Document:

EXHIBIT 10.1

 Exhibit 10.1 
 FORM OF 
 ESOP LOAN AGREEMENT 

THIS LOAN AGREEMENT (“Loan Agreement”) is made and entered into as of the [#] day of [month, year], by and
between the POLONIA BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Borrower”), a trust forming part of the Polonia Bank Employee Stock Ownership Plan (“ESOP”); and POLONIA BANCORP, INC. (“Lender”), a
corporation organized and existing under the laws of Maryland. 
 W I T N E S S E T H 

WHEREAS, the Borrower is authorized to purchase shares of common stock of Polonia Bancorp, Inc. (“Common Stock”), either
directly from Polonia Bancorp, Inc. or in open market purchases in an amount not to exceed [amount] shares of Common Stock. 
 WHEREAS, the Borrower is authorized to borrow funds from the Lender for the purpose of financing authorized purchases of Common Stock; and 

WHEREAS, the Lender is willing to make a loan to the Borrower for such purpose. 

NOW, THEREFORE, the parties agree hereto as follows: 
 ARTICLE I 
 DEFINITIONS 

The following definitions shall apply for purposes of this Loan Agreement, except to the extent that a different meaning is plainly
indicated by the context: 
 “Business Day” means any day other than a Saturday, Sunday or other day on
which banks are authorized or required to close under federal or local law or regulation. 
 “Code”
means the Internal Revenue Code of 1986, as amended (including the corresponding provisions of any succeeding law). 

“Default” means an event or condition which would constitute an Event of Default. The determination as to whether
an event or condition would constitute an Event of Default shall be determined without regard to any applicable requirements of notice or lapse of time. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended (including the corresponding provisions of any succeeding law). 

“Event of Default” means an event or condition described in Article 5 of this Loan Agreement. 

“Loan” means the loan described in Section 2.1 of this Loan Agreement. 

“Loan Documents” means, collectively, the Loan Agreement, the Promissory Note and the Pledge Agreement and all
other documents now or hereafter executed and delivered in connection with such documents, including all amendments, modifications and supplements of or to all such documents. 
 “Pledge Agreement” means the agreement described in Section 2.8(a) of this Loan Agreement. 

  
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 “Principal Amount” means the face amount of the Promissory Note,
determined as set forth in Section 2.1(c) of this Loan Agreement. 
 “Promissory Note” means
the promissory note described in Section 2.3 of this Loan Agreement. 
 “Register” means the
register described in Section 2.9 of this Loan Agreement. 
 ARTICLE II 

THE LOAN; PRINCIPAL AMOUNT; 
 INTEREST; SECURITY; INDEMNIFICATION 
 Section 2.1 The Loan;
Principal Amount. 
 (a) The Lender hereby agrees to lend to the Borrower such amount, and at such time, as shall be
determined under this Section 2.1; provided, however, that in no event shall the aggregate amount lent under this Loan Agreement from time to time exceed the greater of (i) [amount] or (ii) the aggregate amount paid by the
Borrower to purchase up to [number] shares of Common Stock. 
 (b) Subject to the limitations of Section 2.1(a), the
Borrower shall determine the amounts borrowed under this Agreement, and the time at which such borrowings are effected. Each such determination shall be evidenced in a writing which shall set forth the amount to be borrowed and the date on which the
Lender shall disburse such amount, and such writing shall be furnished to the Lender by notice from the Borrower. The Lender shall disburse to the Borrower the amount specified in each such notice on the date specified therein or, if later, as
promptly as practicable following the Lender’s receipt of such notice; provided, however, that the Lender shall have no obligation to disburse funds pursuant to this Agreement following the occurrence of a Default or an Event of Default until
such time as such Default or Event of Default shall have been cured. 
 (c) For all purposes of this Loan Agreement, the
Principal Amount on any date shall be equal to the excess, if any, of: 
  

	 	(i)	the aggregate amount disbursed by the Lender pursuant to Section 2.1(b) on or before such date; over 

 

	 	(ii)	the aggregate amount of any repayments of such amounts made before such date. 

 The Lender shall maintain on the Register a record of, and shall record in the Promissory Note, the Principal Amount, any changes in the Principal Amount and the effective date of any changes in the
Principal Amount. 
 Section 2.2 Interest. 

(a) The Borrower shall pay to the Lender interest on the Principal Amount, for the period commencing with the first disbursement of funds
under this Loan Agreement and continuing until the Principal Amount shall be paid in full, at the rate of [rate] per annum. Interest payable under this Agreement shall be computed on the basis of a year of 365 days and actual days elapsed
(including the first day but excluding the last) occurring during the period to which the computation relates. 
 (b) Accrued
interest on the Principal Amount shall be payable by the Borrower on the dates set forth in Schedule I to the Promissory Note. All interest on the Principal Amount shall be paid by the Borrower in immediately available funds. 

  
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 (c) Anything in this Loan Agreement or the Promissory Note to the contrary notwithstanding,
the obligation of the Borrower to make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be permissible
under the law or laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payment referred to in the preceding sentence shall be made by the Borrower to the Lender on the earliest interest
payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not bear interest. 

Section 2.3 Promissory Note. 
 The Loan shall be evidenced by the Promissory Note of the Borrower attached hereto as an exhibit payable to the order of the lender in the Principal Amount and otherwise duly completed. 

Section 2.4 Payment of Trust Loan. 
 The Principal Amount of the Loan shall be repaid in accordance with Schedule I to the Promissory Note on the dates specified therein until fully paid. 

Section 2.5 Prepayment. 
 The Borrower shall be entitled to prepay the Loan in whole or in part, at any time and from time to time; provided, however, that the Borrower shall give notice to the Lender of any such prepayment; and
provided, further, that any partial prepayment of the Loan shall be in an amount not less than $1,000. Any such prepayment shall be: (a) permanent and irrevocable; (b) accompanied by all accrued interest through the date of such
prepayment; (c) made without premium or penalty; and (d) applied on the inverse order of the maturity of the installment thereof unless the Lender and the Borrower agree to apply such prepayments in some other order. 

Section 2.6 Method of Payments. 
 (a) All payments of principal, interest, other charges (including indemnities) and other amounts payable by the Borrower hereunder shall be made in lawful money of the United States, in immediately
available funds, to the Lender at the address specified in or pursuant to this Loan Agreement for notices to the Lender, on the date on which such payment shall become due. Any such payment made on such date but after such time shall, if the amount
paid bears interest, and except as expressly provided to the contrary herein, be deemed to have been made on, and interest shall continue to accrue and be payable thereon until, the next succeeding Business Day. If any payment of principal or
interest becomes due on a day other than a Business Day, such payment may be made on the next succeeding Business Day, and when paid, such payment shall include interest to the day on which payment is in fact made. 

