Document:

Exhibit 10.4

 

EXECUTION VERSION

 

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 5th day of July, 2022, by and among Ambipar Emergency
Response, an exempted company incorporated with limited liability in the Cayman Islands (the “Issuer”), HPX Corp.,
an exempted company incorporated with limited liability in the Cayman Islands (“HPX”), and the undersigned (“Subscriber”).

 

WHEREAS, on May 3, 2022, Ambipar
Participações e Empreendimentos S.A. a sociedade anônima organized under the laws of Brazil (“Ambipar
Parent”), formed two new wholly-owned subsidiaries, Ambipar Merger Sub, an exempted company incorporated with limited liability
in the Cayman Islands (“Merger Sub”) and the Issuer.

 

WHEREAS, as soon as practicable
following the date hereof, Merger Sub, Emergência Participações S.A., a sociedade anônima organized under
the laws of Brazil (the “Company”) and Ambipar Parent shall enter into a contribution agreement pursuant to which,
prior to the consummation of the Transactions (as defined below), Ambipar Parent will contribute to Merger Sub all of the issued and outstanding
equity of the Company in consideration for newly issued Merger Sub ordinary shares (the “Pre-Closing Exchange”) and,
after giving effect to the Pre-Closing Exchange, the Company will become a wholly-owned subsidiary of Merger Sub;

 

WHEREAS, pursuant to, and
upon the terms and subject to the conditions set forth in, the Business Combination Agreement entered into on or about the date hereof
(as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Business Combination Agreement”),
among the Issuer, Merger Sub, HPX, the Company and Ambipar Parent, the following transactions (collectively, the “Transactions”)
will occur on the Closing Date (as defined below): (i) HPX will be merged with and into Issuer, with Issuer as the surviving entity and
(ii) subsequent to the transaction described in the foregoing clause (i), Merger Sub will be merged with and into Issuer with Issuer as
the surviving entity. The “Second Effective Time” as defined in the Business Combination Agreement shall be referred to herein
as the “Transactions Closing”;

 

WHEREAS, in connection with
the Transactions, Subscriber desires to subscribe for and purchase from the Issuer, substantially concurrently with, and contingent upon,
the consummation of the Transactions, such number of Class A ordinary shares in the Issuer, par value $0.0001 per share (the “Issuer
Shares”) set forth on the signature page hereto (the “Acquired Shares”) for a purchase price of $10.00 per
share (the “Per Share Subscription Price”) and an aggregate purchase price set forth on Subscriber’s signature
page hereto (the “Subscription Price”), and the Issuer desires to issue and sell to Subscriber the Acquired Shares
in consideration of the payment of the Subscription Price therefor by or on behalf of Subscriber to the Issuer, all on the terms and conditions
set forth herein;

 

WHEREAS, solely in consideration
of the Subscriber’s commitment to subscribe for and purchase from the Issuer the Acquired Shares and for no other payment or consideration
by the Subscriber, and subject to the conditions set forth herein, the Issuer agrees to issue to the Subscriber, and the Subscriber agrees
to subscribe for, (i) 2,280,000 warrants to purchase Issuer Shares (the “Warrants”) and (ii) 1,810,000 additional Issuer
Shares (“Additional Shares”) substantially concurrent with the consummation of the Transactions Closing;

 

     

     

    

 

WHEREAS, also solely in consideration
of the Subscriber’s commitment to subscribe for and purchase from the Issuer the Acquired Shares and for no other payment or consideration
by the Subscriber, HPX Capital Partners LLC, a Delaware limited liability company (“SPAC Sponsor”) is providing the
Subscriber with certain downside protection rights, pursuant to that certain Downside Protection Agreement (as defined in the Business
Combination Agreement) being entered into substantially concurrently with the execution of this Subscription Agreement;

 

WHEREAS, substantially concurrently
with the execution of this Subscription Agreement, the Issuer is entering into separate subscription agreements (the “Other Subscription
Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”) with certain other
 “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”)) or certain institutional “accredited investors” (within the meaning of Rule 501(a)(1), (2), (3), (7), (9)
or (12) of Regulation D under the Securities Act) (each, an “Other Subscriber” and, together with Subscriber, the “Subscribers”),
severally and not jointly; and

 

WHEREAS, the aggregate number
of Issuer Shares to be issued by the Issuer pursuant to the Subscription Agreements equals, as of the date hereof, 11,810,000 Issuer Shares,
10,000,000 of which are Acquired Shares and 1,810,000 are Additional Shares (Acquired Shares and Additional Shares, collectively, the
 “Shares”, provided that any references hereinafter to the “purchase,” “sale” or related
terms implying payment by the Subscriber for the acquisition of Shares shall be construed as references to the Acquired Shares only, as
the case may be).

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

		1.	Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below),
(i) Subscriber hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment
of the Subscription Price, the Shares (such subscription and issuance, the “Shares Subscription”) and (ii) the Issuer
hereby agrees to issue, and the Subscriber agrees to subscribe for, the Warrants (such subscription and issuance, the “Warrants
Subscription” and, together with the Shares Subscription, the “Subscription”).

 

		2.	Settlement Date and Delivery.

 

		2.1	Closing. The closing of the Subscription contemplated hereby (the “Closing”)
shall occur substantially concurrent with the consummation of the Transactions Closing (the date of the Closing, the “Closing
Date”) subject to the terms and conditions set forth herein; provided that the Closing shall occur after the First Effective
Time (as defined in the Business Combination Agreement, the “First Effective Time”). Not less than five (5) business
days prior to the anticipated Closing Date, the Issuer shall provide written notice to Subscriber (the “Closing Notice”)
of such anticipated Closing Date. No later than three business days after receiving the Closing Notice, Subscriber shall deliver to the
Issuer such information as is reasonably requested in the Closing Notice in order for the Issuer to issue the Shares and the Warrants
to Subscriber. Subscriber shall deliver on or before two (2) business days prior to the anticipated Closing Date the Subscription Price
for the Shares by wire transfer of U.S. dollars in immediately available funds to the escrow account specified by the Issuer in the Closing
Notice, to be held by the escrow agent until the Transactions Closing. Not later than one (1) business day after the Closing Date, the
Issuer shall register, or cause to be registered in the records of the Issuer’s transfer agent (the “Transfer Agent”),
the Shares in book entry form, free and clear of any liens or other restrictions (other than those arising under applicable securities
laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber,
as applicable. For purposes of this Subscription Agreement, “business day” shall mean a day, other than a Saturday,
Sunday or other day on which commercial banks in New York, the Cayman Islands or Brazil are authorized or required by law to close. In
the event the Closing Date does not occur within three (3) business days after the anticipated Closing Date identified in the Closing
Notice, the Issuer shall cause the escrow agent to promptly (but not later than three (3) business days thereafter) return the Subscription
Price to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, and any book
entries shall be deemed cancelled; provided that unless this Subscription Agreement has been validly terminated pursuant to Section
5, neither the failure of the Closing to occur on the Closing Date nor such return of funds shall (a) terminate this Subscription
Agreement, (b) be deemed to be a failure of any of the conditions of Closing set forth in Section 2.3, or (c) relieve Subscriber
of its obligation to purchase the Shares at the Closing upon delivery of a new Closing Notice in accordance with the terms of this Section
2.1. Prior to or at Closing, Subscriber shall deliver to Issuer a duly completed and executed Internal Revenue Service Form W-9 or
appropriate Form W-8.

 

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		2.2	Conditions to Closing of the Issuer. The Issuer’s obligations (i) to sell and issue the Acquired
Shares and (ii) to issue the Warrants and the Additional Shares at the Closing are subject to the fulfillment or (to the extent permitted
by applicable law) written waiver, on or prior to the Closing Date, of each of the following conditions:

 

		(a)	Representations and Warranties Correct. The representations and warranties made by Subscriber in
Section 3.3 shall be true and correct as of the Closing Date (except with respect to such representations and warranties which
speak as to an earlier date, which representations and warranties shall be true and correct at and as of such date), except for the failure
of such representations and warranties to be true and correct that (without giving effect to any limitation as to “materiality”
or “Subscriber Material Adverse Effect” (as defined in Section 3.3(c) below) or another similar materiality qualification
set forth herein), individually or in the aggregate, has not had, and would not reasonably be expected to have, a Subscriber Material
Adverse Effect.

 

		(b)	Closing of the Transactions. All conditions precedent to the Issuer’s, the Company’s
and Merger Sub’s and HPX’s obligations to effect the Transactions Closing shall have been satisfied or waived (other than
those conditions that, by their nature, may only be satisfied at the consummation of the Transactions Closing but subject to satisfaction
or waiver thereof).

 

		(c)	Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation,
determination or award, in each case, entered by or with any governmental, regulatory or administrative authority or any court, tribunal
or judicial or arbitral body, law, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription (except in
the case of any such order, judgment, injunction, decree, writ, stipulation, determination, award, law, statute, rule or regulation issued
by any such authority located outside the United States that would not be reasonably expected to have an Issuer Material Adverse Effect
(as defined in Section 3.1(d) below) or an HPX Material Adverse Effect (as defined in Section 3.2(c) below)).

 

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		(d)	Regulatory. If required by applicable governmental authorities (including, but not limited to,
financial services or banking authorities), rules, regulations, orders, policies or procedures, Subscriber shall have been found suitable
by such authorities.

 

		(e)	Performance and Compliance under Subscription Agreement. Subscriber shall have performed, satisfied
and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed,
satisfied or complied with by it at or prior to the Closing, except where the failure of such performance or compliance would not or would
not reasonably be expected to prevent, materially delay, or materially impair the ability of Subscriber to consummate the Closing.

 

		2.3	Conditions to Closing of Subscriber. Subscriber’s obligation to (i) subscribe for and purchase
the Acquired Shares and (ii) to subscribe for the Warrants and the Additional Shares at the Closing is subject to the fulfillment or (to
the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of the following conditions:

 

		(a)	Representations and Warranties Correct.

 

		(i)	The representations and warranties made by the Issuer in Section 3.1 shall be true and correct
as of the Closing Date (except with respect to such representations and warranties which speak as to an earlier date, which representations
and warranties shall be true and correct at and as of such date), except for the failure of such representations and warranties to be
true and correct that (without giving effect to any limitation as to “materiality” or Issuer Material Adverse Effect (as defined
in Section 3.1(d) below) or another similar materiality qualification set forth herein), individually or in the aggregate, has
not had, and would not reasonably be expected to have, an Issuer Material Adverse Effect; provided that, in the event this condition
would otherwise fail to be satisfied as a result of a breach of one or more of the representations and warranties of the Issuer in Section 3.1
and the facts underlying such breach would also cause a condition to the Issuer’s obligations under the Business Combination Agreement
to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event the conditions in Section 2.3(b) and
Section 2.3(e) are satisfied.

 

		(ii)	The representations and warranties made by HPX in Section 3.2 shall be true and correct as of the
Closing Date (except with respect to such representations and warranties which speak as to an earlier date, which representations and
warranties shall be true and correct at and as of such date), except for the failure of such representations and warranties to be true
and correct that (without giving effect to any limitation as to “materiality” or HPX Material Adverse Effect (as defined in
Section 3.2(c) below), or another similar materiality qualification set forth herein), individually or in the aggregate, has not
had, and would not reasonably be expected to have, an HPX Material Adverse Effect; provided that, in the event this condition would
otherwise fail to be satisfied as a result of a breach of one or more of the representations and warranties of HPX in Section 3.2
and the facts underlying such breach would also cause a condition to HPX’s obligations under the Business Combination Agreement
to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event the conditions in Section 2.3(b) and
Section 2.3(e) are satisfied.

 

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		(b)	Closing of the Transactions. All conditions precedent to the Issuer’s, the Company’s
and Merger Sub’s and HPX’s and Ambipar
Parent’s obligations to effect the Transactions Closing shall have been satisfied or waived (other than those conditions
that, by their nature, may only be satisfied at the consummation of the Transactions Closing but subject to satisfaction or waiver thereof),
subject to the compliance with Section 2.3(e).

 

		(c)	Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation,
determination or award, in each case, entered by or with any governmental, regulatory or administrative authority or any court, tribunal
or judicial or arbitral body, law, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription (except in
the case of any such order, judgment, injunction, decree, writ, stipulation, determination, award, law, statute, rule or regulation issued
by any such authority located outside the United States that would not be reasonably expected to have an Issuer Material Adverse Effect
(as defined in Section 3.1(d) below) or an HPX Material Adverse Effect (as defined in Section 3.2(c) below)).

 

		(d)	Performance and Compliance under Subscription Agreement. The Issuer shall have performed, satisfied
and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed,
satisfied or complied with by it at or prior to the Closing, except where the failure of such performance or compliance would not or would
not reasonably be expected to materially and adversely affect the economic benefits Subscriber reasonably expects to receive under this
Subscription Agreement.

 

		(e)	Business Combination Agreement. The terms of the Business Combination Agreement (including the
conditions thereto) shall not have been materially amended or waived in a manner that would reasonably be expected to adversely affect
the economic benefits Subscriber reasonably expects to receive under this Subscription Agreement; provided, however, the Parties
hereby agree that any amendment or waiver to the definition of Equity Value in the Business Combination Agreement or any amendment or
waiver of Section 3.10(a)(i), Section 4.4(b), Section 6.1 or Section 6.2 of the Business Combination Agreement shall be deemed to adversely
affect the economic benefits of Subscriber.

 

		(f)	Listing. (i) The Issuer’s initial listing application with New York Stock Exchange (“NYSE”)
in connection with the Transactions shall have been conditionally approved, the Issuer shall be able to satisfy any applicable initial
and continuing listing requirements of NYSE immediately following the Transactions Closing and the Issuer shall not have received any
written notice of non-compliance therewith, and (ii) the Shares shall have been approved for listing on NYSE, subject to official notice
of issuance.

 

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		3.	Representations, Warranties and Agreements.

 

		3.1	Issuer’s Representations, Warranties and Agreements. To induce Subscriber to purchase the
Shares, the Issuer hereby represents and warrants to Subscriber as follows:

 

		(a)	The Issuer is an exempted company duly incorporated, validly existing and in good standing under the laws
of the Cayman Islands. The Issuer has all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct
its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		(b)	At Closing, subject to the receipt of the Subscription Price in accordance with the terms of this Subscription
Agreement and registration by the Transfer Agent, the Shares and the Warrants will be duly authorized, validly issued and allotted and
fully paid, free and clear of any liens or other encumbrances (other than those arising under applicable securities laws) and will not
have been issued in violation of or subject to any preemptive or similar rights created under the Issuer’s organizational documents
(as in effect at such time of issuance) or the laws of the Cayman Islands.

 

		(c)	This Subscription Agreement has been duly authorized, executed and delivered by the Issuer and, assuming
that this Subscription Agreement constitutes the valid and binding obligation of Subscriber and HPX, is the valid and binding obligation
of the Issuer and is enforceable against it in accordance with its terms, except as such enforceability may be limited or otherwise affected
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally and (ii) principles of equity, whether considered at law or equity.

