Exhibit 4.23



INDEMNIFICATION AGREEMENT



THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made as of March 3, 2023, by and between Mariana Loyola Ferreira Sgarbi and Ambipar Emergency Response, a Cayman Islands exempted
company incorporated with limited liability (the “Company”), and (the “Indemnitee”), a director
of the Company.



WHEREAS, the Indemnitee has agreed to serve as a director of the Company
and in such capacity will render valuable services to the Company; and



WHEREAS, the board of directors of the Company (the “Board”)
has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis,
at its sole expense, liability insurance to protect persons serving the Company and its Subsidiaries (as defined below) from certain
liabilities. Although the furnishing of such insurance has been a customary and widespread practice among publicly traded corporations
and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers and other persons in service
to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among
other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The amended
and restated memorandum and articles of association of the company (the “Articles”) provide for the indemnification of the
officers and directors of the Company. The Articles expressly provide that the indemnification provisions set forth therein are not exclusive,
and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other
persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;



WHEREAS, while the Articles provide for the indemnification of the
officers and directors of the Company and the Articles provide that the indemnification provisions set forth therein are not exclusive,
and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other
persons with respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;



NOW, THEREFORE, in consideration of the promises and mutual agreements
hereinafter set forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt
of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as a director of the Company,
the Company and the Indemnitee hereby agree as follows:



