Document:

______________________, 2014

 

CB Pharma
Acquisition Corp.

24 New England
Executive Park, Suite 105

Burlington,
Massachusetts 01803

 

EarlyBirdCapital,
Inc.

275 Madison
Avenue, 27th Floor

New York,
New York 10016

 

		Re:	Initial Public Offering

 

Gentlemen:

 

This letter is being
delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and between CB Pharma Acquisition Corp., a Cayman Islands Company (the “Company”), and EarlyBirdCapital,
Inc., as Representative (the “Representative”) of the several Underwriters named in Schedule I thereto
(the “Underwriters”), relating to an underwritten initial public offering (the “IPO”)
of the Company’s units (the “Units”), each comprised of one ordinary share of the Company, par
value $0.0001 per share (the “Ordinary Shares”), one right (“Right”) to receive
one-tenth of one Ordinary Share upon consummation of the Company’s initial Business Combination, and one warrant, each warrant
exercisable for one half of one Ordinary Share (“Warrant”) upon consummation of the Company’s initial
Business Combination. Certain capitalized terms used herein are defined in paragraph 15 hereof.

 

In order to induce the
Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit
that such IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1.          If
the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all Ordinary Shares beneficially
owned by him, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2.          (a)
In the event that the Company fails to consummate a Business Combination within the required time period set forth in the Company’s
Memorandum and Articles of Association as the same may be amended from time to time, the undersigned shall take all reasonable
steps to (i) cause the Trust Fund to be liquidated and distributed to the holders of IPO Shares and (ii) cause the Company to liquidate
as soon as reasonably practicable.

 

    	 

    	 

    

 

(b)          The
undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Fund and
any remaining net assets of the Company as a result of such liquidation with respect to any Insider Shares or Private Units beneficially
owned by the undersigned (“Claim”) and hereby waives any Claim the undersigned may have in the future
as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund
for any reason whatsoever. The undersigned acknowledges and agrees that there will be no distribution from the Trust Fund with
respect to any Rights or Warrants, all of which will terminate on the Company’s liquidation.

 

(c)          [In
the event of the liquidation of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and
all loss, liability, claims, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim
whatsoever) which the Company may become subject as a result of any claim by any vendor or other person who is owed money by the
Company for services rendered or products sold or contracted for, or by any target business, but only to the extent necessary to
ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds in the Trust Fund; provided
that such indemnity shall not apply if such vendor or prospective target business executes an agreement waiving any claims against
the Trust Fund.]1

 

3.          The
undersigned will escrow all of his/her/its Insider Shares pursuant to the terms of a Share Escrow Agreement which the Company will
enter into with the undersigned and an escrow agent acceptable to the Company.

 

4.          Intentionally
Omitted.

 

5.          In
order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present
to the Company for its consideration, prior to presentation to any other person or entity, any suitable opportunity to acquire
a target business, until the earlier of the consummation by the Company of a Business Combination or the liquidation of the Company,
subject to any pre-existing fiduciary and contractual obligations the undersigned might have.

 

6.          The
undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business Combination
is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

 

1 Coronado Biosciences Insider Letter Only

 

    	2

    	 

    

 

7.          Neither
the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation or other
cash payment for services rendered prior to, or in order to effectuate, the consummation of the Business Combination; provided
that the Company shall be allowed to (i) repay the non-interest bearing loan in an aggregate amount of $200,000 and working capital
loans made by the undersigned to the Company in cash upon consummation of the Business Combination or, at the undersigned’s
discretion, with respect to up to an aggregate of $500,000 of working capital loans from all lenders, by converting such loans
into units at a price of $10.00 per unit, as more fully described in the Registration Statement, (ii) pay $10,000 per month to
Coronado Biosciences, Inc., an affiliate of the undersigned, for office space and related services and (iii) reimburse the undersigned
and any affiliate of the undersigned for their out-of-pocket expenses incurred in connection with identifying, investigating and
consummating a Business Combination.

