Document:

Exhibit 4.4

 

RIGHTS AGREEMENT

 

Agreement made as of _____________, 2015
between Andina Acquisition Corp. II, a Cayman Islands exempted company, with offices at 250 West 57th St., Suite 2223,
New York, New York 10107 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with
offices at 17 Battery Place, New York, New York 10004 (“Right Agent”).

 

WHEREAS, the Company is engaged in a public
offering (“Public Offering”) and has filed with the Securities and Exchange Commission (the “SEC”) a Registration
Statement on Form S-1, No. 333-207037 (“Registration Statement”), for the registration, under the Securities Act of
1933, as amended (“Act”) of its units, each unit (“Unit”) comprised of one ordinary share of the Company,
par value $.0001 per share (“Ordinary Share”), and one right to receive one-seventh of one Ordinary Share upon the
happening of the triggering event described herein and, in connection therewith, will issue and deliver up to 4,600,000 rights
(“Public Rights”) to the investors in the Public Offering; and

 

 WHEREAS, the Company has received binding
commitments from its initial shareholders (the “Initial Shareholders”) and EarlyBirdCapital, Inc. (“EarlyBirdCapital”)
to purchase in a private placement (“Private Offering”) up to an aggregate of 269,500 Units, and in connection therewith,
will issue and deliver up to an aggregate of 269,500 rights (“Private Rights” and together with the Public Rights,
the “Rights”) upon consummation of such Private Offering; and 

 

WHEREAS, the Company may issue up to an
additional 500,000 Rights in consideration of certain working capital loans that may be made by the Company’s officers, directors,
initial shareholders or affiliates; and

 

WHEREAS, the Company desires the Right Agent
to act on behalf of the Company, and the Right Agent is willing to so act, in connection with the issuance, registration, transfer
and exchange of the Rights; and

 

WHEREAS, the Company desires to provide
for the form and provisions of the Rights, the terms upon which they shall be issued, and the respective rights, limitation of
rights, and immunities of the Company, the Right Agent, and the holders of the Rights; and

 

    	

    	 

    

 

WHEREAS, all acts and things have been done
and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned by or on behalf
of the Right Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

1.           Appointment of Right Agent. The Company hereby
appoints the Right Agent to act as agent for the Company for the Rights, and the Right Agent hereby accepts such appointment and
agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2.           Rights.

 

              2.1.          Form of Right. Each Right shall be issued
in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein
and shall be signed by, or bear the facsimile signature of, the Chairman of the Board, President or Chief Executive Officer and
Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event
the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity in which such person
signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased to be such at
the date of issuance.

 

              2.2.          Effect of Countersignature. Unless and until
countersigned by the Right Agent pursuant to this Agreement, a Right shall be invalid and of no effect and may not be exchanged
for Ordinary Shares.

 

              2.3.          Registration.

 

                              2.3.1.          Right Register. The Right Agent shall
maintain books (“Right Register”) for the registration of original issuance and the registration of transfer of the
Rights. Upon the initial issuance of the Rights, the Right Agent shall issue and register the Rights in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Right Agent by the Company.

 

    	

    	 

    

 

                    2.3.2.          Registered Holder. Prior to due presentment
for registration of transfer of any Right, the Company and the Right Agent may deem and treat the person in whose name such Right
shall be registered upon the Right Register (“registered holder”) as the absolute owner of such Right and of each Right
represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate made by anyone other than
the Company or the Right Agent), for the purpose of the exchange thereof, and for all other purposes, and neither the Company nor
the Right Agent shall be affected by any notice to the contrary.

 

              2.4.          Detachability of Rights. The securities comprising
the Units, including the Rights, will not be separately transferable until the ninetieth (90th) day after the date hereof unless
EBC informs the Company of its decision to allow earlier separate trading, but in no event will separate trading of the securities
comprising the Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting
the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the
exercise of the over-allotment option, if the over-allotment option is exercised on the date hereof, and (ii) the Company issues
a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.

 

3.          Terms and Exchange of Rights

 

              3.1.          Rights. Each Right shall entitle the holder
thereof to receive one-seventh of one Ordinary Share upon the happening of an Exchange Event (described below). No additional consideration
shall be paid by a holder of Rights in order to receive his, her or its Ordinary Shares upon an Exchange Event as the purchase
price for such Ordinary Shares has been included in the purchase price for the Units. In no event will the Company be required
to net cash settle the Rights. Each holder of a Right will be required to affirmatively convert his, her or its Rights in order
to receive the 1/7 of a share underlying each right (without paying any additional consideration) upon consummation of the Exchange
Event. Each holder of a Right will be required to indicate his, her or its election to convert the Rights into the underlying shares
as well as to return the original certificates evidencing the Rights to the Company.

 

    	

    	 

    

 

              3.2.          Exchange Event. An Exchange Event shall occur
upon the Company’s consummation of an initial Business Combination (as defined in the Company’s Amended and Restated
Memorandum and Articles of Association).

