Document:

Exhibit 10.2

 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of ________, 2015, by and among
Garnero Group Acquisition Company, an exempted company incorporated under the laws of the Cayman Islands (the “Company”),
and the parties named on the Schedule of Investors attached hereto.

 

WHEREAS, the Company and
certain of the Holders (as defined below) are parties to that certain Registration Rights Agreement dated as of June 25, 2014 (the
“Prior Agreement”);

 

WHEREAS, certain of the
Holders are acquiring, on or about the date hereof, ordinary shares, par value $0.0001, of the Company (the “Ordinary
Shares”) pursuant to that certain Investment Agreement (the “Investment Agreement”), dated as of August
26, 2015, by and among the Company, Q1 Comercial de Roupas S.A., a Brazilian company, Alvaro Jabur Maluf Junior, Paulo Jabur Maluf
and the persons listed under the caption “Optionholder” on the signature pages thereto; and

 

WHEREAS, the parties to
the Prior Agreement desire to amend and restate the Prior Agreement to provide for the terms and conditions included herein and
to include the recipients of Ordinary Shares pursuant to the Investment Agreement.

 

NOW, THEREFORE, in consideration
of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

	 	1.	CERTAIN DEFINITIONS.

 

As used in this Agreement,
in addition to the terms defined elsewhere in this Agreement, the following terms shall have the following respective meanings:

 

“Affiliate”
of any Person means any other Person controlled by, controlling or under common control with such Person; provided that
the Company and its subsidiaries shall not be deemed to be Affiliates of any Holder of Registrable Securities. As used in this
definition, “control” (including, with its correlative meanings, “controlling,” “controlled by”
and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of securities, by contract or otherwise). With respect to any Person who is
an individual, “Affiliates” shall also include, without limitation, any member of such individual’s Family Group.

 

“Agreement”
has the meaning specified in the Preamble.

 

“Automatic Shelf
Registration Statement” means an automatic shelf registration statement (as defined in Rule 405 under the Securities
Act).

 

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“Business Combination
Registrable Securities” has the meaning specified in Section 3.2.

 

“Business Day”
means any day other than a day on which the SEC is closed.

 

“Company”
has the meaning specified in the Preamble.

 

“End of Suspension
Notice” has the meaning specified in Section 2.3(b).

 

“Family Group”
means, with respect to a Person who is an individual, (i) such individual’s spouse and descendants (whether natural
or adopted) (collectively, for purposes of this definition, “relatives”), (ii) such individual’s
executor or personal representative, (iii) any trust, the trustee of which is such individual or such individual’s executor
or personal representative and which at all times is and remains solely for the benefit of such individual and/or such individual’s
relatives, (iv) any corporation, limited partnership, limited liability company or other tax flow-through entity the governing
instruments of which provide that such individual or such individual’s executor or personal representative shall have the
exclusive, nontransferable power to direct the management and policies of such entity and of which the sole owners of stock, partnership
interests, membership interests or any other equity interests are limited to such individual, such individual’s relatives
and/or the trusts described in clause (iii) above, and (v) any retirement plan for such individual.

 

“GGAC Founder
Registrable Securities” mean the Registrable Securities received by the GGAC Founders in transactions prior to or concurrently
with the Company’s initial public offering (including the closing of the over-allotment option) or upon conversion of working
capital loans made to the Company.

 

“GGAC Founders”
mean Mario Garnero, Javier Martin Riva, John Tonelli, Amir Adnani, Nelson Narciso Filho and EarlyBirdCapital, Inc. or any designee
thereof.

 

“Holder”
means a holder of Registrable Securities.

 

“Indemnified Party”
has the meaning specified in Section 7.3.

 

“Indemnifying
Party” has the meaning specified in Section 7.3.

 

“Initial Shares”
means the Ordinary Shares of the Company issued prior to the consummation of the Company’s initial public offering.

 

“Investment Agreement”
has the meaning specified in the Recitals.

 

“Lock-Up Period”
has the meaning ascribed to such term in the Lock-Up Agreements, dated as of the date hereof, by and between the Company and certain
of the Holders.

 

“Ordinary Shares”
has the meaning specified in the Recitals.

 

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“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

 

“Piggyback Notice”
has the meaning specified in Section 3.1(a).

 

“Piggyback Registration”
has the meaning specified in Section 3.1(a).

 

“Prior Agreement”
has the meaning specified in the Recitals.

 

“Private Units”
means the 563,750 Units purchased in a private placement simultaneously with the consummation of the Company’s initial public
offering and 70,313 additional Units purchased in a private placement upon the exercise of the underwriters’ over-allotment
option.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 415 promulgated
under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments,
and all materials incorporated by reference or explicitly deemed to be incorporated by reference in such Prospectus.

 

“Public Offering”
means any sale or distribution by the Company and/or Holders of Registrable Securities to the public of Ordinary Shares pursuant
to an offering registered under the Securities Act.

 

“Q1 Registrable
Securities” mean the Registrable Securities received by the shareholders and optionholders of Q1 Comercial de Roupas
S.A. pursuant to the Investment Agreement.

 

“Registrable Securities”
means (i) (a) all of the Initial Shares, (b) all of the Private Units (and underlying Ordinary Shares and Warrants) and (c) all
of the Working Capital Units (and underlying Ordinary Shares and Warrants), (ii) all Ordinary Shares and Warrants underlying the
Unit Purchase Options, (iii) the Ordinary Shares to be issued pursuant to the Investment Agreement and (iv) all Ordinary Shares
issued to any Holder with respect to the securities referred to in clauses (i), (ii) and (iii) above by way of any share split,
share dividend, recapitalization, combination of shares, acquisition, consolidation, reorganization, share exchange, share reconstruction,
amalgamation, contractual control arrangement or similar event; provided, however, that as to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale
of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred,
disposed of or exchanged in accordance with such Registration Statement; (b) such securities shall have been otherwise transferred,
new certificates for such securities or uncertificated shares not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities
Act; (c) such securities shall have ceased to be outstanding; or (d) such securities have been sold to, or through, a broker, dealer
or underwriter in a public distribution or other public securities transaction; provided, that any Registrable Securities
held by any Holder that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144
(as confirmed by an opinion of the Company’s counsel) shall cease to be Registrable Securities if, at that time, such Holder
holds less than 5% of the outstanding Ordinary Shares.

 

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“Registration
Expenses” means all expenses incurred by the Company in complying with Sections  2 and 3 hereof,
including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company,
state “blue sky” fees and expenses, and accountants’ expenses but excluding any underwriting discounts and commissions
or other fees of any broker, dealer or underwriter incurred in connection with a sale of Registrable Securities and any taxes applicable
to any Holder with respect to any transfer or sale of Registrable Securities.

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all materials incorporated by reference in such registration
statement.

 

“Requisite Holders”
means, at any time, (i) the Holders of a majority of the Q1 Registrable Securities or (ii) the Holders of a majority of the GGAC
Founder Registrable Securities.

 

“Rule 144”,
“Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities
Act (or any successor provision) by the SEC, as the same shall be amended from time to time, or any successor rule then in force.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC thereunder.

 

“Securities Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the SEC
thereunder.

 

“Shelf Registrable
Securities” has the meaning specified in Section 2.1(b).

 

“Shelf Registration
Statement” has the meaning specified in Section 2.1.

 

“Shelf Takedown
Notice” has the meaning specified in Section 2.1(b).

 

“Shelf Takedown
Request” has the meaning specified in Section 2.1(b).

 

“Suspension Event”
has the meaning specified in Section 2.3(b).

 

“Suspension Notice”
has the meaning specified in Section 2.3(b).

 

“Suspension Period”
has the meaning specified in Section 2.3(a).

 

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“Underwritten
Takedown” shall mean an underwritten Public Offering of Registrable Securities pursuant to the Shelf Registration Statement
as amended or supplemented.

 

“Unit Purchase
Options” shall mean the unit purchase options issued to the underwriters (and their designees) in the Company’s
initial public offering.

 

“Units”
means the units of the Company, each comprised of one Ordinary Share, one right to receive one-tenth of one Ordinary Share and
one Warrant to purchase one-half of one Ordinary Share.

 

“Warrants”
means the warrants of the Company underlying the Units, each to purchase one half of one ordinary share.

 

“WKSI”
means a “well-known seasoned issuer” as defined under Rule 405.

 

“Working Capital
Units” means any Units held by Investors, officers or directors of the Company or their affiliates which may be issued
in payment of working capital loans made to the Company.

 

	 	2.	SHELF REGISTRATIONS.

 

	 	2.1	Shelf Registration Rights.

 

(a)       No later than thirty
(30) days following the Closing, the Company shall prepare and file with the SEC, a Registration Statement for an offering to be
made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by Holders
of all of the Registrable Securities held by the Holders (the “Shelf Registration Statement”), and shall use
its reasonable best efforts to ensure that there is an effective Shelf Registration Statement containing a prospectus that remains
current covering (and to qualify under required U.S. state securities laws, if any) the offer and sale of all Registrable Securities
held by the Holders on a continuous basis until all Registrable Securities have been sold. The Shelf Registration Statement shall
be on Form S-3 or Form F-3 (if the Company is eligible to use Form S-3 or Form F-3) or another appropriate form permitting registration
of such Registrable Securities for resale by such Holders. The Company shall cause the Shelf Registration Statement to be declared
effective under the Securities Act as soon as possible after filing, and once effective, to keep the Shelf Registration Statement
continuously effective under the Securities Act at all times.

