Document:

Exhibit 10.1

 

FIRST AMENDMENT
TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (this “Amendment”) is dated as of August 16, 2013, by and between HMS INCOME FUND,
INC., a Maryland corporation (successor-by-merger to HMS INCOME LLC, the “Borrower”) and CAPITAL ONE,
NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

 

RECITALS:

 

WHEREAS, the Borrower,
the lenders named therein (the “Lenders”), and the Administrative Agent entered into that certain Credit
Agreement dated as of May 24, 2012 (as amended, modified, restated, or supplemented from time to time, the “Credit
Agreement”);

 

WHEREAS, following
the execution and delivery of the Credit Agreement, the Borrower consummated the Permitted Merger (as defined in the Credit Agreement);
and

 

WHEREAS, the Borrower,
the Administrative Agent and the Lenders desire to amend the Credit Agreement to, among other things, increase the Revolver Commitments
and include additional covenants to protect the Lenders’ security interests in the Collateral (as defined in the Credit Agreement)
following the Permitted Merger.

 

NOW THEREFORE, in consideration
of the premises herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.Definitions.
Except as otherwise provided below, unless the context hereof indicates otherwise, all capitalized terms used herein shall have
the same meaning as such capitalized terms are defined in the Credit Agreement.

 

2.Amendment
to the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3
hereof, the Credit Agreement is hereby amended as follows:

 

(a)The
following definitions in Section 1.01 of the Credit Agreement are hereby deleted in their entirety and the following are substituted
in place thereof:

 

““Revolver
Commitment” means, with respect to each Lender, (i) the amount set forth opposite the name of such Lender on Schedule
B, as the same may be amended or modified from time to time pursuant to the terms hereof, or (ii) as to any Lender which
enters into an Assignment and Assumption (whether as transferor Lender or as assignee thereunder), the amount of such Lender’s
Revolver Commitment after giving effect to such Assignment and Assumption, in each case as such amount may be reduced from time
to time pursuant to Section 2.08 or terminated pursuant to Section 2.09.”

 

(b)The
following shall be inserted as new definitions in Section 1.01 of the Credit Agreement in alphabetical order:

 

““Adviser
Event” means the occurrence of any one or more of the following events: (a) any failure by the Adviser to make any
payment, transfer or deposit required to be made by the Borrower into an account established and maintained by the Collateral Custodian
in the name of the Borrower (and any sub-accounts related thereto) which is subject to a Custodial Agreement, which failure continues
unremedied for a period of two Business Days; or (b) the occurrence of any of the events listed in Sections 9(b)(i)-9(b)(v) of
the Advisory Agreement.

 

First Amendment to Credit Agreement
– Page 1

    	 

    	 

    

 

 

“Adviser
Termination Notice” has the meaning set forth in Section 5.43.

 

“Control
Agreement” means the Control Agreement dated as of May 24, 2012 by and among the Administrative Agent, the Borrower
and Amegy Bank, National Association, as the same may from time to time be amended, restated, supplemented or otherwise modified.”

 

(c)Section
5.01(d) of the Credit Agreement shall be deleted in its entirety and the following shall be substituted in place thereof:

 

“(d)as
soon as available and in any event within 30 days after the end of each calendar month, a monthly summary from the Collateral Custodian
with respect to the Collateral subject to the Custodial Agreements with the Collateral Custodian, such summary to be in form and
substance acceptable to the Administrative Agent;”

 

(d)Section
5.02 of the Credit Agreement shall be deleted in its entirety and the following shall be substituted in place thereof:

 

“SECTION
5.02 Inspection of Property, Books and Records.

 

(a) The Borrower
will (i) keep, and will cause each of its Subsidiaries to keep, its books and records in conformity with GAAP for all dealings
and transactions in relation to its business and activities; (ii) permit, will cause each Subsidiary of the Borrower and each Loan
Party to permit, and will direct the Adviser to permit, at reasonable times with at least five (5) Domestic Business Days’
prior notice (or such lesser time period agreed upon by the Administrative Agent and the Borrower), which notice shall not be required
in the case of an emergency, the Administrative Agent or its designee, at the expense of the Borrower and Loan Parties, to perform
periodic field audits and investigations of the Borrower, the Loan Parties and the Collateral, from time to time; and (iii) permit,
and will cause each Subsidiary to permit, with at least five (5) Domestic Business Days’ prior notice (or such lesser time
period agreed upon by the Administrative Agent and the Borrower), the Administrative Agent or its designee, at the expense of the
Borrower and the Loan Parties, to visit and inspect any of their respective properties, to examine and make abstracts from any
of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers,
employees and independent public accountants; provided that the Borrower shall only be required to reimburse the Administrative
Agent for only one such inspection each Fiscal Quarter unless a Default shall have occurred and be continuing. The Loan Parties
agree, and the Borrower shall direct the Adviser, to cooperate and assist in such visits and inspections, in each case at such
reasonable times and as often as may reasonably be desired.

