Document:

Exhibit 10.9

 

STRYVE
FOODS, Inc.

2021
OMNIBuS INCENTIVE PLAN

 

1.
Purpose and Effective Date.

 

(a)
Purpose. The Stryve Foods, Inc. 2021 Omnibus Incentive Plan (the “Plan”) has two complementary purposes: (i)
to attract and retain outstanding individuals to serve as officers, directors, employees, and consultants, and (ii) to increase
stockholder value. The Plan will provide participants incentives to increase stockholder value by offering the opportunity to
acquire shares of the Company’s common stock, receive monetary payments based on the value of such common stock, or receive
other incentive compensation, on the potentially favorable terms that this Plan provides.

 

(b)
Effective Date. The Plan will come into existence on the Effective Date. However, no Options or Stock Appreciation Rights
will be exercised; no Restricted Stock Units, Performance Shares or Performance Units valued in relation to Shares will vest or
be earned; no Restricted Stock or other Stock-based awards will be granted; and no Cash Incentive Award will be paid, unless and
until the Plan has been approved by the stockholders of the Company, which approval must occur no later than twelve (12) months
after the Effective Date. The Plan will terminate as provided in Section 15.

 

2.
Definitions. Capitalized terms used and not otherwise defined in this Plan or in any
Award agreement have the following meanings:

 

(a)
“Administrator” means the Board or the Committee; provided that, to the extent the Board or the Committee
has delegated authority and responsibility as an Administrator of the Plan to one or more committees or officers of the Company
as permitted by Section 3(b), the term “Administrator” shall also mean such committee(s) and/or officer(s).

 

(b)
“Affiliate” has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. Notwithstanding the
foregoing, for purposes of determining those individuals to whom an Option or a Stock Appreciation Right may be granted, the term
“Affiliate” means any entity that, directly or through one or more intermediaries, is controlled by or is under common
control with, the Company within the meaning of Code Sections 414(b) or (c); provided that, in applying such provisions,
the phrase “at least 20 percent” shall be used in place of “at least 80 percent” each place it appears
therein.

 

(c)
“Applicable Exchange” means the national securities exchange or automated trading system on which the Stock
is principally traded at the applicable time.

 

(d)
“Award” means a grant of Options, Stock Appreciation Rights, Performance Shares, Performance Units, Stock,
Restricted Stock, Restricted Stock Units, a Cash Incentive Award, or any other type of award permitted under this Plan.

 

(e)
“Board” means the Board of Directors of the Company.

 

(f)
“Cash Incentive Award” means the right to receive a cash payment to the extent Performance Goals are achieved
(or other requirements are met), as described in Section 10.

 

(g)
“Cause” means, with respect to a Participant, one of the following, which are listed in order of priority:

 

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(i)
the meaning given in a Participant’s employment, retention, change of control, severance or similar agreement with the Company
or any Affiliate; or if none then

 

(ii)
the meaning given in the Award agreement; or if none then

 

(iii)
the meaning given in the Company’s employment policies as in effect at the time of the determination (or if the determination
of Cause is being made within two years following a Change of Control, the meaning given in the Company’s employment policies
as in effect immediately prior to the Change of Control); or if none then

 

(iv)
the occurrence of any of the following: (x) the repeated failure or refusal of the Participant to follow the lawful directives
of the Company or an Affiliate (except due to sickness, injury or disabilities), (y) gross inattention to duty or any other willful,
reckless or grossly negligent act (or omission to act) by the Participant, which, in the good faith judgment of the Company, could
result in a material injury to the Company or an Affiliate including but not limited to the repeated failure to follow the policies
and procedures of the Company, or (z) the commission by the Participant of a felony, or other crime involving moral turpitude,
or the commission by the Participant of an act of financial dishonesty against the Company or an Affiliate.

 

(h)
A “Change of Control” shall have the meaning given in an Award agreement, or if none, shall be deemed to exist
if:

 

(i)
a Person acquires fifty percent (50%) or more of the combined voting power of the outstanding securities of the Company having
a right to vote in elections of directors; or

 

(ii)
Continuing Directors shall for any reason cease to constitute a majority of the Board; or

 

(iii)
the Company disposes of all or substantially all of the business of the Company to a party or parties other than a subsidiary
or other affiliate of the Company pursuant to a partial or complete liquidation of the Company, sale of assets (including stock
of a subsidiary of the Company) or otherwise; or

 

(iv)
there is consummated a merger, consolidation or share exchange of the Company with any other corporation or the issuance of voting
securities of the Company in connection with a merger, consolidation or share exchange of the Company (or any direct or indirect
subsidiary of the Company), other than (A) a merger, consolidation or share exchange which would result in the voting securities
of the Company outstanding immediately prior to such merger, consolidation or share exchange continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty
percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity or any parent thereof
outstanding immediately after such merger, consolidation or share exchange, or (B) a merger, consolidation or share exchange effected
to implement a recapitalization of the Company (or similar transaction) in which no Person (other than an Excluded Person) is
or becomes the beneficial owner, directly or indirectly, of securities of the Company (not including in the securities beneficially
owned by such Person any securities acquired directly from the Company or its Affiliates after the Effective Date pursuant to
express authorization by the Board) representing fifty percent (50%) or more of either the then outstanding shares of Stock or
the Company or the combined voting power of the Company’s then outstanding voting securities.

 

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For
purposes of this Plan, (x) the term “Continuing Director” shall mean a member of the Board who either was a member
of the Board on the Effective Date or who subsequently became a Director and whose election, or nomination for election, was approved
by a vote of at least two-thirds (2/3) of the Continuing Directors then in office, and (y) the term “Excluded Person”
shall mean (A) the Company or its subsidiaries, (B) a trustee or other fiduciary holding securities under any employee benefit
plan of the Company or its subsidiaries, including, for the avoidance of doubt, one or more employee stock ownership plans, (C)
an underwriter temporarily holding securities pursuant to an offering of such securities, or (D) a corporation owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock in the Company.

 

If
an Award is considered deferred compensation subject to the provisions of Code Section 409A, then the foregoing definition shall
be deemed amended to the minimum extent necessary to comply with Code Section 409A, and the Administrator may include such amended
definition in the Award agreement issued with respect to such Award.

 

(i)
“Code” means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code
includes any successor provision and the regulations promulgated under such provision.

 

(j)
“Committee” means the Compensation Committee of the Board, any successor committee thereto or such other committee
of the Board as may be designated by the Board to possess and exercise the powers and duties of the Administrator hereunder. The
Committee shall consist only of Non-Employee Directors (not fewer than two (2)) to the extent necessary for the Plan and Awards
to comply with Rule 16b-3 promulgated under the Exchange Act.

 

(k)
“Company” means Stryve Foods, Inc., a Delaware corporation, or any successor thereto.

 

(l)
“Director” means a member of the Board.

 

(m)
“Dividend Equivalent Unit” means the right to receive a payment, in cash or Shares, equal to the cash dividends
or other cash distributions paid with respect to a Share.

 

(n)
“Effective Date” means the day the Board adopts the Plan.

 

(o)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision
of the Exchange Act includes any successor provision and the regulations and rules promulgated under such provision.

 

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(p)
“Fair Market Value” means a price that is based on the opening, closing, actual, high or low sale price, or
the arithmetic mean of selling prices of, a Share, on the Applicable Exchange on the applicable date, the preceding trading day,
the next succeeding trading day, or the arithmetic mean of selling prices on all trading days over a specified averaging period
weighted by volume of trading on each trading day in the period that is within 30 days before or 30 days after the applicable
date, as determined by the Board or the Committee in its discretion; provided that, if an arithmetic mean of prices is used to
set a grant price or an exercise price for an Option or Stock Appreciation Right, the commitment to grant the applicable Award
based on such arithmetic mean must be irrevocable before the beginning of the specified averaging period in accordance with Treasury
Regulation §1.409A-1(b)(5)(iv)(A). The method of determining Fair Market Value with respect to an Award shall be determined
by the Board or the Committee and may differ depending on whether Fair Market Value is in reference to the grant, exercise, vesting,
settlement, or payout of an Award; provided that, if the Board or the Committee does not specify a different method, the Fair
Market Value of a Share as of a given date shall be the closing sale price as of the trading day immediately preceding the date
as of which Fair Market Value is to be determined or, if there shall be no such sale on such date, the next preceding day on which
such a sale shall have occurred. If the Stock is not traded on an established stock exchange, the Committee shall determine in
good faith the Fair Market Value in whatever manner it considers appropriate, but based on objective criteria. Notwithstanding
the foregoing, in the case of an actual sale of Shares, the actual sale price shall be the Fair Market Value of such Shares.

 

(q)
“Non-Employee Director” means a Director who is not also an employee of the Company or its Subsidiaries.

 

(r)
“Option” means the right to purchase Shares at a stated price for a specified period of time.

 

(s)
“Participant” means an individual selected by the Administrator to receive an Award.

 

(t)
“Performance Goals” means any objective or subjective goals the Administrator establishes with respect to an
Award. Performance Goals may include, but are not limited to, the performance of the Company or any one or more of its Subsidiaries,
Affiliates or other business units with respect to the following measures: net sales; cost of sales; gross income; gross revenue;
revenue; operating income; earnings before taxes; earnings before interest and taxes; earnings before interest, taxes, depreciation
and amortization; earnings before interest, taxes, depreciation, amortization and exception items; income from continuing operations;
net income; earnings per share; diluted earnings per share; total stockholder return; Fair Market Value; cash flow; net cash provided
by operating activities; net cash provided by operating activities less net cash used in investing activities; ratio of debt to
debt plus equity; return on stockholder equity; return on invested capital; return on average total capital employed; return on
net capital employed; return on assets; return on net assets employed before interest and taxes; operating working capital; average
accounts receivable (calculated by taking the average of accounts receivable at the end of each month); average inventories (calculated
by taking the average of inventories at the end of each month); economic value added; succession planning; manufacturing return
on assets; manufacturing margin; and customer satisfaction. Performance Goals may also relate to a Participant’s individual
performance.

