Document:

____________
__, 2018

 

Andina
Acquisition Corp. III

Calle
113 # 7-45 Torre B

Oficina
1012

Bogotá,
Colombia

 

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. III, a Cayman Islands exempted company (the “Company”),
and Cowen and Company, LLC 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 to receive one-tenth
of an Ordinary Share (each, a “Right”) and one warrant, each exercisable for one Ordinary Share (each,
a “Warrant”). Certain capitalized terms used herein are defined in paragraph 14 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, 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, her or it, 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 time period set forth in the Company’s
Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, the undersigned will,
as promptly as possible, cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly
as reasonably possible, but not more than 10 business days thereafter, redeem the IPO Shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the Trust Account net of
interest released to the Company as permitted pursuant to the Trust Agreement, divided by the number of then outstanding public
shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to
receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject
to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate,
subject in the cases of clauses (ii) and (iii) to the Company’s obligations under Cayman Islands law to provide for claims
of creditors and other requirements of applicable law.

 

    	 	 	 

    	 	 	 

    

 

(b)
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account
(“Claim”) with respect to the Insider Shares owned by the undersigned 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 Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be
no distribution from the Trust Account with respect to any Rights or Warrants, all of which will terminate on the Company’s
liquidation.

 

[(c)
In the event of the liquidation of the Trust Account, the undersigned agrees to indemnify and hold harmless the Company for any
debts and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered
or contracted for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does
not reduce the amount of funds in the Trust Account below $10.00 per share; provided that such indemnity shall not apply (i) if
such vendor or prospective target business executed an agreement waiving any right, title, interest or claim of any kind they
may have in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify
the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”).]1

 

3.
The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated shareholders
from a financial point of view.

 

4.
Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment prior to, or for services rendered in order to effectuate, the consummation of the Business Combination;
provided that the Company shall be allowed to make the payments set forth in the Registration Statement under the caption “Prospectus
Summary – The Offering – Limited payments to insiders.”

 

 

1
For Luke Weil letter only.

 

    	 	2	 

    	 	 	 

    

 

5.
(a) The undersigned will place into escrow all Insider Shares owned by him/her/it pursuant to the terms of a Share Escrow Agreement
which the Company will enter into with the undersigned and an escrow agent.

 

(b)
The undersigned agrees that until after the Company consummates a Business Combination, all Private Units owned by him/her/it
will be subject to the transfer restrictions described in the subscription agreement relating to the undersigned’s purchase
of Private Units.

 

7.
[(a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned
hereby agrees that until the earliest of the Company’s initial Business Combination or liquidation, the undersigned shall
present to the Company for its consideration, prior to presentation to any other entity, any suitable target business, subject
to any pre-existing fiduciary or contractual obligations the undersigned might have.

 

(b)
The undersigned has agreed not to participate in the formation of, or become an officer or director of, any other special purpose
acquisition company with a class of securities intended to be registered under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), which has publicly filed a registration statement with the SEC until the Company
has entered into a definitive agreement regarding its initial Business Combination or the Company has failed to complete an initial
Business Combination within the time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association,
as the same may be amended from time to time.

 

(c)
The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in
the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.]2

 

8.
[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 respects, does not omit any material information with respect to the undersigned’s
background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under
the Securities Act. The undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is
true and accurate in all respects. The undersigned represents and warrants that:

 

 

2
For insider letters of all officers and directors only.

 

    	 	3	 

    	 	 	 

    

 

	 	(a)	he/she/it
    has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it
    or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any
    corporation or business association of which he/she/it was an executive officer at or within two years before the time of
    such filing;
	 	 	 
	 	(b)	he/she/it
    has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property,
    or any such partnership;
	 	 	 
	 	(c)	he/she/it
    has never been convicted of fraud in a civil or criminal proceeding;
	 	 	 
	 	(d)	he/she/it/
    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/she/it
    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/her/it 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;
	 	 	 
	 	(f)	he/she/it
    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 your 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/she/it
    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;

 

    	 	4	 

    	 	 	 

    

 

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

 

    	 	5	 

    	 	 	 

    

 

