Document:

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of January 28, 2019 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 Trust Account requested
by the Company to cover any income or other tax obligation owed by the Company.

 

    	 	2	 

     

    

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except
as provided in Section 2(a) 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) and 2(a) 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 2(a) 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 is made
to the Company pursuant to Section 1(i) solely in connection with the consummation of a Business Combination. 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)
or 2(a) 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.

 

    	 	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.

 

(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:	/s/
    Francis E. Wolf, Jr.
	 	Name:	Francis
    E. Wolf, Jr.
	 	Title:	Vice
    President
	 	 	 
	 	ANDINA ACQUISITION CORP. III
	 	 	 
	 	By:	/s/
    Julio Torres
	 	Name:	Julio
    Torres
	 	Title:	Chief
    Executive Officer

 

    	 	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 January 28, 2019 (“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 January 28, 2019 (“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 January 28, 2019 (“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 January 28, 2019 (“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

 

    	 	14SHARE
ESCROW AGREEMENT

 

SHARE
ESCROW AGREEMENT, dated as of January 28, 2019 (“Agreement”), by and among ANDINA ACQUISITION CORP. III, a Cayman
Islands exempted company (“Company”), the shareholders of the Company listed on Exhibit A hereto (collectively the
“Holders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

WHEREAS,
the Company was formed for the purpose of completing a merger, share exchange, asset acquisition, share purchase, recapitalization,
reorganization or other similar business combination (a “Business Combination”) with one or more businesses or entities.

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated January 28, 2019 (“Underwriting Agreement”), with Cowen
and Company, LLC (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the
Company, plus an additional 1,500,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one ordinary share of the Company, par value $0.0001 per share (“Ordinary Share”), one Right to receive one-tenth
of an Ordinary Share and one Warrant, each to purchase one Ordinary Share, all as more fully described in the Company’s
final Prospectus, dated January 28, 2019 (“Prospectus”) comprising part of the Company’s Registration Statement
on Form S-1 (File No. 333-228530) under the Securities Act of 1933, as amended (“Registration Statement”).

 

WHEREAS,
the Holders have agreed as a condition of the sale of the Units to deposit their Ordinary Shares of the Company, as set forth
opposite their respective names in Exhibit A attached hereto, in escrow as hereinafter provided.

 

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

 

IT
IS AGREED:

 

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

 

2.
Deposit of Shares. On or before the date hereof, each of the Holders shall have delivered to the Escrow Agent certificates
(and applicable share powers if requested by the Escrow Agent) representing such Founder’s respective Ordinary Shares, to
be held and disbursed subject to the terms and conditions of this Agreement. Each Founder acknowledges that the certificate, if
any, representing such Founder’s shares is legended to reflect the deposit of such shares under this Agreement.

 

3.
Disbursement of the Escrow Shares.

 

3.1
If the over-allotment option to purchase all or a portion of the additional 1,500,000 Units of the Company is not exercised in
full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Holders agree that the Escrow
Agent shall return to the Company for cancellation, at no cost, a number of Ordinary Shares held by each such Founder determined
by multiplying (a) the number of Ordinary Shares set forth on Exhibit A attached hereto under the column titled “Forfeiture
Shares” by (b) a fraction, (i) the numerator of which is 1,500,000 minus the number of Ordinary Shares included in the Units
purchased by the Underwriters upon the exercise of the over-allotment option, and (ii) the denominator of which is 1,500,000.
The Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the over-allotment option and
the number of Units, if any, purchased by the Underwriters in connection with the exercise thereof

 

    	 	 	 

     

    

 

3.2
Except as otherwise set forth herein, the Escrow Agent shall hold the shares remaining after any cancellation required pursuant
to Section 3.1 above (such remaining shares to be referred to herein as the “Escrow Shares”) until (i) with respect
to 50% of the Escrow Shares, the earlier of (x) one year after the date of the consummation of an initial Business Combination
and (y) the date on which the last sale price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share
splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after the consummation of the Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, one year after
the date of the consummation of a Business Combination (such period of time during which the Escrow Shares are held in escrow,
the “Escrow Period”). The Company shall promptly provide notice of the consummation of an initial Business Combination
to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such amount of each Founder’s
Escrow Shares to such Founder; provided, however, that if, within the Escrow Period, the Company (or the surviving entity) subsequently
consummates a liquidation, merger, share exchange or other similar transaction which results in all of the shareholders of such
entity having the right to exchange their Ordinary Shares for cash, securities or other property, then the Escrow Agent will,
upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company,
in form reasonably acceptable to the Escrow Agent, certifying that such transaction is then being consummated or such conditions
have been achieved, as applicable, release the Escrow Shares to the Holders. The Escrow Agent shall have no further duties hereunder
after the disbursement of the Escrow Shares in accordance with this Section 3.2.

