Document:

ADDITIONAL SHARES ESCROW AGREEMENT

 

ADDITIONAL SHARES
ESCROW AGREEMENT (“Agreement”) dated [_________], 2013 by and among [Andina Acquisition Corporation]1,
a Cayman Islands corporation (“Parent”), [______], acting as the representative of the recipients (the
“Recipients”) of the Parent Ordinary Shares (the “Representative”), [               ], acting
as the committee (the “Committee”) representing the interests of Parent, and Continental Stock Transfer &
Trust Company, as escrow agent (the “Escrow Agent”). Capitalized terms used herein that are not otherwise defined
herein shall have the meanings ascribed to them in the Merger Agreement (as defined below).

 

Parent is party to
that certain Agreement and Plan of Reorganization, dated as of [____], 2013 (the “Merger Agreement”).
Pursuant to Section 1.14 of the Merger Agreement, the Recipients shall be entitled to receive additional Parent Ordinary Shares
(the “EBITDA Shares”) upon the occurrence of specified Earnout Targets. The parties desire to establish an escrow
fund for the satisfaction of the foregoing obligation under the Merger Agreement. The Representative has been designated pursuant
to Letters of Transmittal executed and delivered to Parent by each Recipient to represent all of the Recipients and to act on their
behalf for purposes of this Agreement.

 

The parties agree as
follows:

 

1.            (a)          Concurrently
with the execution hereof, 3,000,000 Parent Ordinary Shares that may be released to the Recipients as a group in accordance with
the Merger Agreement are being delivered to the Escrow Agent as the EBITDA Shares to be held and distributed in accordance with
this Agreement and Section 1.14 of the Merger Agreement.

 

(b)          The
Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard and disburse the EBITDA Shares solely pursuant to the
terms and conditions hereof. The Escrow Agent’s duties hereunder shall terminate upon its distribution of the EBITDA Shares
in accordance with this Agreement.

 

(c)          The
EBITDA Shares shall not be deemed outstanding (and no dividends shall be payable with respect thereto) and no Recipient shall have
any rights (including any ownership or voting rights) therein until such time, if ever, that the EBITDA Shares are released to
the Recipients as provided herein and in accordance with Section 1.14 of the Merger Agreement; provided, however, that the EBITDA
Shares shall be adjusted by Parent as follows:

 

(i)          if
Parent shall change shares of its capital stock into the same or a different number of securities of any other class or classes
(by way of merger, consolidation, reorganization, or any other transaction), the EBITDA Shares shall be converted into such kind
and number of securities as they would have been changed into had they been deemed outstanding at the time of such change;

 

 

1 [Name to be
changed at closing.]

 

    	 

    	 

    

 

(ii)         if
Parent shall split, subdivide or combine any of its capital stock into a different number of securities, then the number of EBITDA
Shares shall be proportionately adjusted; and

 

(iii)        if
the holders of the type of securities comprising the EBITDA Shares shall have received, or, on or after the record date fixed for
the determination of eligible holders, shall have become entitled to receive, without payment therefor, other or additional stock
or other securities of Parent by way of a dividend or distribution, then and in each case, the EBITDA Shares shall represent the
right to receive from Parent at the time they are released from the escrow hereunder, in addition to the EBITDA Shares themselves,
and without payment of any additional consideration therefor, the amount of such other or additional stock or other securities
of Parent that would have been payable in respect of the EBITDA Shares had they been deemed outstanding at the time of such dividend
or distribution (and such dividend or distribution shall be deemed part of the EBITDA Shares for purposes of this Section
1(c)).

 

2.          Not
later than [ten (10)] business days after the date Parent has filed with the SEC its Annual Report for each fiscal year
for which an Earnout Target is identified in Section 1.14 of the Merger Agreement, the Committee and the Representative shall deliver
a joint notice (the “EBITDA Shares Notice”) to the Escrow Agent (i) specifying whether the Earnout Target for
that fiscal year has been met, and (ii) if such Earnout Target has been met, instructing the Escrow Agent to release an aggregate
number of EBITDA Shares to the Recipients equal to the applicable number of EBITDA Shares set forth under Section 1.14 of the Merger
Agreement, including any number of EBITDA Shares to be released in accordance with Section 1.14(g) of the Merger Agreement, or
(iii) if the Earnout Target has not been met and the subject Fiscal Year is the year ended February 29, 2016, instructing the Escrow
Agent to release all remaining EBITDA Shares to Parent for cancellation.

