Document:

EX 10.2 Dec 2014 Security Agreement

Exhibit 10.2

SECURITY AGREEMENT
Spire Corporation, a Massachusetts corporation, having a principal place of business at One Patriots Park, Bedford, MA 01730 (“Borrower”), for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby grants to Roger G. Little, an individual with a notice address of c/o Blouin & Company, Inc., 2020 Commonwealth Ave.  Suite 200, Newton, MA 02466 (“Lender”), a first lien and security interest in all of Borrower’s right, title and interest in and to the Collateral, as hereinafter defined, as security for the payment and performance of any and all liabilities and obligations of Borrower to Lender pursuant to a certain Secured Promissory Note dated the date hereof in the principal amount of $264,000 (the “Note”).  The liabilities and obligations so secured are hereafter referred to as “Obligations”.
		
	1.
	DEFINITION OF COLLATERAL.  As used herein, the term “Collateral” shall mean:

(a)the collateral listed and described on Schedule A, which is attached hereto and incorporated by reference herein;

(b)all of Borrower’s rights in, to and under policies and certificates of insurance, arising out of any of the Collateral listed and described on Schedule A, including claims or rights to payment and all proceeds, refunds and premium rebates, including without limitation, proceeds of fire, theft or any other physical damage or loss, and credit insurance; and

(c)rights, remedies, guaranties, and privileges pertaining to any of the foregoing.

2.REPRESENTATIONS, WARRANTIES, AND COVENANTS OF BORROWER.  Borrower hereby represents and warrants to Lender as follows:

(a)Borrower’s place of business shall be located at the address shown at the beginning of this Agreement.  All the Collateral and records relating thereto shall be kept at Borrower’s place of business.  Borrower will not remove any of the Collateral and will not change its place of business, without giving prior written notice to Lender and prior to the execution and delivery to Lender of new financing statements, in form satisfactory to Lender, reflecting such new address.

(b)Borrower is the owner of the Collateral free from any adverse lien, security interest or encumbrance and Borrower will defend the Collateral against all claims and demands of all persons at any time claiming the same or any interest therein.

(c)Borrower will at all reasonable times and from time to time allow Lender or any of Lender’s agents, employees, attorneys or accountants, to examine and inspect and make extracts from the books and other records of Borrower relating to the Collateral.

(d)Borrower shall execute and deliver to Lender such financing statements and amendments thereto or other instruments, all in form satisfactory to Lender, as Lender may from time to time require to comply with the provisions of the Uniform Commercial Code or other applicable laws relating to security interests, and in order to perfect and maintain the priority of the interest of Lender.  Lender may file, as a financing statement, a photographic or other reproduction of this Agreement.

(e)Borrower will not create, grant or suffer to exist any pledge, mortgage, other security interest, lien or encumbrance upon or in respect of any of the Collateral except in favor of Lender.  Except in connection with such purchase money security interests, Borrower will not join in any financing statement or other notice filing except with Lender.

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(f)Lender shall be under no obligation to take steps necessary to preserve rights in any Collateral against prior parties but may do so at its option.  After the occurrence and during the continuance of any Event of Default (as defined in Section 5), Lender may at any time take control of any proceeds of Collateral to which Lender is entitled hereunder or under applicable law.

(g)Borrower will not sell, lease, assign, transfer or otherwise dispose of any portion of the Collateral except in transactions in the ordinary course of business.

(h)So long as Borrower shall be indebted to Lender, Borrower shall keep the Collateral insured by reputable insurance companies authorized to transact business in Massachusetts covering such risks and in such amounts as is customarily carried by companies engaged in similar businesses and owning similar properties in the same general areas in which Borrower operates and, upon the request of Lender, shall provide Lender with copies of the applicable insurance policies or certificates thereof.  

(i)Borrower will keep the Collateral in good order and repair and will not use the same in violation of law or any policy of insurance thereon.

3.ADDITIONAL COVENANTS OF THE BORROWER.  Borrower covenants and agrees with Lender that until the Note has been paid in full, the Borrower will perform and observe the following additional covenants:

(a)Payment of Taxes.  Pay and discharge all taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits or business, or upon any properties belonging to it, prior to the date on which penalties attach thereto, and all lawful claims that, if unpaid, might become a lien or charge upon any of the Collateral, provided that Borrower shall not be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith and by appropriate proceedings if Borrower shall have set aside on its books sufficient reserves with respect thereto.

(b)Preservation of Corporate Existence, etc.  Preserve and maintain its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business and operations or the ownership or lease of its properties.  Preserve and maintain all required licenses and authorizations, including state regulatory authorizations.

(c)Distributions.  Borrower will not declare or pay any dividends, or redeem, retire, or otherwise acquire for value any of its capital stock (or rights, options or warrants to purchase such shares) now or hereafter outstanding, return any capital to its stockholders as such, or make any distribution of assets to its stockholders as such.

4.EVENTS OF DEFAULT.  All Obligations shall, at the option of Lender, become immediately due and payable, without presentment, demand, protest or notice, upon the occurrence of an event of default under the Note or upon any other failure of Borrower to pay or perform any obligation to Lender under the Note or this Agreement (an “Event of Default”).