| | 1 | Definitions.As used in this Agreement:
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| | (a) | A “Change in Control” occurs upon the earliest to occur
                                            after the date of this Agreement of any of the following events:
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| | (i) | Acquisition of Stock by Third Party. Any Person (as defined below)
                                            is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities
                                            of the Company representing fifteen percent (15%) or more of the combined voting power of
                                            the Company’s then outstanding securities unless the change in relative beneficial
                                            ownership of the Company’s securities by any Person results solely from a reduction
                                            in the aggregate number of outstanding shares of securities entitled to vote generally in
                                            the election of directors;
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| | (ii) | Change
                                            in Board of Directors. During any period of two (2) consecutive years (not including
                                            any period prior to the execution of this Agreement), individuals who at the beginning of
                                            such period constitute the Board, and any new director (other than a director designated
                                            by a person who has entered into an agreement with the Company to effect a transaction described
                                            in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the Board or nomination
                                            for election by the Company’s stockholders was approved by a vote of at least two-thirds
                                            of the directors then still in office who either were directors at the beginning of the period
                                            or whose election or nomination for election was previously so approved, cease for any reason
                                            to constitute at least a majority of the members of the Board;
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| | (iii) | Corporate
                                            Transactions. The effective date of a merger or consolidation of the Company with any other
                                            entity, other than a merger or consolidation which would result in the voting securities
                                            of the Company outstanding immediately prior to such merger or consolidation continuing to
                                            represent (either by remaining outstanding or by being converted into voting securities of
                                            the surviving entity) more than 50% of the combined voting power of the voting securities
                                            of the surviving entity outstanding immediately after such merger or consolidation and with
                                            the power to elect at least a majority of the board of directors or other governing body
                                            of such surviving entity;
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| | (iv) | Liquidation.
                                            The approval by the stockholders of the Company of a complete liquidation of the Company
                                            or an agreement for the sale or disposition by the Company of all or substantially all of
                                            the Company’s assets; and
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| | (v) | Other
                                            Events. There occurs any other event of a nature that would be required to be reported in
                                            response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar
                                            item on any similar schedule or form) promulgated under the Exchange Act (as defined below),
                                            whether or not the Company is then subject to such reporting requirement.
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| | (vi) | For
                                            purposes of this Section 2(b), the following terms have the following meanings:
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| | (1) | “Exchange Act” means the Securities Exchange Act of
                                            1934, as amended from time to time.
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| | (2) | “Person” has the meaning as set forth in Sections 13(d) and
                                            14(d) of the Exchange Act; provided, however, that Person excludes (i) the
                                            Company, (ii) any trustee or other fiduciary holding securities under an employee benefit
                                            plan of the Company, and (iii) any corporation owned, directly or indirectly, by the
                                            stockholders of the Company in substantially the same proportions as their ownership of stock
                                            of the Company.
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| | (3) | “Beneficial Owner” has the meaning given to such term
                                            in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes
                                            any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company
                                            approving a merger of the Company with another entity.
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| | (b) | The
                                            term “Disinterested Director” with respect to any request by the Indemnitee
                                            for indemnification or advancement of expenses hereunder shall mean a director of the Company
                                            who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification
                                            or advancement is being sought by the Indemnitee.
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| | (c) | The
                                            term “Expenses” shall mean any expense, liability or loss, including,
                                            without limitation, damages, judgments, fines, penalties, settlements (if, and only if, such
                                            settlement is approved in advance by the Company, which approval shall not be unreasonably
                                            withheld, conditioned or delayed) and costs, attorneys’ fees and disbursements and
                                            costs of attachment or similar bond, investigations, liabilities, losses, taxes, any expense
                                            paid or incurred in connection with investigating, defending, being a witness in, participating
                                            in (including on appeal), or preparing for any of the foregoing in, any Proceeding, and any
                                            taxes, interests, assessments or other charges imposed as a result of the actual or deemed
                                            receipt of any payment under this Agreement.
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| | (d) | The
                                            term “Independent Legal Counsel” shall mean any attorney or firm of attorneys
                                            that is reasonably selected by the Board and approved by the Indemnitee (which approval shall
                                            not be unreasonably withheld, conditioned or delayed), so long as such firm is not presently
                                            representing and has not in the preceding five (5) years represented the Company, the
                                            Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by the
                                            Indemnitee, or any party adverse to the Company in any matter material to any such party
                                            (other than with respect to matters concerning the Indemnitee under this Agreement, or of
                                            other indemnitees under similar indemnification agreements). Notwithstanding the foregoing,
                                            the term “Independent Legal Counsel” shall not include any person who, under
                                            applicable standards of professional conduct then prevailing, would have a conflict of interest
                                            in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s
                                            right to indemnification or advancement of expenses under this Agreement, the Articles, which
                                            became effective immediately after the Company’s initial public offering, applicable
                                            law or otherwise.
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| | (e) | The
                                            term “Proceeding” shall mean any threatened, pending or completed action,