 

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(b)       Following
the expiration of the Lock-Up Period, the Requisite Holders shall be entitled to an unlimited number of Underwritten
Takedowns, so long as the Registrable Securities to be offered thereby are at the time covered by an effective Shelf
Registration Statement; provided, that the estimated market value of the Registrable Securities to be sold in any
Underwritten Takedown is at least $10,000,000 in the aggregate. The requesting Holders shall make such election by delivering
to the Company a written request (a “Shelf Takedown Request”) for such offering specifying the number of
Registrable Securities available for sale pursuant to such Shelf Registration Statement (the “Shelf Registrable
Securities”) that the requesting Holders desire to sell pursuant to such Underwritten Takedown. As promptly as
practicable, but at least ten (10) Business Days after receiving such Shelf Takedown Request, the Company shall give written
notice (the “Shelf Takedown Notice”) of such Shelf Takedown Request to all other Holders of Shelf
Registrable Securities. The Company, subject to Sections 2.2 and  11.1 hereof, shall include in such
Underwritten Takedown the Shelf Registrable Securities of any Holder of Shelf Registrable Securities that shall have made a
written request to the Company for inclusion in such Underwritten Takedown (which request shall specify the maximum number of
Shelf Registrable Securities intended to be disposed of by such Holder) within seven Business Days after the receipt of the
Shelf Takedown Notice. The Company shall, as expeditiously as possible, but in any event within seventy-five (75) days
following delivery of the Shelf Takedown Notice if the requesting Holders have received a signed engagement letter from an
underwriter relating to such Underwritten Takedown, use its reasonable best efforts to file a prospectus supplement, or
post-effective amendment (if applicable), relating to such Underwritten Takedown, to the extent necessary to permit the
disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities to be so offered.
Each Holder agrees that such Holder shall treat as confidential the receipt of the Shelf Takedown Notice and shall not
disclose or use the information contained in such Shelf Takedown Notice without the prior written consent of the Company
until such time as the information contained therein is or becomes available to the public generally, other than as a result
of disclosure by the Holder in breach of the terms of this Agreement.

 

(c)       Promptly after the
expiration of the seven-Business Day-period referred to in Section 2.1(b), the Company will notify all Holders of Shelf
Registrable Securities participating in the Underwritten Takedown of the identities of the other participating Holders and the
number of shares of Registrable Securities requested to be included therein.

 

(d)       The Company shall,
at the request of the Requisite Holders, file any prospectus supplement or, if the applicable Shelf Registration Statement is an
Automatic Shelf Registration Statement, any post-effective amendments and otherwise take any action necessary to include therein
all disclosure and language deemed necessary or advisable by the Requisite Holders, to effect such Underwritten Takedown. Notwithstanding
anything herein to the contrary, the Company shall not be obligated to effect more than three (3) Underwritten Takedowns for which
the Company would be required to file a post-effective amendment to the Shelf Registration Statement (other than a post-effective
amendment to an Automatic Shelf Registration Statement) to include any such necessary disclosure and language.

 

2.2       Priority on Underwritten
Takedowns. If the managing underwriter in an Underwritten Takedown advises the Company and the requesting Holder that, in its
view, the number of shares of Registrable Securities requested to be included in such underwritten offering exceeds the largest
number of shares that can be sold without having an adverse effect on such offering, including the price at which such shares can
be sold (the “Maximum Offering Size”), the Company shall include in such underwritten offering, up to the Maximum
Offering Size, Registrable Securities requested to be included in such Underwritten Takedown by all participating Holders and allocated
pro rata among the Holders on the basis of the relative number of Registrable Securities held by each such Holder at such time
(it being understood that for the purposes of calculating the relative number of Registrable Securities held by any participating
Holder, in the event such Holder owns any security of the Company that may be converted, exercised or exchanged into Registrable
Securities, the relative number of Registrable Securities held by such Holder shall be determined as if such Holder exercised such
equity security on a cashless exercise basis)...

 

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2.3       Restrictions
on Shelf Offerings.

 

(a)       The Company may
suspend, for a period of up to sixty (60) days from the date of delivery of a Suspension Notice below (a “Suspension Period”),
the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities)
by providing written notice to the Holders of Registrable Securities if the Company’s board of directors determines in its
reasonable good faith judgment that the offer or sale of Registrable Securities would reasonably be expected to have a material
adverse effect on any proposal or plan by the Company to engage in any material acquisition of assets or stock (other than in the
ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization or other similar
transaction involving the Company; provided that in such event, the Holders of Registrable Securities shall be entitled
to withdraw such request for an Underwritten Takedown and the Company shall pay all Registration Expenses in connection with such
Underwritten Takedown. The Company may extend the Suspension Period of a Shelf Registration Statement for an additional consecutive
sixty (60) days with the consent of the Requisite Holders. Except as set forth in the preceding sentence, the Company may not suspend
usage of a Registration Statement in this manner more than a total of ninety (90) days in any twelve-month period.

 

(b)       In the case of an
event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in paragraph (a) above or
pursuant to Section 6.10 (a “Suspension Event”), the Company shall give a notice to the Holders
of Registrable Securities registered pursuant to such Shelf Registration Statement (a “Suspension Notice”) to
suspend sales of the Registrable Securities and such notice shall state generally the basis for the notice and that such suspension
shall continue only for so long as the Suspension Event or its effect is continuing. A Holder shall not effect any sales of the
Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension
Notice from the Company and prior to receipt of an End of Suspension Notice. Each Holder agrees that such Holder shall treat as
confidential the receipt of the Suspension Notice and shall not disclose or use the information contained in such Suspension Notice
without the prior written consent of the Company until such time as the information contained therein is or becomes available to
the public generally, other than as a result of disclosure by the Holder in breach of the terms of this Agreement. The Holders
may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following
further written notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension
Notice shall be given by the Company to the Holders and to the Holders’ counsel, if any, promptly following the conclusion
of any Suspension Event and its effect.

 

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(c)       Notwithstanding
any provision herein to the contrary, if the Company shall give a Suspension Notice with respect to any Shelf Registration Statement
pursuant to this Section 2.3, the Company agrees that it shall extend the period of time during which such Shelf Registration
Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt
by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and
provide copies of the supplemented or amended prospectus necessary to resume sales, with respect to each Suspension Event; provided
that such period of time shall not be extended beyond the date that there are no longer Registrable Securities covered by such
Shelf Registration Statement.

 

2.4       Selection of
Underwriters. In an Underwritten Takedown, the Requisite Holders who requested such Underwritten Takedown shall have the right
to select an underwriter or underwriters to administer the Underwritten Takedown, which underwriter or underwriters shall be reasonably
acceptable to the Company. In connection with an underwritten offering (including an Underwritten Takedown), the Company shall
enter into customary agreements (including an underwriting agreement in customary form) and take such other actions as are reasonably
required in order to expedite or facilitate the disposition of the Registrable Securities in such underwritten offering, including,
if necessary, the engagement of a “qualified independent underwriter” in connection with the qualification of the underwriting
arrangements with the Financial Industry Regulatory Authority, Inc.

 

2.5       Other Registration
Rights. Except as provided in this Agreement, the Company shall not grant to any persons the right to request the Company or
any subsidiary to register any capital stock of the Company or any subsidiary, or any securities convertible or exchangeable into
or exercisable for such securities, without the prior written consent of the Requisite Holders, provided that such consent shall
not be required with respect to an agreement with any holder or prospective holder of any securities of the Company related to
the filing of a resale shelf registration statement to register shares issued to such holder or prospective holder in an acquisition,
if and only if such resale shelf registration statement does not permit underwritten offerings.

 

	 	3.	PIGGYBACK RIGHTS.

 

	 	3.1	Right to Piggyback.

 

(a)       Other than in connection
with a registration on Form S-4 or S-8 promulgated by the SEC and any successor or similar forms, if at any time the Company proposes
to register any of its Ordinary Shares and the registration form to be used may be used for the registration of Registrable Securities
(a “Piggyback Registration”), then as soon as practicable but not less than fifteen (15) Business Days prior to the
filing of such Registration Statement, the Company shall give prompt written notice of its intention to effect such a registration
to the Holders (a “Piggyback Notice”), and subject to Sections 3.2 and 3.3, shall use its reasonable
best efforts to include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws
and in any related underwritten offering) such number of Registrable Securities with respect to which the Company has received
written requests for inclusion therein within twenty (20) Business Days. Prior to the commencement of any “road show,”
any Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any registration by giving
written notice to the Company of its request to withdraw and such withdrawal shall be irrevocable and, after making such withdrawal,
such Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal
was made.