5.REMEDIES.  Upon the occurrence of any Event of Default, and at any time thereafter, Lender shall have the rights and remedies of a lender under the Uniform Commercial Code in addition to the rights and remedies provided herein, in the Note, or in any other instrument or paper executed by Borrower and all other rights and remedies available to a Lender at law or in equity.  Borrower agrees to pay on demand all costs and expenses (including reasonable attorneys’ fees) incurred or paid by Lender in enforcing the Obligations.  Borrower hereby irrevocably appoints Lender the true and lawful attorney for Borrower with full power of substitution, in the name of Lender or in the name of Borrower or otherwise, for the sole benefit of Lender but at the sole expense of Borrower, in the event of a default hereunder:  (a) to demand, collect, receive payment of, receipt for, settle, compromise or adjust, and give discharges and releases in respect of the Collateral; (b) to commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral and to enforce any other rights in respect thereof; (c) to settle, compromise or adjust any suit, action or proceeding described in clause (b) above and, in connection 

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therewith, to give such discharges or releases as Lender may deem appropriate; (d) to endorse checks, notes, drafts, acceptances, money orders or other instruments or documents evidencing or securing the Collateral.  The powers conferred on Lender by this Agreement are solely to protect the interest of Lender and shall not impose any duty upon Lender to exercise any such power, and if Lender shall exercise any such power, he shall be accountable only for amounts that he actually receives as a result thereof and shall not be responsible to Borrower except for willful misconduct.

6.WAIVER.  No failure or delay on the part of Lender in exercising any of his rights or remedies hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or remedy preclude any other or future exercise thereof or of any other right or remedy.  All rights and remedies under this Agreement are cumulative, and shall not be exclusive of any rights and remedies otherwise available.  No waiver by Lender of any default by Borrower shall be effective unless in writing.  Borrower waives demand, notice, protest, notice of acceptance of this Agreement, notice of extensions of credit, Collateral received or delivered or other action taken in reliance hereon.  Borrower assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of any of the Collateral, to the addition or release of any party or person primarily or secondarily liable, to the acceptance of partial payment thereof and the settlement, compromise, adjustment or discharge of any thereof, all in such manner and at such time or times as Lender may deem advisable, without affecting the Obligations of Borrower hereunder in any manner. 

7.PROTECTION OF COLLATERAL.  In the absence of willful misconduct, Lender shall have no duty as to the collection or protection of the Collateral or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of any rights pertaining thereto beyond the safe custody of the Collateral in the possession of Lender.  Lender may exercise its rights with respect to the Collateral without resort or regard to other collateral or sources of payment or reimbursement for the Obligations of Borrower.

8.FURTHER ASSURANCES.  Borrower shall execute and deliver to Lender any and all writings and do any and all things reasonably requested by Lender to carry into effect the provisions and intent of this Agreement.  Without limiting the foregoing, Borrower will take all actions necessary to assign its contract rights to Lender or any other purchaser by or through Lender following an Event of Default.

9.ENFORCEMENT COSTS.  Borrower shall be obligated to pay to or reimburse Lender for all costs incurred or paid by Lender, including reasonable attorneys’ fees, in connection with the enforcement of its rights under this Agreement.

10.NOTICES.  Any demand upon, or notice to, Borrower that Lender may elect to give shall be in writing and delivered personally, via overnight priority U.S. mail or a nationally recognized overnight courier, and deemed delivered the first business day following the date of mailing if not personally delivered, to the address shown at the beginning of this Agreement or as modified by any notice given after the date hereof.

11.BINDING AGREEMENT.  The Agreement shall bind Borrower and Borrower’s successors and assigns and shall inure to the benefit of Lender and its successors and assigns.

12.GOVERNING LAW.  This Agreement and all rights and obligations hereunder, including matters of construction, validity and performance, shall be governed by the laws of the Commonwealth of Massachusetts without regard to choice or conflict of law principles.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, Borrower has caused this Agreement to be signed in its name by its duly authorized officer as of the date first written above.

BORROWER
SPIRE CORPORATION

By:     /s/ Rodger W. LaFavre     
Name:    Rodger W. LaFavre
Title:    President & CEO

Accepted and agreed by:            LENDER

 /s/ Roger G. Little                       
Roger G. Little    

[SIGNATURE PAGE TO SECURITY AGREEMENT]

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SCHEDULE A
COLLATERAL
	
			
	Ref #
	Qty.
	Description of Collateral

	1.
	1-
	Bridgeport Series 2, 2-HP CNC Vertical Milling Machine, S/N 237759 (New 1984), with Power Draw Bar, Prototrak SMX Controller

	2.
	1-
	Bridgeport Series 1, 2-HP Vertical Milling Machine, S/N 142859 (New 1952), 2-Axis Digital Readout, Power Feed Table

	3.
	1-
	Bridgeport 2-HP CNC Vertical Milling Machine, S/N 247246 (New 1986), with Trak AGE2 Controller, Power Draw Bar

	4.
	1-
	Bridgeport 2-HP Vertical Milling Machine, S/N HDNG3508, with Trak AGE2 2-Axis Controller, Power Draw Bar