                                            suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, hearing
                                            or any other proceeding (including, without limitation, an appeal therefrom), formal or informal,
                                            whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative
                                            or investigative nature, and whether by, in or involving a court or an administrative, other
                                            governmental or private entity or body (including, without limitation, an investigation by
                                            the Company or its Board), in which the Indemnitee was, is or will be involved as a party
                                            or otherwise, by reason of (i) the fact that the Indemnitee is or was a director (or
                                            a director appointee) or an executive officer of the Company, or is or was serving at the
                                            request of the Company as an agent of another enterprise, (ii) any actual or alleged
                                            act or omission or neglect or breach of duty, including, without limitation, any actual or
                                            alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers
                                            while acting in any such capacity, or (iii) the Indemnitee attempting to establish or
                                            establishing a right to indemnification or advancement of expenses pursuant to this Agreement,
                                            the Articles, applicable law or otherwise, in each case whether or not the Indemnitee is
                                            acting or serving in any such capacity at the time any liability or expense is incurred for
                                            which indemnification can be provided under this Agreement.
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| | (f) | The
                                            phrase “serving at the request of the Company as an agent of another enterprise”
                                            or any similar terminology shall mean, unless the context otherwise requires, serving at
                                            the request of the Company as a director, officer, employee or agent of another corporation,
                                            partnership, joint venture, limited liability company, trust, employee benefit or welfare
                                            plan or other enterprise, foreign or domestic. The phrase “serving at the request of
                                            the Company” shall include, without limitation, any service as a director or an executive
                                            officer of the Company which imposes duties on, or involves services by, such director or
                                            executive officer with respect to the Company or any of the Company’s subsidiaries,
                                            affiliates, employee benefit or welfare plans, such plan’s participants or beneficiaries
                                            or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a
                                            director, officer, employee or agent of another corporation, partnership, joint venture,
                                            limited liability company, trust, employee benefit or welfare plan or other enterprise, foreign
                                            or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest
                                            of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be
                                            presumed conclusively that the Indemnitee is so acting at the request of the Company.
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| | (g) | Sections
                                            8 and 19(3) of the Electronic Transactions Act (As Revised) shall not apply.
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| | 2 | Indemnification.Subject to Section 6 below, the Company hereby agrees to hold harmless and indemnify
                                            the Indemnitee to the fullest extent permitted by Cayman Islands law in effect on the date
                                            hereof and as amended from time to time (“Law”). In furtherance of the foregoing
                                            indemnification and without limiting the generality thereof:
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| | (a) | Proceedings
                                            by or in the Right of the Company. The Company shall indemnify the Indemnitee if the
                                            Indemnitee is a party to or threatened to be made a party to or is otherwise involved in
                                            any Proceeding by or in the right of the Company to procure a judgment in its favor against
                                            all Expenses which are actually and reasonably incurred by the Indemnitee in connection with
                                            such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably
                                            believed to be in, or not opposed to, the best interests of the Company; except that no indemnification
                                            under this subsection shall be made in respect of any claim, issue or matter as to which
                                            the Indemnitee shall have been adjudicated by final judgment (as to which all rights of appeal
                                            therefrom have been exhausted or lapsed) by a court of competent jurisdiction to be liable
                                            to the Company for dishonesty, willful default or fraud in the performance of his/her duty
                                            to the Company, unless and only to the extent that the court in which such Proceeding was
                                            brought shall determine upon application that, despite the adjudication of liability but
                                            in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled
                                            to indemnity for such amounts which such court shall deem proper, in each case, to the maximum
                                            extent permitted by Law.
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| | (b) | Proceedings
                                            Other than Proceedings by or in the Right of the Company. The Company shall indemnify
                                            the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is
                                            otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company)
                                            against all Expenses which are actually and reasonably incurred by the Indemnitee in connection
                                            with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee
                                            reasonably believed to be in, or not opposed to, the best interests of the Company, except
                                            that no indemnification under this subsection shall be made in respect of any claim, issue
                                            or matter as to which the Indemnitee shall have been adjudicated by final judgment (as to
                                            which all rights of appeal therefrom have been exhausted or lapsed) by a court of competent
                                            jurisdiction to be liable to the Company for dishonesty, willful default or fraud in the
                                            performance of his/her duty to the Company, unless and only to the extent that the court
                                            in which such Proceeding was brought shall determine upon application that, despite the adjudication
                                            of liability but in view of all the circumstances of the case, the Indemnitee is fairly and
                                            reasonably entitled to indemnity for such amounts which such court shall deem proper, in
                                            each case, to the maximum extent permitted by Law.
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| | (c) | Indemnification
                                            for Expenses of Witness. Notwithstanding any other provision of this Agreement, to the
                                            extent that the Indemnitee, has prepared to serve or has served as a witness or is made to
                                            respond to discovery requests in any Proceeding to which the Indemnitee is not a party, the
                                            Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by
                                            the Indemnitee in connection therewith, in each case, to the maximum extent permitted by
                                            Law.
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| | (d) | Partial
                                            Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification
                                            by the Company for some or a portion of Expenses incurred in connection with any Proceedings,