 

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The Company shall have
the right to terminate or withdraw any registration or offering initiated by it under this Section 3.1 before the effective
date of such registration or the completion of such offering, whether or not any Holder has elected to include Registrable Securities
in such registration or offering. The expenses of such withdrawn registration or offering shall be borne by the Company in accordance
with Section 5.

 

All Holders of Registrable
Securities proposing to include their Registrable Securities in a Piggyback Registration initiated as an underwritten offering
shall enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such underwriting
by the Company.

 

3.2       Priority on Primary
Registrations. If a Piggyback Registration is an underwritten primary offering on behalf of the Company, and the managing underwriter
informs the Company that the number of shares held by the Holders requested to be included exceeds the amount which can be sold
in such offering without adversely affecting the distribution of the shares being offered, the Company shall include, (i) first,
all of the shares the Company has proposed to register; (ii) second, as many of the Registrable Securities, allocated pro rata
among the Holders thereof on the basis of the relative number of Registrable Securities held by each such Holder at such time,
as can be included without adversely affecting such distribution (it being understood that for the purposes of calculating the
relative number of securities held by any participating holder, in the event such holder owns any security of the Company that
may be converted, exercised or exchanged into Ordinary Shares, the relative number of Ordinary Shares held by such holder shall
be determined as if such holder exercised such equity security on a cashless exercise basis); (iii) third, as many of the Ordinary
Shares issued by the Company in the private placement taking place simultaneously with the closing of the Investment Agreement
(the “Business Combination Registrable Securities”), allocated pro rata among the holders thereof on the basis
of the relative number of Business Combination Registrable Securities held by each such holder at such time, as can be included
without adversely affecting such distribution (it being understood that for the purposes of calculating the relative number of
securities held by any participating holder, in the event such holder owns any security of the Company that may be converted, exercised
or exchanged into Ordinary Shares, the relative number of Ordinary Shares held by such holder shall be determined as if such holder
exercised such equity security on a cashless exercise basis); and (iv) fourth, any other Ordinary Shares proposed to be included
in such offering. Registrable Securities beneficially owned by any executive officer of the Company shall not be eligible to be
included in any primary offering of Ordinary Shares without the Company’s consent.

 

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3.3       Priority on Secondary
Registrations. If a Piggyback Registration is an underwritten secondary offering on behalf of holders of the Company’s
securities (for the avoidance of doubt, other than Holders hereunder or the holders of the Business Combination Registrable Securities),
and the managing underwriter informs the Company that the number of shares required to be included in such registration exceeds
the amount which can be sold in such offering without adversely affecting the distribution of the shares being offered, the Company
shall include, (i) first, the securities requested to be included therein by the holders initially requesting such registration
(for the avoidance of doubt, other than Holders hereunder) and the Registrable Securities requested to be included in such registration,
allocated pro rata among the holders thereof on the basis of the relative number of securities held by each such holder at such
time, as can be included without adversely affecting such distribution (it being understood that for the purposes of calculating
the relative number of securities held by any participating holder, in the event such holder owns any security of the Company that
may be converted, exercised or exchanged into Ordinary Shares, the relative number of Ordinary Shares held by such holder shall
be determined as if such holder exercised such equity security on a cashless exercise basis); (ii) second, the Business Combination
Registrable Securities requested to be included in such registration, allocated pro rata among the holders thereof on the basis
of the relative number of securities held by each such holder at such time, as can be included without adversely affecting such
distribution (it being understood that for the purposes of calculating the relative number of securities held by any participating
holder, in the event such holder owns any security of the Company that may be converted, exercised or exchanged into Ordinary Shares,
the relative number of Ordinary Shares held by such holder shall be determined as if such holder exercised such equity security
on a cashless exercise basis); and (iii) third, any other Ordinary Shares proposed to be included in such offering.

 

	 	4.	HOLDBACK AGREEMENT.

 

4.1       Holders of Registrable
Securities. In connection with any underwritten Public Offering of Registrable Securities, each Holder of Registrable Securities
agrees to enter into any holdback, lockup or similar agreement requested by the underwriters managing such Public Offering in such
form as agreed to by the Holders of a majority of Registrable Securities participating in such Public Offering; provided,
however, that each of the Company’s directors and officers shall have entered into such holdback, lockup or similar
agreement.

 

4.2       The Company.
In connection with any underwritten Public Offering of Registrable Securities, the Company (i) shall not effect any public sale
or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for such securities,
during the period commencing on the earlier of the date on which the Company gives notice to the Holders of Registrable Securities
that a preliminary prospectus has been circulated for such Public Offering or the “pricing” of such offering and continuing
to the date that is 90 days following the date of the final prospectus for such Public Offering (the “Holdback
Period”), unless the underwriters managing the Public Offering otherwise agree in writing and (ii) shall use its reasonable
best efforts to cause (A) each holder of at least five percent (5%) (on a fully-diluted basis) of its Ordinary Shares, or any securities
convertible into or exchangeable or exercisable for Ordinary Shares, purchased from the Company at any time after the date of this
Agreement (other than in a Public Offering) and (B) each of its directors and executive officers to agree to not effect any public
sale or distribution of the Company’s equity securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the Holdback Period, except as part of such underwritten registration, if otherwise permitted, unless
the underwriters managing the Public Offering otherwise agree in writing.

 

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	 	5.	Expenses of Registration.

 

5.1       All Registration
Expenses incurred in connection with the performance of the Company’s obligations under Sections 2 and 3
shall be borne by the Company.

 

5.2       In connection with
each Piggyback Registration and each Underwritten Takedown, the Company shall reimburse the Holders of Registrable Securities included
in such registration for the reasonable fees and disbursements of one counsel chosen by the Holders of a majority of the Registrable
Securities included in such registration or participating in such Underwritten Takedown and disbursements of each additional counsel
retained by any Holder of Registrable Securities for the purpose of rendering a legal opinion on behalf of such Holder in connection
with Piggyback Registration or Underwritten Takedown.

 

	 	6.	Registration Procedures.

 

The Company shall keep
each Holder advised in writing as to the initiation of the registrations described in Sections     and
3 and as to the completion thereof. Whenever the Holders of Registrable Securities have requested that any Registrable Securities
be registered pursuant to this Agreement or have initiated an Underwritten Takedown, the Company shall use its reasonable best
efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition
thereof held by a Holder of Registrable Securities requesting registration, and pursuant thereto the Company shall at its expense:

 

6.1       upon written request,
before filing any Registration Statement or Prospectus or any amendments or supplements thereto with the SEC, furnish to the Holders
copies of all such documents proposed to be filed and use reasonable efforts to reflect in each such document when so filed with
the SEC such comments as the Holders reasonably shall propose within one Business Day of the delivery of such copies to the Holders;

 

6.2       subject to Section
2.3 and Section 6.10, prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration
Statement as may be necessary to keep such Shelf Registration Statement continuously effective for the Effectiveness Period; cause
the related Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) under the Securities Act; and use reasonable efforts to comply with the provisions
of the Securities Act applicable to it;

 

6.3       prior to any Public
Offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as
the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be
registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process
or taxation in any such jurisdiction where it is not then otherwise so subject;

 

    	11

    	 

    

 

6.4       cause all such Registrable
Securities registered pursuant hereto to be listed on the NASDAQ Stock Market;

 

6.5       provide a transfer
agent and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

 

6.6       as promptly as reasonably
practicable, but within three (3) Business Days in any event, give notice to the Holders (1) when any Prospectus, Prospectus
supplement, Registration Statement or post-effective amendment to a Registration Statement has been filed with the SEC and, with
respect to a Registration Statement or any post-effective amendment, when the same has been declared effective (provided,
however, that the Company shall not be required by this clause (1) to notify the Holders of the filing of a Prospectus
supplement that does nothing more substantive than name one or more Holders as selling security holders), and (2) of any request,
following the effectiveness of a Registration Statement under the Securities Act, by the SEC or any other federal or state governmental
authority for amendments or supplements to such Registration Statement or related Prospectus or for additional information;

 

6.7       in the case of a
Shelf Registration Statement, notify the Holders in writing of the effectiveness of the Shelf Registration Statement and furnish
to the Holders, without charge, such number of copies of the Shelf Registration Statement (including any amendments, supplements
and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements)
and such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in
the manner described in the Shelf Registration Statement;

 

6.8       in the case of a
Shelf Registration Statement, subject to the provisions of Section 2.3 above and Section 6.10 below, the Company
shall promptly prepare and file with the SEC from time to time such amendments and supplements to the Shelf Registration Statement
and Prospectus used in connection therewith as may be necessary to keep the Shelf Registration Statement effective and to comply
with the provisions of the Securities Act with respect to the disposition of all the Registrable Securities during the Effectiveness
Period;

 