	 	(n)	he/she/it
    has never been subject to any order of the SEC that orders him/her/it 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/she/it
    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/she/it
    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/she/it
    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/she/it
    is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or
    203(f) of the Investment Advisers Act of 1940 that: (i) suspends or revokes the undersigned’s registration as a broker,
    dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations
    of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity
    or from participating in the offering of any penny stock; and
	 	 	 
	 	(s)	he/she/it
    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. ]3 

 

 

 3 For insider
letters of all officers and directors only. 

 

    	 	6	 

    	 	 	 

    

 

9.
The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this
letter agreement [and to serve as an officer and/or director of the Company]4.

 

10.
[ The undersigned hereby waives any right to exercise conversion rights with respect to any Ordinary Shares owned or to
be owned by the undersigned, directly or indirectly, whether acquired before or after the IPO, and each agrees not to seek conversion
with respect to such shares in connection with any vote to approve a Business Combination (or sell such shares to the Company
in a tender offer in connection with such a Business Combination). ]5 

 

11.
The undersigned hereby agrees to not propose, or vote in favor of, an amendment to Article __ of the Company’s Amended and
Restated Memorandum and Articles of Association prior to the consummation of a Business Combination unless the Company provides
public shareholders with the opportunity to convert their Ordinary Shares upon such approval in accordance with such Article __
thereof.

 

12.
[ 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.] 6 

 

13.
In connection with Section 5-1401 of the General Obligations Law of the State of New York, this letter 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 letter 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 its 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 letter agreement.

 

 

4
For insider letters of officers and directors only.

5
 For insider letters of officers and directors only. 

 6 For
Luke Weil letter only.

 

    	 	7	 

    	 	 	 

    

 

14.
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 the units that are being
sold privately by the Company simultaneously with the consummation of the IPO; (vi) “Trust Agreement” shall mean the
Investment Management Trust Agreement between the Company and Continental Stock Transfer & Trust Company being entered into
in connection with the IPO and governing the use of funds held in the Trust Account; (vii) “Trust Account” shall mean
the trust account into which a portion of the net proceeds of the IPO will be deposited; and (viii) “Registration Statement”
means the Company’s registration statement on Form S-1 (SEC File No. 333-228530) filed with the Securities and Exchange
Commission.

 

15.
This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

16.
Each of 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. Nothing contained herein shall be deemed to render the Underwriters
a representative of, or a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

[Signature
Page Follows]

 

    	 	8	 

    	 	 	 

    

 

	 	[_______]
	 	Print Name of Insider
	 	 	 
	 	                    
	 	Signature
	 	 	 
	 	Acknowledged and Agreed:
	 	 	 
	 	Andina Acquisition Corp. III
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	9INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of _________ ___, 20__ by and between Andina Acquisition Corp. III (the “Company”) and
Continental Stock Transfer & Trust Company (“Trustee”).

 

WHEREAS,
the Company’s registration statement on Form S-1, No. 333-228530 (“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,
Cowen and Company, LLC (the “Representative”) is acting as the representative of the several underwriters in
the IPO; and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Certificate of Incorporation,
$100,000,000 ($115,000,000 if the over-allotment option is exercised in full) of the proceeds from the IPO and a simultaneous
private placement of units will be delivered to the Trustee to be deposited and held in a segregated trust account located at
all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Company’s
ordinary shares, par value $0.0001 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 the Trust Account
established by the Trustee at J.P. Morgan Chase Bank, N.A. 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 written instruction of the Company, invest and reinvest the Property in United States
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”), having a maturity of 180 days or less, and/or in any open ended investment
company registered under the Investment Company Act that holds itself out as a money market fund selected by the Company
meeting the conditions of paragraph (d) of Rule 2a-7 promulgated under the Investment Company Act, which invest only in
direct U.S. government treasury obligations; it being understood that the Trust Account will earn no interest while account
funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits or other
consideration during such periods;

 

    	1

    	 

    

 

(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 the Representative 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;

 

(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, 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
the Representative, 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; and

 

(j)
Upon receipt of a letter (an “Amendment Notification Letter”) in the form of Exhibit C, signed on
behalf of the Company by an authorized officer, distribute to Public Shareholders who exercised their conversion rights in
connection with an amendment to Article ___ of the Company’s Amended and Restated Memorandum and Articles of
Association (an “Amendment”) 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. The
provisions of this Section 1(j) may not be modified, amended or deleted under any circumstances.

