Document:

Exhibit
10.7

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of January 28, 2021 between Andina
Acquisition Corp III, a Delaware corporation (the “Company”) and each of the several subscribers signatory
hereto (each such Subscriber, a “Subscriber” and, collectively, the “Subscribers”).

 

This
Agreement is made pursuant to the Subscription Agreements between the Company and each of the Subscribers signatory thereto (collectively,
the “Subscription Agreements”).

 

The
Company and each Subscriber hereby agrees as follows:

 

1.
Definitions.

 

Capitalized
terms used and not otherwise defined herein that are defined in the Subscription Agreements shall have the meanings given such
terms in the Subscription Agreements. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Business
Combination Registration Statement” means a registration statement on Form S-4 filed by the Company with the Commission
in compliance with the Securities Act and the rules and regulations promulgated thereunder for the purpose of registering Shares
(as defined in the Subscription Agreement) to be issued in connection with the Transaction.

 

“Business
Day” means a day other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized
or required by law to close.

 

“Closing
Date” means the date on which the transactions contemplated pursuant to the Subscription Agreements have been consummated.

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder, the 60th
calendar day following the Closing Date (or, in the event the Commission notifies the Company that it will “review”
the Registration Statement, the 120th calendar day following the Closing Date) and with respect to any additional Registration
Statements which may be required pursuant to Section 2(c) or Section 3(c), the 60th calendar day following the date
on which an additional Registration Statement is required to be filed hereunder; provided, however, if such Effectiveness
Date falls on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding business day; provided,
further, that if the Commission is closed for operations due to a government shutdown, the Effectiveness Date shall be extended
by the same amount of days that the Commission remains closed for operations.

 

    	 

     

    

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(d).

 

“Event
Date” shall have the meaning set forth in Section 2(d).

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 10th Business Day
following the date on which the Company first files the definitive Proxy Statement/Prospectus with the Commission and, with respect
to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest practical
date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable
Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Person”
means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

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“Proxy
Statement/Prospectus” means the proxy statement/prospectus contained in the Business Combination Registration Statement
to be filed in connection with the solicitation of proxies from holders of the Company for the matters to be acted upon at the
stockholder meeting approving the Transaction.

 

“Registrable
Securities” means, as of any date of determination, (a) all Shares and (b) any securities issued or then issuable upon
any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided,
however, that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required
to maintain the effectiveness of any, or file another, Registration Statement hereunder with respect thereto) for so long as (i)
they have been included in the Proxy Statement/Prospectus and their issuance is accordingly registered under the Securities Act,
(ii) they have been sold under a Registration Statement required hereunder or pursuant to Rule 144 or (iii) it has been two years
from the Closing Date.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and
supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance of the Commission staff, or any comments, requirements
or requests of the Commission staff and (ii) the Securities Act and the rules and regulations promulgated thereunder.

 

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“Securities
Act” means the Securities Act of 1933, as amended.

 

“Transaction”
shall have the meaning ascribed to such term in the Subscription Agreements.

 

2.
Shelf Registration.

 

(a)
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the
resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering
to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall contain (unless otherwise
directed by at least 51% in interest of the Holders) substantially the “Plan of Distribution” attached hereto
as Annex A and substantially the “Selling Stockholder” section attached hereto as Annex B; provided,
however, that no Holder shall be required to be named as an “underwriter” without such Holder’s express
prior written consent. Subject to the terms of this Agreement, the Company shall use its commercially reasonable efforts to cause
a Registration Statement covering the resale of all of the Registrable Securities that are not then registered pursuant to the
Proxy Statement/Prospectus filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective
under the Securities Act on the date that the Transaction is consummated and shall use its commercially reasonable efforts to
keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable Securities
covered by such Registration Statement (i) have been sold thereunder or pursuant to Rule 144, (ii) may be sold pursuant to Rule
144 without volume or manner-of-sale restrictions and without current public information (including pursuant to Rule 144(i)(2)),
as reasonably determined by the counsel to the Company; or (iii) two years from the Closing Date (the “Effectiveness
Period”). The Company shall request effectiveness of a Registration Statement as of 5:00 p.m. Eastern Time on a Business
Day. The Company shall promptly notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement
on the same Business Day that the Company telephonically confirms effectiveness with the Commission, which shall be the date requested
for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the second Business Day after
the effective date of such Registration Statement, file a final Prospectus with the Commission as required by Rule 424. Nevertheless,
the Company’s obligations to include the Registrable Securities in a registration statement are contingent upon Subscriber
furnishing in writing to the Company such other information regarding Subscriber, the securities of the Company held by Subscriber
and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company to effect
the registration of the Registrable Securities, and Subscriber shall execute such documents in connection with such registration
as the Company may reasonably request that are customary of a selling stockholder in similar situations.

 

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(b)
Notwithstanding the registration obligations set forth in Section 2(a), if the Commission informs the Company that the resale
of all of the Registrable Securities as a secondary offering cannot, as a result of the application of Rule 415, be registered
on a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially
reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum
number of Registrable Securities permitted to be registered by the Commission.

 

(c)
Notwithstanding any other provision of this Agreement, if the Commission or any SEC Guidance sets forth a limitation on the number
of Registrable Securities permitted to be registered on a particular Registration Statement, the number of Registrable Securities
to be registered on such Registration Statement will be reduced pro rata among all such selling shareholders whose securities
are included in such Registration Statement.

 

In
the event of a cutback hereunder, the Company shall give the Holder at least five (5) Business Days prior written notice along
with the calculations as to such Holder’s allotment. In the event the Company amends the Initial Registration Statement
in accordance with the foregoing, the Company will use its commercially reasonable efforts to file with the Commission, as promptly
as allowed by Commission or SEC Guidance provided to the Company, one or more registration statements to register the resale of
those Registrable Securities that were not registered on the Initial Registration Statement, as amended.

 

(d)
If: (i) the Initial Registration Statement is not filed on or prior to the Closing Date, (ii) a Registration Statement registering
for resale all of the Registrable Securities is not declared effective by the staff of the Commission by the Effectiveness Date,
(iii) after the effective date of a Registration Statement, (A) such Registration Statement ceases for any reason to remain continuously
effective as to all Registrable Securities included in such Registration Statement, or (B) the Holders are otherwise not permitted
to utilize the Prospectus therein to resell such Registrable Securities, for more than fifteen (15) consecutive calendar days
or more than an aggregate of twenty (20) calendar days (which need not be consecutive calendar days) during any 12-month period
(any such failure or breach specified in the immediately preceding clauses (i) through (iii) being referred to as an “Event”,
and for purposes of such clauses, the date on which such Event occurs, an “Event Date”), then, in addition
to any other rights the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary
of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured,
the Company shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product
of 1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Subscription Agreements (the “Monthly
Liquidated Damage”); provided, however, that if such Holder fails to provide the Company with any information
requested by the Company that is required to be provided in such Registration Statement with respect to such Holder as set forth
herein, then, for purposes of this Section 2(d), the Filing Date or Effectiveness Date, as applicable, for a Registration Statement
with respect to such Holder shall be extended until two (2) Business Days following the date of receipt by the Company of such
required information from such Holder; provided further that in no event shall the such Monthly Liquidated Damage hereunder
plus the monthly liquidated damage defined in the Subscription Agreement exceed one (1%) of the aggregate Subscription Amount
paid by such Holder pursuant to the Subscription Agreement. Notwithstanding the foregoing, the parties further agree that in no
event shall the Company be required hereunder and under the Subscription Agreement to pay to such Holder an aggregate amount that
exceeds 6.0% of the aggregate Subscription Amount paid by such Holder pursuant to the Subscription Agreement. The partial liquidated
damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure
of an Event.