 

8.          Neither
the undersigned nor any affiliate of the undersigned will be entitled to receive or accept a finder’s fee or any other compensation
in the event the undersigned, any member of the family of the undersigned or any affiliate of the undersigned originates a Business
Combination.

 

9.          The
undersigned agrees to be the _________________ of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. The undersigned’s biographical information previously furnished to the Company
and the Representative is true and accurate in all material respects, does not omit any material information with respect to the
undersigned’s biography. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative
is true and accurate in all material respects. The undersigned represents and warrants that:

 

		(a)	he has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him
or any partnership in which he was a general partner at or within two years before the time of filing; or (ii) any corporation
or business association of which he was an executive officer at or within two years before the time of such filing;

 

		(b)	he has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any
such partnership;

 

		(c)	he has never been convicted of fraud in a civil or criminal proceeding;

 

		(d)	he/ has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic
violations and minor offenses);

 

		(e)	he has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court
of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him from (i) acting as a futures commission
merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant,
any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the
foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee
of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct
or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging
in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal
or state securities or federal commodities laws;

 

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		(f)	he has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal
or state authority barring, suspending or otherwise limiting for more than 60 days his right to engage in any activity described
in 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

		(g)	he has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or
state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
or vacated;

 

		(h)	he has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal
commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or
vacated;

 

		(i)	he has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or
finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities
or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud
or fraud in connection with any business entity;

 

		(j)	he has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any
self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary
authority over its members or persons associated with a member;

 

		(k)	he has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii)
involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker,
dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

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		(l)	he was never subject to a final order of a state securities commission (or an agency of officer of a state performing like
functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
(or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading
Commission; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent,
manipulative, or deceptive conduct;

 

		(m)	he has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such
sale, restrained or enjoined him from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase
or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the
business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of
securities;

 

		(n)	he has never been subject to any order of the SEC that orders him to cease and desist from committing or causing a future violation
of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1)
of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Advisers Act or any
other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

		(o)	he has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC
that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject
of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

		(p)	he has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary
restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a
scheme or device for obtaining money or property through the mail by means of false representations;

 

		(q)	he is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an
agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures Trading Commission;
or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission,
authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association
or credit union activities;

 

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		(r)	he is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934
(the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”)
that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment
adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person;
or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

		(s)	he has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities
self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

10.         The
undersigned has full right and power, without violating any agreement by which he is bound, to enter into this letter agreement
and to serve as ________________ of the Company.

 

11.         The
undersigned hereby waives his right to exercise conversion rights with respect to any shares of the Ordinary Shares owned or to
be owned by the undersigned, directly or indirectly, whether purchased by the undersigned prior to the IPO, in the IPO or in the
aftermarket, and agrees that he will not seek conversion with respect to or otherwise sell, such shares in connection with any
vote to approve a Business Combination with respect thereto.

 

12.         The
undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Memorandum and Articles of Association
with respect to the Company’s pre-Business Combination activities prior to the consummation of a Business Combination.

 

13.         [In
the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the undersigned agrees to advance such funds necessary to complete such liquidation and agrees not
to seek repayment for such expenses.]2

 

14.         This
letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The undersigned hereby (i) agrees that any action, proceeding or claim against him arising out of or relating in any way to this
letter agreement (a “Proceeding”) shall be brought and enforced in the courts of the State of New York
of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction
shall be exclusive, (ii) waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum
and (iii) irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State of New York to receive,
for the undersigned and on his behalf, service of process in any Proceeding.