 

              3.3.          Exchange of Rights.

 

                              3.3.1.          Issuance of Certificates. As soon as
practicable upon the occurrence of an Exchange Event, the Company shall direct holders of the Rights to return their Rights certificates
to the Right Agent. Upon receipt of a valid Rights certificate, the Company shall issue to the registered holder of such Right(s)
a certificate or certificates for the full number of Ordinary Shares to which he, she or it is entitled, registered in such name
or names as may be directed by him, her or it. Notwithstanding the foregoing, or any provision contained in this Rights Agreement
to the contrary, in no event will the Company be required to net cash settle the Rights. The Company shall not issue fractional
shares upon exchange of Rights. At the time of an Exchange Event, the Company will instruct the Right Agent to round down to the
nearest whole Ordinary Share.

 

                               3.3.2.          Valid Issuance. All Ordinary shares
issued upon an Exchange Event in conformity with this Agreement, and registered on the Company’s register of members, shall
be validly issued, fully paid and nonassessable.

 

                              3.3.3.          Date of Issuance. Each person in whose
name any such certificate for Ordinary Shares is issued shall for all purposes be deemed to have become the holder of record of
such shares on the date that he is registered on the Company’s register of members.

 

3.3.4          Company Not Surviving Following
Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting entity, the definitive
agreement with the target business for a Business Combination will provide for the holders of Rights to receive the same per share
consideration the holders of the Ordinary Shares will receive in such transaction, for the number of shares such holder is entitled
to pursuant to Section 3.1 above.

 

    	

    	 

    

 

              3.5           Duration of Rights. If an Exchange Event does
not occur within the time period set forth in the Company’s Amended and Restated Memorandum and Articles of Association,
as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.           Transfer and Exchange of Rights.

 

              4.1.          Registration of Transfer. The Right Agent
shall register the transfer, from time to time, of any outstanding Right upon the Right Register, upon surrender of such Right
for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon
any such transfer, a new Right certificate representing an equal aggregate number of Rights shall be issued and the old Right certificate
shall be cancelled by the Right Agent. The Right certificate(s) so cancelled shall be delivered by the Right Agent to the Company
from time to time upon request.

 

              4.2.          Procedure for Surrender of Rights. Rights
may be surrendered to the Right Agent, together with a written request for exchange or transfer, and thereupon the Right Agent
shall issue in exchange therefor one or more new Right certificate(s) as requested by the registered holder of the Rights so surrendered,
representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer bears
a restrictive legend, the Right Agent shall not cancel such Right certificate and issue new Right certificate(s) in exchange therefor
until the Right Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating
whether the new Right certificate(s) must also bear a restrictive legend.

 

              4.3.          Fractional Rights. The Right Agent shall
not be required to effect any registration of transfer or exchange which will result in the issuance of a Right certificate for
a fraction of a Right.

 

              4.4.          Service Charges. No service charge shall
be made for any exchange or registration of transfer of Rights.

 

              4.5.          Adjustments to Conversion Ratios. The number
of Ordinary Shares that the holders of Rights are entitled to receive as a result of the occurrence of an Exchange Event shall
be equitably adjusted to reflect appropriately the effect of any share split, reverse share split, share dividend, reorganization,
recapitalization, reclassification, combination, exchange of shares or other like change with respect to the Ordinary Shares occurring
on or after the date hereof and prior to the Exchange Event.

 

    	

    	 

    

 

4.6          Right Execution and Countersignature.
The Right Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Rights
required to be issued pursuant to the provisions of this Section 4, and the Company, whenever required by the Right Agent, will
supply the Right Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.          Other Provisions Relating to Rights of Holders of Rights.

 

              5.1.          No Rights as Shareholder. Until exchange
of a Right for Ordinary Shares as provided for herein, a Right does not entitle the registered holder thereof to any of the rights
of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise
any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or
the election of directors of the Company or any other matter.

 

              5.2.          Lost, Stolen, Mutilated, or Destroyed Right
Certificate(s). If any Right certificate(s) is lost, stolen, mutilated, or destroyed, the Company and the Right Agent may on such
terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Right certificate,
include the surrender thereof), issue a new Right certificate of like denomination, tenor, and date as the Right certificate so
lost, stolen, mutilated, or destroyed. Any such new Right certificate shall constitute a substitute contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Right certificate shall be at any time enforceable
by anyone.

 

              5.3.          Reservation of Ordinary Shares. The Company
shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that will be sufficient to
permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

    	

    	 

    

 

6.          Concerning the Right Agent and Other Matters.

 

              6.1.          Payment of Taxes. The Company will from time
to time promptly pay all taxes and charges that may be imposed upon the Company or the Right Agent in respect of the issuance or
delivery of Ordinary Shares upon the exchange of Rights, but the Company shall not be obligated to pay any transfer taxes in respect
of the Rights or such shares.

