Document:

Exhibit 10.2

 

Andina Acquisition Corp. II

250 West 57th St

Suite 2223

New York, NY 10107

 

Gentlemen:

 

Andina Acquisition Corp. II (“Corporation”),
a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business Combination”),
intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”), in connection with
its initial public offering (“IPO”).

 

The undersigned hereby commits to purchase an
aggregate of 45,000 units of the Corporation (“Initial Units”), each Initial Unit consisting of one ordinary share,
par value $0.0001 per share, of the Corporation (“Ordinary Shares”), and one right to receive one-seventh (1/7) of
one Ordinary Share, at $10.00 per Private Unit (as defined below), for an aggregate purchase price of $450,000 (the “Initial
Purchase Price”). Additionally, if the underwriters in the IPO exercise their over-allotment option in full or part, the
undersigned further commits to purchase up to an additional 1,733 Units (“Additional Units” and together with the Initial
Units, the “Private Units”) at $10.00 per Additional Unit for an aggregate purchase price of up to $17,330 (the “Over-Allotment
Purchase Price” and together with the Initial Purchase Price, the “Purchase Price”). At least twenty-four (24)
hours prior to the effective date of the Registration Statement, the undersigned will cause the Purchase Price to be delivered
to Graubard Miller (“GM”), counsel for the Corporation, by wire transfer as set forth in the instructions attached
as Exhibit A to hold in a non-interest bearing account until the Corporation consummates the IPO and over-allotment option, if
any.  

 

The consummation of the purchase and issuance
of the Initial Units and Additional Units (if any) shall occur simultaneously with the consummation of the IPO and over-allotment
option, respectively. Simultaneously with the consummation of the IPO, GM shall (i) deposit the Initial Purchase Price, without
interest or deduction, into the trust fund (“Trust Fund”) established by the Corporation for the benefit of the Corporation’s
public stockholders as described in the Corporation’s registration statement filed in connection with the IPO (“Registration
Statement”) and (ii) deliver all interest earned on the Initial Purchase Price to the undersigned. Simultaneously with the
consummation of all or any part of the over-allotment option, GM shall deposit the pro-rata portion of the Over-Allotment Purchase
Price, based upon the amount of the over-allotment option that has been exercised, without interest or deduction, into the Trust
Fund. Upon expiration of the over-allotment option, GM shall return any unused portion of the Over-Allotment Purchase Price to
the undersigned. If the Corporation does not complete the IPO within six (6) months from the date of this letter (subject to a
six (6) month extension at the Corporation’s option in its sole discretion), the Purchase Price (without interest or deduction)
will be returned to the undersigned.

 

    	 	 	 

     

    

 

Each of the Corporation and the undersigned acknowledges
and agrees that GM is serving hereunder solely as a convenience to the parties to facilitate the purchase of the Private Units
and GM’s sole obligation under this letter agreement is to act with respect to holding and disbursing the Purchase Price
for the Private Units as described above. GM shall not be liable to the Corporation or the undersigned or any other person or entity
in respect of any act or failure to act hereunder or otherwise in connection with performing its services hereunder unless GM has
acted in a manner constituting gross negligence or willful misconduct. The Corporation shall indemnify GM against any claim made
against it (including reasonable attorney’s fees) by reason of it acting or failing to act in connection with this letter
agreement except as a result of its gross negligence or willful misconduct. GM may rely and shall be protected in acting or refraining
from acting upon any written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have
been signed or presented by the proper party or parties. Notwithstanding anything to the contrary contained herein, GM agrees that
it does not have any right, title, interest or claim of any kind in or to any monies of the Trust Fund (“Claim”) and
hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will
not seek recourse against the Trust Fund for any reason whatsoever.

 

The Private Units will be identical to the units
to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

		·	to vote the Ordinary Shares included in the Private Units in favor of any proposed Business Combination;

 

		·	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
with respect to the Company’s pre-Business Combination activities prior to the consummation of such a Business Combination
unless the Company offers dissenting holders the right to convert their shares for a portion of the cash held in the Trust Fund;

 

		·	not to convert any Ordinary Shares included in the Private Units into the right to receive cash from the Trust Fund in connection
with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s Amended
and Restated Memorandum and Articles of Association relating to shareholders’ rights or pre-business combination activity;

 

		·	that the Private Units and underlying securities will not be transferable until after the consummation of a Business Combination
except (i) to the undersigned’s members upon its liquidation, (ii) to relatives and trusts for estate planning purposes,
(iii) by virtue of the laws of descent and distribution upon death, (iv) pursuant to a qualified domestic relations order, (v)
by certain pledges to secure obligations incurred in connection with purchase of the Company’s securities, (vi) by private
sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the Private
Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation of a Business Combination,
in each case (except for clause vi) where the transferee agrees to the terms of the transfer restrictions;

 

    	 	 	 

     

    

 

		·	the Private Units will be subject to customary registration rights, pursuant to a Registration Rights Agreement on terms agreed
upon by the Company and the Underwriters to be filed as an exhibit to the Registration Statement;

 

		·	the undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate
in liquidation distributions with respect to any units or Common Stock purchased by the Undersigned in the IPO or in the open market)
if the Company fails to consummate a Business Combination;

 

		·	the Private Units will include any additional terms or restrictions as is customary in other similarly structured blank check
company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which
will be set forth in the Registration Statement; and

 

		·	the Private Units (and the securities comprising the Private Units and issuable thereunder) may not be sold, transferred, assigned,
pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in
the effective disposition of the securities by any person for a period of 180 days immediately following the effective date of
the registration statement relating to the Company’s initial public offering, except to any underwriter and selected dealer
participating in the Company’s initial public offering and their bona fide officers or partners and except as otherwise provided
in Rule 5110(g)(2) of the FINRA Conduct Rules.

