Document:

SHARE
ESCROW AGREEMENT

 

SHARE
ESCROW AGREEMENT, dated as of _____, 2018 (“Agreement”), by and among ANDINA ACQUISITION CORP. III, a Cayman Islands
exempted company (“Company”), the shareholders of the Company listed on Exhibit A hereto (collectively the “Holders”)
and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”).

 

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

 

WHEREAS,
the Company has entered into an Underwriting Agreement, dated _____, 2018 (“Underwriting Agreement”), with Cowen and
Company, LLC (the “Representative”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 10,000,000 units (“Units”) of the
Company, plus an additional 1,500,000 Units if the Representative exercises the over-allotment option in full. Each Unit consists
of one ordinary share of the Company, par value $0.0001 per share (“Ordinary Share”), one Right to receive one-tenth
of an Ordinary Share and one Warrant, each to purchase one Ordinary Share, all as more fully described in the Company’s
final Prospectus, dated _____, 2018 (“Prospectus”) comprising part of the Company’s Registration Statement on
Form S-1 (File No. 333-228530) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective
on _____, 2018 (“Effective Date”).

 

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

 

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

 

IT
IS AGREED:

 

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

 

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

 

3. Disbursement of the
Escrow Shares.

 

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

 

    	 	 	 

    	 

    

 

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

 

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

 

4.
Rights of Holders in Escrow Shares.

 

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

 

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

 

    	 	2	 

    	 

    

 

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

 

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

 

5.
Concerning the Escrow Agent.

 

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

 

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

 

    	 	3	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

6.
Miscellaneous.

 

6.1
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws
of another jurisdiction. The parties hereto consent to the jurisdiction and venue of any state or federal court located in the
City of New York, Borough of Manhattan, for purposes of resolving any disputes hereunder. As to any claim, cross-claim, or counterclaim
in any way relating to this Agreement, each party waives the right to trial by jury. Each of the Holders with an address on Exhibit
A outside of the State of New York irrevocably agrees to appoint Graubard Miller as agent for the service of process in the State
of New York to receive, for such Holder and on his, her or its behalf, service of process in any action, proceeding or
claim against him, her, or it arising out of or relating in any way to this Agreement.

 

    	 	4	 

    	 

    

 

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

 

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

 

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

 

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

 

6.6
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement
shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery, by email or by facsimile transmission:

 

If
to the Company, to:

 

Andina
Acquisition Corp. III

Calle
113 # 7-45 Torre B

Oficina
1012

Bogotá,
Colombia

Attn:
Julio Torres

Fax
No.:

Email:
jtorres@andacq.com

 

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

 

and
if to the Escrow Agent, to:

 

Continental
Stock Transfer & Trust Company

1
State Street

New
York, New York 10004

Attn:
Chairman

Fax
No.:

Email:

 

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

 

Cowen
and Company LLC

_____

_____

Attn:
[General Counsel]

Fax
No.:

Email:

 

    	 	5	 

    	 

    

 

with
a copy to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York, New York 10174

Attn:
David Alan Miller, Esq.

Fax
No.: (212) 818-8881

Email:
dmiller@graubard.com

 

and:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, New York 10105

Attn:
Stuart Neuhauser

Fax
No.:

Email:
sneuhauser@egsllp.com

 

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

 

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

 

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

 

[Signature
Page Follows]

 

    	 	6	 

    	 

    

 

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

 

	 	ANDINA ACQUISITION CORP. III
	 	 	 
	 	By:
    	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	HOLDERS:
	 	 	 
	 	 	 
	 	 	B.
    Luke Weil
	 	 	 
	 	 	 
	 	 	Julio
    Torres
	 	 	 
	 	 	 
	 	 	Mauricio
    Orellana
	 	 	 
	 	 	 
	 	 	Marjorie
    Hernandez
	 	 	 
	 	 	 
	 	 	David
    Schulhof
	 	 	 
	 	 	 
	 	 	Matthew
    Kibble
	 	 	 
	 	 	 
	 	 	Eric
    Carrera
	 	 	 
	 	 	 
	 	 	Joann
    O’Shea

 

    	 	7	 

    	 

    

 

	 	ANDINA EQUITY LLC
	 	 	 
	 	By:	 
	 	Name: 	B.
    Luke Weil
	 	Title:	Managing
    Member
	 	 	 
	 	LWEH3 LLC
	 	 	 
	 	By:	 
	 	Name:	B.
    Luke Weil
	 	Title:	Managing
    Member
	 	 	 
	 	 	 
	 	 	Ryan
    Chang
	 	 	 
	 	 	 
	 	 	Whitney
    Carleen Cox
	 	 	 
	 	 	 
	 	 	Alejandro
    Gonzalez
	 	 	 
	 	 	 
	 	 	Salomao
    Lochpe

 

    	 	8	 

    	 

    

 

	 	EARLYBIRDCAPITAL, INC.
	 	 	 
