Document:

EX-10.48

 Exhibit 10.48 
 Portions of this document marked [*] are requested to be treated confidentially. 

EXECUTION COPY 
 LICENSE AND SUBLICENSE AGREEMENT 
  

			
	between	  	Coronado Biosciences, Inc.
		  	24 New England Executive Park
		  	Burlington, MA 01803
		
		  	(hereinafter referred to as “Coronado”)
	and	  	
		  	OVAMED GMBH
		  	Kiebitzhörn 31, 22885
		  	Barsbüttel, Germany
		
		  	(hereinafter referred to as “Ovamed”)

 Coronado and Ovamed are hereinafter also referred to individually as “Party” and collectively as the
“Parties”. 
 This License and Sublicense Agreement (“Agreement”) is entered into by and between the Parties as
of the Effective Date (as defined herein). 
 PREAMBLE 
  

			
	WHEREAS	  	Freie Universität Berlin (“FU Berlin”) and Coronado have on the Effective Date entered into the Research Agreement and the License Agreement related to the Project
(each as defined herein);
		
	WHEREAS	  	FU Berlin and the Parties have on the Effective Date entered into a letter agreement (the “Letter Agreement”) amending the Ovamed MTA and providing for certain
additional agreements among the Parties and FU Berlin; and
		
	WHEREAS	  	Coronado wishes to grant Ovamed the exclusive right, license and/or sublicense to exploit the Licensed IP (each as defined herein) in the Ovamed Territory on the terms and
conditions set forth in this Agreement;

 NOW THEREFORE, in consideration of the premises and the mutual covenants set forth herein, the Parties hereto agree to the
following: 

 1. ARTICLE 1 - DEFINITIONS 

 

	1.1.	In this Agreement, the following capitalized terms will have the meaning set forth in this Article 1.1, unless otherwise set forth or defined herein.

  

	 	1.1.1.	“Affiliate(s)” means any corporation, company, partnership, joint venture or other entity which Controls, is controlled by, or is under common Control
with a Party. “Control” means the ownership of more than fifty percent (50%) of the issued share capital or the legal power to direct or cause the direction of the general management and policies of a Party. 

 

	 	1.1.2.	“Annual Net Sales” means, as applicable, Net Sales in the Ovamed Territory or Net Sales (as defined in the License Agreement) in the Coronado
Territory, in each case for a particular Royalty Year. 

  

	 	1.1.3.	“Committee” shall have the definition set forth in Article 6.4. 

 

	 	1.1.4.	“Coronado Intellectual Property” means any intellectual property, including Patents and Know-How, that is or becomes during the Performance Period
owned or controlled by Coronado or its Affiliates and relates to the Project, the Research Agreement or any Licensed Product, including Coronado’s right, title and interest in any Project Results and/or Joint Patents that for any reason, do not
become or remain during the Performance Period or under the License Agreement, jointly owned by FU Berlin and Coronado. 

  

	 	1.1.5.	“Coronado Territory” means North America, South America and Japan, and such other countries or jurisdictions as may be agreed to from time to time
between Coronado and Ovamed in writing. 

  

	 	1.1.6.	“Effective Date” means the commencement date of this Agreement which is the date of the last signature hereto. 

 

	 	1.1.7.	“FU Berlin Background Know-How” means the Know-How that has been created by, is owned or controlled by or has been reduced to practice by FU Berlin or
FU Berlin Personnel related to the project “Functional characterization of T. suis larval products in mice” prior to the Effective Date, whether or not patentable, as summarized on Schedule 1.1.4 to the License Agreement.

  

	 	1.1.8.	“FU Berlin Intellectual Property” means any intellectual property, including Patents and Know-How, that (a) is included in or covers FU Berlin
Background Know-How, or (b) becomes during the Term owned or controlled by FU Berlin or its Affiliates and relates to the Project, the Research Agreement or any Licensed Product, including FU Berlin’s right, title and interest in any
Project Results and/or Joint Patents that for any reason, do not become or remain during the Term jointly-owned by FU Berlin and Coronado. 

  

	 	1.1.9.	“Issued Patent Claim” means a claim of any granted Patent that has not: (i) lapsed, expired or been withdrawn, canceled, abandoned or admitted to
be invalid or unenforceable through reissue, disclaimer or otherwise; (ii) been finally rejected or held invalid by a final decision of a Patent Authority from which no appeal has been or can be taken; or (iii) been held invalid or
unenforceable in an unappealable decision of a court or competent body having jurisdiction (including a decision which was appealable, but which was not timely appealed). 

  
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	 	1.1.10.	“Joint Intellectual Property” means all Project Results and Joint Patents, including all rights, title and interest thereon and any Inventions relating
thereto or claimed therein. 

  

	 	1.1.11.	“Joint Patent” means any and all Patents that embody, disclose or claim an invention or discovery (an “Invention”) first made,
conceived, created and/or reduced to practice solely or jointly by one or more employees and/or agents (including professors, students and/or any other Project staff) of FU Berlin (“FU Berlin Personnel”) or jointly by FU Berlin
Personnel and one or more employees of Coronado in the course of or in furtherance of conducting or performing the Project or pursuant to the Research Agreement. 

 

	 	1.1.12.	“Know-How” means results, data, ideas, concepts, discoveries, Inventions (whether patentable or not) developments, methods, processes and trade
secrets, techniques, methodologies, modifications, innovations, improvements, enhancements, design and design concepts, formulations, biological samples, tissues, animals, organisms, compounds, intermediates, and all other tangible and intangible
materials and information. 

  

	 	1.1.13.	“License Agreement” means the Joint Ownership and Exclusive License Agreement entered into as of the Effective Date by and between FU Berlin and
Coronado, as may be amended in accordance with the terms thereof and hereof. 

  

	 	1.1.14.	“Licensed IP” means, collectively, FU Berlin Intellectual Property and Coronado Intellectual Property. 

 

	 	1.1.15.	“Licensed Product” means a pharmaceutical or biologic product in final form, the use or sale of which in a particular country would, in the absence of
the rights and licenses granted hereunder, infringe an Issued Patent Claim of a Joint Patent or Patent included in Licensed IP in such country. 

  

	 	1.1.16.	“Net Sales” means the actual gross amount invoiced for sales of Licensed Products in the Ovamed Territory, less the sum of the following:
(a) quantity or other trade discounts; (b) sales, excise, VAT, custom or tariff duties and/or taxes; (c) amounts allowed or credited on returns or rejections (including as a result of recalls, market withdrawals or other corrective
actions), and retroactive price reductions or allowances; (e) outbound transportation prepaid or allowed, packaging and freight charges and transportation insurance; (f) rebates or similar payments paid in connection with sales of Licensed
Product to any governmental or regulatory authority in the Ovamed Territory, patient discount programs, administrative fees and chargebacks or similar price concessions, and sales commissions; and (g) allowances for bad debt. Net Sales does not
include sales of Licensed Product solely for non-profit research or clinical testing or for indigent or similar public support or compassionate use programs. A Licensed Product shall be considered “sold” only when billed or invoiced.

  

	 	1.1.17.	“Ovamed MTA” means the Material Transfer Agreement by and between Ovamed and FU Berlin, together with and as amended as of the Effective Date by the
Letter Agreement by and among the Parties and FU Berlin, each attached hereto as Appendix 1.1.17. 

  

	 	1.1.18.	“Ovamed Territory” means all countries outside the Coronado Territory. 

  
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	 	1.1.19.	“Patent(s)” means any patents, patent applications (including provisional applications), certificates of invention, or applications for certificates of
invention and any supplementary protection certificates, together with any extensions, registrations, confirmations, patents of addition, reissues, substitutions, divisions, continuations or continuations-in-part, reexaminations or renewals thereof
or thereto. 

  

	 	1.1.20.	“Performance Period” means the period for performing the Project, which shall commence on the Effective Date and expire, unless earlier terminated as
set forth in the Research Agreement, four (4) years thereafter. 

  

	 	1.1.21.	“Project” means the research project as described in Appendix B attached to the Research Agreement entitled “Functional characterization of
secretory T. suis larval products in mice”. 

  

	 	1.1.22.	“Project Results” means any and all Know-How in any form that is (a) conceived, developed or otherwise generated by or on behalf of FU Berlin or
Coronado in the course of performing the Project or pursuant to the Research Agreement; or (b) generated within (6) months after the expiration or termination of the Performance Period from an analysis of the data generated in the
performance of the Project. 

  

	 	1.1.23.	“Qualified Pharmaceutical Company” means a company that, at the time Ovamed provides notice to Coronado of a proposed sublicense or assignment, as
applicable, to such company, is actively engaged in the marketing of pharmaceutical products in those countries of the Ovamed Territory where such assignment or sublicense is proposed and has the internal capability to achieve substantial market
penetration and optimize sales of Licensed Product in such countries, taking into account the stage of development and market potential of Licensed Product as well as other relevant factors at that time. 

 

	 	1.1.24.	“Regulatory Approval” means all approvals (including pricing and reimbursement approvals required for marketing authorization), product and/or
establishment licenses, registrations or authorizations of all regional, federal, state or local regulatory agencies, departments, bureaus or other governmental entities, necessary for the manufacture, use, storage, import, export, transport and
sale of a Licensed Product in a regulatory jurisdiction. 

  

	 	1.1.25.	“Research Agreement” means the Research Agreement entered into as of the Effective Date by and between FU Berlin and Coronado, as may be amended in
accordance with the terms thereof. 

  

	 	1.1.26.	“Royalty Term” means, with respect to a Licensed Product in each country in the Ovamed Territory, the period commencing on the date of first commercial
sale of such Licensed Product in the applicable country and expiring on the expiration or invalidation of the last Issued Patent Claim covering such Licensed Product in the applicable country in the Ovamed Territory. 

 

	 	1.1.27.	“Royalty True-Up” and “Royalty True-Up Year” have the respective meanings set forth in Article 5.3.3. 

 

	 	1.1.28.	 “Royalty Year” means (a) for the year in which the first commercial sale of Licensed Product occurs, the twelve (12) month

  
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period commencing on the first day of the calendar quarter in which such first commercial sale occurs and expiring on the last day of the twelfth (12th) month following such first day; and
(b) for each subsequent year, each successive twelve (12) month period. 

  

	 	1.1.29.	“Territory” means worldwide. 

  

	 	1.1.30.	“Territory Net Sales” means the sum of Net Sales in the Ovamed Territory and Net Sales (as defined in the License Agreement) in the Coronado Territory.

  

	 	1.1.31.	“TSO” means Trichuris suis ova, incorporated into any formulation or delivery system. 

2. ARTICLE 2 - PATENT PROSECUTION, MAINTENANCE AND ENFORCEMENT 
  

	2.1.	Coronado or its designees will have the first right and responsibility for preparation, filing, prosecution and maintenance and protection (including handling of
oppositions, re-examinations and interferences) of any Joint Patent or other Patent included in or, if filed in the Ovamed Territory, would be included in the Licensed IP. Ovamed shall reimburse Coronado or any such designee for reasonable direct
fees and expenses paid by Coronado or such designee to third parties, including attorneys and patent offices, that are identifiable and incurred for the filing, prosecution, and maintenance of such Patents in the Ovamed Territory in accordance with
the terms of this Agreement. 

