Document:

Exhibit 10.1

 

______________________, 2015

  

Andina
Acquisition Corp. II

250
West 57th St 

Suite
2223

New
York, NY 10107

 

EarlyBirdCapital,
Inc. 

275
Madison Avenue, 27th Floor

New
York, New York 10016

  

Re:          Initial
Public Offering

 

Gentlemen:

 

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

 

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

 

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

  

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

 

    	 

    	 

    

 

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

 

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

  

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

 

4.          Intentionally Omitted.

 

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

 

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

 

 

1  Luke Weil Insider
Letter Only

 

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7.          Neither the undersigned, any
family member of the undersigned, nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment for services rendered prior to, or in order to effectuate, the consummation of the Business Combination;
provided that the Company shall be allowed to pay for the items described in the Registration Statement under the section
titled “Prospectus Summary – The Offering – Limited Payments to Insiders.”

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

12.          The undersigned hereby agrees
to not propose, or vote in favor of, an amendment to the Company’s Memorandum and Articles of Association with respect to
the Company’s pre-Business Combination activities prior to the consummation of a Business Combination unless the Company
provides dissenting public shareholders with the opportunity to convert their shares in connection with any such vote.

 

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

 

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

 

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

 

 

2   Luke
Weil Insider Letter Only

 

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

 

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

 

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

 

	 	 	 	 
	 	Print Name of Insider	 
	 	 	 	 
	 	Signature	 	 

 

    	7Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of ______________, 2015 by and between Andina Acquisition Corp. II (the “Company”) and Continental
Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-207037 (“Registration Statement”) for its initial
public offering of securities (“IPO”) has been declared effective as of the date hereof (“Effective Date”)
by the Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set
forth in the Registration Statement); and

 

WHEREAS,
EarlyBirdCapital, Inc. (“EarlyBirdCapital”) is acting as the representative of the underwriters in the IPO; and

 

 WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and
Articles of Association, $40,600,000 of the gross proceeds of the IPO ($46,690,000 if the over-allotment option is exercised
in full) and the net proceeds of a private placement of $3,100,000 ($3,385,000 if the over-allotment option is exercised in
full) taking place simultaneously therewith will be delivered to the Trustee to be deposited and held in a trust account for
the benefit of the Company and the holders of the Company’s ordinary shares, par value $.0001 per share
(“Ordinary Shares”), issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee will
be referred to herein as the “Property”; the shareholders for whose benefit the Trustee shall hold the Property
will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to
together as the “Beneficiaries”); and 

 

WHEREAS,
the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property;

 

IT
IS AGREED:

 

1.           Agreements
and Covenants of Trustee. The Trustee hereby agrees and covenants to:

 

          (a)          Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in a segregated trust account (“Trust
Account”) established by the Trustee at JP Morgan Chase Bank, NA in the United States, maintained by Trustee, and at a brokerage
institution selected by the Trustee that is reasonably satisfactory to the Company;

 

          (b)          Manage,
supervise and administer the Trust Account subject to the terms and conditions set forth herein;

 

          (c)          In
a timely manner, upon the instruction of the Company, invest and reinvest the Property (i) in United States government treasury
bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under
Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined
by the Company;

 

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          (d)          Collect
and receive, when due, all principal and income arising from the Property, which shall become part of the “Property,”
as such term is used herein;

 

          (e)          Notify
the Company and EarlyBirdCapital of all communications received by it with respect to any Property requiring action by the Company;

 

          (f)          Supply
any necessary information or documents as may be requested by the Company in connection with the Company’s preparation of
its tax returns;

 

          (g)          Participate
in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed
by the Company to do so;

 

          (h)          Render
to the Company monthly written statements of the activities of and amounts in the Trust Account reflecting all receipts and disbursements
of the Trust Account; and

 

          (i)          Commence
liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B,
signed on behalf of the Company by its President, Chief Executive Officer or Vice President and Secretary or Assistant Secretary,
affirmed by counsel for the Company and, in the case of a Termination Letter in a form substantially similar to that attached
hereto as Exhibit A, acknowledged and agreed to by EarlyBirdCapital, and complete the liquidation of the Trust Account and distribute
the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided,
however, that in the event that a Termination Letter has not been received by the Trustee within the period of time provided in
the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time
(“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date. The provisions of this Section
1(i) may not be modified, amended or deleted under any circumstances.