	 	By:	 
	 	Name: 
    	 
	 	Title:
    	 
	 	 	 
	 	COWEN AND COMPANY, LLC
	 	 	 
	 	By:	 
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	 	CRAIG-HALLUM CAPITAL GROUP LLC
	 	 	 
	 	By:	 
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	 
	 	By:	 
	 	Name:
    	 
	 	Title:
    	                                

 

    	 	9	 

    	 

    

 

EXHIBIT
A

 

	Name
    and Address of 

    Holder 
    	 	Total
    Number of Shares	 	Forfeiture
    Shares
	 	 	 	 	 
	B.
    Luke Weil	 	978,479	 	114,482
	Julio
    Torres	 	176,509	 	34,844
	Mauricio
    Orellana	 	159,102	 	31,351
	Marjorie
    Hernandez	 	140,119	 	27,664
	David
    Schulhof	 	10,000	 	1,500
	Matthew
    S. N. Kibble	 	5,000	 	750
	Eric
    Carrera	 	50,000	 	0
	Joann
    O’Shea	 	7,500	 	1,125
	Andina
    Equity LLC	 	150,000	 	0
	LWEH3
    LLC	 	475,000	 	71,250
	Ryan
    Chang	 	24,444	 	3,666
	Whitney
    Carleen Cox	 	3,055	 	458
	Alejandro
    Gonzalez	 	24,444	 	3,666
	Salomao
    Lochpe	 	12,222	 	1,833
	EarlyBirdCapital,
    Inc.	 	35,000	 	0
	Cowen
    and Company, LLC	 	436,888	 	57,687
	Craig-Hallum
    Capital Group LLC	 	187,238	 	24,724

 

    	 	10REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of the __th day of ____,
2018, by and among Andina Acquisitions Corp. III, a Cayman Islands exempted company (the “Company”),
and the undersigned parties listed under Investors on the signature page hereto (each, an “Investor”
and collectively, the “Investors”).

 

WHEREAS,
the Investors and the Company desire to enter into this Agreement to provide the Investors with certain rights relating to the
registration of the securities held by them as of the date hereof;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
DEFINITIONS. The following capitalized terms used herein have the following meanings:

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities having
a collective fair market value of at least 80% of the balance in the Company’s trust account at the time of the execution
of a definitive agreement for such transaction.

 

“Commission”
means the Securities and Exchange Commission, or any other federal agency then administering the Securities Act or the Exchange
Act.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.1.1.

 

“Demanding
Holder” is defined in Section 2.1.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder, all as the same shall be in effect at the time.

 

“Form
S-3” is defined in Section 2.3.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investor”
is defined in the preamble to this Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

    	 	 	 

    	 

    

 

“Maximum
Number of Shares” is defined in Section 2.1.4.

 

“Notices”
is defined in Section 6.3.

 

“Ordinary
Shares” means the ordinary shares, par value $0.0001 per share, of the Company.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Private
Units” means the up to 412,500 units the Investors may be purchasing privately simultaneously with the consummation
of the Company’s initial public offering.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing
and filing a registration statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) all of the Ordinary Shares beneficially owned or held by Investors prior to the consummation
of the Company’s initial public offering, (ii) all of the Private Units (and underlying securities), and (iii) all of the
Working Capital Units (and underlying securities). Registrable Securities include any warrants, shares of capital stock or other
securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of such
Ordinary Shares, Private Units (and underlying securities) and Working Capital Units (and underlying securities). 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 them not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of them shall not require registration under the Securities Act; (c) such securities shall
have ceased to be outstanding; or (d) such securities are freely saleable under Rule 144 without volume limitations.

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities
Act and the rules and regulations promulgated thereunder for a public offering and sale of Ordinary Shares (other than a registration
statement on Form S-4 or Form S-8, or their successors, or any registration statement covering only securities proposed to be
issued in exchange for securities or assets of another entity).

 

“Release
Date” means the date on which Ordinary Shares are disbursed from escrow pursuant to Section 3 of that certain Share
Escrow Agreement dated as of _________, 2018 by and among the parties hereto and Continental Stock Transfer & Trust Company.