 

The
Administrator reserves the right to adjust Performance Goals, or modify the manner of measuring or evaluating a Performance Goal,
for any reason the Administrator determines in good faith is appropriate, including but not limited to: (i) by excluding the effects
of charges for reorganizing and restructuring; discontinued operations; asset write-downs; gains or losses on the disposition
of a business; or mergers, acquisitions or dispositions; and extraordinary, unusual and/or non-recurring items of gain or loss;
(ii) excluding the costs of litigation, claims, judgments or settlements; (iii) excluding the effects of changes in laws or regulations
affecting reported results, or changes in tax or accounting principles, regulations or law; and (iv) excluding any accruals of
amounts related to payments under the Plan or any other compensation arrangement maintained by the Company or an Affiliate.

 

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The
inclusion in an Award agreement of specific adjustments or modifications shall not be deemed to preclude the Administrator from
making other adjustments or modifications, in its good faith discretion, as described herein, unless the Award agreement provides
that the adjustments or modifications described in such agreement shall be the sole adjustments or modifications.

 

(u)
“Performance Shares” means the right to receive Shares to the extent Performance Goals are achieved (or other
requirements are met).

 

(v)
“Performance Unit” means the right to receive a cash payment and/or Shares valued in relation to a unit that
has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance
Goals are achieved (or other requirements are met).

 

(w)
“Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d)
and 14(d) thereof, or any group of Persons acting in concert that would be considered “persons acting as a group”
within the meaning of Treas. Reg. § 1.409A-3(i)(5).

 

(x)
“Plan” means this Stryve Foods, Inc. 2021 Omnibus Incentive Plan, as it may be amended or restated from time
to time.

 

(y)
“Restricted Stock” means Shares that are subject to a risk of forfeiture or restrictions on transfer, or both
a risk of forfeiture and restrictions on transfer, which may lapse upon the achievement or partial achievement of Performance
Goals or upon the completion of a period of service, or both.

 

(z)
“Restricted Stock Unit” means the right to receive a Share or a cash payment the value of which is equal to
the Fair Market Value of one Share.

 

(aa)
“Section 16 Participants” means Participants who are subject to the provisions of Section 16 of the Exchange
Act.

 

(bb)
“Share” means a share of Stock.

 

(cc)
“Stock” means the Class A common stock of the Company.

 

(dd)
“Stock Appreciation Right” or “SAR” means the right to receive a cash payment, and/or Shares
with a Fair Market Value, equal to the appreciation of the Fair Market Value of a Share during a specified period of time.

 

(ee)
“Subsidiary” means any corporation, limited liability company or other limited liability entity in an unbroken
chain of entities beginning with the Company if each of the entities (other than the last entities in the chain) owns the stock
or equity interest possessing more than fifty percent (50%) of the total combined voting power of all classes of stock or other
equity interests in one of the other entities in the chain.

 

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3.
Administration.

 

(a)
Administration. In addition to the authority specifically granted to the Administrator in this Plan, the Administrator
has full discretionary authority to administer this Plan, including but not limited to the authority to: (i) interpret the provisions
of this Plan or any agreement covering an Award; (ii) prescribe, amend and rescind rules and regulations relating to this Plan;
(iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or any agreement covering
an Award in the manner and to the extent it deems desirable to carry this Plan or such Award into effect; and (iv) make all other
determinations necessary or advisable for the administration of this Plan. All Administrator determinations shall be made in the
sole discretion of the Administrator and are final and binding on all interested parties.

 

(b)
Delegation to Other Committees or Officers. To the extent applicable law permits, the Board may delegate to another committee
of the Board, or the Committee may delegate to a subcommittee of the Committee or to one or more officers of the Company, any
or all of their respective authority and responsibility as an Administrator of the Plan; provided that no such delegation
is permitted with respect to Stock-based Awards made to Section 16 Participants at the time any such delegated authority or responsibility
is exercised unless the delegation is to another committee of the Board consisting entirely of Non-Employee Directors. If the
Board or the Committee has made such a delegation, then all references to the Administrator in this Plan include such other committee,
subcommittee or one or more officers to the extent of such delegation.

 

(c)
No Liability; Indemnification. No member of the Board or the Committee, and no officer or member of any other committee
to whom a delegation under Section 3(b) has been made, will be liable for any act done, or determination made, by the individual
in good faith with respect to the Plan or any Award. The Company will indemnify and hold harmless each such individual as to any
acts or omissions, or determinations made, in each case done or made in good faith, with respect to this Plan or any Award to
the maximum extent that the law and the Company’s By-Laws permit.

 

4.
Eligibility. The Administrator may designate any of the following as a Participant from
time to time, to the extent of the Administrator’s authority: any officer or other employee of the Company or its Affiliates;
any individual that the Company or an Affiliate has engaged to become an officer or employee; any consultant or advisor who provides
services to the Company or its Affiliates; or any Director, including a Non-Employee Director. The Administrator’s designation
of, or granting of an Award to, a Participant will not require the Administrator to designate such individual as a Participant
or grant an Award to such individual at any future time. The Administrator’s granting of a particular type of Award to a
Participant will not require the Administrator to grant any other type of Award to such individual.

 

5.
Types of Awards. Subject to the terms of this Plan, the Administrator may grant any type
of Award to any Participant it selects, but only employees of the Company or a Subsidiary may receive grants of incentive stock
options within the meaning of Code Section 422. Awards may be granted alone or in addition to, in tandem with, or (subject to
the prohibition on repricing set forth in Section 15(e)) in substitution for any other Award (or any other award granted under
another plan of the Company or any Affiliate, including the plan of an acquired entity).

 

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6.
Shares Reserved under this Plan.

 

(a)
Plan Reserve. Subject to adjustment as provided in Section 17, an aggregate of 2,564,960 Shares are reserved for issuance
under this Plan, all of which may be issued pursuant to the exercise of incentive stock options.Notwithstanding the foregoing, no Non-Employee
Director may be granted any Award denominated in Shares that exceeds such number of Shares with an aggregate value in excess of $250,000,
as determined based on the Fair Market Value per Share as of the date of the applicable grant. The Shares reserved for issuance may be
either authorized and unissued Shares or Shares reacquired at any time and now or hereafter held as treasury stock.

 

(b)
Depletion and Replenishment of Shares Under this Plan.

 

(i)
The aggregate number of Shares reserved under Section 6(a) shall be depleted on the date of grant of an Award by the maximum number
of Shares, if any, with respect to which such Award is granted. Notwithstanding the foregoing, an Award that may be settled solely
in cash shall not cause any depletion of the Plan’s Share reserve at the time such Award is granted.

 

To
the extent (A) an Award lapses, expires, terminates or is cancelled without the issuance of Shares under the Award (whether due
currently or on a deferred basis) or is settled in cash, (B) it is determined during or at the conclusion of the term of an Award
that all or some portion of the Shares with respect to which the Award was granted will not be issuable on the basis that the
conditions for such issuance will not be satisfied, (C) Shares are forfeited under an Award, (D) Shares are issued under any Award
and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, (E) Shares are tendered
or withheld in payment of the exercise price of an Option or as a result of the net settlement of an outstanding Stock Appreciation
Right or (F) Shares are tendered or withheld to satisfy federal, state or local tax withholding obligations, then such Shares
shall be recredited to the Plan’s reserve and may again be used for new Awards under this Plan, but Shares recredited to
the Plan’s reserve pursuant to clause (D), (E) or (F) may not be issued pursuant to incentive stock options.

 

7.
Options. Subject to the terms of this Plan, the Administrator will determine all terms
and conditions of each Option, including but not limited to: (a) whether the Option is an “incentive stock option”
which meets the requirements of Code Section 422, or a “nonqualified stock option” which does not meet the requirements
of Code Section 422; (b) the grant date, which may not be any day prior to the date that the Administrator approves the grant;
(c) the number of Shares subject to the Option; (d) the exercise price, which may never be less than the Fair Market Value of
the Shares subject to the Option as determined on the date of grant; (e) the terms and conditions of vesting and exercise; (f)
the term, except that an Option must terminate no later than ten (10) years after the date of grant; and (g) the manner of payment
of the exercise price. In all other respects, the terms of any incentive stock option should comply with the provisions of Code
Section 422 except to the extent the Administrator determines otherwise. If an Option that is intended to be an incentive stock
option fails to meet the requirements thereof, the Option shall automatically be treated as a nonqualified stock option to the
extent of such failure. To the extent previously approved by the Administrator (which approval may be set forth in an Award agreement
or in administrative rules), and subject to such procedures as the Administrator may specify, the payment of the exercise price
of Options may be made by (i) delivery of cash or other Shares or other securities of the Company (including by attestation) having
a then Fair Market Value equal to the purchase price of such Shares, (ii) by delivery (including by fax) to the Company or its
designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to
sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds directly to the Company to pay
for the exercise price, (iii) by surrendering the right to receive Shares otherwise deliverable to the Participant upon exercise
of the Award having a Fair Market Value at the time of exercise equal to the total exercise price, or (iv) by any combination
of (i), (ii) and/or (iii). Except to the extent otherwise set forth in an Award agreement, a Participant shall have no rights
as a holder of Stock as a result of the grant of an Option until the Option is exercised, the exercise price and applicable withholding
taxes are paid and the Shares subject to the Option are issued thereunder.

