X0306 4 2020-03-10 0 0001466538 COWEN INC. COWN 0001275922 SOLOMON JEFFREY M COWEN INC. 599 LEXINGTON AVENUE NEW YORK NY 10022 1 1 0 0 Chairman and CEO Class A Common Stock 2020-03-10 4 A 0 18248 A 878923 D Class A Common Stock 2020-03-10 4 F 0 25954 12.18 D 852969 D On March 15, 2016 the Reporting Person was granted a performance share award consisting of 29,167 shares, based on the attainment of certain performance metrics. On March 10, 2020, 18,248 shares under this grant vested and were paid on a one-for-one basis in common shares. Represents shares of the Issuer's Class A common stock withheld to satisfy tax withholding obligations upon the vesting of restricted stock and performance shares, in accordance with the terms of the related grant agreement, which was approved by the board of directors of the Issuer in accordance with Rule 16b-3 promulgated under the Securities Exchange Act of 1934. /s/ Jeffrey M. Solomon 2020-03-12