 

(j)          Distribute
upon receipt of an Amendment Notification Letter (defined below), to Public Shareholders who exercised their conversion rights
in connection with an Amendment (defined below) an amount equal to the pro rata share of the Property relating to the Ordinary
Shares for which such Public Shareholders have exercised conversion rights in connection with such Amendment.

 

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2.          Limited
Distributions of Income from Trust Account.

 

       (a)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover any income or other tax obligation owed by the Company as a result of such interest income.

 

       (b)          Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto
as Exhibit D, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested
by the Company to cover expenses related to investigating and selecting a target business and other working capital requirements;
provided, however, that the Company will not be allowed to withdraw interest income earned on the Trust Account
unless there is an amount of interest income available in the Trust Account sufficient to pay the Company’s tax obligations
on such interest income.

 

         (c)          The
limited distributions referred to in Sections 2(a) and 2(b) above shall be made only from income collected on the Property. Except
as provided in Section 2(a), and 2(b) above, no other distributions from the Trust Account shall be permitted except in accordance
with Section 1(i) hereof.

 

       (d)          The
Company shall provide EarlyBirdCapital with a copy of any Termination Letters and/or any other correspondence that it issues to
the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3.          Agreements
and Covenants of the Company. The Company hereby agrees and covenants to:

 

          (a)          Give
all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Vice Chairman of the
Board, Chief Executive Officer, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs
1(i), 2(a) and 2(b) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic
advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

 

          (b)          Subject
to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with
any claim, potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or
the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s
gross negligence or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement
of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall
notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall
have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain the consent
of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

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          (c)          Pay
the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time.
It is expressly understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee
shall be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in connection with
the consummation of a Business Combination, or pursuant to Section 2(b). The Company shall pay the Trustee the initial acceptance
fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date;

 

          (d)          In
connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit
or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes verifying
the vote of the Company’s shareholders regarding such Business Combination; and

 

          (e)          In
the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i), the Company
agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

          (f)          If
the Company seeks to amend any provisions of its amended and restated memorandum and articles of association relating to shareholders’
rights or pre-Business Combination activity (including the time within which the Company has to complete a Business Combination)
(in each case, an “Amendment”), the Company will provide the Trustee with a letter (an “Amendment Notification
Letter”) in the form of Exhibit E providing instructions for the distribution of funds to Public Shareholders who exercise
their conversion option in connection with such Amendment.

 

4.          Limitations
of Liability. The Trustee shall have no responsibility or liability to:

 

          (a)          Take
any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall have no liability
to any party except for liability arising out of its own gross negligence or willful misconduct;

 

          (b)          Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided
herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

 

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          (c)          Change
the investment of any Property, other than in compliance with paragraph 1(c);

 

          (d)          Refund
any depreciation in principal of any Property;

 

          (e)          Assume
that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee;

 

          (f)          The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted,
in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee
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 Trustee), 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 Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons.
The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

 

          (g)          Verify
the correctness of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by
the Company or any other action taken by it is as contemplated by the Registration Statement; and

 

          (h)          File
local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account and payee
statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the income
earned on the Property.

 

          (i)           Pay
any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any such taxes
and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it under Section
2(a) hereof).

 

(j)           Imply
obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this agreement
and that which is expressly set forth herein.

 

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          (k)          Verify
calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b) above.

 

5.          Trust
Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account
that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including,
without limitation, under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company
and its assets outside the Trust Account and not against the Property or any monies in the Trust Account.

 

6.          Termination.
This Agreement shall terminate as follows:

 

          (a)          If
the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time
that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to become subject
to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days
of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with
any court in the State of New York or with the United States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever; or

 

          (b)          At
such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph 1(i)
hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 3(b).