 

“Rule
144” means Rule 144 promulgated under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

    	 	2	 

    	 

    

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an underwritten offering and not as part of
such dealer’s market-making activities.

 

“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.
REGISTRATION RIGHTS.

 

2.1
Demand Registration.

 

2.1.1.
Request for Registration. At any time and from time to time on or after (i) the date that the Company consummates a Business
Combination with respect to the Private Units (or underlying securities) and Working Capital Units (or underlying securities)
or (ii) three months prior to the Release Date with respect to all other Registrable Securities, the holders of a majority-in-interest
of such Private Units (or underlying securities), Working Capital Units (or underlying securities) or other Registrable Securities,
as the case may be, held by the Investors, officers or directors of the Company or their affiliates, or the transferees of the
Investors, may make a written demand for registration under the Securities Act of all or part of their Private Units (or underlying
securities), Working Capital Units (or underlying securities) or other Registrable Securities, as the case may be (a “Demand
Registration”). Any demand for a Demand Registration shall specify the number of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will within 10 days of the Company’s receipt
of the Demand Registration notify all holders of Registrable Securities of the demand, and each holder of Registrable Securities
who wishes to include all or a portion of such holder’s Registrable Securities in the Demand Registration (each such holder
including shares of Registrable Securities in such registration, a “Demanding Holder”) shall so notify
the Company within ten (10) days after the receipt by the holder of the notice from the Company. Upon any such request, the Demanding
Holders shall be entitled to have their Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and
the provisos set forth in Section 3.1.1. The Company shall not be obligated to effect more than an aggregate of three (3) Demand
Registrations under this Section 2.1.1 in respect of all Registrable Securities.

 

2.1.2.
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with
the Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its
obligations under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been
declared effective, the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order
or injunction of the Commission or any other governmental agency or court, the Registration Statement with respect to such Demand
Registration will be deemed not to have been declared effective, unless and until, (i) such stop order or injunction is removed,
rescinded or otherwise terminated, and (ii) a majority-in-interest of the Demanding Holders thereafter affirmatively elect to
continue the offering and notify the Company in writing, but in no event later than five (5) days of such election; provided,
further, that the Company shall not be obligated to file a second Registration Statement until a Registration Statement that has
been filed is counted as a Demand Registration or is terminated.

 

    	 	3	 

    	 

    

 

2.1.3.
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company
as part of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand
Registration shall be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable
Securities in such registration shall be conditioned upon such holder’s participation in such underwriting and the inclusion
of such holder’s Registrable Securities in the underwriting to the extent provided herein. All Demanding Holders proposing
to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the
Underwriter or Underwriters selected for such underwriting by a majority-in-interest of the holders initiating the Demand Registration.

 

2.1.4.
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other Ordinary Shares or other securities which the Company
desires to sell and the Ordinary Shares, if any, as to which registration has been requested pursuant to written contractual piggy-back
registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable,
the “Maximum Number of Shares”), then the Company shall include in such registration: (i) first, the
Registrable Securities as to which Demand Registration has been requested by the Demanding Holders (pro rata in accordance with
the number of shares that each such Person has requested be included in such registration, regardless of the number of shares
held by each such Person (such proportion is referred to herein as “Pro Rata”)) that can be sold without
exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clause (i), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i) and (ii), the Ordinary Shares or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons and that can be sold without exceeding the Maximum
Number of Shares.

 

2.1.5.
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to
withdraw from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw
prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If
the majority-in-interest of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such
registration shall not count as a Demand Registration provided for in this Section 2.1.

 

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2.2
Piggy-Back Registration.

 

2.2.1.
Piggy-Back Rights. If at any time on or after the date the Company consummates a Business Combination the Company proposes
to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other
obligations exercisable or exchangeable for, or convertible into, equity securities, by the Company for its own account or for
shareholders of the Company for their account (or by the Company and by shareholders of the Company including, without limitation,
pursuant to Section 2.1), other than a Registration Statement (i) filed in connection with any employee stock option or other
benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing shareholders, (iii)
for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then
the Company shall (x) give written notice of such proposed filing to the holders of Registrable Securities as soon as practicable
but in no event less than ten (10) days before the anticipated filing date, which notice shall describe the amount and type of
securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter
or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities in such notice the opportunity
to register the sale of such number of shares of Registrable Securities as such holders may request in writing within five (5)
days following receipt of such notice (a “Piggy-Back Registration”). The Company shall, in good faith,
cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter
or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back
Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition
of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities
proposing to distribute their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall
enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration.

