Document:

Exhibit 4.3

 

[Form of Warrant Certificate]

 

[FACE]

 

Number

 

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

 

SENTINEL ENERGY SERVICES INC.

 

Incorporated Under the Laws of the State
of Delaware

 

CUSIP 81728P 113

 

Warrant Certificate

 

This Warrant Certificate certifies
that, or its registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase shares of Class A Common Stock, $0.0001 par value per share (“Class
A Common Stock”), of Sentinel Energy Services Inc., a Delaware corporation (the “Company”).
Each Warrant entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive
from the Company that number of fully paid and non-assessable shares of Class A Common Stock as set forth below, at the exercise
price (the “Exercise Price”) as determined pursuant to the Warrant Agreement, payable in lawful money
of the United States of America (or through “cashless exercise” as provided for in the Warrant Agreement)
upon surrender of this Warrant Certificate and payment of the Exercise Price at the office or agency of the Warrant Agent referred
to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate
but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each Warrant is initially exercisable for
one fully paid and non-assessable share of Class A Common Stock. The number of shares of Class A Common Stock issuable upon exercise
of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Exercise Price is equal to $11.50
per share. The Exercise Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

Subject to the conditions set forth in the
Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised by the end of
such Exercise Period, such Warrants shall become void.

 

Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have
the same effect as though fully set forth at this place.

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

This Warrant Certificate shall be governed
by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	SENTINEL ENERGY SERVICES INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	
        CONTINENTAL STOCK TRANSFER

        & TRUST COMPANY as Warrant Agent

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

[Form of Warrant Certificate]

 

[Reverse]

 

The Warrants evidenced by this Warrant Certificate
are part of a duly authorized issue of Warrants entitling the holder on exercise to receive shares of Class A Common Stock and
are issued or to be issued pursuant to a Warrant Agreement dated as of November 2, 2017 (the “Warrant Agreement”),
duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder
hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the
meanings given to them in the Warrant Agreement.

 

Warrants may be exercised at any time during
the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate may exercise
them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed,
together with payment of the Exercise Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon
any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
of Warrants not exercised.

 

Notwithstanding anything else in this Warrant
Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement covering
the shares of Class A Common Stock to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder
relating to the shares of Class A Common Stock is current, except through “cashless exercise” as provided
for in the Warrant Agreement.

 

The Warrant Agreement provides that upon
the occurrence of certain events the number of shares of Class A Common Stock issuable upon exercise of the Warrants set forth
on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be
entitled to receive a fractional interest in a share of Class A Common Stock, the Company shall, upon exercise, round down to the
nearest whole number of shares of Class A Common Stock to be issued to the holder of the Warrant.

 

Warrant Certificates, when surrendered at
the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant
Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing
in the aggregate a like number of Warrants.

 

Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental
charge imposed in connection therewith.

 

The Company and the Warrant Agent may deem
and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation of
ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s)
hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company.

 

     

     

    

 

Election to Purchase

 

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably elects
to exercise the right, represented by this Warrant Certificate, to receive shares of Class A Common Stock and herewith tenders
payment for such shares of Class A Common Stock to the order of Sentinel Energy Services Inc. (the “Company”)
in the amount of $                    in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Class
A Common Stock be registered in the name of                   , whose address is and that such shares of Class A Common Stock be delivered
to whose address is                               . If said number of shares is less than all of the shares of Class A Common Stock purchasable hereunder,
the undersigned requests that a new Warrant Certificate representing the remaining balance of such shares of Class A Common Stock
be registered in the name of                 , whose address is and that such Warrant Certificate be delivered to                  , whose address is
               .

 

In the event that the Warrant has been called
for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise
pursuant to Section 6.3 of the Warrant Agreement, the number of shares of Class A Common Stock that this Warrant is exercisable
for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.

 

In the event that the Warrant is a Private
Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
of the Warrant Agreement, the number of shares of Class A Common Stock that this Warrant is exercisable for shall be determined
in accordance with subsection 3.3.1(c) of the Warrant Agreement.

 

In the event that the Warrant is to be exercised
on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of shares of
Class A Common Stock that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant
Agreement.

 

In the event that the Warrant may be exercised,
to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of shares of Class A Common Stock that
this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows
for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to
exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement,
to receive shares of Class A Common Stock. If said number of shares is less than all of the shares of Class A Common Stock purchasable
hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing
the remaining balance of such shares of Class A Common Stock be registered in the name of                 , whose address is and that such
Warrant Certificate be delivered to                        , whose address is               .

 

[Signature Page follows]

 

     

     

    

 

Date:                 , 20

 

	 	 
	 	(Signature)
	 	 
	 	 
	 	 
	 	 
	 	(Address)
	 	 
	 	 
	 	(Tax Identification Number)

 

Signature Guaranteed:

 

THE SIGNATURE(S) SHOULD BE GUARANTEED
BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).Exhibit 4.1

  

   

  

  
    FORM OF SUBORDINATED
            NOTE

    6.50% Fixed to Floating Rate Subordinated Note due December 31, 2028.

    

    

    THIS OBLIGATION (THIS “NOTE”)

        IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION (THE “FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR FUND.