 

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8.
Stock Appreciation Rights. Subject to the terms of this Plan, the Administrator will
determine all terms and conditions of each SAR, including but not limited to: (a) the grant date, which may not be any day prior
to the date that the Administrator approves the grant; (b) the number of Shares to which the SAR relates; (c) the grant price,
which may never be less than the Fair Market Value of the Shares subject to the SAR as determined on the date of grant; (d) the
terms and conditions of exercise or maturity, including vesting; (e) the term, provided that an SAR must terminate no later
than ten (10) years after the date of grant; and (f) whether the SAR will be settled in cash, Shares or a combination thereof.

 

9.
Performance and Stock Awards. Subject to the terms of this Plan, the Administrator will
determine all terms and conditions of each award of Shares, Restricted Stock, Restricted Stock Units, Performance Shares or Performance
Units, including but not limited to: (a) the number of Shares and/or units to which such Award relates; (b) whether, as a condition
for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be
achieved during such period as the Administrator specifies; (c) the length of the vesting and/or performance period and, if different,
the date on which payment of the benefit provided under the Award will be made; (d) with respect to Performance Units, whether
to measure the value of each unit in relation to a designated dollar value or the Fair Market Value of one or more Shares; and
(e) with respect to Restricted Stock Units and Performance Units, whether to settle such Awards in cash, in Shares (including
Restricted Stock), or in a combination of cash and Shares; provided that no dividends or Dividend Equivalent Units shall be paid
on Performance Shares or Performance Units prior to their vesting.

 

10.
Cash Incentive Awards. Subject to the terms of this Plan, the Administrator will determine
all terms and conditions of a Cash Incentive Award, including but not limited to the Performance Goals, performance period, the
potential amount payable, and the timing of payment.

 

11.
Dividend Equivalent Units. Subject to the terms of this Plan, the Administrator will
determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether: (a) such
Award will be granted in tandem with another Award; (b) payment of the Award will be made concurrently with dividend payments
or credited to an account for the Participant which provides for the deferral of such amounts until a stated time; (c) the Award
will be settled in cash or Shares; and (d) as a condition for the Participant to realize all or a portion of the benefit provided
under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; provided
that Dividend Equivalent Units may not be granted in connection with an Option or Stock Appreciation Right; and provided
further that no Dividend Equivalent Unit granted in connection with another Award shall provide for payment prior to the date
such Award vests or is earned, as applicable.

 

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12.
Other Stock-Based Awards. Subject to the terms of this Plan, the Administrator may grant
to a Participant shares of unrestricted Stock as replacement for other compensation to which the Participant is entitled, such
as in payment of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right, or as a bonus.

 

13.
Discretion to Accelerate Vesting. The Administrator may accelerate the vesting of an
Award or deem an Award to be earned, in whole or in part, in the event of a Participant’s death, disability (as defined
by the Administrator), retirement, or termination without Cause, or as provided in Section 17(c) or upon any other event as determined
by the Administrator in its sole and absolute discretion.

 

14.
Transferability. Awards are not transferable, including to any financial institution,
other than by will or the laws of descent and distribution, unless and to the extent the Administrator allows a Participant to:
(a) designate in writing a beneficiary to exercise the Award or receive payment under the Award after the Participant’s
death; (b) transfer an Award to the former spouse of the Participant as required by a domestic relations order incident to a divorce;
or (c) transfer an Award; provided, however, that with respect to clause (c) above the Participant may not receive
consideration for such a transfer of an Award.

 

15.
Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.

 

(a)
Term of Plan. Unless the Board earlier terminates this Plan pursuant to Section 15(b), this Plan will terminate on, and
no further Awards may be granted under this Plan, after the tenth (10th) anniversary of the Effective Date.

 

(b)
Termination and Amendment. The Board or the Administrator may amend, alter, suspend, discontinue or terminate this Plan
at any time, subject to the following limitations:

 

(i)
the Board must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior
action of the Board, (B) applicable corporation law, or (C) any other applicable law;

 

(ii)
stockholders must approve any amendment of this Plan (which may include an amendment to materially increase the number of Shares
specified in Section 6(a), except as permitted by Section 17) to the extent the Company determines such approval is required by:
(A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market
on which the Shares are then traded, or (D) any other applicable law; and

 

(iii)
stockholders must approve an amendment that would diminish the protections afforded by Section 15(e).

 

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If
the Board or the Administrator takes any action under this Plan that is not, at the time of such action, authorized by this Plan,
but that could be authorized by this Plan as amended by the Board or the Administrator, as applicable, the Board or Administrator
action will be deemed to constitute an amendment to this Plan to authorize such action to the extent permissible under applicable
law and the requirements of any principal securities exchange or market on which the Shares are then traded.

 

(c)
Amendment, Modification, Cancellation and Disgorgement of Awards.

 

(i)
Except as provided in Section 15(e) and subject to the requirements of this Plan, the Administrator may modify, amend or cancel
any Award, or waive any restrictions or conditions applicable to any Award or the exercise of the Award; provided that,
except as otherwise provided in the Plan or the Award agreement, any modification or amendment that materially diminishes the
rights of the Participant, or the cancellation of an Award, shall be effective only if agreed to by the Participant or any other
person(s) as may then have an interest in such Award, but the Administrator need not obtain Participant (or other interested party)
consent for the modification, amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 17
or as follows: (A) to the extent the Administrator deems such action necessary to comply with any applicable law or the listing
requirements of any principal securities exchange or market on which the Shares are then traded; (B) to the extent the Administrator
deems necessary to preserve favorable accounting or tax treatment of any Award for the Company; or (C) to the extent the Administrator
determines that such action does not materially and adversely affect the value of an Award or that such action is in the best
interest of the affected Participant (or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing,
unless determined otherwise by the Administrator, any such amendment shall be made in a manner that will enable an Award intended
to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A
to continue to so comply.

 

(ii)
Notwithstanding anything to the contrary in an Award agreement, the Administrator shall have full power and authority to terminate
or cause the Participant to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to
the Award, if the Participant engages in any action constituting, as determined by the Administrator in its discretion, Cause
for termination, or a breach of a material Company policy, any Award agreement or any other agreement between the Participant
and the Company or an Affiliate concerning noncompetition, nonsolicitation, confidentiality, trade secrets, intellectual property,
nondisparagement or similar obligations.

 

(iii)
Any Awards granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to any recoupment
or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or
listing standards to, the Company from time to time.

 

(d)
Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the Administrator under
this Section 15 and to otherwise administer the Plan with respect to then-outstanding Awards will extend beyond the date of this
Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards
previously granted to them, and all unexpired Awards will continue in force and effect after termination of this Plan except as
they may lapse or be terminated by their own terms and conditions.

 

    	10

     

    

 

(e)
Repricing and Backdating Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments
provided for in Section 17, neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs
to reduce the exercise or grant price of such outstanding Options or SARs; (ii) cancel outstanding Options or SARs in exchange
for Options or SARs with an exercise or grant price that is less than the exercise or grant price of the original Options or SARs;
or (iii) cancel outstanding Options or SARs with an exercise or grant price above the current Fair Market Value of a Share in
exchange for cash or other securities. In addition, the Administrator may not make a grant of an Option or SAR with a grant date
that is effective prior to the date the Administrator takes action to approve such Award.

 

(f)
Foreign Participation. To assure the viability of Awards granted to Participants employed or residing in foreign countries,
the Administrator may provide for such special terms as it may consider necessary or appropriate to accommodate differences in
local law, tax policy, accounting or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements
or alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement
or alternative versions that the Administrator approves for purposes of using this Plan in a foreign country will not affect the
terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions
must comply with the provisions of Section 15(b)(ii).

 

16.
Taxes.

 

(a)
Withholding. In the event the Company or one of its Affiliates is required to withhold any Federal, state or local taxes
or other amounts in respect of any income recognized by a Participant as a result of the grant, vesting, payment or settlement
of an Award or disposition of any Shares acquired under an Award, the Company may satisfy such obligation by:

 

(i)
If cash is payable under an Award, deducting (or requiring an Affiliate to deduct) from such cash payment the amount needed to
satisfy such obligation;

 

(ii)
If Shares are issuable under an Award, then to the extent previously approved by the Administrator (which approval may be set
forth in an Award agreement or in administrative rules), and subject to such procedures as the Administrator may specify, (A)
withholding Shares having a Fair Market Value equal to such obligations; or (B) allowing the Participant to elect to (1) have
the Company or its Affiliate withhold Shares otherwise issuable under the Award, (2) tender back Shares received in connection
with such Award or (3) deliver other previously owned Shares, in each case having a Fair Market Value equal to the amount to be
withheld; provided that the amount to be withheld under this clause (ii) may not exceed the total maximum statutory tax
withholding obligations associated with the transaction to the extent needed for the Company and its Affiliates to avoid an accounting
charge. If an election is provided, the election must be made on or before the date as of which the amount of tax to be withheld
is determined and otherwise as the Administrator requires; or

 

    	11

     

    

 

(iii)
Deducting (or requiring an Affiliate to deduct) the amount needed to satisfy such obligation from any wages or other payments
owed to the Participant, requiring such Participant to pay to the Company or its Affiliate, in cash, promptly on demand, or make
other arrangements satisfactory to the Company or its Affiliate regarding the payment to the Company or its Affiliate of the amount
needed to satisfy such obligation.