	5.
	1-
	Bridgeport 2-HP CNC Vertical Milling Machine, S/N 252670 (New 1988), with Protrak SMX Controller

	6.
	1-
	Bridgeport 2-HP Vertical Milling Machine, S/N 277633 (New 1997), with SWI Trak 102 2-Axis Controller, Power Draw Bar

	7.
	1-
	Mori Seiki Model MS850, 17" Swing x 36" Engine Lathe, S/N 2000, with 2-Axis Digital Readout

	8.
	1-
	Mori Seiki Model MS1250G, 17" x 50" Gap Bed Engine Lathe, S/N 13001, with 2-Axis Digital Readout

	9.
	1-
	Dake Model VH-24, 23" Vertical Band Saw, S/N 225348, with Blade Welder and Grinder

	10.
	1-
	Kalamazoo Model H8AW Horizontal Band Saw, S/N 635

	11.
	1-
	Powermatic Model 66, 10" Table Saw, S/N96663063, Extension Table, Fence

	12.
	1-
	Vectrax 7" Universal Band Saw, S/N 101115459

	13.
	1-
	Peck Stow & Wilcox Model 137-1, 16-Gage Manual Shear, S/N 11-70

	14.
	1-
	Pexto 36" Manual Finger Brake

	15.
	1-
	Pexto Model PS-66 Notcher, S/N 11-70

	16.
	1-
	Powermatic Model 1150A, 15" Floor Type Drill Press, S/N 615V1050, Adjustable 10" x 12" Table

	17.
	1-
	Wilton 6" Belt/12" Disc Sander, with Base

	18.
	1-
	Boyar Schultz Model 612, 6" x 12" Hand Feed Surface Grinder, Permanent Magnetic Chuck

	19.
	1-
	Cyclone Glove Box Shot Blast Cabinet

	20.
	1-
	Napa Model Fleet 91-616, 15-Ton Hydraulic H-Frame Shop Press

	21.
	1-
	Roper Whitney Model 218, 4-Ton 12" Deep Throat Manual Punch, S/N 514-1-T2, with Cabinet Base

	22.
	Lot
	Miscellaneous Machinery and Equipment in Machine Shop and Sheet Metal Model Shop, Consisting of: Inspection Equipment, Tool Holders, Hand Tools, Power Tools, Surface Plate, Inspection Equipment, Chucks, Collet Sets, Fume Collector, Etc.

	23.
	2-
	ITE 75-KVA Transformers, S/N 29-111/85-167875

	24.
	1-
	Jefferson Electric 112.5-KVA Transformer, S/N 0001

	25.
	2-
	Movin Cool Model 10SFU, Portable Air Conditioners, S/N 0791-0052

	26.
	1-
	Starrett Model Altissimo 2000-24, 24" Digital Height Gage, S/N 07443002, Digital Readout

	27.
	1-
	48" x 96" x 10" Granite Surface Plate, with Stand

	28.
	1-
	Gage Master Model 29-GMX Optical Comparator, S/N GS142825-165, with 2-Axis Digital Readout

	29.
	1-
	Jefferson Electric 30-KVA Transformer

	30.
	1-
	Lindberg Blue M Model CSP-400A-C, 650°F Curing/Drying Safety Oven, S/N CSP-8, 19" W x 15" D x 18" Chamber

-5-

	
			
	31.
	1-
	Siemens 75-KVA Transformer

	32.
	1-
	Generac 125-KVA Natural Gas Standby Generator, S/N 0002415, GTS200 Transfer Switch

	33.
	1-
	75-KVA Transformer

	34.
	1-
	GE Cat # 37F440008A, 400-KVA Power Correction Unit, S/N 967-089, with (7) 50-KVA Transformer, New Beluk Controller

	35.
	1-
	Acme 75-KVA Transformer

	36.
	2-
	Square D 75-KVA Transformers

	37.
	1-
	1.5-Ton x 20' Span Gantry Crane, with (2) Konecranes Electric Chain Hoists

	38.
	1-
	HPS 75-KVA Transformer

	39.
	1-
	Delta Floor Type Drill Press, S/N 51-4181

	40.
	1-
	Craftsman 10" Table Saw, S/N X063024771

	41.
	1-
	MSC Model 40051690, Universal Band Saw, S/N 953942

	42.
	1-
	MHC 1-Ton Bench Top Arbor Press

	43.
	1-
	VWR Scientific Model 1300, Lab Oven

	44.
	1-
	Tenney Model T30-FF Environmental Test Chamber, S/N 11361-8, 35" x 39" x 36" Chamber

	45.
	3-
	Lexco 2,000-Lb. Scissor Lift Tables

	46.
	1-
	Spire Custom Designed and Fabricated Low Intensity Circuit Board Tester, (New 2008), with PLC, Power Control Cabinet

	47.
	1-
	Spire Custom Designed and Fabricated Circuit Board Tester, (New 2011), with DC Power Supplies, Analyzer Testing 919-0401, 912-040X, 922-0401, DAQ, H1-V-Power Board Types

	48.
	1-
	Spire Custom Designed and Fabricated PC Board Function Tester, (New 2009), with (2) Test Fixtures, PC