    THE INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED AND JUNIOR IN RIGHT OF PAYMENT TO THE CLAIMS OF
        CREDITORS (OTHER THAN CREDITORS OF EXISTING OR FUTURE SUBORDINATED DEBT) OF QUAINT OAK BANCORP, INC. (THE “ISSUER”), INCLUDING OBLIGATIONS OF THE ISSUER TO ITS
        GENERAL AND SECURED CREDITORS AND IS UNSECURED.  IT IS INELIGIBLE AS COLLATERAL FOR ANY EXTENSION OF CREDIT BY THE ISSUER OR ANY OF ITS SUBSIDIARIES.  IN THE EVENT OF LIQUIDATION ALL CREDITORS OF THE ISSUER (OTHER THAN CREDITORS OF EXISTING AND
        FUTURE SUBORDINATED INDEBTEDNESS OF THE ISSUER) SHALL BE ENTITLED TO BE PAID IN FULL WITH SUCH INTEREST AS MAY BE PROVIDED BY LAW BEFORE ANY PAYMENT SHALL BE MADE ON ACCOUNT OF PRINCIPAL OF OR INTEREST ON THIS NOTE.  AFTER PAYMENT IN FULL OF ALL
        SUMS OWING TO SUCH CREDITORS, THE HOLDER OF THIS NOTE AND THE HOLDERS OF OTHER OBLIGATIONS RANKING PARI PASSU WITH THIS NOTE SHALL BE ENTITLED TO BE PAID FROM THE REMAINING ASSETS OF THE ISSUER THE UNPAID PRINCIPAL AMOUNT OF THIS NOTE PLUS ACCRUED
        AND UNPAID INTEREST THEREON BEFORE ANY PAYMENT OR OTHER DISTRIBUTION, WHETHER IN CASH, PROPERTY OR OTHERWISE, SHALL BE MADE ON ACCOUNT OF ANY SHARES OF CAPITAL STOCK OF THE ISSUER.

    THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 AND MULTIPLES OF $1,000
        IN EXCESS THEREOF.  ANY ATTEMPTED TRANSFER OF THIS NOTE IN A DENOMINATION OF LESS THAN $1,000 SHALL BE DEEMED TO BE VOID AND OF NO LEGAL EFFECT WHATSOEVER.  ANY SUCH PURPORTED TRANSFEREE SHALL BE DEEMED NOT TO BE THE HOLDER OF THIS NOTE FOR ANY
        PURPOSE, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF PAYMENTS ON THIS NOTE, AND SUCH PURPORTED TRANSFEREE SHALL BE DEEMED TO HAVE NO INTEREST WHATSOEVER IN THIS NOTE.

    THIS NOTE MAY BE SOLD ONLY IN COMPLIANCE WITH APPLICABLE FEDERAL AND STATE SECURITIES LAWS.  THIS NOTE HAS NOT
        BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS. 
        NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
        THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     

      

    
      
        

    

    
      CERTAIN ERISA CONSIDERATIONS:

      

      

      THE HOLDER OF THIS NOTE, OR ANY INTEREST HEREIN, BY ITS ACCEPTANCE HEREOF OR THEREOF AGREES, REPRESENTS AND WARRANTS THAT IT IS NOT
          AN EMPLOYEE BENEFIT PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER PLAN OR ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),

          OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (EACH A “PLAN”),

          OR AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF ANY PLAN’S INVESTMENT IN THE ENTITY, AND NO PERSON INVESTING “PLAN ASSETS” OF ANY PLAN MAY ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST HEREIN, UNLESS SUCH PURCHASER OR HOLDER
          IS ELIGIBLE FOR THE EXEMPTIVE RELIEF AVAILABLE UNDER U.S. DEPARTMENT OF LABOR PROHIBITED TRANSACTION CLASS EXEMPTION 96-23, 95-60, 91-38, 90-1 OR 84-14 OR ANOTHER APPLICABLE EXEMPTION OR ITS PURCHASE AND HOLDING OF THIS NOTE, OR ANY INTEREST
          HEREIN, ARE NOT PROHIBITED BY SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE WITH RESPECT TO SUCH PURCHASE AND HOLDING. ANY PURCHASER OR HOLDER OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE REPRESENTED BY ITS PURCHASE AND HOLDING
          THEREOF THAT EITHER: (i) IT IS NOT AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN TO WHICH TITLE I OF ERISA OR SECTION 4975 OF THE CODE IS APPLICABLE, A TRUSTEE OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN, OR ANY OTHER
          PERSON OR ENTITY USING THE “PLAN ASSETS” OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO FINANCE SUCH PURCHASE OR (ii) SUCH PURCHASE OR HOLDING WILL NOT RESULT IN A PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE FOR
          WHICH FULL EXEMPTIVE RELIEF IS NOT AVAILABLE UNDER APPLICABLE STATUTORY OR ADMINISTRATIVE EXEMPTION.

      

      

      ANY FIDUCIARY OF ANY PLAN WHO IS CONSIDERING THE ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN SHOULD CONSULT
          WITH HIS OR HER LEGAL COUNSEL PRIOR TO ACQUIRING THIS NOTE OR ANY INTEREST HEREIN.

      

        

      

      

      

      
        
          

      

      
      
        	
                Date:          December

                      27, 2018

              	
                Principal

              	 
	 	
                Amount:

              	
                $[●],000,000

              
	 	 	   
	
                Cert. No. [●]

              	
                CUSIP:

              	
                74732T AA4

              

        

        QUAINT OAK BANCORP,
              INC.

            6.50% Fixed-to-Floating Rate Subordinated Note due
              December 31, 2028

        1.          Payment.

        (a)          Quaint Oak Bancorp Inc., a Pennsylvania corporation (the “Issuer”), for value received, hereby promises to pay to the order of [●] or
              its registered assigns (the “Holder”) the principal sum of [●] Million Dollars (U.S.) ($[●],000,000) plus accrued but unpaid interest on December 31, 2028 (the
              “Maturity Date”) and to pay interest in arrears on such principal amount at the initial rate of 6.50% per annum (computed on the basis of a 360-day year of
              twelve 30-day months) from December 27, 2018 until December 31, 2023, on March 31, June 30, September 30 and December 31 of each year (each, a “Fixed Interest Payment Date”).