  

	2.2.	If Coronado or its designees decide not to file any such Patent or to discontinue prosecution or maintenance of any such Patent in a particular country or jurisdiction
in the Ovamed Territory, it shall advise Ovamed of such decision and Ovamed shall then have the right, but not the obligation, in that case take over the filing, prosecution and maintenance of such Patent in such country or jurisdiction in the
Ovamed Territory at its own expense. 

  

	2.3.	Coronado will inform Ovamed at least 90 days after Coronado receives a written notice of invention or invention disclosure if a patent application will be filed.
Coronado acknowledges and agrees that in the event of any patentable Inventions it would expect to file patent applications on such patentable Invention in at least one jurisdiction in Europe. Ovamed will cooperate with and provide assistance to
Coronado including by executing or causing to be executed on a timely basis all documents, and performing all acts reasonably necessary, for Coronado to prepare, file and prosecute such patent applications and maintain, protect, defend and enforce
such Patents in the Ovamed Territory. 

  

	2.4.	 A Party having the right to prosecute and maintain Patents in the Ovamed Territory (including if such Party is Coronado, Patents filed in the Coronado
Territory which may later on be filed also within the Ovamed Territory under the rules of claiming priority from the first filing) is referred to herein as the “Prosecuting Party”. The Prosecuting Party agrees to keep the other
Party informed of the course of patent prosecution or other proceedings, including by providing such other Party with a draft patent application for review sufficiently in advance of the planned filing date in order for the other Party to have the
opportunity to comment thereon, and shall take such comments into consideration in the application filed. If the Prosecuting Party is Coronado, and Ovamed reasonably disagrees with a prosecution decision made by Coronado on

  
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filing, prosecution, maintenance or protection (including handling of oppositions, re-examinations and interferences), the Parties shall use good faith efforts to allocate between them that
portion of the otherwise reimbursable Patent costs that are identifiable and incurred for the disputed portion of the filing, prosecution, maintenance or protection, thereof. The Prosecuting Party shall promptly furnish the other Party with copies
of office actions and communications received by the Prosecuting Party from, and communications sent by the Prosecuting Party to, the patent offices concerning such Patents and shall take each other Party’s comments and suggestions into
consideration when framing responses and submissions to such patent offices. The Prosecuting Party shall timely inform the other Party of any Patent issuing or granting from a patent application filed hereunder. 

 

	2.5.	Each Party shall inform the other Party promptly if it becomes aware of any infringement or potential infringement of any Licensed IP in the Ovamed Territory. Ovamed
shall have the unilateral right, but not the obligation, to take legal or other action against any third party to enforce and defend such Licensed IP in the Ovamed Territory at its sole discretion and expense. If Ovamed does not bring such an action
or proceeding within sixty (60) days of being notified of such infringement, then Coronado shall have the right, but not the obligation, to bring such action. Any damages or other monetary awards or amounts recovered from settlement or judgment
from such an action or proceeding shall be allocated first to reimburse the Party bringing such action for the reasonable out-of pocket costs and expenses of the action or proceeding incurred by such Party, with the remainder to be shared equally
between the Parties. 

  

	2.6.	If any warning letter or other notice of infringement is received by a Party, or legal action is brought against a Party, alleging infringement of third party rights in
the manufacture, use or sale of any Licensed Product or use of any Joint Patents or Patents included in Licensed IP in the Ovamed Territory, that Party shall promptly inform the other Party and the Parties shall discuss how to respond. Ovamed shall
have the initial right but not the obligation to defend such action and shall have the right but not the obligation to settle with such third party at its own expense, provided that Ovamed does not concede invalidity, non-infringement or
unenforceability of any of the Joint Patents or Patents included in Licensed IP without first consulting with Coronado. 

  

	2.7.	If either Party is unable to initiate, prosecute, or defend any actions referred to in this Article 2 solely in its own name, the other Party will join such action
voluntarily and will execute on a timely basis all documents necessary for the first Party to prosecute, defend and maintain such action. 

  

	2.8.	The Parties shall cooperate with each other in obtaining patent term extensions or restorations or supplemental protection certificates or their equivalents in any
country in the Ovamed Territory where applicable. If elections with respect to obtaining such extension or supplemental protection certificates are to be made, Ovamed shall have the right but not the obligation to make the election in the Ovamed
Territory. 

  

	2.9.	 Ovamed shall not (a) sell, transfer, assign, encumber or otherwise dispose of or grant any third party any rights or licenses in or to, any of
Ovamed’s right, title and interest in or to any Joint Patent, or (b) take any 

  
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other action or enter into any agreement or arrangement with any third party with respect to any Joint Patent that is inconsistent or in conflict with the overall intents and purposes of the
Parties under this Agreement. 

 3. ARTICLE 3 - EXCLUSIVE LICENSE AND SUBLICENSE 

 

	3.1.	In consideration of the commitments and undertakings of Ovamed under this Agreement, Coronado hereby grants to Ovamed in the Ovamed Territory an exclusive
(a) license to practice under Coronado’s interest in Licensed IP, and (b) sublicense to practice under Licensed IP licensed to Coronado, with the right to sublicense in accordance with Article 3.2 hereof; in each case to develop,
make, have made, use, import, export, market, offer for sale and sell Licensed Product only in and for the Ovamed Territory; provided, however, that Coronado shall retain such rights in and for the Ovamed Territory as are reasonably necessary for it
to exercise its rights and perform its obligations as set forth in this Agreement, the License Agreement and the Research Agreement. 

  

	3.2.	Ovamed shall have the right to grant sublicenses of any of the rights granted to Ovamed under Article 3.1 to Affiliates or any third party; provided, however, that
(a) any sublicensee is bound by all of the terms and conditions of this Agreement that protect or benefit Coronado’s rights and interests, including under the License Agreement and the Research Agreement; (b) Ovamed shall remain
responsible for the performance by the sublicensee of such obligations; and (c) Ovamed obtains the prior written consent of Coronado to the sublicense and the sublicensee, which consent shall not be unreasonably withheld nor delayed, provided,
however, that Coronado shall not withhold nor delay its consent in the event Ovamed seeks to sublicense to a Qualified Pharmaceutical Company. Ovamed shall provide prior written notice to Coronado of its intention to sublicense any such rights and,
if requested by Coronado, shall engage in good faith discussions with Coronado with respect to a potential sublicense of such rights to Coronado. 

  

	3.3.	Ovamed acknowledges that it is a sublicensee under the License Agreement and that notwithstanding anything to the contrary in this Agreement, the rights and licenses
granted by Coronado to Ovamed hereunder are subject to the terms, conditions and provisions of the License Agreement and the Research Agreement, such that Ovamed shall be subject to any restrictions or limitations on the rights granted to Coronado
under such agreements. In particular, Ovamed acknowledges and agrees that FU Berlin retains the non-exclusive and non-transferable right to use the Licensed IP solely for its own internal non-commercial, academic, research and teaching purposes
under the terms and conditions of the License Agreement. Notwithstanding the foregoing, Coronado shall not enter, without Ovamed’s prior written consent, into any amendment to the License Agreement and/or Research Agreement which reduces the
scope of the license and sub-license rights granted to Ovamed hereunder. 

  

	3.4.	 All rights not granted herein are reserved and retained by Coronado. Nothing in this Agreement shall be deemed to constitute the grant of any license
or other right in either Party, to or in respect of any product, Patent, trademark, confidential information, trade secret or other data or any other intellectual property of the other Party, except as expressly set forth herein. Without limiting
the foregoing, no licenses are granted by 

  
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Coronado to Ovamed other than with respect to Licensed Product in the Ovamed Territory as expressly set forth in Article 3.1 hereof. 

4. ARTICLE 4 - PROVISIONS RELATING TO OVAMED MTA 
  

	4.1.	The Parties acknowledge and agree that in accordance with the terms of the Ovamed MTA, (a) FU Berlin’s rights, title and interest in Joint Patents in the
Ovamed Territory are subject to Ovamed’s 10% interest therein, and (b) Ovamed has no right, title or interest in any Joint Intellectual Property (i) in the Coronado Territory, or (ii) in the Ovamed Territory except for its 10%
interest in FU Berlin’s interest in Joint Patents in the Ovamed Territory as set forth in the preceding clause (a), and the licenses and sublicenses in the Ovamed Territory granted by Coronado to Ovamed pursuant to Article 3.1 hereof.

  

	4.2.	Ovamed shall continue to supply FU Berlin with TSO free of charge as reasonably requested by FU Berlin from time to time during the Performance Period and necessary for
FU Berlin to perform the Project. 

 5. ARTICLE 5 - PAYMENTS AND REPORTS 

 

	5.1.	Patent Costs. Each Party will pay patent costs as set forth in Article 2. 

 

	5.2.	Milestone Payments. Ovamed will pay Coronado the following non-creditable and non-refundable milestone payments, contingent upon occurrence of the specified
event with respect to a Licensed Product, with each milestone payment to be made (a) for each of the first two (2) Licensed Products, (b) no more than once with respect to the achievement of the applicable milestone event for the
first two (2) Licensed Products, and (c) within 45 days after the applicable milestone event is achieved: 

  

	 	•	 	 25.000 EURO upon the grant of a Joint Patent in Europe (or any of Germany, France, United Kingdom, Italy or Spain), which includes at least one
Issued Patent Claim covering a composition or its use, which includes one or more substances that are secreted or excreted by T. suis larvae and which have been shown by functional characterization as having immunomodulatory properties in
vivo in mice along the lines observed in human subjects after oral administration of TSO; and 

  

	 	•	 	 1.000.000 EURO upon first Regulatory Approval of a Licensed Product in Europe (including obtaining approvals to market in at least Germany,
France, United Kingdom, Italy and Spain). 

  

	5.3.	Royalties on Net Sales 

  

	 	5.3.1.	Ovamed acknowledges that pursuant to the License Agreement, Coronado has agreed to pay FU Berlin royalties on Territory Net Sales in each Royalty Year (“Annual
Territory Net Sales”) at the following rates during the Royalty Term: 

  
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	 For Portion of Annual Territory Net

Sales in the Territory:
	  	 	Royalty Rate	  
	Less than US$500,000,000	  	 	1	% 
	 Greater than or equal to US$500,000,000 and less than US$1,000,000,000
	  	 	1.5	% 
	 Greater than or equal to US$1,000,000,000 and less than US$2,000,000,000
	  	 	2	% 
	 Greater than or equal to US$2,000,000,000
	  	 	2.5	% 

 For example, if Annual Territory Net Sales in a Royalty Year are US$1,800,000,000, the royalties payable
to FU Berlin under the License Agreement for such Royalty Year would total US$28,500,000, calculated as follows: 1% of first US$500,000,000 (or US$5,000,000) plus 1.5% of next US$500,000,000 (or US$7,500,000) plus 2% of next US$800,000,000 (or
US$16,000,000). 
  