(b) Notwithstanding anything to the contrary contained in this Loan Agreement or the Promissory Note, the Borrower shall not be obligated
to make any payment, repayment or pre-payment on the Promissory Note if doing so would cause the ESOP to cease to be an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code or qualified under Section 401(a) of
the Code or cause the Borrower to cease to be a tax exempt trust under Section 501(a) of the Code or if such act or failure to act would cause the Borrower to engage in any “prohibited transaction” as such term is defined in the
Section 4975(c) of the Code and the regulations promulgated thereunder which is not exempted by Section 4975(c)(2) or (d) of the Code and the regulations promulgated thereunder or in Section 406 of ERISA and the regulations
promulgated thereunder which is not exempted by Section 408(b) of ERISA and the regulations promulgated thereunder; provided, however, that in each case, the Borrower, may act or refrain from acting pursuant to this Section 2.6(b) on the
basis of an opinion of counsel. The Borrower may consult with counsel, and any opinion of such counsel shall be full and complete authorization and 

  
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protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance with such opinion of counsel. Nothing contained in this Section 2.6(b) shall
be construed as imposing a duty on the Borrower to consult with counsel. Any obligation of the Borrower to make any payment, repayment or prepayment on the Promissory Note or refrain from taking any other act hereunder or under the Promissory Note
which is excused pursuant to this Section 2.6(b) shall be considered a binding obligation of the Borrower, or both, as the case may be, for the purposes of determining whether a Default or Event of Default has occurred hereunder or under the
Promissory Note and nothing in this Section 2.6(b) shall be construed as providing a defense to any remedies otherwise available upon a Default or an Event of Default hereunder (other than the remedy of specific performance). 

Section 2.7 Use of Proceeds of Loan. 
 The entire proceeds of the Loan shall be used solely for acquiring shares of Common Stock, and for no other purpose whatsoever. 
 Section 2.8 Security. 
 (a) In order to secure the due payment
and performance by the Borrower of all of its obligations under this Loan Agreement, simultaneously with the execution and delivery of this Loan Agreement by the Borrower, the Borrower shall: 

 

	 	(i)	pledge to the Lender as Collateral (as defined in the Pledge Agreement), and grant to the Lender a first priority lien on and security interest in, the Common Stock
purchased with the Principal Amount, by the execution and delivery to the lender of the Pledge Agreement attached hereto as an exhibit; and 

  

	 	(ii)	execute and deliver, or cause to be executed and delivered, such other agreement, instruments and documents as the Lender may reasonably require in order to effect the
purposes of the Pledge Agreement and this Loan Agreement. 

 (b) The Lender shall release from encumbrance under
the Pledge Agreement and transfer to the Borrower, as of the date on which any payment or repayment of the Principal Amount is made, a number of shares of Common Stock held as Collateral determined pursuant to the applicable provisions of the ESOP.

 Section 2.9 Registration of the Promissory Note. 

(a) The Lender shall maintain a Register providing for the registration of the Principal Amount and any stated interest and of transfer
and exchange of the Promissory Note. Transfer of the Promissory Note may be effected only by the surrender of the old instrument and either the reissuance by the Borrower of the old instrument to the new holder or the issuance by the Borrower of a
new instrument to the new holder. The old Promissory Note so surrendered shall be canceled by the Lender and returned to the Borrower after such cancellation. 
 (b) Any new Promissory Note issued pursuant to Section 2.9(a) shall carry the same rights to interest (unpaid and to accrue) carried by the Promissory Note so transferred or exchanged so that there
will not be any loss or gain of interest on the note surrender. Such new Promissory Note shall be subject to all of the provisions and entitled to all of the benefits of this Agreement. Prior to due presentment for registration or transfer, the
Borrower may deem and treat the registered holder of any Promissory Note as the holder thereof for purposes of payment and other purposes. A notation shall be made on each new Promissory Note of the amount of all payments of principal and interest
theretofore paid. 

  
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 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF THE BORROWER 
 The Borrower hereby
represents and warrants to the Lender as follows: 
 Section 3.1 Power, Authority, Consents. 

The Borrower has the power to execute, deliver and perform this Loan Agreement, the Promissory Note and Pledge Agreement, all of which
have been duly authorized by all necessary and proper corporate or other action. 
 Section 3.2 Due Execution,
Validity, Enforceability. 
 Each of the Loan Documents, including, without limitation, this Loan Agreement, the
Promissory Note and the Pledge Agreement, has been duly executed and delivered by the Borrower; and each constitutes the valid and legally binding obligation of the Borrower, enforceable in accordance with its terms. 

Section 3.3 Properties, Priority of Liens. 
 The liens which have been created and granted by the Pledge Agreement constitute valid, first liens on the properties and assets covered by the Pledge Agreement, subject to no prior or equal lien.

 Section 3.4 No Defaults, Compliance with Laws. 

The Borrower is not in default in any material respect under any agreement, ordinance, resolution, decree, bond, note, indenture, order
or judgment to which it is a party or by which it is bound, or any other agreement or other instrument by which any of the properties or assets owned by it is materially affected. 

Section 3.5 Purchase of Common Stock. 
 Upon consummation of any purchase of Common Stock by the Borrower with the proceeds of the Loan, the Borrower shall acquire valid, legal and marketable title to all of the Common Stock so purchased, free
and clear of any liens, other than a pledge to the Lender of the Common Stock so purchased pursuant to the Pledge Agreement. Neither the execution and delivery of the Loan Documents nor the performance of any obligation thereunder violates any
provisions of law or conflicts with or results in a breach of or creates (with or without the giving of notice of lapse of time, or both) a default under any agreement to which the Borrower is a party or by which it is bound or any of its properties
is affected. No consent of any federal, state, or local governmental authority, agency, or other regulatory body, the absence of which could have a materially adverse effect on the Borrower or the Trustee, is or was required to be obtained in
connection with the execution, delivery, or performance of the Loan Documents and the transaction contemplated therein or in connection therewith, including without limitation, with respect to the transfer of the shares of Common Stock purchased
with the proceeds of the Loan pursuant thereto. 
 Section 3.6 ESOP; Contributions. 

The ESOP will qualify as an “employee stock ownership plan” as defined in Section 4975(e)(7) of the Code. The ESOP
provides that the ESOP sponsor may make contributions to the ESOP in an amount necessary to enable the Trustee to amortize the Loan in accordance with the terms of the Promissory Note; provided, however, that no such contributions shall be required
if they would adversely affect the qualification of the ESOP under Section 401(a) of the Code. 

  
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 Section 3.7 Trustee. 

The trustee of the ESOP has been duly appointed by the ESOP sponsor. 

Section 3.8 Compliance with Laws; Actions. 
 Neither the execution and delivery by the Borrower of this Loan Agreement or any instruments required thereby, nor compliance with the terms and provisions of any such documents by the lender, constitutes
a violation of any provision of any law or any regulation, order, writ, injunction or decree of any court or governmental instrumentality, or an event of default under any agreement, to which the Borrower is a party, to which the Borrower is bound
or to which the Borrower is subject, which violation or event of default would have a material adverse effect on the Borrower. There is no action or proceeding pending or threatened against either the ESOP or the Borrower before any court or
administrative agency. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF THE LENDER 
 The Lender hereby represents
and warrants to the Borrower as follows: 
 Section 4.1 Power, Authority, Consents. 

The Lender has the power to execute, deliver and perform this Loan Agreement, the Pledge Agreement and all documents executed by the
Lender in connection with the Loan, all of which have been duly authorized by all necessary and proper corporate or other action. No consent, authorization or approval or other action by any governmental authority or regulatory body, and no notice
by the Lender to, or filing by the Lender with, any governmental authority or regulatory body is required for the due execution, delivery and performance of this Loan Agreement. 

Section 4.2 Due Execution, Validity, Enforceability. 