 

		(d)	The execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer
with all of the provisions hereof), the issuance and sale of the Acquired Shares, the issuance of the Warrants and the Additional Shares,
and the consummation of the other transactions contemplated herein, including the Transactions, will not (i) conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of
any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to the terms of any indenture, mortgage, deed
of trust, loan agreement, lease, license or other agreement or instrument to which the Issuer is a party or by which the Issuer is bound
or to which any of the property or assets of the Issuer is subject, which would reasonably be expected to have a material adverse effect
on the ability of the Issuer to enter into and timely perform its obligations under this Subscription Agreement, including the issuance
and sale of the Acquired Shares and the issuance of the Warrants and Additional Shares (an “Issuer
Material Adverse Effect”), (ii) result in any violation of the provisions of the organizational documents of the Issuer
or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body,
domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have an Issuer
Material Adverse Effect.

 

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		(e)	As of the date of this Subscription Agreement, the authorized share capital of the Issuer consists of
$50,000 divided into 500,000,000 ordinary shares, with a par value of $0.0001 each, of which one such share is validly issued and fully
paid, and are not subject to preemptive rights or encumbrances.

 

		(f)	Assuming the accuracy of all of Subscriber’s representations and warranties set forth in Section 3.3,
no registration under the Securities Act is required for the offer and sale of the Acquired Shares and offer of the Warrants and the Additional
Shares by the Issuer to Subscriber pursuant to and as contemplated in this Subscription Agreement. The Shares and the Warrants (i) were
not offered to Subscriber by any form of general solicitation or general advertising, including methods described in section 502(c) of
Regulation D under the Securities Act and (ii) to the Issuer’s knowledge are not being offered in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act, or any state securities laws.

 

		(g)	The Issuer has provided Subscriber an opportunity to ask questions regarding the Issuer, the Company and
the Transactions and made available to Subscriber all the information reasonably available to the Issuer that Subscriber has reasonably
requested to make an investment decision with respect to the Shares.

 

		(h)	Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or
sales of any Issuer security or solicited any offers to buy any security under circumstances that would adversely affect reliance by the
Issuer on Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would
require registration of the issuance of the Shares or the Warrants under the Securities Act.

 

		(i)	Except for such matters as would not reasonably be expected to have, individually or in the aggregate,
an Issuer Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any governmental
authority pending, or, to the knowledge of the Issuer, threatened against the Issuer, or (ii) judgment, decree, injunction, ruling or
order of any governmental entity or arbitrator outstanding against the Issuer.

 

		(j)	The Issuer has not received any written communication from a governmental authority that alleges that
the Issuer is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or
violation would not reasonably be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

		(k)	Assuming the accuracy of all of Subscriber’s representations and warranties set forth in Section
3.3, the Issuer is not required to obtain any material consent, waiver, authorization or order of, give any notice to, or make any
filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the issuance of the Shares and the Warrants pursuant to this Subscription Agreement, other than (i) filings
with the U.S. Securities and Exchange Commission (the “Commission”), (ii) filings required by applicable state or federal
securities laws, (iii) the filings required in accordance with Section 7.19; (iv) those required by NYSE; (v) those required to
consummate the Transactions Closing as provided under the Business Combination Agreement, (vi) any filing required by the Brazilian antitrust
laws, if applicable; (vii) any filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, or any law or regulation
of any other jurisdiction related to competition or merger control, if applicable, (viii) those that will be obtained, made or given,
as applicable, on or prior to the Closing, and (ix) consents, waivers, authorizations, orders, notices or filings, the failure of which
to obtain would not be reasonably be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

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		(l)	Upon consummation of the Transactions Closing, the Issuer Shares will be registered pursuant to Section
12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and will be listed for trading on NYSE, and the Shares will be approved for listing on NYSE, subject to official notice of issuance.

 

		(m)	Neither the Issuer nor any person acting on its behalf is under any obligation to pay any broker’s
fee, finder’s fee or other fee or commission in connection with the sale of the Shares, other than the fact that HPX is responsible
for the payment of any fees, costs, expenses and commissions of Credit Suisse Securities (USA) LLC and BofA Securities Inc. or any other
financial institution replacing any such institutions (the “Placement Agents,” each a “Placement Agent”),
and such obligations shall become obligations of the Issuer upon the occurrence of the Transactions Closing.

 

		(n)	As of the date hereof, the Business Combination Agreement is valid and in full force and effect, subject
to the compliance with Section 2.3(e).

 

		(o)	The Issuer has not entered into any subscription agreement, side letter or similar agreement with any
Other Subscriber or any other investor in connection with such Other Subscriber’s or investor’s direct or indirect investment
in the Issuer other than (i) the Business Combination Agreement and (ii) the Other Subscription Agreements. Notwithstanding any of the
provisions set forth in the Company Shareholder Subscription Agreement (as defined in the Business Combination Agreement), which the Subscriber
explicitly acknowledges, no Other Subscription Agreement includes terms and conditions that are materially more advantageous to any such
Other Subscriber than Subscriber hereunder or that are adverse to the Subscriber. The Other Subscription Agreements have not been amended
in any material respect following the date of this Subscription Agreement and reflect the same Purchase Price and terms that are no more
favorable to any such Other Subscriber thereunder than the terms of this Subscription Agreement.

 

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		3.2	HPX’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares,
HPX hereby represents and warrants to Subscriber as follows:

 

		(a)	HPX is an exempted company duly incorporated, validly existing and in good standing under the laws of
the Cayman Islands. HPX has all power (corporate or otherwise) and authority to own, lease and operate its properties and conduct its
business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		(b)	This Subscription Agreement has been duly authorized, executed and delivered by HPX and, assuming that
this Subscription Agreement constitutes the valid and binding obligation of Subscriber and the Issuer, is the valid and binding obligation
of HPX and is enforceable against it in accordance with its terms, except as such enforceability may be limited or otherwise affected
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of
creditors generally and (ii) principles of equity, whether considered at law or equity.

 

		(c)	The execution, delivery and performance of this Subscription Agreement (including compliance by HPX with
all of the provisions hereof), the issuance and sale of the Acquired Shares, the issuance of the Warrants and Additional Shares, and the
consummation of the other transactions contemplated herein, including the Transactions, will not (i) conflict with or result in a breach
or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien,
charge or encumbrance upon any of the property or assets of HPX pursuant to the terms of any indenture, mortgage, deed of trust, loan
agreement, lease, license or other agreement or instrument to which HPX is a party or by which HPX is bound or to which any of the property
or assets of HPX is subject, which would reasonably be expected to have a material adverse effect on the ability of HPX to enter into
and timely perform its obligations under this Subscription Agreement (an “HPX Material Adverse Effect”), (ii) result in any
violation of the provisions of the organizational documents of HPX or (iii) result in any violation of any statute or any judgment, order,
rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over HPX or any of its properties
that would reasonably be expected to have an HPX Material Adverse Effect.

 

		(d)	HPX has provided Subscriber an opportunity to ask questions regarding HPX and the Transactions and made
available to Subscriber all the information reasonably available to HPX that Subscriber has reasonably requested to make an investment
decision with respect to the Shares.

 

		(e)	Except for such matters as have not had and would not reasonably be expected to have, individually or
in the aggregate, an HPX Material Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case by or before any
governmental authority pending, or, to the knowledge of HPX, threatened against HPX, or (ii) judgment, decree, injunction, ruling or order
of any governmental entity or arbitrator outstanding against HPX.

 

		(f)	HPX has not received any written communication from a governmental authority that alleges that HPX is
not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would
not reasonably be expected to have, individually or in the aggregate, an HPX Material Adverse Effect.

 

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		3.3	Subscriber’s Representations, Warranties and Agreements. To induce the Issuer to issue the
Shares and the Warrants to Subscriber, Subscriber hereby represents and warrants to the Issuer and HPX and acknowledges and agrees with
the Issuer and HPX as follows:

 

		(a)	Subscriber has been duly formed or incorporated and is validly existing and, where such concept is recognized,
in good standing under the laws of its jurisdiction of incorporation or formation, with power and authority to enter into, deliver and
perform its obligations under this Subscription Agreement.

 

		(b)	This Subscription Agreement has been duly authorized, approved by all necessary action, validly executed
and delivered by Subscriber. The purchase of the Shares is fully consistent with the financial needs, objectives and conditions of the
Subscriber and complies and is fully consistent with all investment policies, guidelines and other restrictions applicable to the Subscriber.
Assuming that this Subscription Agreement constitutes the valid and binding agreement of the Issuer and HPX, this Subscription Agreement
is the valid and binding obligation of Subscriber and is enforceable against Subscriber in accordance with its terms, except as such enforceability
may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating
to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

		(c)	The execution, delivery and performance of this Subscription Agreement (including compliance by Subscriber
with all of the provisions hereof), and the consummation of the transactions contemplated herein, including the Transactions, do not and
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any of its
subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument
to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or to which any of
the property or assets of Subscriber or any of its subsidiaries is subject, that would reasonably be expected to adversely affect the
Subscriber’s ability to acquire and hold Shares and to enter into and timely perform its obligations under this Subscription Agreement
(a “Subscriber Material Adverse Effect”), (ii) result in any violation of the
provisions of the organizational documents of Subscriber or any of its subsidiaries or (iii) result in any violation of any statute or
any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber
or any of its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse
Effect.

 

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		(d)	In the event

 

		(i)	Subscriber is located in the United States or is a U.S. person, Subscriber (A) is a “qualified institutional
buyer” (as defined in Rule 144A under the Securities Act) or an institutional “accredited investor” (within the meaning
of Rule 501(a)(1), (2), (3), (7), (9) or (12) of Regulation D under the Securities Act), in either case satisfying the applicable requirements
set forth on Schedule I, and an “institutional account” as defined in FINRA Rule 4512(c), and is not an entity
formed for the specific purpose of acquiring the Shares, (B) is a sophisticated investor, experienced in investing in private equity transactions
and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies
involving a security or securities, (C) has exercised independent judgment in evaluating its participation in the purchase of the Shares,
(D) is aware that the sale to it is being made in reliance on a private placement exemption from registration under the Securities Act
and is acquiring its entire beneficial interest in the Shares only for its own account and not for the account of others, or if Subscriber
is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified
institutional buyer” or an institutional “accredited investor” and Subscriber has full investment discretion with respect
to each such account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein
on behalf of each owner of each such account, for investment purposes only and not with a view to any distribution of the Shares in any
manner that would violate the securities laws of the United States or any other applicable jurisdiction, (E) is not acquiring the Shares
with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act (and shall provide
the requested information on Schedule I following the signature page hereto) and is not a party to or bound by a binding commitment
to sell or otherwise dispose of the Shares, and (F) acknowledges that the offering meets the exemptions from filing under FINRA Rules
5123(b)(1)(A), (C) and (J);

 

		(ii)	Subscriber is located outside the United States and not a U.S. person, (A) Subscriber is acquiring the
Shares in an “offshore transaction” meeting the requirements of Rule 903 of Regulation S under the Securities Act, (B) Subscriber
understands that the offering meets the exemptions from filing under FINRA Rule 5123(c), (C) Subscriber is are aware that the sale to
it is being made in reliance on a private placement exemption from, or in a transaction not subject to, registration under the Securities
Act, and the Subscriber and the person, if any, for whose account or benefit the Subscriber is acquiring the Shares was located outside
the United States and was not a U.S. person at the time (x) the offer was made to it and (y) when the buy order for such Shares was originated,
and continues to be located outside the United States and not to be a U.S. person and has not purchased such Shares for the account or
benefit of any person located in the United States or who is a U.S. person, or entered into any arrangement for the transfer of such Shares
or any economic interest therein to any person located in the United States or any U.S. person, and (D) Subscriber is authorized to consummate
the purchase of the Shares offered pursuant to this Subscription in compliance with all applicable laws and regulations of the jurisdiction
where such sales are to be made;

 

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		(iii)	Subscriber is resident in a member state of the European Economic Area, Subscriber is a “qualified
investor” within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus
to be published when securities are offered to the public or admitted to trading on a regulated market (the “EU Prospectus Regulation”);

 

		(iv)	Subscriber is resident in the United Kingdom, Subscriber is a “qualified investor” within
the meaning of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “UK
Prospectus Regulation”); and

 

		(v)	Subscriber is resident in the Federative Republic of Brazil, Subscriber is a professional investor (investidor
profissional) under the definition set out in Resolution No. 30 of the Brazilian securities exchange commission (CVM – Comissão
de Valores Mobiliários, “CVM”) (such rule and all other CVM rules and regulations relating to the offering
of securities, the “Brazilian Offering Regulations”), formed or resident in a jurisdiction other than the Federative
Republic of Brazil, and able to hold securities and engage in financial settlement of securities transactions with funds held in the United
States.

 

The information provided
by Subscriber on Schedule I is true and correct in all respects.

 

		(e)	Together with its investment adviser, if applicable, Subscriber understands that the Shares are being
offered in a transaction not involving any public offering within the meaning of the Securities Act or the Brazilian Offering Regulations,
or any “offer of securities to the public” within the meaning of the EU Prospectus Regulation or the UK Prospectus Regulation,
and that the offer and sale of the Shares have not been registered under the Securities Act, the Brazilian Offering Regulations or any
other applicable securities laws. Subscriber understands that the Shares may not be offered, resold, transferred, pledged or otherwise
disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary
thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur solely outside the United States within the meaning of Regulation
S under the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act
or in a transaction not subject thereto, and in each case, in accordance with any applicable securities laws of the states and other jurisdictions
where such offers and sales are made, and that any book entries or certificates representing the Shares shall contain a legend to such
effect. Subscriber acknowledges that the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities
Act. Subscriber understands and agrees that the Shares will be subject to the foregoing transfer restrictions and, as a result, Subscriber
may not be able to readily offer, resell, transfer or pledge or otherwise dispose of the Shares and may be required to bear the financial
risk of an investment in the Shares for an indefinite period of time. Subscriber understands that it has been advised to consult legal
counsel prior to making any offer, resale, pledge, transfer or disposition of any of the Shares.

 

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		(f)	Subscriber is purchasing the Shares directly from the Issuer. Subscriber further acknowledges that there
have been no representations, warranties, covenants, statements or agreements made to Subscriber by or on behalf of the Issuer or HPX
or any of their respective affiliates, officers or directors, employees, partners, agents or representatives, or any other party to the
Transactions or any other person or entity (including the Placement Agents), expressly or by implication (including by omission), other
than those representations, warranties, covenants, statements and agreements of the Issuer and HPX expressly set forth in this Subscription
Agreement, and Subscriber is not relying on any representations, warranties, covenants, statements or agreements other than those expressly
set forth in this Subscription Agreement.

 

		(g)	Subject to the assumption that the assets of the Issuer do not constitute “plan assets” under
the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if Subscriber is or is acting on behalf
of an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other arrangement that is
subject to section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or an employee benefit
plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S.
plan (as described in section 4(b)(4) of ERISA), or other plan that is not subject to the foregoing, but may be subject to provisions
under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code
(“Similar Law”), or an entity whose underlying assets are considered to include “plan assets” of any such
plan, account or arrangement subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code or Similar
Law (each, a “Plan”), Subscriber represents and warrants that its acquisition and holding of Shares do not and will
not constitute or result in a non-exempt prohibited transaction under section 406 of ERISA, section 4975 of the Code, or under Similar
Law or otherwise violate the provisions thereunder.