 

(b) In connection
herewith, the Borrower shall cause the Adviser to not change its name, move the location of its principal place of business and
chief executive office, change the offices where it keeps records concerning the Collateral, or change the jurisdiction of its
formation, unless the Borrower or the Adviser shall have provided the Administrative Agent with 30 days’ written notice of
such move and other documents and instruments as the Administrative Agent may reasonably request in connection therewith and shall
have taken all actions required under the UCC of each relevant jurisdiction in order to continue the first priority perfected security
interest of the Administrative Agent, for the benefit of the Secured Parties, in the Collateral.”

 

 

First Amendment to Credit Agreement
– Page 2

    	 

    	 

    

 

(e)Section
5.41 of the Credit Agreement shall be deleted in its entirety and the following shall be substituted in place thereof:

 

“SECTION
5.41 Custody Agreements. The Borrower shall not permit any Loan Party, and the Borrower shall not permit the Adviser, on
behalf of the Borrower, to enter into any custody agreement or equivalent arrangement with any person to hold securities, cash
or other assets of any Loan Party unless the Person acting as custodian shall have delivered a Custodial Agreement and, if requested
by the Administrative Agent, a control agreement, to the Administrative Agent (in each case in form and substance satisfactory
to the Administrative Agent).”

 

(f)The
following new sections shall be added immediately following Section 5.41 of the Credit Agreement:

 

“SECTION
5.42.Adviser Information Reports. The Borrower shall deliver to the Administrative Agent any and all periodic and special
reports required by Sections 4(b)(i) and 4(b)(ii) of the Advisory Agreement, immediately upon receipt of such reports from Adviser,
to the extent such reports are not publicly filed.

 

SECTION 5.43.Notice
of Adviser Events and Certain Breaches.

 

(a) The Borrower
will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent written notice of (i) any material
breach of any representation, warranty, agreement or covenant under the Advisory Agreement or any occurrence of an event for which
the Adviser may terminate the Advisory Agreement for cause, (ii) any material breach of any representation, warranty, agreement
or covenant under the Sub-Advisory Agreement or any occurrence of an event for which the Sub-Adviser may terminate the Sub-Advisory
Agreement for cause, (iii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such
a material breach or event described in clauses (i) and (ii), in each case, promptly upon learning
thereof, and (iv) the occurrence of each Adviser Event. In addition, no later than five Business Days following the Borrower’s
discovery or notice of the occurrence of any of the events described in clauses (i)-(iii), the Borrower will provide
to the Administrative Agent a written statement of the chief financial officer, controller, or chief executive officer of the Borrower
setting forth the details of such event and the action that the Borrower proposes to take with respect thereto.

 

(b) Upon Borrower’s
discovery or receipt of notice that the Advisory Agreement may be terminated, the Borrower shall give immediate notice of such
potential termination to the Administrative Agent (“Adviser Termination Notice”). If the Borrower elects
to terminate the Advisory Agreement, the Borrower shall, subject to the approval of the Borrower’s board of directors and
stockholders and the consent of the Administrative Agent, such consent not to be unreasonably withheld, conditioned or delayed,
(i) identify a successor Adviser, and (ii) engage such successor Adviser in accordance with applicable Law and the Borrower’s
Organizational Documents to perform obligations similar to those performed by the Adviser under the Advisory Agreement.

 

SECTION 5.44Custodial
Agreements. Borrower (a) shall promptly provide to Adviser true and correct copies of each Custodial Agreement, including any
amendments, modifications, supplements or replacements thereof, and (b) shall cause Adviser to comply with all terms and conditions
of the Control Agreement and any other Custodial Agreement.

 

SECTION 5.45Amendments,
Waivers, and Termination of the Advisory Agreement and Sub-Advisory Agreement. Borrower shall not make any material amendment,
waiver or other modification of any provision of the Advisory Agreement without the written agreement of the Administrative Agent.”

 

First Amendment to Credit Agreement
– Page 3

    	 

    	 

    

 

(g)Section
6.01(b) of the Credit Agreement shall be deleted in its entirety and the following shall be substituted in place thereof:

 

“(b)any
Loan Party shall fail to observe or perform any covenant contained in Section 5.01(e) and (i), 5.02 (ii) and (iii), 5.03, 5.04,
5.05, 5.06, 5.07, 5.08, 5.09, 5.10, 5.12, 5.13, 5.14, 5.16, 5.17, 5.18, 5.29, 5.31, 5.33, 5.34, 5.41 and 5.44; or ”

 

(h)The
attached Schedule B shall be added as a new schedule to the Credit Agreement immediately following Schedule A thereof.