                                            but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify
                                            Indemnitee for the portion of such Expenses to which Indemnitee is entitled, in each case,
                                            to the maximum extent permitted by Law.
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| | 3 | Contribution.If the indemnification provided in Section 2 above is unavailable to
                                            Indemnitee for any reason (other than those set forth in Section 6 below) in connection
                                            with a Proceeding in which the Company is jointly liable with Indemnitee (or would be if
                                            joined in such Proceeding), the Company, in lieu of indemnifying Indemnitee thereunder, shall,
                                            to the maximum extent permitted by Law, contribute to the amount of Expenses which are actually
                                            and reasonably incurred and paid or payable by the Indemnitee in such proportion as is deemed
                                            fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect
                                            (i) the relative benefits received by the Company and the Indemnitee and/or (ii) the
                                            relative fault of the Company and such Indemnitee in connection with the transaction or events
                                            from which such Proceeding arose. The relative fault of the Company and the Indemnitee shall
                                            be determined by reference to, among other things, the parties’ relative intent, knowledge,
                                            access to information and opportunity to correct or prevent the circumstances resulting in
                                            such Expenses.
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| | 4 | Advancement
                                            of Expenses. The Expenses incurred by the Indemnitee in any Proceeding shall
                                            be paid promptly by the Company in advance of the final disposition of the Proceeding at
                                            the written request of the Indemnitee (but in any event no later than thirty (30) days after
                                            such request) to the fullest extent permitted by Law; provided, however, that the Indemnitee
                                            shall set forth in such request reasonable evidence that such Expenses have been incurred
                                            by the Indemnitee in connection with such Proceeding and an undertaking (which shall not
                                            require any security) in writing to repay any advances if it is ultimately determined as
                                            provided in subsection 5(b) of this Agreement that the Indemnitee is not entitled to
                                            indemnification under this Agreement, the Articles, applicable law or otherwise.
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| | 5 | Indemnification Procedure; Determination of Right to Indemnification.
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| | (a) | Promptly
                                            after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee
                                            shall, if a claim for indemnification in respect thereof is to be made against the Company
                                            under this Agreement, notify the Company of the commencement thereof in a written request,
                                            including therein or therewith such documentation and information as is reasonably available
                                            to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee
                                            is entitled to indemnification. The omission to so notify the Company will not relieve the
                                            Company from any liability which the Company may have to the Indemnitee under this Agreement
                                            unless the Company shall have lost significant substantive or procedural rights with respect
                                            to the defense of any Proceeding as a result of such omission to so notify.
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| | (b) | The
                                            Indemnitee shall be conclusively presumed to be entitled to indemnification under this Agreement
                                            unless a determination is made that the Indemnitee is not entitled to indemnification under
                                            Law by one of the following two methods, which shall be at the election of the Indemnitee:
                                            (i) by a majority vote of the Board of a quorum consisting of Disinterested Directors
                                            or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable
                                            or, even if obtainable, the Indemnitee so directs, by Independent Legal Counsel in a written
                                            opinion to the Board, a copy of which shall be delivered to the Indemnitee.
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| | (c) | If
                                            (i) a determination is made that the Indemnitee is not entitled to indemnification under
                                            this Agreement or (ii) a claim for indemnification or advancement of Expenses under
                                            this Agreement is not paid by the Company within thirty (30) days after receipt by the Company
                                            of written notice thereof, the Indemnitee is entitled to an adjudication in any court of
                                            competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving
                                            that indemnification or advances are not appropriate shall be on the Company. Neither the
                                            failure of the directors of the Company or Independent Legal Counsel to have made a determination
                                            prior to the commencement of such action that indemnification or advancement of Expenses
                                            is proper in the circumstances because the Indemnitee has met the applicable standard of
                                            conduct, if any, nor an actual determination by the directors of the Company or Independent
                                            Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be
                                            a defense to an action by the Indemnitee or create a presumption for the purpose of such
                                            an action that the Indemnitee has not met the applicable standard of conduct. The termination
                                            of any Proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere
                                            or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee
                                            did not act in good faith and in a manner which he reasonably believed to be in the best
                                            interests of the Company and/or its shareholders, and, with respect to any criminal Proceeding,
                                            that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise
                                            adversely affect the rights of the Indemnitee to indemnification or advancement of Expenses
                                            under this Agreement, except as may be provided herein.
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| | (d) | If
                                            a court of competent jurisdiction shall determine that the Indemnitee is entitled to any
                                            indemnification or advancement of Expenses hereunder, the Company shall to the maximum extent
                                            permitted by Law pay all Expenses actually and reasonably incurred by the Indemnitee in connection
                                            with such adjudication (including, but not limited to, any appellate proceedings).
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| | (e) | With
                                            respect to any Proceeding for which indemnification or advancement of Expenses is requested,
                                            the Company will be entitled to participate therein at its own expense and, except as otherwise
                                            provided below, to the extent that it may wish, the Company may assume the defense thereof
                                            with counsel reasonably satisfactory to the Indemnitee. After notice from the Company to
                                            the Indemnitee of its election to assume the defense of a Proceeding, the Company will not
                                            be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by