	49.
	1-
	Spire Custom Designed and Fabricated Lamp Tester, (New 2012), (3) Lamp Capacity

	50.
	1-
	Spire Custom Designed and Fabricated PC Board Tester, (New 2008), 4' x 8' Work Area

	51.
	1-
	Spire Model SPI-SUN Simulator 5600SLP Blue, Research and Development Sun Simulator, S/N 586-00018 (New 2014), with 2-Lamps, 200-1,100 W/m2 Light Intensity Range, 600W Module, 2,000mm x 1,370mm Max. Module

	52.
	1-
	Spire Model SPI-SUN Simulator 4600SLP, Research and Development Sun Simulator, S/N 52470 (New 2008), with 2-Lamps, 200-1,100 W/m2 Light Intensity Range, 600W Module, 2,000mm x 1,370mm Max. Module

	53.
	1-
	Pulse Analysis Spectroradiometer System, (New 2008), with National Instruments Model NI-PXI-1033 Data Acquisition, Newport Model Pass-2 Spectrometer, Laptop, Printer

	54.
	1-
	Agilent Model DSO-7034A Oscilloscope

	55.
	1-
	Filter Transmittance High-Sensitivity Spectrum Analyzer, (New 2009), with (2) Ocean Optics Model QE65000 Spectrometer, Optical Resolution: ~0.14-7.7 nm, Laptop, Light Source, Printer

	56.
	1-
	Avantes Dual Wave Spectrometer, (New 2012), with Avantes Model ULS2048 Spectrometer, 200 - 1160nm Wavelength range, 0.09 -20 nm Resolution, Avantes Model NIR256-1.7 NIR Spectrometer, up to 1700nm Wave Length, Laptop, Light Source

	57.
	2-
	Uniformity Testers, (New 2011), with Data Acquisition Module, Laptop

	58.
	1-
	Spire Model SPI-SUN Simulator 3500SLP, Research and Development Sun Simulator, (New 2009), with 2-Lamps, 200-1,100 W/m2 Light Intensity Range, 600W Module, 1,600mm x 1,100mm Max. Module

	59.
	1-
	Spire Simulator Spectrum Analyzer, (New 2008), with (2) Ocean Optics Model QE65000 Spectrometer, Optical Resolution: ~0.14-7.7 nm, Laptop, Light Source, Printer

	60.
	2-
	Visicomm Model 5KSS6050/5060, 5KVA /4kW Frequency Converters, S/N 6592 (New 2008)

	61.
	1-
	1-Ton x 12' Span Portable Gantry Crane, with Electric Chain Hoist

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	62.
	1-
	Spire Model SPI Laminator 580, Automatic Photovoltaic Laminator, 229cm x 160cm x 2.5cm Max. Module Size, 200 Deg C Operating Temperature, +/- 5 Deg C Uniformity, Vacuum System

	63.
	1-
	Spire Model SPI, Hydraulic Framer, 2,000mm - 910mm Length, 1,370mm - 300mm Width, with Vacuum System, Rotary Table

	64.
	1-
	Eubanks Model 4600-03, Flat Cable / Tubing Cutter, S/N 708-24H, 3.20" x 0.125" in Flat Material, 0.375" Dia. Round Material

	65.
	1-
	Spire Model SPI, Cell Tester, Illumination Uniformity Within ±2% at 1 Sun, Measuring Range: Voltage ±1.25 Volt, Current ±10 Amp, 1.5kW Xenon Arc Lamp, 70 to 110 mW/cm2 Intensity, Temperature Controlled Vacuum Chuck with Chiller

	66.
	1-
	Spire Model Spi-EL-HR-M, Electroluminescence Cell Tester, 170 μm Resolution, NIR-CCD 1.4M Pixel Camera, 170mm x 170mm view Area, 6" Cell Size

	67.
	1-
	Spire Model Spi-EL-HR-B, Electroluminescence High Resolution Solar Module Tester, 170 μm Resolution, (3) 1.3M pixel Cameras, < 120sec Image Capture Time

	68.
	1-
	Spire Manual EVA Lay-Up Station Cutting Table, Roll Rack Assembly, Rotary Cutter, with Roller Ball Table

	69.
	1-
	Manual Junction Box Assembly Table, 2,030 mm x 1,370 mm Roller Ball Laminated Table, Pneumatic Pop-Up Holding Pads

	70.
	1-
	Spire Model SPI-Cell, High Throughput Automatic Solar Cell Sorter, (New 2011), 210 mm x 210 mm (8 in. x 8 in.) Max. Solar Cell Size, (20) Sorting Bins, 1kW Pulsed Xenon Arc Lamp, 70 to 110 mW/cm2 Intensity, +/- 1 Volt 20-Amp Current Measurement Range, 0.49 mV 9.77 mA Current Resolution, 1,000 Cells Per Hour, with (3) Bridge Type Robotic Cell Transfer, Pneumatic Suction Cup Lifters, Transfer Conveyor

	71.
	Lot
	Miscellaneous Stored Equipment, Consisting of: Medium Duty Shelving, Stainless Steel Portable Shelves, Flammable Storage Cabinets, Storage Cabinets, Tables, Chairs, Roll-A-Lift Carts, Tool Boxes, Roller Tables, Graphic Show Setup Equipment, Etc.