 

(b)
No Guarantee of Tax Treatment. Notwithstanding any provisions of this Plan to the contrary, the Company does not guarantee
to any Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section
409A shall be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (iii)
any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company
or any Affiliate be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any
Award.

 

17.
Adjustment and Change of Control Provisions.

 

(a)
Adjustment of Shares. If (i) the Company shall at any time be involved in a merger or other transaction in which the Shares
are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable
in Shares, other securities (other than stock purchase rights issued pursuant to a stockholder rights agreement) or other property;
(iii) the Company shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair
Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution
on the Shares in the form of cash, or a repurchase of Shares, that the Board determines by resolution is special or extraordinary
in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization
involving the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Administrator
necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under this Plan, adjust any or all of: (A) the number and type of
Shares subject to this Plan (including the number and type of Shares described in Section 6(a)) and which may after the event
be made the subject of Awards; (B) the number and type of Shares subject to outstanding Awards; (C) the grant, purchase, or exercise
price with respect to any Award; and (D) the Performance Goals of an Award. In any such case, the Administrator may also (or in
lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the cancellation
of all or a portion of the Award (without the consent of the holder of an Award) in an amount determined by the Administrator
effective at such time as the Administrator specifies (which may be the time such transaction or event is effective). However,
in each case, with respect to Awards of incentive stock options, no such adjustment may be authorized to the extent that such
authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any Award payable or
denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject to only such
adjustments as are necessary to maintain the relative proportionate interest the Options and SARs represented immediately prior
to any such event and to preserve, without exceeding, the value of such Options or SARs.

 

    	12

     

    

 

Without
limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event,
whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation
and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property,
or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each
Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind
of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each
Share pursuant to the transaction.

 

Notwithstanding
the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or
subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments
contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such stock dividend
or subdivision or combination of the Shares.

 

(b)
Issuance or Assumption. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise
reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
the Administrator may authorize the issuance or assumption of Awards under this Plan upon such terms and conditions as it may
deem appropriate.

 

(c)
Effect of Change of Control.

 

(i)
Upon a Change of Control, if the successor or surviving corporation (or parent thereof) so agrees, then, without the consent of
any Participant (or other person with rights in an Award), some or all outstanding Awards may be assumed, or replaced with the
same type of award with similar terms and conditions, by the successor or surviving corporation (or parent thereof) in the Change
of Control transaction, subject to the following requirements:

 

(A)
Each Award which is assumed by the successor or surviving corporation (or parent thereof) shall be appropriately adjusted, immediately
after such Change of Control, to apply to the number and class of securities which would have been issuable to the Participant
upon the consummation of such Change of Control had the Award been exercised, vested or earned immediately prior to such Change
of Control, and such other appropriate adjustments in the terms and conditions of the Award shall be made.

 

(B)
If the securities to which the Awards relate after the Change of Control are not listed and traded on a national securities exchange,
then (1) the Participant shall be provided the option, upon exercise or settlement of an Award, to elect to receive, in lieu of
the issuance of such securities, cash in an amount equal to the fair value equal of the securities that would have otherwise been
issued and (2) for purposes of determining such fair value, no reduction shall be taken to reflect a discount for lack of marketability,
minority interest or any similar consideration.

 

    	13

     

    

 

(C)
Upon the Participant’s termination of employment (or resignation or removal or other departure from the Board in the case
of a Participant who is a Non-Employee Director) within two years following the Change of Control (1) by the successor or surviving
corporation without Cause, (2) by reason of death or disability, or (3) by the Participant for “good reason,” as defined
in any Award agreement or any employment, retention, change of control, severance or similar agreement between the Participant
and the Company or any Affiliate, if any, all of the Participant’s Awards that are in effect as of the date of such termination
shall vest in full or be deemed earned in full (assuming target performance goals provided under such Award were met, if applicable)
effective on the date of such termination. In the event of any other termination of employment within two years after a Change
of Control that is not described herein, the terms of the Award agreement shall apply.

 

(ii)
To the extent the purchaser, successor or surviving entity (or parent thereof) in the Change of Control transaction does not assume
the Awards or issue replacement awards as provided in clause (i) (including, for the avoidance of doubt, by reason of a Participant’s
termination of employment in connection with the Change of Control), then immediately prior to the date of the Change of Control,
unless the Administrator otherwise determines:

 

(A)
Each Option or SAR that is then held by a Participant who is employed by or in the service of the Company or an Affiliate shall
become immediately and fully vested, and, unless otherwise determined by the Board or Administrator, all Options and SARs shall
be cancelled on the date of the Change of Control in exchange for a cash payment equal to the excess of the Change of Control
Price (as defined below) of the Shares covered by the Option or SAR that is so cancelled over the purchase or grant price of such
Shares under the Award; provided, however, that all Options and SARs that have a purchase or grant price that is greater
than the Change of Control Price shall be automatically cancelled for no consideration;

 

(B)
Restricted Stock and Restricted Stock Units (that are not Performance Awards) that are not then vested shall vest in full;

 

(C)
All Performance Shares, Performance Units, and Cash Incentive Awards for which the performance period has expired shall be paid
based on actual performance (and assuming all employment or other requirements had been met in full); and all Performance Shares,
Performance Units and Cash Incentive Awards for which the performance period has not expired shall be cancelled in exchange for
a cash payment equal to the amount that would have been due under such Award(s), valued assuming that the target Performance Goals
had been met at the time of such Change of Control, but prorated based on the number of full months in the performance period
that have elapsed as of the date of the Change of Control;

 

(D)
All Dividend Equivalent Units that are not vested shall vest (to the same extent as the Award granted in tandem with the Dividend
Equivalent Unit, if applicable) and be paid; and

 

(E)
All other Awards that are not vested shall vest and if an amount is payable under such vested Award, such amount shall be paid
in cash based on the value of the Award.

 

    	14

     

    

 

“Change
of Control Price” shall mean the per share price paid or deemed paid in the Change of Control transaction, as determined
by the Administrator. For purposes of this clause (ii), if the value of an Award is based on the Fair Market Value of a Share,
Fair Market Value shall be deemed to mean the Change of Control Price.

 

(d)
Application of Limits on Payments. Except to the extent the Participant has in effect an employment or similar agreement
with the Company or any Affiliate or is subject to a policy that provides for a more favorable result to the Participant upon
a Change of Control, in the event that the Company’s legal counsel determines that any payment, benefit or transfer by the
Company under this Plan or any other plan, agreement, or arrangement to or for the benefit of the Participant (in the aggregate,
the “Total Payments”) would be subject to the tax (“Excise Tax”) imposed by Code Section 4999 but for
this subsection (d), then, notwithstanding any other provision of this Plan to the contrary, the Total Payments shall be delivered
either (i) in full or (ii) in an amount such that the value of the aggregate Total Payments that the Participant is entitled to
receive shall be One Dollar ($1.00) less than the maximum amount that the Participant may receive without being subject to the
Excise Tax, whichever of clause (i) or (ii) results in the receipt by the Participant of the greatest benefit on an after-tax
basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event that clause (ii)
results in a greater after-tax benefit to the Participants, payments or benefits included in the Total Payments shall be reduced
or eliminated by applying the following principles, in order: (A) the payment or benefit with the higher ratio of the parachute
payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before
a payment or benefit with a lower ratio; (B) the payment or benefit with the later possible payment date shall be reduced or eliminated
before a payment or benefit with an earlier payment date; and (C) cash payments shall be reduced prior to non-cash benefits; provided
that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made
pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute
payments).

 

18.
Miscellaneous.

 

(a)
Other Terms and Conditions. The Administrator may provide in any Award agreement such other provisions (whether or not
applicable to the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise
prohibited by the terms of the Plan. No provision in an Award agreement shall limit the Administrator’s discretion hereunder
unless such provision specifically so provides for such limitation.

 

(b)
Employment and Service. The issuance of an Award shall not confer upon a Participant any right with respect to continued
employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by
the Administrator, for purposes of the Plan and all Awards, the following rules shall apply:

 

(i)
a Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be considered to
have terminated employment;

 

(ii)
a Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company or an Affiliate shall
not be considered to have ceased service as a Director with respect to any Award until such Participant’s termination of
employment with the Company and its Affiliates;

 

    	15

     

    

 

(iii)
a Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director,
a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated
employment until such Participant’s service as a director of, or consultant to, the Company and its Affiliates has ceased;
and

 

(iv)
a Participant employed by an Affiliate will be considered to have terminated employment when such entity ceases to be an Affiliate.

 

Notwithstanding
the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Participant’s termination of employment
or service triggers the payment of compensation under such Award, then the Participant will be deemed to have terminated employment
or service upon his or her “separation from service” within the meaning of Code Section 409A. Notwithstanding any
other provision in this Plan or an Award to the contrary, if any Participant is a “specified employee” within the
meaning of Code Section 409A as of the date of his or her “separation from service” within the meaning of Code Section
409A, then, to the extent required to avoid the imposition of additional taxes under Code Section 409A, any payment made to the
Participant on account of such separation from service shall not be made before a date that is six months after the date of the
separation from service.

 

(c)
No Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant to this Plan. Unless
otherwise determined by the Administrator or otherwise provided in any Award agreement, all fractional Shares that would otherwise
be issuable under the Plan shall be canceled for no consideration.