 

3.          Notwithstanding
anything to the contrary contained in this Agreement, no portion of the EBITDA Shares shall be delivered to any Recipient until
such time as same has delivered a properly executed Letter of Transmittal as provided by Section 1.6 of the Merger Agreement. In
the event a distribution of a portion of the EBITDA Shares is to made to a Recipient who has not executed and delivered such Letter
of Transmittal, the portion of the EBITDA Shares to which the Recipient is otherwise entitled shall be delivered in trust to Parent,
which shall hold such portion of the EBITDA Shares pending delivery of such Letter of Transmittal or expiration of any period resulting
in escheatment or forfeiture of same.

 

4.          Parent
and the Representative shall cooperate in all respects with one another in the calculation of any amounts determined to be payable
or issuable in accordance with this Agreement and in implementing the procedures necessary to effect such payments. For all purposes
under this Agreement, Parent shall act through the Committee.

 

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

 

    	-2-

    	 

    

 

 

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

 

(c)          The
Escrow Agent’s sole responsibility upon receipt of any notice requiring any issuance of EBITDA Shares under the terms of
this Agreement or the settlement with respect to any dispute, whether by virtue of joint resolution or determination of a court
of competent jurisdiction, is to issue the number of EBITDA Shares specified in such notice to the party indicated, and the Escrow
Agent shall have no duty to determine the validity, authenticity or enforceability of any specification or certification made in
such notice.

 

(d)          The
Escrow Agent shall not be liable for any action taken by it in good faith, and may consult with counsel of its own choice and shall
have full and complete authorization and indemnification under Section 5(f), below, for any action taken or suffered by it hereunder
in good faith and in accordance with the opinion of such counsel.

 

(e)          The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by giving the other parties hereto
thirty (30) days’ written notice of such resignation. Such resignation shall become effective at such time that the Escrow
Agent shall turn over the EBITDA Shares to a successor escrow agent appointed jointly by the Committee and the Representative.
If no new escrow agent is so appointed within the sixty (60) day period following the giving of such notice of resignation, the
Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate
relief, and deposit the Escrow Fund with such successor escrow agent appointed thereby.

 

(f)          (i)          From
and at all times after the date of this Agreement, Parent shall, to the fullest extent permitted by law and to the extent provided
herein, indemnify and hold harmless the Escrow Agent and each director, officer, employee, attorney, agent and affiliate of the
Escrow Agent (collectively, the “Escrow Agent Parties”) against any and all actions, claims, losses, damages,
liabilities, costs and expenses of any kind or nature whatsoever (including without limitation reasonable fees, costs and expenses
of one outside counsel (but not internal counsel)) (collectively, for purposes of this Section 5(f), “Losses”)
actually incurred by any of the Escrow Agent Parties from and after the date hereof as a result of or arising from or in any way
relating to any claim, demand, suit, action or proceeding (including any inquiry or investigation) by any person, including, without
limitation, Parent or the Recipients asserting a claim for any legal or equitable remedy against any person under any statute or
regulation, including, but not limited to, any federal or state securities laws, or under any common law or equitable cause or
otherwise, arising from or in connection with the negotiation, preparation, execution, performance or failure of performance of
this Agreement or any transactions contemplated herein, whether or not any such Escrow Agent Party is a party to any such action,
proceeding, suit or the target of any such inquiry or investigation; provided, however, that no Escrow Agent Party
shall have the right to be indemnified hereunder for (i) any Losses to the extent they are finally determined by a court of competent
jurisdiction, subject to no further appeal, to be attributable to the gross negligence or willful misconduct of such Escrow Agent
Party or (ii) any settlements entered into by an Escrow Agent Party without Parent’s written consent which shall not be unreasonably
withheld.