This Loan Agreement and the Pledge Agreement have been duly executed and delivered by the Lender, and each constitutes a valid and
legally binding obligation of the Lender, enforceable in accordance with its terms. 
 ARTICLE V 

EVENTS OF DEFAULT 
 Section 5.1 Events of Default under Loan Agreement. 
 Each of
the following events shall constitute an “Event of Default” hereunder: 
 (a) Failure to make any payment or mandatory
prepayment of principal of the Promissory Note when due, or failure to make any payment of interest on the Promissory Note not later than five (5) Business Days after the date when due. 

(b) Failure by the Borrower to perform or observe any term, condition or covenant of this Loan Agreement or of any of the other Loan
Documents, including, without limitation, the Promissory Note and the Pledge Agreement. 
 (c) Any representation or warranty
made in writing to the Lender in any of the Loan Documents, or any certificate, statement or report made or delivered in compliance with this Loan Agreement, shall have been false or misleading in any material respect when made or delivered.

  
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 Section 5.2 Lender’s Rights upon Event of Default. 

If an Event of Default under this Loan Agreement shall occur and be continuing, the Lender shall have no rights to assets of the Borrower
other than: (a) contributions (other than contributions of Common Stock) that are made by the ESOP sponsor to enable the Borrower to meet its obligations pursuant to this Loan Agreement and earnings attributable to the investment of such
contributions and (b) “Eligible Collateral” (as defined in the Pledge Agreement); provided, however, that: (i) the value of the Borrower’s assets transferred to the Lender following an Event of Default in satisfaction of the
due and unpaid amount of the Loan shall not exceed the amount in default (without regard to amounts owing solely as a result of any acceleration of the Loan); (ii) the Borrower’s assets shall be transferred to the Lender following an Event
of Default only to the extent of the failure of the Borrower to meet the payment schedule of the Loan; and (iii) all rights of the Lender to the Common Stock purchased with the proceeds of the Loan covered by the Pledge Agreement following an
Event of Default shall be governed by the terms of the Pledge Agreement. 
 ARTICLE VI 

MISCELLANEOUS PROVISIONS 
 Section 6.1 Payments Due to the Lender. 
 If any amount is
payable by the Borrower to the Lender pursuant to any indemnity obligation contained herein, then the Borrower shall pay, at the time or times provided therefor, any such amount and shall indemnify the Lender against and hold it harmless from any
loss or damage resulting from or arising out of the nonpayment or delay in payment of any such amount. If any amounts as to which the Borrower has so indemnified the Lender hereunder shall be assessed or levied against the Lender, the Lender may
notify the Borrower and make immediate payment thereof, together with interest or penalties in connection therewith, and shall thereupon be entitled to and shall receive immediate reimbursement therefor from the Borrower, together with interest on
each such amount as provided for in Section 2.2(c) of this Loan Agreement. Notwithstanding any other provision contained in this Loan Agreement, the covenants and agreements of the Borrower contained in this Section 6.1 shall survive:
(a) payment of the Promissory Note and (b) termination of this Loan Agreement. 
 Section 6.2 Payments.

 All payments hereunder and under the Promissory Note shall be made without set-off or counterclaim and in such amounts as
may be necessary in order that all such payments shall not be less than the amounts otherwise specified to be paid under this Loan Agreement and the Promissory Note, subject to any applicable tax withholding requirements. Upon payment in full of the
Promissory Note, the Lender shall mark such Promissory Note “Paid” and return it to the Borrower. 

Section 6.3 Survival. 
 All agreements, representations and warranties made herein shall survive the delivery of this Loan Agreement and the Promissory Note. 

Section 6.4 Modifications, Consents and Waivers; Entire Agreement. 

No modification, amendment or waiver of or with respect to any provision of this Loan Agreement, the Promissory Note, the Pledge
Agreement, or any of the other Loan Documents, nor consent to any departure from any of the terms or conditions thereof, shall in any event be effective unless it shall be in writing and signed by the party against whom enforcement thereof is
sought. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No consent to or demand on a party in any case shall, of itself, entitle it to any other or further notice or

  
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demand in similar or other circumstances. This Loan Agreement embodies the entire agreement and understanding between the Lender and the Borrower and supersedes all prior agreements and
understandings relating to the subject matter hereof. 
 Section 6.5 Remedies Cumulative. 

Each and every right granted to the Lender hereunder or under any other document delivered hereunder or in connection herewith, or
allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of the Lender or the holder of the Promissory Note to exercise, and no delay in exercising, any right shall operate as a waiver thereof,
nor shall any single or partial exercise of any right preclude any other or future exercise thereof or the exercise of any other right. The due payment and performance of the obligations under the Loan Documents shall be without regard to any
counterclaim, right of offset or any other claim whatsoever which the Borrower may have against the Lender and without regard to any other obligation of any nature whatsoever which the Lender may have to the Borrower, and no such counterclaim or
offset shall be asserted by the Borrower in any action, suit or proceeding instituted by the Lender for payment or performance of such obligations. 
 Section 6.6 Further Assurances; Compliance with Covenants. 
 At
any time and from time to time, upon the request of the Lender, the Borrower shall execute, deliver and acknowledge or cause to be executed, delivered and acknowledged, such further documents and instruments and do such other acts and things as the
Lender may reasonably request in order to fully effect the terms of this Loan Agreement, the Promissory Note, the Pledge Agreement, the other Loan Documents and any other agreements, instruments and documents delivered pursuant hereto or in
connection with the Loan. 
 Section 6.7 Notices. 

Except as otherwise specifically provided for herein, all notices, requests, reports and other communications pursuant to this Loan
Agreement shall be in writing, either by letter (delivered by hand or commercial messenger service or sent by registered or certified mail, return receipt requested, except for routine reports delivered in compliance with Article VI hereof which may
be sent by ordinary first-class mail) or telex or telecopier addressed as follows: 
  

	 	(a)	If to the Borrower: 

 Polonia Bank Employee Stock Ownership Plan Trust 
 c/o First Trust
of MidAmerica 
 1901 Frederick Avenue, Suite 100 

St. Joseph, Missouri 64501 
  

	 	(b)	If to the Lender: 

Polonia Bancorp, Inc. 
 3993 Huntingdon Valley Pike 
 Suite 300 

Huntingdon Valley, Pennsylvania 19006 
 Any notice, request or communication hereunder shall be deemed to have been given on the day on which it is delivered by hand or by commercial messenger service, or sent by telex or telecopier, to such
party at its address specified above, or, if sent by mail, on the third Business Day after the day deposited in the mail, postage prepaid, addressed as aforesaid. Any party may change the person or address to whom or which notices are to be given
hereunder, by notice duly given hereunder; provided, however, that any 

  
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such notice shall be deemed to have been given only when actually received by the party to whom it is addressed. 
 Section 6.8 Counterparts. 
 This Loan Agreement may be signed
in any number of counterparts which, when taken together, shall constitute one and the same document. 
 Section 6.9
Construction; Governing Law. 
 The headings used in the table of contents and in this Loan Agreement are for
convenience only and shall not be deemed to constitute a part hereof. All uses herein of any gender or of singular or plural terms shall be deemed to include uses of the other genders or plural or singular terms, as the context may require. All
references in this Loan Agreement of an Article or Section shall be to an Article or Section of this Loan Agreement, unless otherwise specified. This Loan Agreement, the Promissory Note, the Pledge Agreement and the other Loan Documents shall be
governed by, and construed and interpreted in accordance with, the laws of the Commonwealth of Pennsylvania. 