 

2.2.2.
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering advises the Company and the holders of Registrable Securities in writing that the dollar amount or number of Ordinary
Shares which the Company desires to sell, taken together with Ordinary Shares, if any, as to which registration has been demanded
pursuant to separate written contractual arrangements with persons or entities other than the holders of Registrable Securities
hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2, and the Ordinary Shares,
if any, as to which registration has been requested pursuant to the written contractual piggy-back registration rights of other
shareholders of the Company, exceeds the Maximum Number of Shares, then the Company shall include in any such registration:

 

a)
If the registration is undertaken for the Company’s account: (A) the Ordinary Shares or other securities that the Company
desires to sell that can be sold without exceeding the Maximum Number of Shares; (B) to the extent that the Maximum Number of
Shares has not been reached under the foregoing clause (A), the Ordinary Shares or other securities, if any, comprised of Registrable
Securities, as to which registration has been requested pursuant to the applicable written contractual piggy-back registration
rights of such security holders, Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) to the extent
that the Maximum Number of Shares has not been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities
for the account of other persons that the Company is obligated to register pursuant to written contractual piggy-back registration
rights with such persons and that can be sold without exceeding the Maximum Number of Shares; and

 

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b)
If the registration is a “demand” registration undertaken at the demand of persons other than the holders of Registrable
Securities, (A) first, the Ordinary Shares or other securities for the account of the demanding persons that can be sold without
exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under
the foregoing clause (A), the Ordinary Shares or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), collectively the Ordinary Shares or other securities comprised of Registrable Securities as to which registration
has been requested pursuant to the terms hereof that can be sold without exceeding the Maximum Number of Shares; and (D) fourth,
to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (A), (B) and (C), the Ordinary
Shares or other securities for the account of other persons that the Company is obligated to register pursuant to written contractual
arrangements with such persons, that can be sold without exceeding the Maximum Number of Shares

 

2.2.3.
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making
a demand pursuant to written contractual obligations) may withdraw a registration statement at any time prior to the effectiveness
of the Registration Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders
of Registrable Securities in connection with such Piggy-Back Registration as provided in Section 3.3.

 

2.2.4.
Unlimited Piggy-Back Registration Rights. For purposes of clarity, any registration effected pursuant to Section 2.2 hereof
shall not be counted as a registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

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2.3
Registrations on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing
that the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration
which may be available at such time (“Form S-3”); provided, however, that the Company shall not be obligated
to effect such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give
written notice of the proposed registration to all other holders of Registrable Securities, and each holder of Registrable Securities
who thereafter wishes to include all or a portion of such holder’s Registrable Securities in such registration shall so
notify the Company, in writing, within ten (10) days after the receipt by the holder of the notice from the Company, and, as soon
as practicable thereafter but not more than twelve (12) days after the Company’s initial receipt of such written request
for a registration, effect the registration of all or such portion of such holder’s or holders’ Registrable Securities
as are specified in such request, together with all or such portion of the Registrable Securities or other securities of the Company,
if any, of any other holder or holders joining in such request; provided, however, that the Company shall not be obligated to
effect any such registration pursuant to this Section 2.3 if: (i) Form S-3 is not available for such offering; or (ii) the holders
of the Registrable Securities, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at any aggregate price to the public of
less than $500,000. Registrations effected pursuant to this Section 2.3 shall not be counted as Demand Registrations effected
pursuant to Section 2.1.

 

3.
REGISTRATION PROCEDURES.

 

3.1
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant
to Section 2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request:

 

3.1.1.
Filing Registration Statement. The Company shall, as expeditiously as possible and in any event within sixty (60) days
after receipt of a request for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration
Statement on any form for which the Company then qualifies or which counsel for the Company shall deem appropriate and which form
shall be available for the sale of all Registrable Securities to be registered thereunder in accordance with the intended method(s)
of distribution thereof, and shall use its best efforts to cause such Registration Statement to become and remain effective for
the period required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration
for up to thirty (30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration
to which such Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by
the Chairman of the Board of Directors or President of the Company stating that, in the good faith judgment of the Board of Directors
of the Company, it would be materially detrimental to the Company and its shareholders for such Registration Statement to be effected
at such time; provided further, however, that the Company shall not have the right to exercise the right set forth in the immediately
preceding proviso more than once in any 365-day period in respect of a Demand Registration hereunder.

 

3.1.2.
Copies. The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto,
furnish without charge to the holders of Registrable Securities included in such registration, and such holders’ legal counsel,
copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in
each case including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary prospectus), and such other documents as the holders of Registrable Securities included
in such registration or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable
Securities owned by such holders.