6.9       give notice to the
Holders within one (1) Business Day following notice to the Company (1) of the issuance by the SEC or any other federal or
state governmental authority of any stop order or injunction suspending or enjoining the use of any Prospectus or the effectiveness
of a Registration Statement or the initiation or threatening of any proceedings for that purpose, (2) of the receipt by the
Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (3) of the happening
of any event that makes any statement made in a Registration Statement or the related Prospectus untrue in any material respect
or that requires changes in order to make the statements therein not misleading;

 

    	12

    	 

    

 

6.10     Subject to Section
2.3, at the request of any Holder of Registrable Securities included in such Registration Statement, prepare and file a post-effective
amendment to such Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference,
or file any other required document that would be incorporated by reference into such Registration Statement and Prospectus, so
that such Registration Statement does not contain any untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading, and that such Prospectus does not contain any
untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, and, in the case of a post-effective amendment
to a Registration Statement, subject to Section 2.3, use commercially reasonable efforts to cause it to be declared effective
as promptly as is reasonably practicable, and give to the Holders listed as selling security holders in such Prospectus a Suspension
Notice, and, upon receipt of any Suspension Notice, each such Holder agrees not to sell any Registrable Securities pursuant to
the Registration Statement until such Holder’s receipt of copies of the supplemented or amended Prospectus or until it receives
an End of Suspension Notice, and has received copies of any additional or supplemental filings that are incorporated or deemed
incorporated by reference in such Prospectus. The Company shall use its reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of the Registration Statement as promptly as possible (and promptly notify in writing each Holder
covered by such Registration Statement of the withdrawal of any such order), except to the extent provided in Section 2.3.

 

6.11     in the event of
any underwritten public offering of Registrable Securities, enter into and perform its obligations under an underwriting agreement,
in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting
shall also enter into and perform its obligations under such an underwriting agreement. The Company shall, if requested by the
managing underwriter or underwriters or any Holder of Registrable Securities included in such offering, promptly incorporate in
a prospectus supplement or post-effective amendment such information as such managing underwriter or underwriters or any Holder
of Registrable Securities reasonably requests to be included therein, and which is reasonably related to the offering of such Registrable
Securities, including, without limitation, with respect to the Registrable Securities being sold by such Holder to such underwriter
or underwriters, the purchase price being paid therefor by such underwriter or underwriters and any other terms of an underwritten
offering of the Registrable Securities to be sold in such offering, and the Company shall promptly make all required filings of
such prospectus supplement or post-effective amendment;

 

6.12     furnish to each
Holder a signed counterpart, addressed to such Holder, of (1) any opinion of counsel to the Company delivered to any underwriter
dated the effective date of the Registration Statement or, in the event of an underwritten offering, the date of the closing under
the applicable underwriting agreement, in customary form, scope, and substance, at a minimum to the effect that the Registration
Statement has been declared effective and that no stop order is in effect, which counsel and opinions shall be reasonably satisfactory
to a majority of the Holders and their counsel and (2) any comfort letter from the Company’s independent public accountants
delivered to any underwriter in customary form and covering such matters of the type customarily covered by comfort letters as
the managing underwriter or underwriters reasonably request. In the event no legal opinion is delivered to any underwriter, the
Company shall furnish to each Holder of Registrable Securities included in such Registration Statement, at any time that such Holder
elects to use a Prospectus, an opinion of counsel to the Company to the effect that the Registration Statement containing such
Prospectus has been declared effective and that no stop order is in effect;

 

    	13

    	 

    

 

6.13     fully cooperate,
and cause each of its principal executive officer, principal financial officer, principal accounting officer, and all other officers
and members of the management to fully cooperate in any offering of Registrable Securities
hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect to such
offering and all other offering materials and related documents, and participation in meetings with underwriters, attorneys, accountants
and potential stockholders;

 

6.14     make available
for inspection by the Holders of Registrable Securities included in such Registration Statement (subject to receipt of a reasonable
confidentiality undertaking), any underwriter participating in any disposition pursuant to such Registration Statement and any
attorney, accountant or other professional retained by any Holder of Registrable Securities included in such Registration Statement
or any underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause all
of the Company’s officers, directors, and employees and the independent public accountants who have certified its financial
statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested
by any such Holder, underwriter, attorney, accountant or agent in connection with such Registration Statement as shall be necessary
to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, and employees
to supply all information reasonably requested by any of them in connection with such Registration Statement;

 

6.15     cooperate with
each Holder of Registrable Securities and each underwriter or agent, if any, participating in the disposition of such Registrable
Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory
Authority, Inc., and use its reasonable best efforts to make or cause to be made any filings required to be made by an issuer with
the Financial Industry Regulatory Authority, Inc. in connection with the filing of any Registration Statement;

 

6.16     in the event of
any underwritten Public Offering of Registrable Securities, cause senior executive officers of the Company to participate in customary
“road show” presentations that may be reasonably requested by the managing underwriter in any such underwritten offering
and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling
efforts related thereto;

 

6.17     if the Company
files an Automatic Shelf Registration Statement covering any Registrable Securities, use its reasonable best efforts to remain
a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such
Automatic Shelf Registration Statement is required to remain effective;

 

    	14

    	 

    

 

6.18     if the Company
does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed,
pay such fee at such time or times as the Registrable Securities are to be sold;

 

6.19     during the Effectiveness
Period, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI,
use its reasonable best efforts to refile the Shelf Registration Statement on Form S-3 or Form F-3 and, if such form is not available,
Form S-1 or Form F-1, and keep such registration statement effective during the Effectiveness Period; and

 

6.20     otherwise, in good
faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such registration.

 

	 	7.	INDEMNIFICATION.

 

7.1       The Company agrees
to indemnify and hold harmless each Holder, the partners, members, officers, directors, stockholders, legal counsel and accountants
of each Holder and any other person, if any, who controls each Holder within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act against any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or
any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
in order to make the statements therein not misleading or arising out of any untrue statement or alleged untrue statement of a
material fact included in any preliminary prospectus or the Prospectus (or any amendment or supplement thereto), or the omission
or alleged omission therefrom of a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; provided, however, that this Section
7 shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information about any Holder furnished
to the Company by or on behalf of such Holder expressly for use in the Registration Statement (or any amendment thereto), or any
preliminary prospectus or the Prospectus (or any amendment or supplement thereto).

 

7.2       Each Holder agrees
to indemnify and hold harmless the Company, and each person, if any, who controls the Company within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act severally and not jointly against any and all loss, liability, claim,
damage and expense described in the indemnity contained in Section 7.1, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto) or any preliminary
prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information
about such Holder furnished to the Company by or on behalf of such Holder expressly for use in the Registration Statement (or any
amendment thereto) or the Prospectus (or any amendment or supplement thereto).

 

    	15

    	 

    

 

7.3       Each party entitled
to indemnification under this Section 7 (the “Indemnified Party”) shall give notice to the party required
to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge
of any claim as to which indemnity may be sought and shall permit the Indemnifying Party to assume the defense of any such claim
or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such
claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not be withheld unreasonably)
and shall not without the consent of the Indemnified Party, be counsel to the Indemnifying Party. In any such proceeding, any Indemnified
Party shall have the right to retain its own counsel to participate in the defense of such proceeding, but the fees and expenses
of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall
have mutually agreed to the contrary; (ii) the Indemnifying Party has failed within a reasonable time to retain counsel reasonably
satisfactory to the Indemnified Party; (iii) the Indemnified Party shall have reasonably concluded that there may be legal defenses
available to it that are different from or in addition to those available to the Indemnifying Party; or (iv) the named parties
in any such proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood
and agreed that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees and expenses of more than one separate firm (in addition to any local counsel which shall be
limited to one firm in any jurisdiction) for all Indemnified Parties, and that all such reasonable fees and expenses shall be paid
or reimbursed as they are incurred upon receipt from the Indemnified Party of a written request for payment thereof accompanied
by a written statement with reasonable supporting detail of such fees and expenses. The failure of any Indemnified Party to give
notice as provided herein shall relieve the Indemnifying Party of its obligations under this Section 7 only if such failure
is materially prejudicial to the ability of the Indemnifying Party to defend such action, and such failure shall in no event relieve
the Indemnifying Party of any liability that he or it may have to any Indemnified Party otherwise than under this Section 7.
No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement unless such settlement (x) includes as an unconditional term thereof
the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability with respect to such claim or
litigation, and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf
of any Indemnified Party.

 

7.4       If the indemnification
provided under this Section 7 hereof from the Indemnifying Party is unavailable or insufficient to hold harmless an Indemnified
Party in respect of any loss, liability, claim, damage and expense referred to herein, then the Indemnifying Party, in lieu of
indemnifying the Indemnified Party, shall contribute to the amount paid or payable by the Indemnified Party as a result of such
loss, liability, claim, damage and expense in such proportion as is appropriate to reflect the relative fault of the Indemnifying
Party and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Indemnifying
Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by,
or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s and Indemnified
Party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this Section 7.4 shall be limited to the amount of the net proceeds
received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the
losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 7.1,
7.2 and 7.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 7.4 were determined by pro rata allocation or by any other method of allocation, which does not take account of
the equitable considerations referred to in this Section 7.4. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 7.4 from any
person who was not guilty of such fraudulent misrepresentation.