 

3.Conditions
Precedent to Effectiveness of Amendment. This Amendment shall become effective when, and only when, the Administrative
Agent shall have received:

 

(a)counterparts
of this Amendment duly executed by the Borrower, the Administrative Agent and the Lenders;

 

(b)the
Revolver Note in the aggregate principal amount of Twenty-Five Million and no/100 Dollars ($25,000,000.00) executed by the Borrower
in favor of the Administrative Agent (reflecting the $10,000,000.00 increase to its Revolver Commitment);

 

(c)an
officer’s certificate from the Borrower with appropriate certifications and attachments, including (i) resolutions of the
board of directors (or other governing body) of the Borrower certified by the Secretary (or other custodian of records) of the
Borrower which authorize the execution, delivery, and performance by the Borrower of this Amendment and the other Loan Documents
to which it is a party, (ii) certificates of incumbency certified by an authorized officer or representative certifying the names
of the individuals or other Persons authorized to sign this Amendment and the other Loan Documents to which the Borrower is or
is to be a party, together with specimen signatures of such Persons, (iii) updated Operating Documents of the Borrower, (iv) updated
certified copies of the Borrower’s Organizational Documents, and (v) a certificate of the Secretary of State of the Borrower’s
state of organization as to the good standing and legal existence of the Borrower;

 

(d)all
fees and other amounts due and payable, including, to the extent invoiced, reimbursement or payment of all legal fees and expenses
of the Administrative Agent’s counsel, and all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder;
and

 

(e)such
other documents or items as the Administrative Agent, the Lenders or their counsel may reasonably request in connection with this
Amendment.

 

4.Representations
and Warranties of the Borrower. The Borrower represents and warrants as follows:

 

(a)It
is duly authorized and empowered to execute, deliver and perform this Amendment and all other instruments referred to or mentioned
herein to which it is a party, and all action on its part requisite for the due execution, delivery and the performance of this
Amendment has been duly and effectively taken.

 

(b)After
giving effect to this Amendment, the representations and warranties contained in the Credit Agreement, as amended hereby, and any
other Loan Documents executed in connection herewith or therewith are true in all material respects on and as of the date hereof
as though made on and as of the date hereof, except to the extent that such representation or warranty was made as of a specific
date, in which case such representation or warranty was true in all material respects when made.

 

First Amendment to Credit Agreement
– Page 4

    	 

    	 

    

 

(c)After
giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default.

 

(d)When
duly executed and delivered, each of this Amendment and the Credit Agreement will be legal and binding obligations of it, enforceable
in accordance with their respective terms, except as limited by bankruptcy, insolvency or similar laws of general application relating
to the enforcement of creditors’ rights and by equitable principles of general application.

 

5.Reference
to and Effect on the Loan Documents.

 

(a)Upon
the effectiveness of this Amendment, each reference in the Credit Agreement to “this Amendment”, “hereunder”,
“hereof”, “herein” or words of like import, and each reference in the Loan Documents shall mean and be
a reference to the Credit Agreement as amended hereby.

 

(b)Except
as specifically amended above, the Credit Agreement, the Notes, and all other Loan Documents shall remain in full force and effect
and are hereby ratified and confirmed.

 

(c)The
execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of the Administrative Agent, nor constitute a waiver of any provision of any of the Loan Documents.

 

6.Costs
and Expenses. The Borrower agrees to pay on demand all out of pocket costs and expenses of the Administrative Agent in
connection with the preparation, reproduction, execution and delivery of this Amendment and the other instruments and documents
to be delivered hereunder, including reasonable legal fees and expenses for counsel for the Administrative Agent.

 

7.Execution
in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall
constitute but one and the same instrument.

 

8.Governing
Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Texas.

 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK –

SIGNATURE PAGE FOLLOWS]

 

First Amendment to Credit Agreement
– Page 5

    	 

    	 

    

 

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this instrument to be duly executed in multiple counterparts, each of which is an original instrument
for all purposes, all as of the day and year first above written.

 

 

 

 

	 	BORROWER:
	 	 
	 	HMS INCOME FUND, INC., a Maryland corporation 

(successor-by-merger to HMS Income LLC)
	 	 
	 	By: 	/s/ Ryan T. Sims
	 	Name:	Ryan T. Sims
	 	Title:	Chief Financial Officer and Secretary

 

First Amendment to Credit Agreement
– Signature Page

    	 

    	 

    

 

 

 

	 	ADMINISTRATIVE AGENT AND LENDER:
	 	 
	 	
        CAPITAL ONE, NATIONAL ASSOCIATION,

        as Administrative Agent and as a Lender

	 	 
	 	By:	/s/ Bobby Hamilton
	 	 	Bobby Hamilton, Vice President
	 	 	 
	 	 	 

 

 

 

First Amendment to Credit Agreement
– Signature Page

    	 

    	 

    

 

SCHEDULE B

 

REVOLVER COMMITMENT

 

 

	Lender	
        Revolver Commitment

         

	Capital One, National Association	$25,000,000.00

 

 

 

 

First Amendment to Credit Agreement
– Schedule BINDEMNITY ESCROW AGREEMENT

 

INDEMNITY ESCROW AGREEMENT
(“Agreement”) dated [_________], 2013 by and among [Andina Acquisition Corporation]1, a Cayman Islands
corporation (“Parent”), [_________], acting as the representative of the recipients of the Parent Ordinary Shares (the
“Representative”), [_________], acting as the committee (the “Committee”) representing
the interests of Parent, and Continental Stock Transfer & Trust Company, as escrow agent (the “Escrow Agent”).
Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement
(as defined below).