	 	5.3.2.	For each calendar quarter of a Royalty Year, Ovamed shall pay Coronado royalties on Annual Net Sales in the Ovamed Territory at the same royalty rates as set forth in
Article 5.3.1; provided, however, that if a Royalty Year is a Royalty True-up Year, Ovamed shall pay Coronado for such Royalty Year additional royalties in an amount calculated by implementing the Royalty True-Up. 

 

	 	5.3.3.	The Parties acknowledge and agree that because of the tiered royalty rates, it is possible that Annual Territory Net Sales in a Royalty Year (a “Royalty True-Up
Year”) may trigger a higher overall royalty rate and/or additional royalties payable to FU Berlin under the License Agreement than would otherwise have been achieved based solely on either Party’s Annual Net Sales in its respective
territory. Accordingly, within the first 12 months after establishing the Committee, the Parties shall use good faith efforts to reach mutually acceptable agreement on a formula, mechanism and procedure to address and allocate between the Parties
the responsibility for payment of any such additional royalties for a Royalty True-up Year (the “Royalty True-Up”), provided, however, that the underlying principle of the Royalty True-Up shall be that as between the Parties, for a
Royalty True-Up Year, each Party shall be responsible for the same percentage of additional royalties payable under the License Agreement as Annual Net Sales in such Party’s territory bear to Annual Territory Net Sales.

  

	 	5.3.4.	No multiple royalties shall be payable if a Licensed Product shall be covered by more than one Issued Patent Claim of a Patent. 

 

	5.4.	Reports and Payments. 

  

	 	5.4.1.	Within thirty (30) days after the end of each calendar quarter during the Royalty Term, starting with the first calendar quarter in which the first commercial sale
of a Licensed Product in the Ovamed Territory occurs, Ovamed shall deliver to Coronado a written report showing (a) gross sales and Net Sales in the Ovamed Territory during 

  
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such calendar quarter (including a detailing of all deductions taken in the calculation of Net Sales) in each country’s currency, (b) the applicable exchange rate to convert from each
country’s currency to United States Dollars, and (c) the formula used in the calculation of the royalties owed thereon and the amount of royalties payable to Coronado for such calendar quarter in accordance with Article 5.3. Each such
report shall be accompanied by payment of the royalties due for such calendar quarter. 

  

	 	5.4.2.	Within ten (10) days after Coronado’s receipt of such report for the fourth calendar quarter of a Royalty Year, Coronado shall deliver to Ovamed a report (the
“True-up Report”) showing (a) the actual Royalty Rates payable to FU Berlin under the License Agreement for such Royalty Year based on Annual Territory Net Sales for such Royalty Year, and (b) if such Royalty Year is a
Royalty True-up Year, the amount of additional royalties payable by Ovamed in accordance with the Royalty True-Up. If the True-Up Report indicates that additional royalties are payable by Ovamed with respect to such Royalty Year, Ovamed shall pay
Coronado such additional royalties within fifteen (15) days after Ovamed’s receipt of the True-up Report. Ovamed shall keep complete and accurate records in sufficient detail to enable the payable hereunder to be determined.

  

	5.5.	Tax Withholding. If laws, rules or regulations require withholding of income taxes or other taxes imposed upon payments set forth in this Article 5, Coronado
shall provide Ovamed, prior to any such payment, annually or more frequently if required, with all forms or documentation required by any applicable taxation laws, treaties or agreements to such withholding or as necessary to claim a benefit
thereunder and Ovamed shall make such withholding payments as required and subtract such withholding payments from the payments set forth in this Article 5. Ovamed shall submit appropriate proof to Coronado of payment of the withholding taxes within
a reasonable period of time. Coronado will reasonably cooperate with Ovamed to ensure that any withholding taxes imposed are reduced as far as possible under the provisions of the current or any future taxation treaties or agreements between foreign
countries. 

  

	5.6.	Currency Conversion. All payments to Coronado under this Agreement shall be made in United States dollars unless Coronado notifies Ovamed at least five
(5) business days before such payment is due that payments should be made in Euros. In the event a currency conversion is required, (a) then royalties shall be based on Net Sales first calculated in the currency in which sales took place
and each of such amounts shall then be converted to United States Dollars, and (b) such conversion shall be made by using the exchange rate prevailing at Citibank, N.A. in New York, New York on the last business day of the calendar quarterly
reporting period to which such payments relate. If at any time legal restrictions prevent the prompt remittance of part or all of the royalties with respect to Net Sales in any country, payment shall be made through such lawful means or methods as
Coronado may reasonably determine. 

  
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	5.7.	Records. Each Party will maintain complete and accurate records which are relevant to Net Sales under this Agreement, and, upon the written request of the
other Party, such records shall be open during reasonable business hours for a period of three (3) years from creation of such records for examination, but not more often than once each year, by an independent certified public accountant
selected by the requesting Party to verify the accuracy of the reports under this Article 5. The cost of the services of such public accountant shall be born by the requesting Party unless the audit establishes a material infringement of the other
Party’s obligations under this Agreement. 

 6. ARTICLE 6 - EXCHANGE OF INFORMATION, DEVELOPMENT AND COMMERCIALIZION

  

	6.1.	Each Party shall promptly disclose to the other Party in writing on an ongoing basis any Inventions, Know-How, developments or improvements owned or controlled by it
and relating to the Licensed IP or Licensed Product. In case Coronado or Ovamed during the term of this Agreement own or control any intellectual property rights in such Inventions, Know-How, developments or improvements relating to the Licensed IP
or Licensed Product which do not fall under the definition of “Licensed IP” (“Additional IP”), then each of them, if requested by the other Party, shall engage in good faith discussions between the Parties with respect to
the grant of an exclusive license in the Ovamed Territory or the Coronado Territory, as applicable, under such Additional IP to develop, make, have made, use, import, export, market, offer for sale and sell Licensed Product, on commercially
reasonable terms and conditions as are customary in the pharmaceutical industry as applicable to the stage of development and/or commercialization of Licensed Product at such time. 

 

	6.2.	Coronado shall promptly forward true and complete copies of all progress reports received from FU Berlin pursuant to Article 4 of the Research Agreement; upon
reasonable request of Ovamed, Ovamed shall be entitled to participate (with listening rights only) at its own expense in meetings and telephone conferences held pursuant to Article 4.2 of the Research Agreement, provided, however, that any
information received by Ovamed in such meetings, telephone conferences or reports shall be deemed Coronado Confidential Information. Coronado shall inform Ovamed about any such meeting scheduled as soon as practicable after the scheduling thereof
about when and where such meeting will be held. 

  

	6.3.	Except as specifically set forth herein, as between the Parties, each Party shall (a) be responsible for development and commercialization of Licensed Product in
its respective territory, and (b) own, control and have financial responsibility for the preparation and filing of all regulatory applications required to obtain Regulatory Approval to develop, sell and use Licensed Product in its respective
territory. 

  

	6.4.	Prior to commencing clinical development of a Licensed Product, the Parties shall establish a joint steering or development committee to function as a forum for the
Parties to inform and consult with one another concerning the clinical development of Licensed Products (the “Committee”). 

  
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	6.5.	The Parties shall exchange with each other all relevant information that relates to the safety of Licensed Product, including all adverse drug experience
reports, and shall agree on operating procedures for the exchange of safety information sufficient to enable each Party to comply with its reporting obligations to regulatory authorities in its respective territory. Each Party shall have the right
to reference or use in any regulatory filing any safety information relating to Licensed Product provided to it by the other Party. 

 7. ARTICLE 7 - REPRESENTATIONS AND WARRANTIES; LIMITATION OF LIABILITY 
  

	7.1.	Each Party represents and warrants to the other Party that: 

  

	 	7.1.1.	it has the legal right, title, authority and power to enter into this Agreement and to perform its obligations hereunder and thereunder; 

 

	 	7.1.2.	it has taken all necessary action to authorize the execution, delivery and performance of this Agreement 

 

	 	7.1.3.	the performance of its obligations under this Agreement will not conflict with or result in the breach of any agreements, contracts or other arrangements to which it is
a Party. 

  

	7.2.	Coronado hereby represents and warrants to Ovamed that as of the Effective Date the Research Agreement and the License Agreement are in full force and effect in
accordance with their terms and there have been no amendments nor side letters or other agreements thereto by and between Coronado and FU Berlin (except for the Letter Agreement mentioned in the preamble of this Agreement) that have not been
provided to Ovamed; neither Coronado nor, to Coronado’s knowledge without any inquiry, FU Berlin are in breach or violation of the Research Agreement and/or the License Agreement. 

 

	7.3.	LIMITATION OF LIABILITY.     EXCEPT AS OTHERWISE SET FORTH HEREIN, NO PARTY SHALL BE LIABLE TO ANY OTHER PARTY FOR ANY SPECIAL,
CONSEQUENTIAL, INCIDENTAL OR INDIRECT DAMAGES ARISING OUT OF THIS AGREEMENT, HOWEVER CAUSED, UNDER ANY THEORY OF LIABILITY. This limitation of liability shall not apply to the extent that any such liability is the result of intentional acts or
omissions by, or accountable to, any Party. 

 8. ARTICLE 8 - CONFIDENTIALITY 

 

	8.1.	 Except to the extent permitted under this Agreement, the License Agreement or the Research Agreement, or with the consent of the disclosing Party, the
Parties agree that the receiving Party shall hold in confidence any confidential or information or materials furnished to it and owned or controlled by the disclosing Party pursuant to this Agreement, including but not limited to any Inventions,
Know-How, Patents, business 

  
 12/20

	 	
plans, or financial information (collectively, “Confidential Information”), shall not use any Confidential Information for any purpose other than in connection with the execution
and performance of its rights, obligations or responsibilities according to this Agreement, and shall not publish or otherwise disclose or use the Confidential Information for any purpose, except to the extent that it can be established by the
receiving Party that such Confidential Information: 

  

	 	8.1.1.	is lawfully in the possession of the receiving Party prior to receiving the information from the disclosing Party under this Agreement, as evidenced by receiving
Party’s contemporaneous written records; 

  

	 	8.1.2.	is in the public domain or is evidently not of proprietary or confidential nature at the time of the disclosure or becomes part of the public domain other than by a
breach of this Agreement; 

  

	 	8.1.3.	is independently developed by the receiving Party without any breach of the terms of this Agreement as evidenced by receiving Party’s contemporaneous written
records; 

  

	 	8.1.4.	is obtained in good faith from a third party not in privity with any of the Parties hereto, and provided said third party is not under any obligation of
confidentiality; or 

  

	 	8.1.5.	is ordered by a court of competent jurisdiction or is otherwise required by law to be disclosed by the receiving Party, and in such event, the receiving Party shall use
reasonable efforts to obtain assurances that confidential treatment will be accorded to such Confidential Information in such case. 

  

	8.2.	Notwithstanding the foregoing the receiving Party may use and disclose Confidential Information (a) in filing or prosecuting Patents, conducting clinical trials
evaluating a Licensed Product, or seeking Regulatory Approvals, in accordance with the receiving Party’s rights and obligations under this Agreement, the License Agreement and the Research Agreement, as applicable, or complying with applicable
laws or governmental regulations, (b) in granting sub-licenses to third parties as permitted hereunder, provided any such sublicensees are bound by confidentiality terms similar to those contained in this Agreement, and (c) to its
officers, employees, agents and consultants who are bound by confidentiality terms similar to those contained in this Agreement but only to the extent required for the execution or performance of its rights, obligations or responsibilities according
to this Agreement, the License Agreement or the Research Agreement, as applicable. 