	72.
	1-
	Oerlikon Leybold Model SP250 Vacuum Pump, S/N 30000771517 (New 2007)

	73.
	1-
	Spire Model SPI-PULSE 100LD, Transmission Line Pulser

	74.
	1-
	Apollo Laser Diode

	75.
	1-
	Limo Model LDD50, Laser Diode Drive, with Apollo C150-975-0 Laser

	76.
	1-
	Ando Model AQ-6315E, Optical Spectrum Analyzer

	77.
	1-
	Sonics Amplitude Tester

	78.
	1-
	LSI Model VSL-337LRF Laser

	79.
	1-
	Thermo Model RTE-10 Water Bath

	80.
	1-
	Omnichem Series 74 Laser, (New 1993), 9.0 MW

	81.
	1-
	Sorensen Model DLM300-10E, 1,000-Watt Power Supply

	82.
	1-
	AIS Model Apogee, Digital Camera, (New 2012)

	83.
	Lot
	Stored Equipment, Consisting of: Dry Box, DC Power Supplies, Cryo Tanks, Etc.

	84.
	Lot
	Stored Equipment, Consisting of: HP Digital Volt Meter, Work Bench, Tool Box, Chairs, Stainless Steel Storage Shelves, Storage Cabinets, Oscilloscope, Universal Counter, Pulse Generators, Soldering Guns, IKW H. Volt Power Supply, Compliance Analyzer, Older Solar Cells, Solar Cell Frames, Etc.

	84.
	1-
	Flir Model E30, Hand Held Camera, (New 2012), with Case

	85.
	Lot
	(30) 290-Cell Solar Panels

	86.
	1-
	Flir Model SC620, Thermal Imaging Camera, S/N 404000708 (New 2010), with Case

	87.
	Lot
	(86) Coated Copper Wire Stringer Spools

	88.
	Lot
	(20) Solar Panel Back Sheet Rolls

	89.
	6-
	Pallet Jacks

	90.
	1-
	Prime Mover Model PMX1, 4,000-Lb. Capacity Electric Walk Behind Pallet Jack, S/N PMX1-194410

	91.
	1-
	Nissan Model CPF02-A20S, 5,000-Lb. Capacity LPG Forklift Truck, S/N CPF02-022767 (Est. 1995), 2-Stage Mast, Tilt, Solid Tires

-7-

	
			
	92.
	1-
	Toyota Model 8FCU25, 5,000-Lb. Capacity LPG Forklift Truck, S/N 15673 (New 2007), 3-Stage Mast, Tilt, Cushion Tires, Side Shift 

	93.
	1-
	2008 Chevrolet Model Silverado 1500 Pickup Truck, VIN: 1GCEK19068E114687, 5.3L V8 SFI Engine

	94.
	1-
	2002 GMC Model Safari Van, VIN: 1GKEL19X02B508801

	95.
	Lot
	Miscellaneous Equipment Throughout Plant, Consisting of: Storage Part Bins, Fans, Workbenches, Portable Stairs, Carts, Labelers, Hoppers, Part Racks, Medium Duty Storage Shelves, Tape Machine, Flammable Storage Cabinets, Portable Wire Shelve Racks, Cut-Off Saw, Torch Set, Belt Sander, Bench Grinders, (18) Benchtop Tool Boxes, (15) Roll-Away Tool Boxes, Hand Tools, Power Tools, DC Power Supplies, Emergency Defibulator, Carts, Benchtop Drill, Shop Vacuums, Universal Bandsaw, Inspection Equipment, Etc.

	96.
	Lot
	Miscellaneous Office Furnishings and Business Equipment, Consisting of: Personal Computers with Monitors, Printers, Fax Machines, Laptops, Copy Machines, Server Room Equipment, Security System, Phone System, IT Room Fire Suppression System, Lobby Furniture, Chairs, Desks, Bookshelves, Credenzas, Break Room Furniture, Executive Office Furniture, Conference Room Furniture and Equipment, Stored Office Furniture, Cafeteria Kitchen and Serving Equipment, Etc.

-8-Exhibit 4.6

 

WARRANT AGREEMENT

 

Agreement made as of _______, 2014 between
CB Pharma Acquisition Corp., a Cayman Islands Company, with offices at 24 New England Executive Park, Suite 105, Burlington, Massachusetts
01803 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery
Place, New York, New York 10004 (“Warrant Agent”).