 

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(e)
Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder or affiliate
of a Holder as any Underwriter without the prior written consent of such Holder.

 

3.
Registration Procedures.

 

In
connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)
Not less than five (5) Business Days prior to the filing of each Registration Statement and not less than two (2) Business Day
prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all such documents
proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject
to the review of such Holders, and (ii) cause its officers and directors, counsel and independent registered public accountants
to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct
a reasonable investigation within the meaning of the Securities Act. The Company shall not file a Registration Statement or any
such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall
reasonably object in good faith, provided that, the Company is notified of such objection in writing no later than four (4) Business
Days after the Holders have been so furnished copies of a Registration Statement or one (1) Business Day after the Holders have
been so furnished copies of any related Prospectus or amendments or supplements thereto. Each Holder agrees to furnish to the
Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling Stockholder Questionnaire”)
on a date that is not less than five (5) Business Days prior to the Filing Date or by the end of the second (2nd) Business
Day following the date on which such Holder receives draft materials in accordance with this Section.

 

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(b)
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and
the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to
the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration
Statements in order to register the resale of all of the Registrable Securities under the Securities Act, (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and,
as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments
received from the Commission with respect to a Registration Statement or any amendment thereto and provide as promptly as reasonably
possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement
(provided that, the Company shall excise any information contained therein which would constitute material non-public information
regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of
the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Registration
Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition
by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented.

 

(c)
Unless otherwise provided in this Agreement, if during the Effectiveness Period, the number of Registrable Securities at any time
exceeds 100% of the number of shares of Common Stock then registered in a Registration Statement, then the Company shall use commercially
reasonable efforts to file, but in any case prior to the applicable Filing Date, an additional Registration Statement covering
the resale by the Holders of not less than the number of such Registrable Securities.

 

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(d)
notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be
accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as
reasonably possible (and, in the case of (i)(A) below, not less than one (1) Business Day prior to such filing) and (if requested
by any such Person) confirm such notice in writing within five (5) Business Days following the day (i)(A) when a Prospectus or
any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for
amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the
Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation of any proceedings for that purpose, (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration
Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of
the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be
material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability
of a Registration Statement or Prospectus, provided, however, in no event shall any such notice contain any information
which would constitute material, non-public information regarding the Company or any of its Subsidiaries.

 

(e)
Use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping
or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification)
of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(f)
Furnish to such Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to
the extent requested by such Holder, and all exhibits to the extent requested by such Holder (including those previously furnished
or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which
is available on the EDGAR system (or successor thereto) need not be furnished in physical form.

 

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(g)
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such
Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(d).

 

(h)
If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Subscription Agreements, of all restrictive legends, and to enable such Registrable Securities
to be in such denominations and registered in such names as any such Holder may request.

 

(i)
Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the circumstances taking
into account the Company’s good faith assessment of any adverse consequences to the Company and its stockholders of the
premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading. If the Company notifies
the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the
requisite changes to such Prospectus have been made, then the Holders shall (x) suspend use of such Prospectus and immediately
discontinue offers and sales of the Registrable Securities under the Registration Statement until Subscriber receives copies of
a supplemental or amended prospectus that corrects the matters, misstatement(s) or omission(s) referred to above and receives
notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such
offers and sales and (y) maintain the confidentiality of any information included in such written notice delivered by the Company
unless otherwise required by law or subpoena. If so directed by the Company, Subscriber will deliver to the Company or, in Subscriber’s
sole discretion destroy, all copies of the prospectus covering the Registrable Securities in Subscriber’s possession; provided,
however, that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Securities shall not
apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention
policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up. The Company will use
its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The
Company shall be entitled to exercise its right under this Section 3(j) to suspend the availability of a Registration Statement
and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period
not to exceed 60 calendar days (which need not be consecutive days) in any 12-month period.

 

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(j)
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common
Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares.

 

4.
Registration Expenses. All fees and expenses incident to the performance of or compliance with, this Agreement by the Company
shall be borne by the Company. The fees and expenses referred to in the foregoing sentence shall include, without limitation,
(i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent
registered public accountants) (A) with respect to filings made with the Commission, (B) with respect to filings required to be
made with any trading market on which the Common Stock is then listed for trading, and (C) in compliance with applicable state
securities or Blue Sky laws reasonably agreed to by the Company in writing (including, without limitation, fees and disbursements
of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing
expenses (including, without limitation, expenses of printing certificates for Registrable Securities), (iii) messenger, telephone
and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the
Company so desires such insurance, and (vi) fees and expenses of all other Persons retained by the Company in connection with
the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of
its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including,
without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense
of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities
exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder.

 

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5.
Indemnification.

 

(a)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, to the extent permitted
by law, indemnify and hold harmless each Holder, the officers, directors, members, partners, agents, brokers (including brokers
who offer and sell Registrable Securities as principal as a result of a pledge or any failure to perform under a margin call of
Common Stock), investment advisors and employees (and any other Persons with a functionally equivalent role of a Person holding
such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members,
stockholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such
titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted
by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out of or relating to (1)
any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case
of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation
or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation
thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the
extent, that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing
to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such
Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by
such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being
understood that the Holder has approved Annex A hereto for this purpose) or (ii) in the case of an occurrence of an event of the
type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus
after the Company has notified such Holder in writing that the Prospectus is outdated, defective or otherwise unavailable for
use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company shall notify
the Holders promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions
contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such indemnified person and shall survive the transfer of any Registrable Securities
by any of the Holders in accordance with Section 6(h).

 

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(b)
Indemnification by Holders. Each Holder shall, to the extent permitted by law, severally and not jointly, indemnify and
hold harmless the Company, its directors, officers, agents and employees, each Person who controls the Company (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such
controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, to the extent
arising out of or based solely upon: any untrue or alleged untrue statement of a material fact contained in any Registration Statement,
any Prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in
the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading (i)
to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in
writing by such Holder to the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the
extent, but only to the extent, that such information relates to such Holder’s information provided in the Selling Stockholder
Questionnaire or otherwise as requested by the Company or the proposed method of distribution of Registrable Securities and was
reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that
the Holder has approved Annex A hereto for this purpose), such Prospectus or in any amendment or supplement thereto. In no event
shall the liability of a selling Holder be greater in amount than the dollar amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities included in the Registration Statement giving rise to such indemnification obligation.

 

(c)
Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume
the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all
fees and expenses incurred in connection with defense thereof, provided that the failure of any Indemnified Party to give such
notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only)
to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not subject to
appeal or further review) that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An
Indemnified Party shall have the right to employ separate counsel in any such proceeding and to participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying
Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the
defense of such proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such proceeding, or
(3) the named parties to any such proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if
the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party
notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more
than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending
proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such proceeding.

 

    	12

     

    

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within twenty (20) Business Days of written notice thereof
to the Indemnifying Party, provided that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion
of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

 

(d)
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by
such party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses if
the indemnification provided for in this Section was available to such party in accordance with its terms.

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred
to in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of Registrable Securities
be greater in amount than the dollar amount of the proceeds received by it upon the sale of the Registrable Securities giving
rise to such contribution obligation.