 

7.          Miscellaneous.

 

          (a)          The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to
funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing
funds transfers, the Trustee will rely upon all information supplied to it by the Company, including account names, account numbers
and all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary bank. The Trustee shall
not be liable for any loss, liability or expense resulting from any error in the information or transmission of the wire.

 

    	6

    	 

    

 

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

 

          (c)          This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i) (which may not be amended under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification
may be made without the prior written consent of EarlyBirdCapital. As to any claim, cross-claim or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to
the propriety of any proposed amendment.

 

          (d)          The
parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, Borough of
Manhattan, for purposes of resolving any disputes hereunder.

 

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

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

 

    	7

    	 

    

 

17
Battery Place

New
York, New York 10004

Attn:
Steven G. Nelson, Chairman, and Frank A. DiPaolo, CFO

Fax
No.: (212) 509-5150

 

if
to the Company, to:

 

Andina
Acquisition Corp. II

250
West 57th St

Suite
2223

New
York, NY 10107

Attn:
Julio A. Torres, Chief Executive Officer

Fax
No.: (___) ___-____

 

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

 

EarlyBirdCapital,
Inc.

366
Madison Avenue

New
York, New York 10017

Attn:
General Counsel and Investment Banking Department

Facsimile:
(___) ___-____

 

and

 

Blank
Rome LLP

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
Robert J. Mittman, Esq.

Fax
No.: (212) 885-5001

 

          (f)                 This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

               (g)                 Each
of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it
shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any
funds in the Trust Account under any circumstance. In the event that the Trustee has a claim against the Company under this Agreement,
the Trustee will pursue such claim solely against the Company and not against the Property held in the Trust Account

 

                 (h)                 Each
of the Company and the Trustee hereby acknowledge that EarlyBirdCapital is a third party beneficiary of this Agreement.

 

    	8

    	 

    

  

[Signature
Page Follows]

 

    	9

    	 

    

  

IN WITNESS
WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above. 

	 	 	 
	 	CONTINENTAL
                                         STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	
		By:	 
	 	 	Name: 
                                         Frank A. Di Paolo

                                         Title:  Trust Officer

	 	 	 
	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 
		By:	 
	 	 	Name:

                                         Title:

 

    	10

    	 

    

  

SCHEDULE
A 

 

	Fee
    Item	Time
    and method of payment 	Amount
	Initial
    acceptance fee	Initial
    closing of IPO by wire transfer	[$2,000]
	Annual
    fee	First
    year, initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer
    or check	[$10,000]
	Transaction
    processing fee for disbursements to Company under Section 2	Deduction
    by Trustee from accumulated income following disbursement made to Company under Section 2	[$250]
	Paying
    Agent services as required pursuant to section 1(i)	Billed
    to Company upon delivery of service pursuant to section 1(i)	 

        Prevailing
        rates

         

 

    	11

    	 

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

    &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

          Re:          Trust
Account No.                        - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Andina Acquisition Corp. II (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of _______________, 2015 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [__________________] (“Target Business”)
to consummate a business combination with Target Business (“Business Combination”) on or about [insert date].
The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [__________]
and to transfer the proceeds to the above-referenced account at [ ] to the effect that, on the Consummation Date, all of
funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct
on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
the Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has
been consummated and (ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies
the vote of the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written
instructions from the Company and EarlyBirdCapital, Inc. with respect to the transfer of the funds held in the Trust Account (“Instruction
Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt
of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event
that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms
hereof, the Trust Agreement shall be terminated.

 

    	12

    	 

    

 

In
the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have
not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written
instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the
business day immediately following the Consummation Date as set forth in the notice. 

 

	 	 	Very
                                         truly yours,
	 	 	 	 
	 	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 	 
		 	By:	        
	 	 	Julio
                                         A. Torres, Chief Executive Officer
	 	 	 
	 	 	By:	 
	 	 	Mauricio
                                         Orellana, Chief Financial Officer

	 	 	 
	AGREED TO AND ACKNOWLEDGED BY	 
	 	 
	EARLYBIRDCAPITAL, INC.	 
	 	 