Section 6.10 Severability. 
 Wherever possible, each provision of this Loan Agreement shall be interpreted in such manner as to be effective and valid under applicable law; however, the provisions of this Loan Agreement are
severable, and if any clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such
jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provisions in this Loan Agreement in any jurisdiction. Each of the covenants, agreements and conditions contained in this Loan
Agreement are independent, and compliance by a party with any of them shall not excuse non-compliance by such party with any other. The Borrower shall not take any action the effect of which shall constitute a breach or violation of any provision of
this Loan Agreement. 
 Section 6.11 Binding Effect: No Assignment or Delegation. 

This Loan Agreement shall be binding upon and inure to the benefit of the Borrower and its successors and the Lender and its successors
and assigns. The rights and obligations of the Borrower under this Agreement shall not be assigned or delegated without the prior written consent of the Lender, and any purported assignment or delegation without such consent shall be void.

 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have caused this Loan Agreement to be executed as of the
date first written above. 
  

			
	 POLONIA BANK
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust Officer
	
	 POLONIA BANCORP, INC.

		
	By:	 	 
		 	Anthony J. Szuszczewicz

  
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 FORM OF 
 ESOP PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (“Pledge
Agreement”) is made as of the [#] day of [month, year], by and between the POLONIA BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (“Pledgor”), and POLONIA BANCORP, INC. (“Pledgee”). 

W I T N E S S E T H 
 WHEREAS, this Pledge Agreement is being executed and delivered to the Pledgee pursuant to the terms of a Loan Agreement (“Loan Agreement”), by and between the Pledgor and the Pledgee;

 NOW, THEREFORE, in consideration of the mutual agreements contained herein and in the Loan Agreement, the parties hereto do
hereby covenant and agree as follows: 
 Section 1. Definitions. The following definitions shall apply for
purposes of this Pledge Agreement, except to the extent that a different meaning is plainly indicated by the context; all capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Loan Agreement:

 “Collateral” shall mean the Pledged Shares and, subject to Section 5 hereof, and to the
extent permitted by applicable law, all rights with respect thereto, and all proceeds of such Pledged Shares and rights. 

“ESOP” shall mean the Polonia Bank Employee Stock Ownership Plan. 

“Event of Default” shall mean an event so defined in the Loan Agreement. 

“Liabilities” shall mean all the obligations of the Pledgor to the Pledgee, howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under the Loan Agreement and the Promissory Note. 
 “Pledged Shares” shall mean all the Shares of Common Stock of the Pledgee purchased by the Pledgor with the proceeds of the loan made by the Pledgee to the Pledgor pursuant
to the Loan Agreement, but excluding any such shares previously released pursuant to Section 4 of this Pledge Agreement. 

Section 2. Pledge. To secure the payment of and performance of all the Liabilities, the Pledgor hereby pledges to the
Pledgee, and grants to the Pledgee, a security interest in, and lien upon, the Collateral. 
 Section 3.
Representations and Warranties of the Pledgor. The Pledgor represents, warrants, and covenants to the Pledgee as follows: 
 (a) the execution, delivery and performance of this Pledge Agreement and the pledging of the Collateral hereunder do not and will not conflict with, result in a violation of, or constitute a default
under, any agreement binding upon the Pledgor; 
 (b) the Pledged Shares are and will continue to be owned by the Pledgor free
and clear of any liens or rights of any other person except the lien hereunder and under the Loan Agreement in favor of the Pledgee, and the security interest of the Pledgee in the Pledged Shares and the proceeds thereof is and will continue to be
prior to and senior to the rights of all others; 

 (c) this Pledge Agreement is the legal, valid, binding and enforceable obligation of the
Pledgor in accordance with its terms; 
 (d) the Pledgor shall, from time to time, upon request of the Pledgee, promptly deliver
to the Pledgee such stock powers, proxies, and similar documents, satisfactory in form and substance to the Pledgee, with respect to the Collateral as the Pledgee may reasonably request; and 

(e) subject to the first sentence of Section 4(b) of this Pledge Agreement, the Pledgor shall not, so long as any Liabilities are
outstanding, sell, assign, exchange, pledge or otherwise transfer or encumber any of its rights in and to any of the Collateral. 
 Section 4. Eligible Collateral. 
 (a) As used herein the term
“Eligible Collateral” shall mean the amount of Collateral which has an aggregate fair market value equal to the amount by which the Pledgor is in default (without regard to any amounts owing solely as the result of an acceleration of the
Loan Agreement) or such lesser amount of Collateral as may be required pursuant to Section 13 of this Pledge Agreement. 

(b) The Pledged Shares shall be released from this Pledge Agreement in a manner conforming to the requirements of Treasury Regulations
Section 54.4975-7(b)(8), as the same may be from time to time amended or supplemented, and the applicable provisions of the ESOP. Subject to the Treasury Regulations, the Pledgee may from time to time, after any Default or Event of Default, and
without prior notice to the Pledgor, transfer all or any part of the Eligible Collateral in the name of the Pledgee or its nominee, without disclosing that such Eligible Collateral is subject to any rights of the Pledgor and may from time to time,
whether before or after any of the Liabilities shall become due and payable, without notice to the Pledgor, take all or any of the following actions: (i) notify the parties obligated on any of the Eligible Collateral to make payment to the
Pledgee of any amounts due or due to become due thereunder, (ii) release or exchange all or any part of the Eligible Collateral, or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of
any nature of any party with respect thereto, and (iii) take control of any proceeds of the Eligible Collateral. 

Section 5. Delivery. 
 (a) The Pledgor shall deliver to the Pledgee upon execution of this Pledge Agreement (i) either (A) certificates for the Pledged Shares, each certificate duly signed in blank by the Pledgor or
accompanied by a stock transfer power duly signed in blank by the Pledgor and each such certificate accompanied by all required documentary or stock transfer tax stamps or (B) if the Trustee does not yet have possession of the Pledged Shares,
an assignment by the Pledgor of all the Pledgor’s rights to and interest in the Pledged Shares and (ii) an irrevocable proxy, in form and substance satisfactory to the Pledgee, signed by the Pledgor with respect to the Pledged Shares.

 (b) Subject to Section 6 of this Pledge Agreement, (i) the Pledgor shall be entitled to exercise any and all voting
and other rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Pledge Agreement, and (ii) the Pledgor shall be entitled to receive any and all cash dividends or other distributions paid
in respect of the Collateral. 
 Section 6. Events of Default. 

(a) If a Default or Event of Default shall be existing, in addition to the rights it may have under the Loan Agreement, the Promissory
Note, and this Pledge Agreement, or by virtue of any other instrument, (i) the Pledgee may exercise, with respect to the Eligible Collateral, from time to time, any rights and remedies available to it under the Uniform Commercial Code as in
effect from time to time in the Commonwealth of Pennsylvania or otherwise available to it and (ii) the Pledgee shall have the right, for and in the name, place and stead of the Pledgor, to execute endorsement, assignments, stock powers

  
 2 

 
and other instruments of conveyance or transfer with respect to all or any of the Eligible Collateral. Written notification of intended disposition of any of the Eligible Collateral shall be
given by the Pledgee to the Pledgor at least three (3) Business Days before such disposition. No action of the Pledgee permitted hereunder shall impair or affect its rights in and to the Eligible Collateral. All rights and remedies of the
Pledgee expressed hereunder are in addition to all other rights and remedies possessed by it, including, without limitation, those contained in the documents referred to in the definition of Liabilities in Section 1 hereof. 