 

    	13

     

    

 

The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties
may have to the Indemnified Parties.

 

6.
Miscellaneous.

 

(a)
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under
this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. Each
of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by
reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would
be adequate.

 

(b)
No Piggyback on Registrations; Prohibition on Filing Other Registration Statements. The Company shall not file any other
registration statements until all Registrable Securities are registered pursuant to a Registration Statement that is declared
effective by the Commission, provided that this Section 6(b) shall not prohibit the Company (i) from filing amendments to registration
statements filed prior to the date of this Agreement, (ii) from filing a registration statement pursuant to previously existing
contractual obligations to include securities issued or to be issued prior to the date of this Agreement, (iii) from filing a
shelf registration statement on Form S-3 for a primary offering by the Company, provided that the Company makes no offering of
securities pursuant to such shelf registration statement prior to the effective date of the Registration Statement required hereunder
that includes all of the Registrable Securities, (iv) from filing a registration statement on Form S-4 (as promulgated under the
Securities Act) relating to equity securities to be issued solely in connection with any acquisition of any entity or business
or their then equivalents, (v) from filing a registration statement on Form S-8 (as promulgated under the Securities Act) relating
to equity securities issuable in connection with the Company’s stock option or other employee benefit plans, and (vi) from
filing a registration statements for securities to be issued in the Transaction.

 

(c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant
to a Registration Statement.

 

    	14

     

    

 

(d)
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its commercially reasonable efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.
The Company agrees and acknowledges that any periods during which the Holder is required to discontinue the disposition of the
Registrable Securities hereunder shall be subject to the provisions of Section 2(d).

 

(e)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall
be in writing and signed by the Company and the Holders of 51% or more of the then outstanding Registrable Securities (for purposes
of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security); provided,
however, any material modification, waiver or termination to the registration obligations of the Company hereunder shall
require the prior written consent of each Holder having an aggregate Purchase Price at the Closing of at least $10 million. If
a Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance
with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata
among all Holders and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from
such Registration Statement.

 

(f)
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be delivered as set forth in the Subscription Agreements.

 

(g)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights
or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.7 of the
Subscription Agreements.

 

(h)
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall
the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Except as set forth on Schedule 6(h), neither the Company nor any of its Subsidiaries has previously entered into
any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied
in full.

 

    	15

     

    

 

(i)
Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

(j)
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall
be determined in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law
thereof.

 

(k)
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(l)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(m)
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall
not be deemed to limit or affect any of the provisions hereof.

 

(n)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not
joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of
the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way
acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement
or any other matters, and the Company acknowledges that the Holders are not acting in concert or as a group, and the Company shall
not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce
its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other
Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the
obligations of the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was
done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly
understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between
the Company and the Holders collectively and not between and among Holders.

 

    	16

     

    

 

(o)
Trust Account Waiver. The Holder hereby represents and warrants that it has read the SPAC Prospectus (as defined in the
Subscription Agreements) and understands that the Company has established a trust account (the “Trust Account”)
containing the proceeds of its initial public offering (the “IPO”) and the overallotment shares acquired by
its underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from time
to time thereon) for the benefit of the Company’s public stockholders (including overallotment shares acquired by the Company’s
underwriters, the “Public Stockholders”), and that, except as otherwise described in the SPAC Prospectus, the
Company may disburse monies from the Trust Account only: (a) to the Public Stockholders in the event they elect to redeem their
Company shares in connection with the consummation of the Company’s initial business combination (as such term is used in
the SPAC Prospectus) (the “Business Combination”) or in connection with an extension of its deadline to consummate
a Business Combination, (b) to the Public Stockholders if the Company fails to consummate a Business Combination within 18 months
after the closing of the IPO, which has since been extended, upon the execution and delivery of the Transaction Agreement, to
April 30, 2021, and subject to further extension by amendment to the Company’s organizational documents, (c) with respect
to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes and up to $100,000 in
working capital obligations and (d) to the Company after or concurrently with the consummation of a Business Combination. For
and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the Holder hereby agrees that notwithstanding anything to the contrary
contained in this Subscription Agreement, Holder does not now and shall not at any time hereafter have, and waives any and all
right, title and interest, or any claims of any kind it has or may have in the future as a result of, or arising out of, this
Subscription Agreement, the transactions contemplated hereby or the Shares, in or to any monies held in the Trust Account (or
any distributions therefrom directly or indirectly to Public Stockholders (“Public Distributions”)), and agrees
not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust Account or Public Distributions
as a result of, or arising out of, this Subscription Agreement, the transactions contemplated hereby or the Shares, regardless
of whether such claim arises based on contract, tort, equity or any other theory of legal liability. To the extent the Holder
commences any action or proceeding based upon, in connection with, as a result of or arising out of, this Subscription Agreement,
the transactions contemplated hereby or the Shares, which proceeding seeks, in whole or in part, monetary relief against the Company
or its Representatives, the Holder hereby acknowledges and agrees that the Holder’s sole remedy shall be against funds held
outside of the Trust Account (other than Public Distributions) and that such claim shall not permit the Holder (or any person
claiming on its behalf or in lieu of any of it) to have any claim against the Trust Account (including any distributions therefrom)
or any amounts contained therein. Notwithstanding anything else in this Section 8 to the contrary, nothing herein shall be deemed
to limit the Holder’s right, title, interest or claim to the Trust Account by virtue of the Holder’s record or beneficial
ownership of Common Stock acquired by any means other than pursuant to this Subscription Agreement, including but not limited
to any redemption right with respect to any such securities of the Company. For purposes of this Subscription Agreement, “Representatives”
with respect to any person shall mean such person’s affiliates and its and its affiliate’s respective directors, officers,
employees, consultants, advisors, agents and other representatives.

 

********************

 

(Signature
Pages Follow)

 

    	17

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	ANDINA
    ACQUISITION CORP III
	 	 	 
	 	By:	                     
	 	Name:	 
	 	Title:	 

 

[SIGNATURE
PAGE OF HOLDERS FOLLOWS]

 

    	 

     

    

 

[SIGNATURE
PAGE OF HOLDERS TO ANDA RRA]

 

Name
of Holder: __________________________

 

Signature
of Authorized Signatory of Holder: __________________________

 

Name
of Authorized Signatory: _________________________

 

Title
of Authorized Signatory: __________________________

 

[SIGNATURE
PAGES CONTINUE]

 

    	 

     

    

 

Annex
A

 

Plan
of Distribution

 

Each
Selling Stockholder (the “Selling Stockholders”) of the securities and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal trading market
for such securities or any other stock exchange, market or trading facility on which the securities are traded or in private transactions.
These sales may be at fixed or negotiated prices. A Selling Stockholder may use any one or more of the following methods when
selling securities:

 

	 	●	ordinary
    brokerage transactions and transactions in which the broker-dealer solicits subscribers;
	 	 	 
	 	●	block
    trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
    block as principal to facilitate the transaction;
	 	 	 
	 	●	purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
	 	 	 
	 	●	an
    exchange distribution in accordance with the rules of the applicable exchange;
	 	 	 
	 	●	privately
    negotiated transactions;
	 	 	 
	 	●	settlement
    of short sales;
	 	 	 
	 	●	in
    transactions through broker-dealers that agree with the Selling Stockholders to sell a specified number of such securities
    at a stipulated price per security;
	 	 	 
	 	●	through
    the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;
	 	 	 
	 	●	a
    combination of any such methods of sale; or
	 	 	 
	 	●	any
    other method permitted pursuant to applicable law.