 

    	-3-

    	 

    

 

 

(ii)         If
any such action or claim shall be brought or asserted against any Escrow Agent Party, such Escrow Agent Party shall promptly notify
the Representative and the Committee in writing, and Parent shall assume the defense thereof, including the employment of counsel
and the payment of all reasonable expenses. Such Escrow Agent Party shall, in its sole discretion, have the right to employ separate
counsel (who may be selected by such Escrow Agent Party in its sole discretion) in any such action and to participate in the defense
thereof, and the reasonable fees and expenses of such counsel shall be paid by such Escrow Agent Party, except that Parent shall
be required to pay such reasonable fees and expenses if (i) Parent agrees to pay such reasonable fees and expenses, (ii) Parent
shall fail to assume the defense of such action or proceeding or shall fail, in the reasonable discretion of such Escrow Agent
Party, to employ counsel satisfactory to the Escrow Agent Party in any such action or proceeding, (iii) Parent or the Recipients
are the plaintiff in any such action or proceeding or (iv) the named or potential parties to any such action or proceeding (including
any potentially impleaded parties) include both the Escrow Agent Party and Parent and/or the Recipients, and the Escrow Agent Party
shall have been advised by counsel that there may be one or more legal defenses available to it which are different from or additional
to those available to Parent or the Recipients. All such reasonable fees and expenses payable by Parent pursuant to the immediately
preceding sentence shall be paid from time to time as incurred, both in advance of and after the final disposition of such action
or claim. The obligations of Parent under this Section 5(f) shall survive any termination of this Agreement and the resignation
or removal of the Escrow Agent.

 

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

 

(g)          The
Escrow Agent shall be entitled to reasonable compensation from Parent for all services rendered by it hereunder as set forth on
Schedule 5(g) hereto. The Escrow Agent shall also be entitled to reimbursement from Parent for all reasonable, documented
out-of-pocket expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all
reasonable counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges.

 

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

 

    	-4-

    	 

    

 

 

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

 

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

 

8.          All
disputes arising under this Agreement between the Committee and the Representative, including a dispute arising from a party’s
failure or refusal to sign a Joint Notice or to deliver any notice or other document required hereunder, shall be resolved in the
same manner as disputes under the Merger Agreement are to be resolved pursuant to Section 10.12 thereof. The Committee and the
Representative each hereby consent to the exclusive jurisdiction of the federal and state courts sitting in New York County, New
York, with respect to any claim or controversy arising out of this Agreement. Service of process in any action or proceeding brought
against the Committee or the Representative in respect of any such claim or controversy may be made upon it pursuant to Section
9.

 

9.          All
notices and other communications under this Agreement shall be in writing and shall be deemed given if given by hand or delivered
by nationally recognized overnight carrier, or if given by telecopier and confirmed by mail (registered or certified mail, postage
prepaid, return receipt requested), to the respective parties as follows:

 

A.           If
to the Committee, to it at:

 

[            ]

[            ]

Attention:

Facsimile: [              ]

 

with a copy to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174-1901

Attention: David Alan Miller, Esq.

Facsimile: 212-818-8881

 

B.           If
to the Representative, to [him/her] at:

 

[              ]

 

    	-5-

    	 

    

 

[                 ]

Attention:

Facsimile: [              ]

 

with a copy to:

Arnstein & Lehr LLP

200 South Biscayne Boulevard, Suite
3600

Miami, Florida 33131

Attention: Phillip M. Hudson III,
Esq. 

Facsimile: [___________]

 

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

 

Continental Stock Transfer & Trust
Company

17 Battery Place

New York, New York 10004

Attention: Compliance Department

Facsimile: 212-509-5150

 

D.           If
to Parent, to it at:

 

[Andina Acquisition Corporation]

Avenida Circunvalar a 100 mts de la
Via 40

Barrio Las Flores Barranquilla, Colombia

Attention: Jose Manuel Daes

Facsimile: [___________]

 

with a copy to:

 

Arnstein & Lehr LLP

200 South Biscayne Boulevard, Suite
3600

Miami, Florida 33131

Attention: Phillip M. Hudson III,
Esq.

Facsimile: [___________]

 

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

 

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

 

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

 

    	-6-

    	 

    

  

(c)          When
reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise specified.

 

    	-7-

    	 

    

 

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

 

	 	[ANDINA ACQUISITION CORPORATION]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	REPRESENTATIVE:
	 	 	 
	 	 
	 	 	 
	 	COMMITTEE:
	 	 	 
	 	 
	 	 	  
	 	 
	 	 	 
	 	ESCROW AGENT:
	 	 
	 	CONTINENTAL STOCK TRANSFER &
	 	  TRUST COMPANY
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:  	 

  

    	-8-

    	 

    

 

Schedule
5(g) 

 

	Amount	 	Description
	 	 	 
	$[300] per month	 	From the date hereof until the termination of the Escrow Agent’s duties pursuant to Section 1(b).