 

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 D, the Trustee shall distribute to the Company the amount of interest income earned on the Property requested
by the Company to cover any income or other tax obligation owed by the Company.

 

 (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 E, the
Trustee shall distribute to the Company the amount of interest income earned on the Property and requested by the Company to cover
expenses related to the Company’s working capital requirements; provided, however, that the aggregate amount of all such
distributions shall not exceed $100,000 and the Company will not be allowed to withdraw interest income earned on the Property
unless there are sufficient funds available to pay the Company’s tax obligations on such interest income or otherwise then
due at that time; and 

 

    	2

    	 

    

 

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

 

(c)
The Company shall provide the Representative with a copy of any Termination Letter, Amendment Notification Letter, 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 agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by any one of the Company’s authorized officers. In addition,
except with respect to its duties under Sections 1(i), 1(j), 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 Section 5 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 losses suffered by the Trustee in
connection with any claim, potential claim, action, suit, or other proceeding brought against the Trustee 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;

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee, and a transaction processing fee for each disbursement made pursuant
to Section s 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 unless the disbursement
are made to the Company pursuant to Section 1(i) solely in connection with the consummation of a Business Combination and
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;

 

    	3

    	 

    

 

(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; and

 

(f)
If the Company has an Amendment approved by its shareholders, provide the Trustee with an Amendment Notification Letter in
the form of Exhibit C providing instructions for the distribution of funds to Public Shareholders who exercise their
conversion rights 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 Sections 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;

 

(c) Change
the investment of any Property, other than in compliance with Section 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 business combination
consummated by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

    	4

    	 

    

 

(h) File
local, state, and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account or deliver
payee statements to 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; or

 

(k)
Verify calculations, qualify, or otherwise approve Company requests for distributions pursuant to Sections 1(i), 1(j),
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 (90)
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 Section
1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall
terminate except with respect to Section 3(b) and Section 5.

 

7. Miscellaneous.

 

(a) The
Company and the Trustee will each restrict access to confidential information relating to funds being transferred to or from the
Trust Account 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 supplied to it or funds transferred based on such
information.

 

    	5

    	 

    

 

(b) This
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
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. As to any claim, cross-claim, or counterclaim in any way relating
to this Agreement, each party waives the right to trial by jury.

 

(c) 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.

 

(d) This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Sections 1(i) and 1(j) (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 the Representative. The Trustee may require from Company
counsel an opinion as to the propriety of any proposed amendment.

 

(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,
by email or by facsimile transmission:

 

if
to the Trustee, to:

 

Continental
Stock Transfer & Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

Email:
fwolf@continentalstock.com

  cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Andina
Acquisition Corp. III

Calle
113 # 7-45 Torre B

Oficina
1012

Bogotá,
Colombia

Attn:

Email:

Fax
No.:

 

    	6

    	 

    

 

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

 

Cowen
and Company, LLC

[Address]

Attn:

Email:

Fax
No.:

 

and

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

Email:
dmiller@graubard.com

Fax
No.: (212) 818-8881

 

and

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Neuhauser, Esq.

Email:
sneuhauser@egsllp.com

Fax
No.:

 

(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.

 

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

 

[Signature
Page Follows]

 

    	7

    	 

    

 

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: 	 
	 	Title:
	 

 

	 	ANDINA ACQUISITION CORP. III
	 	 	 
	 	By:  	                   
	 	Name: 	 
	 	Title:
	 

 

    	8

    	 

    

 

SCHEDULE
A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	 	 	 	 	 	 	 
	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	 	$	10,000.00	 
	 	 	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$	250.00	 
	 	 	 	 	 	 	 
	Paying Agent services as required pursuant to section 1(i) and 1 (j)	 	Billed to Company upon delivery of service pursuant to section 1(i) and 1(j)	 	 	
Prevailing rates
 
	 

 

    	9

    	 

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust
Account No. [________] - Termination Letter

 

Mr.
Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Andina Acquisition Corp. III (“Company”)
and Continental Stock Transfer & Trust Company, dated as of ______ ___, 20__ (“Trust Agreement”), this
is to advise you that the Company has entered into an agreement with [__________________] to consummate a business combination
(“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 Trust Account at J.P. Morgan Chase Bank, N.A. 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 the Representative 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, your obligations under the Trust Agreement shall be terminated.