(b) In any sale of any of the Eligible Collateral after a Default or an Event of Default shall have occurred, the Pledgee is hereby
authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid violation of applicable law (including, without limitation, compliance with such procedures as may
restrict the number of prospective bidders and purchasers or further restrict such prospective bidders or purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the
distribution or resale of such Eligible Collateral), or in order to obtain such required approval of the sale or of the purchase by any governmental regulatory authority or official, and the Pledgor further agrees that such compliance shall not
result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Pledgee be liable or accountable to the Pledgor for any discount allowed by reason of the fact that such Eligible Collateral is
sold in compliance with any such limitation or restriction. 
 Section 7. Payment in Full. Upon the payment
in full of all outstanding Liabilities, this Pledge Agreement shall terminate and the Pledgee shall forthwith assign, transfer and deliver to the Pledgor, against receipt and without recourse to the Pledgee, all Collateral then held by the Pledgee
pursuant to the Pledge Agreement. 
 Section 8. No Waiver. No failure or delay on the part of the Pledgee in
exercising any right or remedy hereunder or under any other document which confers or grants any rights to the Pledgee in respect of the Liabilities shall operate as a waiver thereof nor shall any single or partial exercise of any such rights or
remedy preclude any other or further exercise thereof or the exercise of any other right or remedy of the Pledgee. 

Section 9. Binding Effect; No Assignment or Delegation. This Pledge Agreement shall be binding upon and inure to the
benefit of the Pledgor, the Pledgee and their respective successors and assigns, except that the Pledgor may not assign or transfer its rights hereunder without the prior written consent of the Pledgee (which consent shall not unreasonably be
withheld). Each duty or obligation of the Pledgor to the Pledgee pursuant to the provisions of this Pledge Agreement shall be performed in favor of any person or entity designated by the Pledgee, and any duty or obligation of the Pledgee to the
Pledgor may be performed by any other person or entity designated by the Pledgee. 
 Section 10. Governing
Law. This Pledge Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania applicable to agreements to be performed wholly within the Commonwealth of Pennsylvania. 

Section 11. Notices. All notices, requests, instructions or documents hereunder shall be in writing and delivered
personally or sent by United States mail, registered or certified, return receipt requested, with proper postage prepaid as follows: 
  

	 	(a)	If to the Pledgee: 

 Polonia Bancorp, Inc. 
 3993 Huntingdon Valley Pike 

Suite 300 
 Huntingdon Valley, Pennsylvania 19006 

  
 3 

	 	(b)	If to the Pledgor: 

 Polonia Bank Employee Stock Ownership Plan Trust 
 c/o First Trust
of MidAmerica 
 1901 Frederick Avenue, Suite 100 

St. Joseph, Missouri 64501 
 or at such other address as either of the parties may designate by written notice to the other party. If delivered personally, the date on which a notice, request, instruction or document is delivered
shall be the date on which such delivery is made, and, if delivered by mail, the date on which such notice, request, instruction, or document is deposited in the mail shall be the date of delivery. Each notice, request, instruction or document shall
bear the date on which it is delivered. 
 Section 12. Interpretation. Wherever possible each provision of
this Pledge Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision herein shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions hereof. 

Section 13. Construction. All provisions hereof shall be construed so as to maintain (a) the ESOP as a
tax-qualified leveraged employee stock ownership plan under Sections 401(a) and 4975(e)(7) of the Internal Revenue Code of 1986 (the “Code”), (b) the Trust as exempt from taxation under Section 501(a) of the Code and (c) the
loan as an exempt loan under Section 54.4975-7(b) of the Treasury Regulations and as described in Department of Labor Regulation Section 2550.408b-3. 
 [Signature page follows] 

  
 4 

 IN WITNESS WHEREOF, this Pledge Agreement has been duly executed by the parties hereto as of
the day and year first above written. 
  

			
	 POLONIA BANK
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust Officer
	
	POLONIA BANCORP, INC.
		
	By:	 	 
		 	Anthony J. Szuszczewicz

  
 5 

 FORM OF 
 ESOP PROMISSORY NOTE 
 FOR VALUE RECEIVED, the undersigned, the
POLONIA BANK EMPLOYEE STOCK OWNERSHIP PLAN TRUST (the “Borrower”), hereby promises to pay to the order of POLONIA BANCORP, INC. (the “Lender”) up to $[amount] payable in accordance with the Loan Agreement
made and entered into between the Borrower and the Lender of even date herewith (“Loan Agreement”) pursuant to which this Promissory Note is issued. 
 The Principal Amount of this Promissory Note shall be payable in accordance with the schedule attached hereto (“Schedule I”). 

This Promissory Note shall bear interest at the rate per annum set forth or established under the Loan Agreement, such interest to be
payable in accordance with Schedule I. 
 Anything herein to the contrary notwithstanding, the obligation of the Borrower to
make payments of interest shall be subject to the limitation that payments of interest shall not be required to be made to the Lender to the extent that the Lender’s receipt thereof would not be permissible under the law or laws applicable to
the Lender limiting rates of interest which may be charged or collected by the Lender. Any such payments of interest which are not made as a result of the limitation referred to in the preceding sentence shall be made by the Borrower to the Lender
on the earliest interest payment date or dates on which the receipt thereof would be permissible under the laws applicable to the Lender limiting rates of interest which may be charged or collected by the Lender. Such deferred interest shall not
bear interest. 
 Payments of both principal and interest on this Promissory Note are to be made at the principal office of the
Lender or such other place as the holder hereof shall designate to the Borrower in writing, in lawful money of the United States of America in immediately available funds. 
 Failure to make any payments of principal on this Promissory Note when due, or failure to make any payment of interest on this Promissory Note not later than five (5) Business Days after the date
when due, shall constitute a default hereunder, whereupon the principal amount of accrued interest on this Promissory Note shall immediately become due and payable in accordance with the terms of the Loan Agreement. 

This Promissory Note is secured by a Pledge Agreement between the Borrower and the Lender of even date herewith and is entitled to the
benefits thereof. 
  

			
	 POLONIA BANK
 EMPLOYEE STOCK OWNERSHIP PLAN TRUST

	
	  

	Authorized Trust OfficerForm of Warrant to Purchase Series C Convertible Preferred Stock

 Exhibit 4.8 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, WHICH OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 

 

			
	 No. _____-
	  	___________, 2011

 CORONADO BIOSCIENCES, INC. 
 Series C Convertible Preferred Stock Purchase Warrant 
  

 
 THIS CERTIFIES
THAT, for value received, National Securities Corporation (the “Holder”), is entitled to subscribe for and purchase from Coronado Biosciences, Inc., a Delaware corporation (the “Company”), at any time prior to May 31,
2016 (the “Expiration Date”), the Warrant Shares at the Exercise Price (each as defined in Section 1 below) and subject to the following terms and conditions. 