 9. ARTICLE 9 - MISCELLANEOUS

  

	9.1.	Independent Contractor. All work performed by either Party or any of its employees or agents pursuant to the terms of this Agreement will be performed solely as
an independent contractor, and the relationship between the Parties shall not constitute a partnership, joint venture or agency. Neither Party is authorised or empowered to act as an agent for the other for any purpose or make any statements,
representations or commitments of any kind, or to take any action, which shall be binding on the other Party. 

  

	9.2.	 Entire Agreement; Incorporation by Reference. This Agreement and the Letter Agreement constitute the entire agreement between the Parties

  
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with respect to the subject matter hereof, and supersede any and all oral or written communications, understandings or term sheets relating thereto. 

 

	9.3.	Disclosure of Agreement. It is understood and agreed by Ovamed that Coronado may make disclosure of this Agreement and the terms hereof and thereof (a) in
any filings required by the Securities and Exchange Commission (“SEC”), other governmental authority or securities exchange, and may file this Agreement as exhibits to any filing with the SEC, other governmental authority or
securities exchange, and (b) in press releases or other public announcements as required by applicable laws. Coronado shall provide Ovamed with notice of the initial such disclosure. Except as required by law, Ovamed shall not make
any public announcement or other disclosure to a third party concerning the existence of or terms of this Agreement or with respect to the Project or Licensed Product without the prior written consent of Coronado. 

 

	9.4.	Amendments. No amendments or additions to this Agreement (including to this Article 9.4) will be binding on the Parties unless made in writing and signed by a
duly authorised representative of each Party. 

  

	9.5.	Assignment. This Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred by either Party,
without the prior written consent of the other Party, which consent shall not be unreasonably withheld nor delayed except that (a) without such consent of Ovamed, Coronado may assign or transfer this Agreement (or any part hereof) to an
Affiliate or in connection with the transfer or sale of its business or all or substantially all of its assets related to TSO or Licensed Product or in the event of a merger, consolidation, change in control or similar corporate transaction (a
“Corporate Transaction”), and (b) Coronado shall not withhold nor delay its consent in the event Ovamed seeks to assign or transfer this Agreement (or any part hereof) to a Qualified Pharmaceutical Company in connection with a
Corporate Transaction. In connection with the foregoing, the Party proposing such assignment shall provide notice to the other Party of any such assignment. Any permitted assignee shall assume all obligations of its assignor under this Agreement.

  

	9.6.	Costs. Each Party will bear its respective costs and expenses, including but not limited to all fees and expenses of accountants, counsel and other external
advisors, incurred in connection with negotiations, execution and performance of this Agreement and any ancillary agreements between the Parties, including, without limitation, the fees and expenses of its respective advisors.

  

	9.7.	Force Majeure. Neither Party shall be held liable or responsible to the other Party nor be deemed to have defaulted under or breached this Agreement for failure
or delay in fulfilling or performing any term of the Agreement during the period of time when such failure or delay is caused by or results from causes beyond the reasonable control of the affected Party including, but not limited to, fire, flood,
embargo, war, acts of war (whether war be declared or not), terrorism, insurrection, riot, civil commotion, strike, lockout or other labor disturbance, factory shutdowns, failure of public utilities or common carriers, act of God or act, omission or
delay in acting by any governmental authority or the other Party. The affected Party shall notify the other Party of such force majeure circumstances as soon as reasonably practicable. 

  
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	9.8.	Severability. If, under applicable law, any provision of this Agreement is invalid or unenforceable, or otherwise directly or indirectly affects the
validity of any other material provision(s) of this Agreement, the Parties mutually agree that this Agreement shall endure except for such provision. The Parties shall consult and use their best efforts to agree upon a valid and
enforceable provision that shall be a reasonable substitute for such invalid and/or unenforceable provision provision in light of the overall intent and purposes of this Agreement. 

 

	9.9.	No Third Party Beneficiaries. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any
party other than the Parties and their respective successors and assigns. 

  

	9.10.	Counterparts; Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original, but each of which together shall constitute
one and the same instrument. Signatures to this Agreement transmitted by fax, by email in “portable document format” (“.pdf”) or by any other electronic means intended to preserve the original graphic and pictorial appearance of
this Agreement shall have the same effect as physical delivery of the paper document bearing an original signature. 

 10.
ARTICLE 10 - NOTICES 
  

	10.1.	Any notice, report, request, approval, consent or other communication required or permitted to be given under this Agreement will be in writing and will for all
purposes be deemed to have been fully given and received if delivered in person or sent by overnight courier or registered or certified mail, postage prepaid, return receipt requested, or by electronic mail, or by fax transmission (with an
appropriate transmission receipt) to the respective Parties at the following addresses: 

  

			
	If to Coronado:	  	24 New England Executive Park
		  	Burlington, MA 01803
		  	Attn: President
		  	Fax: +1-781-652-4545
		
	If to Ovamed:	  	Kiebitzhörn 31, 22885
		  	Barsbüttel, Germany
		  	Att: Managing Director
		  	Fax: +49 40 675 095 58

 11. ARTICLE 11 - TERM AND TERMINATION 

 

	11.1.	 This Agreement shall come into effect on the Effective Date and, unless terminated earlier in accordance with this Article 11, shall continue in each
country in the Territory until the last-to-expire Patent in such country (including any regulatory extensions of patent term) containing an Issued Patent Claim covering Licensed Product, has expired or been revoked without a right of further appeal
(the “Term”). Upon expiration of this Agreement on a country by country basis, all rights and licenses granted to Ovamed hereunder shall be deemed fully paid up and shall survive such expiration and Ovamed shall be free to use the
Know-How, 

  
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Project Results, Licensed Products and Licensed IP in the Ovamed Territory without restriction or compensation to Coronado. 

 

	11.2.	Either Party shall be entitled to terminate this Agreement or suspend its obligations, and without any compensation becoming due, in the event of the following:

  

	 	11.2.1.	if either Party (the “Non-Breaching Party”) believes that the other Party (the “Breaching Party”) is in material breach of this
Agreement, the Non-Breaching Party may deliver notice of such breach to the Breaching Party. If the Breaching Party fails to cure such breach within the sixty (60) day period after the Breaching Party’s receipt of such notice, the
Non-Breaching Party may terminate this Agreement upon written notice to the Breaching Party; provided however, that if such breach relates solely to a particular country or jurisdiction in the Ovamed Territory, then the non-breaching Party shall
have the right to terminate this Agreement solely with respect to such country or jurisdiction. 

  

	 	11.2.2.	upon the filing or institution of bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of the assets for
the benefit of creditors by the other Party; provided, however, in the case of any involuntary bankruptcy, reorganization, liquidation, receivership or assignment proceeding such right to terminate shall only become effective if the Party consents
to the involuntary proceeding or such proceeding is not dismissed within ninety (90) days after the filing thereof. 

  
 16/20

	11.3.	Notwithstanding anything contained herein to the contrary, Coronado shall have the right to terminate this Agreement at any time (a) by giving sixty (60) days
written notice to Ovamed in the event of any event, condition or regulatory action that affects the safety or efficacy or marketability of Licensed Product or in the event Coronado is unable to obtain sufficient quantities of GMP material to conduct
clinical trials, or (b) in its entirety or on a country-by-country basis for any reason by giving one hundred eighty (180) days prior written notice to Ovamed; provided that in each case (a) or (b) Coronado simultaneously also
terminates the License Agreement (in the case of (b) either in its entirety or on a country-by-country basis) by giving notice to FU Berlin as provided for in the License Agreement. In the event of any such termination, the rights and
obligations hereunder, including any payment obligations not due and owing as of the termination date, shall terminate with respect to the Agreement in its entirety or with respect to the particular country or jurisdiction in the Territory, as
applicable. 

  

	11.4.	In case of early effective termination of this Agreement, other than a termination pursuant to Article 11.3(a), the Parties will negotiate in good faith an agreement
between them relating to the use of the Project Results and any Licensed IP. 

  

	11.5.	In addition to any obligations and rights of a Party that expressly or by nature shall survive any termination or expiration of this Agreement, the following provisions
of this Agreement shall survive any termination or expiration of this Agreement: Article 1, Article 2, and Articles 8 -12. 

12. ARTICLE 12 - DISPUTE RESOLUTION AND GOVERNING LAW 
  

	12.1.	The Parties will use commercially reasonable efforts to settle all matters in dispute amicably. The Parties agree to attempt initially to solve all claims, disputes, or
controversies arising under, out of, or in connection with this Agreement (a “Dispute”) by conducting good faith negotiations. Any Disputes which cannot be resolved by good faith negotiation within twenty (20) Business Days,
shall be referred, by written notice from either Party to the other, to the Chief Executive Officer of Coronado and a Managing Director of Ovamed. Such individuals shall negotiate in good faith to achieve a resolution of the Dispute referred to them
within twenty (20) Business Days after such notice is received by the Party to whom the notice was sent. If such individuals are unable to settle the Dispute between themselves within twenty (20) Business Days, they shall so report to the
parties in writing. All negotiations pursuant to this clause are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules of evidence. 

 

	12.2.	Any Dispute which has not been resolved by negotiation as provided in Article 12.1 within twenty (20) Business Days, shall be finally resolved under the Rules of
Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with the said Rules. The arbitration will take place in Berlin and will be conducted in the English language. The award of the arbitrator(s) will
be final and binding on both Parties. The Parties bind themselves to carry out the awards of the arbitrator(s). 

  

	12.3.	 Notwithstanding, without resorting to prior arbitration and in addition to any other remedies provided by law, either Party will be entitled to seek

  
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temporary and permanent injunctive relief against any threatened or actual breach of this Agreement or the continuation of any such breach in any court of competent jurisdiction.

  

	12.4.	This Agreement will as far as legally possible be construed and interpreted pursuant to the laws of Germany without regard to principles of conflicts of law.

  
 18/20

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the dates set forth below: 

SIGNED BY: 
  

			
		
	 Ovamed GmbH
	  	
		
	 By: /s/ Alexander
Beese                    
	  	
	 Name: Alexander Beese
	  	
	 Title: Managing Director
	  	
	 Date: February 22,
2013                    
	  	
		
	 Coronado Biosciences, Inc.
	  	
		
	 By: /s/ Harlan F. Weisman, M.D.        
	  	
	 Name: Harlan F. Weisman, M.D.
	  	
	 Title: Chairman and CEO
	  	
	 Date: February 22,
2013                    
	  	

  
 19/20

 Appendix 1.1.17 

Letter Agreement and Material Transfer Agreement 

  
 20/20

 

 
  

			
	 Ovamed GmbH Ÿ Kiebitzhörn 31 Ÿ 22885 Barsbüttel Ÿ Germany
	  	
		
		  	 Absender:

		  	 Ovamed GmbH

		  	 Kiebitzhörn 31

	 Freie Universität Berlin
	  	 D-22885 Barsbüttel

	 Kaiserswerther Straße 16-18
	  	
		
	 14195 Berlin
	  	 Director:

		  	 Alexander Beese

		  	 T: +49 – (0)40-67 50 95-18

		  	 F: +49 – (0)40-67 50 95-58

		  	 beesea@ovamed.de

		
	 Cc: Coronado Biosciences Inc.
	  	