 

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3.1.3.
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective
amendments, and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary
to keep such Registration Statement effective and in compliance with the provisions of the Securities Act until all Registrable
Securities and other securities covered by such Registration Statement have been disposed of in accordance with the intended method(s)
of distribution set forth in such Registration Statement (which period shall not exceed the sum of one hundred eighty (180) days
plus any period during which any such disposition is interfered with by any stop order or injunction of the Commission or any
governmental agency or court) or such securities have been withdrawn.

 

3.1.4.
Notification. After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2)
business days after such filing, notify the holders of Registrable Securities included in such Registration Statement of such
filing, and shall further notify such holders promptly and confirm such advice in writing in all events within two (2) business
days of the occurrence of any of the following: (i) when such Registration Statement becomes effective; (ii) when any post-effective
amendment to such Registration Statement becomes effective; (iii) the issuance or threatened issuance by the Commission of any
stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered);
and (iv) any request by the Commission for any amendment or supplement to such Registration Statement or any prospectus relating
thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment
to such prospectus so that, as thereafter delivered to the purchasers of the securities covered by such Registration Statement,
such prospectus will not contain an 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 promptly make available to the holders of Registrable
Securities included in such Registration Statement any such supplement or amendment; except that before filing with the Commission
a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by reference,
the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal counsel
for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders
and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any
Registration Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which
such holders or their legal counsel shall reasonably object.

 

3.1.5.
Securities Laws Compliance. The Company shall use its 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 or securities exchanges, including the Nasdaq Capital Market,
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 but for this paragraph
or subject itself to taxation in any such jurisdiction.

 

    	 	8	 

    	 

    

 

3.1.6.
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting
agreement in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition
of such Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which
are made to or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the
holders of Registrable Securities included in such registration statement. No holder of Registrable Securities included in such
registration statement shall be required to make any representations or warranties in the underwriting agreement except as reasonably
requested by the Underwriters and, if applicable, with respect to such holder’s organization, good standing, authority,
title to Registrable Securities, lack of conflict of such sale with such holder’s material agreements and organizational
documents, and with respect to written information relating to such holder that such holder has furnished in writing expressly
for inclusion in such Registration Statement.

 

3.1.7.
Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal
accounting officer of the Company and all other officers and members of the management of the Company shall cooperate fully 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 investors.

 

3.1.8.
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration
Statement, 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, 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 requested by any of them in connection with such Registration Statement.

 

3.1.9.
Opinions and Comfort Letters. The Company shall furnish to each holder of Registrable Securities included in any Registration
Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter
and (ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. 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.

 

    	 	9	 

    	 

    

 

3.1.10.
Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities
Act, and make available to its shareholders, as soon as reasonably practicable, an earnings statement covering a period of twelve
(12) months, beginning within three (3) months after the effective date of the registration statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

 

3.1.11.
Listing. The Company shall use its best efforts to cause all Registrable Securities included in any registration to be
listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are
then listed or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders
of a majority of the Registrable Securities included in such registration.

 

3.1.12.
Transfer Agent. The Company shall provide a transfer agent or warrant agent, as applicable, and registrar for all such
Registrable Securities no later than the effective date of the registration statement.

 

3.1.13.
Misstatements. The Company shall notify the holders at any time when a prospectus relating to such registration statement
is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included
in such registration statement, as then in effect, includes an untrue statement of a material fact or an omission to state a material
fact required to be stated in a registration statement or prospectus, or necessary to make the statements therein in the light
of the circumstances under which they were made not misleading (a “Misstatement”), and then to correct
such Misstatement.

 

3.2
Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind
described in Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any
suspension by the Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors,
of the ability of all “insiders” covered by such program to transact in the Company’s securities because of
the existence of material non-public information, each holder of Registrable Securities included in any registration shall immediately
discontinue disposition of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities
until such holder receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the
ability of “insiders” to transact in the Company’s securities is removed, as applicable, and, if so directed
by the Company, each such holder will deliver to the Company all copies, other than permanent file copies then in such holder’s
possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice.