 

Notwithstanding anything to the contrary herein,
the issuance of the Private Units hereunder shall comply with FINRA Rules 5110(g)(1) and 5110(f)(2)(G).

 

The undersigned hereby represents and warrants
that, as applicable:

 

		(a)	it has been advised that the Private Units have not been registered under the Securities Act;

 

		(b)	it is acquiring the Private Units for its account for investment purposes only;

 

		(c)	it has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the
United States;

 

		(d)	it is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933,
as amended;

 

    	 	 	 

     

    

 

		(e)	it is not subject to any of the "Bad Actor" disqualifications described in Rule 506(d)(1)(i) to (viii) under Regulation
D (a "Disqualification Event"), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3);

 

		(f)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Corporation and
all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

		(g)	it is familiar with the proposed business, management, financial condition and affairs of the Corporation;

 

		(h)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or
needed to consummate the transactions contemplated in this letter; and

 

		(i)	this letter constitutes its respective legal, valid and binding obligation, and is enforceable against it.

 

	 	Very truly yours,
	 	 
	 	EARLYBIRDCAPITAL, INC
	 	 
	 By:  	/s/ Steve Levine
	 	Steve Levine, Chief Executive Officer

 

Accepted and Agreed:

 

ANDINA ACQUISITION CORP.
II

 

	By:	/s/ Julio Torres	 
	 	Name: Julio Torres	 
	 	Title: Chief Executive Officer	 

 

Graubard Miller

(solely with respect to its obligations to hold

and disburse monies for the Private Units)

 

	By:	/s/ Jeffrey M. Gallant	 
	 	Name: Jeffrey M. Gallant	 
	 	Title: PartnerExhibit 10.1

 

AMENDMENT OF EMPLOYMENT AGREEMENT

THIS AMENDMENT OF EMPLOYMENT AGREEMENT (“Amendment”) is made November 24, 2015, by and between BioTime, Inc. (the “Company”), and Michael D. West (“Executive”), and amends the Employment Agreement, dated October 10, 2007, between the Company and Executive (the “Employment Agreement”).

WHEREAS, the Company and Executive desire to amend certain provisions of the Employment Agreement, and such revisions have been approved by the Compensation Committee of the Board of Directors of the Company;

NOW, THEREFORE, in consideration of the terms and conditions hereinafter set forth, the parties hereto agree as follows:

1.             Section 1(a) of the Employment Agreement is revised to read as shown below:

 

(a)            Position and Duties.  The Company agrees to employ Executive in the position of Co-Chief Executive Officer.  Executive shall perform his duties in coordination and cooperation, as may be reasonable, with the other Co-Chief Executive Officer, observing such delineations of the scope of Executive’s duties and those of the other Co-Chief Executive Officer as the Board of Directors of the Company (the “Board of Directors”) may from time to time direct or require.  Without limiting the generality of the immediately preceding sentence, Executive shall manage the Company’s science, technology development, and intellectual property activities, including the advancement of its discovery and pre-clinical product development programs.  Executive shall report to the Board of Directors.  Executive shall devote his best efforts, skills and abilities, on a full‐time basis, exclusively to the Company’s business.  Executive covenants and agrees that he will faithfully adhere to and fulfill such policies as are established from time to time by the Board of Directors.

2.             Section 5(a)(ii) of the Employment Agreement is revised as shown below:

(ii)            Termination Without Cause.  In the event of Executive’s termination without Cause, he will be entitled to (A) the benefits set forth in paragraph (a)(i) of this Section, (B) payment in an amount equal to  twelve months base salary paid in a lump sum or, at the election of the Company, in installments consistent with the payment of Executive’s salary while employed by the Company, subject to such payroll deductions and withholdings as are required by law, and (C) accelerated vesting of one hundred percent (100%) of the then unvested shares subject to all outstanding stock options granted by the Company and its subsidiaries, and the period during which the Executive may exercise the options during his lifetime after termination of his employment shall be the applicable expiration date of the option; provided, that the acceleration of vesting and extension of the expiration period of options granted by Company subsidiaries shall be subject to the Company’s ability to cause its subsidiaries to agree to such modification of the option agreements governing the options granted by them without removing and replacing directors of the subsidiaries.  The elimination of Executive’s position or a material reduction in his assigned duties or related salary shall be considered termination without Cause.

 

3.             Section 5(b) of the Employment Agreement is amended to read as follows:

(b)            Release.  Any other provision of this Agreement notwithstanding, paragraphs (a)(ii) and (a)(iii) of this Section shall not apply unless the Executive (i) has executed a general release of all claims (in a form prescribed by the Company), (ii) has returned all property of the Company in the Executive’s possession, and (iii) has resigned from the Board of Directors of the Company and from the Board of Directors of each subsidiary of the Company.

4.             Executive’s current annual salary as set by the Board of Directors is not being changed by this Amendment, and except as provided in this Amendment, all terms and conditions of the Employment Agreement shall remain in full force and effect.  Capitalized terms not otherwise defined in this Amendment have the meaning ascribed in the Employment Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the day and year first above written.

EXECUTIVE:

	
/s/Michael D. West

	 
	
Michael D. West

	 

COMPANY:

BIOTIME, INC.

	
By:          

	
/s/Aditya Mohanty

	 
	 	
Aditya Mohanty,

	 
	 	
Co-Chief Executive Officer

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