 

The
Selling Stockholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act,
if available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the Subscriber of securities,
from the Subscriber) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of
an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2440; and in the case of
a principal transaction a markup or markdown in compliance with FINRA IM-2440.

 

    	 

     

    

 

In
connection with the sale of the securities or interests therein, the Selling Stockholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of
hedging the positions they assume. The Selling Stockholders may also sell securities short and deliver these securities to close
out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling
Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one
or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered
by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus
(as supplemented or amended to reflect such transaction).

 

The
Selling Stockholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the securities.

 

The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The
Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.

 

We
agreed to keep this prospectus effective until the earlier of (i) all of the securities have been sold pursuant to this prospectus
or Rule 144 under the Securities Act or any other rule of similar effect, (ii) they may be sold pursuant to Rule 144 without volume
or manner-of-sale restrictions, as determined by the Company; or (iii) it has been two years from the Closing Date. The resale
securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified
for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied
with.]

 

Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not
simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined
in Regulation M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable
provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of
purchases and sales of the common stock by the Selling Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each Subscriber
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    	2

     

    

 

SELLING
SHAREHOLDER

 

The
common stock being offered by the selling shareholders are those previously issued to the selling shareholders in connection with
the Transaction. For additional information regarding the issuances of those shares of common stock, see “Private Placement
of Common Shares” above. We are registering the shares of common stock in order to permit the selling shareholders to offer
the shares for resale from time to time. Except for the ownership of the shares of common stock, the selling shareholders have
not had any material relationship with us within the past three years.

 

The
table below lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock
by each of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling
shareholder, based on its ownership of the shares of common stock, as of ________.

 

The
third column lists the shares of common stock being offered by this prospectus by the selling shareholders.

 

In
accordance with the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the
resale of the sum of (i) the number of shares of common stock issued to the selling shareholders in the __________________. The
fourth column assumes the sale of all of the shares offered by the selling shareholders pursuant to this prospectus.

 

The
selling shareholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.”

 

    	3

     

    

 

	Name of Selling Shareholder	 	 	Number of shares of Common Stock Owned

                                                                                Prior to Offering
	 	 	 	Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus	 	 	 	Number of shares of Common Stock Owned

                                                                                After Offering
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	4

     

    

 

Annex
C

 

Selling
Stockholder Notice and Questionnaire

 

The
undersigned beneficial owner of common stock (the “Registrable Securities”) of Andina Acquisition Corp III,
a Cayman Islands exempted company (the “Company”), understands that the Company has filed or intends to file
with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration
Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration
Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from
the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Registration Rights Agreement.

 

Certain
legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include
the Registrable Securities owned by it in the Registration Statement.

 

    	 

     

    

 

The
undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1. Name.

 

		(a)	Full
                                         Legal Name of Selling Stockholder

 

	 

 

		(b)	Full
                                         Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
                                         Securities are held:

 

	 

 

		(c)	Full
                                         Legal Name of Natural Control Person (which means a natural person who directly or indirectly
                                         alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

	 

 

2.
Address for Notices to Selling Stockholder:

 

	 
	 
	 
	Telephone:_______________________________________________________________________________________
	Fax:____________________________________________________________________________________________
	Contact
    Person:___________________________________________________________________________________

 

3.
Broker-Dealer Status:

 

		(a)	Are
                                         you a broker-dealer?

 

Yes
[  ]           No [  ]

 

		(b)	If
                                         “yes” to Section 3(a), did you receive your Registrable Securities as compensation
                                         for investment banking services to the Company?

 

Yes
[  ]          No [  ]

 

		Note:	If “no”
    to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the
    Registration Statement.

 

    	2

     

    

 

		(c)	Are
                                         you an affiliate of a broker-dealer?

 

Yes
[  ]         No [  ]

 

		(d)	If
                                         you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable
                                         Securities in the ordinary course of business, and at the time of the purchase of the
                                         Registrable Securities to be resold, you had no agreements or understandings, directly
                                         or indirectly, with any person to distribute the Registrable Securities?

 

Yes
[  ]         No [  ]

 

	 	Note:	If “no” to Section 3(d), the Commission’s
staff has indicated that you should be identified as an underwriter in the Registration Statement.

 

4.
Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

 

Except
as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company
other than the securities issuable pursuant to the Subscription Agreements.

 

		(a)	Type
                                         and Amount of other securities beneficially owned by the Selling Stockholder:

 

	 
	 

 

    	3

     

    

 

5.
Relationships with the Company:

 

Except
as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners
of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship
with the Company (or its predecessors or affiliates) during the past three years.

 

State
any exceptions here:

 

	 
	 

 

The
undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that
may occur subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned
shall not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its
affiliates.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through
5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements
thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation
or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent.

 

	Date:	 	 	Beneficial
    Owner: 	 

 

	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

PLEASE
EMAIL A .PDF COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

    	4Exhibit 10.1

 

LOAN PURCHASE AND SALE AGREEMENT

 

This LOAN PURCHASE
AND SALE AGREEMENT (the “Agreement”) dated as of January 26, 2021 (“Effective Date”)
is by and between STADCO NEW ACQUISITION, LLC, a Delaware limited liability company (“Purchaser”) and SUNFLOWER
BANK, N.A. (“Seller”), and agreed to by STADCO, a California corporation (“Borrower”), STADCO
ACQUISITION, LLC, a California limited liability company (“Stadco Acquisition”) and STADCO MEXICO, INC.,
Delaware corporation (collectively, with Stadco Acquisition, the “Guarantors”).

 

W I T N E S S E T H:

 

WHEREAS, Purchaser
and Borrower are parties to that certain stock purchase agreement pursuant to which Purchaser is buying all of the equity interests
of Borrower (as amended from time to time, the “Stock Purchase Agreement”);

 

WHEREAS, Seller
is the owner of the indebtedness obligations of Borrower as set forth in Schedule 1 (the “Loans”) which are
secured by the security documents as more particularly described in such corresponding section set forth in Schedule I (collectively,
the “Collateral”) and guaranteed by the Guarantors;

 

WHEREAS, it
is a condition precedent to the terms of the Stock Purchase Agreement, that Purchaser purchase from Seller and Seller sell to Purchaser
the Loans and Loan Documents;

 

WHEREAS, in
accordance with the terms and conditions set forth herein, Purchaser agrees to purchase from Seller and Seller agrees to sell to
Purchaser, the Loans and Loan Documents; and

 

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

 

	1	Purchase and Sale.

 

		1.1	Loan Documents. Subject to the satisfaction of the conditions set forth in this Agreement,
Purchaser hereby agrees to purchase from Seller and Seller hereby agrees to sell, assign and transfer to Purchaser all of Seller’s
rights, title and interests in and to the Loans, the Collateral and the loan documents listed on Schedule I (“Loan Documents”).
For the avoidance of doubt, the Loan Documents do not include that certain Paycheck Protection Program loan (the “PPP
Loan”) by and between Borrower and Seller, in the original principal amount of $1,570,291.

 

		1.2	Purchase Price. All of Borrower’s obligations outstanding under the Loan Documents
(including all over-advances, accrued interest (other than interest accruing at the default rate) and expense reimbursement obligations
due and owing under the Loan Documents) as of the Closing Date minus $2,000,000.

 

		1.3	Closing. Closing to take place on or about February 15, 2021, with a grace period
of up to fifteen (15) days if required by the parties hereto to consummate the transactions described herein.