              Thereafter, the Issuer will pay interest in arrears on the principal amount of this Note at a variable rate equal to three month LIBOR plus 375.2 basis points (computed on the basis of a 360-day year and the actual number of days elapsed in
              each month) payable each March 31, June 30, September 30 and December 31 (each a “Floating Interest Payment Date”).  “Interest Payment Date” shall mean any Fixed Interest Payment Date or Floating Interest Payment Date. The interest rate applicable to each quarterly Floating Interest Payment Date shall be the rate as
              determined pursuant to the preceding sentence on each December 15, March 15, June 15 and September 15.  If any payment of interest or principal is not paid in full when the same becomes due and payable, then interest will be compounded
              quarterly.

        “LIBOR” means the 3-month USD LIBOR, which will be the offered rate for 3-month deposits in U.S. dollars, as
            that rate appears on the Reuters Screen LIBOR01 Page (or any successor page thereto) as of 11:00 a.m., London time, as observed two London banking days prior to the first day of the applicable floating rate interest period. If at any time while
            any Notes are outstanding LIBOR ceases to exist or be reported on the Reuters Screen, the Issuer shall select (with notice to each Holder) an alternative rate, including any spread adjustments thereto (the “Alternative Rate”). Issuer shall use
            its commercially reasonable judgment in determining the Alternative Rate based on that rate determined by the U.K Financial Conduct Authority (the “FCA”) and generally being used as the successor to 3-month USD LIBOR; if no such successor rate
            has been determined by the FCA, Issuer shall use its commercially reasonable judgment in determining the Alternative Rate generally being used as the successor to 3-month USD LIBOR; provided, however, that, in either case, if the Issuer is
            notified by holders of a majority of the Subordinated Notes within five (5) Business Days after the receipt by all holders of notice of such Alternative Rate selection that such holders reasonably believe that such Alternative Rate is not
            consistent with the successor for LIBOR, including any spread adjustments, generally used in quarterly pay floating rate obligations, then the Alternative Rate shall be the rate selected by the holders of a majority of the Subordinated Notes,
            each using their commercially reasonable judgment in identifying an alternative rate that is consistent with the successor for LIBOR, including any spread adjustments, generally used in quarterly pay floating rate obligations. In the event the
            holders of a majority of the Subordinated Notes cannot reach agreement on such Alternative Rate within fifteen (15) business days of the Issuer’s notification of its proposed Alternative Rate under this Section, the Alternative Rate shall be
            the rate identified by the holder of the largest principal amount of Notes, selected based on such holder’s commercially reasonable judgment as to an alternative rate that is consistent with the successor for LIBOR, including any spread
            adjustments, generally used in quarterly pay floating rate obligations.  All references herein to “LIBOR” will mean such Alternative Rate.

        

        

        
          1

          
            

        

        (b)          Any payment of principal of or interest on this 6.50% Fixed to Floating Rate Subordinated Note (this “Note”) that would otherwise
              become due and payable on a day which is not a Business Day shall become due and payable on the next succeeding Business Day, with the same force and effect as if made on the date for payment of such principal or interest, and no interest
              shall accrue in respect of such payment for the period after such day.  The term “Business Day” means any day that is not a Saturday or Sunday and that is not a
              day on which banks in the Commonwealth of Pennsylvania are generally authorized or required by law or executive order to be closed.

        2.          Subordinated Notes.  This Note is one of a duly authorized issue of notes of the Issuer designated as 6.50% Fixed to Floating
              Subordinated Notes due January 15, 2029 (herein called the “Subordinated Notes”), limited in aggregate principal amount to $8,000,000.

        3.          Subordination.  The indebtedness of the Issuer evidenced by the Subordinated Notes, including the principal and interest on this Note,
              shall be subordinate and junior in right of payment to the prior payment in full of all existing claims of creditors of the Issuer, whether now outstanding or subsequently created, assumed or incurred (collectively, “Senior Indebtedness”), which shall consist of principal of (and premium, if any) and interest, if any, on: (a) all indebtedness of the Issuer for money borrowed, whether or not
              evidenced by bonds, debentures, securities, notes or other written instruments, and all obligations to the Issuer’s general and secured creditors; (b) any deferred obligations of the Issuer for the payment of the purchase price of property or
              assets acquired (other than such obligations to trade creditors related to property or assets acquired in the ordinary course of business); (c) all obligations, contingent or otherwise, of the Issuer in respect of any letters of credit,
              bankers’ acceptances, security purchase facilities and similar credit transactions; (d) any capital lease obligations of the Issuer; (e) all obligations of the Issuer in respect of interest rate swap, cap or other agreements, interest rate
              future or option contracts, currency swap agreements, currency future or option contracts, commodity contracts and other similar arrangements; (f) any obligation of the Company to its general creditors, as defined for purposes of the capital
              adequacy regulations of the FRB applicable to Company, as the same may be amended or modified from time to time; (g) all obligations of the type referred to in clauses (a) through (f) of other persons for the payment of which the Issuer is
              responsible or liable as obligor, guarantor or otherwise; and (h) all obligations of the types referred to in clauses (a) through (g) of other persons secured by a lien on any property or asset of the Issuer; except “Senior Indebtedness” does
              not include (i) the Subordinated Notes, (ii) any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, or (iii) any indebtedness between the Issuer and any of its subsidiaries
              or Affiliates.  This Note is not secured by any assets of the Issuer.  “Affiliate” means, with respect to any Person, such Person’s immediate family members,
              partners, members or parent and subsidiary corporations, and any other Person directly or indirectly controlling, controlled by, or under common control with said Person and their respective Affiliates.  “Person” means an individual, a corporation (whether or not for profit), a partnership, a limited liability company, a joint venture, an association, a trust, an unincorporated organization, a
              government or any department or agency thereof (including a governmental agency) or any other entity or organization.