 

		(h)	Together with its investment adviser if applicable, in making its decision to purchase the Shares, Subscriber
has relied solely upon an independent investigation made by Subscriber and each of the Issuer’s and HPX’s representations,
warranties and agreements contained in Section 3.1 and Section 3.2, respectively. Without limiting the generality of
the foregoing, Subscriber is not relying upon, and has not relied upon, any statements, representation or warranty or other information
provided by anyone (including HPX, the Issuer, the Company, the Placement Agents, any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing) other than the representations and warranties
of the Issuer and HPX expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer.
Subscriber has received access to and has had an adequate opportunity to review, such financial and other information as Subscriber deems
necessary in order to make an investment decision with respect to the Shares, including with respect to the Issuer or any of its affiliates
and consolidated affiliated entities (together with the Issuer, the “Group”), HPX, the Company and the Transactions
and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to Subscriber’s
investment in the Shares. Subscriber has received access to and has had an adequate opportunity to review the documents made available
to Subscriber by HPX and the Group. Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to
ask such questions and receive such answers from HPX and the Issuer or any person or persons acting on their behalf concerning the terms
and conditions of an investment in the Shares, have obtained such materials or information as Subscriber and such Subscriber’s professional
advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares and have independently made their
own analysis and decision to invest in the Shares. Based on such information as Subscriber has deemed appropriate and without reliance
upon any Placement Agent, Subscriber has independently made his/her/its own analysis and decision to enter into the Subscription. Subscriber
acknowledges that no disclosure or offering document has been prepared in connection with the offer and sale of the Shares. Except for
the representations, warranties and agreements of the Issuer and HPX expressly set forth in this Subscription Agreement, Subscriber is
relying exclusively on his/her/its own sources of information, investment analysis and the due diligence (including professional advice
Subscriber deems appropriate) with respect to the Subscription, the Issuer Shares and the business, condition (financial and otherwise),
management, operations, properties and prospects of the Issuer or the Company and its subsidiaries, including but not limited to all business,
legal, regulatory, accounting, financial, credit and tax matters. Subscriber further acknowledges that the information provided to Subscriber
is preliminary and subject to change.

 

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		(i)	Subscriber acknowledges and agrees that:

 

(i) each of the Placement
Agents is acting solely as the Issuer’s placement agent in connection with the Subscription and each Placement Agent may have affiliates
that act as an advisor to the Issuer, the Company or any other person or entity in connection with the Transactions; none of the Placement
Agents is acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for Subscriber, HPX or
any other person or entity in connection with the Subscription;

 

(ii) neither the Placement
Agents nor any of their respective directors, officers, employees, advisors, representatives and controlling persons have made, nor will
any of such persons make, any representation or warranty, whether express or implied, of any kind or character nor have any such persons
provided any advice or recommendation in connection with the Subscription;

 

(iii) certain
information provided to it was based on projections, and such projections were prepared based on assumptions and estimates that are inherently
uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause
actual results to differ materially from those contained in the projections. Subscriber acknowledges and agrees that such information
and projections, if applicable, were prepared without the participation of the Placement Agents and that none of the Placement Agents
assumes responsibility for independent verification of, or the accuracy or completeness of, such information or projections;

 

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(iv) the Placement Agents
and their respective directors, officers, employees, representatives and controlling persons have made no independent investigation with
respect to the Issuer, HPX, the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to it by or
on behalf of the Issuer or HPX;

 

(v) Subscriber has not
relied on any statement, representation, warranty or information made or provided by the Placement Agents, or any of their respective
affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing, with respect to
its decision to invest in the Shares, and the Placement Agents will have no responsibility with respect to (A) any representations, warranties
or agreements made by any person or entity under or in connection with the Subscription or any of the documents furnished pursuant thereto
or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B)
the business, affairs, condition (financial or otherwise), operations, properties or prospects of, or any other matter concerning, the
Issuer, the Group or the Subscription; and

 

(vi) neither the Placement
Agents nor any of their respective affiliates, subsidiaries, directors, officers, agents or employees shall have any liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements incurred by Subscriber, HPX or the Issuer or any other person or entity), whether in contract, tort,
under federal or state securities laws, or otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the Subscription.

 

		(j)	Subscriber became aware of this offering of the Shares solely by means of direct contact from either the
Placement Agents, the Issuer or HPX as a result of a pre-existing substantive relationship (as interpreted in guidance from the Commission
under the Securities Act) with the Issuer, HPX or their representatives, and the Shares were offered to Subscriber solely by direct contact
between Subscriber and the Placement Agents, the Issuer or HPX. Subscriber did not become aware of this offering of the Shares, nor were
the Shares offered to Subscriber, by any other means, and none of the Placement Agents, the Issuer or HPX or their respective representatives
acted as investment advisor, broker or dealer to Subscriber. Subscriber acknowledges that the Shares (i) were not offered to it by any
form of general solicitation or general advertising, including methods described in section 502(c) of Regulation D under the Securities
Act and (ii) are not being offered to it in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act, the Brazilian Offering Regulations, or any state securities laws or the securities laws of any other jurisdiction.

 

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		(k)	Together with its investment adviser, if applicable, Subscriber is aware that there are substantial risks
incident to the purchase and ownership of the Shares. Subscriber is able to fend for itself in the transactions contemplated herein. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment
in the Shares, and Subscriber has had an opportunity to seek and has sought such accounting, legal, business and tax advice as Subscriber
has considered necessary to make an informed investment decision. Subscriber understands and acknowledges that (A) is a sophisticated
investor, experienced in investing in financial, business and private equity transactions and capable of evaluating investment risks independently,
both in general and with regard to all transactions and investment strategies involving a security or securities and (iii) it has exercised
independent judgment in evaluating its purchase of the Shares and (B) the purchase and sale of the Shares hereunder meets the exemptions
from filing under FINRA Rule 5123(b)(3).

 

		(l)	Subscriber, alone, or together with any professional advisor(s), has adequately analyzed and fully considered
the risks of an investment in the Shares and determined that the Shares are a suitable investment for Subscriber and that Subscriber is
able to bear the economic risk of its investment and can afford a total loss of Subscriber’s investment in the Issuer. Subscriber
acknowledges specifically that a possibility of total loss exists.

 

		(m)	Subscriber understands that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of an investment in the Shares.

 

		(n)	Neither the Subscriber nor any of its affiliates, officers, directors, managers, managing members, general
partners or any other person acting in a similar capacity or carrying out a similar function is (i) a person
(including individual or entity) that is the target of economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by relevant governmental authorities, including, but not limited to those administered by the U.S. government through
the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State,
the United Nations Security Council, the European Union, or Her Majesty’s Treasury of the United Kingdom (collectively, “Sanctions”),
(ii) a person or entity listed on the List of Specially Designated Nationals and Blocked Persons administered by OFAC, or in any Executive
Order issued by the President of the United States and administered by OFAC, or any other any Sanctions-related list of sanctioned persons
maintained by OFAC, the Department of Commerce or the U.S. Department of State, the United Nations Security Council, the European Union,
any EU member state, or the United Kingdom (collectively, “Sanctions Lists”), (iii) organized, incorporated, established,
located, resident or a citizen, national, or the government, including any political subdivision, agency, or instrumentality thereof,
of, Cuba, Iran, North Korea, Syria, Venezuela, Afghanistan, the Crimea, the so-called Donetsk People’s Republic, or the so-called
Luhansk People’s Republic regions of Ukraine, or any other country or territory embargoed or subject to substantial trade restrictions
by the United States, the European Union or any individual European Union member state, or the United Kingdom; (iv) directly or indirectly
owned or controlled 50% or more by, or acting on behalf of, any such person or persons described in any of the foregoing clauses (i) through
(iv); or (v) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively, (i) through
(v), a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records
as required by applicable law; provided that Subscriber is permitted to do so under applicable law. Subscriber represents that
(i) if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act
of 2001, and its implementing regulations (collectively, the “BSA/PATRIOT Act”),
that Subscriber maintains policies and procedures to ensure compliance with its obligations under the BSA/PATRIOT Act, and (ii) to the
extent required, it maintains policies and procedures reasonably designed to ensure compliance with the anti-money laundering-related
laws administered and enforced by other governmental authorities. Subscriber also represents that it maintains policies and procedures
reasonably designed to ensure compliance with Sanctions. Subscriber further represents and warrants that (i) none of the funds held by
Subscriber and used to purchase the Shares are or will be derived from transactions with or for the benefit of any Prohibited Investor,
and (ii) it maintains policies and procedures reasonably designed to ensure the funds held by Subscriber and used to purchase the Shares
were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor.

 

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		(o)	As of the date hereof, Subscriber does not have, and during the 30-day period immediately prior to the
date hereof Subscriber has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the
Exchange Act or short sale positions with respect to the securities of the Issuer, Ambipar Parent or HPX. Notwithstanding the foregoing,
in the case of a Subscriber that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
Subscriber’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers
managing other portions of Subscriber’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

 

		(p)	If Subscriber is or is acting on behalf of a Plan, Subscriber
represents and warrants that none of HPX, the Issuer, the Company nor any of their respective affiliates (the “Transaction
Parties”) has provided investment advice or otherwise acted as the Plan’s fiduciary, with respect to its decision
to acquire and hold the Shares, and none of the Transaction Parties is or shall at any time be relied upon as the Plan’s fiduciary
with respect to any decision in connection with its investment in the Shares (including with respect to any decision to acquire, continue
to hold or transfer the Shares).

 

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		(q)	Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by Subscriber
with the Commission with respect to the beneficial ownership of HPX’s ordinary shares prior to the date hereof, Subscriber is not
currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning
of section 13(d)(3) or section 14(d)(2) of the Exchange Act) acting for the purpose of acquiring, holding or disposing of equity securities
of HPX (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

		(r)	On each date the Subscription Price would be required to be funded to the Issuer pursuant to Section 2.1,
Subscriber will have sufficient immediately available funds to pay the Subscription Price pursuant to Section 2.1.

 

		(s)	Subscriber agrees that no Other Subscriber (including the controlling persons, officers, directors, partners,
agents or employees of any such Other Subscriber) shall be liable to Subscriber pursuant to this Subscription Agreement (or any Other
Subscriber pursuant to any Other Subscription Agreement) or any other agreement related to the private placement of shares of the Issuer’s
capital stock for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the
Shares hereunder. Subscriber agrees that none of the Placement Agents, their respective affiliates or any of their respective control
persons, officers, directors or employees shall be liable to Subscriber (including in contract, tort, under federal or state securities
laws or otherwise) for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with Subscriber’s
purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement
or in respect of any written or oral representations made or alleged to be made in connection herewith, as expressly provided herein,
or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials of any kind provided
to Subscriber concerning HPX, the Issuer, the Company, this Subscription Agreement or the transactions contemplated hereby. On behalf
of itself and its affiliates, the Subscriber releases the Placement Agents in respect of any losses, claims, damages, obligations, penalties,
judgments, awards, liabilities, costs, expenses or disbursements related to the Subscription. Subscriber agrees not to commence any litigation
or bring any claim against any of the Placement Agents in any court or any other forum which relates to, may arise out of, or is in connection
with, the Subscription. Subscriber gives this release freely and after obtaining independent legal advice.

 

		(t)	Subscriber agrees that, notwithstanding Section 7.8 of this Subscription Agreement, the Placement
Agents, Ambipar Parent and the Company may rely upon the representations and warranties made by Subscriber to the Issuer and HPX in this
Subscription Agreement.

 

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		(u)	No broker, finder or other financial consultant is acting or has acted on Subscriber’s behalf in
connection with this Subscription Agreement or the transactions contemplated hereby in such a way as to create any liability of HPX, the
Company or the Issuer or their respective affiliates for the payment of any fees, costs, expenses or commissions.

 

		(v)	Subscriber (for itself and for each account for which it is acquiring the Shares) is aware of and acknowledges
the fact that, in addition to their capacity as a Placement Agent in connection with the Subscription, (i) Credit Suisse Securities (USA)
Inc. acted as a book-running manager of the initial public offering of HPX, and (ii) BofA Securities Inc. is acting as financial advisor
to the Company in connection with the Transactions, and therefore conflicts of interest may arise.

 

		4.	Registration Statement.

 

		4.1	The Issuer agrees that, within thirty (30) calendar days after the consummation of the Transactions Closing
(the “Filing Date”), the Issuer will file with the Commission (at the Issuer’s
sole cost and expense) a registration statement registering the resale of the Shares (the “Registration
Statement”), and the Issuer shall use its commercially reasonable efforts to have the Registration Statement declared
effective as soon as practicable after the filing thereof, but no later than the earliest of (i) the 60th calendar day (or
the 90th calendar day if the Commission notifies the Issuer that it will “review” the Registration Statement) following
the Filing Date and (ii) the tenth (10th) business day after the date the Issuer is notified (orally or in writing, whichever
is earlier) by the Commission that the Registration Statement will not be “reviewed” or will not be subject to further review
(such earlier date, the “Effectiveness Date”); provided, however,
that the Issuer’s obligations to include such shares in the Registration Statement are contingent upon Subscriber furnishing in
writing to the Issuer such information regarding Subscriber, the securities of the Issuer beneficially owned by Subscriber (or any unit
trust beneficially owning such securities and which is managed by Subscriber) and the intended method of disposition of the Shares as
shall be reasonably requested by the Issuer to effect the registration of the Shares, and Subscriber shall execute such documents in connection
with such registration as the Issuer may reasonably request in writing that are customary of a selling shareholder in similar situations,
including providing that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement as
permitted hereunder. Notwithstanding the foregoing, if the Effectiveness Date falls on a day which is not a business day or other day
that the Commission is closed for business, the Effectiveness Date shall be extended to the next business day on which the Commission
is open for business. Further notwithstanding the foregoing, if the Commission prevents the Issuer from including any or all of the shares
proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale
of the Issuer Shares by the applicable shareholders or otherwise, such Registration Statement shall register for resale such number of
Issuer Shares which is equal to the maximum number of Issuer Shares as is permitted by the Commission. In such event, the number of Issuer
Shares to be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling
shareholders. For purposes of clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect
such Registration Statement by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect the
Registration Statement as set forth above in this Section 4.