 

WHEREAS, the Company has received binding
commitments (“Subscription Agreements”) from Coronado Biosciences, Inc., an affiliate of its executive officers (“Coronado”)
, and EarlyBirdCapital, Inc. (“EBC”) and/or its designees to purchase up to an aggregate of 288,000 units, each unit
(“Unit”) comprised of one Ordinary Share of the Company, par value $.0001 per share (“Ordinary Share”),
one right to receive one-tenth of one Ordinary Share and one warrant to purchase one half of one Ordinary Share for $11.50 per
whole Ordinary Share, subject to adjustment as described herein (“Warrants”), and in connection therewith, will issue
and deliver up to an aggregate of 288,000 Warrants upon consummation of such private placement (“Private Offering”);
and

 

WHEREAS, the Company may issue up to an
additional 50,000 Warrants in consideration of certain working capital loans that may be made by the Company’s officers,
directors, initial shareholders or affiliates; and

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up to 4,600,000 Warrants
to the public investors and (ii) 400,000 Warrants underlying unit purchase options to EBC or its designees; and

 

    	 

    	 

    

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-199558 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities,
the Public Warrants and the EBC Warrants; and

 

WHEREAS, the Company desires the Warrant
Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf
of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1.            Appointment
of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this
Agreement.

 

2.            Warrants.

 

2.1.        Form
of Warrant. Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the
provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board
or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s
seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity
in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had
not ceased to be such at the date of issuance.

 

    	2

    	 

    

 

2.2.        Effect
of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid
and of no effect and may not be exercised by the holder thereof.

 

2.3.        Registration.

 

2.3.1.          Warrant
Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance
and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and
register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions
delivered to the Warrant Agent by the Company.

 

2.3.2.          Registered
Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and
treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”) as
the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4.        Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the ninetieth (90th)
day after the date hereof unless EBC informs the Company of its decision to allow earlier separate trading, but in no event will
separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K which includes
an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds
received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the date hereof,
and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall
begin.

 

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3.            Terms
and Exercise of Warrants

 

3.1.        Warrant
Price. Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the
provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of Ordinary Shares stated
therein, at the price of $11.50 per whole share, subject to the adjustments provided in Section 4 hereof and in the last
sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price per
share at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may
lower the Warrant Price (but not below the par value per share of an Ordinary Share) at any time prior to the Expiration Date
(as defined below) for a period of not less than 10 business days; provided, however, that the Company shall provide at least
10 business days prior written notice of such reduction to registered holders of the Warrants; provided, further, however,
that any such reduction shall be applied consistently to all of the Warrants.

 

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3.2.        Duration
of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing on the later of the
consummation by the Company of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or
other similar business combination with one or more businesses or entities (“Business Combination”) (as described more
fully in the Registration Statement) and ________, 2015 [one year from the date of this agreement], and terminating at 5:00 p.m.,
New York City time on the earlier to occur of (i) five years from the consummation of a Business Combination (ii) the liquidation
of the Company, and (iii) the Redemption Date as provided in Section 6.2 of this Agreement (“Expiration Date”); provided,
however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section
7.4 below. Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant
not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
this Agreement shall cease at the close of business on the Expiration Date. The Company in its sole discretion may extend the duration
of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice to registered
holders of the Warrants of such extension of not less than 20 days.

 

3.3.        Exercise
of Warrants.

 

3.3.1.          Payment.
Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant Agent, may be
exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor
as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant,
duly executed, and by paying in full the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any
and all applicable taxes due in connection with the exercise of the Warrant, as follows:

 

(a)            in
lawful money of the United States, in good certified check or good bank draft payable to the order of the Warrant Agent;

 

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(b)          in
the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to require all holders
of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of Ordinary
Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value.
Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price
of the Ordinary Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to holders of Warrant pursuant to Section 6 hereof; or

 

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(c)          in
the event the post-effective amendment or registration statement required by Section 7.4 hereof is not effective and current, then
during the period beginning on the 91st day after the closing of the Business Combination and ending upon the effectiveness
of such post-effective amendment or registration statement, and during any other period after such date of effectiveness when the
Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of
the Warrants, by surrendering such Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the
product of the number of Ordinary Shares underlying the Warrants, multiplied by the difference between the exercise price of the
Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall
be permitted unless the Fair Market Value is higher than the exercise price. Solely for purposes of this Section 3.3.1(d), the
“Fair Market Value” shall mean the average reported last sale price of the Ordinary Shares for the 10 trading days
ending on the day prior to the date of exercise.

 

3.3.2.          Issuance
of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the
Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the
number of full Ordinary Shares to which he is entitled, registered in such name or names as may be directed by him, her or it,
and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such
Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to issue Ordinary Shares
pursuant to the exercise of a Warrant unless at the time a holder seeks to exercise such Warrant, a prospectus relating to the
Ordinary Shares issuable upon exercise of such exercise is current and the Ordinary Shares have been registered or qualified or
deemed to be exempt under the securities laws of the state of residence of the holder of the Warrant. in no event will the Company
be required to net cash settle the Warrant exercise. Warrants may not be exercised by, or securities issued to, any registered
holder in any state in which such exercise would be unlawful.

 

3.3.3.          Valid
Issuance. All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly
issued, fully paid and nonassessable.

 

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3.3.4.          Date
of Issuance. Each person in whose name any such certificate for Ordinary Shares is issued shall for all purposes be deemed
to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment
is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such
shares at the close of business on the next succeeding date on which the share transfer books are open.