 

     

     

    

 

	2	Conditions to Closing.

 

		2.1	At least three (3) Business Days prior to the Closing Date (as defined below and as advised
by Purchaser pursuant to Notice given hereunder), Seller shall deliver to Purchaser a letter executed by an officer of Seller certifying
the then outstanding amounts owing by Borrower under the Loan Documents and wire instructions.

 

		2.2	Contemporaneously with the closing under the Stock Purchase Agreement, and conditioned on same,
Purchaser shall pay the Purchase Price to Seller in immediately available funds (such date, the “Closing Date”).

 

		2.3	Upon receipt of the Purchase Price from Purchaser, Seller shall deliver the Loan Documents set
forth on Schedule I and Seller's Closing Documents set forth on Schedule II attached hereto within two (2) business
days of such receipt.

 

		2.4	On the Closing Date, Purchaser shall deliver to Seller that certain unsecured limited guaranty
in form as set forth in Schedule III and limited to such amount of the PPP Loan that is not forgiven under terms of the
Coronavirus Aid, Relief, and Economic Security Act, and applicable rules and regulations, as amended from time to time.

 

		2.5	Seller shall cooperate with Purchaser to structure the transaction so that the equity of Stadco
will not be deemed to “merge” with the Loan.

 

	3	Assignment of Documents. Upon receipt of the Purchase Price from Purchaser, Seller
hereby sells, transfers and assigns to Purchaser the Loans, and the Loan Documents.

 

“as
is” “where is” basis, “with all faults” and without representations, express or implied, of any type,
kind, character, or nature (except the express representations or warranties set forth in Section 5 hereof), and without warranties,
express or implied, of any type, kind, character or nature (except the express representations or warranties set forth in Section 5hereof),
and without recourse, express or implied, of any kind, type, character or nature, save and except, the express representations
or warranties set forth in Section 5 hereof which are not therein disclaimed.

 

Each
of PURCHASER and Seller acknowledges that (i) the other party currently may have, and later may come into possession of, information
regarding the LOANS or the BORROWER or the guarantors that is not known to it and that may be material to a decision to enter into
the Transaction (“Excluded Information”) AND (ii) it has determined to enter into the Transaction notwithstanding
its lack of knowledge of the Excluded Information, and (iii) the other party shall have no liability to it, and it hereby
to the extent permitted by law waives and releases any claims it may have against the other party, with respect to the nondisclosure
of the Excluded Information.

 

    - 2 -

     

    

 

	4	Indemnity. Purchaser and Seller hereby agree to indemnify and hold harmless each
other and their subsidiaries, affiliates, officers, directors, shareholders, employees, agents, representatives and attorneys (the
 “Indemnified Parties”), from and against any and all loss, liability, claim, damage and expense whatsoever (including
attorney's fees, expert's fees or consultant's fees ) directly or indirectly arising out of, based upon, resulting from or otherwise
relating to (i) any act or omission of the other or any of its affiliates in connection with the Loan Documents, the Loans
or otherwise, including, but not limited to any action taken by the other in connection with any Loan Document; (ii) the material
inaccuracy of any representations or warranties herein; (iii) the breach of any covenants herein; or (iv) any commissions,
finder's fees or similar fees due or claimed by any broker, agent or salesperson claimed directly against either Seller or Purchaser
as a result of an agreement entered into by the other. The foregoing indemnities shall apply to the Indemnified Parties with respect
to matters which in part are caused by or arise out of the negligence of Indemnified Parties. However, such indemnity shall not
apply to the Indemnified Parties to the extent that the subject of the indemnification is caused by or arises out of the gross
negligence or willful misconduct of the Indemnified Parties.

 

	5	Representations and Warranties of Seller. Seller hereby represents and warrants to
Purchaser that as of the date hereof, and as of the Closing Date, the following are true and correct:

 

		5.1	Seller is duly organized and existing under the laws of the State of , is solvent and has full
power and authority to enter into this Agreement and to perform all of its obligations hereunder, and the execution, delivery and
performance of this Agreement (including all instruments of transfer to be delivered pursuant to this Agreement) by Seller and
the consummation of the transactions contemplated hereby have been duly and validly authorized.

 

		5.2	This Agreement and Seller’s Closing Documents each constitutes the valid, legal, binding
and enforceable obligations of Seller, enforceable against Seller in accordance with its terms regardless of whether such enforcement
is sought in a proceeding in equity or at law, except as such enforcement may be limited by bankruptcy, insolvency, reorganization,
fraudulent conveyance or other similar laws affecting the enforcement of creditor’s rights generally, and by principles of
equity (regardless of whether such enforcement is considered in a proceeding in equity or at law).

 

		5.3	There is no action, suit, proceeding or investigation pending except as described by Seller in
writing to Purchaser or to Seller’s knowledge threatened against Seller which, either in any one instance or in the aggregate,
would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the obligations
of Seller contemplated herein, or which would be likely to impair materially the ability of Seller to perform under the terms of
this Agreement.

 

		5.4	No consent, approval, authorization or order of, or registration or filing with, or notice to any
court or governmental agency or body is required for the execution, delivery and performance by Seller of or compliance by Seller
with this Agreement or the consummation by Seller of the transactions contemplated by this Agreement, or if required, such approval
has been obtained prior to the Closing Date.

 

		5.5	To the best of Seller’s knowledge, there are no defenses to the validity of the Loans, the
full effect of the Loan Documents, or any reason why the Loans or Loan Documents could be declared or determined to be invalid
or void.

 

    - 3 -

     

    

 

		5.6	Seller is the sole legal, beneficial, equitable, and record owner of the Loans and all of the Loan
Documents. Seller has no lien or security in any collateral for the Loans other than as disclosed in the Loan Documents.

 

		5.7	Seller has not sold, assigned, encumbered, hypothecated, pledged, or transferred the Loans or any
of the Loan Documents and no person or entity other than Seller has asserted any claim to possession of the Loans, the Loan Documents,
or any portion thereof.

 

		5.8	To Seller’s actual knowledge, Seller is not aware (i) that Guarantors have been released
from its obligations, as set forth in the Loan Documents, and (ii) of any written notice by Guarantors of any claims against
Seller by Guarantors.

 

		5.9	Except as set forth on Schedule 1, to Seller’s actual knowledge, the Loan Documents
have not been amended by a written Agreement signed by Seller.

 

		5.10	The representations and warranties made herein by Seller shall survive the delivery of the Loan
Documents to Purchaser.

 

	6	Representations and Warranties of Purchaser. Purchaser hereby represents and warrants
to Seller that:

 

		6.1	Purchaser has full power and authority, and has taken all action necessary, to execute and deliver
this Agreement and to consummate the transactions contemplated hereby and to become Lender under the Credit Agreement.

 

		6.2	Purchaser is sophisticated with respect to decisions to acquire the Loans and either it, or the
Person exercising discretion in making its decision to acquire the Loans, is experienced in acquiring assets of such type.

 

		6.3	Purchaser has received a copy of the Loan Documents, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements delivered thereunder, as applicable, and such other documents
and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase
the Loans.

 

		6.4	Purchaser has, independently and without reliance upon Seller and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and to purchase the Loans.

 

		6.5	Purchaser agrees that it will, independently and without reliance on Seller and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents.

 

	7	Inspections. PURCHASER ACKNOWLEDGES AND AGREES HAVING BEEN GIVEN THE OPPORTUNITY
TO INSPECT THE LOAN DOCUMENTS AND OTHER DOCUMENTS RELATED THERETO (OR COPIES THEREOF).

