Exhibit 4.20



INDEMNIFICATION AGREEMENT



THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made as of March 3, 2023, by and between Izabel Cristina Andriotti Cruz de Oliveira 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.
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| | 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
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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/ Izabel Cristina Andriotti Cruz
de Oliveira  
| | Name: Izabel Cristina Andriotti Cruz de Oliveira
| |                                                 
| |                                                 
| | WITNESSED BY:                                   
| |                                                 
| | /s/ Ana Paula Gomes                             
| | Name: Ana Paula Gomes                           
| | Title: Lawyer                                   



[Signature Page to Indemnity
Agreement]