 

Parent is party to
that certain Agreement and Plan of Reorganization, dated as of [____], 2013 (the “Merger Agreement”).
Pursuant to the Merger Agreement, Parent is to be indemnified in certain respects by the recipients of the Parent Ordinary Shares
issued thereunder (“Stockholders”). The parties desire to establish an escrow fund as collateral security for
the foregoing indemnification obligations. The Representative has been designated pursuant to Letters of Transmittal executed and
delivered to Parent by each Stockholder to represent the Stockholders and each Permitted Transferee (as hereinafter defined) of
the Stockholders (the Stockholders and all such Permitted Transferees are hereinafter referred to collectively as the “Owners”),
and to act on their behalf for purposes of this Agreement. The Committee has been designated pursuant to the Merger Agreement to
represent Parent and to act on its behalf for purposes of this Agreement

 

The parties hereby
agree as follows:

 

1.            (a)          Concurrently
with the execution hereof, an aggregate of 890,000 Parent Ordinary Shares issued to the Stockholders at the Closing pursuant to
the Merger Agreement, which shall be allocated among the Stockholders in accordance with the allocation set forth on Schedule
1(a) attached hereto, together with five (5) stock powers signature medallion guaranteed (or in lieu of such stock powers
being medallion guaranteed, accompanied by an appropriate waiver form addressed to Escrow Agent) from each Stockholder separate
from the share certificates executed in blank by each such Stockholder, shall be delivered to the Escrow Agent to be held in escrow
pursuant to the terms of this Agreement and Section 1.10 and Article VII of the Merger Agreement. The Parent Ordinary Shares represented
by the stock certificates so delivered to the Escrow Agent are herein referred to in the aggregate as the “Escrow Fund.”
The Escrow Fund shall represent the sole remedy of Parent and any Parent Indemnitees for Indemnification Claims (as hereinafter
defined). The Escrow Agent shall maintain a separate account for each Stockholder, and, subsequent to any transfer permitted pursuant
to Section 1(e) hereof, each Owner’s, portion of the Escrow Fund.

 

(b)          The
parties hereby appoint the Escrow Agent to act, and the Escrow Agent hereby agrees to act, as escrow agent and to hold, safeguard
and disburse the Escrow Fund solely pursuant to the terms and conditions hereof. The Escrow Agent shall treat the Escrow Fund as
a trust fund in accordance with the terms of this Agreement and not as the property of Parent. The Escrow Agent’s duties
hereunder shall terminate upon its distribution of the entire Escrow Fund in accordance with this Agreement.

 

 

1 [Name to
be changed at closing.]

 

    	 

    	 

    

 

(c)          Except
as herein provided, the Owners shall retain all of their rights as stockholders of Parent with respect to the Parent Ordinary Shares
constituting the Escrow Fund during the period the Escrow Fund is held by the Escrow Agent (the “Escrow Period”),
including, without limitation, the right to vote their Parent Ordinary Shares included in the Escrow Fund.

 

(d)          During
the Escrow Period, all dividends payable in cash with respect to the Parent Ordinary Shares then contained in the Escrow Fund shall
be paid to the Owners, 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 Fund”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

 

(e)          During
the Escrow Period, no sale, transfer or other disposition may be made of any of the Parent Ordinary Shares in the Escrow Fund except:

 

(i)           to
any Affiliate of such Stockholder;

 

(ii)         by
gift, will, intestate succession, judicial decree or other transfer to the Family Members of such Stockholder or to a trust, corporation,
partnership or limited liability company, the beneficiaries, stockholders, partners or members of which are Family Members of such
Stockholder or a charitable organization;

 

(iii)        by
virtue of the laws of descent and distribution upon the death of such stockholder;

 

(iv)         pursuant
to a qualified domestic relations order; or

 

(v)          to
any partner, stockholder, or member of such Stockholder (any Person to whom such sale, transfer or disposition is made, a “Permitted
Transferee”);

 

provided, however, that
in each and any such event it shall be a condition thereto that the Permitted Transferee becomes bound by the terms and conditions
of this Agreement. In addition, in connection with and as a condition to any transfer permitted above, the Permitted Transferee
shall deliver to the Escrow Agent a stock power signature medallion guaranteed (or in lieu of such stock power being medallion
guaranteed, accompanied by an appropriate waiver form addressed to Escrow Agent), separate from the stock certificate executed
in blank by the Permitted Transferee with respect to the shares transferred to the Permitted Transferee. Upon receipt of such documents,
the Escrow Agent shall deliver to Parent’s transfer agent the original share certificate out of which the assigned shares
are to be transferred, together with the executed stock power signature medallion guaranteed (or in lieu of such stock powers being
medallion guaranteed, accompanied by an appropriate waiver form addressed to Escrow Agent) separate from the share certificate
executed by the transferring stockholder, or a copy of the applicable court order, and shall request that Parent issue new certificates
representing (m) the number of shares, if any, that continue to be owned by the transferring Stockholder, and (n) the number of
shares owned by the Permitted Transferee as the result of such transfer. Parent, the transferring Stockholder and the Permitted
Transferee shall cooperate in all respects with the Escrow Agent in documenting each such transfer and in effectuating the result
intended to be accomplished thereby. During the Escrow Period, no Owner shall pledge or grant a security interest in such Owner’s
Parent Ordinary Shares included in the Escrow Fund or grant a security interest in such Owner’s rights under this Agreement.
For purposes of this Agreement, “Family Member” shall mean the spouse, lineal descendants, stepchildren, father,
mother, brother or sister of a Stockholder or of such Stockholder’s spouse.