 

              6.2.          Resignation, Consolidation, or Merger of Right
Agent.

 

                              6.2.1.          Appointment of Successor Right Agent.
The Right Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and
liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Right Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Right Agent in place
of the Right Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in
writing of such resignation or incapacity by the Right Agent or by the holder of the Right (who shall, with such notice, submit
his, her or its Right for inspection by the Company), then the holder of any Right may apply to the Supreme Court of the State
of New York for the County of New York for the appointment of a successor Right Agent at the Company’s cost. Any successor
Right Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of
the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York,
and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state
authority. After appointment, any successor Right Agent shall be vested with all the authority, powers, rights, immunities, duties,
and obligations of its predecessor Right Agent with like effect as if originally named as Right Agent hereunder, without any further
act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Right Agent shall execute and deliver,
at the expense of the Company, an instrument transferring to such successor Right Agent all the authority, powers, and rights of
such predecessor Right Agent hereunder; and upon request of any successor Right Agent the Company shall make, execute, acknowledge,
and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Right
Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    	

    	 

    

 

                              6.2.2.          Notice of Successor Right Agent. In
the event a successor Right Agent shall be appointed, the Company shall give notice thereof to the predecessor Right Agent and
the transfer agent for the Ordinary Shares not later than the effective date of any such appointment.

 

                              6.2.3.          Merger or Consolidation of Right Agent.
Any corporation into which the Right Agent may be merged or with which it may be consolidated or any corporation resulting from
any merger or consolidation to which the Right Agent shall be a party shall be the successor Right Agent under this Agreement without
any further act.

 

              6.3.          Fees and Expenses of Right Agent.

 

                              6.3.1.          Remuneration. The Company agrees to
pay the Right Agent reasonable remuneration for its services as such Right Agent hereunder and will reimburse the Right Agent upon
demand for all expenditures that the Right Agent may reasonably incur in the execution of its duties hereunder.

 

                              6.3.2.          Further Assurances. The Company agrees
to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further
and other acts, instruments, and assurances as may reasonably be required by the Right Agent for the carrying out or performing
of the provisions of this Agreement.

 

              6.4.          Liability of Right Agent.

 

                              6.4.1.          Reliance on Company Statement. Whenever
in the performance of its duties under this Right Agreement, the Right Agent shall deem it necessary or desirable that any fact
or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless
other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by
a statement signed by the President, Chief Executive Officer or Chief Financial Officer and delivered to the Right Agent. The Right
Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

 

                              6.4.2.          Indemnity. The Right Agent shall be
liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify the Right
Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything
done or omitted by the Right Agent in the execution of this Agreement except as a result of the Right Agent’s gross negligence,
willful misconduct, or bad faith.

 

    	

    	 

    

 

                              6.4.3.          Exclusions. The Right Agent shall have
no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Right (except
its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to the
authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any Right or as to whether any Ordinary
Shares will when issued be valid and fully paid and nonassessable.

 

              6.5.          Acceptance of Agency. The Right Agent hereby
accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth.

 

              6.6          Waiver. The Right 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 Right 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.

 

7.          Miscellaneous Provisions.

 

              7.1.          Successors. All the covenants and provisions
of this Agreement by or for the benefit of the Company or the Right Agent shall bind and inure to the benefit of their respective
successors and assigns.

 

    	

    	 

    

 

              7.2.          Notices. Any notice, statement or demand
authorized by this Right Agreement to be given or made by the Right Agent or by the holder of any Right to or on the Company shall
be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company
with the Right Agent), as follows:

 

Andina Acquisition Corp. II

250 West 57th St

Suite 2223

New York, NY 10107

Attn: Chief Executive Officer

 

Any notice, statement or demand authorized by this Agreement
to be given or made by the holder of any Right or by the Company to or on the Right Agent shall be sufficiently given when so delivered
if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such
notice, postage prepaid, addressed (until another address is filed in writing by the Right Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: Robert E. McMonagle

 

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

 

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: David Alan Miller, Esq.

 

and

 

Blank Rome LLP

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn: Robert J. Mittman, Esq.

 

and

 

EarlyBirdCapital, Inc.

366 Madison Avenue

8th Floor

New York, New York 10017

Attn: General Counsel and Investment Banking Department 

Facsimile: 212-661-0200 

 

    	

    	 

    

 

              7.3.          Applicable Law. The validity, interpretation,
and performance of this Agreement and of the Rights shall be governed in all respects by 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 Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement
shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any
objection to such exclusive jurisdiction and that such courts represent an inconvenience forum. Any such process or summons to
be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 9.2 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim.

 

              7.4.          Persons Having Rights under this Agreement.
Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be
construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the
Rights and, for the purposes of Sections 3, 7.4 and 7.8 hereof, EarlyBirdCapital, any right, remedy, or claim under or by reason
of this Right Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. EarlyBirdCapital shall be deemed
to be a third-party beneficiary of this Agreement with respect to Sections 3, 7.4 and 7.8 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Right Agreement shall be for the sole and exclusive benefit of the parties hereto (and
EarlyBirdCapital with respect to the Sections 3, 7.4 and 7.8 hereof) and their successors and assigns and of the registered holders
of the Rights.