 

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7.5       The indemnification
obligations set forth in this Section 7 shall survive the termination of this Agreement.

 

	 	8.	Information by Holders and Other Shareholders.

 

Each Holder shall furnish
to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably
request in writing and as shall be required in connection with any Registration Statement.

 

	 	9.	Rule 144 Reporting.

 

With a view to making available
the benefits of certain rules and regulations of the SEC that may permit the sale of the Ordinary Shares to the public without
registration, the Company shall for so long as Registrable Securities are outstanding:

 

(a)       make and keep public
information available as those terms are understood and defined in Rule 144;

 

(b)       file with the SEC
in a timely manner all reports and other documents required of the Company under the Securities Act and the Securities Exchange
Act; and

 

(c)       so long as any Holder
owns any securities constituting or representing Registrable Securities, furnish to such Holder upon request a written statement
by the Company as to its compliance with the reporting requirements of Rule 144, and of the Securities Act and the Securities Exchange
Act.

 

	 	10.	Removal of Legends.

 

If requested by a Holder,
the Company shall cooperate with such Holder and the Company’s transfer agent to facilitate the timely preparation and delivery
of certificates (or execution of a book entry transfer) representing Registrable Securities to be delivered to a transferee pursuant
to the Registration Statement, which certificates or transfer shall be free, to the extent permitted by applicable law and permissible
under the terms of the Investment Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such Holders may reasonably request.

 

    	17

    	 

    

 

	 	11.	Underwritten Offerings.

 

11.1     Underwriting
Arrangements. No Holder of Registrable Securities may participate in any offering hereunder which is underwritten unless such
Holder (i) agrees to sell such Holder’s securities on the basis provided in any underwriting arrangements approved by the
person or persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to any over-allotment
or “green shoe” option requested by the underwriters; provided that no Holder of Registrable Securities shall
be required to sell more than the number of Registrable Securities such Holder has requested to include) and (ii) completes and
executes all questionnaires, powers of attorney, custody agreements, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements. Each Holder of Registrable Securities shall execute and deliver such other agreements
as may be reasonably requested by the Company and the lead managing underwriter(s) that are consistent with such Holder’s
obligations under Section 4 and this Section 11.1 or that are necessary to give further effect thereto.

 

11.2     Price and Underwriting
Discounts. In the case of an Underwritten Takedown requested by Holders pursuant to this Agreement, the price, underwriting
discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be determined by
the Requisite Holders who requested such underwritten offering.

 

	 	12.	MISCELLANEOUS.

 

12.1     Notices.
All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery, by electronic
facsimile transfer or by courier guaranteeing overnight delivery, and shall be deemed given (i) when made, if made by hand
delivery, (ii) upon confirmation, if made by electronic facsimile transfer, (iii) one (1) Business Day after being deposited
with such courier, if made by overnight courier, to the parties as follows:

 

(a)       if to a Holder,
at the address for such Holder then appearing in the books of the Company;

 

(b)       If to the
Company, to:

 

Garnero Group Acquisition
Company

Av.
Brig. Faria Lima

1485-19
Andar

Brasilinvest
Plaza, CEP 01452-002

São
Paulo, Brasil

Facsimile:
(55) 1138167471

Attention:
Chief Executive Officer

 

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12.2     Governing Law.
This Agreement shall be governed and construed under the laws of the State of New York, without regard to conflicts of laws and
principles thereof. All disputes arising under this Agreement shall be handled in accordance with Section 10.12 of the Investment
Agreement.

 

12.3     Successors and
Assigns. Subject to any Lock-Up Period to which a Holder may be subject, the rights of a Holder hereunder may be assigned and
transferred to any transferee acquiring Registrable Securities from such Holder constituting at least 100,000 Registrable Securities
(as adjusted for any share dividend, share split, combination or other similar recapitalization); provided, however,
that no transferee may be assigned and transferred any of the foregoing rights unless the Company is given a written notice by
the assigning and transferring party (not later than the time of such assignment and transfer) stating the name and address of
the transferee and identifying the securities of the Company as to which the rights in question are being assigned and transferred.
Such transferee shall succeed to all of the rights and obligations of a “Holder of Registrable Securities” under this
Agreement by obtaining an executed Addendum Agreement to this Agreement from such Person in the form of Exhibit A attached
hereto (an “Addendum Agreement”). Upon the execution and delivery of an Addendum Agreement by such Person, the
Ordinary Shares acquired by such Person shall constitute Registrable Securities and such Person shall be a Holder of Registrable
Securities under this Agreement with respect to the acquired Ordinary Shares, and the Company shall add such Person’s name
and address to the Schedule of Investors hereto and circulate such information to the parties to this Agreement.

 

12.4     Additional Parties.
Subject to the prior written consent of the Company, any Person who acquires Ordinary Shares or rights to acquire Ordinary Shares
from an existing Holder after the date hereof shall become a party to this Agreement and succeed to all of the rights and
obligations of a “Holder of Registrable Securities” under this Agreement by executing an Addendum Agreement. Upon the
execution and delivery of an Addendum Agreement by such Person, the Ordinary Shares acquired by such Person shall constitute Registrable
Securities and such Person shall be a Holder of Registrable Securities under this Agreement with respect to the acquired Ordinary
Shares, and the Company shall add such Person’s name and address to the Schedule of Investors hereto and circulate
such information to the parties to this Agreement.

 

12.5     Captions.
The captions of the several sections and paragraphs of this Agreement are included for reference only and shall not limit or otherwise
affect the meaning thereof.

 

12.6     Amendments
and Waivers. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only
with the prior written consent of the Company and Holders of a majority of the Registrable Securities; provided that no
such amendment, modification or waiver that would materially and adversely affect a Holder or group of Holders of Registrable
Securities in a manner materially different than any other Holder or group of Holders of Registrable Securities (other than amendments
and modifications required to implement the provisions of Section 12.4), shall be effective against such Holder or group
of Holders of Registrable Securities without the consent of the Holders of a majority of the Registrable Securities that are held
by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of
the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of
such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent
to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement
shall not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same
or any other obligations of that Person under this Agreement.

 

    	19

    	 

    

 

12.7     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which taken together
shall constitute but one and the same instrument.

 

12.8     Remedies.
The parties to this Agreement shall be entitled to enforce their rights under this Agreement specifically (without posting a bond
or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other
rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable
harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies
existing hereunder, any party shall be entitled to specific performance and/or other injunctive relief from any court of law or
equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions
of this Agreement.

 

12.9     Severability.
If any term, provision, covenant or restriction of this Agreement is held to be invalid, illegal, void or unenforceable, the remainder
of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way
be affected, impaired or invalidated thereby, and the parties hereto shall use their reasonable best efforts to find and employ
an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant
or restriction, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest
extent permitted by law.

 

12.10   No Recourse.
Notwithstanding anything to the contrary in this Agreement, the Company and each Holder of Registrable Securities agrees and acknowledges
that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, shall be had
against any current or future director, officer, employee, general or limited partner or member of any Holder of Registrable Securities
or of any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding,
or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder
of Registrable Securities or any current or future member of any Holder of Registrable Securities or any current or future director,
officer, employee, partner or member of any Holder of Registrable Securities or of any Affiliate or assignee thereof, as such for
any obligation of any Holder of Registrable Securities under this Agreement or any documents or instruments delivered in connection
with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

 

    	20

    	 

    

 

12.11   Entire Agreement.
This Agreement is intended by the parties hereto as a final expression of their agreement and is intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein
and the registration rights granted by the Company with respect to the Registrable Securities.

 

12.12   Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has
any right to require the Company to register any securities of the Company for sale or to include such securities of the Company
in any registration filed by the Company for the sale of securities for its own account or for the account of any other person.
This Agreement supersedes any other registration rights agreement or similar agreement with any Holder, including, without limitation,
the Prior Agreement, and the Prior Agreement is hereby terminated. After the date of this Agreement, subject to Section 2.5,
the Company shall not enter into any agreement with any Holder or prospective Holder of any securities of the Company that would
grant such Holder registration rights on a parity with or senior to those granted to the Holders hereunder without the prior written
consent of the Holders at the time in question.

 

12.13   Further Assurances.
At any time or from time to time after the date hereof, the parties hereto agree to cooperate with each other, and at the request
of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other
party may reasonably request in order to evidence or effect the consummation of the transactions contemplated hereby and to otherwise
carry out the intent of the parties hereunder.

 

12.14   No Inconsistent
Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent with
or violates the rights granted to the Holders of Registrable Securities in this Agreement.

 

[SIGNATURES APPEAR ON SUCCEEDING
PAGES]

 

    	21

    	 

    

 

IN WITNESS WHEREOF, the
parties have executed this Amended and Restated Registration Rights Agreement on the date first written above.