 

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 you 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.

 

    	10

    	 

    

 

	 	Very truly yours,
	 	 	 
	 	ANDINA ACQUISITION CORP. III
	 	 	 
	 	By:	 
	 	Name:     	                 
	 	Title:
    	 

 

	AGREED TO AND 	 
	ACKNOWLEDGED BY	 
	 	 	 
	COWEN AND COMPANY, LLC	 
	 	 	 
	By:	                           	 
	Name: 	 	 
	Title:	 	 

 

    	11

    	 

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust
Account No. [__________] - Termination Letter

 

Mr.
Wolf and Ms. Gonzalez:

 

Pursuant
to Section 1(i) of the Investment Management Trust Agreement between Andina Acquisition Corp. III (“Company”)
and Continental Stock Transfer & Trust Company, dated as of ________ ___, 20__ (“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 the Trust Account on [           ] and to transfer
the total proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Shareholders
will be entitled to receive their share of the liquidation proceeds. It is acknowledged that while the funds are on deposit in
the Trust Account awaiting distribution, the Company will not earn any interest or dividend. 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 Certificate of Incorporation 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. III
	 	 	 
	 	By:	 
	 	Name:     	                                  
	 	Title:
	 

 

cc:
Cowen and Company, LLC

 

    	12

    	 

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust
Account No. [________] – Amendment Notification Letter

 

Mr.
Wolf and Ms. Gonzalez:

 

Reference
is made to the Investment Management Trust Agreement between Andina Acquisition Corp. III (“Company”) and Continental
Stock Transfer & Trust Company, dated as of ________ ___, 20__ (“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 total proceeds of the Trust to the Trust Account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public 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. III
	 	 	 
	 	By:	                             
	 	Name:     	 
	 	Title:
	 

 

cc:
Cowen and Company, LLC

 

    	13

    	 

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental
Stock Transfer 

&
Trust Company

1
State Street, 30th floor

New
York, New York 10004

Attn:
Francis Wolf and Celeste Gonzalez

 

Re: Trust
Account No. [  ] Tax Payment Withdrawal Instructions 

 

Mr.
Wolf and Ms. Gonzalez

 

Pursuant
to Section 2(a) of the Investment Management Trust Agreement between Andina Acquisition Corp. III (“Company”)
and Continental Stock Transfer & Trust Company, dated as of _______ ___, 20__ (“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. III
	 	 	 
	 	By:	                       
	 	Name:     	 
	 	Title:
    	 

 

cc:
Cowen and Company, LLC

 

    	14

    	 

    

   

 EXHIBIT
E 

   

 [Letterhead
of Company] 

   

 [Insert
date] 

   

 Continental
Stock Transfer 

 &
Trust Company 

 1
State Street, 30th floor 

 New
York, New York 10004 

 Attn:
Francis Wolf and Celeste Gonzalez 

   

 Re: Trust Account
No. [  ] Working Capital Withdrawal Instructions  

   

 Mr.
Wolf and Ms. Gonzalez 

   

 Pursuant
to Section 2(b) of the Investment Management Trust Agreement between Andina Acquisition Corp. III (“Company”)
and Continental Stock Transfer & Trust Company, dated as of _______ ___, 20__ (“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, which does not exceed, in the aggregate with all such prior disbursements pursuant to Section 2(b), if any, the maximum
amount set forth in Section 2(b). The Company needs such funds to pay its working capital obligations. 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. III 
	   	   	   
	   	 By: 	                         
	   	 Name: 
     	
	   	 Title:
                                          
	

   

 cc:
Cowen and Company, LLC 

   

    	 	15

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