                                            the Indemnitee in connection with the defense thereof, other than as provided below. The
                                            Company shall not settle any Proceeding in any manner which would impose any penalty or limitation
                                            on the Indemnitee without the Indemnitee’s written consent. The Indemnitee shall have
                                            the right to employ his own counsel in any Proceeding, but the fees and expenses of such
                                            counsel incurred after notice from the Company of its assumption of the defense of the Proceeding
                                            shall be at the expense of the Indemnitee, unless (i) the employment of counsel by the
                                            Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably
                                            concluded that there may be a conflict of interest between the Company and the Indemnitee
                                            in the conduct of the defense of a Proceeding, or (iii) the Company shall not in fact
                                            have employed counsel to assume the defense of a proceeding, in each of which cases the fees
                                            and expenses of the Indemnitee’s counsel shall be advanced by the Company. The Company
                                            shall not be entitled to assume the defense of any Proceeding brought by or on behalf of
                                            the Company or as to which the Indemnitee has concluded in his/her sole discretion that there
                                            may be a conflict of interest between the Company and the Indemnitee.
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| | (f) | Indemnitee
                                            shall give the Company such information and cooperation as it may reasonably require and
                                            as shall be within Indemnitee’s power. Subject to Section 3, the Company shall
                                            not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial
                                            action if the Company was not given a reasonable and timely opportunity, at its expense,
                                            to participate in the defense, conduct and/or settlement of such action.
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| | 6 | Limitations
                                            on Indemnification. Notwithstanding any provision in this Agreement, the Company
                                            shall not be obligated under this Agreement to make any indemnity in connection with any
                                            claim made against the Indemnitee:
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| | (a) | in
                                            connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not
                                            by way of defense, unless (i) the Board authorized the Proceeding prior to its initiation
                                            or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the
                                            Articles, applicable law or otherwise and either (A) Indemnitee is successful in such
                                            Proceeding in establishing Indemnitee’s right, in whole or in part, to indemnification
                                            or advancement of Expenses hereunder (in which case such indemnification or advancement shall
                                            be to the fullest extent permitted by this Agreement) or (B) the court in such Proceeding
                                            shall determine that, despite Indemnitee’s failure to establish his or her right to
                                            indemnification, Indemnitee is entitled to indemnity for such expenses (in which case
                                            such indemnification or advancement shall be to the extent provided by such court);
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| | (b) | in
                                            connection with the Indemnitee preparing to serve or serving, prior to a Change in Control,
                                            as a witness in voluntary cooperation with any non-governmental or non-regulatory party or
                                            entity who or which has threatened or commenced any action or proceeding against the Company,
                                            or any director, officer, employee, trustee, agent, representative, subsidiary, parent corporation
                                            or affiliate of the Company, but such indemnification may be provided by the Company if the
                                            Board finds it to be appropriate;
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| | (c) | for
                                            which payment has actually been made to the Indemnitee under a valid and collectible insurance
                                            policy, except in respect of any excess beyond the amount of payment under such insurance
                                            policy;
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| | (d) | for
                                            an accounting of profits made from the purchase or sale by the Indemnitee of securities of
                                            the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions
                                            of any foreign or United States federal, state or local statute or regulation;
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| | (e) | for
                                            which the Indemnitee is indemnified and actually paid other than pursuant to this Agreement;
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| | (f) | for
                                            conduct that is finally adjudged (as to which all rights of appeal therefrom have been exhausted
                                            or lapsed) by a court of competent jurisdiction to have been caused by the Indemnitee’s
                                            dishonesty, willful default or fraud, including, without limitation, breach of the duty of
                                            loyalty, unless and only to the extent that the court in which such Proceeding was brought
                                            shall determine upon application that, despite the adjudication of liability but in view
                                            of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to
                                            indemnity for such amounts which such court shall deem proper;
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| | (g) | if
                                            a court of competent jurisdiction finally determines that such indemnification is unlawful
                                            (as to which all rights of appeal therefrom have been exhausted or lapsed). In this respect,
                                            the Company and the Indemnitee have been advised that the Securities and Exchange Commission
                                            (the “SEC”) takes the position that indemnification for liabilities arising
                                            under securities laws is against public policy and is, therefore, unenforceable and that
                                            claims for indemnification should be submitted to appropriate courts for adjudication;
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| | (h) | in
                                            connection with the Indemnitee’s personal tax matters;
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| | (i) | subject
                                            to the proviso in Section 6(a) hereof, in connection with any dispute or breach
                                            arising under any contract or similar obligation between the Company or any of its subsidiaries
                                            or affiliates and such Indemnitee; or
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| | (j) | in
                                            connection with any reimbursement made by Indemnitee to the Company pursuant to Section 304
                                            of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), Section 306
                                            of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall Street Reform
                                            and Consumer Protection Act and the rules promulgated by the SEC thereunder.
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| | 7 | Insurance.To the extent that the Company maintains an insurance policy or policies providing
                                            liability insurance for directors, officers, employees, or agents or fiduciaries of the Company
                                            or of any other corporation, partnership, joint venture, trust, employee benefit plan or
                                            other enterprise that such person serves at the request of the Company, the Indemnitee shall
                                            be covered by such policy or policies in accordance with its or their terms to the maximum