 

    	 	10	 

    	 

    

 

3.3
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration
pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration on Form S-3 effected pursuant
to Section 2.3, and all expenses incurred in performing or complying with its other obligations under this Agreement, whether
or not the Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and fees
of any securities exchange on which the Ordinary Shares are then listed; (ii) fees and expenses of compliance with securities
or “blue sky” laws (including fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications
of the Registrable Securities); (iii) printing, messenger, telephone and delivery expenses; (iv) the Company’s internal
expenses (including, without limitation, all salaries and expenses of its officers and employees); (v) the fees and expenses incurred
in connection with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory
Authority fees; (vii) fees and disbursements of counsel for the Company and fees and expenses for independent certified public
accountants retained by the Company (including the expenses or costs associated with the delivery of any opinions or comfort letters
requested pursuant to Section 3.1.9); (viii) the fees and expenses of any special experts retained by the Company in connection
with such registration; and (ix) the fees and expenses of one legal counsel selected by the holders of a majority-in-interest
of the Registrable Securities included in such registration. The Company shall have no obligation to pay any underwriting discounts
or selling commissions attributable to the Registrable Securities being sold by the holders thereof, which underwriting discounts
or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling shareholders and
the Company shall bear the expenses of the underwriter pro rata in proportion to the respective amount of shares each is selling
in such offering.

 

3.4
Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the
Company, or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments
and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to
Section 2 and in connection with the Company’s obligation to comply with federal and applicable state securities laws.

 

3.5
Requirements for Participation in Underwritten Offerings. No person may participate in any underwritten offering for equity
securities of the Company pursuant to a registration initiated by the Company hereunder unless such person (i) agrees to sell
such person’s securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes
and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other
customary documents as may be reasonably required under the terms of such underwriting arrangements.

 

3.6
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a registration statement
or prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until
it has received copies of a supplemented or amended prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until
it is advised in writing by the Company that the use of the prospectus may be resumed. If the filing, initial effectiveness or
continued use of a registration statement in respect of any registration at any time would require the Company to make an Adverse
Disclosure (as defined below) or would require the inclusion in such registration statement of financial statements that are unavailable
to the Company for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action
to the holders, delay the filing or initial effectiveness of, or suspend use of, such registration statement for the shortest
period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose.
In the event the Company exercises its rights under the preceding sentence, the holders agree to suspend, immediately upon their
receipt of the notice referred to above, their use of the prospectus relating to any registration in connection with any sale
or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during
which it exercised its rights under this Section 3.6. “Adverse Disclosure” shall mean any public disclosure of material
non-public information, which disclosure, in the good faith judgment of the principal executive officer or principal financial
officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any registration statement
or prospectus in order for the applicable registration statement or prospectus not to contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any
preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the registration statement were not being filed, and (iii) the Company has a bona fide business purpose
for not making such information public.

 

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3.7
Reporting Obligations. As long as any holder shall own Registrable Securities, the Company, at all times while it shall
be reporting under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the
Exchange Act and to promptly furnish the holders with true and complete copies of all such filings. The Company further covenants
that it shall take such further action as any holder may reasonably request, all to the extent required from time to time to enable
such holder to sell Ordinary Shares held by such holder without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request
of any holder, the Company shall deliver to such holder a written certification of a duly authorized officer as to whether it
has complied with such requirements.

 

3.8
Limitations on Registration Rights. Notwithstanding anything herein to the contrary, (i) Cowen and Company LLC and Craig-Hallum
Capital Markets LLC may not exercise any rights under Section 2.1 and 2.2 hereunder after five (5) and seven (7) years after the
effective date of the registration statement relating to the Company’s initial public offering, respectively, and (ii) Cowen
and Company LLC and Craig-Hallum Capital Markets LLC may not exercise its rights under Section 2.1 more than one time.

 

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4.
INDEMNIFICATION AND CONTRIBUTION.

 

4.1
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Investor and each other holder of
Registrable Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys
and agents, and each person, if any, who controls an Investor and each other holder of Registrable Securities (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each, an “Investor Indemnified Party”),
from and against any expenses, losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or
based upon any untrue statement (or allegedly untrue statement) of a material fact contained in any Registration Statement under
which the sale of such Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus
or summary prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement,
or arising out of or based upon any omission (or alleged omission) to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with
any such registration; and the Company shall promptly reimburse the Investor Indemnified Party for any legal and any other expenses
reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such expense, loss,
judgment, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent
that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement or allegedly untrue
statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus, or summary
prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company,
in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable
Securities, their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter
on substantially the same basis as that of the indemnification provided above in this Section 4.1.