 

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		4.2	If any Demanding Holder (as defined in the Investor Rights Agreement)
proposes to conduct a Shelf Underwriting (as defined in the Investor Rights Agreement) pursuant to Section 2.3.1 of the Investor
Rights Agreement then the Issuer shall give written notice of such proposed offering to the Subscriber as soon as practicable but not
less than five (5) days before the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Offering (as defined in the Investor Rights Agreement), which notice shall (a) describe the number and type of securities to be included
in such Underwritten Offering (as defined in the Investor Rights Agreement), the intended method(s) of distribution, and the name of the
proposed managing Underwriter or Underwriters (as defined in the Investor Rights Agreement) in such offering, and (b) offer to the Subscriber
the opportunity to include in such offering such number of Shares as the Subscriber may request in writing within five (5) days after
receipt of such written notice (such registered offering, a “Piggyback Registration”).  Subject to Section 2.3.2
of the Investor Rights Agreement, the Issuer shall, in good faith, cause such Shares to be included in such Piggyback Registration
and, if applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters (as defined in the
Investor Rights Agreement) of such Piggyback Registration to permit the Shares requested by the Subscriber pursuant to this Section
4.2 to be included therein on the same terms and conditions as any similar securities of the Issuer included in such registered offering
and to permit the sale or other disposition of such Shares in accordance with the intended method(s) of distribution thereof.  The
inclusion of the Subscriber’s Shares in a Piggyback Registration shall be subject to the Subscriber’s agreement to enter into
an underwriting agreement in customary form with the Underwriter(s) (as defined in the Investor Rights Agreement) selected for such Shelf
Underwriting (as defined in the Investor Rights Agreement).  For avoidance of doubt, this Section 4.2 shall not apply
to a Block Trade (as defined in the Investor Rights Agreement) or Other Coordinated Offering (as defined in the Investor Rights Agreement).
For purposes of this Section 4.2, “Investor Rights Agreement” shall mean the investor rights agreement,
dated the date hereof, by and among the Issuer, HPX Capital Partners LLC, Ambipar Parent, the Subscriber and certain other persons party
thereto. 

 

		4.3	In the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer
shall, upon reasonable request by Subscriber in writing, inform Subscriber as to the status of such registration. At its sole expense,
the Issuer shall:

 

		(a)	except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming
part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption
or compliance under state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and
to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions
and update or amend the Registration Statement as necessary to include the Shares and provide customary notice to holders of the Shares,
until the earliest of the following: (i) Subscriber ceases to hold any Shares, (ii) the date all Shares held by Subscriber who is not
an affiliate of the Issuer may be sold without restriction under Rule 144 promulgated under the Securities Act, including any volume and
manner of sale restrictions and without the requirement for the Issuer to be in compliance with the current public information required
under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii) two (2) years from the date the initial registration statement filed
hereunder is declared effective (such date, the “End Date”);

 

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		(b)	advise Subscriber within five (5) business days:

 

		(i)	when a Registration Statement or any post-effective amendment thereto has become effective;

 

		(ii)	after it shall have obtained knowledge thereof, of the issuance by the Commission of any stop order suspending
the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

 

		(iii)	of the receipt by the Issuer of any notification with respect to the suspension of the qualification of
the Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

		(iv)	subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires
the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading
and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus,
in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information
regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (i) through
(iv) above may constitute material, nonpublic information regarding the Issuer;

 

		(c)	use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness
of any Registration Statement as soon as reasonably practicable;

 

		(d)	upon the occurrence of any event contemplated in Section 4.3(b)(iv), except for such times
as the Issuer is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement,
the Issuer shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such
Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered
to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

 

		(e)	use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or
market, if any, on which the Issuer Shares are then listed beginning on, or as promptly as reasonably practicable following, the Effectiveness
Date;

 

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		(f)	use its commercially reasonable efforts to take all other steps necessary to effect the registration of
the Shares contemplated hereby; and

 

		(g)	use its commercially reasonable efforts to file all reports and other materials required to be filed by
the Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports and other documents is required
for the applicable provisions of Rule 144 to enable Subscriber to sell the Shares under Rule 144 for so long as Subscriber holds Shares.

 

Notwithstanding anything
to the contrary in this Subscription Agreement, the Issuer shall not have any obligation to prepare any prospectus supplement, participate
in any due diligence, execute any agreements or certificates or deliver legal opinions or obtain comfort letters in connection with any
sales of the Shares under the Registration Statement.

 

		4.4	Upon Subscriber’s request, the Issuer shall take all necessary steps required of it to cause the
Transfer Agent to (i) remove the restrictive legend referred to above in Section 3.3(e), as promptly as practicable and no later
than five (5) business days after such request and (ii) issue Shares without any such legend in certificated or book-entry form or by
electronic delivery through The Depository Trust Company (“DTC”), at Subscriber’s option, provided that
in each case (a) such Shares are registered for resale under the Securities Act or (b)(A) Subscriber has sold or transferred, or proposes
to sell or transfer, Shares pursuant to Rule 144 and (B) the Issuer, its counsel or the Transfer Agent have received customary representations
and other documentation from Subscriber that is reasonably necessary to establish that such restrictive legend is no longer required as
reasonably requested by the Issuer, its counsel or the Transfer Agent. The Issuer shall be responsible for the fees of the Transfer Agent
and its counsel and any fees of DTC incurred in connection with such legend removal requests.

 

		4.5	Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled
to delay or postpone the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the
Registration Statement or to suspend the effectiveness thereof, (x) if (i) it determines that in order for the Registration Statement
not to contain a material misstatement or omission, an amendment or supplement thereto would be needed or (ii) the negotiation or consummation
of a transaction by the Issuer or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event the Issuer
reasonably believes, upon the advice of legal counsel (which may be in-house legal counsel), would require additional disclosure by the
Issuer in the Registration Statement of material information that the Issuer has a bona fide business purpose for keeping confidential
and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Issuer, upon the
advice of legal counsel (which may be in-house legal counsel), to cause the Registration Statement to fail to comply with applicable disclosure
requirements and (y) as may be necessary in connection with the preparation and filing of a post-effective amendment to the Registration
Statement following the filing of the Issuer’s (including the combined company after giving effect to the Transactions) Annual Report
on Form 20-F for its first completed fiscal year following the Closing (each such circumstance, a “Suspension
Event”); provided, however, that the Issuer may not delay or suspend the Registration Statement for more than
ninety (90) consecutive days or for more than one hundred and twenty (120) total calendar days, in each case, during any twelve-month
period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during the period that the Registration
Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that (i) it will immediately
discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant
to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare) that
corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective
or unless otherwise notified by the Issuer that it may resume such offers and sales, and (ii) it will maintain the confidentiality of
any information included in such written notice delivered by the Issuer unless otherwise required by law or subpoena. If so directed by
the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s sole discretion destroy, all copies of the prospectus covering
the Shares in Subscriber’s possession; provided, however, that this obligation to deliver or destroy all copies of the prospectus
covering the Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply
with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document
retention policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 

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		4.6	Subscriber may deliver written notice (an “Opt-Out Notice”) to the Issuer requesting
that Subscriber not receive notices from the Issuer otherwise required by Section 4.5; provided, however, that Subscriber
may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Subscriber (unless subsequently revoked),
(i) the Issuer shall not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to the rights associated with
any such notice and (ii) each time prior to Subscriber’s intended use of an effective Registration Statement, Subscriber will notify
the Issuer in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously
delivered (or would have been delivered but for the provisions of this Section 4.6) and the related suspension period remains in
effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s notification to the Issuer, by delivering
to Subscriber a copy of such previous notice of Suspension Event, and thereafter will provide Subscriber with the related notice of the
conclusion of such Suspension Event promptly following its availability.

 

		4.7	The Issuer shall, notwithstanding any termination of this Subscription Agreement, indemnify and hold harmless
Subscriber (to the extent a seller under, or named as a selling shareholder in, the Registration Statement), its officers, directors and
agents, and each person who controls Subscriber (within the meaning of section 15 of the Securities Act or section 20 of the Exchange
Act) to the fullest extent permitted by applicable law, from and against all reasonable out-of-pocket losses, claims, damages, liabilities,
costs (including reasonable and documented attorneys’ fees) and expenses (collectively, “Losses”), based upon
any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration
Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating
to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein
(in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made)
not misleading, except to the extent that (i) such untrue statements, alleged untrue statements, omissions or alleged omissions are based
upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein, (ii) such Subscriber
has omitted a material fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or
any rule or regulation thereunder, or (iii) such Losses result from the use of the Registration Statement by Subscriber after Subscriber
has received notice of a Suspension Event in accordance with Section 4.5; provided, however, that the indemnification contained
in this Section 4.7shall not apply to amounts paid in settlement of any Losses if such settlement is effected without the
consent of the Issuer (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any
Losses to the extent they arise out of or are based upon a violation which occurs (A) in reliance upon and in conformity with written
information furnished by a Subscriber, (B) in connection with any failure of Subscriber to deliver or cause to be delivered a prospectus
made available by the Issuer in a timely manner, (C) as a result of offers or sales effected by or on behalf of any person by means of
a “free writing prospectus” (as defined in Rule 405 under the Securities Act) that was not authorized in writing by the Issuer,
or (D) in connection with any offers or sales effected by or on behalf of a Subscriber in violation of Section 4.5. The Issuer
shall notify Subscriber promptly of the institution, threat or assertion of any proceeding arising from or in connection with the transactions
contemplated by this Section 4.7 of which the Issuer is aware.

 

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		4.8	Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the
Issuer, the Company and their respective directors, officers, agents and employees, and each person who controls the Issuer (within the
meaning of section 15 of the Securities Act and section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from
and against all Losses, as incurred, arising out of or based upon any untrue or alleged untrue statement of a material fact contained
in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that
such untrue statements or omissions are based upon information regarding Subscriber furnished in writing to the Issuer by Subscriber expressly
for use therein; provided, however, that the indemnification contained in this Section 4.8 shall not apply to amounts paid
in settlement of any Losses if such settlement is effected without the consent of Subscriber (which consent shall not be unreasonably
withheld, conditioned or delayed). Notwithstanding anything to the contrary herein, in no event shall the liability of Subscriber be greater
in amount than the dollar amount of the net proceeds received by Subscriber upon the sale of the Shares giving rise to such indemnification
obligation. Subscriber shall notify the Issuer promptly of the institution, threat or assertion of any proceeding arising from or in connection
with the transactions contemplated by this Section 4.8 of which Subscriber is aware of which Subscriber shall seek indemnification
under this Subscription Agreement; provided that the failure by Subscriber to give such notice shall not relieve the Issuer of
its indemnification obligations hereunder, except to the extent that the failure to give such notice is materially prejudicial to the
Issuer’s ability to defend such claim or litigation. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of an indemnified party and shall survive the transfer of the Shares by Subscriber.

 

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		4.9	For the purposes of this Subscription Agreement, “Indemnifying Party” shall mean the
party with an obligation to indemnify another party pursuant to Section 4.7 or Section 4.8 (as applicable) and “Indemnified
Party” shall mean the party seeking indemnification pursuant to Section 4.7 or Section 4.8 (as applicable). The
Indemnified Party shall promptly notify the Indemnifying Party in writing of the institution, threat or assertion of any proceeding against
the Indemnified Party that the Indemnified Party believes relates to Losses the subject of indemnification pursuant to Section 4.7
or Section 4.8 (as applicable) and of which such Indemnified Party is aware (a “Third Party Proceeding”). In
the case of any delay or failure by an Indemnified Party to provide the notice required by the preceding sentence, the obligation of the
Indemnifying Party to indemnify the Indemnified Party shall be reduced to the extent that such Indemnifying Party is prejudiced by such
delay or failure. The Indemnifying Party will be entitled to participate in any Third Party Proceeding and to assume the defense thereof
with counsel it elects, in its sole discretion, and in the event the Indemnifying Party assumes such defense, the Indemnifying Party will
not be liable to the Indemnified Party for any legal or other expenses subsequently incurred by the Indemnified Party in connection with
the defense thereof other than reasonable costs of investigation. An Indemnifying Party who is not entitled to, or elects not to, assume
the defense of a Third Party Proceeding shall not be obligated to pay the fees and expenses of more than one counsel for all Indemnified
Parties with respect to such Third Party Proceeding, unless in the reasonable judgment of any Indemnified Party a conflict of interest
may exist between such Indemnified Party and any other of such Indemnified Parties with respect to such Third Party Proceeding. No Indemnifying
Party shall, without the consent of the Indemnified Party, consent to the entry of any judgment or enter into any settlement which cannot
be settled in all respects by the payment of money (and such money is so paid by the Indemnifying Party pursuant to the terms of such
settlement), which settlement shall not include a statement or admission of fault and culpability on the party of such Indemnified Party,
and which settlement shall include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party
of a release from all liability in respect to such claim or litigation.

 

		4.10	If the indemnification provided under Section 4.7 or Section 4.8 from the Indemnifying Party
is unavailable or insufficient to hold harmless an Indemnified Party in respect of any Losses, then the Indemnifying Party, in lieu of
indemnifying the Indemnified Party, shall contribute to the amount paid or payable by the Indemnified Party as a result of such Losses
in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well as any
other relevant equitable considerations. The relative fault of the Indemnifying Party and Indemnified Party shall be determined by reference
to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact, was made by, or relates to information supplied by, such Indemnifying Party or Indemnified
Party, and the Indemnifying Party’s and Indemnified Party’s relative intent, knowledge, access to information and opportunity
to correct or prevent such action. The amount paid or payable by a party as a result of the Losses referred to above shall be subject
to the limitations set forth in Section 4.7 and Section 4.8 and deemed to include any legal or other fees, charges or expenses
reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.10 from
any person who was not guilty of such fraudulent misrepresentation. Each Indemnifying Party’s obligation to make a contribution
pursuant to this Section 4.10 shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder
exceed the net proceeds received by Subscriber upon the sale of the Shares giving rise to such indemnification obligation.

 

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		5.	Termination. This Subscription Agreement shall terminate and be void and of no further force
and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party
in respect thereof, upon the earliest to occur of (i) such date and time as the Business Combination Agreement is validly terminated in
accordance with its terms, (ii) upon the mutual written agreement of each of the Parties hereto to terminate this Subscription Agreement,
(iii) the Outside Date (as defined in the Business Combination Agreement) if the Closing has not occurred on or prior to such date; (iv)
the Issuer’s notification to Subscriber in writing that it has abandoned its plans to move forward with the Transactions and/or
terminates Subscriber’s obligations with respect to the Subscription without the delivery of the Shares having occurred or (v) if
any of the conditions to Closing set forth in Section 2.2 or Section 2.3 are not satisfied or waived on or prior to the Closing Date,
and, as a result thereof, the transactions contemplated by this Subscription Agreement are not consummated at the Closing; provided,
that nothing herein will relieve any party from liability for any willful and material breach hereof prior to the time of termination,
and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.
The Issuer shall notify Subscriber of the termination of the Business Combination Agreement promptly after the termination of such agreement.
Upon a valid termination of this Subscription Agreement pursuant to this Section 5, after the delivery by Subscriber of the
Subscription Price for the Shares, the Issuer shall promptly (but not later than three (3) business days thereafter) cause the escrow
agent or its bank (as applicable) to return the Subscription Price (to the extent such Subscription Price was received prior to such termination)
to the Subscriber without any deduction for, or on account of, any tax, withholding, charges or set-off.

 

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		6.	Trust Account Waiver.