 

3.3.5.          Maximum
Percentage.  A holder of a Warrant may notify the Company in writing in the event it (together with such holder’s
affiliates) elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder (or its affiliates) of
a Warrant shall be subject to this subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder,
the Warrant Agent shall not effect the exercise of the holder’s (and such holder’s affiliates’) Warrant, and
such holder (and such holder’s affiliates) shall not have the right to exercise such Warrant, to the extent that after giving
effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge,
would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately
after giving effect to such exercise.  For purposes of the foregoing sentence, the aggregate number of Ordinary Shares
beneficially owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the
Warrant with respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be
issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates
and (y) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned
by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants)
subject to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding
sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).  For purposes of the Warrant, in determining the number
of outstanding Ordinary Shares, the holder may rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s
most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the
Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the
Transfer Agent setting forth the number of Ordinary Shares outstanding.  For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two (2) business days, confirm orally and in writing to such holder
the number of Ordinary Shares then outstanding.  In any case, the number of outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the
date as of which such number of outstanding Ordinary Shares was reported.  By written notice to the Company, the holder
of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder (and its affiliates) to
any other percentage specified in such notice; provided, however, that any such increase shall not be effective until the sixty-first
(61st) day after such notice is delivered to the Company.

 

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4.            Adjustments.

 

4.1.        Share
Dividends - Split Ups. If after the date hereof, the number of outstanding Ordinary Shares is increased by a share dividend
payable in Ordinary Shares, or by a split up of the Ordinary Shares, or other similar event, then, on the effective date of such
share dividend, split up or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be increased
in proportion to such increase in outstanding Ordinary Shares. A rights offering to all holders of the Ordinary Shares entitling
holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall be deemed
a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such
rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable
for the Ordinary Shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights
offering divided by (y) the Fair Market Value. For purposes of this subsection 4.1, (i) if the rights offering is for securities
convertible into or exercisable for Ordinary Shares, in determining the price payable for the Ordinary Shares, there shall be taken
into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and
(ii) “Fair Market Value” means the volume weighted average price of the Ordinary Shares as reported during the ten
(10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable
exchange or in the applicable market, regular way, with the right to receive such rights.

 

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4.2.        Aggregation
of Shares. If after the date hereof, the number of outstanding Ordinary Shares is decreased by a consolidation, combination,
reverse share split or reclassification of the Ordinary Shares or other similar event, then, on the effective date of such consolidation,
combination, reverse share split, reclassification or similar event, the number of Ordinary Shares issuable on exercise of each
Warrant shall be decreased in proportion to such decrease in outstanding Ordinary Shares.

 

4.3         Extraordinary
Dividends.  If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and
unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Ordinary Shares
on account of such Ordinary Shares (or other shares of the Company’s share capital into which the Warrants are convertible),
other than (a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion
rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) as a result of the
repurchase of Ordinary Shares by the Company in connection with an initial Business Combination or as otherwise permitted by the
Investment Management Trust Agreement between the Company and the Warrant Agent dated of even date herewith or (e) in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any
such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased,
effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value
(as determined by the Company’s board of directors, in good faith) of any securities or other assets paid on each Ordinary
Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means
any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other cash dividends
and cash distributions paid on the Ordinary Shares during the 365-day period ending on the date of declaration of such dividend
or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and
excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary
Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

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4.4         Adjustments
in Exercise Price. Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided
in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately
prior to such adjustment by a fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so
purchasable immediately thereafter.

 

4.5.        Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
(other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such Ordinary Shares), or
in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of
the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders
shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants
and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such
reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event;
and if any reclassification also results in a change in Ordinary Shares covered by Section 4.1 or 4.2, then such adjustment
shall be made pursuant to Sections 4.1, 4.2, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall
similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

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4.6.        Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant,
the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant,
setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence
of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice to
each Warrant holder, at the last address set forth for such holder in the warrant register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7.        No
Fractional Shares. Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not
issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder
of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall,
upon such exercise, round up or down to the nearest whole number the number of the Ordinary Shares to be issued to the Warrant
holder.

 

4.8.        Form
of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued
after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued
pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form
of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

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4.9         Other
Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company
shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing,
which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate
the intent and purpose of this Section 4 and, if such firm determines that an adjustment is necessary, the terms of such adjustment.
The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

 

5.            Transfer
and Exchange of Warrants.

 

5.1.        Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by
appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants
shall be issued and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the
Warrant Agent to the Company from time to time upon request.

 

5.2.        Procedure
for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or
transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered
holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event
that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new
Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer
may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

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5.3.        Fractional
Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the
issuance of a warrant certificate for a fraction of a warrant.

 

5.4.        Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5.        Warrant
Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the
terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever
required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

6.            Redemption.

 

6.1.        Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at
any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred
to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the
Ordinary Shares has been at least $24.00 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty
(20) trading days within any thirty (30) trading day period (“30-Day Trading Period”) ending on the third business
day prior to the date on which notice of redemption is given and provided further that there is a current registration statement
in effect with respect to the Ordinary Shares underlying the Warrants for each day in the 30-Day Trading Period and continuing
each day thereafter until the Redemption Date (defined below).

 

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6.2.        Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants, the Company shall
fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage
prepaid, by the Company not less than 30 days prior to the Redemption Date to the registered holders of the Warrants to be redeemed
at their last addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be
conclusively presumed to have been duly given whether or not the registered holder received such notice.

