Brafman Lester Raymond 4
4 · Cohen & Co Inc. · Filed Mar 6, 2026
Research Summary
AI-generated summary of this filing
Cohen & Co (COHN) CEO Lester Brafman Receives 1.605M LTIP Units
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.
Insider Transaction Report
- Award
Cohen & Company, LLC LTIP Units
[F1][F2]2026-03-06+1,605,000→ 1,605,000 total→ Common Stock, par value $0.01 per share (160,500 underlying)
- 315,702
Common Stock, par value $0.01 per share
Footnotes (2)
- [F1]Mr. Brafman was awarded 1,605,000 restricted membership units, designated as LTIP Units ("LTIP Units"), in Cohen & Company, LLC (the "Operating LLC"), a subsidiary of Cohen & Co Inc. (the "Company"), under the Company's 2020 Long-Term Incentive Plan, as amended (the "Plan"). The LTIP Units are intended to qualify as profits interests for U.S. federal income tax purposes. The LTIP Units are scheduled to vest as follows: 20% of the LTIP Units will vest on each of the first, second, third, fourth and fifth anniversaries of the date the LTIP Units were granted, in each case, subject to Mr. Brafman's continued service on the vesting date.
- [F2]Following the expiration of the restrictions on the applicable LTIP Units, Mr. Brafman may, subject to the terms and conditions of the Plan and the Operating LLC's limited liability company agreement, convert the LTIP Units into units of membership of the Operating LLC ("Units") on a one-for-one basis. Upon Mr. Brafman's conversion (if any) of LTIP Units into Units, Mr. Brafman may cause the Operating LLC to redeem such Units at any time thereafter for, at the Company's option, (i) cash or (ii) one share of the Company's common stock for every ten Units.