 

 

2 Coronado
Biosciences Insider Letter Only

 

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15.         As
used herein, (i) a “Business Combination” shall mean a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities; (ii)
“Insiders” shall mean all officers, directors and shareholders of the Company immediately prior to the
IPO; (iii) “Insider Shares” shall mean all of the Ordinary Shares of the Company acquired by an Insider
prior to the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the Company’s IPO;
(v) “Private Units” shall mean (x) the Units purchased in the private placement taking place simultaneously
with the consummation of the Company’s IPO and (y) the additional Units that will be purchased in a private placement upon
the full or partial exercise of the underwriter’s over-allotment option for the Company’s IPO; (vi) “Memorandum
and Articles of Association” shall mean the Company’s memorandum and articles of association, as the same may
be amended and restated from time to time; (vii) “Registration Statement” means the registration statement
on Form S-1 filed by the Company with respect to the IPO; and (viii) “Trust Fund” shall mean the trust
fund into which a portion of the net proceeds of the Company’s IPO will be deposited.

 

16.         Any
notice, consent or request to be given in connection with any of the terms or provisions of this letter agreement shall be in writing
and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery
or facsimile transmission.

 

17.         No
party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding on the
parties hereto and any successors and assigns thereof.

 

18.         The
undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations and
warranties set forth herein in proceeding with the IPO.

 

	 	 
	 	Print Name of Insider
	 	 
	 	 
	 	Signature

 

    	7Exhibit 10.3

SHARE ESCROW AGREEMENT

 

SHARE ESCROW AGREEMENT, dated as of
___________, 2014 (“Agreement”), by and among CB PHARMA ACQUISITION CORP., a Cayman Islands Company
(“Company”), Coronado Biosciences, Inc., ADAM J. CHILL, ARTHUR A.
KORNBLUTH and NEIL HERSKOWITZ (collectively “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER &
TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS, the Company has entered into an Underwriting
Agreement, dated as of ________, 2014 (“Underwriting Agreement”), with EarlyBirdCapital, Inc. (“EBC”) acting
as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters,
the Underwriters have agreed to purchase 4,000,000 units (“Units”) of the Company, plus an additional 600,000 Units
if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary share of the Company, par
value $0.0001 per share (“Ordinary Share”), one right (“Right”) to receive one-tenth of one Ordinary Share
upon the Company’s initial business combination (as described in the Registration Statement, hereinafter a “Business
Combination”), and one warrant (“Warrant”) to purchase one half of one Ordinary Share of the Company, all as
more fully described in the Company’s final Prospectus, dated __________, 2014 (“Prospectus”), comprising part
of the Company’s Registration Statement on Form S-1 (File No. 333-199558) under the Securities Act of 1933, as amended (“Registration
Statement”), declared effective on __________, 2014 (“Effective Date”).

 

WHEREAS, the Initial Shareholders have agreed
as a condition of the sale of the Units to deposit their Ordinary Shares of the Company, as set forth opposite their respective
names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

WHEREAS, the Company and the Initial Shareholders
desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1.         Appointment of Escrow Agent. The Company and the
Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement and the
Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2.          Deposit of Escrow Shares. On the Effective Date,
certificates representing each Initial Shareholder’s respective Escrow Shares (and any applicable share power) shall be placed
in escrow, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Shareholder acknowledges
that the certificate representing such Initial Shareholder’s Escrow Shares will be legended to reflect the deposit of such
Escrow Shares under this Agreement.

 

    	 

    	 

    

 

3.         Disbursement of the Escrow Shares.

 

3.1         The Escrow Agent shall hold the Escrow Shares during
the period (the “Escrow Period”) commencing on the date hereof and (i) for 50% of the Escrow Shares, ending on the
earlier of (x) one year after the date of the consummation of the Company’s initial Business Combination and (y) the date
on which the closing sale price of the Company’s Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after the Company’s initial Business Combination and (ii) for the remaining 50% of the Escrow Shares, ending one year after
the date of the consummation of an initial Business Combination; provided, however, that if, subsequent to the Company’s
consummation of an initial Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation,
merger, share exchange or other similar transaction which results in all of the shareholders of such entity having the right to
exchange their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed
by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable
to the Escrow Agent, certifying that such transaction is then being consummated, release the Escrow Shares then held by it to the
Initial Shareholders. The Company shall promptly provide notice of the consummation of an initial Business Combination to the Escrow
Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow
Shares (and any applicable share power) to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by
the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the
Escrow Agent shall promptly destroy the certificates representing the Escrow Shares. The Escrow Agent shall have no further duties
hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