 

    - 4 -

     

    

 

	8	Intention of the Parties. It is the intention of the parties that Purchaser is purchasing,
and Seller is selling, the Loans and not a debt instrument of Seller or another security. Accordingly, the parties hereto each
intend to treat the transaction for Federal income tax purposes as a sale by Seller, and a purchase by Purchaser, of the Loans.
Purchaser shall have the right to review the Loans and the related files to determine the characteristics of the Loans which shall
affect the federal income tax consequences of owning the Loans and Seller shall cooperate with all reasonable requests made by
Purchaser in the course of such review. It is the understanding and intention of the parties that Purchaser is (i) purchasing
the Loans from Seller, and (ii) not originating or funding the origination of such Loans. Nothing contained in this Agreement
shall constitute Purchaser and Seller as members of any partnership, joint venture, association, syndicate, unincorporated business
or other separate entity, shall be construed to impose any liability as such on Purchaser or Seller, or shall constitute a general
or limited agency or be deemed to confer on Purchaser or Seller, or any express, implied or apparent authority to incur any obligation
or liability on behalf of the other.

 

	9	Preparation of Agreement. Purchaser and Seller each acknowledge that each party to
this Agreement has been represented by counsel in connection with preparation and negotiation of this Agreement and the transactions
contemplated by this Agreement. Accordingly, any rule of law or legal decision that would require interpretation of any claimed
ambiguities in this Agreement against the party that drafted the Agreement shall have no application and any such right is expressly
waived.

 

	10	Broker’s-Finder’s Fee. Neither Purchaser nor Seller shall be obligated
to pay any fee, expense or other remuneration to or in connection with the broker or finder engaged, directly or indirectly in
connection with the transaction contemplated by this Agreement, and any such fee, expense or remuneration shall be the responsibility
of the party who engaged the services.

 

	11	Miscellaneous.

 

		11.1	Each party to this Agreement shall be responsible for any and all costs, internal charges and out-of-pocket
expenses (including reasonable attorneys’ fees and disbursements) paid or incurred by such party in connection with the preparation
and execution of this Agreement and in connection with the transactions contemplated hereby.

 

		11.2	This Agreement constitutes the complete agreement of the parties hereto with respect to the subject
matters referred to herein and supersedes all prior or contemporaneous negotiations, promises, covenants, agreements, or representations
of every nature, whatsoever with respect thereto, all of which have become merged and finally integrated into this Agreement.

 

		11.3	The terms of this Agreement shall be binding upon and shall inure to the benefit of Seller, Purchaser,
and their respective successors and assigns, and no other person shall have any right, benefit or obligation hereunder.

 

		11.4	This Agreement will be deemed to have been made, delivered and accepted in Denver, Colorado and
will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State of
New York, without regard to conflicts of law principles, and the parties hereto irrevocably submit to the jurisdiction of the courts
situated in the City of Denver, both state and federal, to resolve any dispute hereunder.

 

		11.5	The parties hereto each waive any right to trial by jury in any action or proceeding relating to
this Agreement or any actual or proposed transaction or other matter contemplated in or relating to any of the foregoing.

 

    - 5 -

     

    

 

		11.6	This Agreement, including all attached exhibits, contains the complete agreement of Purchaser and
Seller regarding the subject matter of this Agreement, and there are no oral or written conditions, terms, understandings or other
agreements pertaining thereto which have not been incorporated herein. This instrument creates only the relationship of buyer and
seller between Purchaser and Seller as to the Loan Documents, and nothing in this Agreement shall in any way be construed to impose
upon either Purchaser or Seller any obligations or restrictions not expressly set forth in this Agreement.

 

		11.7	This Agreement may be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed will be deemed to be an original and all of which taken together will constitute
one and the same agreement. Facsimile or PDF signatures hereto shall be deemed originals and binding upon such executing party.

 

		11.8	All notices, demands, requests, consents, approvals and other communications required or permitted
hereunder will be in writing and will be conclusively deemed to have been received by a party hereto and to be effective if delivered
personally to such party, or sent by email, or by overnight courier service, or by certified or registered mail, return receipt
requested, postage prepaid, addressed to such party at the address set forth below or to such other address as any party may give
to the other in writing for such purpose:

 

	 	To Seller:	
        SUNFLOWER BANK, N.A.

        3025 Cortland Circle

        Salina, KS 67401

        Attn: Kevin Krebaum

        Email: Kevin.Krebaum@SunflowerBank.com

	 	 	 
	 	To Purchaser:	
        STADCO NEW ACQUISITION, LLC

        

        One Bella Drive

        Westminster, Massachusetts 01473

        Email: shena@ranor.com

 

All such communications, if personally
delivered, will be conclusively deemed to have been received by a party hereto and to be effective when so delivered, or if sent
by fax or email means, on the day on which transmitted, or if sent by overnight courier service, on the day after deposit thereof
with such service, or if sent by certified or registered mail, on the third business day after the day on which deposited in the
mail.

 

		11.9	In the event that any one or more of the provisions contained in this Agreement or in any other
instrument referred to herein, shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, then to the
maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement
or any other such instrument.

 

    - 6 -

     

    

 

		11.10	The titles, captions, or headings of the sections herein are asserted for convenience of reference
only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

 

[EXECUTION ON THE FOLLOWING PAGE]

 

    - 7 -

     

    

 

Executed under seal as of the Effective
Date.

 

	 	SELLER:
	 	 
	 	SUNFLOWER BANK, N.A.
	 	 
	 	 
	 	By:  	/s/ Kevin Krebaum
	 	Name:	Kevin Krebaum
	 	Title:	Special Asset Officer, VP
	 	 	 
	 	 	 
	 	PURCHASER:
	 	 
	 	STADCO NEW ACQUISITION, LLC
	 	 
	 	 
	 	By:  	/s/ Alexander Shen
	 	Name:	Alexander Shen
	 	Title:	CEO

 

Consented to:

 

 

	BORROWER:
	 
	STADCO
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 
	GUARANTORS:
	 
	STadco ACQUISITION, LLC
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 
	STADCO mexico, iNC.
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    - 8 -

     

    

 

SCHEDULE I

 

LOAN DOCUMENTS

 

Between STADCO, a California corporation, STADCO ACQUISITION,
LLC, a California limited liability company and STADCO MEXICO, INC., Delaware corporation and SUNFLOWER BANK, N.A. In the
Original Principal Amount of $12,500,000, each dated as December 7, 2018.

 

Credit Documents:

 

Loan and Security Agreement and

Term Note

Revolving Note

 

Security Documents:

 

Guarantee Agreement

Pledge Agreement

 

Other Documents:

 

Preferred Equity Subordination Agreement

Stock Power (Borrower)

Stock Power (Parent)

 

    - 9 -

     

    

 

 

Execution Copy

 

SCHEDULE II

 

SELLER'S CLOSING DOCUMENTS

 

(Attached)

 

    

     

    

 

ALLONGE1

 

This Allonge, dated
__________, 2021, is attached to and made a part of that certain [Note] in the original principal amount of $[______] dated as
of [_________], made by [Stadco], payable to the order of Sunflower Bank, N.A., or order for the purpose of annexing thereto
the following endorsement:

 

Pay to the order of
STADCO NEW ACQUISITION, LLC, without recourse, representation or warranty, express or implied, except as expressly set forth
in Section 4 of the Loan Purchase and Sale Agreement between Sunflower Bank, N.A. and Stadco New Acquisition, LLC dated January 26,
2021.