		  	 Barsbüttel, den 20.02.2013

 Ladies and Gentlemen: 
 Reference is made to the Material Transfer Agreement (the “Agreement”), between us effective as of May 1, 2012. The purpose of this letter agreement (this “Letter Agreement”) is
to clarify and confirm certain rights and obligations of Supplier and Recipient (as defined in the Agreement) and amend certain terms of the Agreement, in connection with a planned research project between Coronado Biosciences, Inc.
(“Coronado”) and Recipient (the “Research Project”) pursuant to the Research Agreement appended hereto as Exhibit 1 (the “Research Agreement”), and the Joint Ownership and Exclusive License Agreement appended
hereto as Exhibit 2 (the “JOELA”), each executed as of the date hereof by and between Recipient and Coronado. Except as otherwise defined in this Letter Agreement, all defined terms used herein shall have the meaning set forth in
the Agreement. 
 Accordingly, Supplier and Recipient agree as follows: 

 

	1.	Subject to the condition precedent of (i) Recipient executing this Letter Agreement and (ii) Supplier and Coronado having agreed to and executed a License and
Sub-License Agreement (the “LSLA”) pursuant to which Supplier is granted by Coronado exclusive licenses and sublicenses in the Ovamed Territory (as defined in the JOELA) on the terms and conditions set forth therein, Supplier:

  

	 	a)	consents under Paragraph 2 of the Agreement to Recipient undertaking the Research Project with Coronado and to the Research Agreement; and 

 

	 	b)	agrees that it does not hold or own, nor is it entitled to obtain, any right title or interest in, and waives any right it may have had under the Agreement to, any such
right, title or interest in, any and all FU Berlin Intellectual Property and/or Joint Intellectual Property (i) in the Coronado Territory, and (ii) in the Ovamed Territory except (A) that Supplier retains a 10% interest in
Recipient’s interest in Joint Patents in the Ovamed Territory, and (B) for the licenses and sublicenses granted to Supplier thereto pursuant to Article 3.1 of the LSLA in the Ovamed Territory, with each defined term used in this clause b)
(except Supplier, Recipient and LSLA) to have the meaning set forth in the JOELA. Accordingly, Supplier and Recipient hereby agree that the last sentence of Paragraph 4 of the Agreement is hereby amended and restated in its entirety to read as
follows: “If any Invention (as defined in the JOELA) results 

  
 

 
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 

  
 

 
  

	 	from the use of the Material, and such Invention is claimed in a Joint Patent (as defined in the JOELA) in the Ovamed Territory (as defined in the JOELA), the Supplier
shall have a 10% share of Recipient’s interest in such Joint Patent in the Ovamed Territory.” 

  

	2.	With respect to the JOELA, it is agreed among Supplier, Recipient and Coronado that, subject to the provisions of this paragraph 2, in the event (a) of any breach
or default by Coronado under the JOELA, or (b) the provisions of Article 11.2.2 of the JOELA are applicable, in either case giving Recipient the right under the JOELA to terminate the JOELA, the following shall be applicable:

  

	 	(i)	in the event of a breach or default, Recipient shall provide Supplier with written notice of such breach or default (and, as applicable, failure to cure such breach or
default and/or intent to terminate), in addition to any notice thereof provided to Coronado, which notice shall disclose the nature and amount of breach or default; 

 

	 	(ii)	If the breach or default is a curable obligation, Supplier shall have the right, but not the obligation, to cure such breach within sixty (60) days after receiving
such written notice if the breach relates to a payment obligation or within ninety (90) days after receiving such written notice if the breach relates to any non-payment obligation; provided that if Supplier cures such breach within the
applicable periods, (A) any payments by Supplier to Recipient to cure such breach shall discharge the related payment obligation Coronado may have had to Recipient; (B) Supplier may, but shall not be obligated to, make future payments
required to be made by Coronado to Recipient under the JOELA directly to Recipient; (C) Coronado shall reimburse Supplier for any such payments made by Supplier to Recipient and any other costs associated with curing such breach or default (or,
at Supplier’s option, Supplier shall be permitted to set off such payments and costs against amounts payable by Supplier to Coronado under the LSLA); and (D) Recipient shall not have the right to terminate the JOELA as a result of such
breach or default; and 

  

	 	(iii)	If (A) the breach or default is a non-curable obligation, and Supplier has not caused such breach or default (it being understood that Supplier will not be deemed
to have caused such breach or default if such breach or default was caused initially by Coronado having breached its obligations to Supplier under the LSLA), or (B) the provisions of Article 11.2.2 are applicable, Supplier shall have the right,
but not the obligation, to have the JOELA survive, provided that from and after any such election by Supplier, (1) Coronado’s rights, licenses and obligations in and under the JOELA shall be deemed as assigned to and assumed by Supplier on
the same terms and conditions as set forth in the JOELA; (2) all references to Coronado in the JOELA shall be construed as Supplier; and (3) Recipient shall not have the right to terminate the JOELA as a result of such breach.

  
 

 
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 

 

 
  

	3.	Paragraphs 9 and 11 of the Agreement shall apply to this Letter Agreement accordingly and are hereby incorporated herein by way of reference. 

If the foregoing accurately sets forth our agreement on this subject, please sign and forward this letter to Coronado asking Coronado to sign as well and
return this Letter Agreement to us (with copy to you), whereupon this Letter Agreement shall constitute a binding agreement upon Supplier, Recipient and, as applicable, Coronado. 

 

	
	 Very truly yours,

	
	 Ovamed GmbH

	
	 By: /s/ Alexander
Beese                

	 Name: Alexander Beese

	 Title: Managing Director

  

	
	 Accepted and Agreed:

	
	 Freie Universität Berlin

	
	 By: /s/ Peter
Lange                

	 Name: Peter Lange

	 Title: Director of Administration and Finance

	
	 Paragraph 2 is hereby accepted and agreed:

	
	 Coronado Biosciences Inc.

	
	 By: /s/ Noah D. Beerman        

	 Name: Noah D. Beerman

	 Title: Executive Vice President and Chief Operating Officer

  
  
 

 
 [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. 

 

 
 Material Transfer Agreement 
  

	
	between
	
	Ovamed GmbH
	Kiebitzhoern 33 - 35
	22885 Marsbüttel
	
	(hereinafter referred to as “Supplier”)
	
	and
	
	Freie Universität Berlin
	represented by Peter Lange, Director of Administration and Finance
	Kaiserswerther Straße 16-18
	14195 Berlin
	
	(hereinafter referred to as “Recipient”)

  

			
	Material:	  	Trichuris suis ova (TSO)
		
	Recipient’s contact:	  	 Prof. Dr. Susanne Hartmann (Principal Scientist)
 Department of Veterinary Medicine
 Institute of Immunology

		
	Supplier’s contact:	  	 Detlev Goj
 Ovamed
GmbH
 Kiebitzhoern 33 - 35
 22885
Barsbüttel

 1. Background 
 Recipient desires to obtain the material and/or information described in Appendix A (together, in the case of biological material, with all progeny, variants, fragments and unmodified derivatives,
and in the case of chemical material, with all analogues, formulations, mixtures or compositions thereof, the “Material”) from Supplier for use by Recipient solely for non-commercial experiments and academic research described in Appendix
A (approach1 - 3) under the terms and conditions of this Agreement. Certain obligations of Recipient herein described (e.g. use and transfer of Material) will apply to any biological material that incorporates the Material or any recombinant version
thereof (e.g., Supplier’s gene into a vector or combination of Supplier’s gene with other polynucleotides) (the “Modified Material”). 
 2. The Material and the Tests 
 Recipient acknowledges that Supplier owns the Material.
Supplier will use commercially reasonable efforts to provide Recipient with the Material described in Appendix A. Supplier has agreed to provide the Material free of charge. Recipient will use the Material and Modified Material solely for the Tests
and Fields. Furthermore, the use for any commercial 
  

			
	 20120329 MTA Ovamed – FU Berlin
	  	Seite 1 von 5

 
purpose, such as for production is prohibited under this Agreement. In particular, no rights are provided to use the Material or any related patents for profit-making or commercial provision of a
service to a third party in exchange for consideration. The Tests of approach 1 and 2 will be conducted solely in laboratories of Freie Universität Berlin, approach 3 may also be conducted by third parties. Recipient will not use the Material
for testing in or treatment of human subjects. Recipient acknowledges that the Material is experimental and will comply with all laws and regulations applicable to its handling and use. Recipient has the right to perform academic research and
research with third parties with the Material, limited to the duration and purpose of the Research Project, but only upon Supplier’s prior written consent, which may not be unreasonably withheld. This applies also to industrially sponsored
research, in particular if Recipient is already engaged in negotiations on the Research Project with good prospects for success and the parties will negotiate in good faith terms of such a license. 

3. Confidentiality. 
 Recipient shall
treat in confidence, for a period of three (3) years from the date of its disclosure, any written information pertaining to the Material provided to Recipient by Supplier or Supplier’s Scientist(s). Excluded from this obligation shall be
any information 
 (a) that was previously known to Recipient prior to receipt of information from Supplier; 

(b) that lawfully is, or becomes publicly available during said three (3) year period through no fault of Recipient; 

(c) which is disclosed to Recipient without confidentiality obligations by a third party having the right to make such disclosure; or 

(d) which is independently developed by Recipient without the use of or reference to any information received from Supplier. 

Recipient may disclose information if required by law or a binding order of a court or other governmental agency, with reasonable efforts to limit the
disclosure to the minimum necessary. 
 4. Research Results. 
 Supplier acknowledges that the Recipient as a University must publish research results and shall take this interest into account. Recipient shall inform Supplier in confidence of Research results related
to the Material, by personal communication or by providing Supplier with copies of manuscripts describing the results of such research before the manuscripts are submitted for publication. If any invention results from the collaborative effort, the
Recipient agrees to notify the Supplier prior filing a patent. If any invention results from the use of the Material, the Supplier’s share in the invention is 10%, if any joint invention with third parties results from the use of the Material,
the Supplier’s share in the invention is 10% from the Recipient’s share accordingly. 
 5. Acknowledgement. 

Recipient will acknowledge Supplier and the named Supplier’s contact as the source of the Material in any publication of Research results.

  

			
	20120329 MTA Ovamed – FU Berlin	  	Seite 2 von 5

 6. No Warranty. 
 Recipient acknowledges that any material delivered to it under this agreement is experimental in nature. Supplier makes no representations or extends any warranties of any kind, either expressed or
implied, with respect to the material. There are no express or implied warranties of merchantability or fitness for a particular purpose, nor does Supplier represent that the use of the material will not infringe any patent, copyright, trade secret,
trademark or other rights of third parties. 
 7. Indemnification. 
 Supplier shall not be liable to Recipient for any loss, claim, or demand made by Recipient, or made against Recipient by any other party, due to, or arising from, the use of the Material by the Recipient.
To the extent permitted by law, Recipient shall indemnify, defend and hold harmless Supplier, its trustees, assignees agents and employees or many claim asserted against them except when arising from the negligence or willful, is conduction the use
of the Material by Recipient or its agents or employees. 
 8. No obligations. 
 Except as provided in this agreement, no rights or licenses to trademarks, inventions, copyrights or patents are implied or granted under this Agreement. 