 

3.3
If the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated, then the Escrow
Agent shall deliver the certificates representing the Escrow Shares to the Holders promptly after the public shareholders are
paid the liquidating distributions and shall have no further duties hereunder.

 

4.
Rights of Holders in Escrow Shares.

 

4.1
Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except
as herein provided, the Holders shall retain all of their rights as shareholders of the Company as long as any shares are held
in escrow pursuant to this Agreement, including, without limitation, the right to vote such shares.

 

4.2
Dividends and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant
to this Agreement, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Holders, but all dividends
payable in shares or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold
in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash
Dividends distributed thereon, if any.

 

    	 	2 	 

     

    

 

4.3
Restrictions on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the
Holders and the Company’s officers, directors, employees, consultants or their affiliates, (ii) to a Founder’s shareholders,
partners or members upon the Founder’s liquidation, (iii) by bona fide gift to a member of the Founder’s immediate
family or to a trust, the beneficiary of which is the Founder or a member of the Founder’s immediate family for estate planning
purposes, (iv) by virtue of the laws of descent and distribution upon death of the Founder, (v) pursuant to a qualified domestic
relations order binding on the Founder, (vi) to the Company for no value for cancellation in connection with the consummation
of a Business Combination or (vii) by private sales of the Escrow Shares made at or prior to the consummation of a Business Combination
at prices no greater than the price at which the Escrow Shares were originally purchased; provided, however, that except for clause
(vi) or with the Company’s prior written consent, such permitted transfers may be implemented only upon the respective transferee’s
written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Founder transferring
the shares.

 

4.4
Insider Letters. Each of the Holders has executed a letter agreement with the Company and the Representative, dated as
of the date hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting
the rights and obligations of such Founder in certain events, including, but not limited to, the liquidation of the Company.

 

5.
Concerning the Escrow Agent.

 

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

 

5.2
Indemnification. Subject to Section 5.8 below, the Escrow Agent shall be indemnified and held harmless by the Company from
and against any expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection
with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates
to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses
or losses arising from the gross negligence, fraud or willful misconduct of the Escrow Agent. Promptly after the receipt by the
Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify
the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares
or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt
of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what
circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event
the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

    	 	3 	 

     

    

 

5.3
Compensation. Subject to Section 5.8 below, the Escrow Agent shall be entitled to reasonable compensation from the Company
for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable
expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’
and agents’ fees and disbursements and all taxes or other governmental charges.

 

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

 

5.5
Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its
giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation
shall become effective at such time that the Escrow Agent shall turn the Escrow Shares over to a successor escrow agent appointed
by the Company and approved by the Representative, which approval will not be unreasonably withheld, conditioned or delayed. If
no new escrow agent is so appointed within the 60-day period following the giving of such notice of resignation, the Escrow Agent
may deposit the Escrow Shares with any court it reasonably deems appropriate in the State of New York.

 

5.6
Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if
so requested in writing at any time by all of the other parties hereto; provided, however, that such resignation shall become
effective only upon the appointment of a successor escrow agent selected by the Company and approved by the Representative, which
approval will not be unreasonably withheld, conditioned or delayed.

 

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

 

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

 

6.
Miscellaneous.

 

6.1
Governing Law. 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. Each of the Holders with an address on Exhibit
A outside of the State of New York irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State
of New York to receive, for such Founder and on his, her or its behalf, service of process in any action, proceeding or claim
against him, her, or it arising out of or relating in any way to this Agreement.

 

    	 	4 	 

     

    

 

6.2
Third Party Beneficiaries. Each of the parties to this Agreement hereby acknowledges that the Representative is a third
party beneficiary of this Agreement.