This Warrant is being issued pursuant to that certain Placement Agency Agreement dated May 23, 2011, between the Company and
National Securities Corporation (the “Placement Agency Agreement”) and in connection with the Company’s private offering to accredited investors of its securities in accordance with, and subject to, the terms and conditions
described in that certain Confidential Private Placement Memorandum, dated May 23, 2011, as the same may be amended and supplemented from time to time (the “Private Placement Memorandum”). All warrants that are issued to the
Placement Agent and its designees are referred to herein, collectively, as the “Warrants” and the holders of the Warrants (as well as any subsequent Permitted Transferees and Permitted Designees) along with the Holder named herein, the
“Holders.” 
 This Warrant is subject to the following terms and conditions: 

1. Shares. The Holder has, subject to the terms set forth herein, the right to purchase, at any time at any time and from time to
time on or after the date hereof to and including the Expiration Date, up to ____________ (            ) shares (the “Warrant Shares”) of the Company’s Series C
Convertible Preferred Stock, par value $.001 per share (“Series C Preferred”), at a per share exercise price of $5.59 (the “Exercise Price”). The Exercise Price is subject to adjustment as provided in Section 3
hereof. Notwithstanding the foregoing to the contrary, upon conversion of the Series C Preferred into shares of the Company’s common stock (the “Common Stock”) in accordance with the terms of the Certificate of Designation,
Preferences and Rights of the Series C Preferred, as amended, this Warrant may only be 

 
exercised for shares of Common Stock and all Warrant Shares referred to hereunder shall be deemed to be shares of Common Stock. 

2. Exercise of Warrant. 
 (a) Exercise. This Warrant may be exercised by the Holder at any time and from time to time on or after the date hereof to and including the Expiration Date. At 5:00 p.m., (New York City time) on
the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer be outstanding. The Holder may exercise this Warrant, in whole or in part, by
delivering the notice of exercise attached as Exhibit A hereto (the “Notice of Exercise”), duly executed by the Holder to the Company at its principal office, or at such other office as the Company may designate, accompanied
by payment, in cash or by wire transfer of immediately available funds or by check payable to the order of the Company, of the amount obtained by multiplying the number of Warrant Shares designated in the Notice of Exercise by the Exercise Price
(the “Purchase Price”). For purposes hereof, “Exercise Date” shall mean the date on which all deliveries required to be made to the Company upon exercise of this Warrant pursuant to this Section 2(a) shall have been
made. 
 (b) Exercise by Surrender of Warrant. In addition to the method of payment set forth in
Section 2(a) and in lieu of any cash payment required thereunder, the Holder shall have the right at any time, at any time up to the Expiration Date, to exercise this Warrant, in whole or in part, by surrendering this Warrant in exchange for
the number of shares of Series C Preferred computed by using the following formula: 
  

							
		  		  		  	 X = Y (A - B)

            A

				
	 Where
	  	X	  	=	  	the number of shares of Series C Preferred to be issued to the Holder pursuant to the net exercise.
				
		  	Y	  	=	  	the number of shares of Series C Preferred subject to the Warrant being exercised or, if only a portion of such Warrant is being exercised, the portion of such Warrant being
canceled (at the time of such calculation).
				
		  	A	  	=	  	the Fair Market Value of one share of Series C Preferred (at the date of such calculation).
				
		  	B	  	=	  	the Exercise Price (as adjusted to the date of such calculation).

 For purposes of this Section 2(b), the “Fair Market Value” of one share of Series C Preferred shall mean:

  

	 	(i)	 If the Common Stock is traded Over-The-Counter or Nasdaq or on any other exchange, the per share Fair Market Value for the Series C Preferred Stock
will be the average of the closing bid prices of the Common Stock quoted in the Over-The-

  
 2 

	 	
Counter Market or the closing prices quoted on Nasdaq or any other exchange on which the Common Stock is listed, whichever is applicable, as published in the The Wall Street Journal for the ten
(10) trading days prior to the date of determination of Fair Market Value multiplied by the number of shares of Common Stock into which each share of Series C Preferred Stock is then convertible; or 

 

	 	(ii)	In the event of an exercise in connection with a merger, acquisition or other consolidation in which the Company is not the surviving entity, the per share Fair Market
Value for the Series C Preferred Stock shall be the value to be received per share of Series C Preferred Stock by all holders of the Series C Preferred Stock in such transaction as determined by the Board of Directors; or 

 

	 	(iii)	In any other instance, the per share Fair Market Value for the Series C Preferred Stock shall be as determined in good faith by the Company’s Board of Directors.

 For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant
Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued to the Holder
(provided the U.S. Securities and Exchange Commission continues to take the position that such treatment is proper at the time of such exercise). 
 (c) Issuance of Certificates. As soon as practicable after the exercise of this Warrant, in whole or in part, in accordance with Section 2 hereof, the Company, at its expense, shall cause to
be issued in the name of and delivered to the Holder (i) a certificate or certificates for the number of fully paid and non-assessable Warrant Shares to which the Holder shall be entitled upon such exercise and, if applicable, (ii) a new
warrant of like tenor to purchase all of the Warrant Shares that may be purchased pursuant to the portion, if any, of this Warrant not exercised by the Holder. The Holder shall for all purposes hereof be deemed to have become the Holder of record of
such Warrant Shares on the date on which the Notice of Exercise and payment of the Purchase Price in accordance with Section 2 hereof were delivered and made, respectively, irrespective of the date of delivery of such certificate or
certificates, except that if the date of such delivery, notice and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of record of such Warrant Shares at the close of
business on the next succeeding date on which the stock transfer books are open. 
 (d) Exercise Disputes.
In the case of any dispute with respect to the number of Warrant Shares to be issued upon exercise of this Warrant, the Company shall cause its Transfer Agent to promptly issue such number of Warrant Shares that is not disputed and shall submit the
disputed determinations or arithmetic calculations to the Holder via fax (or, it the Holder has not provided the Company with a fax number, by overnight courier) within five (5) Business Days of receipt of the Holder’s election to purchase
Warrant Shares. If the Holder and the Company are unable to agree as to the determination of the Exercise Price within five (5) Business Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the
Company shall in accordance with this Section, submit via facsimile the disputed determination to its independent auditor. The Company shall cause its independent 

  
 3 

 
auditor to perform the determinations or calculations and notify the Company and the Holder of the results promptly, in writing and in sufficient detail to give the Holder and the Company a clear
understanding of the issue. The determination by the Company’s independent auditor shall be binding upon all parties absent manifest error. If additional shares are required to be issued to the Holder based on the Company’s independent
auditor’s determination, the Company shall then on the next Business Day instruct its Transfer Agent to issue certificate(s) representing the appropriate number of Warrant Shares in accordance with the independent auditor’s determination
and this Section. 
 (e) Taxes. The issuance of the Warrant Shares upon the exercise of this Warrant, and
the delivery of certificates or other instruments representing such Warrant Shares, shall be made without charge to the Company for any tax or other charge of whatever nature in respect of such issuance, and the Holder shall bear any such taxes in
respect of such issuance. 
 3. Adjustment of Exercise Price and Number of Warrant Shares. 