 

              7.5.          Examination of the Right Agreement. A copy
of this Agreement shall be available at all reasonable times at the office of the Right Agent in the Borough of Manhattan, City
and State of New York, for inspection by the registered holder of any Right. The Right Agent may require any such holder to submit
his, her or its Right for inspection by it.

 

    	

    	 

    

 

              7.6.          Counterparts. This Agreement may be executed
in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.

 

              7.7.          Effect of Headings. The Section headings
herein are for convenience only and are not part of this Right Agreement and shall not affect the interpretation thereof.

 

              7.8          Amendments. This Agreement may be amended
by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting
or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or
questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the registered holders. All other modifications or amendments shall require the written consent or vote
of the registered holders of a majority of the then outstanding Rights. The provisions of this Section 7.8 may not be modified,
amended or deleted without the prior written consent of EarlyBirdCapital.

 

               7.9          Severability. This Right 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 Right 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 Right Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    	

    	 

    

 

IN WITNESS WHEREOF, this Agreement has been
duly executed by the parties hereto as of the day and year first above written.

 

	 	 
	 	ANDINA ACQUISITION CORP. II
	 	 
	 	By:	 
	 	 	Name: Julio A. Torres
	 	 	Title:   Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER 

& TRUST COMPANY
	 	 
	 	By:	 
	 	 	Name:
	 	 	 Title:Exhibit 4.5

 

THE REGISTERED HOLDER OF THIS PURCHASE OPTION BY ITS ACCEPTANCE
HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE OPTION EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER
OF THIS PURCHASE OPTION AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE OPTION FOR A PERIOD
OF 180 DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) EARLYBIRDCAPITAL, INC. (“EBC”)
OR AN UNDERWRITER OR SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF EBC OR OF ANY SUCH
UNDERWRITER OR SELECTED DEALER, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2).

 

THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO THE LATER OF
THE CONSUMMATION BY ANDINA ACQUISITION CORP. II (“COMPANY”) OF A MERGER, SHARE EXCHANGE, ASSET ACQUISITION,
SHARE PURCHASE, RECAPITALIZATION, REORGANIZATION OR OTHER SIMILAR BUSINESS COMBINATION WITH ONE OR MORE ENTITIES (“BUSINESS
COMBINATION”) (AS DESCRIBED MORE FULLY IN THE COMPANY’S REGISTRATION STATEMENT (DEFINED HEREIN)) AND _________,
2016. VOID AFTER 5:00 P.M. NEW YORK CITY LOCAL TIME, ON THE EXPIRATION DATE (DEFINED HEREIN).

 

UNIT PURCHASE OPTION

 

FOR THE PURCHASE OF

 

 400,000 UNITS

 

OF

 

ANDINA ACQUISITION CORP. II

 

1.           Purchase
Option.

 

THIS CERTIFIES THAT, in consideration of $100.00 duly paid by
or on behalf of EarlyBirdCapital, Inc. (“Holder”), as registered owner of this Purchase Option, to Garnero
Group Acquisition Company (“Company”), Holder is entitled, at any time or from time to time upon
the later of the consummation of a Business Combination or [  ●  ],
2016 (“Commencement Date”), and at or before 5:00 p.m., New York City local time, on the five year anniversary
of the effective date (“Effective Date”) of the Company’s registration statement (“Registration
Statement”) pursuant to which Units are offered for sale to the public (“Offering”), but
not thereafter (“Expiration Date”), to subscribe for, purchase and receive, in whole or in part, up to
Four Hundred Thousand (400,000) units (“Units”) of the Company, each Unit consisting of one ordinary
share of the Company, par value $0.0001 per share (“Ordinary Shares”), and one right entitling the Holder
to receive one seventh (1/7) of an Ordinary Share upon consummation of a Business Combination.  Each Right is the same
as the right included in the Units being registered for sale to the public by way of the Registration Statement (the “Right(s)”).
 If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Option may
be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on
the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Option. This Purchase Option is
initially exercisable at $10.00 per Unit so purchased; provided, however, that upon the occurrence of any of the events specified
in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per Unit and the number of Units
(and Ordinary Shares and Rights) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

2.           Exercise.

 

              2.1         Exercise
Form. In order to exercise this Purchase Option, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Option and payment of the Exercise Price for the Units being purchased payable
in cash or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or
before 5:00 p.m., New York City local time, on the Expiration Date this Purchase Option shall become and be void without further
force or effect, and all rights represented hereby shall cease and expire.

 

 

    	

    	 

    

 

              2.2         Legend.
Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities
have been registered under the Securities Act of 1933, as amended (“Act”):

 

“The securities represented by this certificate have not
been registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The securities may not
be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant
to an exemption from registration under the Act and applicable state law.”