                                            extent of the coverage available for any director, officer, employee, agent or fiduciary
                                            under such policy or policies. If, at the time of the receipt of a notice of a Proceeding
                                            pursuant to the terms hereof, the Company has directors’ and officers’ insurance
                                            in effect, the Company shall give prompt notice of the commencement of such Proceeding to
                                            the insurers in accordance with the procedures set forth in the respective policies. The
                                            Company shall thereafter take all necessary or desirable action to cause such insurers to
                                            pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance
                                            with the terms of such policies.
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| | 8 | No
                                            Employment Rights. Nothing in this Agreement is intended to create in the
                                            Indemnitee any right to continued employment with the Company.
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| | 9 | Continuation
                                            of Indemnification. All agreements and obligations of the Company contained
                                            herein shall continue during the period that the Indemnitee is a director of the Company
                                            (or is or was serving at the request of the Company as an agent of another enterprise, foreign
                                            or domestic) and shall continue thereafter so long as the Indemnitee shall be subject to
                                            any Proceeding by reason of the fact that the Indemnitee is or was a director of the Company
                                            or is or was serving in any other capacity referred to in this Section 9. This Agreement
                                            shall continue in effect regardless of whether the Indemnitee continues to serve as a director
                                            of the Company or as an agent of another enterprise at the Company’s request.
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| | 10 | Indemnification
                                            Hereunder Not Exclusive. The indemnification provided by this Agreement shall
                                            not be deemed to be exclusive of any other rights to which the Indemnitee may be entitled
                                            under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors,
                                            provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee’s
                                            official capacity and as to action or omission in another capacity on behalf of the Company
                                            while holding such office.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 11 | Other
                                            Indemnity Agreement. Other than this Agreement, the Company has not entered
                                            into as of the date hereof, and shall not enter into following the date hereof, any indemnification
                                            agreement or side letter or other similar agreement or arrangement (collectively, an “Indemnity
                                            Agreement”), or amend any existing Indemnity Agreement, with any existing or future
                                            director/executive officer of the Company that has the effect of establishing rights or otherwise
                                            benefiting such director/executive officer in a manner more favorable in any respect than
                                            the rights and benefits established in favor of the Indemnitee by this Agreement, unless,
                                            in each such case, the Indemnitee is offered the opportunity to receive the rights and benefits
                                            of such Indemnity Agreement. All Indemnity Agreements shall be in writing.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 12 | Assignment;
                                            Successors and Assigns. Neither this Agreement nor any of the rights or obligations
                                            hereunder may be assigned by either party thereto without the prior written consent of the
                                            other party, except that the Company may, without such consent, assign all such rights and
                                            obligations to a successor in interest to the Company which assumes all obligations of the
                                            Company under this Agreement in a written agreement in form and substance satisfactory to
                                            the Indemnitee. Notwithstanding the foregoing, this Agreement shall be binding upon and inure
                                            to the benefit of and be enforceable by and against the parties hereto and the Company’s
                                            successors (including any direct or indirect successor by purchase, merger, consolidation,
                                            or otherwise to all or substantially all of the business and/or assets of the Company) and
                                            assigns, as well as the Indemnitee’s spouses, heirs, and personal and legal representatives.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 13 | Subrogation.In the event of payment under this Agreement, the Company shall be subrogated
                                            to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall
                                            execute all documents required and shall do all acts that may be necessary to secure such
                                            rights and to enable the Company effectively to bring suit to enforce such rights.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 14 | Severability.Each and every section, sentence, term and provision of this Agreement is
                                            separate and distinct so that if any section, sentence, term or provision thereof shall be
                                            held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness
                                            or unenforceability shall not affect the validity, lawfulness or enforceability of any other
                                            section, sentence, term or provision hereof. To the extent required, any section, sentence,
                                            term or provision of this Agreement may be modified by a court of competent jurisdiction
                                            to preserve its validity and to provide the Indemnitee with the broadest possible indemnification
                                            permitted under applicable law. The Company’s inability, pursuant to a court order
                                            or decision, to perform its obligations under this Agreement shall not constitute a breach
                                            of this Agreement.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 15 | Savings
                                            Clause. If this Agreement or any section, sentence, term or provision hereof
                                            is invalidated on any ground by any court of competent jurisdiction, the Company shall nevertheless
                                            indemnify the Indemnitee as to any Expenses which are incurred with respect to any Proceeding
                                            to the fullest extent permitted by any (a) applicable section, sentence, term or provision
                                            of this Agreement that has not been invalidated or (b) applicable law.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 16 | Interpretation;
                                            Governing Law. This Agreement shall be construed as a whole and in accordance
                                            with its fair meaning and any ambiguities shall not be construed for or against either party.
                                            Headings are for convenience only and shall not be used in construing meaning. This Agreement
                                            shall be governed and interpreted in accordance with Cayman Islands laws without regard to
                                            the conflict of laws principles thereof. Each of the parties to this Agreement irrevocably
                                            agrees that the courts of the Cayman Islands shall have exclusive jurisdiction to hear and
                                            determine any claim, suit, action or proceeding, and to settle any disputes, which may arise
                                            out of or are in any way related to or in connection with this Agreement, and, for such purposes,
                                            irrevocably submits to the exclusive jurisdiction of such courts.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