 

(d)
Unfunded Plan; Awards Not Includable for Benefits Purposes. This Plan is unfunded and does not create, and should not be
construed to create, a trust or separate fund with respect to this Plan’s benefits. This Plan does not establish any fiduciary
relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an
Award granted under this Plan, such rights are no greater than the rights of the Company’s general unsecured creditors.
Income recognized by a Participant pursuant to an Award shall not be included in the determination of benefits under any employee
pension benefit plan (as such term is defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended)
or group insurance or other benefit plans applicable to the Participant which are maintained by the Company or any Affiliate,
except as may be provided under the terms of such plans or determined by resolution of the Board.

 

(e)
Requirements of Law and Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award
are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities
exchanges as may be required. Notwithstanding any other provision of this Plan or any Award agreement, the Company has no liability
to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws
and the applicable requirements of any securities exchange or similar entity, and unless and until the Participant has taken all
actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the
Plan as the Company determines necessary or desirable to comply with all applicable laws, rules and regulations or the requirements
of any national securities exchanges.

 

(f)
Code Section 409A. Any Award granted under this Plan shall be provided or made in such manner and at such time as to either
make the Award exempt from, or comply with, the provisions of Code Section 409A, to avoid a plan failure described in Code Section
409(a)(1), and the provisions of Code Section 409A are incorporated into this Plan to the extent necessary for any Award that
is subject to Code Section 409A to comply therewith.

 

    	16

     

    

 

(g)
Governing Law; Venue. This Plan, and all agreements under this Plan, will be construed in accordance with and governed
by the laws of the State of Delaware, without reference to any conflict of law principles. Any legal action or proceeding with
respect to this Plan, any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this
Plan, any Award or any award agreement, may only be brought and determined in (i) a court sitting in the State of Texas, and (ii)
a “bench” trial, and any party to such action or proceeding shall agree to waive its right to a jury trial.

 

(h)
Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, must
be brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving
rise to the complaint.

 

(i)
Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in
the feminine in all cases where they would so apply; and wherever any words are used in the singular or plural, they shall be
construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Titles
of sections are for general information only, and this Plan is not to be construed with reference to such titles.

 

(j)
Severability. If any provision of this Plan or any award agreement or any Award (i) is or becomes or is deemed to be invalid,
illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would cause this Plan, any Award agreement
or any Award to violate or be disqualified under any law the Administrator deems applicable, then such provision should be construed
or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination
of the Administrator, materially altering the intent of this Plan, Award agreement or Award, then such provision should be stricken
as to such jurisdiction, person or Award, and the remainder of this Plan, such Award agreement and such Award will remain in full
force and effect.

 

    	17Exhibit
10.10

 

EXCHANGE
AGREEMENT

 

EXCHANGE
AGREEMENT (this “Agreement”), dated as of July 20, 2021, among Andina Acquisition Corp. III, a Delaware corporation
(“Andina”), Andina Holdings, LLC, a Delaware limited liability company (“Holdings”), Stryve Foods
Holdings, LLC, a Texas limited liability company (“Seller”), and the holders of a set of Class B Units and Class V
Common Stock (as defined herein) from time to time party hereto. Unless the context otherwise requires, terms used in this Agreement
that are capitalized and not otherwise defined in context have the meanings set forth or cross-referenced in Article I.

 

WHEREAS,
Andina, Holdings, and certain other parties thereto have entered into the Business Combination Agreement, dated as of January 28, 2021
(as amended and supplemented from time to time, the “BCA”), pursuant to which, among other things, (i) Seller will
contribute to Holdings all of the issued and outstanding equity interests of Stryve Foods, LLC, a Texas limited liability company, in
exchange for Class B Units and an equal number of Class V Common Stock, and (ii) Andina will contribute to Holdings its cash and cash
equivalents, after payment of certain expenses as set forth in the BCA, in exchange for Class A Common Stock;

 

WHEREAS,
in connection with, and as a condition to the consummation of the transactions contemplated by, the BCA, the parties hereto have agreed
to enter into this Agreement;

 

WHEREAS,
the parties hereto desire to provide for the exchange of a set of Class B Unit and Class V Common Stock for Class A Common Stock (as
defined herein), on the terms and subject to the conditions set forth herein.

 

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

 

Article
I

 

Section
1.1 Definitions

 

For
purposes of this Agreement:

 

“Amended
Holdings Operating Agreement” means the Amended and Restated Limited Liability Company Agreement of Andina Holdings LLC, dated
on or about the date hereof, as such agreement may be amended from time to time.

 

“Business
Day” means any day other than a Saturday, Sunday or a day on which the Federal Reserve Bank of New York is closed.

 

“Class
A Units” means the Class A Common Units of Holdings (as defined in the Amended Holdings Operating Agreement), whether issued
as of the date hereof or may be issued by Holdings in the future, which have full economic and voting rights, and otherwise are subject
to the terms and conditions set forth in the Amended Holdings Operating Agreement.

 

    	1

     

    

 

“Class
A Common Stock” means the shares of Class A common stock, par value $0.0001 per share, of Andina, which shares have full economic
and voting rights, and otherwise are subject to the terms and conditions of Andina’s organizational documents.

 

“Class
B Units” means the Class B Common Units of Holdings (as defined in the Amended Holdings Operating Agreement), whether issued
as of the date hereof or may be issued by Holdings in the future, which have full economic rights, but no voting rights, and otherwise
are subject to the terms and conditions set forth in the Amended Holdings Operating Agreement.

 

“Class
V Common Stock” means the shares of Class V common stock, par value $0.0001 per share, of Andina, which shares have one vote
per share, but no economic rights, and otherwise are subject to the terms and conditions of Andina’s organizational documents.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Combination”
means any combination of stock or units, as the case may be, by reverse split, reclassification, recapitalization, reorganization or
otherwise.

 

“Date
of Exchange” means with respect to an Exchange pursuant to Section 2.1(a) of this Agreement, (i) the First Exchange
Date, (ii) the Second Exchange Date, (iii) September 30, 2022 or such subsequent date as Andina shall determine in its sole discretion,
(iv) the first Business Day after the end of each calendar quarter following the date described in clause (iii), or (v)
any other Business Day as determined by Andina in its sole discretion that does not occur in a Restricted Taxable Year.

 

“Exchange”
means the exchange of one or more sets of Class B Unit and Class V Common Stock for shares of Class A Common Stock.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“Exchange
Notice” means a written election of Exchange substantially in the form of Exhibit A, duly executed by the exchanging Equityholder
or such Equityholder’s duly authorized attorney.

 

“Exchange
Rate” means, at any time, the number of Class A Common Stock for which a set of 1 Class B Unit and 1 share of Class V Common
Stock is entitled to be exchanged at such time. On the date of this Agreement, the Exchange Rate shall be a set of 1 Class B Unit and
1 share of Class V Common Stock in exchange for 1 share of Class A Common Stock, subject to adjustment pursuant to Section 2.4 hereof.

 

    	2

     

    

 

“Equityholder”
means each holder of one or more sets of 1 Class B Unit and 1 Class V Common Stock that may from time to time be a party to this Agreement.

 

“First
Exchange Date” means the date that is six months from the Closing Date (as defined in the BCA).

 

“Holdings”
means Andina Holdings LLC, a Delaware limited liability company, and any successor thereto.

 

“Liens”
means any mortgage, servitude, easement, right of way, equitable interest, license, leasehold or other possessory interest, option, preference,
priority, right of first refusal, deed of trust, pledge, hypothecation, encumbrance or security interest.

 

“Lock-Up
Agreement” means that certain Lock-Up Agreement, entered into as of January 28, 2021, between Andina, Seller, and B. Luke Weil
as the purchaser representative.

 

“Publicly
Traded” means listed or admitted to trading on the NASDAQ Capital Market or another national securities, or any successor to
any of the foregoing.

 

“Registration
Rights Agreement” means that certain Registration Rights Agreement, dated as of January 28, 2021, between Andina and Seller.

 

“Restricted
Taxable Year” shall mean (i) the taxable year of Holdings ending December 31, 2021 and (ii) any other taxable year
of Holdings for which Andina determines Holdings does not satisfy the private placement safe harbor of Treasury
Regulation Section 1.7704-1(h). Unless Andina otherwise notifies the Members with respect to a taxable year, each taxable year
of Holdings shall be a Restricted Taxable Year.

 

“Second
Exchange Date” means the date that is twelve months from the Closing Date (as defined in the BCA).

 

“Subdivision”
means any subdivision of stock or units, as the case may be, by any split, dividend, distribution, reclassification, recapitalization,
reorganization or otherwise.

 

“Units”
means the aggregate Class A Units and Class B Units.

 

Article
II

Section
2.1 Exchange of Class B Units and Class V Common
Stock for Class A Common Stock.

 

(a)
Upon the terms and subject to the conditions of this Agreement and the Amended Holdings Operating Agreement, each Equityholder shall
be entitled to effect an Exchange on a Date of Exchange; provided that if the Date of Exchange occurs in a Restricted Taxable Year, the
Exchange must satisfy the conditions of Section 2.1(d). In the event an Equityholder wishes to effect an Exchange, such Equityholder
shall deliver to Holdings and Andina an (i) Exchange Notice and (ii) on the Date of Exchange, surrender or, in the absence of such surrender,
be deemed to have surrendered, the Class B Units and Class V Common Stock, in each case free and clear of all Liens, and in each case
with the applicable stock certificate (if certificated), stock power (if uncertificated) and other applicable forms reasonably requested
by Andina and/or Holdings. In consideration for such surrender, the exchanging Equityholder shall be entitled to the issuance by Andina
to such Equityholder of a number of shares of Class A Common Stock equal to (x) the number of sets of 1 Class B Unit and 1 Class V Common
Stock exchanged by the Equityholder multiplied by (y) the Exchange Rate and concurrently with any such issuance, such exchanged Class
B Units shall automatically convert to Class A Units held by Andina and shares of Class V Common Stock automatically shall be deemed
cancelled, without any action on the part of any person, including Andina and Holdings.