 

              2.3         Cashless
Exercise.

 

                            2.3.1           Determination
of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this Purchase Option is
exercisable (and in lieu of being entitled to receive Ordinary Shares and Rights) in the manner required by Section 2.1, the Holder
shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Purchase Option into Units
(“Cashless Exercise Right”) as follows:  upon exercise of the Cashless Exercise Right, the
Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that number of Units (or
that number of Ordinary Shares and Rights comprising that number of Units) equal to the quotient obtained by dividing (x) the “Value”
(as defined below) of the portion of the Purchase Option being converted by (y) the Current Market Value (as defined below).  The
“Value” of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a)
(i) the Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from
(b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase Option being converted.  As
used herein, the term “Current Market Value” per Unit at any date means: (A) in the event that the Units and Ordinary
Shares are still trading, (i) if the Units are listed on a national securities exchange or quoted on the OTC Bulletin Board (or
successor exchange), the average reported last sale price of the Units in the principal trading market for the Units as reported
by the exchange, Nasdaq or the Financial Industry Regulatory Authority (“FINRA”), as the case may be,
for the five trading days preceding the date in question; or (ii) if the Units are not listed on a national securities exchange
or quoted on the OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market, the average
reported last sale price for Units for the five trading days preceding the date in question for which such quotations are reported
by the Pink Sheets, LLC or similar publisher of such quotations; and (B) in the event that the Units are not still trading but
the Ordinary Share underlying the Units are still trading, the Current Market Price of the Ordinary Share multiplied by the number
of Ordinary Shares included in one Unit (including the Ordinary Shares underlying the Rights).  The “Current
Market Price” shall mean (i) if the Ordinary Shares are listed on a national securities exchange or quoted on the
OTC Bulletin Board (or successor exchange), the average reported last sale price of the Ordinary Shares in the principal trading
market for the Ordinary Share as reported by the exchange, Nasdaq or FINRA, as the case may be, for the five trading days preceding
the date in question; (ii) if the Ordinary Shares are not listed on a national securities exchange or quoted on the OTC Bulletin
Board (or successor exchange), but are traded in the residual over-the-counter market, the average reported last sale price for
the Ordinary Share on for the five trading days preceding the date in question for which such quotations are reported by the Pink
Sheets, LLC or similar publisher of such quotations; and (iii) if the fair market value of the Ordinary Share cannot be determined
pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith.

 

                            2.3.2           Mechanics
of Cashless Exercise. The Cashless Exercise Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number
of Units the Holder will purchase pursuant to such Cashless Exercise Right.

 

              2.4         No
Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will
the Company be required to net cash settle the exercise of the Purchase Option or the Rights underlying the Purchase Option. The
holder of the Purchase Option will not be entitled to exercise the Purchase Option unless it exercises such Purchase Option pursuant
to the Cashless Exercise Right or a registration statement is effective, or an exemption from the registration requirements is
available at such time and, if the holder is not able to exercise the Purchase Option, the Purchase Option will expire worthless.

 

    	

    	 

    

 

3.           Transfer.

 

              3.1         General
Restrictions. The registered Holder of this Purchase Option, by its acceptance hereof, agrees that it will not sell, transfer,
assign, pledge or hypothecate this Purchase Option (or the Ordinary Shares and Rights underlying this Purchase Option) for a period
of 180 days pursuant to FINRA Conduct Rule 5110(g)(1) following the Effective Date to anyone other than (i) EBC or an underwriter
or selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of EBC or of any such underwriter
or selected dealer. On and after the first anniversary of the Effective Date, transfers to others may be made subject to compliance
with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company
the assignment form attached hereto duly executed and completed, together with the Purchase Option and payment of all transfer
taxes, if any, payable in connection therewith. The Company shall within five business days transfer this Purchase Option on the
books of the Company and shall execute and deliver a new Purchase Option or Purchase Options of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as
shall be contemplated by any such assignment.

 

              3.2         Restrictions
Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred unless and until (i) the
Company has received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from
registration under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction
of the Company (the Company hereby agreeing that the opinion of Graubard Miller shall be deemed satisfactory evidence of the availability
of an exemption), or (ii) a registration statement or a post-effective amendment to the Registration Statement relating to
such securities has been filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”)
and compliance with applicable state securities law has been established.

 

4.           New
Purchase Options to be Issued.

 

              4.1         Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in
whole or in part.  In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except
to the extent that the Holder elects to exercise this Purchase Option by means of a cashless exercise as provided in Section 2.3
above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new Purchase Option of like
tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable
hereunder as to which this Purchase Option has not been exercised or assigned.