         

            

        
          2

          
            

        

        In the event of any bankruptcy, insolvency, dissolution, assignment for the benefit of
            creditors or any liquidation or winding up of or relating to the Issuer, whether voluntary or involuntary, holders of Senior Indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal of or
            interest on the Subordinated Notes, including this Note.  In the event of any such proceeding, after payment in full of all sums owing with respect to the Senior Indebtedness, the registered holders of the Subordinated Notes from time to time,
            together with the holders of any obligations of the Issuer ranking on a parity with the Subordinated Notes, shall be entitled to be paid from the remaining assets of the Issuer the unpaid principal thereof, and the unpaid interest thereon
            before any payment or other distribution, whether in cash, property or otherwise, shall be made (i) with respect to any obligation that by its terms expressly is junior to, or ranks equally in right of payment with, the Subordinated Notes, or
            any indebtedness between the Issuer and any of its subsidiaries or Affiliates or (ii) on account of any capital stock.

        If there shall have occurred and be continuing (a) a default in any payment with respect
            to any Senior Indebtedness or (b) an event of default with respect to any Senior Indebtedness as a result of which the maturity thereof is accelerated, unless and until such payment default or event of default shall have been cured or waived or
            shall have ceased to exist, no payments shall be made by the Issuer with respect to the Subordinated Notes.  The provisions of this paragraph shall not apply to any payment with respect to which the immediately preceding paragraph of this Section 3 would be applicable.

        4.          Merger and Sale of Assets.  The Issuer shall not merge into another entity or convey, transfer or lease substantially all of its
              properties and assets to any person, unless:

        (a)          the continuing entity into which the Issuer is merged or the person which acquires by conveyance or transfer or which leases substantially all of the properties and assets of the Issuer shall be a corporation,
              association or other legal entity organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and any premium and
              interest on the Subordinated Notes according to their terms, and the due and punctual performance of all covenants and conditions hereof on the part of the Issuer to be performed or observed; and

        (b)          immediately after giving effect to such transaction, no Event of Default (as defined below), and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be
              continuing.

        5.          Events of Default; Acceleration; Compliance Certificate. Notwithstanding any cure periods provided for below, the Issuer shall
              promptly notify Holder in writing when Issuer becomes aware of the happening of any event described below. Regardless of whether Issuer has provided the forgoing notice, each of the following events shall constitute an “Event of Default”:

         

            

        
          3

          
            

        

        (a)          the issuer fails to pay any principal or installment of interest on this Note when due (or, in the case of interest, within fifteen (15) days of its due date);

        (b)          the Issuer materially fails to keep or perform any of its material agreements, undertakings, obligations, covenants or conditions under the Subordinated Note Purchase Agreement (the “Purchase Agreement”) or this Subordinated Note (other than as provided for under paragraph (a) above) and such failure continues for a period of thirty (30) days after the Issuer has
              received written notice thereof from the Holder;

        (c)          any certification made to the Holder pursuant to the Purchase Agreement by the Issuer or otherwise made in writing to Holder in connection with or as contemplated by the Purchase Agreement or this Subordinated Note
              by the Issuer shall be materially incorrect or false as of the delivery date of such certification, or any representation to Holder by the Issuer as to the financial condition or credit standing of the Issuer is or proves to be materially
              false or misleading;

        (d)          the entry of a decree or order for relief in respect of the Issuer by a court having jurisdiction in the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization
              law, now or hereafter in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect for a period of sixty (60) consecutive days; or

        (e)          the Issuer (i) becomes insolvent or is unable to pay its debts as they mature, (ii) makes an assignment for the benefit of creditors, (iii) admits in writing its inability to pay its debts as they mature, or (iv)
              ceases to be a savings and loan holding company under the Home Owners’ Loan Act, as amended, or a bank holding company or financial holding company under the Bank Holding Company Act of 1956, as amended; and

        (f)          the liquidation of the Issuer (for avoidance of doubt, “liquidation” does not include any merger, consolidation, sale of equity or assets or reorganization (exclusive of a reorganization in bankruptcy) of the Issuer
              or any of its subsidiaries).

        Unless the principal of this Note already shall have become due and payable, if an Event
            of Default set forth in subsection (d) or (f) above shall have occurred and be continuing, the Holder of this Note, by notice in writing to the Issuer, may declare the principal amount of this Note to be due and payable immediately and, upon
            any such declaration the same shall become and shall be immediately due and payable.  EXCEPT AS DESCRIBED IN THE PRECEDING SENTENCE, THERE IS NO RIGHT OF ACCELERATION IN THE CASE OF A DEFAULT IN THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY,
            OR INTEREST ON THIS NOTE OR IN THE PERFORMANCE OF ANY OTHER OBLIGATION OF THE ISSUER HEREUNDER.