 

Notwithstanding anything to the contrary
set forth herein, Subscriber acknowledges that it has had access to and has read and had an adequate opportunity to review the publicly
filed prospectus of HPX, available at www.sec.gov (the “Prospectus”) and understands that HPX has established a trust
account (the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and the overallotment shares acquired by its underwriters and from certain private placements occurring simultaneously with the IPO (including
interest accrued from time to time thereon) for the benefit of HPX’s public shareholders (including the public shareholders of the
overallotment shares acquired by HPX’s underwriters, the “Public Shareholders”), and that, except as otherwise
described in the Prospectus, HPX may disburse monies from the Trust Account only: (i) to the Public Shareholders with respect to redemptions
by the Public Shareholders, (ii) to the Public Shareholders if HPX fails to consummate a Business Combination (as defined in the Prospectus)
within twenty-four (24) months after the closing of the IPO, subject to extension by an amendment to HPX’s organizational documents,
(iii) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes or (iv) to
HPX after or concurrently with the consummation of a Business Combination (as defined in the Prospectus). Subscriber hereby agrees on
behalf of itself and its affiliates that, notwithstanding anything to the contrary in this Subscription Agreement, neither Subscriber
nor any of its affiliates does now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies
in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom) in
connection with any claim that arises as a result of, in connection with, or relating to, this Subscription Agreement or any other transaction
agreement (as defined in the Business Combination Agreement, the “Transaction Agreement”), regardless of whether such
claim arises based on contract, tort, equity or any other theory of legal liability under this Subscription Agreement or any other Transaction
Agreement (collectively, the “Released Claims”); provided, however, that Released Claims shall be deemed
not to include the right of a Subscriber to make a claim as a Public Shareholder in respect of any HPX shares it may hold pursuant to
subclauses (i) or (ii) of the immediately preceding sentence. Subscriber on behalf of itself and its affiliates, hereby irrevocably waives
any Released Claims that Subscriber or any of its affiliates may have against the Trust Account (including any distributions therefrom)
now or in the future and will not seek recourse against the Trust Account (including any distributions therefrom) in connection with any
Released Claims (including for an alleged breach of this Subscription Agreement). Subscriber agrees and acknowledges that such irrevocable
waiver is material to this Subscription Agreement and specifically relied upon by HPX and its affiliates to induce HPX to enter into this
Subscription Agreement and the other Transaction Agreements, and Subscriber further intends and understands such waiver to be valid, binding
and enforceable against Subscriber and each of its affiliates under applicable Law. To the extent Subscriber or any of its affiliates
commences any action or proceeding based upon, in connection with or relating to any Released Claim, which action or proceeding seeks,
in whole or in part, monetary relief against HPX or its representatives, Subscriber hereby acknowledges and agrees that Subscriber’s
and each of its affiliates’ sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit
Subscriber or its affiliates (or any person claiming on any of their behalves or in lieu of any of them) to have any claim against the
Trust Account (including any distributions therefrom) or any amounts contained therein. In the event Subscriber or any of its affiliates
commences any action or proceeding against HPX, any of its affiliates or any of their respective representatives based upon, in connection
with or relating to any Released Claim, which proceeding seeks, in whole or in part, relief against the Trust Account (including any distributions
therefrom) or the Public Shareholders, whether in the form of money damages or injunctive relief or otherwise, HPX and its representatives,
as applicable, shall be entitled to recover from Subscriber and its affiliates the associated legal fees and costs in connection with
any such action, in the event HPX or its representatives, as applicable, prevails in such action or proceeding.

 

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		7.	Miscellaneous.

 

		7.1	Further Assurances. The parties hereto shall execute and deliver such additional documents and
take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription
as contemplated by this Subscription Agreement no later than immediately prior to the Transactions Closing.

 

		(a)	Subscriber acknowledges that (i) the Issuer and HPX will rely on the acknowledgments, understandings,
agreements, covenants, representations and warranties of Subscriber contained in this Subscription Agreement and (ii) that the Placement
Agents, Ambipar Parent and the Company will rely on, and are third party beneficiaries of, the acknowledgments, understandings, agreements,
covenants, representations and warranties of Subscriber contained in Section 3.3 and Section 7. Prior to the Closing, Subscriber
agrees to promptly notify the Issuer and HPX if any of the acknowledgments, understandings, agreements, covenants, representations and
warranties made by Subscriber set forth herein are no longer accurate. In addition, the Issuer and HPX each acknowledges and agrees that
each of the Placement Agents, Ambipar Parent and the Company is a third-party beneficiary of the acknowledgments, understandings, agreements,
covenants, representations and warranties made by the Issuer or HPX (as applicable) contained in this Subscription Agreement.

 

		(b)	Each of HPX and the Issuer acknowledges that Subscriber will rely on the acknowledgements, understandings,
agreements, covenants, representations and warranties of HPX and the Issuer, respectively, contained in this Subscription Agreement. Prior
to the Closing, each of the Issuer and HPX agrees to promptly notify Subscriber if any of the acknowledgements, understandings, agreements,
covenants, representations and warranties made by Issuer or HPX, as applicable, set forth herein are no longer accurate in all material
respects.

 

		(c)	Subscriber acknowledges and agrees that no party to the Business Combination Agreement (other than the
Issuer and HPX) nor any Non-Party Affiliate (as defined below), shall have any liability to Subscriber or any Other Subscriber pursuant
to, arising out of or relating to this Subscription Agreement, or any Other Subscription Agreement, the negotiation hereof or thereof
or its subject matter, or the transactions contemplated hereby or thereby, including with respect to any action heretofore or hereafter
taken or omitted to be taken by any of them in connection with the purchase of the Acquired Shares, subscription of the Warrants and Additional
Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of
any written or oral representations made or alleged to be made in connection herewith or for any actual or alleged inaccuracies, misstatements
or omissions with respect to any information or materials of any kind furnished by the Issuer, the Company, HPX, or any Non-Party Affiliate
concerning the Issuer, the Company, HPX, any of their affiliates, this Subscription Agreement or the transactions contemplated hereby.
For purposes of this Subscription Agreement, “Non-Party Affiliates” means each former, current or future officer, director,
employee, partner, member, investment manager, manager, direct or indirect equityholder, investors, representatives, agents, predecessors,
successors, assigns, or affiliate of the Issuer, the Company, HPX, or any of the Issuer’s, the Company’s or HPX’s respective
affiliates or any family member of the foregoing.

 

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		(d)	Each of the Issuer, HPX, the Placement Agents and Subscriber is irrevocably authorized to produce this
Subscription Agreement or a copy hereof to any interested party as requested by law, rule or regulation in any administrative, legal,
regulatory or stock exchange proceeding or official inquiry with respect to the matters covered hereby.

 

		(e)	The Issuer and HPX may request from Subscriber such additional information as the Issuer and HPX may deem
reasonably necessary to evaluate the eligibility of Subscriber to acquire the Shares, to register the resale of the Shares or otherwise
consummate or evidence the transaction contemplated by this Subscription Agreement, and Subscriber shall promptly provide such information
as may be reasonably requested to the extent readily available and consistent with its internal policies; provided that (subject
to Section 7.19 below) each of the Issuer and HPX agrees to keep any such information provided by Subscriber confidential other
than as necessary to include in any registration statement the Issuer is required to file hereunder or in connection herewith. Subscriber
acknowledges and agrees that if it does not provide the Issuer with such requested information, the Issuer may not be able to register
the Shares for resale pursuant to Section 4 hereof. Subscriber hereby agrees that the Subscription Agreement, as well as the nature
of Subscriber’s obligations hereunder, may be disclosed in any public announcement or disclosure required by the Commission and
in any registration statement, proxy statement, consent solicitation statement or any other Commission filing to be filed by the Issuer
or HPX in connection with the issuance of the Shares contemplated by this Subscription Agreement and/or the Transactions, in each case
without Subscriber’s prior written consent.

 

		(f)	The Issuer shall pay any costs, expenses, obligations, penalties or disbursements in connection with the
fillings, authorizations and consents set forth in Section 3.1(k).

 

		(g)	Except as otherwise expressly provided in this Subscription Agreement, each party shall pay all of its
own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

		7.2	No Short Sales. Subscriber hereby agrees that neither it, nor any person or entity acting on its
behalf or pursuant to any understanding with Subscriber, shall, directly or indirectly, engage in any hedging activities or execute any
Short Sales (as defined below) with respect to the securities of the Issuer, Ambipar Parent or HPX, as applicable, prior to the Closing
or the earlier termination of this Subscription Agreement in accordance with its terms. “Short Sales” shall mean all
 “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges
(other than pledges in the ordinary course of business as part of prime brokerage arrangements), forward sale contracts, options, puts,
calls, swaps and similar arrangements (including on a total return basis), and sales and other short transactions through non-U.S. broker
dealers or foreign regulated brokers. Notwithstanding the foregoing, in the case of Subscriber is a multi-managed investment bank or vehicle
whereby separate portfolio managers manage separate portions of Subscriber’s assets and the portfolio managers have no direct knowledge
of the investment decisions made by the portfolio managers or desks managing other portions of Subscriber’s assets, this Section 7.2
shall apply only with respect to the portion of assets managed by the portfolio manager or desk that made the investment decision to purchase
the Shares covered by this Subscription Agreement.

 

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		7.3	Additional Information. HPX and the Issuer may request from Subscriber such additional information
as is necessary for HPX or the Issuer, as applicable, to comply with public disclosure requirements of applicable securities laws or any
filing requirements pursuant to the rules of any stock exchange or the Financial Industry Regulatory Authority, and Subscriber shall promptly
provide such information, provided that subject to Section 7.19 the Issuer and HPX shall keep any such information provided
by Subscriber confidential to the extent permitted by applicable law. Subscriber acknowledges that HPX or the Issuer may file a copy of
the form of this Subscription Agreement with the Commission as an exhibit to a current or periodic report or a registration statement
of HPX or the Issuer, as applicable.

 

		7.4	Notices. Any notice or communication required or permitted hereunder shall be in writing and either
delivered personally, emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage
prepaid, and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or
other rejection notice, if sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other
address or addresses as such person may hereafter designate by notice given hereunder (a courtesy copy of any notice sent shall also be
sent via email):

 

		(a)	if to Subscriber, to such address or addresses set forth on the signature page hereto;

 

		(b)	if to the Issuer, to:

 

	 	c/o Emergência Participações
    S.A.
	 	Avenida Angélica, no 2346
	 	5th floor, room 4, Consolação,
	 	01228-200, São Paulo - SP Brazil
	 	Attention:	Luciana Freire Barca Nascimento; Alessandra Bessa
    Alves de Melo
	 	Email:	luciana.barca@tbj.com.br; alessandra.bessa@ambipar.com

 

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	 	with a required copy (which copy shall not constitute
    notice) to:
	 	 
	 	Simpson Thacher & Bartlett LLP
	 	Av. Presidente Juscelino Kubitschek, 1455
	 	12th Floor, Suite 121
	 	São Paulo, SP 04543-011
	 	Brazil
	 	Attention: Grenfel S. Calheiros
	 	Email:gcalheiros@stblaw.com
	 	 
	 	and
	 	 
	 	Skadden, Arps, Slate, Meagher & Flom LLP
	 	Av. Brigadeiro Faria Lima, 3311, 7th Floor
	 	04538-133 São Paulo - SP Brazil
	 	Attention:  J. Mathias von Bernuth; Maxim Mayer-Cesiano
	 	Email:  mathias.vonbernuth@skadden.com; maxim.mayercesiano@skadden.com

 

		(c)	if to HPX, to:

 

	 	HPX Corp.
	 	1000 N. West Street, Suite 1200
	 	Wilmington, Delaware 19801
	 	Attention:	Carlos Piani
	 	Email:	cpiani@hpxcorp.com
	 	 
	 	with a required copy (which copy shall
    not constitute notice) to:
	 	 
	 	Skadden, Arps, Slate, Meagher &
    Flom LLP
	 	Av. Brigadeiro Faria Lima, 3311, 7th
    Floor
	 	04538-133 São Paulo - SP Brazil
	 	Attention: J. Mathias von Bernuth;
    Maxim Mayer-Cesiano
	 	Email: mathias.vonbernuth@skadden.com;
    maxim.mayercesiano@skadden.com

 

		7.5	Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes
all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to
the subject matter hereof, including any letter of intent entered into relating to the subject matter hereof, except that, subject to
Section 7.19(a), any confidentiality agreement with respect to Subscriber or its affiliates shall remain in full force and effect following
any amendment, modification, waiver or termination of this Subscription Agreement.

 

		7.6	Modifications and Amendments. This Subscription Agreement may not be amended, modified, supplemented
or waived (i) except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement
or waiver is sought and (ii) without the prior written consent of HPX, the Issuer and Subscriber.

 

		7.7	Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may
accrue to the parties hereunder (including Subscriber’s rights to purchase the Shares) may be transferred or assigned without the
prior written consent of each of the other parties hereto (other than the Shares acquired and Warrants and Additional Shares subscribed
hereunder, if any, and then only in accordance with this Subscription Agreement), other than an assignment to any controlled affiliate
of Subscriber or any fund or account managed by the same investment manager as Subscriber or a controlled affiliate thereof (as defined
in Rule 12b-2 of the Exchange Act), subject to, if such transfer or assignment is prior to the Closing, such transferee or assignee, as
applicable, executing a joinder to this Subscription Agreement or a separate subscription agreement in substantially the same form as
this Subscription Agreement, including with respect to the Subscription Price and other terms and conditions; provided, however,
that, in the case of any such transfer or assignment, the initial party to this Subscription Agreement shall remain bound by its obligations
under this Subscription Agreement, except for an assignment to any fund or account managed by the same investment manager as Subscriber
or a controlled affiliate thereof, provided, in each case, that any such fund or account has sufficient funds to fully comply with
the obligations of the Subscriber under this Subscription Agreement. For the avoidance of doubt, any transaction contemplated by the Business
Combination Agreement shall be deemed not to constitute an assignment of this Subscription Agreement or any rights, interests or obligations
that may accrue to the parties hereunder.

 

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		7.8	Benefit. Except as otherwise provided herein, this Subscription Agreement shall be binding upon,
and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted
assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by,
and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as set forth
in Section 4.7, Section 4.8, Section 4.9, Section 4.10, Section 7.1(a), Section 7.1(c) and Section
7.1(d), this Subscription Agreement shall not confer rights or remedies upon any person other than the parties hereto and their respective
successors and assigns.

 

		7.9	Governing Law. This Subscription Agreement, and all claims or causes of action based upon, arising
out of, or related to this Subscription Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance
with, the laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles
or rules would require or permit the application of laws of another jurisdiction.