 

    	2

    	 

    

 

2.            (a)          Parent,
acting through the Committee, which has been appointed by Parent to take all necessary actions and make all decisions on behalf
of Parent with respect to its rights to indemnification under Article VII of the Merger Agreement may make a claim for indemnification
pursuant to the Merger Agreement (“Indemnification Claim”) against the Escrow Fund by giving notice (a “Notice”)
to the Representative (the party against whom a claim is being made the “Indemnifying Party”) (with a copy to
the Escrow Agent), specifying (i) a brief description of the nature of the Indemnification Claim, (ii) the total amount of the
actual out-of-pocket Loss or the anticipated potential Loss (including any costs or expenses which have been or may be reasonably
incurred in connection therewith), and (iii) whether such Loss may be covered (in whole or in part) under any insurance and the
estimated amount of such Loss which may be covered under such insurance. The party giving Notice (the “Claimant”)
also shall deliver to the Escrow Agent (with a copy to the Indemnifying Party), concurrently with its delivery to the Escrow Agent
of the Notice, a certification as to the date on which the Notice was delivered to the Indemnifying Party.

 

(b)          If
the Indemnifying Party shall give a notice to the Claimant (with a copy to the Escrow Agent) (a “Counter Notice”),
within 30 days following the date of receipt (as specified in the Claimant’s certification) by Indemnifying Party of a copy
of the Notice, disputing (i) the amount of actual out-of-pocket or anticipated potential Loss specified in the Notice, (ii) whether
the Indemnification Claim is indemnifiable under the Merger Agreement, or (iii) whether such Loss is covered (in whole or in part)
under any insurance and the estimated amount of such Loss which is covered, the Committee and the Representative shall attempt
to resolve such dispute by voluntary settlement as provided in Section 2(c) below. If no Counter Notice with respect to an Indemnification
Claim is received by the Escrow Agent from the Indemnifying Party within such 30-day period, the Indemnification Claim shall be
deemed to be an Established Claim (as hereinafter defined) for purposes of this Agreement.

 

(c)          If
the Indemnifying Party delivers a Counter Notice to the Escrow Agent, the Claimant and the Indemnifying Party shall, during the
period of 60 days following the delivery of such Counter Notice or such greater period of time as the parties may agree to in writing
(with a copy to the Escrow Agent), attempt to resolve the dispute with respect to which the Counter Notice was given. If the Claimant
and the Indemnifying Party shall reach a settlement with respect to any such dispute, they shall jointly deliver written notice
of such settlement to the Escrow Agent specifying the terms thereof. If the Claimant and the Indemnifying Party shall be unable
to reach a settlement with respect to a dispute, such dispute shall be resolved in accordance with the provisions of Section 10.12
of the Merger Agreement.

 

    	3

    	 

    

 

(d)          As
used in this Agreement, “Established Claim” means any (i) Indemnification Claim deemed established pursuant
to the last sentence of Section 2(b) above, (ii) Indemnification Claim resolved in favor of a Claimant by joint settlement pursuant
to Section 2(c) above, resulting in a dollar award to the Claimant or (iii) Indemnification Claim established that has been sustained
by a final determination (after exhaustion of any appeals) of a court of competent jurisdiction; provided that, subject to the
terms of the Merger Agreement, notwithstanding anything herein, no Indemnification Claim by Parent shall become an Established
Claim unless and until the aggregate amount of indemnification Losses exceeds (i) $1,000,000 in the case of Indemnification Claims
other than an Indemnification Claim made pursuant to Section 7.1(a)(iii) of the Merger Agreement (“Litigation Indemnification
Claim”) and (ii) $2,500,000, in the case of the Litigation Indemnification Claim (each such amount, the applicable “Deductible”),
in which event only the amount of such Established Claim(s) in excess of the applicable Deductible shall be payable.

 

(e)          (i)          Promptly
after an Indemnification Claim becomes an Established Claim, the Committee and the Representative shall jointly deliver a notice
to the Escrow Agent (a “Joint Notice”) directing the Escrow Agent to pay to the Claimant, and the Escrow Agent
promptly shall pay to such Claimant, an amount of Escrow Shares, subject to the provisions of Sections 2(e)(ii) and (iii) below,
equal to (subject to the Deductible described in Section 2(d) above and Section 7.4(b) of the Merger Agreement) the aggregate dollar
amount of the Established Claim (or, if at such time there remains in the Escrow Fund less than the full amount payable by any
Owner to Parent, the full amount remaining in the Escrow Fund attributable to such Owner).

