As previously disclosed, on June 25, 2007, Cohen & Company Inc. entered into the Junior Subordinated Indenture by and between the Company and Wells Fargo Bank, N.A., as trustee (the ?Trustee?), pursuant to which the Company issued an aggregate of $28,995,000 of the Company?s Junior Subordinated Notes, which mature on July 30, 2037 (the ?Notes?), in a private placement under Rule 144A under the Securities Act of 1933, as amended. On January 26, 2024, the Company and the Trustee entered into Supplemental Indenture No. 1 to Junior Subordinated Indenture, which amended the Indenture to provide that the benchmark to determine the interest rates applicable to the Notes will be based on the Secured Overnight Financing Rate (SOFR), as provided in the Adjustable Interest Rate (LIBOR) Act.

Prior to the execution of the Supplemental Indenture, the benchmark to determine the interest rates applicable to the Notes under the Indenture was based on the London Interbank Offered Rate (?LIBOR?). The Supplemental Indenture was made effective as of July 1, 2023, the first date following the cessation of the publication of LIBOR. Except as described herein, no other changes were made to the Indenture pursuant to the Supplemental Indenture.