Document:

ex_231440.htm

Exhibit 4.8

 

Description of the Registrant’s Securities Registered Pursuant

to Section 12 of the Securities Exchange Act of 1934, as amended

 

The common stock, par value $0.01 per share (“Common Stock”), of Cohen & Company Inc., a Maryland corporation (the “Company,” “us” or “our”) is registered under Section 12 of the Securities Exchange Act of 1934, as amended. The following description sets forth certain general terms and provisions of our Common Stock. These descriptions are in all respects subject to and qualified in their entirety by, and should be read in conjunction with, the applicable provisions of our Second Articles of Amendment and Restatement, as further amended and supplemented (our “Articles”), and our By-laws, as amended (our “Bylaws”), each of which is incorporated herein by reference and copies of which are incorporated by reference as exhibits to our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and the applicable provisions of the Maryland General Corporation Law (the “MGCL”).

 

General

 

Our authorized capital stock consists of 150,000,000 shares, consisting of: (i) 100,000,000 shares of Common Stock, par value $0.01 per share; and (ii) 50,000,000 shares of preferred stock, par value $0.001 per share (“Preferred Stock”).

 

Pursuant to our Articles, our board of directors by resolution may classify or reclassify any unissued shares of the Common Stock, from time to time, before issuance of such shares, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of such shares.

 

Common Stock

 

Dividend Rights

 

Subject to the preferential dividend rights of our Preferred Stock outstanding at this time, the holders of the shares of the Common Stock are entitled to receive such dividends as may be declared by our board of directors.

 

Voting Rights

 

The holders of the shares of the Common Stock are entitled to vote on all matters at all meetings of the stockholders of the Company and are entitled to one vote for each share of the Common Stock entitled to vote at such meeting, voting together with the holders of our Preferred Stock who are entitled to vote at such meeting.

 

Per our Bylaws, when a quorum is present, any matter before any annual or special meeting of our stockholders will be decided by vote of the holders of a majority of the shares of stock entitled to vote on such matter, except where a larger vote is required by law, our Articles or by the Bylaws. Any election of directors by stockholders will be determined by a plurality of the votes cast, except where a larger vote is required by law, by our Articles or by the Bylaws. No stockholder is entitled to cumulate votes at any election of directors.

 

 

 

 

Under the MGCL, a Maryland corporation cannot amend its charter, consolidate, convert, merge, sell all or substantially all of its assets, engage in a statutory share exchange or dissolve unless the action is advised by its board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter, unless a lesser percentage (but not less than a majority of all of the votes entitled to be cast on the matter) is set forth in the corporation’s charter. Our Articles do not provide for a lesser percentage vote for our stock holders to approve these matters.

 

Liquidation Rights

 

Subject to the preferential rights of our Preferred Stock, if any, on and the preferential rights of any the capital stock of the Company that has been transferred to a trust for the benefit of a charitable beneficiary, in the event of any voluntary or involuntary liquidation, dissolution or winding up of, or any distribution of the assets of, the Company, each holder of shares of the Common Stock are entitled to receive, ratably with each other holder of Common Stock and Common Stock that has been transferred to a trust for the benefit of a charitable beneficiary, that portion of the assets of the Company available for distribution to the holders of Common Stock or Common Stock that has been transferred to a trust for the benefit of a charitable beneficiary that bears the same relation to the total amount of such assets of the Company as the number of shares of Common Stock held by such holder bears to the total number of shares of Common Stock then outstanding including Common Stock that has been transferred to a trust for the benefit of a charitable beneficiary then outstanding.

 

No Preemptive or Similar Rights

 

Holders of shares of our Common Stock have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any of our securities.

 

Fully Paid and Non-Assessable

 

All of the outstanding shares of our Common Stock are duly authorized, validly issued, fully paid and non-assessable.

 

Listing

 

Our Common Stock is listed on the NYSE American under the symbol “COHN.”

 

Transfer Agent and Registrar

 

The transfer agent and registrar for the shares of our Common Stock is Computershare Inc.

 

 

 

 

Relationship to Preferred Stock

 

Our Articles authorize our board of directors to classify any unissued shares of Preferred Stock and to reclassify any previously classified but unissued shares of any series. Prior to issuance of shares of each series, our board of directors is required by the MGCL and our Articles to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions or other distributions, qualifications and terms or conditions of redemption for each such series. Thus, our board of directors could authorize the issuance of shares of Preferred Stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change of control of the Company that might involve a premium price for holders of our Common Stock or otherwise be in their best interest.