9. Final Agreement. 
 This Agreement and
Appendix A attached hereto and hereby incorporated herein, contains the final, complete and exclusive agreement of the parties relative to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements relating
to its subject matter. This Agreement may not be changed, modified, amended or supplemented except by a written instrument signed by both parties. 
 10. Start and Termination. 
 This Agreement enters into force as from 1.5.2012. Either party
may terminate this Agreement upon ninety (90) days’ prior written notice to the other party. Upon termination, Recipient will return to Supplier its ConfidentiaI Information, and any unused samples of the Material, and all of
Recipient’s rights to use the Material ill end, except there are still Research Projects with contractual commitments for the Recipient. In this case the parties will seek an appropriate solution in good faith until termination of the Research
Project. Following termination, neither party will have any further obligations under this Agreement, except that Sections 2, 3, 5 and 6 will survive. 
 11. Miscellaneous. 
 This Agreement shall be governed by the laws of Germany, excluding its
conflicts of laws principles. Place of jurisdiction is Berlin, Germany. 
  

			
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	  	Seite 3 von 5

 12. Signatures 
 SIGNED BY: 
  

			
	 Date:
	  	Date:
		
	 Ovamed GmbH
	  	Freie Universität Berlin
		
	 /s/ Detleve
Goj                    
	  	/s/ Peter Lange                    
	 By: Detlev Goj
	  	By: Peter Lange
		  	Director of Administration and Finance
		
		  	Acknowledged and read:
		
		  	Date: 14.Mai.2012            
		
		  	Project Director for Researcher
		
		  	/s/ S. Hartmann                    
		  	By: Prof. Dr. Susanne Hartmann
		  	Principal Scientist /
		  	Head of the Institute of Immunology

  

			
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	  	Seite 4 von 5

 Appendix A 
 Material: 
 Trichuris suis eggs (TSO). TSO are harvested from in vitro cultivated adults T.
suis worms harvested from pig gut, or via other methods deemed suitable by the Supplier. 
 Test/Fields: 

Description and Purpose of the tests and the fields, the institution wants to make. 
 [*] 
  

 
 [*] Confidential treatment
requested; certain information omitted and filed separately with the SEC. 
  

			
	 20120329 MTA Ovamed – FU Berlin
	  	Seite 5 von 5EX-10.1

 Exhibit 10.1 
 EXECUTION VERSION 
 AGREEMENT 

This Agreement (this “Agreement”) is made and entered into as of May 8, 2013, by and among Ferro Corporation (the
“Company”), FrontFour Master Fund, Ltd. and the entities and natural persons listed on Exhibit A hereto and their respective Affiliates (collectively, “FrontFour”) and Quinpario Partners, LLC and the entities
and natural persons listed on Exhibit B hereto and their respective Affiliates (collectively, “Quinpario,” and with FrontFour, the “FrontFour Group,” and each a “Group Member”) (each of
the Company, the FrontFour Group and any Group Member, a “Party” to this Agreement and collectively, the “Parties”). 
 RECITALS 
 WHEREAS, the Company, FrontFour and Quinpario have engaged in various
discussions and communications concerning the Company’s business, financial performance and strategic plans; 
 WHEREAS,
FrontFour is deemed to beneficially own shares of common stock of the Company (the “Common Stock”) totaling, in the aggregate, two million nine hundred seventy-eight thousand five hundred (2,978,500) shares, or approximately
three and four-tenths percent (3.4%), of the Common Stock issued and outstanding on the date hereof; 
 WHEREAS, Quinpario is
deemed to beneficially own shares of Common Stock totaling, in the aggregate, seven hundred thirty thousand (730,000) shares, or approximately eight-tenths of one percent (0.8%), of the Common Stock issued and outstanding on the date hereof;

 WHEREAS, the FrontFour Group submitted a nomination letter to the Company on January 23, 2013 (the “Nomination
Letter”) nominating director candidates to be elected to the Company’s board of directors (the “Board”) at the 2013 annual meeting of shareholders of the Company (the “2013 Annual Meeting”); and

 WHEREAS, the Company and the FrontFour Group have determined to come to an agreement with respect to the election of members
of the Board, including those to be elected at the 2013 Annual Meeting, certain matters related to the 2013 Annual Meeting and certain other matters, as provided in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 
  

	 	1.	Board Matters; Board Appointments; 2013 Annual Meeting. 

 (a) The Company agrees that the Board and all applicable committees of the Board shall take all necessary actions to nominate Jeffry N. Quinn (“Quinn”) and David A. Lorber
(“Lorber,” and with Quinn, the “New Appointees”) for election to the Board at the 2013 Annual Meeting. 

 (b) The Company agrees to take all necessary actions to modify its existing slate of three
(3) directors who have been nominated by the Company to be elected at the 2013 Annual Meeting, by removing Richard C. Brown (“Brown”) and Gregory E. Hyland (“Hyland”) as nominees and replacing them with Quinn
and Lorber, which shall include without limitation promptly creating and mailing additional solicitation materials and proxy cards reflecting the modified slate. As a result Brown and Hyland will not stand for re-election at the 2013 Annual Meeting
and the Company’s slate of nominees for election at the 2013 Annual Meeting shall consist of Quinn, Lorber and Ronald P. Vargo. At the 2013 Annual Meeting, a director shall resign from the class of directors to serve through the 2014 annual
meeting of shareholders of the Company and the Board shall immediately appoint Hyland to fill the resulting vacancy. During the Standstill Period (as defined below), the number of directors constituting the Board will be fixed at ten,
provided, however, that this restriction shall not apply in the event that a shareholder delivers to the Company a request for the call of a special meeting of shareholders. The Company may reschedule the 2013 Annual Meeting to be held
and concluded on a date not later than May 24, 2013. 
 (c) Upon the execution of this Agreement, the FrontFour Group
hereby irrevocably withdraws its Nomination Letter and the FrontFour Group hereby agrees not to (i) nominate any person for election at the 2013 Annual Meeting, (ii) submit any proposal for consideration at, or bring any other business
before, the 2013 Annual Meeting, directly or indirectly, or (iii) initiate, encourage or participate in any “withhold” or similar campaign with respect to the 2013 Annual Meeting, directly or indirectly, and shall not permit any of
its Affiliates or Associates to do any of the items in this Section 1(c). The FrontFour Group shall not publicly or privately encourage or support any other shareholder to take any of the actions described in this Section 1(c). 

(d) The Company agrees that it will recommend, support and solicit proxies for the election of Quinn and Lorber at the 2013 Annual
Meeting in the same manner as for the Company’s other nominee standing for election to the Board at the 2013 Annual Meeting. 
 (e) At the 2013 Annual Meeting, the FrontFour Group agrees to appear in person or by proxy and vote all shares of Common Stock beneficially owned by it (i) in favor of the election of each of the
Company’s nominees for election to the Board (ratably with respect to all nominees), (ii) in favor of the Company’s “say-on-pay” proposal, (iii) for the shareholder proposal submitted by Kenneth Steiner, (iv) in
favor of the 2013 Omnibus Incentive Plan, and (v) in favor of the proposal to amend the Company’s Code of Regulations to opt out of the Ohio Control Share Acquisition Act. 

(f) The FrontFour Group agrees that it will cause each of its Affiliates and Associates to comply with the terms of this Agreement. As
used in this Agreement, the terms “Affiliate” and “Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended,
or the rules or regulations promulgated thereunder (the “Exchange Act”) and shall include all persons or entities that at any time during the term of this Agreement become Affiliates or Associates of any person or entity referred to
in this Agreement. 

  
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 (g) The Company agrees that promptly following the conclusion of the 2013 Annual Meeting,
but in any event no later than five business days thereafter, the Board will take all action necessary to create a committee of the Board to evaluate strategies to enhance shareholder value, including optimizing the Company’s capital structure,
reviewing strategic proposals, reviewing its mix of businesses and improving operating performance (the “Strategy Committee”). The Strategy Committee will be comprised of five members consisting of the two New Appointees and three
other directors designated by the Company. The Strategy Committee will function in accordance with the terms hereof until disbanded on the earlier of (i) the mutual agreement of the Parties or (ii) Board action any time after the
expiration of the Standstill Period. 
 (h) The Company agrees that promptly following the conclusion of the 2013 Annual
Meeting, but in any event no later than five business days thereafter, the Board will take all action necessary to appoint one New Appointee to the Governance & Nomination Committee of the Board and one New Appointee to the Compensation
Committee of the Board, in each case as designated by the FrontFour Group in its sole discretion. The Company also agrees to promptly appoint one New Appointee, as designated by the FrontFour Group in its sole discretion, to any other committee of
the Board (other than the Audit Committee) in existence on or after the date hereof, except as already contemplated under Section 1(g) hereof. The Company agrees that the Board will not cause any New Appointee to be removed from any committee
of the Board to which such New Appointee was appointed pursuant to the terms hereof, provided, however, that this restriction shall not apply in the event that the FrontFour Group beneficially owns in the aggregate less than 1.5% of
the Company’s then outstanding Common Stock (subject to adjustment for stock splits, reclassifications, combinations and similar adjustments). 
 (i) If elected at the 2013 Annual Meeting, the New Appointees will receive the same benefits of directors’ and officers’ insurance and any indemnity and exculpation arrangements available
generally to the other Board members and the same compensation for service as a director as the compensation received by the other Board members. 
 (j) The Company agrees that if a New Appointee or any Replacement Director (as defined below) is unable to serve as a director, resigns as a director or is removed as a director prior to the 2016 annual
meeting of shareholders of the Company (the “2016 Annual Meeting”) , and at such time the FrontFour Group beneficially owns in the aggregate at least 1.5% of the Company’s then outstanding Common Stock (subject to adjustment
for stock splits, reclassifications, combinations and similar adjustments), the Company and the FrontFour Group shall discuss in good faith the mutual recommendation to the Governance & Nomination Committee of the Board of the appointment
of a substitute person to fill the resulting vacancy in the class of directors with terms expiring at the 2016 Annual Meeting, which person shall (i) qualify as “independent” pursuant to NYSE listing standards, and (ii) have
relevant financial and business experience. The appointment of any such person to the Board will be subject to the approval of the Governance & Nomination Committee, in its sole discretion, after exercising its fiduciary duties in good
faith (any such replacement nominee appointed in accordance with the terms of this Section 1(j) shall be referred to as a “Replacement Director”). Upon the acceptance of a Replacement Director nominee by the
Governance & Nomination Committee, the Board will appoint such Replacement Director to the Board no later than five business days after the Governance & Nomination Committee recommendation of such Replacement Director. Any such
Replacement Director who becomes a Board member under this Section 1(j) shall be deemed a “New Appointee” for all purposes under this Agreement. 