 

6.3.        Exercise
After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with
Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2
hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Warrants to exercise their
Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information
necessary to calculate the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market
Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except
to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4         Exclusion
of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding
Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption.
However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the
criteria for redemption is met. The provisions of this
Section 6.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

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7.            Other
Provisions Relating to Rights of Holders of Warrants.

 

7.1.        No
Rights as Shareholder. A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights
to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors
of the Company or any other matter.

 

7.2.        Lost,
Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant
Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen,
mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not
the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3.        Reservation
of Ordinary Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary
Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

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7.4.        Registration
of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than the closing of a Business Combination,
it shall use its best efforts to file with the SEC a post-effective amendment to the Registration Statement, or a new registration
statement, for the registration, under the Act, of the Ordinary Shares issuable upon exercise of the Warrants, and it shall use
its best efforts to take such action as is necessary to qualify for sale, in those states in which the Warrants were initially
offered by the Company, the Ordinary Shares issuable upon exercise of the Warrants. In either case, the Company will use its best
efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus
relating thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. In addition, the Company
agrees to use its best efforts to register such securities under the blue sky laws of the states of residence of the exercising
warrant holders to the extent an exemption is not available. If any such post-effective amendment or registration statement has
not been declared effective by the 90-day anniversary following the closing of the Business Combination, holders of the Warrants
shall have the right, during the period beginning on the 91st day after the closing of the Business Combination and
ending upon such post-effective amendment or registration statement being declared effective by the SEC, and during any other period
after such date of effectiveness when the Company shall fail to have maintained an effective registration statement covering the
Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined
in accordance with Section 3.3.1(d). The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which
shall be an outside law firm with securities law experience) stating that (i) the issuance of Ordinary Shares upon exercise of
the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the
Ordinary Shares issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate
(as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive
legend. For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company
shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.
The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

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8.            Concerning
the Warrant Agent and Other Matters.

 

8.1.        Payment
of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the
Warrant Agent in respect of the issuance or delivery of Ordinary Shares upon the exercise of Warrants, but the Company shall not
be obligated to pay any transfer taxes in respect of the Warrants or such shares.

 

8.2.        Resignation,
Consolidation, or Merger of Warrant Agent.

 

8.2.1.          Appointment
of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged
from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the
office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing
a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of
30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant
(who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the
Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s
cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing
under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and
State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination
by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights,
immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder,
without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall
execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall
make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming
to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

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8.2.2.          Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof
to the predecessor Warrant Agent and the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3.          Merger
or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated
or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor
Warrant Agent under this Agreement without any further act.

 

8.3.        Fees
and Expenses of Warrant Agent.

 

8.3.1.          Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse
the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

 

8.3.2.          Further
Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged,
and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for
the carrying out or performing of the provisions of this Agreement.

 

8.4.        Liability
of Warrant Agent.

 

8.4.1.          Reliance
on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem
it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be
conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of the Company
and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered in good faith
by it pursuant to the provisions of this Agreement.

 

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8.4.2.          Indemnity.
The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees
to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent’s gross negligence, willful misconduct, or bad faith.

 

8.4.3.          Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required
under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining
of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Warrant
or as to whether any Ordinary Shares will when issued be valid and fully paid and nonassessable.

 

8.5.        Acceptance
of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the
terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised
and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of Ordinary Shares
through the exercise of Warrants.

 

8.6         Waiver.
The Warrant 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 Warrant 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.

 

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9.            Miscellaneous
Provisions.

 

9.1.        Successors.
All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure
to the benefit of their respective successors and assigns.

 

9.2.        Notices.
Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder
of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by
certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another
address is filed in writing by the Company with the Warrant Agent), as follows:

 

CB Pharma Acquisition Corp.

24 New England Executive Park, Suite 105

Burlington, Massachusetts 01803

Attn: Chief Executive Officer

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when
so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as
follows:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Compliance Department

 

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with a copy in each case to:

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173-1922

Attn: Robert H. Cohen, Esq.

 

and

 

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn: David M. Nussbaum, Chairman

 

9.3.        Applicable
Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects
by 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 Company hereby agrees that any action, proceeding or claim against it arising
out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United
States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall
be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience
forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or
certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such
mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

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9.4.        Persons
Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants and, for the purposes of Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof, EBC, any right,
remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement
hereof. EBC shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.5, 6.4, 7.4, 9.4 and 9.8
hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the
sole and exclusive benefit of the parties hereto (and EBC with respect to the Sections 2.5, 6.4, 7.4, 9.4 and 9.8 hereof) and their
successors and assigns and of the registered holders of the Warrants.

 

9.5.        Examination
of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant
Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant
Agent may require any such holder to submit his Warrant for inspection by it.

 

9.6.        Counterparts.
This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7.        Effect
of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not
affect the interpretation thereof.

 

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9.8         Amendments.
This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any
ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions
with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment
to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders
of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend
the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.
The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of EBC.

 

9.9           Severability.
This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant
Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

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

 

	 	CB PHARMA ACQUISITION CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	25

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