 

              4.2         Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver
a new Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft,
mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

  
 

5.           Registration
Rights.

 

              5.1         Demand
Registration.

 

                            5.1.1           Grant
of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least
51% of the Purchase Options and/or the underlying Units and/or the underlying securities (“Majority Holders”),
agrees to use its best efforts to register (the “Demand Registration”) under the Act on one occasion,
all or any portion of the Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Options, including the Units, Ordinary Shares, and the Ordinary Shares underlying the Rights (collectively,
the “Registrable Securities”). On such occasion, the Company will use its best efforts to file a registration
statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty days after
receipt of the Initial Demand Notice and use its best efforts to have such registration statement or post-effective amendment declared
effective as soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning
on the Effective Date.  The Initial Demand Notice shall specify the number of shares of Registrable Securities proposed
to be sold and the intended method(s) of distribution thereof. The Company will notify all holders of the Purchase Options and/or
Registrable Securities of the demand within ten days from the date of the receipt of any such Initial Demand Notice. 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 fifteen (15) 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 5.1.4. The Company shall not be obligated to effect more than one (1) Demand Registration under this Section 5.1 in
respect of all Registrable Securities.

 

    	

    	 

    

 

                            5.1.2           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.

 

                            5.1.3           Underwritten
Offering. If the Majority Holders so elect and such holders so advise the Company as part of the Initial Demand Notice, 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 the Majority
Holders.

 

                          5.1.4           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; (iii) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing clauses (i)
and (ii), the Ordinary Shares or other securities registrable pursuant to the terms of the Registration Rights Agreement between
the Company and the initial investors in the Company and EBC (and/or its designees), dated as of June 25, 2014 (the “Registration
Rights Agreement” and such registrable securities, the “Investor Securities”) as to which
“piggy-back” registration has been requested by the holders thereof, Pro Rata, that can be sold without exceeding the
Maximum Number of Shares; and (iv) fourth, to the extent that the Maximum Number of Shares have not been reached under the
foregoing clauses (i), (ii), and (iii), 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.

 

                            5.1.5           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 the Company does not have to
continue its obligations under Section 5.1 with respect to such proposed offering.

 

                            5.1.6           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders
shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register the
Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event
shall the Company be required to register the Registrable Securities in a state in which such registration would cause (i) the
Company to be obligated to qualify to do business in such state, or would subject the Company to taxation as a foreign corporation
doing business in such jurisdiction or (ii) the principal shareholders of the Company to be obligated to escrow their ordinary
shares of the Company. The Company shall use its best efforts to cause any registration statement or post-effective amendment filed
pursuant to the demand rights granted under Section 5.1.1 to remain effective for a period of nine consecutive months from the
effective date of such registration statement or post-effective amendment.

 

    	

    	 

    

 

5.2         Piggy-Back
Registration.

 

5.2.1              Piggy-Back
Rights. If at any time during the seven year period commencing on the Effective Date, the Company proposes to file a registration
statement under the 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 5.1), other than a registration
statement (i) filed in connection with any employee share 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 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.

 

5.2.2              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 written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 5.2, 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) first, the Ordinary Shares or other securities that the
Company desires to sell 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, if
any, comprised of  Registrable Securities and Investor 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) third, 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;

 

(b)           If
the registration is a “demand” registration undertaken at the demand of holders of Investor Securities, (A) first,
the Ordinary Shares or other securities for the account of the demanding persons, Pro Rata, 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), the shares of Registrable Securities, Pro Rata, 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; and

 

    	 

    	 

    

 

(c)           If
the registration is a “demand” registration undertaken at the demand of persons other than either the holders of Registrable
Securities or of Investor 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 and Investor Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof and of
the Registration Rights Agreement, as applicable, 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.

 

5.2.3              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 5.2.4.

 

5.2.4              Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any
legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders
shall pay any and all underwriting commissions related to the Registrable Securities. In the event of such a proposed registration,
the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice
prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for
each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until
such time as all of the Registrable Securities have been registered and sold. The Holders of the Registrable Securities shall
exercise the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the
Company’s notice of its intention to file a registration statement. The Company shall use its best efforts to cause any
registration statement filed pursuant to the above “piggyback” rights to remain effective for at least nine months
from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities.

 

5.3         General
Terms.

 

5.3.1              Indemnification.
The Company shall, to the fullest extent permitted by applicable law, indemnify the Holder(s) of the Registrable Securities to
be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning
of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”),
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise)
to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the
underwriters contained in Section 5 of the Underwriting Agreement between the Company, EBC and the other underwriters named therein
dated the Effective Date. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and
their successors and assigns, shall severally, and not jointly, indemnify the Company, its officers and directors and each person,
if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all
loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred
in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange
Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing,
for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained
in Section 5 of the Underwriting Agreement pursuant to which the underwriters have agreed to indemnify the Company.

 

5.3.2              Exercise
of Purchase Options. Nothing contained in this Purchase Option shall be construed as requiring the Holder(s) to exercise their
Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement
or the effectiveness thereof.