 

	 	COMPANY:
	 	 
	 	GARNERO GROUP ACQUISITION COMPANY 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title: 	Chief Executive Officer
	 	 	 
	 	HOLDERS:
	 	 
	 	 
	 	Name: Mario Garnero
	 	 
	 	 
	 	Name: Javier Martin Riva
	 	 
	 	 
	 	Name: John Tonelli
	 	 
	 	 
	 	Name: Amir Adnani
	 	 
	 	 
	 	Name: Nelson Narciso Filho
	 	 
	 	EARLYBIRDCAPITAL, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 
	 	Name: Alvaro Jabur Maluf, Junior

 

[SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

	 	 
	 	Name: Paulo Jabur Maluf
	 	 
	 	 
	 	Name: Thiago Chaves Ribeiro
	 	 
	 	 
	 	Name: Denis Nieto Piovezan
	 	 
	 	 
	 	Name: Marina Balaban Spiero

 

[SIGNATURE PAGE TO AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

Schedule of Investors

 

	Name	 	Address
	Mario Garnero	 	
	Javier Martin Riva	 	 
	John Tonelli	 	 
	Amir Adnani	 	 
	Nelson Narciso Filho	 	 
	EarlyBirdCapital, Inc.	 	 
	Alvaro Jabur Maluf, Junior	 	 
	Paulo Jabur Maluf	 	 
	Thiago Chaves Ribeiro	 	 
	Denis Nieto Piovezan	 	 
	Marina Balaban Spiero	 	 

 

    	 

    	 

    

 

Exhibit A

  

Addendum Agreement

 

This Addendum Agreement
(“Addendum Agreement”) is executed on _______, 20__, by the undersigned (the “New Holder”)
pursuant to the terms of that certain Amended and Restated Registration Rights Agreement dated as of ________, 2015 (the “Agreement”),
by and among the Company and the Holders identified therein, as such Agreement may be amended, supplemented or otherwise modified
from time to time. Capitalized terms used but not defined in this Addendum Agreement shall have the respective meanings ascribed
to such terms in the Agreement. By the execution of this Addendum Agreement, the New Holder agrees as follows:

 

		1.1	Acknowledgment. New Holder acknowledges that New Holder is acquiring certain Ordinary Shares
of the Company (the “Stock”) [or other equity securities of the Company that are convertible, exercisable or
exchangeable for Ordinary Shares of the Company (the “Convertible Securities”)] as a transferee of such Stock
[or Convertible Securities] from a party in such party’s capacity as a “Holder” under the Agreement, and after
such transfer, New Holder shall be considered a “Holder” for all purposes under the Agreement.

 

		1.2	Agreement. New Holder hereby (a) agrees that the Stock [or Convertible Securities] shall
be bound by and subject to the terms of the Agreement and (b) adopts the Agreement with the same force and effect as if the New
Holder were originally a party thereto.

 

		1.3	Notice. Any notice required or permitted by the Agreement shall be given to New Holder at
the address or facsimile number listed below New Holder’s signature below.

 

	NEW HOLDER:	 	 	ACCEPTED AND AGREED:
	 	 	 	 
	Print Name:	 	 	 	GARNERO GROUP ACQUISITION COMPANY
	 	 	 	 	 	 

	By: 	 	 	 	By: 	 
	Name:	 	 	 	Name: 	 
	Title: 	 	 	 	Title: 	 

 

	Address:	 	 
	 	 

 

	Facsimile Number:Exhibit 10.3

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (this “Agreement”), dated __________, 20__, is entered into by and among GARNERO GROUP ACQUISITION
COMPANY, a Cayman Islands company (“GGAC”), __________ and __________, acting as the Committee (as such term
is defined in the Investment Agreement (as defined below)), ALVARO JABUR MALUF JUNIOR, acting as the representative (the “Representative”)
of the Controlling Persons and the Optionholders (as such terms are defined in that Investment Agreement), and CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, as escrow agent (the “Escrow Agent”). Capitalized terms used herein that are
not otherwise defined herein shall have the meanings ascribed to them in the Investment Agreement.

 

WHEREAS,
GGAC, Q1 Comercial de Roupas S.A. (the “Company”), the Controlling Persons and the Optionholders (collectively,
the “Owners” and together with their permitted transferees, the “Owner Parties”) have entered
into that certain Investment Agreement, dated as of August 26, 2015 (the “Investment Agreement”), pursuant
to which the Owners have contributed to GGAC all of the outstanding ordinary shares of the Company in exchange for certain ordinary
shares, par value $0.0001 per share, of GGAC (“GGAC Ordinary Shares”).

 

WHEREAS,
pursuant to the Investment Agreement, GGAC is to be indemnified in certain respects by the Owners.

 

WHEREAS,
pursuant to the Investment Agreement, a portion of the GGAC Ordinary Shares issued to the Owners are required to be surrendered
to GGAC for cancellation in the event that the Company does not attain certain financial performance targets.

 

WHEREAS,
the parties desire to establish an escrow fund as collateral security for the foregoing obligations, subject to the terms and
conditions set forth herein.

 

The
parties agree as follows:

 

1.          (a)          Concurrently
with the execution hereof, an aggregate of six hundred thousand (600,000) GGAC Ordinary Shares issued to the Owners at the Closing
pursuant to the Investment Agreement, registered in the name of and allocated among the Owners in the amounts set forth on Schedule
A attached hereto, together with two (2) instruments of assignment executed in blank by each such Owner, shall be delivered
to the Escrow Agent to be held in escrow pursuant to the terms of this Agreement. The GGAC Ordinary Shares so delivered by the
Owners to the Escrow Agent are herein referred to in the aggregate as the “Escrow Fund.” The Escrow Agent shall
maintain a separate account for each Owner’s, and, subsequent to any transfer permitted pursuant to Section 1(d) hereof,
each Owner Party’s, portion of the Escrow Fund.

 

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

 

    	-1-

    	 

    

 

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

 

(c)          During
the Escrow Period, all dividends payable in cash, shares (except as provided in the following sentence) or other non-cash property
with respect to the GGAC Ordinary Shares included in the Escrow Fund shall be paid to the Owners. Notwithstanding the foregoing,
if after the date hereof, the number of outstanding GGAC Ordinary Shares is increased by a share dividend payable without any
further consideration in GGAC Ordinary Shares, or by a split up of the GGAC Ordinary Shares, or other similar event, then all
such GGAC Ordinary Shares issued in respect of the GGAC Ordinary Shares then comprising the Escrow Fund as a result of such action
(“Dividend Shares”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term “Escrow Fund” shall be deemed to include the Dividends Shares distributed thereon, if any.

 

(d)          During
the Escrow Period, no sale, transfer or other disposition, including any pledge or grant of a security interest, may be made of
any or all of the GGAC Ordinary Shares in the Escrow Fund, unless the transferee agrees in writing to be bound by the terms and
conditions of the applicable provisions of the Investment Agreement and to appoint the Representative to take any and all actions
and make any decisions required or permitted to be taken on the behalf of the transferee under the Investment Agreement and this
Agreement. In connection with and as a condition to each such transfer, the transferee shall deliver to the Escrow Agent an instrument
of assignment executed by the transferring Owner Party, or where applicable, an order of a court of competent jurisdiction, evidencing
the transfer of shares to the transferee, together with two (2) instruments of assignment executed in blank by the transferee,
with respect to the shares transferred to the transferee. Upon receipt of such documents, the Escrow Agent shall deliver to GGAC’s
transfer agent the instrument of assignment executed by the transferring Owner Party, and shall request that transfer agent transfer
the shares to the transferee. GGAC, the transferring Owner Party and the transferee shall cooperate in all respects with the Escrow
Agent in documenting each such transfer and in effectuating the result intended to be accomplished thereby.

 

2.          (a)          GGAC,
acting through the Committee, may make a claim for indemnification pursuant to the Investment Agreement (“Indemnification
Claim”) against the Escrow Fund by giving notice (a “Notice”) to the Representative (the party against
whom a claim is being made, the “Indemnifying Party”), with a copy to the Escrow Agent, specifying (i) the
provision contained in the Investment Agreement which it asserts has been breached or otherwise entitles such party to indemnification,
(ii) in reasonable detail, the nature and dollar amount of any Indemnification Claim, and (iii) whether the Indemnification Claim
results from a Third Party Claim. Furthermore, if the Indemnification Claim results from a Third Party Claim, the Notice shall
specify whether the Loss may be covered (in whole or in part) under any insurance and the estimated amount of such Loss which
may be covered under such insurance. The party giving Notice (the “Claimant”) also shall deliver to the Escrow
Agent (with a copy to the Indemnifying Party), concurrently with its delivery to the Escrow Agent of the Notice, a certification
as to the date on which the Notice was delivered to the Indemnifying Party.