        The Issuer waives demand, presentment for payment, notice of nonpayment, notice of
            protest, and all other notices. The Issuer, within forty-five (45) calendar days after the receipt of written notice from any Holder of the occurrence of an Event of Default with respect to this Note, shall mail to all Holders, at their
            addresses shown on the Security Register (as defined in Section 12 below), such written notice of Event of Default, unless such Event of Default shall have been
            cured or waived before the giving of such notice as certified by the Issuer in writing.

         

          

        
          4

          
            

        

        6.          Affirmative Covenants of the Issuer.

        (a)          Notice of Certain Events.  The Issuer shall provide written notice to the Holder of the occurrence of any of the following events
              within thirty calendar days of  the Issuer becoming aware of the occurrence of such event:

        (i)          The total risk-based capital ratio, Tier 1 risk-based capital ratio, common equity Tier 1 risk-based capital ratio or leverage ratio of the Issuer and the Bank is less than ten percent (10.0%), eight percent (8.0%),
              six and one half percent (6.5%) or five percent (5.0%), respectively, as of the end of any calendar quarter;

        (ii)          The Issuer, the Bank or any officer of the Issuer or the Bank, becomes subject to any formal, written regulatory enforcement action;

        (iii)          The ratio of (A) non-accrual loans and any other loans that are ninety (90) days or more past due plus other real estate owned (excluding any such loans that are guaranteed or covered by any governmental agency or
              government-sponsored entity) to (B) total assets of the Issuer becomes greater than four percent (4.0%), as of the end of any calendar quarter;

        (iv)          The appointment, resignation, removal or termination of the chief executive officer, president, chief operating officer, chief financial officer, chief credit officer, chief lending officer or any director of the
              Issuer;

        (v)          There is a change in ownership, from the ownership on the Closing Date, of 25% or more of the outstanding securities of the Issuer entitled to vote for the election of directors; or

        (vi)          The Issuer undertakes the issuance of any additional Indebtedness.

        If the information described in this Section 6(a) is disclosed by the Issuer in filings the Issuer makes
            with the SEC, the Issuer will be deemed to have furnished written notice to the Holder in compliance with the requirements of this Section 6(a).  The Issuer may condition providing written notice under this Section 6(a) on the receipt of a
            confidentiality agreement executed by the Holder in a form reasonably acceptable to the Issuer.

        (b)          Compliance with Laws.  The Issuer and each Subsidiary shall comply with the requirements of all laws, regulations, orders and decrees
              applicable to it or its properties, except for such noncompliance that would not reasonably be expected to result in a material adverse effect (i) in the condition (financial or otherwise), or in the earnings of the Issuer, whether or not
              arising in the ordinary course of business, or (ii) on the ability of the Issuer to perform its obligations under this Subordinated Note.

        (c)          Taxes and Assessments.  The Issuer shall punctually pay and discharge all taxes, assessments, and other governmental charges or levies
              imposed upon it or upon its income or upon any of its properties; provided, that no such taxes, assessments or other governmental charges need be paid if they are being contested in good faith by the Issuer.

         

            

        
          5

          
            

        

        (d)          Compliance Certificate.  Not later than ninety (90) days following the end of each fiscal year, the Issuer shall provide each Holder
              with a certificate (the “Compliance Certificate”), executed by the principal executive officer and principal financial officer of the Issuer in their capacities
              as such, stating whether (i) the Issuer has complied with all notice provisions and covenants contained in this Note; (ii) an Event of Default has occurred; (iii) an event of default has occurred under any other indebtedness of the Issuer;
              and (iv) any event or events have occurred that in the reasonable judgment of the management of the Issuer would have a material adverse effect on the ability of the Issuer to perform its obligations under this Subordinated Note.

        7.          Negative Covenants.

        (a)          Limitation on Dividends.  The Issuer shall not declare or pay any dividend or make any distribution on capital stock or other equity
              securities of any kind of the Issuer if either of the Issuer or the Bank is not “well capitalized” for regulatory purposes immediately prior to the declaration of such dividend or distribution, except for dividends payable solely in shares of
              common stock of the Issuer.

        (b)          Certain Transactions. Subject to the provisions of Section 4, the Issuer shall not take any action, omit to take any action or enter into any other transaction that
              would have the effect of (i) the liquidation or dissolution of the Bank, (ii) the Bank ceasing to be an “insured depository institution” under Section 3(c)(2) of the Federal Deposit Insurance Act, as amended, or (iii) the Issuer owning less
              than one hundred percent (100%) of the capital stock of the Bank.

        

        

        8.          Failure to Make Payment.  In the event of failure by the Issuer to make any required payment of principal or interest on this Note
              (and, in the case of payment of interest, such failure to pay shall have continued for fifteen (15) calendar days), the Issuer will, upon demand of the Holder, pay to the Holder the amount then due and payable on this Note for principal and
              interest (without acceleration of the Note in any manner), with interest on the overdue principal and interest at the rate borne by this Note, to the extent permitted by applicable law.  If the Issuer fails to pay such amount upon such
              demand, the Holder may, among other things, institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer and collect
              the amounts adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer.