 

		7.10	Consent to Jurisdiction; Waiver of Jury Trial. Any proceeding or action based upon, arising
out of or related to this Subscription Agreement or the transactions contemplated hereby must be brought in the Court of Chancery of the
State of Delaware (or, to the extent such court does not have subject matter jurisdiction, the Superior Court of the State of Delaware),
or, if it has or can acquire jurisdiction, in the United States District Court for the District of Delaware (the “Designated
Courts”), and each of the parties irrevocably (i) submits to the exclusive jurisdiction of each such Designated Court in any
such proceeding or action, (ii) irrevocably waives any claims of immunity from jurisdiction and any objection it may now or hereafter
have to personal jurisdiction, venue or to convenience of forum, (iii) agrees that all claims in respect of the proceeding or action shall
be heard and determined only in any such Designated Court, and (iv) agrees not to bring any proceeding or action arising out of or relating
to this Subscription Agreement or the transactions contemplated hereby in any other court. Nothing herein contained shall be deemed to
affect the right of any party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against
any other party in any other jurisdiction, in each case, to enforce judgments obtained in any action, suit or proceeding brought pursuant
to this Section 7.10. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY,
UNCONDITIONALLY AND VOLUNTARILY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE.

 

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		7.11	Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable,
the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or
impaired thereby and shall continue in full force and effect.

 

		7.12	No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any
right, power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver
of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription
Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude
such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any
remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or
demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such
notice or demand to any other or further action in any circumstances without such notice or demand.

 

		7.13	Remedies.

 

		(a)	The parties agree that irreparable damage would occur if this Subscription Agreement was not performed
or the Closing is not consummated in accordance with its specific terms or was otherwise breached and that money damages or other legal
remedies would not be an adequate remedy for any such damage. It is accordingly agreed that the parties and third-party beneficiaries
hereto shall be entitled to equitable relief, including in the form of an injunction or injunctions, to prevent breaches or threatened
breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in an appropriate
court of competent jurisdiction as set forth in Section 7.10, this being in addition to any other remedy to which any party
is entitled at law, in equity, in contract, in tort or otherwise, including money damages. The right to specific enforcement shall include
the right of the Issuer and HPX to cause Subscriber, the right of HPX to cause the Issuer, the right of the Issuer to cause HPX and the
right of Subscriber to cause the Issuer and HPX to cause the transactions contemplated hereby to be consummated on the terms and subject
to the conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree (i) to waive any requirement
for the security or posting of any bond in connection with any such equitable remedy, (ii) not to assert that a remedy of specific enforcement
pursuant to this Section 7.13 is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii)
to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.

 

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		(b)	The parties acknowledge and agree that this Section 7.13 is an integral part of the transactions
contemplated hereby and without that right, the parties hereto would not have entered into this Subscription Agreement.

 

		7.14	Survival of Representations and Warranties. All representations and warranties made by the parties
hereto in this Subscription Agreement shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does not occur
substantially concurrently with the consummation of the Transactions Closing, all representations, warranties, covenants and agreements
of the parties hereunder shall survive the consummation of the Transactions Closing and remain in full force and effect.

 

		7.15	Headings and Captions. The headings and captions of the various subdivisions of this Subscription
Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or
provisions hereof.

 

		7.16	Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which
when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each
party and delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or any other form of electronic delivery (including .pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com)), such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an
original thereof.

 

		7.17	Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement as a whole
and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant
contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless
of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party
hereto is in breach of the first representation, warranty, or covenant. All references in this Subscription Agreement to numbers of shares,
per share amounts and purchase prices shall be appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization
or the like occurring after the date hereof.

 

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		7.18	Mutual Drafting. Each provision of this Subscription Agreement has been subject to the mutual consultation,
negotiation and agreement of the parties and shall not be construed for or against any party hereto.

 

		7.19	Cleansing Statement; Consent to Disclosure.

 

		(a)	HPX shall, by no later than 9:00 a.m., New York City time, on the first (1st) business day immediately
following the date of this Subscription Agreement, issue one (1) or more press releases or file with the Commission a Current Report on
Form 8-K (collectively, the “Disclosure Document”) disclosing, to the extent
not previously publicly disclosed, all material terms of the transactions contemplated hereby and by the Other Subscription Agreements
and the Transactions and any other material, nonpublic information that the Issuer or HPX or their respective representatives has provided
to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, to the
Issuer’s and HPX’s knowledge, Subscriber shall not be in possession of any material, non-public information received from
the Issuer or HPX or any of their respective officers, directors, employees or agents (including the Placement Agents) relating to the
transactions contemplated by this Subscription Agreement, and Subscriber shall no longer be subject to any confidentiality or similar
obligations under any current agreement, whether written or oral with Issuer, HPX or any of their affiliates or agents, relating to the
transactions contemplated by this Subscription Agreement.

 

		(b)	Neither HPX nor the Issuer shall issue any press releases or other public communications relating to the
transactions contemplated hereby that reference the Subscriber or its affiliates or investment advisers by name without the prior written
consent of Subscriber. This restriction shall not apply to the extent public disclosure is required by applicable securities law, any
governmental authority or stock exchange rule or as otherwise requested by the staff of the Commission or the request of any other regulatory
or governmental agency; provided, that in the event such disclosure is required, HPX or the Issuer, as applicable, shall to the
extent practicable and legally permissible, provide Subscriber with prior written notice of such permitted disclosure and consider, in
good faith, any comments provided by Subscriber. Subject to the limitations of the following sentence, Subscriber hereby consents to the
publication and disclosure in any Form 8-K or Form 6-K filed by the Issuer or HPX with the Commission, in any filing with the Commission
made in connection with the Business Combination Agreement and the Transactions, including any proxy statement, prospectus or registration
statement related thereto or any other filing with the Commission pursuant to applicable securities laws, of Subscriber’s name and
identity and the nature of Subscriber’s commitments, arrangements and understandings under and relating to this Subscription Agreement
and, if deemed required or appropriate by the Issuer or HPX, a copy of this Subscription Agreement. The Issuer or HPX shall provide a
draft of any proposed disclosures under this Section 7.19(b) to Subscriber reasonably in advance of the release of such disclosures, but
in no event less than one (1) business day prior to release, and shall consider in good faith any revisions to such disclosure proposed
by Subscriber. Notwithstanding the foregoing or anything contained to the contrary in this Section 7.19, the Issuer may make disclosures
to an auditor or governmental or regulatory authority pursuant to any routine investigation, inspection, examination or inquiry without
providing Subscriber with any notification thereof, unless Subscriber is the subject of any such investigation, inspection, examination
or inquiry (in which case the preceding sentence shall govern).

 

    35

     

    

 

		7.20	Regulatory Compliance. Subscriber hereby agrees that it shall comply with all applicable requirements
in connection with the Subscription and shall coordinate with the Issuer or HPX, as applicable, to upon request provide information regarding
the Subscriber as may reasonably be requested by any applicable governmental authority relating to the Subscription or the Transactions.

 

		8.	Independent Obligations. The
obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber under
the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other
Subscriber under this Subscription Agreement or the Other Subscription Agreements. The decision of Subscriber to purchase Shares pursuant
to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber (except where such Other Subscriber is
managed by or under common management with Subscriber) and independently of any information, materials, statements or opinions as to the
business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects
of the Issuer or any of its subsidiaries which may have been made or given by any Other Subscriber or by any agent or employee of any
Other Subscriber, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber (or any other
person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other
Subscription Agreement, and no action taken by Subscriber or any Other Subscriber pursuant hereto or thereto, shall be deemed to constitute
Subscriber, on the one hand, and any Other Subscriber, on the other hand, as a partnership, an association, a joint venture or any other
kind of entity, or create a presumption that Subscriber and any Other Subscriber are in any way acting in concert or as a group with respect
to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements; provided
that it is acknowledged that certain Subscribers may be managed by, or under common management with, an Other Subscriber. Subscriber acknowledges
that no Other Subscriber has acted as agent for Subscriber in connection with making its investment hereunder and no Other Subscriber
will be acting as agent of Subscriber in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription
Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including the rights arising out of this Subscription
Agreement, and it shall not be necessary for any Other Subscriber to be joined as an additional party in any proceeding for such purpose.

 

    36

     

    

 

		9.	Certain Tax Matters. The
parties acknowledge and agree that for U.S. federal income tax purposes, Subscriber shall be deemed to be the owner of any funds transferred
by Subscriber to any escrow account (if applicable) unless and until such funds are disbursed to Issuer in accordance with the terms of
this Subscription Agreement, which disbursement shall occur, for the avoidance of doubt, following the First Effective Time.

 

		10.	Massachusetts Business Trust. If
Subscriber is a Massachusetts Business Trust, a copy of the Declaration of Trust of Subscriber or any affiliate thereof is on file with
the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that the Subscription Agreement is executed on
behalf of the trustees of Subscriber or any affiliate thereof as trustees and not individually and that the obligations of the Subscription
Agreement are not binding on any of the trustees, officers or stockholders of Subscriber or any affiliate thereof individually but are
binding only upon Subscriber or any affiliate thereof and its assets and property.

 

[Signature
Page Follows]

 

    37

     

    

 

IN WITNESS WHEREOF,
each of HPX, the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	Ambipar Emergency Response
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	HPX Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    38

     

    

 

	SUBSCRIBER: Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no Exterior	 	Signature of Joint Subscriber, if applicable:
	Signature of Subscriber:	 	 
	on behalf of Opportunity Private Equity Gestora de Recursos Ltda.
	 
	 	 	 
	Name: Eduardo de Britto Pereira Azevedo	 	Name: Leonardo Guimarães Pinto
	Title: Director	 	Director
	Date: July 5, 2022	 	 
	 	 	 
	Name of Subscriber: Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no Exterior	 	Name of Joint Subscriber, if applicable:
	 	 	 
	(Please print. Please indicate name and capacity of person signing above)	 	(Please Print. Please indicate name and capacity of person signing above)
	Name in which securities are to be registered(if different from the name of Subscriber listed directly
above):                                                                       	 	 
	Email	 	 

	Address:	 	 	 

	If there are joint investors, please check one:	 	 
	 ̈	 Joint Tenants with Rights of Survivorship	 	 
	 ̈	Tenants-in-Common	 	 
	 ̈	Community Property	 	 

	Subscriber’s EIN/Tax ID: 	 	 	Joint Subscriber’s EIN: 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	City, State,	 	City, State,

	Zip:	 	 	Zip:	 

	Attn:	 	 	Attn:
	Telephone	 	Telephone

	No.:	 	 	No.:	 

	Facsimile No.: 	 	 	Facsimile No.: 	 
	 	 	 
	Number of Shares purchased and subscribed for:	 	10,000,000
	 	 	 
	Number of Additional Shares:	 	1,810,000
	 	 	 
	Aggregate Number of Shares subscribed (including Additional Shares) for:	 	11,810,000
	 	 	 
	Aggregate Subscription Price:	 	$100,000,000

 

     

     

    

 

Subscriber must pay the Subscription Price by
wire transfer of U.S. dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

 

     

     

    

 

SCHEDULE
I 

 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Schedule must be completed
by the Subscriber and forms a part of this Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined
in this Schedule have the meanings given to them in the Subscription Agreement. The Subscriber must check the applicable box in either
Part A or Part B below and the applicable box in Part C below.

 

A.       QUALIFIED
INSTITUTIONAL BUYER STATUS

 

(Please check the applicable subparagraphs):

 

1.       x
Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the
 “Securities Act”)) (a “QIB”) and has marked and initialed the appropriate box on the following pages
indicating the provision under which Subscriber qualifies as a QIB.

 

2.        ̈
Subscriber is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account is
a QIB.

 

*** OR ***

 

B.       INSTITUTIONAL
ACCREDITED INVESTOR STATUS (Please check the box if applicable):

 

 ̈
Subscriber is an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act or an entity
in which all of the equity holders are institutional accredited investors) and has marked and initialed the appropriate box on the following
pages indicating the provision under which Subscriber qualifies as an institutional “accredited investor.”

 

*** OR ***

 

	C.	NON-U.S. PERSON STATUS (Please check the box if applicable):
	 	 ̈	We are a non-U.S. person located outside of the United States.

 

*** AND ***

 

D.       AFFILIATE
STATUS (Please check the applicable box)

 

SUBSCRIBER:

 

 ̈
  is:

 

x is not:

 

an “affiliate” (as defined
in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

This page should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

     

     

    

 

Qualified Institutional Buyers

 

Subscriber is a “qualified institutional
buyer” (within the meaning of Rule 144A under the Securities Act) if it is an entity that meets any one of the following categories
at the time of the sale of securities to Subscriber (Please check the applicable subparagraphs):

 

☐
             Subscriber is an entity that, acting for its own account or the accounts of other qualified institutional buyers, in the aggregate
owns and invests on a discretionary basis at least $100 million in securities of issuers that are not affiliated with Subscriber
and:

 

 ̈       is
an insurance company as defined in section 2(a)(13) of the Securities Act;

 

 ̈       is
an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”),
or any business development company as defined in section 2(a)(48) of the Investment Company Act;

 

 ̈       is
a Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business
Investment Act of 1958, as amended (“Small Business Investment Act”);

 

 ̈       is
a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees;

 

 ̈       is
an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);

 

 ̈       is
a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained by
a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its
employees, of (b) employee benefit plan within the meaning of Title I of the ERISA, except, in each case, trust funds that include as
participants individual retirement accounts or H.R. 10 plans;

 

 ̈       is
a business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment
Advisers Act”);

 

 ̈       is
an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”),
corporation (other than a bank as defined in section 3(a)(2) of the Securities Act, a savings and loan association or other institution
referenced in section 3(a)(5)(A) of the Securities Act, or a foreign bank or savings and loan association or equivalent institution),
partnership, limited liability company or Massachusetts or similar business trust;

 

 ̈       is
an investment adviser registered under the Investment Advisers Act; or

 

x      any
accredited investor, as defined in Rule 501(a) under the Act (17 CFR 230.501(a)), of a type not listed above;

 

 ̈            Subscriber is a dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), acting for its own account or
the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $10 million
of securities of issuers that are not affiliated with Subscriber;

 

     

     

    

 

 ̈            Subscriber is a dealer registered pursuant to
Section 15 of the Exchange Act acting in a riskless principal transaction on behalf of a qualified institutional buyer;

 

 ̈            Subscriber is an investment company registered
under the Investment Company Act, acting for its own account or for the accounts of other qualified institutional buyers, that is part
of a family of investment companies1 which
own in the aggregate at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber or are part
of such family of investment companies;

 

 ̈            Subscriber is an entity, all of the equity owners
of which are qualified institutional buyers, acting for its own account or the accounts of other qualified institutional buyers; or

 

 ̈            Subscriber is a bank as defined in section 3(a)(2)
of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act,
or any foreign bank or savings and loan association or equivalent institution, acting for its own account or the accounts of other qualified
institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $100 million in securities of issuers
that are not affiliated with Subscriber and that has an audited net worth of at least $25 million as demonstrated in its latest annual
financial statements, as of a date not more than 16 months preceding the date of sale of securities in the case of a U.S. bank or savings
and loan association, and not more than 18 months preceding the date of sale of securities for a foreign bank or savings and loan association
or equivalent institution.