 

    	-2-

    	 

    

 

(b)          If
the Indemnifying Party shall give a notice to the Claimant (with a copy to the Escrow Agent) (a “Counter Notice”),
within 30 days following the date of receipt (as specified in the Claimant’s certification) by the Indemnifying Party of
a copy of the Notice, disputing whether the Indemnification Claim is indemnifiable under the Investment Agreement, the Committee
and the Representative shall attempt to resolve such dispute by voluntary settlement as provided in Section 2(c) below. If no
Counter Notice with respect to an Indemnification Claim is received by the Escrow Agent from the Indemnifying Party within such
30-day period, the Indemnification Claim shall be deemed to be an Established Claim (as hereinafter defined) for purposes of this
Agreement.

 

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

 

(d)          If
the Committee and the Representative cannot resolve a dispute prior to expiration of the 60-day period referred to in Section
2(c) above (or such longer period as the parties may have agreed to in writing), then such dispute shall be submitted (and either
party may submit such dispute) for resolution in accordance with Section 8.

 

(e)          As
used in this Agreement, “Established Claim” means any (i) Indemnification Claim deemed established pursuant
to the last sentence of Section 2(b) above, (ii) Indemnification Claim resolved in favor of a Claimant by settlement and joint
delivery of notice to the Escrow Agent pursuant to Section 2(c) above, resulting in a dollar award to the Claimant, or (iii) Indemnification
Claim sustained by a final determination of an arbitration panel in accordance with Section 8 (after exhaustion of any appeals
to a court of competent jurisdiction or expiration of the time period for filing any such appeal); provided that, notwithstanding
anything herein, no Indemnification Claim by GGAC shall become an Established Claim (x) unless the indemnifiable Losses with respect
to such Indemnification Claim exceed $30,000 (the “De Minimis Amount”) and (y) unless and until the aggregate
amount of indemnification Losses exceeds the Deductible, in which event the full amount of such Established Claim(s) shall be
payable, in each case, with respect to Indemnification Claims subject to such limitations pursuant to the terms of the Investment
Agreement.

 

(f)          (i)          Promptly
after an Indemnification Claim becomes an Established Claim, the Committee shall deliver a Claim Certification & Instructions
in accordance with Section 3(b) below directing the Escrow Agent to pay to the Claimant, and the Escrow Agent promptly shall pay
from the Escrow Fund to the Claimant in accordance with the procedures set forth in Section 3(b) below, a whole number of shares
(as calculated pursuant to Section 2(f)(ii) below) representing the dollar amount (as rounded pursuant to Section 2(f)(ii) below)
of the Established Claim (or, if at such time there remains in the Escrow Fund less than the full amount so payable, the full
amount remaining in the Escrow Fund).

 

    	-3-

    	 

    

 

(ii)          Payment
to GGAC of an Established Claim shall be made from Escrow Shares on a pro rata basis in whole, not fractional, shares, as rounded
pursuant to the following sentence, from the accounts maintained on behalf of each Owner Party. For purposes of each indemnification
payment, (x) such shares shall be valued at the “Fair Market Value” (as defined below) and (y) to the extent that
an Owner Party’s pro rata portion of an Established Claim which is payable after taking into account the Deductible and
the De Minimis Amount results in a fractional number of GGAC Ordinary Shares, any fraction of such GGAC Ordinary Share that is
less than one half of a share will be rounded down to the next whole share and any fraction of such GGAC Ordinary Share that is
equal to or more than one half of a share will be rounded up to the next whole share. However, in no event shall the Escrow Agent
be required to calculate Fair Market Value or make a determination of the number of shares to be delivered or released in satisfaction
of any Established Claim; rather, such calculation shall be included in and made part of the Claim Certification & Instructions.
The Escrow Agent shall transfer out of the Escrow Fund that number of GGAC Ordinary Shares necessary to satisfy each Established
Claim (after taking into account the Deductible and the De Minimis Amount), as set out in the Claim Certification & Instructions.
Any dispute between the Committee and the Representative concerning the calculation of Fair Market Value or the number of shares
necessary to satisfy any Established Claim, or any other dispute regarding a Claim Certification & Instructions, shall be
resolved between the Committee and the Representative in accordance with the procedures specified in Section 2(d) above, and shall
not involve the Escrow Agent. Each transfer of shares in satisfaction of an Established Claim shall be made by the Escrow Agent
delivering to the Claimant GGAC Ordinary Shares held in each Owner Party’s account evidencing not less than such Owner Party’s
pro rata portion of the aggregate number of shares specified in the Claim Certification & Instructions, by delivery to GGAC’s
transfer agent of instruments of assignment completed by the Escrow Agent in accordance with instructions included in the Claim
Certification & Instructions. The parties hereto (other than the Escrow Agent) agree that the foregoing right to make payments
of Established Claims in GGAC Ordinary Shares may be made notwithstanding any other agreements restricting or limiting the ability
of any Owner Party to sell any GGAC Ordinary Shares or otherwise. The Committee and the Representative shall be required to exercise
utmost good faith in all matters relating to the preparation and delivery of the Claim Certification & Instructions and Pending
Claim Objection Notice, as applicable. As used herein, “Fair Market Value” means the average reported closing
price for the GGAC Ordinary Shares on Nasdaq for the thirty trading days ending on the last trading day prior to (x) the day the
Established Claim is paid with respect to Indemnification Claims paid on or before the Escrow Termination Date and (y) the Escrow
Termination Date with respect to shares constituting the Pending Claims Reserve (as hereinafter defined), as applicable.

 

(iii)          Notwithstanding
anything herein to the contrary, at such time as an Indemnification Claim has become an Established Claim, the Owner Parties shall
have the right but not the obligation to substitute for the Escrow Shares that otherwise would be paid in satisfaction of such
claim (the “Claim Shares”), cash in an amount equal to the Fair Market Value of the Claim Shares (“Substituted
Cash”). In such event, within the ten (10) day objection period following delivery of the Claim Certification &
Instructions, (i) the Representative shall deliver a written notice to the Escrow Agent (with a copy to the Committee) describing
the substitution of Substituted Cash for the Claim Shares, and (ii) substantially contemporaneously with the delivery of such
notice, the Owner Parties shall cause currently available funds to be delivered to the Escrow Agent in an amount equal to the
Substituted Cash. Upon receipt of such notice and Substituted Cash, the Escrow Agent shall (y) in payment of the Established Claim
described in the Claim Certification & Instructions, deliver the Substituted Cash to GGAC in lieu of the Claim Shares, and
(z) cause the Claim Shares to be returned to the Owners.

 

    	-4-

    	 

    

 

3.          (a)          On
the Basic Indemnity Escrow Termination Date, upon the Escrow Agent’s receipt of a notice jointly delivered by the Representative
and the Committee (a “Joint Notice”), the Escrow Agent shall (i) distribute and deliver (A) to GGAC, the number
of GGAC Ordinary Shares specified in such Joint Notice, pro rata in whole, not fractional, shares, as rounded pursuant to Section
2(f)(ii), from the accounts maintained on behalf of the Owner Parties and (B) to each Owner Party, the GGAC Ordinary Shares then
in such Owner Party’s account in the Escrow Fund (after taking into account any distribution to GGAC pursuant to the foregoing
clause (A)), in each case, as instructed in the Joint Notice; and (ii) shall continue to hold in accordance with the instructions
in the Joint Notice (A) the number of shares in the Pending Claims Reserve allocated to such Owner Party’s account, with
respect to Indemnification Claims pursuant to which Notices have been received but which have not been resolved pursuant to Section
2 hereof or in respect of which the Escrow Agent has not been notified of, and received a copy of, a final determination of an
arbitration panel in accordance with Section 8 (after exhaustion of any appeals to a court of competent jurisdiction or expiration
of the time period for filing any such appeal), as the case may be (in either case, “Pending Claims”), and
which, if resolved or finally determined in favor of a Claimant, would result in a payment to Claimant, having a Fair Market Value
equal to the dollar amount for which indemnification is sought in such Indemnification Claim, allocated pro rata from the account
maintained on behalf of each Owner Party, and (B) the remaining Tax Indemnity Shares allocated to such Owner Party’s account.
The Committee and the Representative shall certify to the Escrow Agent the Fair Market Value to be used in calculating the Pending
Claims Reserve and the number of GGAC Ordinary Shares to be retained therefor.