        Upon the occurrence of a failure by the Issuer to make any required payment of principal
            or interest on the Note, or an Event of Default until such Event of Default is cured by the Issuer, the Issuer shall not (a) declare or pay any dividends or distributions on, or redeem, purchase, acquire, or make a liquidation payment with
            respect to, any of the Issuer’s capital stock, (b) make any payment of principal or interest or premium, if any, on or repay, repurchase or redeem any debt securities of the Issuer that rank equal with or junior to the Subordinated Notes, or
            (c) make any payments under any guarantee that ranks equal with or junior to the Subordinated Notes, other than (i) any dividends or distributions in shares of, or options, warrants or rights to subscribe for or purchase shares of, any class of
            the Issuer’s common stock; (ii) any declaration of a dividend in connection with the implementation of a shareholders’ rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights
            pursuant thereto; (iii) as a result of a reclassification of the Issuer’s capital stock or the exchange or conversion of one class or series of the Issuer’s capital stock for another class or series of the Issuer’s capital stock; (iv) the
            purchase of fractional interests in shares of the Issuer’s capital stock pursuant to the conversion or exchange provisions of such capital stock or the security being converted or exchanged; or (v) purchases of any class of the Issuer’s common
            stock related to the issuance of common stock or rights under any benefit plans for the Issuer’s directors, officers or employees or any of the Issuer’s dividend reinvestment plans. The limitations imposed by the provisions of this Section 8 shall apply whether or not the Holder has notified the Issuer of an Event of Default.

         

          

        
          6

          
            

        

        9.          Redemption.

        (a)          Redemption Prior to Fifth Anniversary.  Subject to Section 9(f) hereof, this Note shall not be redeemable by the Issuer prior to the
              fifth anniversary of the date upon which this Note was originally issued to Holder (the “Issue Date”), except that in the event (i) ) the Company is subject to
              the consolidated capital requirements under applicable regulations of the FRB and after such time this Note no longer qualifies as “Tier 2” capital (as defined by the FRB) as a result of a change in interpretation or application of law or
              regulation by any judicial, legislative or regulatory authority that becomes effective after the date of issuance of this Note,  (ii) of a Tax Event (as defined below) or (iii) the Issuer receives an opinion of counsel to Issuer that there is
              a material risk that the Issuer is or, within one hundred twenty (120) days after the receipt of such opinion will be, required to register as an investment company pursuant to the Investment Company Act of 1940, as amended, the Issuer may
              redeem this Note in whole at any time, or in part from time to time at an amount equal to 100% of the principal amount outstanding plus accrued but unpaid interest and any late fee, if applicable, to but excluding the redemption date.  “Tax Event” means the receipt by the Issuer of an opinion of counsel to the Issuer that as a result of any amendment to, or change (including any final and adopted
              (or enacted) prospective change) in, the laws (or any regulations thereunder) of the United States or any political subdivision or taxing authority thereof or therein, or as a result of any official administrative pronouncement or judicial
              decision interpreting or applying such laws or regulations, there exists a material risk that interest payable by the Issuer on the Subordinated Notes is not, or within one hundred twenty (120) days after the receipt of such opinion will not
              be, deductible by the Issuer, in whole or in part, for United States federal income tax purposes.

        (b)          Redemption on or after Fifth Anniversary.  On or after the fifth anniversary of the Issue Date, subject to Section 9(f) hereof, this
              Note shall be redeemable by the Issuer, in whole at any time, or in part from time to time, at a redemption price equal to 100% of the outstanding principal amount to be redeemed, plus accrued but unpaid interest thereon to but excluding the
              redemption date.

        (c)          Partial Redemption.   If less than the then outstanding principal amount of this Note is redeemed, (i) a new Note shall be issued
              representing the unredeemed portion without charge to the Holder thereof and (ii) such redemption shall be effected on a pro rata basis as to the holders of the Subordinated Notes.  For purposes of clarity, upon a partial redemption, a like
              percentage of the principal amount of every Subordinated Note held by every holder thereof shall be redeemed.

         

            

        
          7

          
            

        

        (d)          No Redemption at Option of Holder.  This Note is not subject to redemption at the option of the Holder of this Note.

        (e)          Effectiveness of Redemption.  If notice of redemption has been duly given and notwithstanding that this Note has been called for
              redemption but has not yet been surrendered for cancellation, on and after the date fixed for redemption, interest shall cease to accrue on this Note, this Note shall no longer be deemed outstanding and all rights with respect to this Note
              shall forthwith on such date fixed for redemption cease and terminate unless Company shall default in the payment of the redemption price, except only the right of the Holder hereof to receive the amount payable on such redemption, without
              interest.

        (f)          Regulatory Approvals.  Any redemption or prepayment of this Note shall be subject to receipt of any and all required federal and state
              regulatory approvals, including, but not limited to, the consent of the FRB (or any successor Federal bank regulatory agency having supervisory authority over the Issuer).  In the case of any redemption or prepayment of this Note, the Issuer
              will give the Holder notice not less than thirty (30) nor more than forty-five (45) calendar days prior to the redemption or prepayment date as to the aggregate principal amount to be redeemed or prepaid.

        (g)          Purchase and Resale of the Subordinated Notes. Subject to any required federal and state regulatory approvals and the provisions of
              this Note, the Issuer shall have the right to purchase any of the Subordinated Notes at any time in the open market, private transactions or otherwise.  If the Issuer purchases any Subordinated Notes, it may, in its discretion, hold, resell
              or cancel any of the purchased Subordinated Notes.