 

(ii)         Payment
of an Established Claim to Parent shall be made from Escrow Shares pro rata from the accounts maintained on behalf of each Owner.
For purposes of each payment, such shares shall be valued at the “Fair Market Value” (as defined below). However, in
no event shall the Escrow Agent be required to calculate Fair Market Value or make a determination of the aggregate number of shares
to be delivered or released in satisfaction of any Established Claim; rather, such calculation shall be included in and made part
of the Joint Notice. The Escrow Agent shall transfer out of the Escrow Fund that number of Parent Ordinary
Shares necessary to satisfy each Established Claim, as set out in the Joint Notice. Any dispute between the Committee and
the Representative concerning the calculation of Fair Market Value, the number of shares necessary to satisfy any Established Claim,
or any other dispute regarding a Joint Notice, shall be resolved between the Committee and the Representative in accordance with
the procedures specified in Section 2(c) above, and shall not involve the Escrow Agent. Each transfer of shares in satisfaction
of an Established Claim shall be made by the Escrow Agent delivering to Claimant one or more stock certificates held in each Owner’s
account evidencing not less than such Owner’s pro rata portion of the aggregate number of shares specified in the Joint Notice,
together with stock powers signature medallion guaranteed (or in lieu of such stock powers being medallion guaranteed, accompanied
by an appropriate waiver form addressed to Escrow Agent) separate from the stock certificate executed in blank by such Owner and
completed by the Escrow Agent in accordance with instructions included in the Joint Notice. Upon receipt of the stock certificates
and stock powers, Parent shall deliver to the Escrow Agent new certificates representing the number of shares in the Escrow Fund
owned by each Owner after such payment. The parties hereto (other than the Escrow Agent) agree that the foregoing right to make
payments of Established Claims in Parent Ordinary Shares may be made notwithstanding any other agreements restricting or limiting
the ability of any Owner to sell any Parent Ordinary Shares or otherwise. As used in this Section 2, “Fair Market Value”
means the average reported closing price for the Parent Ordinary Shares for the ten trading days ending on the last trading day
prior to (x) the day the Established Claim is paid with respect to Indemnification Claims paid on or
before the Escrow Release Date, and (y) the Escrow Release Date with respect to shares constituting the Pending Claims Reserve
(as hereinafter defined) on the Escrow Release Date.

 

    	4

    	 

    

 

(iii)        Notwithstanding
anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim, each Owner shall have
the right to substitute for his, her or its Escrow Shares that otherwise would be paid to Parent in satisfaction of such claim
(the “Claim Shares”) with cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted
Cash”). In such event (i) the Joint Notice shall include a statement describing the substitution of Substituted Cash
for the Claim Shares, and (ii) substantially contemporaneously with the delivery of such Joint Notice, the Representative shall
cause currently available funds to be delivered to the Escrow Agent in an amount equal to the Substituted Cash. Upon receipt of
such Joint Notice and Substituted Cash, the Escrow Agent shall (y) in payment of the Established Claim described in the Joint Notice,
deliver the Substituted Cash to Parent in lieu of the Claim Shares, and (z) cause the Claim Shares to be returned to the Representative
identified in the Joint Notice on behalf of the applicable Owner.

 

3.          (a)          On
the earlier of (A) the 30th day after the date Parent has filed with the SEC its Annual Report for the year ending February 28,
2015 or (B) June 30, 2015 (the “Escrow Release Date”), the Escrow Agent shall
distribute and deliver to each Owner share certificates representing the Parent Ordinary Shares then in such Owner’s account
in the Escrow Fund, unless at such time (i) there are any Indemnification Claims, other than the Litigation Indemnification Claim,
with respect to which Notices have been received but which have not been resolved pursuant to Section 2 hereof or with to which
the Escrow Agent has not been notified of, and received a copy of, a final determination (after exhaustion of any appeals) by a
court of competent jurisdiction, as the case may be, or (ii) the Litigation Indemnification Claims have not been finally resolved.
If, on the Escrow Release Date, there exist Indemnification Claims other than the Litigation Indemnification Claim (“Pending
Claims”) the resolution or final determination of which could result in a payment to Parent and/or the Litigation Indemnification
Claim has not been finally resolved, the Escrow Agent shall retain, and the total amount of such distributions to such Owner shall
be reduced by, as applicable, the Pending Claims Reserve (as hereinafter defined) and/or the Litigation Claim Reserve (as hereinafter
defined). The Committee and the Representative shall certify to the Escrow Agent the number of Parent Ordinary Shares to be retained
therefor.

 

(b)          If, after the Escrow
Release Date, a Pending Claim on behalf of Parent becomes an Established Claim, the Committee and the Representative shall deliver
to the Escrow Agent a Joint Notice directing the Escrow Agent to pay to Parent an amount in respect thereof determined in accordance
with Section 2(e). If a Pending Claim is resolved against Parent, the Committee and the Representative shall deliver to the Escrow
Agent a Joint Notice directing the Escrow Agent to pay to each Owner the amount by which the remaining portion of his account in
the Escrow Fund exceeds the sum of the then Pending Claims Reserve and Litigation Claim Reserve.

 

    	5

    	 

    

 

(c)          If, after the Escrow
Released Date, the Litigation Indemnification Claim is finally resolved in a manner that results in it becoming an Established
Claim, the Committee and the Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent to pay
to Parent an amount in respect thereof determined in accordance with Section 2(e). If the Litigation Indemnification Claim is resolved
against Parent, the Committee and the Representative shall deliver to the Escrow Agent a Joint Notice directing the Escrow Agent
to pay to each Owner the remaining portion of his account in the Escrow Fund attributable to the Litigation Claim Reserve.