7







| | 17 | Amendments.No amendment, waiver, modification, termination or cancellation of this Agreement
                                            shall be effective unless in writing signed by the party against whom enforcement is sought.
                                            The indemnification rights afforded to the Indemnitee hereby are contract rights and may
                                            not be diminished, eliminated or otherwise affected by amendments to the Articles, or by
                                            other agreements, including directors’ and officers’ liability insurance policies,
                                            of the Company.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 18 | Counterparts.This Agreement may be executed in one or more counterparts, all of which shall
                                            be considered one and the same agreement and shall become effective when one or more counterparts
                                            have been signed by each party and delivered to the other. Delivery by electronic transmission
                                            to counsel for the other parties of a counterpart executed by a party shall be deemed to
                                            meet the requirements of the previous sentence. The exchange of a fully executed Agreement
                                            (in counterparts or otherwise) in pdf, DocuSign or similar format and transmitted by facsimile
                                            or email shall be sufficient to bind the parties to the terms and conditions of this Agreement.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 19 | Notices.Any notice required to be given under this Agreement shall be directed to
                                            the Company at c/o Ambipar Emergency Response, Avenida Angélica, no 2346, 5th
                                            floor, room 4, Consolação, 01228-200, São Paulo - SP Brazil (Attention
                                            of Luciana Freire Barca Nascimento and Alessandra Bessa Alves de Melo), and to the Indemnitee
                                            at or to such other address as the Indemnitee shall designate to the Company in writing.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 20 | Period
                                            of Limitations. No legal action shall be brought and no cause of action shall
                                            be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
                                            spouse, heirs, executors or personal or legal representatives after the expiration of two
                                            years from the date of accrual of such cause of action, and any claim or cause of action
                                            of the Company shall be extinguished and deemed released unless asserted by the timely filing
                                            of a legal action within such two-year period; provided, however, that if any shorter period
                                            of limitations is otherwise applicable to any such cause of action such shorter period shall
                                            govern.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 21 | Additional
                                            Acts. If for the validation of any of the provisions in this Agreement any
                                            act, resolution, approval or other procedure is required to the fullest extent permitted
                                            by law, the Company undertakes to cause such act, resolution, approval or other procedure
                                            to be affected or adopted in a manner that will enable the Company to fulfill its obligations
                                            under this Agreement.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 22 | Entire
                                            Agreement. This Agreement constitutes the entire agreement and supersedes
                                            all prior agreements and understandings, both written and oral, between the parties with
                                            respect to the subject matter hereof.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



[The remainder of this page is intentionally
left blank]





8







IN WITNESS WHEREOF, the parties have executed this Indemnification
Agreement as a deed on the date first written above.





| | Executed and delivered as a deed    
| | ------------------------------------
| | AMBIPAR EMERGENCY RESPONSE          
| |                                     
| |                                     
| | By:                                 
| |                                     
| |                                     
| |                                     
| |                                     
| | Executed and delivered as a deed    
| | INDEMNITEE                          
| |                                     
| |                                     
| | /s/ Mariana Loyola Ferreira Sgarbi  
| | Name: Mariana Loyola Ferreira Sgarbi
| |                                     
| |                                     
| | WITNESSED BY:                       
| |                                     
| | /s/ Ana Paula Gomes                 
| | Name: Ana Paula Gomes               
| | Title: Lawyer                       



[Signature Page to Indemnity
Agreement]