 

    	-9-EXHIBIT D

 

LOCK-UP AGREEMENT

 

[__________], 2013

 

[Andina
Acquisition Corporation]1

[_________]

[_________]

[_________]

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain Agreement and Plan of Reorganization (the “Merger Agreement”), dated as of [____________], 2013,
by and among Andina Acquisition Corporation (n/k/a [_________]) (“Parent”), Andina Merger Sub, Inc., Tecnoglass S.A.
and C.I. Energia Solar S.A. E.S. Windows. Capitalized terms used herein and not otherwise defined shall have the meanings set forth
in the Merger Agreement.

 

As a condition to closing
the transactions contemplated by the Merger Agreement, and for other good and valuable consideration
the receipt of which is hereby acknowledged, the undersigned hereby agrees that, without the prior written consent of the
Committee, the undersigned will not, during the period beginning on the Closing Date and ending on the earlier of (a) one year
after the Closing Date and (b) the date on which Parent consummates a liquidation, merger, stock exchange or other similar transaction
that results in all of the holders of Parent Ordinary Shares having the right to exchange their shares of Parent Ordinary Shares
for cash, securities or other property:

 

		(1)	sell or offer or contract to sell or offer, grant any option or warrant for the sale of, assign,
transfer, pledge, hypothecate, or otherwise encumber or dispose of any legal or beneficial interest in any Parent Ordinary Shares,
issued to the undersigned pursuant to the Merger Agreement (the “Restricted Securities”),

 

		(2)	enter into any swap or any other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of any of the Restricted Securities, whether such swap transaction
is to be settled by delivery of any Restricted Securities or other securities of any person, in cash or otherwise, or

 

		(3)	publicly disclose the intention to make any offer, sale, pledge or disposition, or to enter into
any transaction, swap, hedge or other arrangement relating to any of the Restricted Securities (any of the foregoing actions all
being referred to as a “Transfer”).

 

Notwithstanding the
foregoing limitations, the undersigned may, either during the undersigned’s lifetime or on the undersigned’s death,
Transfer any or all of the Restricted Securities:

 

(i)          to the
officers or directors of Parent or the Family Members (as defined below) of any of Parent's officers or directors, or any Affiliate
of the undersigned;

 

 

1 [Name
to be changed at closing.]

 

    	 

    	 

    

 

(ii)          by
gift, will, intestate succession, judicial decree or other transfer to the undersigned’s Family Members or to a trust, corporation,
partnership or limited liability company, the beneficiaries, stockholders, partners or members of which are the undersigned’s
Family Members or a charitable organization;

 

(iii)          by
virtue of the laws of descent and distribution upon the death of the undersigned;

 

(iv)          pursuant
to a qualified domestic relations order;

 

(v)          to
any partner, stockholder, or member of the undersigned;

 

(vi)          by
certain pledges to secure obligations incurred in connection with purchases of Parent’s securities; or

 

(vii)          in
a transaction that does not involve a public offering (as such term is used in the Federal securities laws of the United States)
and is not made through a securities exchange or an over-the-counter securities market;

 

provided, however, that in each and any
such event it shall be a condition thereto that the transferee becomes bound by the provisions of this Lock-Up Agreement. For purposes
of this Lock-Up Agreement, “Family Member” shall mean the spouse, lineal descendants, stepchildren, father, mother,
brother or sister of the transferor or of the transferor’s spouse.

 

In furtherance of the
foregoing, Parent, and any duly appointed transfer agent for the registration or Transfer of the Restricted Securities, are hereby
authorized and instructed to apply to any certificates representing Restricted Securities issued to the undersigned and/or its
permitted transferees the appropriate legend to reflect the existence and general terms of this Lock-Up Agreement and to decline
to make any Transfer of Restricted Securities if such Transfer would constitute a violation or breach of this Lock-Up Agreement.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement.

 

This Lock-Up Agreement
and any claim, controversy or dispute arising under or related to this Lock-Up Agreement shall be governed by and construed in
accordance with the laws of the State of New York regardless of the law that might otherwise govern under applicable principles
of conflicts of law thereof.

 

[Signature page follows]

 

    	2

    	 

    

 

SIGNATURE PAGE TO THE LOCK-UP AGREEMENT

 

	 	 	 
	Signature	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Address:

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