Brafman Lester Raymond 4

What Happened Lester Raymond Brafman, CEO of Cohen & Co Inc., was awarded 1,605,000 restricted membership units designated as LTIP Units in Cohen & Company, LLC on 2026-03-06. The grant is reported as a derivative award at $0.00 per unit. The LTIP Units are scheduled to vest 20% per year on each of the first five anniversaries of the grant date, subject to continued service.

Key Details

• Transaction date: 2026-03-06; transaction type: A (award/grant); price reported: $0.00 (derivative).
• Vesting: 20% vests on each of years 1–5, contingent on continued service.
• Conversion/redemption: LTIP Units may be converted one-for-one into Operating LLC Units; upon conversion, Units may be redeemed for either (i) cash or (ii) one share of Cohen & Co common stock for every 10 Units.
  • If all 1,605,000 LTIP Units were converted and redeemed for stock, that would equal up to 160,500 shares (1 share per 10 Units).
• Shares owned after the transaction: not specified in the filing.
• Filing timeliness: report filed with accession 0001104659-26-024697 on 2026-03-06 (no late‑filing flag noted).
• Footnote: LTIP Units are intended to qualify as "profits interests" for U.S. federal income tax purposes (see filing footnote).

Context This is an equity-linked compensation award (derivative grant) rather than an open‑market purchase or sale. Such LTIP/profits-interest awards are common for aligning senior management with company performance; they vest over time and include conversion/redemption mechanics that may ultimately produce cash or a limited number of company shares.