 

    	3

     

    

 

(b)
Following the delivery of the Exchange Notice and promptly after the surrender of Class B Units and Class V Common Stock by the Equityholder,
Andina shall cause to be delivered the number of shares of Class A Common Stock deliverable upon such Exchange as promptly as practicable
(but not later than five Business Days) after the Date of Exchange, at the offices of the then-acting registrar and transfer agent of
the shares of Class A Common Stock (or, if there is no then-acting registrar and transfer agent of Class A Common Stock, at the principal
executive offices of Andina), registered in the name of the relevant exchanging Equityholder (or in such other name as is requested in
writing by the Equityholder), in certificated or uncertificated form, as determined by Andina; provided, that to the extent the shares
of Class A Common Stock are settled through the facilities of The Depository Trust Company, upon the written instruction of the exchanging
Equityholder set forth in the Exchange Notice, Andina shall use its commercially reasonable efforts to deliver the shares of Class A
Common Stock deliverable to such exchanging Equityholder in the Exchange through the facilities of The Depository Trust Company, to the
account of the participant of The Depository Trust Company designated by such exchanging Equityholder by no later than the close of business
on the third (3rd) Business Day immediately following the Date of Exchange. An Exchange pursuant to this Section 2.1 of Class
B Units and shares of Class V Common Stock for shares of Class A Common Stock will be deemed to have been effected immediately prior
to the close of business on the Date of Exchange whether or not the shares of Class A Common Stock have been delivered to the exchanging
Equityholder at such time, and the Equityholder will be treated as a holder of record of shares of Class A Common Stock as of the close
of business on such Date of Exchange. Upon prior written request of a Equityholder with respect to a specific Exchange Notice, Andina
may, in its reasonable discretion, permit the Date of Exchange for the specific Exchange Notice to occur on a date that is not the first
Business Day after the end of a calendar quarter.

 

(c)
Holdings, Andina and each exchanging Equityholder shall bear its own expenses in connection with the consummation of any Exchange, whether
or not any such Exchange is ultimately consummated, except that Holdings shall bear any transfer taxes, stamp taxes or duties, or other
similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if any shares of Class
A Common Stock are to be delivered in a name other than that of the Equityholder that requested the Exchange, then such Equityholder
and/or the person in whose name such shares are to be delivered shall pay to Holdings the amount of any transfer taxes, stamp taxes or
duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction
of Holdings that such tax has been paid or is not payable. For the avoidance of doubt, each exchanging Equityholder shall bear any and
all income or gains taxes imposed on gain realized by such exchanging Equityholder as a result of such Exchange.

 

    	4

     

    

 

(d)
With respect to any Date of Exchange that occurs in a Restricted Taxable Year, (x) the Date of Exchange must be a date not less
than 60 days after delivery of the applicable Exchange Notice, (y) the exchanging Equityholder must Exchange the lesser of (I)
1,000 Units and (II) all of such exchanging Equityholder’s Units, and (z) upon delivery of the applicable
Exchange Notice to Holdings and Andina, the exchanging Equityholder shall be precluded from rescinding such Exchange Notice. Notwithstanding
anything to the contrary herein, neither Andina nor Holdings shall be obligated to effectuate an Exchange if such Exchange (in
the sole discretion of Andina) could cause Holdings to be treated as a “publicly traded partnership” or to be taxed
as a corporation pursuant Section 7704 of the Code (or successor provisions of the Code) or the applicable Treasury Regulations
and, in that event, Andina or Holdings may impose such restrictions on Exchange as Andina or Holdings may determine to be necessary
or advisable so that Holdings is not treated as a “publicly traded partnership” under Section 7704 of the Code. Notwithstanding
anything to the contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the
good faith determination of Andina or of Holdings on advice of counsel, such an Exchange would pose a material risk that Andina
would be a “publicly traded partnership” under Section 7704 of the Code. Andina will deliver notice to each Member
(other than Andina) at least 75 days prior to each Date of Exchange that occurs within a Restricted Taxable Year.

 

(e)
For the avoidance of doubt, each share of Class A Common Stock issued to or received by an Equityholder pursuant to an Exchange in accordance
with this Agreement shall be subject to the transfer restrictions set forth in the Lock-Up Agreement until the expiration of the applicable
Lock-Up Period (as defined in the Lock-Up Agreement).

 

(f)
For the avoidance of doubt, and notwithstanding anything to the contrary herein, an Equityholder shall not be entitled to effect an Exchange
to the extent Andina determines that such Exchange would be prohibited by law or regulation (including, without limitation, the unavailability
of any requisite registration statement filed under the U.S. Securities Act of 1933, as amended (the “Securities Act”),
or any exemption from the registration requirements thereunder).

 

Section
2.2 Class A Common Stock to be Issued.

 

(a)
Andina shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose
of issuance upon an Exchange, such number of shares of Class A Common Stock as may be deliverable upon any such Exchange; provided,
that nothing contained herein shall be construed to preclude Andina from satisfying its obligations in respect of the Exchange of the
set of Class B Unit and Class V Common Stock by delivery of shares of Class A Common Stock which are held in the treasury of Andina or
any of their subsidiaries or by delivery of purchased shares of Class A Common Stock (which may or may not be held in the treasury of
Andina or held by any subsidiary thereof). Andina and Holdings covenant that all Class A Common Stock issued upon an Exchange will, upon
issuance, be validly issued, fully paid and non-assessable.

 

    	5

     

    

 

(b)
Andina and Holdings shall at all times ensure that the execution and delivery of this Agreement by each of Andina and Holdings and the
consummation by each of Andina and Holdings of the transactions contemplated hereby (including without limitation, the issuance of the
Class A Common Stock) have been duly authorized by all necessary corporate or limited liability company action, as the case may be, on
the part of Andina and Holdings, including, but not limited to, all actions necessary to ensure that the acquisition of shares of Class
A Common Stock pursuant to the transactions contemplated hereby, to the fullest extent of Andina’s board of directors’ power
and authority and to the extent permitted by law, shall not be subject to any “moratorium,” “control share acquisition,”
“business combination,” “fair price” or other form of anti-takeover laws and regulations of any jurisdiction
that may purport to be applicable to this Agreement or the transactions contemplated hereby.

 

(c)
Andina and Holdings covenant and agree that, to the extent that a registration statement under the Securities Act is effective and available
for shares of Class A Common Stock to be delivered with respect to any Exchange, shares that have been registered under the Securities
Act shall be delivered in respect of such Exchange. In the event that any Exchange in accordance with this Agreement is to be effected
at a time when any required registration has not become effective or otherwise is unavailable, upon the request and with the reasonable
cooperation of the Equityholder requesting such Exchange, Andina and Holdings shall use commercially reasonable efforts to promptly facilitate
such Exchange pursuant to any reasonably available exemption from such registration requirements. Andina and Holdings shall use commercially
reasonable efforts to list the Class A Common Stock required to be delivered upon exchange prior to such delivery upon each national
securities exchange or inter-dealer quotation system upon which the outstanding Class A Common Stock may be listed or traded at the time
of such delivery. In the event that Andina and Holdings are unable to effect registration of Class A Common Stock and have exhausted
efforts as set forth herein, Holdings may deliver unregistered shares of Class A Common Stock with respect to an Exchange, it being understood
that to the extent an Equityholder is a party to the Registration Rights Agreement, any unregistered shares of Class A Common Stock issued
to such Equityholder shall be entitled to the registration rights set forth therein.

 

Section
2.3 Equity Interests of Andina and Holdings.

 

(a)
Holdings and Andina shall take all actions necessary so that, at all times for as long as this Agreement is in effect: (i) the
combined number of Class A Units outstanding equals the number of shares of Class A Common Stock outstanding; and (ii)
a set of 1 Class B Unit and 1 share of Class V Common Stock is exchangeable for 1 share of Class A Common Stock pursuant to this
Agreement.

 

(b)
Upon the issuance of any shares of Class A Common Stock other than pursuant to an Exchange (but including any issuance in connection
with a business acquisition by Andina or its direct or indirect subsidiaries, an equity incentive program or upon the conversion, exercise
(including cashless exercise) or exchange of any security or other instrument convertible into or exercisable or exchangeable for shares
of Class A Common Stock), Andina shall contribute the proceeds of such issuance (net of any selling or underwriting discounts or commissions
or other expenses) to Holdings in exchange for a number of newly issued Class A Units equal to the number of shares of Class A Common
Stock issued.

 

    	6

     

    

 

(c)
At any time that Holdings issues a Class B Unit to anyone other than Andina, Andina shall issue a share of Class V Common Stock to the
recipient of such Class B Unit. Upon the exchange or cancellation of any Class B Unit pursuant to this Agreement or the Amended Holdings
Operating Agreement, a corresponding number of shares of Class V Common Stock shall automatically be cancelled without any action on
the part of any person, including such Equityholder, Andina or Holdings.