 

6.3
Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter
hereof and, except as expressly provided herein, may only be changed, amended, or modified by a writing signed by each of the
parties hereto.

 

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

 

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

 

6.6
Notices. Any notice, 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 Company, to:

 

Andina
Acquisition Corp. III

Calle
113 # 7-45 Torre B

Oficina
1012

Bogotá,
Colombia

Attn:
Julio Torres

Fax
No.:

Email:
jtorres@andacq.com

 

If
to a Founder, to his/it address set forth in Exhibit A.

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

1
State Street

New
York, New York 10004

Attn:
Chairman

Fax
No.:

Email:

 

    	 	5 	 

     

    

 

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

 

Cowen
and Company LLC

599
Lexington Avenue

 

New
York, New York 10022

Attn:
General Counsel

Fax
No.:

Email:

 

with
a copy to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

Fax
No.: (212) 818-8881

Email:
dmiller@graubard.com

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Neuhauser

Fax
No.:

Email:
sneuhauser@egsllp.com

 

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

 

6.7
Liquidation of the Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution
of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the
Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

6.8
Counterparts. This Agreement may be executed in several counterparts, each one of which shall constitute an original and
may be delivered by facsimile transmission and together shall constitute one instrument.

 

[Signature
Page Follows]

 

    	 	6 	 

     

    

 

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

 

	 	ANDINA ACQUISITION CORP. III
	 	 	 
	 	By:
    	/s/
    Julio Torres
	 	Name:	Julio
    Torres
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	HOLDERS:
	 	 	 
	 	 	/s/
    B. Luke Weil
	 	 	B.
    Luke Weil
	 	 	 
	 	 	/s/
    Julio Torres
	 	 	Julio
    Torres
	 	 	 
	 	 	/s/
    Mauricio Orellana
	 	 	Mauricio
    Orellana
	 	 	 
	 	 	/s/
    Marjorie Hernandez
	 	 	Marjorie
    Hernandez
	 	 	 
	 	 	/s/
    David Schulhof
	 	 	David
    Schulhof
	 	 	 
	 	KIBBILE HOLDINGS LLC
	 	 	 
	 	By:	/s/
    Matthew Kibble
	 	 	Matthew
    Kibble
	 	 	 
	 	 	/s/
    Joann O’Shea
	 	 	Joann
    O’Shea

 

    	 	7 	 

     

    

 

	 	ANDINA EQUITY LLC
	 	 	 
	 	By:	/s/
    B. Luke Weil
	 	Name:	 B. Luke Weil
	 	Title:
    	Managing Member
	 	 	 
	 	LWEH3 LLC
	 	 	 
	 	By:	/s/
    B. Luke Weil
	 	Name:	B.
    Luke Weil
	 	Title:	Managing
    Member
	 	 	 
	 	 	/s/
    Ryan Chang
	 	 	Ryan
    Chang
	 	 	 
	 	 	/s/
    Whitney Carleen Cox
	 	 	Whitney
    Carleen Cox
	 	 	 
	 	MAZ PARTNERS LP
	 	 	 
	 	By:	/s/
    Walter Schenker
	 	 	Walter
    Schenker
	 	 	 
	 	 	/s/
    Salomao Lochpe
	 	 	Salomao
    Lochpe
	 	 	 
	 	 	/s/
    Roman Raju
	 

                                                         
	 	Roman
    Raju

 

    	 	8 	 

     

    

 

	 	EARLYBIRDCAPITAL, INC.
	 	 	 
	 	By:	/s/ David Nussbaum                 
	 	Name:	David Nussbaum
	 	Title:	Chairman
	 	 	 
	 	COWEN INVESTMENTS II LLC
	 	 	 
	 	By:	/s/ Owen Littman
	 	Name:	Owen Littman
	 	Title:	Authorized Signatory
	 	 	 
	 	CRAIG-HALLUM CAPITAL GROUP LLC
	 	 	 
	 	By:	/s/ Rick Hartfiel
	 	Name:	 Rick Hartfiel
	 	Title:	Managing Partner
	 	 	 
	 	CONTINENTAL STOCK TRANSFER
	 	& TRUST COMPANY
	 	 	 
	 	By:	/s/ Henry Farrell
	 	Name:	Henry Farrell
	 	Title:	Vice President

 

    	 	9

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