 

(d)          Upon resolution of
all Pending Claims and the Litigation Indemnification Claim, the Escrow Agent shall pay to such owner the remaining portion of
his or her account in the Pending Claims Reserve and the Litigation Claim Reserve.

 

(e)          For purposes of this
Agreement (i), “Pending Claims Reserve” shall mean, at the time any such determination is made, that number
of Parent Ordinary Shares in the Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar amounts claimed
to be due with respect to all Pending Claims and (ii) “Litigation Claim Reserve” shall mean 300,000 Parent Ordinary
Shares

 

4.            The
Escrow Agent, the Committee and the Representative shall cooperate in all respects with one another in the calculation of any amounts
determined to be payable to Parent and the Owners in accordance with this Agreement and in implementing the procedures necessary
to effect such payments.

 

5.            (a)         The
Escrow Agent undertakes to perform only such duties as are expressly set forth herein. It is understood that the Escrow Agent is
not a trustee or fiduciary and is acting hereunder merely in a ministerial capacity.

 

(b)          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.

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to Parent pursuant to the terms of this
Agreement or, if such notice is disputed, the settlement with respect to any such dispute, whether by virtue of joint resolution
or determination of a court of competent jurisdiction, is to pay to Parent the amount specified in such notice, if any, and the
Escrow Agent shall have no duty to determine the validity, authenticity or enforceability of any specification or certification
made in such notice.

 

    	6

    	 

    

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith, and may consult with counsel of its own choice and shall
have full and complete authorization and indemnification under Section 5(f), below, for any action taken or suffered by it hereunder
in good faith and in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by giving the other parties hereto
thirty (30) days’ written notice of such resignation. Such resignation or removal shall become effective at such time that
the Escrow Agent shall turn over the Escrow Fund to the successor escrow agent appointed jointly by the Committee and the Representative.
If no new escrow agent is so appointed within the sixty (60) day period following the giving of such notice of resignation, the
Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate
relief, and deposit the Escrow Fund with such successor escrow agent appointed thereby.

 

(f)          
(i)          From and at all times after the date of this Agreement, Parent shall,
to the fullest extent permitted by law and to the extent provided herein, indemnify and hold harmless the Escrow Agent and each
director, officer, employee, attorney, agent and affiliate of the Escrow Agent (collectively, the “Escrow Agent Parties”)
against any and all actions, claims, losses, damages, liabilities, costs and expenses of any kind or nature whatsoever (including
without limitation reasonable fees, costs and expenses of one outside counsel (but not internal counsel)) (collectively for purposes
of this Section 5(f), “Losses”) actually incurred by any of the Escrow Agent Parties from and after the date
hereof, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry
or investigation) by any person, including, without limitation, Parent or the Stockholders, asserting a claim for any legal or
equitable remedy against any person under any statute or regulation, including, but not limited to, any federal or state securities
laws, or under any common law or equitable cause or otherwise, arising from or in connection with the negotiation, preparation,
execution, performance or failure of performance of this Agreement or any transactions contemplated herein, whether or not any
such Escrow Agent Party is a party to any such action, proceeding, suit or the target of any such inquiry or investigation; provided,
however, that no Escrow Agent Party shall have the right to be indemnified hereunder for (i) any Losses to the extent they are
finally determined by a court of competent jurisdiction, subject to no further appeal, to be attributable to the gross negligence
or willful misconduct of such Escrow Agent Party or (ii) any settlements entered into by an Escrow Agent Party without Parent’s
written consent which shall not be unreasonably withheld.

 

    	7

    	 

    

 

(ii)         If
any such action or claim shall be brought or asserted against any Escrow Agent Party, such Escrow Agent Party shall promptly notify
the Representative, Parent and the Committee in writing, and Parent shall assume the defense thereof, including the employment
of counsel and the payment of all reasonable expenses. Such Escrow Agent Party shall, in its sole discretion, have the right to
employ separate counsel (who may be selected by such Escrow Agent Party in its sole discretion) in any such action and to participate
in the defense thereof, and the reasonable fees and expenses of such counsel shall be paid by such Escrow Agent Party, except that
Parent shall be required to pay such reasonable fees and expenses if (i) Parent agrees to pay such reasonable fees and expenses,
(ii) Parent shall fail to assume the defense of such action or proceeding or shall fail, in the reasonable determination of such
Escrow Agent Party, to employ counsel satisfactory to the Escrow Agent Party in any such action or proceeding, (iii) Parent or
the Stockholders are the plaintiff(s) in any such action or proceeding or (iv) the named or potential parties to any such action
or proceeding (including any potentially impleaded parties) include both the Escrow Agent Party and any of Parent, Company, or
the Stockholders, and the Escrow Agent Party shall have been advised by counsel that there may be one or more legal defenses available
to it which are different from or additional to those available to Parent, Company, or the Stockholders. All such reasonable fees
and expenses payable by Parent pursuant to the immediately preceding sentence shall be paid from time to time as incurred, both
in advance of and after the final disposition of such action or claim. The obligations of Parent under this Section 5(f) shall
survive any termination of this Agreement and the resignation or removal of the Escrow Agent.