 

As of March 5, 2021, of the 50,000,000 authorized shares of Preferred Stock, (i) 10,000 shares were designated as Series C Junior Participating Preferred Stock, none of which were issued or outstanding; (ii) 4,983,557 shares were designated as Series E Voting Non-Convertible Preferred Stock (“Series E Preferred Stock”), all of which were issued and outstanding; (ii) 25,000,000 shares were designated as Series F Voting Non-Convertible Preferred Stock (“Series F Preferred Stock”), of which 22,429,541 shares were issued and outstanding; The Series E Preferred Stock, Series F Preferred Stock have no economic rights (including no dividend or liquidation rights or preferences), but all vote together on matters presented to the Company’s stockholders, with each holder of shares of Series E Preferred Stock, and Series F Preferred Stock being entitled to one vote for every ten shares held.

 

Anti-Takeover Provisions in Our Articles and Bylaws and in the MGCL

 

Provisions of the MGCL and our Articles and Bylaws could discourage a takeover of the Company even if a change of control would be beneficial to the interests of our stockholders. These statutory, Articles and Bylaw provisions include the following:

 

	 	
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			The MGCL generally requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter to approve a merger, consolidation, or share exchange involving us or the transfer of all or substantially all of its assets;

			

 

	 	
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			Our board of directors has the power to classify and reclassify authorized and unissued shares of Common Stock or Preferred Stock and, subject to certain restrictions in the NYSE American Company Guide, authorize the issuance of a class or series of Common Stock or Preferred Stock without stockholder approval;

			

 

	 	
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			Our Articles may be amended only if the amendment is declared advisable by our board of directors and approved by the affirmative vote of the holders of our Common Stock entitled to cast at least two-thirds of all of the votes entitled to be cast on the matter;

			

 

	 	
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			A director may be removed from office at any time with or without cause by the affirmative vote of the holders of our Common Stock entitled to cast at least two-thirds of the votes of the stock entitled to be cast in the election of directors;

			

 

	 	
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			An advance notice procedure for stockholder proposals to be brought before an annual meeting of our stockholders and nominations of persons for election to our board of directors at an annual or special meeting of its stockholders;

			

 

	 	
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			No stockholder is entitled to cumulate votes at any election of directors; and

			

 

	 	
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			Our stockholders may take action in lieu of a meeting with respect to any actions that are required or permitted to be taken by its stockholders at any annual or special meeting of stockholders only by unanimous consent.ex_231616.htm

EXHIBIT 10.53 

FORM OF 

 

COHEN & COMPANY INC. 

2020 LONG-TERM INCENTIVE PLAN 

 

RESTRICTED STOCK AWARD 

 

RESTRICTED STOCK AWARD by and between Cohen & Company Inc., a Maryland corporation (the “Company”), and (the “Grantee”), dated as of (the “Effective Date”).

 

WHEREAS, the Company maintains the Cohen & Company Inc. 2020 Long-Term Incentive Plan (as amended from time to time, the “Plan”); and

 

WHEREAS, the Grantee is an employee of a subsidiary of the Company; and

 

WHEREAS, capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Plan.

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1. Grant of Restricted Shares. Upon approval by the Committee of this Restricted Stock Award (the “Approval”), the Company hereby agrees to grant the Grantee Shares of Restricted Stock (the “Restricted Shares”), subject to the terms of the Plan and the following terms and conditions. The Plan is hereby incorporated herein by reference as though set forth herein in its entirety.

 

2. Restrictions and Conditions. The Restricted Shares awarded to the Grantee hereby shall be subject to the following restrictions and conditions:

 

(i) During the period of restriction with respect to the Restricted Shares granted hereunder (the “Restriction Period”), the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign the Restricted Shares (or have such Restricted Shares attached or garnished); provided, however, that the Grantee may transfer the Restricted Shares to a trust established for the sole benefit of the Grantee’s immediate family so long as, prior to such transfer, such trust delivers a written instrument to the Company pursuant to which such trust agrees to be bound by the Restriction Period to the same extent as the Grantee. Subject to clause (iii) below, the Restriction Period shall be deemed to have commenced on the Effective Date and shall lapse on so long as Grantee is then employed by the Company or any of the Company’s subsidiaries.