 

	 	SUNFLOWER BANK, N.A.
	 	 
	 	By:	         
	 	Name:	 
	 	Title:	 

 

 

1 Purchaser to receive an Allonge per Note outstanding.

 

    

     

    

 

Assignment
and Assumption AGREEMENT

 

This Assignment and Assumption
Agreement (the “Assignment and Assumption”) is dated as of __________, 2021 and is entered into by and between
Sunflower Bank, N.A. (“Assignor”) and Stadco New Acquisition, LLC, a Delaware limited liability company (“Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in that certain Loan Purchase and Sale Agreement
dated as of January 26, 2021 by and between Assignor and Assignee (the “Purchase Agreement”) or that certain
Loan and Security Agreement, dated as of December 7, 2018 by and among Assignor, as Lender, Stadco, a California corporation
as Borrower, as borrower, Stadco Acquisition, LLC, a California limited liability company, as a guarantor and Stadco Mexico, Inc.,
a Delaware corporation, as a guarantor (as amended or otherwise modified from time to time, the “Credit Agreement”),
receipt of a copy of which is hereby acknowledged by Assignee.

 

For an agreed consideration,
Assignor hereby irrevocably sells and assigns to Assignee, and Assignee hereby irrevocably purchases and assumes from Assignor,
subject to and in accordance with the Purchase Agreement and the Credit Agreement, as of the Effective Date (i) all of Assignor’s
rights and obligations in its capacity as Lender under the Credit Agreement and any other documents or instruments delivered pursuant
thereto (as set forth on Schedule 1 attached hereto) to the extent related to such outstanding rights and obligations of
the Assignor under the Credit Agreement and Loan Documents, and (ii) to the extent permitted to be assigned under applicable
law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person,
whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including,
but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above. The sale and assignment is without recourse
to Assignor and, except as expressly provided in the Purchase Agreement and this Assignment and Assumption, without representation
or warranty by Assignor.

 

[Page break]

 

    

     

    

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

  

	 	ASSIGNOR
	 	SUNFLOWER BANK, N.A.
	 	 
	 	 
	 	By:	       
	 	Name:
	 	Title:
	 	 
	 	 
	 	ASSIGNEE
	 	STADCO NEW ACQUISITION, LLC
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

 

Consented to:

 

	BORROWER:
	 
	STADCO
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 
	GUARANTORS:
	 
	STadco ACQUISITION, LLC
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 
	STADCO mexico, iNC.
	 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    

     

    

 

SCHEDULE I

 

LOAN DOCUMENTS

 

Between STADCO, a California corporation, STADCO ACQUISITION,
LLC, a California limited liability company and STADCO MEXICO, INC., Delaware corporation and SUNFLOWER BANK, N.A. In the
Original Principal Amount of $12,500,000, each dated as December 7, 2018.

 

Credit Documents:

 

Loan and Security Agreement and

Term Note

Revolving Note

 

Security Documents:

 

Guarantee Agreement

Pledge Agreement

 

Other Documents:

 

Preferred Equity Subordination Agreement

Stock Power (Borrower)

Stock Power (Parent)

 

    

     

    

 

SCHEDULE III

 

[Limited Guaranty]

 

    

     

    

 

[FORM OF]

 

LIMITED GUARANTY

 

This Limited Guaranty
(the “Guaranty”), dated as of __________, 2021, is made by the party listed on the signature pages hereto
as Guarantor, (the “Guarantor”), in favor and for the benefit of SUNFLOWER BANK, N.A. (the “Lender”).

 

WHEREAS, STADCO NEW
ACQUISITION, LLC, a Delaware limited liability company (“Purchaser”) and STADCO, a California corporation (“Borrower”)
are parties to that certain Loan Purchase and Sale Agreement pursuant to which Purchaser has agreed to purchase all indebtedness
of Borrower to Lender except for the PPP Loan (as defined below) ( the “Loan Purchase Agreement”);

 

WHEREAS, Lender has
made a loan to Borrower, dated as of April 20, 2020, in the original principal amount of $1,570,291 (the “PPP Loan”
or the “Guaranteed Obligations”) pursuant to the SBA’s Paycheck Protection Program created under Title
I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (Pub. L. No. 116-136 (H.R. 748)) (including, without
limitation, rules, regulations, guidelines, requirements and directives thereunder or issued in connection therewith or in the
implementation thereof, regardless of the date enacted, adopted, issued or implemented ( collectively the the “PPP Legislation”));     and

 

WHEREAS, Borrower applied
on or about November 5, 2020 to the U.S. Small Business Administration (“SBA”) for forgiveness of the entire
amount of the PPP Loan; and

 

WHEREAS, as a condition
to Lender agreeing to enter into the Loan Purchase Agreement, Lender has requested, and the Guarantor has agreed, to enter into
this Guaranty.

 

Capitalized terms not
otherwise defined herein shall have the respective meanings given to them under the Uniform Commercial Code of the State of Colorado.

 

1.     Notice. Lender shall give
Guarantor notice, certified by an officer of Lender, of the determination by the SBA regarding the request for forgiveness of the
PPP Loan, including how much, if any, of the PPP Loan has not been forgiven. Lender shall be under no obligation to appeal any
determination made by the SBA with respect to PPP Loan forgiveness nor shall Lender be obligated to seek reimbursement from any
other source, including the SBA, for unforgiven PPP Loan amounts.

 

2.    Payment.  In consideration
of the substantial direct and indirect benefits derived by Guarantor from the PPP Loan, and as a condition to Lender’s entering
into the Loan Purchase Agreement, Guarantor, within thirty (30) days of receipt of said notice referred to in Paragraph 1 above
shall pay Lender in cash the amount of unforgiven amount of the PPP Loan, if any.

 

3.    Guaranty
of Payment. This Guaranty is a guaranty of payment and not of collection. Guarantor agrees that the Lender need not attempt
to collect on the PPP Loan from the Borrower or any subsidiary or affiliate of Borrower or to realize upon any collateral to enforce
the obligations hereunder. The liability of Guarantor under this Guaranty constitutes a primary obligation and not a contract of
surety, and to the extent permitted by law, shall be irrevocable.

 

    

     

    

 

3.    Waivers.
Guarantor hereby irrevocably waives any defenses it may now or hereafter have in any way relating to any or all of the following:

 

3.1 Any
lack of validity or enforceability of the PPP Loan or any agreement or instrument relating thereto.

 

3.2 Guarantor
hereby unconditionally and irrevocably waives any right to revoke this Guaranty.

 

3.3 All
defenses whether arising under statutory or common law.

 

3.4 Any
change in the time, manner or place of payment of, or in any other term of any of the Guaranteed Obligations, or any other amendment
or waiver of, or any consent to depart from, the agreements entered into by the parties.

 

3.5 Promptness,
diligence, notice of acceptance and any other notice with respect to any of the Guaranteed Obligations and this Guaranty and any
requirement that the Lender exhausts any right or take any action against the Borrower or any other person (including the SBA)
or entity or any collateral.

 

3.6 Any
other circumstance (including, without limitation, any statute of limitations) or manner of administering the Guaranteed Obligations
or any existence of or reliance on any representation by the Lender that might vary the risk of each Guarantor or otherwise operate
as a defense available to, or a legal or equitable discharge of, the Borrower or any other guarantor or surety.