 

4.2
Indemnification by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event
that any registration is being effected under the Securities Act pursuant to this Agreement of any Registrable Securities held
by such selling holder, indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any),
and each other selling holder and each other person, if any, who controls another selling holder or such underwriter within the
meaning of the Securities Act, against any losses, claims, judgments, damages or liabilities, whether joint or several, insofar
as such losses, claims, judgments, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or allegedly untrue statement of a material fact contained in any Registration Statement under which the sale of such
Registrable Securities was registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus
contained in the Registration Statement, or any amendment or supplement to the Registration Statement, or arise out of or are
based upon any omission or the alleged omission to state a material fact required to be stated therein or necessary to make the
statement therein not misleading, if the statement or omission was made in reliance upon and in conformity with information furnished
in writing to the Company by such selling holder expressly for use therein, and shall reimburse the Company, its directors and
officers, and each other selling holder or controlling person for any legal or other expenses reasonably incurred by any of them
in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling holder’s indemnification
obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds actually received
by such selling holder. Each selling holder of Registrable Securities shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter to the same
extent as provided in the foregoing with respect to indemnification of the Company.

 

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4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or
liability or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified
Party”) shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder,
notify such other person (the “Indemnifying Party”) in writing of the loss, claim, judgment, damage,
liability or action; provided, however, that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve
the Indemnifying Party from any liability which the Indemnifying Party may have to such Indemnified Party hereunder, except and
solely to the extent the Indemnifying Party is actually prejudiced by such failure. If the Indemnified Party is seeking indemnification
with respect to any claim or action brought against the Indemnified Party, then the Indemnifying Party shall be entitled to participate
in such claim or action, and, to the extent that it wishes, jointly with all other Indemnifying Parties, to assume control of
the defense thereof with counsel satisfactory to the Indemnified Party. After notice from the Indemnifying Party to the Indemnified
Party of its election to assume control of the defense of such claim or action, the Indemnifying Party shall not be liable to
the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with the defense
thereof other than reasonable costs of investigation; provided, however, that in any action in which both the Indemnified Party
and the Indemnifying Party are named as defendants, the Indemnified Party shall have the right to employ separate counsel (but
no more than one such separate counsel) to represent the Indemnified Party and its controlling persons who may be subject to liability
arising out of any claim in respect of which indemnity may be sought by the Indemnified Party against the Indemnifying Party,
with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written opinion of counsel
of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, consent
to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment
or settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding.

 

4.4
Contribution.

 

4.4.1.
If the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect
of any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying
such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim,
damage, liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and
the Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or
action, as well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying
Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by such Indemnified Party or such
Indemnifying Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

    	 	14	 

    	 

    

 

4.4.2.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 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 the immediately preceding Section 4.4.1. The amount paid or payable by an Indemnified Party as a result of any loss, claim,
damage, liability or action referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses incurred by such Indemnified Party in connection with investigating or defending
any such action or claim. Notwithstanding the provisions of this Section 4.4, no holder of Registrable Securities shall be required
to contribute any amount in excess of the dollar amount of the net proceeds (after payment of any underwriting fees, discounts,
commissions or taxes) actually received by such holder from the sale of Registrable Securities which gave rise to such contribution
obligation. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

4.5
Survival. The indemnification provided for under this Agreement shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Party or any officer, director or controlling person of such Indemnified
Party and shall survive the transfer of securities.

 

5.
UNDERWRITING AND DISTRIBUTION.

 

5.1
Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and
the Exchange Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holders to sell Registrable Securities without registration under the Securities
Act within the limitation of the exemptions provided by Rule 144 under the Securities Act, as such rules may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission.

 

6.
MISCELLANEOUS.

 

6.1
Other Registration Rights. The Company represents and warrants that no person, other than a holder of the Registrable Securities,
has any right to require the Company to register any shares of the Company’s capital stock for sale or to include shares
of the Company’s capital stock in any registration filed by the Company for the sale of shares of capital stock for its
own account or for the account of any other person. Further, the Company represents and warrants that this Agreement supersedes
any other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between
any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

    	 	15	 

    	 

    

 

6.2
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder
may not be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of
the holders of Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in
conjunction with and to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions
hereof shall be binding upon and shall inure to the benefit of each of the parties and the permitted assigns of the Investor or
holder of Registrable Securities or of any assignee of the Investor or holder of Registrable Securities. This Agreement is not
intended to confer any rights or benefits on any persons that are not party hereto other than as expressly set forth in Article
4 and this Section 6.2. No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall
be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment
and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and
provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement).

 

6.3
Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”)
required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be
personally served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram,
telex or facsimile, addressed as set forth below, or to such other address as such party shall have specified most recently by
written notice. Notice shall be deemed given on the date of service or transmission if personally served or transmitted by telegram,
telex or facsimile; provided, that if such service or transmission is not on a business day or is after normal business hours,
then such notice shall be deemed given on the next business day. Notice otherwise sent as provided herein shall be deemed given
on the next business day following timely delivery of such notice to a reputable air courier service with an order for next-day
delivery.