 

Institutional Accredited Investors

 

Rule 501(a) under the Securities Act, in relevant
part, states that an institutional “accredited investor” shall mean any person who comes within any of the below listed categories,
or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that
person. Subscriber has indicated, by marking and initialing the appropriate box(es) below, the provision(s) below which apply to Subscriber
and under which Subscriber accordingly qualifies as an institutional “accredited investor.”

 

 ̈            Any bank as defined in section 3(a)(2) of the
Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Securities Act whether
acting in its individual or fiduciary capacity;

 

 ̈            Any
broker or dealer registered pursuant to section 15 of the Exchange Act;

 

 

		1	“Family
                                            of investment companies” means any two or more investment companies registered
                                            under the Investment Company Act, except for a unit investment trust whose assets consist
                                            solely of shares of one or more registered investment companies, that have the same investment
                                            adviser (or, in the case of unit investment trusts, the same depositor); provided,
                                            that (a) each series of a series company (as defined in Rule 18f-2 under the Investment Company
                                            Act) shall be deemed to be a separate investment company and (b) investment companies shall
                                            be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned
                                            subsidiaries of the same parent, or if one investment company’s adviser (or depositor)
                                            is a majority-owned subsidiary of the other investment company’s adviser (or depositor).

 

     

     

    

 

 ̈            Any
insurance company as defined in section 2(a)(13) of the Securities Act;

 

 ̈            Any investment company registered under the Investment
Company Act or a business development company as defined in section 2(a) (48) of the Investment Company Act;

 

 ̈            Any Small Business Investment Company licensed
by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act;

 

 ̈            Any plan established and maintained by a state,
its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees,
if such plan has total assets in excess of $5,000,000;

 

 ̈            Any employee benefit plan within the meaning
of Title I of the ERISA, if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either
a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has
total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that
are “accredited investors”;

 

 ̈            Any private business development company as defined
in section 202(a)(22) of the Investment Advisers Act;

 

 ̈            Any
(i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described
in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring the securities
offered by the Issuer in this offering and that has total assets in excess of $5,000,000;

 

 ̈            Any
rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

 

 ̈            Any
investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a
state;

 

 ̈            Any
investment adviser relying on the exemption from registering with the Commission under Section 203(l) or (m) of the Investment Advisers
Act of 1940; or

 

 ̈            Any trust, with total assets in excess of $5,000,000,
not formed for the specific purpose of acquiring the securities offered by the Issuer in this offering, whose purchase is directed by
a sophisticated person as described in section 230.506(b)(2)(ii) of Regulation D under the Securities Act.Exhibit 10.5

 

EXECUTION VERSION

SUBSCRIPTION AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this [●] day of July, 2022, by and among Ambipar Emergency Response,
an exempted company incorporated with limited liability in the Cayman Islands (the “Issuer”), HPX Corp., an exempted
company incorporated with limited liability in the Cayman Islands (“HPX”), and the undersigned (“Subscriber”).

 

WHEREAS, on May 3, 2022,
Ambipar Participações e Empreendimentos S.A. a sociedade anônima organized under the laws of Brazil (“Ambipar
Parent”), formed two new wholly-owned subsidiaries, Ambipar Merger Sub, an exempted company incorporated with limited liability
in the Cayman Islands (“Merger Sub”) and the Issuer.

 

WHEREAS, as soon as practicable
following the date hereof, Merger Sub, Emergência Participações S.A., a sociedade anônima organized
under the laws of Brazil (the “Company”) and Ambipar Parent shall enter into a contribution agreement pursuant to
which, prior to the consummation of the Transactions (as defined below), Ambipar Parent will contribute to Merger Sub all of the issued
and outstanding equity of the Company in consideration for newly issued Merger Sub ordinary shares (the “Pre-Closing Exchange”)
and, after giving effect to the Pre-Closing Exchange, the Company will become a wholly-owned subsidiary of Merger Sub;

 

WHEREAS, pursuant to, and
upon the terms and subject to the conditions set forth in, the Business Combination Agreement entered into on or about the date hereof
(as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Business Combination Agreement”),
among the Issuer, Merger Sub, HPX, the Company and Ambipar Parent, the following transactions (collectively, the “Transactions”)
will occur on the Closing Date (as defined below): (i) HPX will be merged with and into Issuer, with Issuer as the surviving entity
and (ii) subsequent to the transaction described in the foregoing clause (i), Merger Sub will be merged with and into Issuer with
Issuer as the surviving entity. The “Second Effective Time” as defined in the Business Combination Agreement shall be referred
to herein as the “Transactions Closing”;

 

WHEREAS, in connection with
the Transactions, Subscriber desires to subscribe for and purchase from the Issuer, substantially concurrently with, and contingent upon,
the consummation of the Transactions, such number of Class A ordinary shares in the Issuer, par value $0.0001 per share (the “Issuer
Shares”) set forth on the signature page hereto (the “Acquired Shares”) for a purchase price of $10.00
per share (the “Per Share Subscription Price”) and an aggregate purchase price set forth on Subscriber’s signature
page hereto (the “Subscription Price”), and the Issuer desires to issue and sell to Subscriber the Acquired Shares
in consideration of the payment of the Subscription Price therefor by or on behalf of Subscriber to the Issuer, all on the terms and
conditions set forth herein;

 

WHEREAS, solely in consideration
of the Subscriber’s commitment to subscribe for and purchase from the Issuer the Acquired Shares and for no other payment or consideration
by the Subscriber, and subject to the conditions set forth herein, the Issuer agrees to issue to the Subscriber, and the Subscriber agrees
to subscribe for, (i) [●] warrants to purchase Issuer Shares (the “Warrants”) and (ii) [●] additional
Issuer Shares (“Additional Shares”) substantially concurrent with the consummation of the Transactions Closing;

 

     

     

    

 

WHEREAS, also solely in consideration
of the Subscriber’s commitment to subscribe for and purchase from the Issuer the Acquired Shares and for no other payment or consideration
by the Subscriber, HPX Capital Partners LLC, a Delaware limited liability company (“SPAC Sponsor”) is providing the
Subscriber with certain downside protection rights, pursuant to that certain Downside Protection Agreement (as defined in the Business
Combination Agreement) being entered into substantially concurrently with the execution of this Subscription Agreement;

 

WHEREAS, substantially concurrently
with the execution of this Subscription Agreement, the Issuer is entering into separate subscription agreements (the “Other
Subscription Agreements” and, together with this Subscription Agreement, the “Subscription Agreements”),
on substantially the same terms as the terms of this Subscription Agreement (except for Subscription Agreements to be entered into with
(1) Ambipar Parent, and (2) Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento
no Exterior), with certain other “qualified institutional buyers” (as defined in Rule 144A under the Securities Act
of 1933, as amended (the “Securities Act”)) or certain institutional “accredited investors” (within the
meaning of Rule 501(a)(1), (2), (3), (7), (9) or (12) of Regulation D under the Securities Act) (each, an “Other Subscriber”
and, together with Subscriber, the “Subscribers”), severally and not jointly; and

 

WHEREAS, the aggregate number
of Issuer Shares to be issued by the Issuer pursuant to the Subscription Agreements equals, as of the date hereof, [●] Issuer Shares,
[●] of which are Acquired Shares and [●] are Additional Shares (Acquired Shares and Additional Shares, collectively, the
 “Shares”, provided that any references hereinafter to the “purchase,” “sale” or related terms
implying payment by the Subscriber for the acquisition of Shares shall be construed as references to the Acquired Shares only, as the
case may be).

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and intending
to be legally bound hereby, the parties hereto hereby agree as follows:

 

		1.	Subscription.
                                            Subject to the terms and conditions hereof, at the Closing (as defined below), (i) Subscriber
                                            hereby agrees to subscribe for and purchase, and the Issuer hereby agrees to issue and sell
                                            to Subscriber, upon the payment of the Subscription Price, the Shares (such subscription
                                            and issuance, the “Shares Subscription”) and (ii) the Issuer hereby
                                            agrees to issue, and the Subscriber agrees to subscribe for, the Warrants (such subscription
                                            and issuance, the “Warrants Subscription” and, together with the Shares
                                            Subscription, the “Subscription”).

 

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		2.	Settlement
                                            Date and Delivery.

 

		2.1	Closing. The closing of the Subscription
                                            contemplated hereby (the “Closing”) shall occur substantially concurrent
                                            with the consummation of the Transactions Closing (the date of the Closing, the “Closing
                                            Date”) subject to the terms and conditions set forth herein; provided that
                                            the Closing shall occur after the First Effective Time (as defined in the Business Combination
                                            Agreement, the “First Effective Time”). Not less than five (5) business
                                            days prior to the anticipated Closing Date, the Issuer shall provide written notice to Subscriber
                                            (the “Closing Notice”) of such anticipated Closing Date. No later than
                                            three business days after receiving the Closing Notice, Subscriber shall deliver to the Issuer
                                            such information as is reasonably requested in the Closing Notice in order for the Issuer
                                            to issue the Shares and the Warrants to Subscriber. Subscriber shall deliver on or before
                                            two (2) business days prior to the anticipated Closing Date the Subscription Price for
                                            the Shares by wire transfer of U.S. dollars in immediately available funds to the escrow
                                            account specified by the Issuer in the Closing Notice, to be held by the escrow agent until
                                            the Transactions Closing. Not later than one (1) business day after the Closing Date,
                                            the Issuer shall register, or cause to be registered in the records of the Issuer’s
                                            transfer agent (the “Transfer Agent”), the Shares in book entry form,
                                            free and clear of any liens or other restrictions (other than those arising under applicable
                                            securities laws), in the name of Subscriber (or its nominee in accordance with its delivery
                                            instructions) or to a custodian designated by Subscriber, as applicable. For purposes of
                                            this Subscription Agreement, “business day” shall mean a day, other than
                                            a Saturday, Sunday or other day on which commercial banks in New York, the Cayman Islands
                                            or Brazil are authorized or required by law to close. In the event the Closing Date does
                                            not occur within three (3) business days after the anticipated Closing Date identified
                                            in the Closing Notice, the Issuer shall cause the escrow agent to promptly (but not later
                                            than three (3) business days thereafter) return the Subscription Price to Subscriber
                                            by wire transfer of U.S. dollars in immediately available funds to the account specified
                                            by Subscriber, and any book entries shall be deemed cancelled; provided that unless
                                            this Subscription Agreement has been validly terminated pursuant to Section 5,
                                            neither the failure of the Closing to occur on the Closing Date nor such return of funds
                                            shall (a) terminate this Subscription Agreement, (b) be deemed to be a failure
                                            of any of the conditions of Closing set forth in Section 2.3, or (c) relieve
                                            Subscriber of its obligation to purchase the Shares at the Closing upon delivery of a new
                                            Closing Notice in accordance with the terms of this Section 2.1. Prior to or
                                            at Closing, Subscriber shall deliver to Issuer a duly completed and executed Internal Revenue
                                            Service Form W-9 or appropriate Form W-8.

 

		2.2	Conditions to Closing of the Issuer.
                                            The Issuer’s obligations (i) to sell and issue the Acquired Shares and (ii) to
                                            issue the Warrants and the Additional Shares at the Closing are subject to the fulfillment
                                            or (to the extent permitted by applicable law) written waiver, on or prior to the Closing
                                            Date, of each of the following conditions:

 

		(a)	Representations and Warranties Correct.
                                            The representations and warranties made by Subscriber in Section 3.3 shall be
                                            true and correct as of the Closing Date (except with respect to such representations and
                                            warranties which speak as to an earlier date, which representations and warranties shall
                                            be true and correct at and as of such date), except for the failure of such representations
                                            and warranties to be true and correct that (without giving effect to any limitation as to
                                            “materiality” or “Subscriber Material Adverse Effect” (as defined
                                            in Section 3.3(c) below) or another similar materiality qualification set
                                            forth herein), individually or in the aggregate, has not had, and would not reasonably be
                                            expected to have, a Subscriber Material Adverse Effect.

 

		(b)	Closing of the Transactions. All
                                            conditions precedent to the Issuer’s, the Company’s and Merger Sub’s and
                                            HPX’s obligations to effect the Transactions Closing shall have been satisfied or waived
                                            (other than those conditions that, by their nature, may only be satisfied at the consummation
                                            of the Transactions Closing but subject to satisfaction or waiver thereof).

 

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		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental, regulatory or administrative authority
                                            or any court, tribunal or judicial or arbitral body, law, statute, rule or regulation
                                            enjoining or prohibiting the consummation of the Subscription (except in the case of any
                                            such order, judgment, injunction, decree, writ, stipulation, determination, award, law, statute,
                                            rule or regulation issued by any such authority located outside the United States that
                                            would not be reasonably expected to have an Issuer Material Adverse Effect (as defined in
                                            Section 3.1(d) below) or an HPX Material Adverse Effect (as defined in Section 3.2(c) below)).

 

		(d)	Regulatory. If required by applicable
                                            governmental authorities (including, but not limited to, financial services or banking authorities),
                                            rules, regulations, orders, policies or procedures, Subscriber shall have been found suitable
                                            by such authorities.

 

		(e)	Performance and Compliance under Subscription
                                            Agreement. Subscriber shall have performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Subscription Agreement to
                                            be performed, satisfied or complied with by it at or prior to the Closing, except where the
                                            failure of such performance or compliance would not or would not reasonably be expected to
                                            prevent, materially delay, or materially impair the ability of Subscriber to consummate the
                                            Closing.

 

		2.3	Conditions to Closing of Subscriber.
                                            Subscriber’s obligation to (i) subscribe for and purchase the Acquired Shares
                                            and (ii) to subscribe for the Warrants and the Additional Shares at the Closing is subject
                                            to the fulfillment or (to the extent permitted by applicable law) written waiver, on or prior
                                            to the Closing Date, of each of the following conditions:

 

		(a)	Representations and Warranties Correct.

 

		(i)	The representations and warranties made
                                            by the Issuer in Section 3.1 shall be true and correct as of the Closing Date
                                            (except with respect to such representations and warranties which speak as to an earlier
                                            date, which representations and warranties shall be true and correct at and as of such date),
                                            except for the failure of such representations and warranties to be true and correct that
                                            (without giving effect to any limitation as to “materiality” or Issuer Material
                                            Adverse Effect (as defined in Section 3.1(d) below) or another similar materiality
                                            qualification set forth herein), individually or in the aggregate, has not had, and would
                                            not reasonably be expected to have, an Issuer Material Adverse Effect; provided that,
                                            in the event this condition would otherwise fail to be satisfied as a result of a breach
                                            of one or more of the representations and warranties of the Issuer in Section 3.1
                                            and the facts underlying such breach would also cause a condition to the Issuer’s
                                            obligations under the Business Combination Agreement to fail to be satisfied, this condition
                                            shall nevertheless be deemed satisfied in the event the conditions in Section 2.3(b) and
                                            Section 2.3(e) are satisfied.