  
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	 	2.	Standstill Provisions. 

(a) The FrontFour Group agrees that, from the date of this Agreement until the earlier of (i) the date that is fifteen business days
prior to the deadline for the submission of shareholder nominations for the 2014 annual meeting of shareholders of the Company pursuant to the Company’s Code of Regulations or (ii) the date that is ninety days prior to the first
anniversary of the 2013 Annual Meeting (the “Standstill Period”), neither it nor any of its Affiliates or Associates under its control or direction will, and it will cause each of its Affiliates and Associates under its control not
to, directly or indirectly, in any manner: 
 (i) engage in any solicitation of proxies or consents or become a
“participant” in a “solicitation” as such terms are defined in Regulation 14A under the Exchange Act of proxies or consents (including, without limitation, any solicitation of consents that seeks to call a special meeting of
shareholders), in each case, with respect to securities of the Company; 
 (ii) form, join or in any way participate in any
“group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to the Common Stock (other than a “group” that includes all or some of the entities or persons identified on Exhibit A and Exhibit
B, but does not include any other entities or persons not identified on Exhibit A or Exhibit B as of the date hereof); provided, however, that nothing herein shall limit the ability of an Affiliate or Associate of
either FrontFour or Quinpario to join its respective “group” following the execution of this Agreement, so long as any such Affiliate or Associate agrees to be bound by the terms and conditions of this Agreement; 

(iii) deposit any Common Stock in any voting trust or subject any Common Stock to any arrangement or agreement with respect to the voting
of any Common Stock, other than any such voting trust, arrangement or agreement solely among the members of the FrontFour Group and otherwise in accordance with this Agreement; 

(iv) seek or encourage any person to submit nominations in furtherance of a “contested solicitation” for the election or
removal of directors with respect to the Company or seek, encourage or take any other action with respect to the election or removal of any directors; 
 (v) (A) make any proposal for consideration by shareholders at any annual or special meeting of shareholders of the Company, (B) make any offer or proposal (with or without conditions) with respect
to a merger, acquisition, recapitalization, restructuring, disposition or other business combination involving either or both of the FrontFour Group and the Company, or encourage, initiate or support any third party in any such activity, or
(C) make any public communication in opposition to any Company acquisition or disposition activity approved by the Board; 

(vi) seek, alone or in concert with others, representation on the Board, except as specifically contemplated in Section 1;

 (vii) seek to advise, encourage, support or influence any person with respect to the voting or disposition of any securities
of the Company at any annual or special meeting of shareholders, except in accordance with Section 1; or 

  
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 (viii) make any request or submit any proposal to amend the terms of this Agreement other
than through non-public communications with the Company that would not be reasonably determined to trigger public disclosure obligations for any Party. 
 (b) Except as expressly provided in Section 1 or Section 2(a), each member of the FrontFour Group shall be entitled to: 
 (i) vote its shares on any other proposal duly brought before the 2013 Annual Meeting, or otherwise vote as each member of the FrontFour Group determines in its sole discretion; or 

(ii) disclose, publicly or otherwise, how it intends to vote or act with respect to any securities of the Company, any shareholder
proposal or other matter to be voted on by the shareholders of the Company and the reasons therefor; provided that, as applicable, all such activity is in compliance with the requirements of this Agreement. 

(c) Notwithstanding any other provision of this Agreement, each of the New Appointees, acting solely in his capacity as a director, shall
be entitled to publicly disclose his views as a director if he disagrees with a publicly announced position or decision of the Board in response to any unsolicited proposal from a third party, or a proposal by the Company, with respect to a merger,
acquisition, recapitalization, restructuring, disposition or other business combination involving the Company; provided, however, that any such public disclosure shall consist solely of the fact that the director disagreed with such
position or decision and the basis for such disagreement; provided, further, that in connection with any such public statement, no director shall be permitted to disclose any information that is confidential, subject to the
attorney-client privilege or otherwise is material and non-public and in no event may any New Appointee make any public disclosure that is inconsistent with his fiduciary duties. 

 

	 	3.	Representations and Warranties of the Company. 

 The Company represents and warrants to the FrontFour Group that (a) the Company has the corporate power and authority to execute this Agreement and to bind it thereto, (b) this Agreement has
been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance with its terms, except as enforcement thereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, and (c) the execution, delivery and
performance of this Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a
default (or an event which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration
or cancellation of, any organizational document, agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is bound. 

  
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	 	4.	Representations and Warranties of the FrontFour Group. 

 The FrontFour Group jointly and severally represents and warrants to the Company that (a) the authorized signatory of each respective Group Member set forth on the signature page hereto has the power
and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind it thereto, (b) this Agreement has been duly authorized, executed and delivered by each Group Member,
and is a valid and binding obligation of each such Group Member, enforceable against each respective Group Member in accordance with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (c) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and
the fulfillment of the terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of each respective Group Member as currently in effect, (d) the
execution, delivery and performance of this Agreement by each Group Member does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to such Group Member, (ii) violate or conflict
with any agreement, arrangement or understanding among the FrontFour Group, or (iii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a breach, violation
or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document, agreement, contract, commitment, understanding or
arrangement to which such member is a party or by which it is bound, and (e) as of the date of this Agreement, (i) Quinpario is deemed to beneficially own in the aggregate seven hundred thirty thousand (730,000) shares of Common
Stock, (ii) FrontFour is deemed to beneficially own in the aggregate two million nine hundred seventy-eight thousand five hundred (2,978,500) shares of Common Stock, and (iii) no Group Member currently has, nor currently has any right
to acquire, any interest in any other securities of the Company (or any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the
passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of the Company or any of its Affiliates, including any swaps or other derivative arrangements designed to
produce economic benefits and risks that correspond to the ownership of Common Stock, whether or not any of the foregoing would give rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not
to be settled by delivery of Common Stock, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement). 
  

	 	5.	FrontFour Group Representatives. 

 In the event that the FrontFour Group is required or permitted to take action under this Agreement, the FrontFour Group appoints each of David A. Lorber on behalf of FrontFour Capital Group LLC and Jeffry
N. Quinn on behalf of Quinpario Partners LLC as its representatives (the “Representatives”) and any decision, action or instruction by such Representatives shall be final and binding upon the FrontFour Group and the Company may rely
on such decision; provided, however, that in the event the decision, action or instruction of the Representatives is not unanimous, the Company may disregard the FrontFour Group’s decision, action or instruction without liability.

  
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 6. Press Release. 

Promptly following the execution of this Agreement, the Company and the FrontFour Group shall jointly issue a mutually agreeable press
release (the “Mutual Press Release”) announcing certain terms of this Agreement, in the form attached hereto as Exhibit C. Prior to the issuance of the Mutual Press Release, neither the Company nor any Group Member shall
issue any press release or public announcement regarding this Agreement without the prior written consent of the other Parties. Until the 2013 Annual Meeting, neither the Company nor any Group Member or New Appointee shall make any public
announcement or statement that is inconsistent with or contrary to the statements made in the Mutual Press Release, except as required by law or the rules of any stock exchange or with the prior written consent of the other Party. 

7. Specific Performance. 
 Each of the Group Members, on the one hand, and the Company, on the other hand, acknowledge and agree that irreparable injury to the other party hereto would occur in the event any of the provisions of
this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law (including the payment of money damages). It is
accordingly agreed that the FrontFour Group, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms
hereof, and the other party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This Section 7 is the
exclusive remedy for any violation of this Agreement. 
 8. Expenses. 

The Company shall promptly reimburse the FrontFour Group for their collective reasonable, documented out-of-pocket fees and expenses
(including legal expenses) incurred in connection with the matters related to the 2013 Annual Meeting and the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $500,000 in the aggregate to the FrontFour
Group as a whole. 
 9. Severability. 
 If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the intention of the Parties that the Parties would have executed the remaining
terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to use their best efforts to agree upon and substitute a valid and enforceable
term, provision, covenant or restriction for any of such that is held invalid, void or unenforceable by a court of competent jurisdiction. 

  
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 10. Notices. 
 Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered:
(i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one business
day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

If to the Company: 
 Ferro Corporation 
 6060 Parkland Boulevard 

Mayfield Heights, OH 44124 
 Attention: Peter T. Thomas 
 Telephone: (216) 641-8580 

Facsimile: (216) 875-7266 
 with a copy (which shall not constitute notice) to: 
 Jones Day 

901 Lakeside Avenue 
 Cleveland, Ohio 44114-1190 
 Attention: Lyle G. Ganske, Esq. 

Telephone: (216) 586-7264 
 Facsimile: (216) 579-0212 
 If to the FrontFour Group or any member thereof:

 FrontFour Master Fund, Ltd. 
 c/o FrontFour Capital Group LLC 
 35 Mason Street, 4th Floor 

Greenwich, CT 06830 
 Attention: David A. Lorber 
 Telephone: (203) 274-9052 

Facsimile: (203) 274-9045 
 Quinpario Partners LLC 
 12935 N. Forty Drive, Suite 201 

St. Louis, MO 63141 
 Attention: Jeffry N. Quinn 
 Telephone: (314) 548-6200 

Facsimile: (775) 206-7966 

  
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 with a copy (which shall not constitute notice) to: 

Olshan Frome Wolosky LLP 
 Park Avenue Tower 
 65 East 55th Street 

New York, New York 10022 
 Attention: Steve Wolosky, Esq. 
 Telephone: (212) 451-2333 

Facsimile: (212) 451-2222 
 11. Applicable Law. 
 This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of Ohio without reference to the conflict of laws principles thereof. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights
and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other party hereto or its successors or assigns, shall be brought and
determined exclusively in the state courts located in Cuyahoga County, Ohio and any state appellate court therefrom within the State of Ohio (or if any state court declines to accept jurisdiction over a particular matter, the United States District
Court for the Northern District of Ohio). Each of the Parties hereto hereby irrevocably submits, with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of
the aforesaid courts and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding
with respect to this Agreement, (i) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (ii) any claim that it or its property is exempt or immune from jurisdiction of any such court or
from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by
applicable legal requirements, any claim that (A) the suit, action or proceeding in such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this Agreement, or the subject
matter hereof, may not be enforced in or by such courts. 
 12. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). 

  
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 13. Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party
Beneficiaries. 
 This Agreement contains the entire understanding of the Parties hereto with respect to its subject matter.
There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made except in writing signed by an
authorized representative of each of the Company and the FrontFour Group, except that the signature of an authorized representative of the Company will not be required to permit an Affiliate of FrontFour to agree to be listed on Exhibit A or
an Affiliate of Quinpario to agree to be listed on Exhibit B and be bound by the terms and conditions of this Agreement. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are
cumulative and are not exclusive of any other remedies provided by law. The terms and conditions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Parties hereto and their respective successors, heirs,
executors, legal representatives and permitted assigns. No Party shall assign this Agreement or any rights or obligations hereunder without, with respect to any member of the FrontFour Group, the prior written consent of the Company, and with
respect to the Company, the prior written consent of the FrontFour Group. This Agreement is solely for the benefit of the Parties hereto and is not enforceable by any other persons. 