 

Notwithstanding the foregoing, unless otherwise expressly provided by the Committee, the Restriction Period with respect to such Restricted Shares shall only lapse as to whole Shares.

 

(ii) Once issued in accordance with Section 3 below, during the Restriction Period, the Grantee shall have, in respect of the Restricted Shares, all of the rights of a holder of common shares of beneficial interest of the Company, including the right to vote the Restricted Shares and the right to receive dividends as and when such dividends are declared and paid by the Company (or as soon as practicable thereafter); provided, however, that cash dividends on such Restricted Shares shall be held by the Company (unsegregated as a part of its general assets) until the period of forfeiture lapses (and forfeited if the underlying Restricted Shares are forfeited), and paid over to the Grantee (without interest) as soon as practicable after such period lapses (if not forfeited).

 

(iii) Except as otherwise provided in any applicable employment agreement between the Grantee and the Company or any of its affiliates, notwithstanding anything to the contrary herein or in the Plan (including, but not limited to, Section 6.3(iv) of the Plan) and subject to compliance with the Code, applicable securities and other laws and applicable national securities exchange requirements, upon a Change in Control (as defined in the Plan), the restrictions on the Restricted Shares shall not immediately lapse and the Committee may amend, alter, adjust or otherwise modify this award, including but not limited to accelerating the lapsing of the Restriction Period, or may provide for the issuance of a replacement award under the Plan or otherwise (“Replacement Award”); provided, however, that, other than in connection with the issuance of a Replacement Award, the Committee shall not terminate this award without the Grantee’s consent. In addition, except as otherwise provided in any applicable employment agreement between the Grantee and the Company or any of its affiliates, if the Grantee’s service with the Company is terminated by the Company or the Grantee for any reason, then all Restricted Shares still subject to restriction shall thereupon, and with no further action, be forfeited by the Grantee.

 

 

 

 

(iv) Grantee shall not make an election under Section 83(b) of the Code with respect to this award; in the event that Grantee does make such election, the Restricted Shares shall be forfeited immediately and this award shall be deemed null and void ab initio.

 

3. Evidence of Issuance of Restricted Shares. Following Approval, a “book entry” (by computerized or manual entry) shall be made in the records of the Company (or, if applicable, the Company’s transfer agent) to evidence the Restricted Shares granted under this award.

 

4. Miscellaneous.

 

(a) THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND, WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF MARYLAND.

 

(b) The captions of this award are not part of the provisions hereof and shall have no force or effect. Subject to Section 2, this award may not be amended or modified except by a written agreement executed by the Company and Grantee or their respective successors and legal representatives. The invalidity or unenforceability of any provision of this award shall not affect the validity or enforceability of any other provision of this award.

 

(c) The Committee may make such rules and regulations and establish such procedures for the administration of this award as it deems appropriate, subject to the terms of the Plan. Without limiting the generality of the foregoing, and to the extent not inconsistent with the Plan, the Committee may interpret this award, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law and take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan, this award or the administration or interpretation thereof. In the event of any dispute or disagreement as to interpretation of the Plan or this award or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan or this award, the decision of the Committee shall be final and binding upon all persons.

 

(d) All notices hereunder shall be in writing, and if to the Company or the Committee, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered personally, sent by facsimile transmission or mailed to the Grantee at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this paragraph 4(d).

 

(e) The failure of the Grantee or the Company to insist upon strict compliance with any provision of this award or the Plan, or to assert any right the Grantee or the Company, respectively, may have under this award or the Plan, shall not be deemed to be a waiver of such provision or right or any other provision or right of this award or the Plan.

 

(f) Nothing in this award shall confer on the Grantee any right to continue in the service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and their shareholders to terminate the Grantee’s service at any time.

 

(g) This award contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto.

 

2

 

 

IN WITNESS WHEREOF, the Company has executed this award as of the day and year first above written.

 

	 	
			COHEN & COMPANY INC.

			
	 	
			 

				
			 

			
	 	 	 
	 	
			By:                                                         

			
	 	
			Name:

				
			 

				
			 

			
	 	
			Title:

				
			 

				
			 

			

 

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