 

(d)
If Andina redeems, repurchases or otherwise acquires any shares of Class A Common Stock for cash (including a redemption, repurchase
or acquisition of restricted shares of Class A Common Stock for nominal or no value), Holdings shall, concurrently with such redemption,
repurchase or acquisition, redeem, repurchase or acquire an identical number of Class A Units held by Andina upon the same terms, including
the same price, as the terms of the redemption, repurchase or acquisition of shares of Class A Common Stock.

 

(e)
Andina shall not in any manner effect any Subdivision or Combination of shares of Class A Common Stock unless Holdings simultaneously
effects a Subdivision or Combination, as the case may be, of Class B Units with an identical ratio as the Subdivision or Combination
of shares of Class A Common Stock. Holdings shall not in any manner effect any Subdivision or Combination of Class B Units unless Andina
simultaneously effects a Subdivision or Combination, as the case may be, of shares of Class A Common Stock and shares of Class V Common
Stock with an identical ratio as the Subdivision or Combination of Class B Units.

 

Section
2.4 Adjustment. The Exchange Rate shall be equitably
adjusted accordingly if there is: (a) any Subdivision or Combination of the Class B Units that is not accompanied by an identical subdivision
or combination of the Class A Common Stock or (b) any Subdivision or Combination of the Class A Common Stock that is not accompanied
by an identical subdivision or combination of the Class B Units. If there is any Combination in which the Class A Common Stock are converted
or changed into another security, securities or other property, then upon any subsequent Exchange, an exchanging Equityholder shall be
entitled to receive the amount of such security, securities or other property that such exchanging Equityholder would have received if
such Exchange had occurred immediately prior to the effective time of such Combination, taking into account any adjustment as a result
of any Subdivision or Combination of such security, securities or other property that occurs after the effective time of such reclassification,
reorganization, recapitalization or other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments
in respect of distributions shall be made upon the exchange of any Class B Unit.

 

Section
2.5 Withholding; Certification of Non-Foreign Status.

 

(a)
If Andina shall be required to withhold any amounts by reason of any federal, state, local or foreign tax rules or regulations in respect
of any Exchange, Andina shall be entitled to take such action as it deems appropriate, in its reasonable discretion, in order to ensure
compliance with such withholding requirements, including, withholding shares of Class A Common Stock with a fair market value equal to
the minimum amount of any taxes that Andina may be required to withhold with respect to such Exchange; provided that, in the event that
Andina so determines that withholding is required with respect to an Exchange, Andina shall notify the applicable Equityholder as soon
as reasonably practicable of its intent to withhold and Andina shall consider in good faith any forms, statements, documentation or other
information submitted by, and otherwise cooperate on a reasonable basis with, the applicable Equityholder(s) to reduce or eliminate the
proposed withholding. To the extent that amounts are (or property is) so withheld and paid over to the appropriate taxing authority in
accordance with applicable law, such withheld amounts (or property) shall be treated for all purposes of this Agreement as having been
paid (or delivered) to the applicable Equityholder and, as soon as reasonably practicable after any such withholding, Andina shall deliver
to the applicable Equityholder the original or a certified copy of a receipt issued by the applicable taxing authority evidencing such
payment and such other information reasonably requested by the applicable Equityholder, a copy of the return reporting such payment and,
upon request of the applicable Equityholder, other evidence of such payment and Andina shall cooperate on a reasonable basis with the
applicable Equityholder(s) to claim and obtain a refund for any such taxes withheld.

 

    	7

     

    

 

(b)
Notwithstanding anything to the contrary herein, Andina may, in its reasonable discretion, require that an exchanging Equityholder
deliver to Andina a certification of non-foreign status in accordance with Sections 1445 and 1446(f)(2) of the Code and Treasury
Regulation Section 1.1445-2(b) and Treasury Regulation Section 1.1446(f)-2(b)(2) prior to an Exchange. In the event Andina
has required delivery of such certification but an exchanging Equityholder does not provide such certification, Andina shall nevertheless
deliver or cause to be delivered to the exchanging Equityholder the Class A Common Stock in accordance with Section 2.1, but subject
to withholding as provided in Section 2.5(a).

 

Article
III

 

Section
3.1 Additional Equityholders. To the extent an
Equityholder validly transfers any or all of such holder’s Class B Units and corresponding Class V Common Stock to another person
in a transaction in accordance with, and not in contravention of, the Amended Holdings Operating Agreement, Andina’s organizational
documents or any other agreement or agreements with Andina or any of its subsidiaries to which a transferring Equityholder may be party,
then such transferee (each, a “Permitted Transferee”) shall have the right to execute and deliver a joinder to this
Agreement, substantially in the form of Exhibit B hereto, whereupon such Permitted Transferee shall become an Equityholder hereunder.
To the extent Holdings issues Class B Units in the future, Holdings shall be entitled, in its sole discretion, to make any holder of
such Class B Units an Equityholder hereunder through such holder’s execution and delivery of a joinder to this Agreement, substantially
in the form of Exhibit B hereto.

 

    	8

     

    

 

Section
3.2 Addresses and Notices. All notices,
requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have
been duly given upon receipt) by delivery in person, by courier service, by fax, by electronic mail (delivery receipt requested)
or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses
(or at such other address for a party as shall be as specified in a notice given in accordance with this Section 3.2):

 

	 	(a)	If to Andina, to:

 

Andina
Acquisition Corp. III

c/o
Stryve Foods, Inc.

5801
Tennyson Parkway, Suite 275

Plano,
TX 75024

Attention:
Mr. Joe Oblas

Phone:
(972) 987-5130

Email:
joe@stryve.com

 

	 	(b)	If to Holdings, to:

 

5801
Tennyson Parkway, Suite 275

Plano,
TX 75024

Attention:
Mr. Joe Oblas

Phone:
(972) 987-5130

Email:
joe@stryve.com

 

	 	(c)	If to any Equityholder, to
  the address and other contact information set forth in the records of Andina or Holdings from time to time.

 

Section
3.3 Further Action. The parties will furnish,
or cause to be furnished, upon request to each other such further information, execute and deliver, or cause its affiliates to execute
and deliver, such further instruments, and take (or cause its affiliates to take) such other action, as may be reasonably necessary to
carry out or achieve the purposes and intents of this Agreement, including any Exchange, and the transactions contemplated herein.

 

Section
3.4 Binding Effect. This Agreement shall be binding
upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators,
heirs, legal representatives and assigns.

 

Section
3.5 Severability. If any term or other provision
of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions
and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is
invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect
the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible.

 

    	9

     

    

 

Section
3.6 Assignment; Amendment; Successors.

 

(a)
This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and permitted assigns. This Agreement shall not be assigned by operation of law or otherwise without the prior written consent
of the Andina, Holdings and Seller (or upon the liquidation of Seller, the vote or written consent of the holders of a majority of the
then outstanding Class B Units (excluding Class B Units held by Andina)), and any assignment without such consent shall be null and void;
provided that no such assignment shall relieve the assigning party of its obligations hereunder. Notwithstanding the foregoing
and anything to the contrary, Seller may, without the prior written consent of Andina or Holdings, (i) distribute all or a portion of
its Class B Units and Class V Common Stock received by Seller under the BCA to its members at any time, and (ii) assign all or part of
Seller’s rights and obligations of Seller under this Agreement to any such member of Seller who receives Class B Units and Class
V Common Stock as a distribution (and such assignment shall not reduce any rights of Seller under this Agreement). Any successor or assignee
of Seller shall execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B hereto, whereupon successor
or assignee of Seller shall become an Equityholder hereunder.

 

(b)
This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by the Andina, Holdings and
Seller or upon the liquidation of Seller, the vote or written consent of the holders of a majority of the Class B Units (excluding any
Class B Units held by Andina).

 

(c)
All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the
parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. Each of Andina and
Holdings shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of either Andina or Holdings, by written agreement, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that each of Andina and Holdings would be required to perform if no such succession
had taken place.

 

Section
3.7 Waiver. No failure by any party to insist
upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent
upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

 

Section
3.8 Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)
Any and all disputes which cannot be settled amicably with respect to this Agreement, including any action (at law or in equity), claim,
litigation, suit, arbitration, hearing, audit, review, inquiry, proceeding, investigation or ancillary claims of any party, arising out
of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement
or any matter arising out of or in connection with this Agreement and the rights and obligations arising hereunder or thereunder, or
for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder or thereunder
brought by a party hereto or its successors or assigns, shall be brought and determined exclusively in the Delaware Chancery Court, or
if such court shall not have jurisdiction, any federal court located in the State of Delaware, or, if neither of such courts shall have
jurisdiction, any other Delaware state court. Each of the parties hereby irrevocably submits with regard to any such dispute for itself
and in respect of its property, generally and unconditionally, to the sole and exclusive personal jurisdiction of the aforesaid courts
and agrees that it will not bring any dispute relating to this Agreement or any of the transactions contemplated by this Agreement in
any court other than the aforesaid courts. Each party irrevocably consents to service of process in any dispute in any of the aforesaid
courts by the mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized overnight delivery service,
to such party at such party’s address referred to in Section 3.2. Each party hereby irrevocably and unconditionally waives, and
agrees not to assert as a defense, counterclaim or otherwise, in any action brought by any party with respect to this Agreement (i) any
claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the failure to serve process
in accordance with this Section 3.8; (ii) any claim that it or its property is exempt or immune from the jurisdiction of any such court
or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid
of execution of judgment, execution of judgment or otherwise); or (iii) any objection which such party may now or hereafter have (A)
to the laying of venue of any of the aforesaid actions arising out of or in connection with this Agreement brought in the courts referred
to above; (B) that such action brought in any such court has been brought in an inconvenient forum and (C) that this Agreement, or the
subject matter hereof or thereof, may not be enforced in or by such courts.