        10.          Payment Procedures.  Payment of the principal and interest payable on the Maturity Date will be made by check, or by wire transfer in
              immediately available funds to a bank account in the United States designated by the registered Holder of this Note if such Holder shall have previously provided wire instructions to the Issuer, upon presentation and surrender of this Note at
              the Payment Office (as defined in Section 15 below) or at such other place or places as the Issuer shall designate by notice to the registered Holders as the
              Payment Office, provided that this Note is presented to the Issuer in time for the Issuer to make such payments in such funds in accordance with its normal procedures.  Payments of interest (other than interest payable on the Maturity Date)
              shall be made by wire transfer in immediately available funds or check mailed to the registered Holder, as such person’s address appears on the Security Register.  Interest payable on any Interest Payment Date shall be payable to the Holder
              in whose name this Note is registered at the close of business on January 15, April 15, July 15 or October 15, as the case may be (whether or not a Business Day), next preceding such Interest Payment Date (such date being referred to herein
              as the “Regular Record Date”) for such Interest Payment Date, except that interest not paid on the Interest Payment Date, if any, will be paid to the Holder in
              whose name this Note is registered at the close of business on a special record date fixed by the Issuer (a “Special Record Date”), notice of which shall be
              given to the Holder not less than ten (10) calendar days prior to such Special Record Date (The Regular Record Date and Special Record Date are referred to herein collectively as the “Record Dates”).  To the extent permitted by applicable law, interest shall accrue, at the rate at which interest accrues on the principal of this Note, on any amount of principal or interest on this
              Note not paid when due.  All payments on this Note shall be applied first against costs and expenses of the Holder hereunder; then against interest due hereunder; and then against principal due hereunder.  Holder acknowledges and agrees that
              the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment
              and in all other respects to the other Subordinated Notes.  In the event Holder receives payments in excess of its pro rata share of the Issuer’s payments to the holders of all of the Subordinated Notes, then Holder shall hold in trust all
              such excess payments for the benefit of the holders of the other Subordinated Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

         

            

        
          8

          
            

        

        11.          Form of Payment.  Payments of principal and interest on this Note shall be made in such coin or currency of the United States of
              America as at the time of payment shall be legal tender for the payment of public and private debts.

        12.          Registration of Transfer, Security Register.  Except as otherwise provided herein, this Note is transferable in whole or in part, and
              may be exchanged for a like aggregate principal amount of Subordinated Notes of other authorized denominations, by the Holder in person, or by his attorney duly authorized in writing, at the Payment Office.  The Issuer shall maintain a
              register providing for the registration of the Subordinated Notes and any exchange or transfer thereof (the “Security Register”).  Upon surrender or
              presentation of this Note for exchange or registration of transfer, the Issuer shall execute and deliver in exchange therefor a Subordinated Note or Subordinated Notes of like aggregate principal amount, each in a minimum denomination of
              $1,000 or any amount in excess thereof which is an integral multiple of $1,000 (and, in the absence of an opinion of counsel satisfactory to the Issuer to the contrary, bearing the restrictive legend(s) set forth hereinabove) and that is or
              are registered in such name or names requested by the Holder.  Any Subordinated Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed and accompanied by a written instrument of transfer in such form
              as is attached hereto and incorporated herein, duly executed by the Holder or his attorney duly authorized in writing, with such tax identification number or other information for each person in whose name a Subordinated Note is to be issued,
              and accompanied by evidence of compliance with any restrictive legend(s) appearing on such Subordinated Note or Subordinated Notes as the Issuer may reasonably request to comply with applicable law.  No exchange or registration of transfer of
              this Note shall be made on or after the fifteenth (15th) day immediately preceding the Maturity Date.

        13.          Charges and Transfer Taxes.  No service charge (other than any cost of delivery) shall be imposed for any exchange or registration of
              transfer of this Note, but the Issuer may require the payment of a sum sufficient to cover any stamp or other tax or governmental fee or charge that may be imposed in connection therewith (or presentation of evidence that such tax, charge or
              fee has been paid).

        14.          Ownership.  Prior to due presentment of this Note for registration of transfer, the Issuer may treat the Holder in whose name this
              Note is registered in the Security Register as the absolute owner of this Note for receiving payments of principal and interest on this Note and for all other purposes whatsoever, whether or not this Note be overdue, and the Issuer shall not
              be affected by any notice to the contrary.

         

            

        
          9

          
            

        

        15.          Notices.  All notices to the Issuer under this Note shall be in writing and addressed to the Issuer at Quaint Oak Bancorp, Inc., 501
              Knowles Avenue, Southampton, Pennsylvania 18966, Attention: President and Chief Executive Officer, or to such other address as the Issuer may notify to the Holder (the “Payment

                  Office”).  All notices to the Holders shall be in writing and sent by first-class mail to each such Holder at his or its address as set forth in the Security Register.

        16.          Denominations.  The Subordinated Notes are issuable only as fully registered notes without interest coupons in minimum denominations
              of $1,000 or any amount in excess thereof which is an integral multiple of $1,000.

        17.          Absolute and Unconditional Obligation of the Issuer.  No provisions of this Note shall alter or impair the obligation of the Issuer,
              which is absolute and unconditional, to pay the principal and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed.

        18.          Waiver and Consent.  Any consent or waiver given by the Holder of this Note shall be conclusive and binding upon such Holder and upon
              all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.  This Note may be also
              amended or waived pursuant to, and in accordance with, the provisions of Section 8.3 of the Purchase Agreement.  If all or any portion of the Subordinated
              Notes ceases to be deemed to be Tier 2 Capital, other than due to the limitation imposed on the capital treatment of subordinated debt during the five (5) years immediately preceding the Maturity Date of the Subordinated Notes, the Issuer
              will immediately notify the Holder, and thereafter the Issuer and the Holder will work together in good faith to execute and deliver all agreements as reasonably necessary in order to restructure the applicable portions of the obligations
              evidenced by this Note to qualify as Tier 2 Capital, if requested by the Issuer.

        (a)          No delay or omission of the Holder to exercise any right or remedy accruing upon any Event of Default shall impair such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.

        (b)          Any insured depository institution which shall be a Holder of this Note or which otherwise shall have any beneficial ownership interest in this Note shall, by its acceptance of such Note (or beneficial interest
              therein), be deemed to have waived any right of offset with respect to the indebtedness evidenced thereby.