(a) Adjustment for Reclassification, Consolidation or Merger. If while this Warrant, or any portion hereof, remains
outstanding and unexpired there shall be (i) a reorganization or recapitalization (other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), (ii) a merger or consolidation of the Company
with or into another corporation or other entity in which the Company shall not be the surviving entity, or a reverse merger in which the Company shall be the surviving entity but the shares of the Company’s capital stock outstanding
immediately prior to the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or (iii) a sale or transfer of the Company’s properties and assets as, or substantially as, an
entirety to any other corporation or other entity in one transaction or a series of related transactions, then, as a part of such reorganization, recapitalization, merger, consolidation, sale or transfer, unless otherwise directed by the Holder, all
necessary or appropriate lawful provisions shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment of the Exercise Price then in effect, the greatest
number of shares of capital stock or other securities or property that a holder of the Warrant Shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, recapitalization, merger, consolidation, sale
or transfer if this Warrant had been exercised immediately prior to such reorganization, recapitalization, merger, consolidation, sale or transfer, all subject to further adjustment as provided in this Section 3; provided, however that
notwithstanding the foregoing, if all of the Company’s outstanding securities are acquired in an all-cash transaction, the Holder hereby agrees that it may be paid the net value of this Warrant in cash based on the per share value paid to the
other security holders in such transaction, and in accordance with the provisions herein. If the per share consideration payable to the Holder for Warrant Shares in connection with any such transaction is in a form other than cash or marketable
securities, then the value of such consideration shall be determined in good faith by the Company’s Board of Directors (the “Board of Directors”). The foregoing provisions of this paragraph shall similarly apply to successive
reorganizations, recapitalizations, mergers, consolidations, sales and transfers and to the capital stock or securities of any other corporation that are at the time receivable upon the exercise of this Warrant. In all events, appropriate adjustment
shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the transaction, to the end that the provisions of this 

  
 4 

 
Warrant shall be applicable after that event, as near as reasonably may be, in relation to any shares or other property deliverable or issuable after such reorganization, recapitalization,
merger, consolidation, sale or transfer upon exercise of this Warrant. 
 (b) Adjustments for Split,
Subdivision or Combination of Shares. If the Company shall at any time subdivide (by any stock split, stock dividend, recapitalization, reorganization, reclassification or otherwise) the shares of Series C Preferred subject to acquisition
hereunder, then, after the date of record for effecting such subdivision, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Series C Preferred subject to acquisition upon
exercise of the Warrant will be proportionately increased. If the Company at any time combines (by reverse stock split, recapitalization, reorganization, reclassification or otherwise) the shares of Series C Preferred subject to acquisition
hereunder, then, after the record date for effecting such combination, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number of shares of Series C Preferred subject to acquisition upon
exercise of the Warrant will be proportionately decreased. 
 (c) Adjustments for Dividends in Stock or Other
Securities or Property. If while this Warrant, or any portion hereof, remains outstanding and unexpired, the holders of any class of securities as to which purchase rights under this Warrant exist at the time shall have received or, on or after
the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, other or additional stock or other securities or property (other than cash) of the Company by way of dividend,
then and in each case, this Warrant shall represent the right to acquire, in addition to the number of shares of such class of security receivable upon exercise of this Warrant, and without payment of any additional consideration therefor, the
amount of such other or additional stock or other securities or property (other than cash) of the Company that such holder would hold on the date of such exercise had it been the holder of record of the class of security receivable upon exercise of
this Warrant on the date hereof and had thereafter, during the period from the date hereof to and including the date of such exercise, retained such shares and/or all other additional stock available to it as aforesaid during said period, giving
effect to all adjustments called for during such period by the provisions of this Section 3. 
 (d)
Notice of Adjustments. Upon any adjustment of the Exercise Price and any increase or decrease in the number of Warrant Shares purchasable upon the exercise of this Warrant, then, and in each such case, the Company, within thirty
(30) days thereafter, shall give written notice thereof to the Holder at the address of such Holder as shown on the books of the Company, which notice shall state the Exercise Price as adjusted and, if applicable, the increased or decreased
number of Warrant Shares purchasable upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation of each. 
 (e) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest share, as applicable. 

(f) Notice of Corporate Events. If the Company (i) declares a dividend or any other distribution of cash,
securities or other property in respect of its Series C Preferred Stock, including without limitation any granting of rights or warrants to subscribe for or purchase any 

  
 5 

 
capital stock of the Company, (ii) authorizes or approves, or enters into any agreement contemplating or solicits stockholder approval for any merger or consolidation or
(iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction, at least ten calendar
days prior to the applicable record or effective date on which a person would need to hold Series C Preferred Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in
order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice
or any defect therein shall not affect the validity of the corporate action required to be described in such notice. 
 4.
Notices. All notices, requests, consents and other communications required or permitted under this Warrant shall be in writing and shall be deemed delivered (i) three business days after being sent by registered or certified mail, return
receipt requested, postage prepaid or (ii) one business day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below: 

If to the Company to: 
 Coronado Biosciences, Inc. 
 45 Rockefeller Plaza, Suite 2000

 New York NY 10111 
 Attention: Bobby W. Sandage, Jr., Ph.D., CEO 
 Fax:
(212) 554-4355 
 With a copy (that shall not constitute notice) to: 

Cooley LLP 
 500 Boylston Street 
 Boston, MA 02116-3736 

Attention: Marc Recht 
 Fax: (617) 937-2400. 
 If to the Holder at its address as furnished in
the Subscription Agreement. 
 Either party may give any notice, request, consent or other communication under
this Warrant using any other means (including personal delivery, messenger service, telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until
it is actually received by the party for whom it is intended. Either party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other party notice in the manner set forth in
this Section 4. 
 5. Legends. Each certificate evidencing the Warrant Shares issued upon exercise of this Warrant
shall be stamped or imprinted with a legend substantially in the following form: 

  
 6 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR PURSUANT TO AN
APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, WHICH
OPINION SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. 
 6. Removal of Legend. Upon request of a holder of a certificate
with the legends required by Section 5 hereof, the Company shall issue to such holder a new certificate therefor free of any transfer legend, if, with such request, the Company shall have received an opinion of counsel satisfactory to the
Company in form and substance to the effect that any transfer by such holder of the Warrant Shares evidenced by such certificate will not violate the Act or any applicable state securities laws. 

7. Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise hereunder. Instead, the Company
shall round up, as nearly as practicable to the nearest whole Warrant Share, the number of Warrant Shares to be issued. 
 8.
Rights of Stockholders. Except as expressly provided in Section 3(c) hereof, the Holder, as such, shall not be entitled to vote or receive dividends or be deemed the holder of the Warrant Shares or any other securities of the Company
that may at any time be issuable on the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of
directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value,
consolidation, merger, conveyance, or otherwise) or to receive notice of meetings, or otherwise until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise hereof shall have been issued, as provided herein.

 9. Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of
the aggregate of its authorized but unissued and otherwise unreserved Series C Preferred, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then
issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (after giving effect to the adjustments and restrictions of Section 3, if
any). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and
nonassessable. The Company will take all such action as may be necessary to assure that such shares of Series C Preferred may be issued as provided herein without violation 

  
 7 

 
of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Series C Preferred may be listed. 

10. Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued
in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a new Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction, or surrender
of any mutilated Warrant, and customary and reasonable bond or indemnity, if requested. Applicants for a new Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable
third-party costs as the Company may prescribe. 
 11. Miscellaneous. 