 

    	10

     

    

 

(b)
To the extent that any party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself,
or to such party’s property, each such party hereby irrevocably waives such immunity in respect of such party’s obligations
with respect to this Agreement.

 

(c)
EACH PARTY ACKNOWLEDGES THAT IT IS KNOWINGLY AND VOLUNTARILY AGREEING TO THE CHOICE OF DELAWARE LAW TO GOVERN THIS AGREEMENT AND TO THE
JURISDICTION OF DELAWARE COURTS IN CONNECTION WITH PROCEEDINGS BROUGHT HEREUNDER. THE PARTIES INTEND THIS TO BE AN EFFECTIVE CHOICE OF
DELAWARE LAW AND AN EFFECTIVE CONSENT TO JURISDICTION AND SERVICE OF PROCESS UNDER 6 DEL. C. § 2708.

 

(d)
EACH PARTY, FOR ITSELF AND ITS AFFILIATES, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING
TO THE ACTIONS OF THE PARTIES OR THEIR RESPECTIVE AFFILIATES PURSUANT TO THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR THEREOF.

 

(i)
The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in this Section
3.8(c) and such parties agree not to plead or claim the same.

 

Section
3.9 Counterparts. This Agreement may be executed
and delivered (including by facsimile transmission or by e-mail delivery of a “.pdf” format data file) in one or more counterparts,
and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy,
by e-mail delivery of a “.pdf” format data file or other electronic transmission service shall be considered original executed
counterparts for purposes of this Section 3.9.

 

    	11

     

    

 

Section
3.10 Tax Treatment. This Agreement shall
be treated as part of the Amended Holdings Operating Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h)
and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required by the Code and the Treasury Regulations (and applicable
state and local income tax laws), the parties shall report any Exchange consummated hereunder as a taxable sale of the Class B
Units and Class V Common Stock by the exchanging Equityholder to Andina, and no party shall take a contrary position on any income
tax return, amendment thereof or communication with a taxing authority unless an alternate position is permitted under the Code
and Treasury Regulations and Andina consents in writing, such consent not to be unreasonably withheld, conditioned, or delayed.
Further, in connection with any Exchange consummated hereunder, Holdings and/or Andina shall provide the exchanging Equityholder
with all reasonably necessary information to enable the exchanging Equityholder to file its income Tax returns for the taxable
year that includes the Exchange, including information with respect to Code Section 751 assets (including relevant information
regarding “unrealized receivables” or “inventory items”) and Section 743(b) basis adjustments as soon
as practicable and in all events within 60 days following the close of such taxable year (and use commercially reasonable efforts
to provide estimates of such information shortly after the end of the taxable year of the applicable Exchange).

 

Section
3.11 Termination. This Agreement shall terminate
and be of no further force or effect when all equity securities of Holdings are held by Andina.

 

Section
3.12 Specific Performance. The parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to specific performance
of the terms and provisions hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

Section
3.13 Independent Nature of Equityholders’ Rights
and Obligations. The obligations of each Equityholder hereunder are several and not joint with the obligations of any other Equityholder,
and no Equityholder shall be responsible in any way for the performance of the obligations of any other Equityholder hereunder. The decision
of each Equityholder to enter into to this Agreement has been made by such Equityholder independently of any other Equityholder. Nothing
contained herein, and no action taken by any Equityholder pursuant hereto, shall be deemed to constitute the Equityholders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Equityholders are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated hereby. Andina acknowledges that the Equityholders
are not acting in concert or as a group, and Andina will not assert any such claim, with respect to such obligations or the transactions
contemplated hereby.

 

Section
3.14 Applicable Law. This Agreement shall be
governed by, and construed in accordance with, the law of the State of Delaware, without regards to its principles of conflicts of laws.

 

[Remainder
of Page Intentionally Left Blank]

 

    	12

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

	 	ANDINA
    ACQUISITION CORP. III:
	 	 	 
	 	By:	 /s/ Julio Torres 
	 	Name:	 Julio
    Torres 
	 	Title:	 Chief
    Executive Officer 

 

	 	ANDINA
    HOLDINGS LLC:
	 	 	 
	 	By:	 /s/
    Julio Torres 
	 	Name:	 Julio
    Torres 
	 	Title:	 Chief
    Executive Officer 

 

	 	SELLER:
	 	 	 
	 	By:	 /s/ R. Alex Hawkins 
	 	Name:
    	 R.
    Alex Hawkins 
	 	Title:	 Chief
    Operating Officer 

 

[Signature
Page – Exchange Agreement]

 

    	13

     

    

 

EXHIBIT
A

 

FORM
OF

ELECTION
OF EXCHANGE

 

Andina
Acquisition Corp. III

c/o
Stryve Foods, Inc.

5801
Tennyson Parkway, Suite 275

Plano,
TX 75024

Attention:
Mr. Joe Oblas

Email:
joe@stryve.com

 

Andina
Holdings, LLC

5801
Tennyson Parkway, Suite 275

Plano,
TX 75024

Attention:
Mr. Joe Oblas

Email:
joe@stryve.com

 

Reference
is hereby made to the Exchange Agreement, dated as of [●], 2021 (the “Exchange Agreement”), among Andina Acquisition
Corp. III, a Delaware corporation (“Andina”), Andina Holdings, LLC, a Delaware limited liability company (“Holdings”),
Stryve Foods Holdings, LLC, a Texas limited liability company (“Seller”), and the holders of Class B Units and Class
V Common Stock from time to time party thereto. Capitalized terms used but not defined herein shall have the meanings given to them in
the Exchange Agreement.

 

The
undersigned Equityholder hereby transfers to Andina the number of Class B Units and Class V Common Stock set forth below in exchange
for shares of Class A Common Stock to be issued in its name as set forth in the Exchange Agreement.

 

Legal
Name of Equityholder: __________________________________________________________________

 

Address:
_________________________________________________________________________________

 

Number
of Class B Units to be exchanged: ______________

 

Number
of Class V Common Stock to be exchanged: ___________

 

If
the Equityholder desires the shares of Class A Common Stock be settled through the facilities of The Depositary Trust Company (“DTC”),
please indicate the account of the DTC participant below. In the event Andina elects to certificate the shares of Class A Common Stock
issued to the Equityholder, please indicate the following:

 

Legal
Name for Certificates:

 

Address
for Delivery of Certificates:

 

    	14

     

    

 

EXHIBIT
                                            A

 

FORM
OF

ELECTION
OF EXCHANGE

 

The
undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election of Exchange
and to perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by
the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance with the terms
hereof, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability
of equitable remedies; (iii) the Class B Units and Class V Common Stock subject to this Election of Exchange are subject to the restrictions
on transfer and other terms and conditions of the Lock-Up Agreement (the “Lock-Up Restrictions”), which Lock-Up Restrictions
will apply mutatis mutandis to the shares of Class A Common Stock to be delivered upon Exchange; (iv) other than the Lock-Up Restrictions,
the Class B Units and Class V Common Stock subject to this Election of Exchange are being transferred to Andina free and clear of any
pledge, lien, security interest, encumbrance, equities or claim; and (v) no consent, approval, authorization, order, registration or
qualification of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Class
B Units or Class V Common Stock subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of
such Class B Units or Class V Common Stock to Andina.

 

The
undersigned hereby irrevocably constitutes and appoints any officer of Andina or of Holdings as the attorney of the undersigned, with
full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary
to transfer to Andina the Class B Units and Class V Common Stock subject to this Election of Exchange and to deliver to the undersigned
the shares of Class A Common Stock to be delivered in exchange therefor.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of Exchange to be executed and delivered by the undersigned
or by its duly authorized attorney.

 

	 	Name:
    _____________________________ 
	 	 
	 	Dated:
     _____________________________

 

    	15

     

    

 

EXHIBIT
B

 

FORM
OF

JOINDER
AGREEMENT

 

This
Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of [●], 2021 (the “Exchange
Agreement”), among Andina Acquisition Corp. III, a Delaware corporation (“Andina”), Andina Holdings, LLC
(“Holdings”) a Delaware limited liability company, Stryve Foods Holdings, LLC, a Texas limited liability company (“Seller”)
and each of the Equityholders from time to time party thereto. Capitalized terms used but not defined in this Joinder Agreement shall
have their meanings given to them in the Exchange Agreement. This Joinder Agreement shall be governed by, and construed in accordance
with, the law of the State of Delaware. In the event of any conflict between this Joinder Agreement and the Exchange Agreement, the terms
of this Joinder Agreement shall control.

 

The
undersigned hereby joins and enters into the Exchange Agreement having acquired Class B Units in Holdings. By signing and returning a
copy of this Joinder Agreement to each of Holdings and Andina, the undersigned accepts and agrees to be bound by and subject to all of
the terms and conditions of and agreements of an Equityholder contained in the Exchange Agreement, with all attendant rights, duties
and obligations of an Equityholder thereunder. The parties to the Exchange Agreement shall treat the execution and delivery hereof by
the undersigned as the execution and delivery of the Exchange Agreement by the undersigned and, upon receipt of this Joinder Agreement
by Andina and by Holdings, the signature of the undersigned set forth below shall constitute a counterpart signature to the signature
page of the Exchange Agreement.

 

	 	Name: 		 	 

 

	 	 	 	 
	 	Address
    for Notices:	 	With
    copies to:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	 	Attention:
    		 	 

 

    	16

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