 

4.    Reinstatement.
This Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed
Obligation is rescinded or must otherwise be returned by the Lender or any other entity upon the insolvency, bankruptcy or reorganization
of the Borrower or otherwise (and whether as a result of any demand, settlement, litigation or otherwise), all as though such payment
had not been made.

 

5.    Assignment.
To the extent permitted by law and the PPP Legislation, and to the extent Guarantor makes any payments hereunder, Lender herby
assigns to Guarantor any rights it may have against the SBA with respect to the guarantee of the SBA to the Lender of the PPP Loan.

 

6.    Subordination.
Guarantor hereby subordinates any and all obligations owed to such Guarantor by the Borrower (the “Subordinated Obligations”)
to the Guaranteed Obligations to the extent that the Guaranteed Obligations (including post-petition interest) are paid in full
in any proceeding under the Bankruptcy Code or similar debtor relief laws or upon any default or event of default to the Lender
before any Guarantor receives any payment on account of the Subordinated Obligations.

 

Any sum paid to any Guarantor in violation
of this Section 6 shall be held in trust for the benefit of the Lender, segregated from other funds of such Guarantor,
and promptly paid or delivered to the Lender in the same form as so received to be credited against the Guaranteed Obligations.

 

7.    Guarantor
Representations and Warranties. Guarantor represents and warrants that the following are true and correct and that such
Guarantor:

 

7.1  Does
not, by the execution, delivery and performance of this Guaranty, contravene or cause a default under (a) any contractual
restriction binding on or affecting Guarantor, (b) any court decree or order binding on or affecting any Guarantor or (c) any
requirement of law binding on or affecting any Guarantor.

 

7.2  Has
received and reviewed the documents evidencing the PPP Loan.

 

    

     

    

 

8.    Miscellaneous.
Lender and Guarantor further agrees as follows:

 

8.1 Expenses.
The Guarantor shall pay to the Lender, on demand, the amount of any and all expenses, including, without limitation, attorneys’
fees and legal expenses, which the Lender may incur in connection with exercise or enforcement of any the rights, remedies or powers
of the Lender hereunder or with respect to collection under this Guaranty.

 

8.2 Waivers,
Amendments, Remedies. No course of dealing by the Lender and no failure by the Lender to exercise, or delay by the Lender in
exercising, any right, remedy or power hereunder shall operate as a waiver thereof, and no single or partial exercise thereof shall
preclude any other or further exercise thereof or the exercise of any other right, remedy or power of the Lender. No amendment,
modification or waiver of any provision of this Guaranty and no consent to any departure by any Guarantor therefrom, shall, in
any event, be effective unless contained in a writing signed by the Lender, and then such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which given.

 

8.3 Notices.
All notices or other communications given or made hereunder shall be in writing and shall be delivered by overnight delivery service
or deemed delivered the first business day after being delivered by electronic means to the party to receive the same at its address
set forth below or to such other address as either party shall hereafter give to the other by notice duly made under this Section:

 

	 	To Lender:	
        SUNFLOWER BANK, N.A.

        3025 Cortland Circle

        Salina, KS 67401

        Attn: Kevin Krebaum

        Email: Kevin.Krebaum@SunflowerBank.com

         

	 	To Guarantor:	
        STADCO NEW ACQUISITION, LLC

         

         

        One Bella Drive

        Westminster, Massachusetts 01473

        Attention: Alex Shen

        Email: shena@ranor.com

 

8.4 Certain
Guarantors. Subject to the consent of Berkshire Bank (the existing lending bank to each of TechPrecision Corporation and Ranor, Inc.)
each of TechPrecision Corporation and Ranor, Inc. shall execute this Guaranty as a Guarantor. Purchaser and its owners shall
use their commercially reasonable best efforts to promptly obtain the foregoing consent. For the avoidance of doubt, neither TechPrecision
Corporation nor Ranor, Inc. shall be required to join this Guaranty as Guarantors prior to the foregoing consent being granted
by Berkshire Bank.

 

8.5 Term;
Binding Effect. This Guaranty shall (a) remain in full force and effect until payment and satisfaction in full of all
of the Guaranteed Obligations; (b) be binding upon Guarantor and its successors and permitted assigns; and (c) inure
to the benefit of the Lender and its successors and assigns. Upon the payment in full of the Guaranteed Obligations (x) this
Guaranty shall terminate and (y) the Lender will, upon the Guarantors’ request , execute and deliver to the Guarantor
such documents as the Guarantor shall reasonably request to evidence such termination.

 

    

     

    

 

8.6 Payments.
 Guarantor shall make all payments hereunder without set-off or counterclaim and free and clear of and without deduction for
any taxes, levies, imposts, duties, charges, fees, deductions, withholdings, compulsory loans, restrictions, or conditions of any
nature now or hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or other authority
therein.  The obligations of Guarantor under this paragraph shall survive the payment in full of the Guaranteed Obligations
and termination of this Guaranty.

 

8.7 Financial
Condition of Borrower. Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of,
obtaining from Borrower and any other guarantor such information concerning the financial condition, business,  and operations
of Borrower as any Guarantor requires, and that Lender has no duty, and Guarantor is not relying on Lender at any time, to disclose
to Guarantor any information relating to the business, operations, or financial condition of Borrower.

 

8.8 Execution
in Counterparts. This Guaranty may be executed in any number of counterparts, and by the Lender and each Guarantor on separate
counterparts, each of which, when so executed and delivered, shall be an original, but all of which shall together constitute one
and the same Guaranty. A digital reproduction, portable document format (“.pdf”) or other reproduction of this Agreement
may be executed by one or more parties hereto and delivered by such party by electronic signature, electronic mail or any similar
electronic transmission device (“Electronic Delivery”) pursuant to which the signature of or on behalf of such party
can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. Any party delivering
an executed counterpart of this Agreement by Electronic Delivery also shall deliver an original executed counterpart of this Agreement
but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of
this Agreement.

 

8.9 Law;
Jurisdiction, Venue; Waiver of Jury Trial.  This Guaranty shall be governed by and construed in accordance with the substantive
laws (other than conflict laws) of the State of Colorado. Each of the Guarantors and, by acceptance hereof, the Lender hereby (a) consents
to the personal jurisdiction of the state and federal courts located in the City and County of Denver, Colorado in connection with
any controversy related to this Guaranty; (b) waives any argument that venue in any such forum is not convenient; (c) agrees
that any litigation initiated by the Lender or a Guarantor in connection with this Guaranty may be venued in either the state or
federal courts located in the City and County of Denver, Colorado; and (d) agrees that a final judgment in any such suit,
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.

 

GUARANTOR WAIVES THE
RIGHT TO A TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION WITH THIS NOTE, OR IN ANY WAY RELATED TO THE NEGOTIATION, ADMINISTRATION,
MODIFICATION, EXTENSION OR COLLECTION OF THE OBLIGATIONS HEREUNDER.

 

[Signature page follows]

 

    

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Guaranty as of the date first above written.

 

	GUARANTORS:	STADCO NEW ACQUISITION, LLC
	 	 
	 	 
	 	By	       
	 	Name:
	 	Title:
	 	 
	 	Subject to the requirements of Section 8.4:
	 	 
	 	TECH PRECISION CORPORATION
	 	 
	 	By	 
	 	Name:
	 	Title:
	 	 
	 	RANOR, INC.
	 	 
	 	By	 
	 	Name:
	 	Title:

 

 

	LENDER:	SUNFLOWER BANK, N.A.
	 	 
	 	 
	 	By	     
	 	Name:
	 	Title:

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