	 	 
	By:	 	 

  

    	13

    	 

    

 

EXHIBIT
B

 

 

[Letterhead
of Company]

 

[Insert
date]

Continental
Stock Transfer

   &
Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven Nelson and Frank DiPaolo 

          Re:          Trust
Account No.                                - Termination Letter

 

Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Andina Acquisition Corp. II (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ______________, 2015 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time
frame specified in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s
prospectus relating to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Checking Account at [ ]to await distribution to the Public Shareholders.
The Company has selected [____________, 20__] as the record date for the purpose of determining the Public Shareholders entitled
to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on the liquidation
proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate capacity
as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds in
the Trust Account, your obligations under the Trust Agreement shall be terminated. 

 

	 	 	Very
                                         truly yours,
	 	 	 	 
	 	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 	 
		 	By:	        
	 	 	Julio
                                         A. Torres, Chief Executive Officer
	 	 	 
	 	 	By:	 
	 	 	Mauricio
                                         Orellana, Chief Financial Officer

             

cc:
EarlyBirdCapital, Inc.

 

    	14

    	 

    

 

EXHIBIT
C

 

 

[Letterhead
of Company]

 

        [Insert
date]

 

Continental
Stock Transfer

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

          Re:          Trust
Account No.                                     

 

Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Andina Acquisition Corp. II (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of _____________, 2015 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the
date hereof. The Company needs such funds to pay for its tax obligations as a result of such interest income. In accordance with
the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon
your receipt of this letter to the Company’s operating account at:

 

[WIRE
INSTRUCTION INFORMATION] 

	 	 	 	 
	 	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 	 
		 	By:	        
	 	 	Julio
                                         A. Torres, Chief Executive Officer
	 	 	 
	 	 	By:	 
	 	 	Mauricio
                                         Orellana, Chief Financial Officer

 

cc:
EarlyBirdCapital, Inc.

 

    	15

    	 

    

 

EXHIBIT
D

  

          [Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer

  &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Frank Di Paolo and Cynthia Jordan

 

          Re:          Trust
Account No.                                     

 

Gentlemen:

 

Pursuant
to paragraph 2(b) of the Investment Management Trust Agreement between Andina Acquisition Corp. II (“Company”) and
Continental Stock Transfer & Trust Company (“Trustee”), dated as of ________________, 2015 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the
date hereof. The Company needs such funds to cover its expenses relating to investigating and selecting a target business and
other working capital requirements. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized
to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account
at:

 

[WIRE
INSTRUCTION INFORMATION]

 

		 	Very
                                         truly yours,
	 	 	 	 
	 	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 	 
		 	By:	        
	 	 	Julio
                                         A. Torres, Chief Executive Officer
	 	 	 
	 	 	By:	 
	 	 	Mauricio
                                         Orellana, Chief Financial Officer

 

cc:
EarlyBirdCapital, Inc.

 

    	16

    	 

    

 

EXHIBIT
E

  

          [Letterhead
of Company]

 

[Insert
date]

   

Continental
Stock Transfer

   &
Trust Company

17
Battery Place

New
York, New York 10004

Attn:
Steven Nelson and Frank DiPaolo

 

          Re:          Trust
Account No.                         - Termination Letter

 

Gentlemen:

 

Reference
is made to the Investment Management Trust Agreement between Andina Acquisition Corp. II (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ___________, 2015 (“Trust Agreement”). Capitalized words used herein
and not otherwise defined shall have the meanings ascribed to them in the Trust Agreement.

 

Pursuant
to Section 1(j) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account on [ ] and to transfer $_____ of
the proceeds of the Trust to the checking account at [ ] for distribution to the shareholders that have requested conversion of
their shares in connection with such Amendment. The remaining funds shall be reinvested by you as previously instructed.

  

	Very truly yours,	 	
	 	 	 	 
	 	 	ANDINA
                                         ACQUISITION CORP. II
	 	 	 	 
		 	By:	        
	 	 	Julio
                                         A. Torres, Chief Executive Officer
	 	 	 
	 	 	By:	 
	 	 	Mauricio
                                         Orellana, Chief Financial Officer

  

cc:
EarlyBirdCapital, Inc.

 

    	17

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