 

    	 

    	 

    

 

5.3.3              Documents
Delivered to Holders. The Company shall furnish EBC, as representative of the Holders participating in any of the foregoing
offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, a
letter dated the date of the closing under the underwriting agreement) signed by the independent public accountants who have issued
a report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of
issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public offerings of securities.
The Company shall also deliver promptly to EBC, as representative of the Holders participating in the offering, the correspondence
and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit
EBC, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained
in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules
of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business of
the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often
as EBC, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any confidential
information or other records to EBC, as representative of the Holders, or to any other person, until and unless such persons shall
have entered into reasonable confidentiality agreements (in form and substance reasonably satisfactory to the Company), with the
Company with respect thereto.

 

5.3.4              Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any
Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably
acceptable to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and
such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms
as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any
underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that
any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also
be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to
or agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution.
Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling shareholders
as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute
appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement and other documents
relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company
such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities
as shall be reasonably required to effect the registration of the Registrable Securities.

 

5.3.5              Rule
144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant
to Sections 5.1 or 5.2 to use its best efforts to obtain the registration of Registrable Securities held by any Holder (i) where
such Holder would then be entitled to sell under Rule 144 within any three-month period (or such other period prescribed under
Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the
number of Registrable Securities held by such Holder is within the volume limitations under paragraph (e) of Rule 144 (calculated
as if such Holder were an affiliate within the meaning of Rule 144).

 

5.3.6              Supplemental
Prospectus. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a result
of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant
to the registration statement covering such Registrable Securities until such Holder’s receipt of the copies of a supplemental
or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of such destruction) all copies, other than permanent file copies then in
such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such
notice.

 

    	 

    	 

    

 

6.           Adjustments.

 

6.1         Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1              Share
Dividends - Split-Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is increased by a share dividend payable in Ordinary Shares or by a split-up of Ordinary Shares or other similar
event, then, on the effective date thereof, the number of Ordinary Shares underlying each of the Units purchasable hereunder shall
be increased in proportion to such increase in outstanding shares. In such case, the number of Ordinary Shares, and the exercise
price applicable thereto, underlying the Rights underlying each of the Units purchasable hereunder shall be adjusted in accordance
with the terms of the Rights.

 

6.1.2              Aggregation
of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding Ordinary Shares
is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective
date thereof, the number of Ordinary Shares underlying each of the Units purchasable hereunder shall be decreased in proportion
to such decrease in outstanding shares. In such case, the number of Ordinary Shares, and the exercise price applicable thereto,
underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the
Warrants.

 

6.1.3              Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary Shares
other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Ordinary Shares, or
in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger
in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding
Ordinary Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as
an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Option
shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to receive upon the exercise
hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares
or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation,
or upon a dissolution following any such sale or transfer, by a Holder of the number of Ordinary Shares of the Company obtainable
upon exercise of this Purchase Option and the underlying Rights immediately prior to such event; and if any reclassification also
results in a change in Ordinary Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections
6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, mergers or consolidations, sales or other transfers.

 

6.1.4              Changes
in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section,
and Purchase Options issued after such change may state the same Exercise Price and the same number of Units as are stated in
the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase
Options reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the
Commencement Date or the computation thereof.

 

6.2         Substitute
Purchase Option. In case of any consolidation of the Company with, or merger of the Company with, or merger of the Company
into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the
outstanding Ordinary Shares), the corporation formed by such consolidation or merger shall execute and deliver to the Holder a
supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have
the right thereafter (until the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option,
the kind and amount of shares and other securities and property receivable upon such consolidation or merger, by a holder of the
number of Ordinary Shares of the Company for which such Purchase Option might have been exercised immediately prior to such consolidation,
merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be identical to the adjustments
provided in Section 6. The above provision of this Section shall similarly apply to successive consolidations or mergers.

 

6.3         Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares
upon the exercise of the Purchase Option, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests,
it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest
whole number, Ordinary Shares or other securities, properties or rights.

 

    	 

    	 

    

 

7.           Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized but unissued Ordinary Shares,
solely for the purpose of issuance upon exercise of the Purchase Options (including the Ordinary Shares underlying the Rights)
underlying the Purchase Option, such number of Ordinary Shares or other securities, properties or rights as shall be issuable
upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise
Price therefor, all Ordinary Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid
and non-assessable and not subject to preemptive rights of any shareholder. As long as the Purchase Options shall be outstanding,
the Company shall use its best efforts to cause all (i) Units and Ordinary Shares issuable upon exercise of the Purchase Options
(including the Ordinary Shares underlying the Rights) and (ii) Rights issuable upon exercise of the Purchase Options to be listed
(subject to official notice of issuance) on all securities exchanges (or, if applicable on the OTC Bulletin Board or any successor
trading market) on which the Units or the Ordinary Shares issued to the public in connection herewith may then be listed and/or
quoted.

 

8.           Certain
Notice Requirements.

 

8.1         Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as
a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company.
If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section
8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days
prior to the date fixed as a record date or the date of closing the transfer books for the determination of the shareholders entitled
to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed
dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer
books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given
to the other shareholders of the Company at the same time and in the same manner that such notice is given to the shareholders.