 

3.2         Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 600,000 Units of the
Company in full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), Coronado
Biosciences, Inc. agrees that the Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow
Shares held by Coronado
Biosciences, Inc. determined by multiplying the product of (i) 150,000 by (ii) a fraction, the numerator of which is 600,000
minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option, and the denominator of which is 600,000. The Company shall promptly provide notice to the Escrow Agent of the expiration or
termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters
in connection with their exercise thereof.

 

4.         Rights of Initial Shareholders in Escrow Shares.

 

4.1         Voting Rights as a Shareholder. Subject to the
terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall retain
all of their rights as shareholders of the Company during the Escrow Period, including, without limitation, the right to vote such
shares.

 

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4.2         Dividends and Other Distributions in Respect of the
Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the
Initial Shareholders, but all dividends payable in shares or other non-cash property (“Non-Cash Dividends”) shall be
delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

4.3         Restrictions on Transfer. During the Escrow Period,
the only permitted transfers of the Escrow Shares will be (i) if the Initial Shareholder is an entity, as a distribution to partners,
members or shareholders of the Initial Shareholder upon the liquidation and dissolution of the Initial Shareholder, (ii) by bona
fide gift to a member of the Initial Shareholder’s immediate family or to a trust, the beneficiary of which is the Initial
Shareholder or a member of the Initial Shareholder’s immediate family for estate planning purposes, (iii) by virtue of the
laws of descent and distribution upon death of the Initial Holder, (iv) pursuant to a qualified domestic relations order, (v) by
certain pledges to secure obligations incurred in connection with purchases of the Company’s securities, (vi) by private
sales at prices no greater than the price at which the Escrow Shares were originally purchased or (vii) to the Company for cancellation
as set forth in Section 3.2 hereof or in connection with the consummation of a Business Combination, in each case, except for clause
(vii), on the condition that such transfers may be implemented only upon the respective transferee’s written agreement to
be bound by the terms and conditions of this Agreement and of the Insider Letter (as defined below) signed by the Initial Shareholder
transferring the Escrow Shares.

 

4.4         Insider Letters. Each of the Initial Shareholders
has executed a letter agreement with EBC and the Company, dated as indicated on Exhibit A hereto, and the form of which is filed
as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Initial
Shareholder in certain events, including but not limited to the liquidation of the Company.

 

5.         Concerning the Escrow Agent.

 

5.1         Good Faith Reliance. The Escrow Agent shall not
be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively
and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen
by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is
believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall
not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced
by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent
are affected, unless it shall have given its prior written consent thereto.

 

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5.2         Indemnification. The Escrow Agent shall be indemnified
and held harmless by the Company from and against any expenses, including counsel fees and disbursements, or loss suffered by the
Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly,
arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder,
other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt
by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall
notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion,
may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow
Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt
of a final, non appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event
the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

5.3         Compensation. The Escrow Agent shall be entitled
to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled
to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including,
but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

5.4         Further Assurances. From time to time on and after
the date hereof, the Company and the Initial Shareholders shall deliver or cause to be delivered to the Escrow Agent such further
documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry
out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it
is protected in acting hereunder.

 

5.5         Resignation. The Escrow Agent may resign at any
time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such
resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow
Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new escrow
agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Shares with any court it reasonably deems appropriate.

 

5.6         Discharge of Escrow Agent. The Escrow Agent shall
resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties
hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor
escrow agent as provided in Section 5.5.

 

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5.7         Liability. Notwithstanding anything herein to
the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct.