 

To
the Company:

 

Andina
Acquisition Corp. III

Calle
113 # 7-45 Torre B

Oficina
1012

Bogotá,
Colombia

Attn:
Chief Executive Officer

 

with
a copy to:

 

Graubard
Miller

The
Chrysler Building

405
Lexington Avenue

New
York NY 10174

Attn:
David Alan Miller, Esq.

 

To
an Investor, to the address set forth below such Investor’s name on Exhibit A hereto.

 

    	 	16	 

    	 

    

 

With
a copy to, in the case of Cowen and Company LLC and Craig-Hallum Capital Markets LLC:

 

Ellenoff
Grossman & Schole LLP

1345
Avenue of the Americas

New
York, NY 10105

Attn:
Douglas S. Ellenoff, Esq.

 

6.4
Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore,
in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid
and enforceable.

 

6.5
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all
of which taken together shall constitute one and the same instrument.

 

6.6
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between
the parties, whether oral or written.

 

6.7
Modifications and Amendments. Upon the written consent of the Company and the holders of at least sixty-six and two-thirds
percent (66-2/3%) of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and
conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified;
provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one holder
of Registrable Securities, solely in its capacity as a holder of the Ordinary Shares, in a manner that is materially different
from the other holders of Registrable Securities (in such capacity) shall require the consent of the holder so affected. No course
of dealing between any holders of Registrable Securities or the Company and any other party hereto or any failure or delay on
the part of a holder of Registrable Securities or the Company in exercising any rights or remedies under this Agreement shall
operate as a waiver of any rights or remedies of any holder of Registrable Securities or the Company. No single or partial exercise
of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights
or remedies hereunder or thereunder by such party.

 

6.8
Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the
construction of any provision of this Agreement.

 

    	 	17	 

    	 

    

 

6.9
Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right
to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such
party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach
or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained
shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained.
No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for
performance of any other obligations or acts.

 

6.10
Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed
or performed under this Agreement, the Investor or any other holder of Registrable Securities may proceed to protect and enforce
its rights by suit in equity or action at law, whether for specific performance of any term contained in this Agreement or for
an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce
any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond. None of
the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter
available at law, in equity, by statute or otherwise.

 

6.11
Governing Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws
of the State of New York applicable to agreements made and to be performed within the State of New York, without giving effect
to any choice-of-law provisions thereof that would compel the application of the substantive laws of any other jurisdiction.

 

6.12
Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating
to this Agreement, the transactions contemplated hereby, or the actions of the Investor in the negotiation, administration, performance
or enforcement hereof.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	18	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized
representatives as of the date first written above.

 

	 	ANDINA
    ACQUISITION CORP. III
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 
	 	 	 
	 	INVESTORS:
	 	 	 
	 	 	
	 	 	B.
    Luke Weil
	 	 	 
	 	 	
	 	 	Julio
    Torres
	 	 	 
	 	 	
	 	 	Mauricio
    Orellana
	 	 	 
	 	 	
	 	 	Marjorie
    Hernandez
	 	 	 
	 	 	
	 	 	David
    Schulhof
	 	 	 
	 	 	
	 	 	Matthew
    Kibble
	 	 	 
	 	 	
	 	 	Eric
    Carrera
	 	 	 
	 	 	
	 	 	Joann
    O’Shea

 

    	 	19	 

    	 

    

 

		ANDINA
    EQUITY LLC
	 	 	 
	 	By:	
	 	Name:
    	B.
    Luke Weil
	 	Title:
    	Managing
    Member
	 	 	 
		LWEH3
    LLC
	 	 	 
	 	By:	
	 	Name: 
    	B.
    Luke Weil
	 	Title:
    	Managing
    Member
	 	 	 
	 	 	 
	 	 	Ryan
    Chang
	 	 	 
	 	 	 
	 	 	Whitney
    Carleen Cox
	 	 	 
	 	 	 
	 	 	Alejandro
    Gonzalez
	 	 	 
	 	 	 
	 	 	Salomao
    Lochpe

 

	 	EARLYBIRDCAPITAL,
    INC.
	 	 	 
	 	By:	                           
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	 	COWEN
    AND COMPANY, LLC
	 	 	 
	 	By:	
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	 	CRAIG-HALLUM
    CAPITAL GROUP LLC
	 	 	 
	 	By:	
	 	Name:
    	 
	 	Title:
    	 

 

    	 	20	 

    	 

    

 

Exhibit
A

 

    	 	21

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