 

(iii)       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.

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Parent for all services rendered by it hereunder as set forth on
Schedule 5(g) hereto. The Escrow Agent shall also be entitled to reimbursement from Parent for all reasonable, documented
out-of-pocket expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all
reasonable counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

(h)          From
time to time on and after the date hereof, the Committee and the Representative 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.

 

6.          This
Agreement expressly sets forth all the duties of the Escrow Agent with respect to any and all matters pertinent hereto. No implied
duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent shall not be bound by the provisions
of any agreement among the parties hereto except this Agreement and shall have no duty to inquire into the terms and conditions
of any agreement made or entered into in connection with this Agreement, including, without limitation, the Merger Agreement.

 

7.          This
Agreement shall inure to the benefit of and be binding upon the parties and their respective heirs, successors, assigns and legal
representatives and shall be governed by and construed in accordance with the law of New York applicable to contracts made and
to be performed therein. This Agreement cannot be changed or terminated except by a writing signed by the Committee, the Representative
and the Escrow Agent.

 

8.          All
disputes arising under this Agreement between the Committee and the Representative, including a dispute arising from a party’s
failure or refusal to sign a Joint Notice or to deliver any notice or other document required hereunder, shall be resolved in the
same manner as disputes under the Merger Agreement are to be resolved pursuant to Section 10.12 thereof. The Committee and the
Representative each hereby consent to the exclusive jurisdiction of the federal and state courts sitting in New York County, New
York, with respect to any claim or controversy arising out of this Agreement. Service of process in any action or proceeding brought
against the Committee, the Representative in respect of any such claim or controversy may be made upon it pursuant to Section 9.

 

    	8

    	 

    

 

9.          All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

 

	A.	If to the Committee, to it at:
	 	 
	 	[___________]
	 	[___________]
	 	Attention: [___________]
	 	Facsimile: [___________]
	 	 
	 	with a copy to:
	 	 
	 	Graubard Miller
	 	The Chrysler Building
	 	405 Lexington Avenue
	 	New York, New York  10174-1901
	 	Attention:  David Alan Miller, Esq.
	 	Facsimile: (888) 225-1565
	 	 
	B.	If to the Representative, to [him/her] at:
	 	 
	 	[___________]
	 	[___________]
	 	Attention: [___________]
	 	Facsimile: [___________]
	 	 
	 	with a copy to:
	 	 
	 	Arnstein & Lehr LLP
	 	200 South Biscayne Boulevard, Suite 3600
	 	Miami, Florida 33131
	 	Attention: Phillip M. Hudson III, Esq.
	 	Facsimile: [___________]

 

    	9

    	 

    

	 	 
	C.	If to the Escrow Agent, to it at:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	17 Battery Place
	 	New York, New York 10004
	 	Attention: Mark Zimkind
	 	Facsimile: (212) 509-5150
	 	 
	D.	If to Parent, to it at:
	 	 
	 	[Andina Acquisition Corporation]
	 	Avenida Circunvalar a 100 mts de la Via 40
	 	Barrio Las Flores Barranquilla, Colombia
	 	Attention: Jose Manuel Daes
	 	Facsimile: [___________]
	 	 
	 	with a copy to:
	 	 
	 	Arnstein & Lehr LLP
	 	200 South Biscayne Boulevard, Suite 3600
	 	Miami, Florida 33131
	 	Attention: Phillip M. Hudson III, Esq.
	 	Facsimile: [___________]

 

or to such other person or address as any
of the parties hereto shall specify by notice in writing to all the other parties hereto.

 

10.         (a)          All
notices delivered to the Escrow Agent shall refer to the provision of this Agreement under which such notice is being delivered
and, if applicable, shall clearly specify the aggregate dollar amount due and payable to Parent.

 

(c)          This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original instrument and all of
which together shall constitute a single agreement.

 

(d)          When
reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise specified.

 

[Signatures are on following page]

 

    	10

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has duly executed this Agreement on the date first above written.

 

	 	[ANDINA ACQUISITION CORPORATION]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	REPRESENTATIVE:
	 	 	 
	 	 
	 	 	 
	 	COMMITTEE:
	 	 
	 	 
	 	 
	 	 
	 	 
	 	ESCROW AGENT:
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	TRUST COMPANY
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	11

    	 

    

 

Schedule 1(a)

ESCROW SHARES ALLOCATION

 

	Name	 	Address	 	
        No. of

        Escrow Shares

	[_______]	 	[_______]	 	[_______]
	 	 	[_______]	 	 
	 	 	 	 	 
	[_______]	 	[_______]	 	[_______]
	 	 	[_______]	 	 
	 	 	 	 	 
	Total	 	 	 	890,000

 

    	12

    	 

    

 

Schedule
5(g)

 

	Amount	 	Description
	 	 	 
	$[300] per month	 	From the date hereof until the termination of the Escrow Agent’s duties pursuant to Section 1(b).

 

    	13

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