 

5.8         Waiver. The Escrow Agent hereby waives any right
of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust
Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company
and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for
any Claim against the Trust Account for any reason whatsoever.

 

6.         Miscellaneous.

 

6.1         Governing Law; Jurisdiction. In connection with
Section 5-1401 of the General Obligations Law of the State of New York, this Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of
the substantive law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating
in any way to this Agreement shall be resolved through final and biding arbitration in accordance with the International Arbitration
Rules of the American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International
Center for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a
panel of three arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall
be final and enforceable by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators
and arbitration services, together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing
party or as otherwise directed by the arbitrators. The Company hereby appoints, without power of revocation, Graubard Miller 405
Lexington Avenue New York, New York 10174 Fax No.: (212) 818-8881 Attn: David Alan Miller, Esq., as their respective agent to accept
and acknowledge on its behalf service of any and all process which may be served in any arbitration, action, proceeding or counterclaim
in any way relating to or arising out of this Agreement. The Company further agrees to take any and all action as may be necessary
to maintain such designation and appointment of such agent in full force and effect for a period of seven years from the date of
this Agreement. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute
an original, and together shall constitute but one instrument.

 

6.2         Third Party Beneficiaries. Each of the Initial
Shareholders hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not
be modified or changed without the prior written consent of EBC.

 

6.3         Entire Agreement. This Agreement contains the
entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly provided herein, may
not be changed or modified except by an instrument in writing signed by the party to the charged.

 

    	5

    	 

    

 

6.4         Headings. The headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5         Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns.

 

6.6         Notices. Any notice or other communication required
or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail,
or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered
personally or, if mailed, two days after the date of mailing, as follows:

 

If to the Company, to:

 

CB Pharma Acquisition Corp.

24 New England Executive Park, Suite 105

Burlington, Massachusetts 01803

Attn: Chief Executive Officer

 

If to a Shareholder, to his address set forth
in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Chairman

 

A copy of any notice sent hereunder shall be
sent to:

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: David M. Nussbaum, Chairman

 

and:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

    	6

    	 

    

 

and:

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173-1922

Attn: Robert H. Cohen, Esq.

 

The parties may change the persons and addresses
to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided
herein for giving notice.

 

6.7          Liquidation of the Company. The Company shall
give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails
to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

    	7

    	 

    

 

WITNESS the execution of this Agreement as of
the date first above written.

 

	 	 	COMPANY:	 
	 	 	 	 
	 	 	CB PHARMA ACQUISITION CORP.	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 
	 	 	INITIAL SHAREHOLDERS:	 
	 	 	 	 
	 	 	 	 
	 	 	ADAM J. CHILL	 
	 	 	 	 
	 	 	 	 
	 	 	ARTHUR A. KORNBLUTH	 
	 	 	 	 
	 	 	 	 
	 	 	NEIL HERSKOWITZ	 
	 	 	 	 
	 	 	Coronado Biosciences, Inc.	 
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	 	ESCROW AGENT:	 
	 	 	 	 
	 	 	CONTINENTAL STOCK TRANSFER	 
	 	 	  & TRUST COMPANY	 
	 	 	 	 
	 	By:	 	 
	 	 	Name: Monty Harry	 
	 	 	Title: Vice President	 

 

 

    	8

    	 

    

 

EXHIBIT A

 

	
        Name and Address of 

        Initial Shareholder     
	 	
        Number

        of Shares
	 	
        Share

        Certificate

        Number
	 	
        Date of 

        Insider Letter

	 	 	 	 	 	 	 
	Adam J. Chill	 	10,000	 	1	 	________, 2014
	 	 	 	 	 	 	 
	Arthur A. Kornbluth	 	10,000	 	2	 	________, 2014
	 	 	 	 	 	 	 
	Neil Herskowitz	 	10,000	 	3	 	________, 2014
	 	 	 	 	 	 	 
	Coronado Biosciences, Inc.	 	1,120,000	 	4	 	________, 2014

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