14. Mutual Non-Disparagement. 
 Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill Period, or if earlier, until such time as the Company, on the one hand, or the FrontFour Group, on the other
hand, or any of such Party’s agents, subsidiaries, affiliates, successors, assigns, officers, key employees or directors shall have breached this Section 14, neither it nor any of its respective agents, subsidiaries, affiliates,
successors, assigns, officers, key employees or directors shall in any way publicly disparage, call into disrepute, defame, slander or otherwise criticize the other Parties or such other Parties’ subsidiaries, affiliates, successors, assigns,
officers (including any current officer of a Party or a Party’s subsidiary who no longer serves in such capacity following the execution of this Agreement), directors (including any current director of a Party or a Party’s subsidiary who
no longer serves in such capacity following the execution of this Agreement), employees, shareholders, agents, attorneys or representatives, or any of their products or services, in any manner that would damage the business or reputation of such
other Parties, their products or services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, shareholders, agents, attorneys or representatives. 

[The remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized signatories of the Parties as of the date hereof. 
  

			
	FERRO CORPORATION
		
	By:	 	 /s/ Peter T. Thomas

	Name:	 	Peter T. Thomas
	Title:	 	Chief Executive Officer
	
	FRONTFOUR MASTER FUND, LTD.
		
	By:	 	 FrontFour Capital Group LLC

as Investment Manager

		
	By:	 	 /s/ David A. Lorber

		 	Name:David A. Lorber
		 	Title: Authorized Signatory
	
	FRONTFOUR CAPITAL GROUP LLC
		
	By:	 	 /s/ David A. Lorber

		 	Name: David A. Lorber
		 	Title: Authorized Signatory
	
	FRONTFOUR OPPORTUNITY FUND
		
	By:	 	 FrontFour Capital Corp.
 as
Investment Manager

		
	By:	 	 /s/ David A. Lorber

		 	Name: David A. Lorber
		 	Title: Authorized Signatory
	
	FRONTFOUR CAPITAL CORP.
		
	By:	 	 /s/ David A. Lorber

		 	Name: David A. Lorber
		 	Title: Authorized Signatory
	
	EVENT DRIVEN PORTFOLIO
		
	By:	 	 /s/ David A. Lorber

		 	Name: David A. Lorber
		 	Title: Authorized Signatory

 
			
	QUINPARIO PARTNERS LLC
		
	By:	 	 /s/ Jeffry N. Quinn

		 	Name: Jeffry N. Quinn
		 	Title: Chief Executive Officer

 EXHIBIT A 
 FrontFour 
 FRONTFOUR MASTER FUND, LTD. 

FRONTFOUR CAPITAL GROUP LLC 
 FRONTFOUR CAPITAL CORP. 
 FRONTFOUR OPPORTUNITY FUND LTD. 

EVENT DRIVEN PORTFOLIO, a series of Underlying Funds Trust 
 STEPHEN LOUKAS 
 DAVID A. LORBER 

ZACHARY GEORGE 

 EXHIBIT B 
 Quinpario 
 QUINPARIO PARTNERS LLC 

JEFFRY N. QUINN 

NADIM Z. QURESHI 

 EXHIBIT C 
 PRESS RELEASE 

 FERRO AND THE FRONTFOUR-QUINPARIO GROUP REACH AGREEMENT 

CLEVELAND, Ohio and GREENWICH, Conn —May 8, 2013—Ferro Corporation (NYSE: FOE, the “Company”) and the FrontFour Capital Group
and Quinpario Partners (the “FrontFour-Quinpario Group”) today announced that they have reached an agreement in connection with the Company’s 2013 Annual Meeting of Shareholders. 

Under the terms of the agreement, two members of the FrontFour-Quinpario Group, Jeffry N. Quinn and David A. Lorber, will stand for election as Ferro
nominees to the Board of Directors at Ferro’s 2013 Annual Meeting on May 15, 2013. A third member of the FrontFour-Quinpario Group, Nadim Z. Qureshi, will not stand for election. Ronald P. Vargo, a current member of the Ferro Board, will
be the third candidate for election to the Board of Directors. Richard C. Brown and Gregory E. Hyland will not stand for reelection at the 2013 Annual Meeting. Accordingly, the Company’s slate of nominees shall consist of Mr. Quinn,
Mr. Lorber and Mr. Vargo. 
 Sandra Austin will resign from the Board at the 2013 Annual Meeting, and Mr. Hyland will be
appointed by the Board to the class of directors to serve through the 2014 Annual Meeting to fill the vacancy created by Ms. Austin’s resignation. 
 Under the terms of the agreement, the FrontFour-Quinpario Group has withdrawn its notice of nomination of all of its director candidates to the Ferro Board and has agreed to vote its shares in favor of
each of the Ferro Board’s nominees at the 2013 Annual Meeting. In addition, the FrontFour-Quinpario Group has agreed to abide by certain “standstill” restrictions. 
 “We believe this agreement with the FrontFour-Quinpario Group is in the best interests of the Company and all Ferro shareholders,” said William B. Lawrence, Chairman of the Ferro Board of
Directors. “We look forward to Jeff’s and David’s participation as Board members. We would also like to thank Sandra Austin and Rick Brown for their many contributions to Ferro. Looking ahead, the Board will remain focused on the
continued execution of our strategic plan and driving shareholder value.” 
 Mr. Quinn, Chairman and Chief Executive Officer of
Quinpario Partners, LLC, stated, “We are delighted to have reached an agreement with Ferro and we look forward to working together constructively with the Board and management team to help drive value for Ferro shareholders.” 

The Ferro Board will also form a committee to evaluate strategies to enhance shareholder value (the “Strategy Committee”), including optimizing
the Company’s capital structure, reviewing strategic proposals, reviewing Ferro’s mix of businesses, and improving operating performance. The Strategy Committee will be comprised of five members, consisting of three directors designated by
the Company, as well as Messrs. Quinn and Lorber. In addition, upon election to the Board, Messrs. Quinn and Lorber will each be appointed as members of either the Governance & Nomination Committee or Compensation Committee. 

As a result of the agreement with the FrontFour-Quinpario Group, any white or green proxy card which shareholders may have previously submitted will NOT
be voted at the 2013 Annual Meeting. Shareholders who have not yet voted, or who have previously voted using a white or green proxy card, are asked to please vote on the YELLOW proxy card to be provided by the Company. 

 As previously announced, Ferro’s 2013 Annual Meeting of Shareholders will be held at 9:00 a.m. (Eastern
Time) on May 15, 2013 at the Posnick Center of Innovative Technology, 7500 East Pleasant Valley Road, Independence, Ohio 44131. 

 

We encourage shareholders to vote their YELLOW proxy card by telephone or 

by Internet to ensure that their shares are represented 

at the May 15th Annual Meeting. 
 If you have questions about how to vote your shares on the YELLOW proxy card, 

please contact the firm assisting us in the solicitation of proxies: 

INNISFREE M&A INCORPORATED 
 Shareholders Call Toll-Free: (888) 750-5834 
 Banks and
Brokers Call Collect: (212) 750-5833 

 The complete agreement between Ferro and the FrontFour-Quinpario Group will be filed as an
exhibit to a Current Report on a Form 8-K to be filed with the Securities and Exchange Commission (SEC). 
 Ferro’s definitive proxy
materials are available on the SEC’s website at www.sec.gov. 
 About Ferro Corporation 

Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials and chemicals for manufacturers. Ferro
products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products markets. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,700 employees globally and
reported 2012 sales of $1.8 billion. 
 Cautionary Note on Forward-Looking Statements 

Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These
statements are subject to a variety of uncertainties, unknown risks, and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by
these forward-looking statements and that could adversely affect the Company’s future financial performance include the following: 
 • demand in the industries into which Ferro sells its products may be unpredictable, cyclical, or heavily influenced by consumer spending; 

• Ferro’s ability to successfully implement its value creation strategy; 

• Ferro’s ability to successfully implement and/or administer its cost-saving initiatives, including its restructuring
programs, and to produce the desired results, including projected savings; 

 • restrictive covenants in the Company’s credit facilities could affect its
strategic initiatives and liquidity; 
 • Ferro’s ability to access capital markets, borrowings, or financial
transactions; 
 • the effectiveness of the Company’s efforts to improve operating margins through sales growth, price
increases, productivity gains, and improved purchasing techniques; 
 • the availability of reliable sources of energy and
raw materials at a reasonable cost; 
 • currency conversion rates and economic, social, regulatory, and political
conditions around the world; 
 • Ferro’s presence in certain geographic regions, including Latin America and
Asia-Pacific, where it can be difficult to compete lawfully; 
 • increasingly aggressive domestic and foreign governmental
regulations on hazardous materials and regulations affecting health, safety, and the environment; 
 • Ferro’s ability
to successfully introduce new products or enter into new growth markets; 
 • sale of products into highly regulated
industries; 
 • limited or no redundancy for certain of the Company’s manufacturing facilities and possible
interruption of operations at those facilities; 
 • Ferro’s ability to complete future acquisitions or dispositions,
or successfully integrate future acquisitions; 
 • competitive factors, including intense price competition; 

• Ferro’s ability to protect its intellectual property or to successfully resolve claims of infringement brought against the
Company; 
 • management of Ferro’s general and administrative expenses; 

• Ferro’s multi-jurisdictional tax structure; 
 • the impact of the Company’s performance on its ability to utilize significant deferred tax assets; 
 • the effectiveness of strategies to increase Ferro’s return on capital; 

• the impact of operating hazards and investments made in order to meet stringent environmental, health, and safety regulations;

 • stringent labor and employment laws and relationships with the Company’s employees; 

• the impact of requirements to fund employee benefit costs, especially post-retirement costs; 

 • implementation of new business processes and information systems; 

• the impact of interruption, damage to, failure, or compromise of the Company’s information systems; 

• exposure to lawsuits in the normal course of business; 
 • risks and uncertainties associated with intangible assets; 
 •
Ferro’s borrowing costs could be affected adversely by interest rate increases; 
 • liens on the Company’s assets
by its lenders affect its ability to dispose of property and businesses; 
 • Ferro may not pay dividends on its common
stock in the foreseeable future; and 
 • other factors affecting the Company’s business that are beyond its control,
including disasters, accidents, and governmental actions. 
 The risks and uncertainties identified above are not the only risks the Company
faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these
developments could have material adverse effects on our business, financial condition, and results of operations. 
 This release contains
time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events,
information, or circumstances that arise after the date of this release. Additional information regarding these risks can be found in our Annual Report on Form 10-K for the period ended December 31, 2012. 

CONTACT: Ferro Corporation 
 Investor
Contact: 
 John Bingle, 216-875-5411 

Treasurer and Director of Investor Relations 

john.bingle@ferro.com 
 or 

Media Contact: 
 Mary Abood, 216-875-5401

 Director, Corporate Communications 

mary.abood@ferro.com 
 CONTACT: The
FrontFour Group 
 David Lorber 

FrontFour Capital Group LLC 
 203-274-9050

 Bruce Goldfarb/Pat McHugh/Chuck Garske 
 Okapi Partners 
 212-297-0720

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