 

8.2         Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive
a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained
earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company
shall offer to all the holders of its Ordinary Shares any additional shares of the Company or securities convertible into or exchangeable
for shares of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding
up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property,
assets and business shall be proposed.

 

8.3         Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price
Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and
accurate by the Company’s President and Chief Financial Officer.

 

8.4         Transmittal
of Notices. All notices, requests, consents and other communications under this Purchase Option shall be in writing and shall
be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered
Holder of the Purchase Option, to the address of such Holder as shown on the books of the Company, or (ii) if to the Company,
to the following address or to such other address as the Company may designate by notice to the Holders:

 

Andina
Acquisition Corp. II

250 West
57th Street – Suite 2223

New York,
New York 10107

Attn:
Mr. Julio A. Torres. Chief Executive Officer

Fax.:
[  ●  ]

Email:
[  ●  ]

 

9.           Miscellaneous.

 

9.1         Amendments.
The Company and EBC may from time to time supplement or amend this Purchase Option without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the
Company and EBC may deem necessary or desirable and that the Company and EBC deem shall not adversely affect the interest of the
Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement
of the modification or amendment is sought.

 

    	 

    	 

    

 

9.2         Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Purchase Option.

 

9.3         Entire
Agreement. This Purchase Option (together with the other agreements and documents being delivered pursuant to or in connection
with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and
supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4         Binding
Effect. This Purchase Option shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and
their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed
to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Option or any provisions
herein contained.

 

9.5         Governing
Law; Submission to Jurisdiction. This Purchase Option shall be governed by and construed and enforced in accordance with the
laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Purchase Option shall be resolved through final and biding
arbitration in accordance with the International Arbitration Rules of the American Arbitration Association (“AAA”).  The
arbitration shall be brought before the AAA International Center for Dispute Resolution’s offices in New York City, New
York, will be conducted in English and will be decided by a panel of three arbitrators selected from the AAA Commercial Disputes
Panel and that the arbitrator panel’s decision shall be final and enforceable by any court having jurisdiction over the
party from whom enforcement is sought.  The cost of such arbitrators and arbitration services, together with the prevailing
party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed by the arbitrators.  The
Company hereby appoints, without power of revocation, Graubard Miller, 405 Lexington Avenue New York, New York 10174 Fax No.:
(212) 818-8881 Attn: David Alan Miller, Esq., as agent to accept and acknowledge on its behalf service of any and all process
which may be served in any arbitration, action, proceeding or counterclaim in any way relating to or arising out of this Purchase
Option.

 

9.6         Waiver,
Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Purchase Option shall not
be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or
any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Purchase
Option. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Option shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is
sought; and no waiver of any such breach, non-compliance or non- fulfillment shall be construed or deemed to be a waiver of any
other or subsequent breach or non-compliance.

 

9.7         Execution
in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and
the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and
delivered to each of the other parties hereto.

 

9.8         Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Purchase Option, Holder agrees that, at any
time prior to the complete exercise of this Purchase Option by Holder, if the Company and EBC enter into an agreement (“Exchange
Agreement”) pursuant to which they agree that all outstanding Purchase Options will be exchanged for securities
or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized officer as of the 25th day of
June, 2014.

 

	
	 	ANDINA ACQUISITION CORP. II
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 

    	 

    

 

 

Form to be used to exercise Purchase Option:

 

Andina Acqusition Corp. II

250 West 57th Street – Suite 2223

New York, New York 10107

Attn: Mr. Julio A. Torres. Chief Executive Officer

Fax.: [  ·  ]

Email: [  ·  ]

 

Date:_________________, 20___

 

The undersigned hereby elects irrevocably
to exercise all or a portion of the within Purchase Option and to purchase ____ Units of Andina Acquisition Corp. II and hereby
makes payment of $____________ (at the rate of $_________ per Unit) in payment of the Exercise Price pursuant thereto. Please issue
the securities as to which this Purchase Option is exercised in accordance with the instructions given below.

 

or

 

The undersigned hereby elects irrevocably
to convert its right to purchase _________ Units purchasable under the within Purchase Option by surrender of the unexercised portion
of the attached Purchase Option (with a “Value” based of $_______ based on a “Market Price” of $_______).
Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the instructions
given below.

 

	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

 

    	 

    	 

    

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name

 

	 
	(Print in Block Letters)

 

Address

 

	 

 

    	 

    	 

    

 

Form to be used to assign Purchase Option:

 

ASSIGNMENT

 

(To be executed by the registered Holder
to effect a transfer of the within Purchase Option):

 

FOR VALUE RECEIVED,______________________________________________
does hereby sell, assign and transfer unto___________________________________________ the right to purchase __________ Units of
Andina Acquisition Corp. II (“Company”) evidenced by the within Purchase Option and does hereby authorize
the Company to transfer such right on the books of the Company.

 

Dated: ___________________, 20__

 

	 	 
	 	Signature
	 	 
	 	 
	 	NOTICE:  The signature to this assignment must correspond with the name as written upon the face of the purchase option in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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