 

(b)          At
any time and from time to time, if any Pending Claim becomes an Established Claim, the Committee shall deliver to the Escrow Agent
(with a copy to the Representative) a certification by the Committee that such Pending Claim has become an Established Claim and
instructions (a “Claim Certification & Instructions”) directing the Escrow Agent to deliver to the Claimant
the number of shares in the Pending Claims Reserve in respect thereof determined in accordance with Section 2(f) above and to
deliver to each Owner Party the remaining shares in the Pending Claims Reserve allocated to such Pending Claim, all as specified
in such notice. If, within ten (10) days following the date of receipt of the Claim Certification & Instructions, the Representative
delivers to the Escrow Agent (with a copy to the Committee) written notice disputing such Claim Certification & Instructions
(a “Pending Claim Objection Notice”), then the Committee and the Representative shall attempt in good faith
to resolve such dispute by voluntary settlement within fifteen (15) days following the delivery of such Pending Claim Objection
Notice and shall follow the procedures set forth in the last two sentences of Section 2(c) above. If no Pending Claim Objection
Notice is received by the Escrow Agent from the Representative within such ten (10) day period, then the Escrow Agent shall distribute
the shares in the Pending Claims Reserve pursuant to the Claim Certification & Instructions. If any Pending Claim is resolved
against GGAC, the Representative shall deliver to the Escrow Agent (with a copy to the Committee) a certification by the Representative
that such Pending Claim has been resolved against GGAC and instructions directing the Escrow Agent to pay to each Owner Party
its pro rata portion of the number of shares allocated to such Pending Claim in the Pending Claims Reserve, except to the extent
any such shares constitute Tax Indemnity Shares. If, within ten (10) days following the date of receipt of the Representative’s
certification and instructions, the Committee delivers to the Escrow Agent (with a copy to the Representative) a Pending Claim
Objection Notice, then the Committee and the Representative shall attempt in good faith to resolve such dispute by voluntary settlement
within fifteen (15) days following the delivery of such Pending Claim Objection Notice and shall follow the procedures set forth
in the last two sentences of Section 2(c) above. If no Pending Claim Objection Notice is received by the Escrow Agent from the
Committee within such ten (10) day period, then the Escrow Agent shall distribute the shares to the Owner Parties pursuant to
the certification and instructions provided by the Representative.

 

    	-5-

    	 

    

 

(c)          On
the Tax Indemnity Escrow Termination Date, upon receipt of instructions from, and a certification by, the Representative (a “Release
Certification & Instructions”) (which shall be delivered by the Representative to the Escrow Agent (with a copy
to the Committee)), certifying as to the date on which the Company delivered to GGAC its 2017 audited financial statements, the
Escrow Agent shall distribute and deliver to each Owner Party the GGAC Ordinary Shares then in such Owner Party’s account
in the Escrow Fund that are Tax Indemnity Shares as instructed in the Release Certification & Instructions other than Tax
Indemnity Shares in the Pending Claims Reserve; provided, however, that if, within ten (10)
days of the Committee’s receipt of a copy of the Release Certification & Instructions, the Committee delivers a written
objection to such Release Certification & Instructions (a “Release Objection Notice”) to the Escrow Agent
(with a copy to the Representative), the Committee and the Representative shall attempt in good faith to resolve such dispute
by voluntary settlement as provided in Section 3(e) below; and provided, further, that the Escrow Agent shall not
make any distributions under this Section 3(b) until expiration of the ten (10) day objection period for which no Release Objection
Notice has been delivered. Thereafter, if any Pending Claim becomes an Established Claim or is resolved or finally determined
against GGAC, the parties hereto shall follow the Pending Claim procedures set forth in Section 3(b) above.

 

(d)          As
used herein, the “Pending Claims Reserve” shall mean, at the time any such determination is made, that number
of GGAC Ordinary Shares in the Escrow Fund having a Fair Market Value equal to the sum of the aggregate dollar amounts claimed
to be due with respect to all Pending Claims.

 

(e)          If
the Committee delivers a Release Objection Notice to the Escrow Agent pursuant to Section 3(c) above, the Committee and the Representative
shall promptly attempt in good faith to resolve the dispute with respect to which such Release Objection Notice was given. If
the Committee and the Representative shall reach a settlement on such dispute, they shall jointly deliver notice of such agreement
to the Escrow Agent. If the Committee and the Representative shall be unable to reach agreement with respect to a dispute within
five (5) Business Days of the Representative’s receipt of a copy of the Release Objection Notice, then the dispute shall
be submitted (and either party may submit such dispute) for resolution in accordance with Section 8.

 

    	-6-

    	 

    

 

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

 

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

 

(b)          The
Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel
(including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Escrow Agent 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.

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any payment to GGAC or release of GGAC Ordinary
Shares to the Owners, in each case, pursuant to the terms of this Agreement or, if a notice is disputed, the settlement with respect
to any such dispute, whether by virtue of joint resolution or determination of an arbitration panel or a court of competent jurisdiction,
is to pay or release, after the conditions for payment set forth herein have been met, to GGAC or the Owners, as applicable, the
amount specified in such notice, and the Escrow Agent shall have no duty to determine the validity, authenticity or enforceability
of any specification or certification made in such notice.

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the rights
or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete
authorization and indemnification under Section 5(g), below, for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by 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 over the Escrow Fund to a successor escrow agent appointed jointly by the Committee
and the Representative. 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 petition any court of competent jurisdiction for the appointment of a successor escrow agent
or for other appropriate relief, and deposit the Escrow Fund with such successor escrow agent appointed thereby.

 

    	-7-

    	 

    

 

(f)         The
Escrow Agent shall be indemnified and held harmless by GGAC from and against any expenses, including counsel fees and disbursements,
or loss actually incurred 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 Fund held by it hereunder, other than (i) expenses or losses finally determined by a court of competent jurisdiction
to be attributable to the gross negligence or willful misconduct of the Escrow Agent or (ii) any settlement entered into by the
Escrow Agent without GGAC’s written consent, which shall not be unreasonably withheld. 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 the any state or federal court located in New York County, State of New York.

 

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

 

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

 

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

 

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

 

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

 

    	-8-

    	 

    

 

8.          All
disputes arising under this Agreement between GGAC, the Committee and/or the Representative, including a dispute arising from
a party’s failure or refusal to sign a Joint Notice, shall be handled in accordance with Section 10.12 of the Investment
Agreement.

 

9.          All
notices and other communications under this Agreement shall be made in accordance with section 10.1 of the Investment Agreement
to the respective parties as follows:

 

	 	A.	If to GGAC, to it at:

 

Garnero
Group Acquisition Company

Av.
Brig. Faria Lima

1485
– 19 Andar

Brasilinvest
Plaza, CEP 01452-002

São
Paulo, Brasil

Attention:
Mario Garnero

Telephone: (55) 1130947970

Telecopy:
(55) 1138167471

E-mail: mg@garnerogroup.com

 

or
to the Committee, to it at:

 

Mario
Garnero

Av. Brig. Faria Lima

1485
– 19 Andar

Brasilinvest
Plaza, CEP 01452-002

São Paulo, Brasil

Telephone:
(55) 1130947970

Telecopy:
(55) 1138167471

E-mail: mg@garnerogroup.com

 

in
each case, with a copy to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174-1901

Attention:
David Alan Miller, Esq.

Telephone: 212-818-8880

Telecopier
No.: 212-818-8881

E-mail:
dmiller@graubard.com

 

		B.	If
                                         to the Owners, to each at the address listed on Schedule A hereto, or to the Representative,
                                         to it at:

 

Alvaro
Jabur Maluf Junior

Rua
São Tomé 119, 3 Andar, Vila Olímpia

São Paulo-SP

Telephone:
55 11 3048 0701

Telecopy:
55 11 3048 0701

E-mail: alvaro@grupocolombo.com.br

 

    	-9-

    	 

    

 

in
each case, with a copy to:

 

McDermott
Will & Emery
LLP

340
Madison Avenue

New
York, NY 10173-1922

Attention: Robert
Cohen, Esq. and Meir A. Lewittes,
Esq.

Telephone: (212)
547- 5885 / (212) 547- 5351

Telecopy: (212)
547 5444

E-mail: rcohen@mwe.com
/ mlewittes@mwe.com

 

	 	C.	If to the Escrow Agent, to it at:

 

Continental
Stock Transfer & Trust Company

17
Battery Place

New
York, New York 10004

Attention: Mark Zimkind

Telephone:

Telecopy: 212-509-5150

E-mail:

 

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

 

10.        (a)        If
this Agreement requires a party to deliver any notice or other document, and such party refuses to do so, the matter shall be
submitted for resolution in accordance with Section 8 of this Agreement.

 

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

 

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

 

[Signatures
are on following page]

 

    	-10-

    	 

    

 

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

 

	 	GGAC:
    
	 	 
	 	GARNERO
    GROUP ACQUISITION COMPANY
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:
    	 
	 	 	 
	 	COMMITTEE:

	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	ESCROW
                                         AGENT:

	 	 	 
	 	CONTINENTAL
    STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	

        Name:
	 
	 	Title:
    	 

 

	 	 	 
	 	REPRESENTATIVE:

	 	 
	 	 
	 	Alvaro Jabur Maluf Junior

 

[Signature Page to Escrow Agreement]

 

    	 

    	 

    

 

SCHEDULE
A

 

ESCROW
SHARES ALLOCATION

 

	Name	Address	No.
        of

        Escrow
Shares

	Alvaro
    Jabur Maluf, Junior	 	 
	Paulo
    Jabur Maluf	 	 
	Thiago
    Chaves Ribeiro	 	 
	Denis
    Nieto Piovezan	 	 
	Marina
    Balaban Spiero	 	 
	Total	 	 

 

    	 

    	 

    

 

SCHEDULE
B

 

ESCROW
AGENT COMPENSATION

 

[To
Come]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00249-of-00352.parquet"}]]