Pooler, Jr.
	 	 	Title:    Executive Vice President, Chief Financial Officer and Treasurer

 

	 	INVESTOR:
	 	 
	 	COHEN BROS. FINANCIAL LLC
	 	 
	 	 
	 	By:	              /s/ Daniel G. Cohen
	 	 	Name:  Daniel G. Cohen
	 	 	Title:    Managing MemberExhibit 10.3

 

AMENDMENT NO. 1 TO SECURITIES PURCHASE
AGREEMENT

 

THIS AMENDMENT NO. 1 TO SECURITIES PURCHASE
AGREEMENT (this “Amendment”), dated as of September 25, 2020 (the “Effective Date”), is entered
into by and among Cohen & Company Inc., a Maryland corporation (the “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 (“DGC Trust”).
Each of Parent, the Operating LLC, Mr. Cohen and the DGC Trust may be referred to herein as a “Party,” and,
collectively, as the “Parties.” Capitalized terms used herein but not defined shall have the meanings ascribed
to such terms in the Purchase Agreement (as defined below).

 

RECITALS:

 

WHEREAS, on December 30, 2019, the Parties
entered into the Securities Purchase Agreement (the “Purchase Agreement”); and

 

WHEREAS, in accordance with Section 7.10
of the Purchase Agreement, the Parties desire to amend the Purchase Agreement to provide that the voting proxy granted therein
shall be revoked in the event that Mr. Cohen and/or his Affiliates shall cease to beneficially own (as defined in Rule 13d-3 under
the Securities Exchange Act of 1934, as amended) a majority of the voting securities of Parent, pursuant to the terms and conditions
of this Amendment.

 

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

 

1.            
Amendment to Section 5.02 of the Purchase Agreement. Effective as of the Effective Date, Section 5.02 of the Purchase
Agreement is hereby supplemented by adding the following language immediately following Section 5.02(c) of the Purchase Agreement:

 

“(d)             “Notwithstanding anything to the
contrary herein, this Section 5.02 shall automatically become null and void and the proxy set forth in this Section 5.02 shall
be automatically revoked, in each case without further action by any Party, in the event that Mr. Cohen and/or his Affiliates shall
cease to beneficially own (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended) a majority of the voting
securities of Parent.”

 

2.            
No Other Changes. Except as expressly amended by this Amendment, all of the terms and conditions of the Purchase
Agreement shall continue in full force and effect and shall be unaffected by this Amendment.

 

3.            
Amendment. This Amendment may not be amended or modified except by a written agreement executed by the Parties.

 

4.            
Governing Law. THIS AMENDMENT SHALL BE GOVERNED, CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES OR THE CONFLICTS OF LAW PRINCIPLES OF ANY OTHER STATE IN EITHER
CASE THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

 

     

     

    

 

5.            
Headings. The sections and other headings contained in this Amendment are for reference purposes only and shall not
affect the meaning or interpretation of this Amendment.

 

6.            
Binding Effect. This Amendment shall be binding upon and inure to the benefit of the Parties and their respective
heirs, successors and permitted assigns.

 

7.            
Counterparts. This Amendment may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall be deemed to be one and the same instrument

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the undersigned have
executed this Amendment No. 1 to Securities Purchase Agreement as of the date first written above.

 

	 	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
	 	 	 
	 	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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