        19.          Further Issues.  The Issuer may, subject to the terms of the Purchase Agreement, create and issue additional notes having the same
              terms and conditions of the Subordinated Notes (except for the Issue Date and issue price) so that such further notes shall be consolidated and form a single series with the Subordinated Notes.

        20.          Governing Law; Interpretation.  This Note shall be governed by and construed in accordance with applicable federal law and the laws of
              the Commonwealth of Pennsylvania, without regard to conflict of laws principles of said state.  This Note is intended to meet the criteria for qualification of the outstanding principal as Tier 2 capital under the regulatory guidelines of the
              FRB, and the terms hereof shall be interpreted in a manner to satisfy such intent.

         

            

        
          10

          
            

        

        21.          Priority.  The Subordinated Notes rank pari passu among themselves and pari passu, in the event of any insolvency proceeding,
              dissolution, assignment for the benefit of creditors, reorganization, restructuring of debt, marshaling of assets and liabilities or similar proceeding or any liquidation or winding up of the Issuer, with all other present or future unsecured
              subordinated debt obligations of the Issuer, except any unsecured subordinated debt that, pursuant to its express terms, is senior or subordinate in right of payment to the Subordinated Notes.

        22.          Status as Collateral.  The obligation evidenced by this Note is ineligible as collateral for a loan by the Issuer or any subsidiary of
              the Issuer.

        23.          Defined Terms. Any capitalized term used herein and not otherwise defined shall have the meaning ascribed to it in the Purchase
              Agreement.

        24.          Successors and Assigns. This Subordinated Note shall be binding upon the Company and inure to the benefit of the Holder and its
              respective successors and permitted assigns.  The Holder may assign all, or any part of, or any interest in, the Holder’s rights and benefits hereunder at any time without notice to or consent of the Company, and the failure of Holder to
              comply with the requirements of Section 12 shall have no effect of the effectiveness of such assignment.  To the extent of any such assignment, such assignee shall have the same rights and benefits against the Company and shall agree to be
              bound by and to comply with the terms and conditions of the Purchase Agreement as it would have had if it were the Holder hereunder.  The Company may not assign this Subordinated Note or its obligations hereunder except as provided in Section
              4 hereto or with the prior written consent of the Holder.

        [Signature Page Follows]

         

          

         

          

         

          

         

          

        

        

        
          11

          
            

        

        IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and attested
            and its corporate seal to be hereunto affixed.

        	 	
                QUAINT OAK BANCORP, INC.

                 

              
	 	 	 	 
	 	
                By:

              	 
	 	 	
                Name:

              	
                 Robert T. Strong

              
	 	 	
                Title:

              	
                 President and Chief Executive  Officer

              

        

        

        	
                ATTEST:

              	 
	 	 
	 	 
	
                Name: John J. Augustine

              	 
	
                Title:   Executive Vice President and Chief 

                                Financial Officer

              	 

        

        

        

        

        

        

        

        

        

        

        [Signature Page to Subordinated Note]

        

      

    

    
      
        

    

    

      

        ASSIGNMENT FORM

        
          To assign this Note, fill in the form below:

            

            

            I or we assign and transfer this Note to:

          	 
	
                  (Print or type assignee’s name, address and zip code)

                
	 
	 
	
                  (Insert assignee’s social security or tax I.D. No.)

                

          and irrevocably appoint _______________________________ agent to transfer this Note on the books
              of Quaint Oak Bancorp, Inc. (the “Issuer”).  The agent may substitute another to act for him.

          	
                  Date:

                	
                  Your Signature:

                	 
	
                   

                  Signature Guarantee:

                	 

          (Signature must be guaranteed)

          	 
	
                  Sign exactly as your name appears on the other side of this Note.

                

          The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
              associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

          The signatory hereto hereby certifies that it ☐ is / ☐ is not an Affiliate of the Issuer and that, to its
              knowledge, the proposed transferee ☐ is / ☐ is not an Affiliate of the Issuer.

          In connection with any transfer or exchange of any of the Note(s) evidenced by this certificate occurring prior to
              the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms that such Notes are
              being:

          	
                  (1)

                	☐	
                  acquired for the undersigned’s own account, without transfer; or

                
	
                  (2)

                	☐	
                  transferred to the Issuer; or

                
	
                  (3)

                	☐	
                  transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or

                   

                

        

        

      

      
        
          

      

      
        	
                (4)

              	☐	
                transferred pursuant to an effective registration statement under the Securities Act; or

              
	
                (5)

              	☐	
                transferred pursuant to and in compliance with Regulation S under the Securities Act; or

              
	
                (6)

              	☐	
                transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or
                    an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act), that has furnished a signed letter containing certain representations and agreements; or

              
	
                (7)

              	☐	
                transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

              

        Unless one of the boxes is checked, the Issuer will refuse to register any of the Notes evidenced by this certificate
            in the name of any person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer may require, prior to registering any such transfer of the Notes, in its sole discretion, such legal opinions, certifications and
            other information as the Issuer may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended, such
            as the exemption provided by Rule 144 under such Act.

         

          

        	 	 	 
	
                Signature Guarantee:

              	 	Signature

              
	 	 	 
	
                Signature (must be guaranteed)

              	 	
                Signature

              

        

        

        The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
            unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15.

        

        

        TO BE COMPLETED BY PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED.

        

        

        The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect
            to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made
            in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
            transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

         

          

        	 	 
	 	Signature

              
	 	Date:

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