(a) Restrictions on Transfers. This Warrant may not be transferred at any time without (i) registration under
the Securities Act or (ii) an exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of the Warrant may be effected without registration under the Securities Act, which
opinion will be in form and from counsel reasonably satisfactory to the Company. 
 (b) Permitted Transfers
and Assignments. Notwithstanding any provision to the contrary in this Section 11, the Holder may transfer, with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates (as
such term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required by Section 11(a) above), provided, that the Holder delivers to the Company and its counsel certification,
documentation, and other assurances reasonably required by the Company’s counsel to enable the Company’s counsel to render an opinion to the Company’s Transfer Agent that such transfer does not violate applicable securities laws.

 (c) Permitted Designees. Notwithstanding anything contained herein, the Company shall, upon written
instructions from the Holder to be delivered to the Company within ninety (90) calendar days following the date of the issuance of this Warrant, transfer all or a portion of this Warrant to officers, directors, employees and other associated
persons of the Holder and other registered dealers, agents and finders (collectively, “Permitted Designees”). Such transfer shall be effective upon delivery of this Warrant and the form of assignment attached hereto. 

(d) Amendments and Waivers. The Company may, without the consent of the Holders (but with written notice to the
Holders), by supplemental agreement or otherwise, (i) make any changes or corrections in this Warrant that are required to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other
provision herein or (ii) add to the covenants and agreements of the Company for the benefit of the Holders (including, without limitation, reduce the Exercise Price or extend the Expiration Date), or surrender any rights or power reserved to or
conferred upon the Company in this Warrant; provided that, in the case of (i) or (ii), such changes or corrections shall not adversely affect the interests of Holders of then outstanding Warrants. This Warrant may also be amended

  
 8 

 
or waived with the written consent of the Company and the Holders holding a majority of the then outstanding Warrants. 

(e) Governing Law; Venue; Waiver of Jury Trial. This Warrant shall be governed by and construed exclusively in
accordance with the internal laws of the State of New York regard to the conflicts of laws principles thereof. The parties hereto hereby expressly and irrevocably agree that any suit or proceeding arising directly and/or indirectly pursuant to,
arising out of or under this Warrant, shall be brought solely and exclusively in a federal or state court located in New York. By its execution hereof, the parties hereby expressly covenant and irrevocably submit to the in personam jurisdiction of
the federal and state courts located in New York and agree that any process in any such action may be served upon any of them personally, or by certified mail or registered mail upon them or their agent, return receipt requested, with the same full
force and effect as if personally served upon them in New York. The parties hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such suit or proceeding and any defense or lack of in personam
jurisdiction with respect thereto. In the event of any such action or proceeding (including, but not limited to, any motions made), the party prevailing therein shall be entitled to payment from the other party hereto of its reasonable counsel fees
and disbursements. The Company and Holders hereby waive all rights to a trial by jury. 
 (f) Partial
Invalidity. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or
impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this
Warrant. 
 (g) Headings. The headings herein are for convenience only, do not constitute a part of this
Warrant and shall not be deemed to limit or affect any of the provisions hereof. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer. 
  

			
	CORONADO BIOSCIENCES, INC.
		
	By 	 	 
		 	Name:
		 	Title:

  
 10 

 Exhibit A 

FORM OF EXERCISE NOTICE 
 (To be executed by the Holder to exercise the right to purchase shares of Series C 

Preferred Stock under the foregoing Warrant) 
 To: CORONADO BIOSCIENCES, INC. 
 The undersigned is the Holder of Warrant No. _______ (the
“Warrant”) issued by Coronado Biosciences, Inc., a Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined have the respective meanings set forth in the Warrant. 

The Warrant is currently exercisable to purchase a total of ______________ Warrant Shares. 

 

	 	(b)	The undersigned Holder hereby exercises its right to purchase _________________ Warrant Shares pursuant to the Warrant. 

 

	 	(c)	The holder shall make payment of the Exercise Price as follows (check one): 

 

	 	 	_______________ “Cash Exercise” under Section 2(a). 

  

	 	 	_______________ “Cashless Exercise” under Section 2(b). 

  

	 	(d)	If the holder is making a Cash Exercise, the holder shall pay the sum of $____________ to the Company in immediately available funds in accordance with the terms of the
Warrant. 

  

	 	(e)	Pursuant to this exercise, the Company shall deliver to the holder ______________ Warrant Shares in accordance with the terms of the Warrant. 

 

	 	(f)	Following this exercise, the Warrant shall be exercisable to purchase a total of ______________ Warrant Shares. 

  
 11 

	 	(g)	The Holder represents that, as of the date of exercise: 

  

	 	i.	the Warrant Shares being purchased pursuant to this Exercise Notice are being acquired solely for the Holder’s own account and not as a nominee for any other
party, for investment, and not with a view toward distribution or resale; and 

  

	 	ii.	the Holder is an “accredited investor” as such term is defined in Rule 501(a)(1) of Regulation D promulgated by the U.S. Securities and Exchange
Commission under the Securities Act. 

  

	 	(h)	If the Holder cannot make the representations required in Section (h)(ii) above because it is factually incorrect, it shall be a condition to the exercise of the
Warrant that the Company receive such other representations as the Company considers necessary, acting reasonably, to assure the Company that the issuance of securities upon exercise of this Warrant shall not violate any United States or other
applicable securities laws. 

  

									
	Dated: _____________, __	 		 	Name of Holder:	 	 
		 		 		 	(Print)
				
		 		 	By:	 	 
		 		 	Name:	 	 
		 		 	Title:	 	 
		 		 	 (Signature must conform in all respects to name

of holder as specified on the face of the Warrant)

  
 12 

 FORM OF ASSIGNMENT 
 [To be completed and signed only upon transfer of Warrant] 
 FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto ________________________________ the right represented by the within Warrant to purchase ____________ shares of Series C Preferred Stock of Coronado Biosciences, Inc. to which the within
Warrant relates and appoints ________________ attorney to transfer said right on the books of Coronado Biosciences, Inc. with full power of substitution in the premises. 
 The undersigned transferee agrees to be bound by the covenants of the Warrant Holder during the term of the Warrant. 
 The undersigned transferee agrees represents and warrants that: 
  

	 	i.	the Warrant Shares being purchased pursuant to this Assignment are being acquired solely for the transferee’s own account and not as a nominee for any other party,
for investment, and not with a view toward distribution or resale; and 

  

	 	ii.	the undersigned transferee is an “accredited investor” as such term is defined in Rule 501(a)(1) of Regulation D promulgated by the Securities and Exchange
Commission under the Securities Act. 

 If the undersigned transferee cannot make the representations required in
clause (ii) above because it is factually incorrect, it shall be a condition to the transfer of the Warrant that the Company receive such other representations as the Company considers necessary, acting reasonably, to assure the Company that
the transfer of this Warrant shall not violate any United States or other applicable securities laws. 
 Dated: _____________, __ 

 

					
			
	 	 		 	  
		 		 	 (Signature must conform in all respects to name of holder
 as specified on the face of the Warrant)

			
		 		 	  
		 		 	Address of Transferee
			
		 		 	  
			
		 		 	  
			
		 		 	  
		 		 	Signature of Transferee

 In the presence of: 
  

					
			
	  	 		 	 
		 		 	(Signature and Date)

  
 13

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