LLC Units were awarded under the 2020 Long-Term Incentive Plan. One-half of these LLC Units vested and were delivered to Mr. Cohen on January 31, 2022 and one-half of these LLC Units will vest and be delivered to Mr. Cohen on January 31, 2023, so long as Mr. Cohen is then employed by the Company or any of its subsidiaries. Once LLC Units are vested and delivered to Mr. Cohen, Mr. Cohen may cause Cohen & Company, LLC to redeem such LLC Units at any time for, at the Company’s option, cash or one share of common stock for every ten such LLC Units.
(10)
Effective December 20, 2021, 15,500 restricted shares of our common stock were awarded to Mr. Pooler based on his performance in 2021. The grant date fair value per share of these restricted shares was $16.43. These restricted shares were awarded under the 2020 Long-Term Incentive Plan. The restrictions expire with respect to one-third of these restricted shares on each of January 31, 2023, January 31, 2024 and January 31, 2025, in each case, so long as Mr. Pooler is then employed by the Company or any of its subsidiaries.
(11)
Effective February 3, 2021, 10,000 restricted shares of our common stock were awarded to Mr. Pooler based on his performance in 2020. The grant date fair value per share of these restricted shares was $18.54. These restricted shares were awarded under the 2020 Long-Term Incentive Plan. The restrictions expired with respect to one-half of these restricted shares on January 31, 2022 and will expire with respect to half of these restricted shares on January 31, 2023, so long as Mr. Pooler is then employed by the Company or any of its subsidiaries.
(12)
Cohen & Company, LLC is the manager and a member of Insurance Acquisition Sponsor II, LLC (“IAS II”) and Dioptra Advisors II, LLC, each of which is a Delaware limited liability company and a subsidiary of the Company (“Dioptra II” and, together with IAS II, the “Insurance SPAC II Sponsor Entities”). The Insurance SPAC II Sponsor Entities were sponsors of INSU Acquisition Corp. II (Nasdaq: MILE), a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses (the “Insurance SPAC II”).
On November 24, 2020, the Insurance SPAC II entered into an Agreement and Plan of Merger with INSU II Merger Sub, Inc., a Delaware corporation and direct wholly owned subsidiary of the Insurance SPAC II, and Metromile, Inc., a Delaware corporation (currently named MetroMile Operating Company) (“MetroMile”).
Prior to the closing of the Insurance SPAC II Merger, in September 2020, Daniel G. Cohen, Lester R. Brafman and Joseph W. Pooler, Jr., purchased for $1,000, $1,000, and $150, respectively, interests in Dioptra II. The purchase date was treated as the grant date for equity compensation purposes. Subsequent to the closing of the Insurance SPAC II Merger, in respect of their ownership interests in Dioptra II, Messrs. Cohen, Brafman and Pooler received a distribution from Dioptra II of 170,000, 170,000 and 25,500 shares of MILE Class A Common Stock, respectively. On February 9, 2021, the date of the Insurance SPAC Merger, the Company recognized compensation expense equal to the grant date fair value of Messrs. Cohen, Brafman and Pooler’s shares of $1,697,481, $1,697,481 and $254,622, respectively, which amounts are reflected in this column.
(13)
Cohen & Company, LLC is the manager and a member of Insurance Acquisition Sponsor, LLC (“IAS”) and Dioptra Advisors, LLC (“Dioptra” and, together with IAS, the “Insurance SPAC Sponsor Entities”). The Insurance SPAC Sponsor Entities were sponsors of Insurance Acquisition Corp. (Nasdaq: SFT) (prior to the Merger described below, the “Insurance SPAC,” and, following the Merger, “SFT”), a special purpose acquisition company (SPAC) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
On June 29, 2020, the Insurance SPAC entered into an Agreement and Plan of Merger with IAC Merger Sub, Inc., a Delaware corporation and direct wholly owned subsidiary of the Insurance SPAC, and Shift Technologies, Inc., a Delaware corporation (“Shift”). On October 13, 2020, IAC Merger Sub, Inc. was merged (the “Insurance SPAC Merger”) with and into Shift. In connection with this merger, the Insurance SPAC changed its name from “Insurance Acquisition Corp.” to “Shift Technologies, Inc.” and, on October 15, 2020, the Insurance SPAC’s NASDAQ trading symbol changed to “SFT.”
Prior to the closing of the Insurance SPAC Merger, in March 2019, Daniel G. Cohen, Lester R. Brafman and Joseph W. Pooler, Jr., purchased for $2,500, $2,500, and $300, respectively, interests in