 

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		(ii)	The representations and warranties made
                                            by HPX in Section 3.2 shall be true and correct as of the Closing Date (except
                                            with respect to such representations and warranties which speak as to an earlier date, which
                                            representations and warranties shall be true and correct at and as of such date), except
                                            for the failure of such representations and warranties to be true and correct that (without
                                            giving effect to any limitation as to “materiality” or HPX Material Adverse Effect
                                            (as defined in Section 3.2(c) below), or another similar materiality qualification
                                            set forth herein), individually or in the aggregate, has not had, and would not reasonably
                                            be expected to have, an HPX Material Adverse Effect; provided that, in the event this
                                            condition would otherwise fail to be satisfied as a result of a breach of one or more of
                                            the representations and warranties of HPX in Section 3.2 and the facts underlying
                                            such breach would also cause a condition to HPX’s obligations under the Business Combination
                                            Agreement to fail to be satisfied, this condition shall nevertheless be deemed satisfied
                                            in the event the conditions in Section 2.3(b) and Section 2.3(e) are
                                            satisfied.

 

		(b)	Closing of the Transactions. All
                                            conditions precedent to the Issuer’s, the Company’s and Merger Sub’s and
                                            HPX’s and Ambipar Parent’s obligations to effect the Transactions Closing shall
                                            have been satisfied or waived (other than those conditions that, by their nature, may only
                                            be satisfied at the consummation of the Transactions Closing but subject to satisfaction
                                            or waiver thereof), subject to the compliance with Section 2.3(e).

 

		(c)	Legality. There shall not be in
                                            force any order, judgment, injunction, decree, writ, stipulation, determination or award,
                                            in each case, entered by or with any governmental, regulatory or administrative authority
                                            or any court, tribunal or judicial or arbitral body, law, statute, rule or regulation
                                            enjoining or prohibiting the consummation of the Subscription (except in the case of any
                                            such order, judgment, injunction, decree, writ, stipulation, determination, award, law, statute,
                                            rule or regulation issued by any such authority located outside the United States that
                                            would not be reasonably expected to have an Issuer Material Adverse Effect (as defined in
                                            Section 3.1(d) below) or an HPX Material Adverse Effect (as defined in Section 3.2(c) below)).

 

		(d)	Performance and Compliance under Subscription
                                            Agreement. The Issuer shall have performed, satisfied and complied in all material respects
                                            with all covenants, agreements and conditions required by this Subscription Agreement to
                                            be performed, satisfied or complied with by it at or prior to the Closing, except where the
                                            failure of such performance or compliance would not or would not reasonably be expected to
                                            materially and adversely affect the economic benefits Subscriber reasonably expects to receive
                                            under this Subscription Agreement.

 

		(e)	Business Combination Agreement.
                                            The terms of the Business Combination Agreement (including the conditions thereto) shall
                                            not have been amended or waived in a manner that would reasonably be expected to materially
                                            adversely and disproportionately as compared to Other Subscribers affect the economic benefits
                                            Subscriber reasonably expects to receive under this Subscription Agreement.

 

		(f)	Listing. (i) The Issuer’s
                                            initial listing application with New York Stock Exchange (“NYSE”) in connection
                                            with the Transactions shall have been conditionally approved, the Issuer shall be able to
                                            satisfy any applicable initial and continuing listing requirements of NYSE immediately following
                                            the Transactions Closing and the Issuer shall not have received any written notice of non-compliance
                                            therewith, and (ii) the Shares shall have been approved for listing on NYSE, subject
                                            to official notice of issuance.

 

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		3.	Representations,
                                            Warranties and Agreements.

 

		3.1	Issuer’s Representations, Warranties
                                            and Agreements. To induce Subscriber to purchase the Shares, the Issuer hereby represents
                                            and warrants to Subscriber as follows:

 

		(a)	The Issuer is an exempted company duly
                                            incorporated, validly existing and in good standing under the laws of the Cayman Islands.
                                            The Issuer has all power (corporate or otherwise) and authority to own, lease and operate
                                            its properties and conduct its business as presently conducted and to enter into, deliver
                                            and perform its obligations under this Subscription Agreement.

 

		(b)	At Closing, subject to the receipt of
                                            the Subscription Price in accordance with the terms of this Subscription Agreement and registration
                                            by the Transfer Agent, the Shares and the Warrants will be duly authorized, validly issued
                                            and allotted and fully paid, free and clear of any liens or other encumbrances (other than
                                            those arising under applicable securities laws) and will not have been issued in violation
                                            of or subject to any preemptive or similar rights created under the Issuer’s organizational
                                            documents (as in effect at such time of issuance) or the laws of the Cayman Islands.

 

		(c)	This Subscription Agreement has been duly
                                            authorized, executed and delivered by the Issuer and, assuming that this Subscription Agreement
                                            constitutes the valid and binding obligation of Subscriber and HPX, is the valid and binding
                                            obligation of the Issuer and is enforceable against it in accordance with its terms, except
                                            as such enforceability may be limited or otherwise affected by (i) bankruptcy, insolvency,
                                            fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
                                            the rights of creditors generally and (ii) principles of equity, whether considered
                                            at law or equity.

 

		(d)	The execution, delivery and performance
                                            of this Subscription Agreement (including compliance by the Issuer with all of the provisions
                                            hereof), the issuance and sale of the Acquired Shares, the issuance of the Warrants and the
                                            Additional Shares, and the consummation of the other transactions contemplated herein, including
                                            the Transactions, will not (i) conflict with or result in a breach or violation of any
                                            of the terms or provisions of, or constitute a default under, or result in the creation or
                                            imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer
                                            pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license
                                            or other agreement or instrument to which the Issuer is a party or by which the Issuer is
                                            bound or to which any of the property or assets of the Issuer is subject, which would reasonably
                                            be expected to have a material adverse effect on the ability of the Issuer to enter into
                                            and timely perform its obligations under this Subscription Agreement, including the issuance
                                            and sale of the Acquired Shares and the issuance of the Warrants and Additional Shares (an
                                            “Issuer Material Adverse Effect”), (ii) result
                                            in any violation of the provisions of the organizational documents of the Issuer or (iii) result
                                            in any violation of any statute or any judgment, order, rule or regulation of any court
                                            or governmental agency or body, domestic or foreign, having jurisdiction over the Issuer
                                            or any of its properties that would reasonably be expected to have an Issuer Material Adverse
                                            Effect.

 

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		(e)	As of the date of this Subscription Agreement,
                                            the authorized share capital of the Issuer consists of $50,000 divided into 500,000,000 ordinary
                                            shares, with a par value of $0.0001 each, of which one such share is validly issued and fully
                                            paid, and are not subject to preemptive rights or encumbrances.

 

		(f)	Assuming the accuracy of all of Subscriber’s
                                            representations and warranties set forth in Section 3.3, no registration under
                                            the Securities Act is required for the offer and sale of the Acquired Shares and offer of
                                            the Warrants and the Additional Shares by the Issuer to Subscriber pursuant to and as contemplated
                                            in this Subscription Agreement. The Shares and the Warrants (i) were not offered to
                                            Subscriber by any form of general solicitation or general advertising, including methods
                                            described in section 502(c) of Regulation D under the Securities Act and (ii) to
                                            the Issuer’s knowledge are not being offered in a manner involving a public offering
                                            under, or in a distribution in violation of, the Securities Act, or any state securities
                                            laws.

 

		(g)	The Issuer has provided Subscriber an
                                            opportunity to ask questions regarding the Issuer, the Company and the Transactions and made
                                            available to Subscriber all the information reasonably available to the Issuer that Subscriber
                                            has reasonably requested to make an investment decision with respect to the Shares.

 

		(h)	Neither the Issuer, nor any person acting
                                            on its behalf has, directly or indirectly, made any offers or sales of any Issuer security
                                            or solicited any offers to buy any security under circumstances that would adversely affect
                                            reliance by the Issuer on Section 4(a)(2) of the Securities Act for the exemption
                                            from registration for the transactions contemplated hereby or would require registration
                                            of the issuance of the Shares or the Warrants under the Securities Act.

 

		(i)	Except for such matters as would not reasonably
                                            be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect,
                                            there is no (i) action, suit, claim or other proceeding, in each case by or before any
                                            governmental authority pending, or, to the knowledge of the Issuer, threatened against the
                                            Issuer, or (ii) judgment, decree, injunction, ruling or order of any governmental entity
                                            or arbitrator outstanding against the Issuer.

 

		(j)	The Issuer has not received any written
                                            communication from a governmental authority that alleges that the Issuer is not in compliance
                                            with or is in default or violation of any applicable law, except where such non-compliance,
                                            default or violation would not reasonably be expected to have, individually or in the aggregate,
                                            an Issuer Material Adverse Effect.

 

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		(k)	Assuming the accuracy of all of Subscriber’s
                                            representations and warranties set forth in Section 3.3, the Issuer is not required
                                            to obtain any material consent, waiver, authorization or order of, give any notice to, or
                                            make any filing or registration with, any court or other federal, state, local or other governmental
                                            authority, self-regulatory organization or other person in connection with the issuance of
                                            the Shares and the Warrants pursuant to this Subscription Agreement, other than (i) filings
                                            with the U.S. Securities and Exchange Commission (the “Commission”), (ii) filings
                                            required by applicable state or federal securities laws, (iii) the filings required
                                            in accordance with Section 7.19; (iv) those required by NYSE, (v) those
                                            required to consummate the Transactions Closing as provided under the Business Combination
                                            Agreement, (vi) any filing required by the Brazilian antitrust laws, if applicable;
                                            (vii) any filing of notification under the Hart-Scott-Rodino Antitrust Improvements
                                            Act of 1976, or any law or regulation of any other jurisdiction related to competition or
                                            merger control, if applicable, (viii) those that will be obtained, made or given, as
                                            applicable, on or prior to the Closing, and (ix) consents, waivers, authorizations,
                                            orders, notices or filings, the failure of which to obtain would not be reasonably be expected
                                            to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

		(l)	Upon consummation of the Transactions
                                            Closing, the Issuer Shares will be registered pursuant to Section 12(b) of the
                                            Securities Exchange Act of 1934, as amended (the “Exchange Act”) and will
                                            be listed for trading on NYSE, and the Shares will be approved for listing on NYSE, subject
                                            to official notice of issuance.

 

		(m)	Neither the Issuer nor any person acting
                                            on its behalf is under any obligation to pay any broker’s fee, finder’s fee or
                                            other fee or commission in connection with the sale of the Shares, other than the fact that
                                            HPX is responsible for the payment of any fees, costs, expenses and commissions of Credit
                                            Suisse Securities (USA) LLC and BofA Securities Inc. or any other financial institution replacing
                                            any such institutions (the “Placement Agents,” each a “Placement
                                            Agent”), and such obligations shall become obligations of the Issuer upon the occurrence
                                            of the Transactions Closing.

 

		(n)	As of the date hereof, the Business Combination
                                            Agreement is valid and in full force and effect, subject to the compliance with Section 2.3(e).

 

		(o)	The Issuer has not entered into any subscription
                                            agreement, side letter or similar agreement with any Other Subscriber or any other investor
                                            in connection with such Other Subscriber’s or investor’s direct or indirect investment
                                            in the Issuer other than (i) the Business Combination Agreement and (ii) the Other
                                            Subscription Agreements.

 

		3.2	HPX’s Representations, Warranties
                                            and Agreements. To induce Subscriber to purchase the Shares, HPX hereby represents and
                                            warrants to Subscriber as follows:

 

		(a)	HPX is an exempted company duly incorporated,
                                            validly existing and in good standing under the laws of the Cayman Islands. HPX has all power
                                            (corporate or otherwise) and authority to own, lease and operate its properties and conduct
                                            its business as presently conducted and to enter into, deliver and perform its obligations
                                            under this Subscription Agreement.

 

		(b)	This Subscription Agreement has been duly
                                            authorized, executed and delivered by HPX and, assuming that this Subscription Agreement
                                            constitutes the valid and binding obligation of Subscriber and the Issuer, is the valid and
                                            binding obligation of HPX and is enforceable against it in accordance with its terms, except
                                            as such enforceability may be limited or otherwise affected by (i) bankruptcy, insolvency,
                                            fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting
                                            the rights of creditors generally and (ii) principles of equity, whether considered
                                            at law or equity.

 

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		(c)	The execution, delivery and performance
                                            of this Subscription Agreement (including compliance by HPX with all of the provisions hereof),
                                            the issuance and sale of the Acquired Shares, the issuance of the Warrants and Additional
                                            Shares, and the consummation of the other transactions contemplated herein, including the
                                            Transactions, will not (i) conflict with or result in a breach or violation of any of
                                            the terms or provisions of, or constitute a default under, or result in the creation or imposition
                                            of any lien, charge or encumbrance upon any of the property or assets of HPX pursuant to
                                            the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other
                                            agreement or instrument to which HPX is a party or by which HPX is bound or to which any
                                            of the property or assets of HPX is subject, which would reasonably be expected to have a
                                            material adverse effect on the ability of HPX to enter into and timely perform its obligations
                                            under this Subscription Agreement (an “HPX Material Adverse Effect”), (ii) result
                                            in any violation of the provisions of the organizational documents of HPX or (iii) result
                                            in any violation of any statute or any judgment, order, rule or regulation of any court
                                            or governmental agency or body, domestic or foreign, having jurisdiction over HPX or any
                                            of its properties that would reasonably be expected to have an HPX Material Adverse Effect.

 

		(d)	HPX has provided Subscriber an opportunity
                                            to ask questions regarding HPX and the Transactions and made available to Subscriber all
                                            the information reasonably available to HPX that Subscriber has reasonably requested to make
                                            an investment decision with respect to the Shares.

 

		(e)	Except for such matters as have not had
                                            and would not reasonably be expected to have, individually or in the aggregate, an HPX Material
                                            Adverse Effect, there is no (i) action, suit, claim or other proceeding, in each case
                                            by or before any governmental authority pending, or, to the knowledge of HPX, threatened
                                            against HPX, or (ii) judgment, decree, injunction, ruling or order of any governmental
                                            entity or arbitrator outstanding against HPX.

 

		(f)	HPX has not received any written communication
                                            from a governmental authority that alleges that HPX is not in compliance with or is in default
                                            or violation of any applicable law, except where such non-compliance, default or violation
                                            would not reasonably be expected to have, individually or in the aggregate, an HPX Material
                                            Adverse Effect.

 

		3.3	Subscriber’s Representations, Warranties
                                            and Agreements. To induce the Issuer to issue the Shares and the Warrants to Subscriber,
                                            Subscriber hereby represents and warrants to the Issuer and HPX and acknowledges and agrees
                                            with the Issuer and HPX as follows:

 

		(a)	Subscriber has been duly formed or incorporated
                                            and is validly existing and, where such concept is recognized, in good standing under the
                                            laws of its jurisdiction of incorporation or formation, with power and authority to enter
                                            into, deliver and perform its obligations under this Subscription Agreement.

 

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		(b)	This Subscription Agreement has been duly
                                            authorized, approved by all necessary action, validly executed and delivered by Subscriber.
                                            The purchase of the Shares is fully consistent with the financial needs, objectives and conditions
                                            of the Subscriber and complies and is fully consistent with all investment policies, guidelines
                                            and other restrictions applicable to the Subscriber. Assuming that this Subscription Agreement
                                            constitutes the valid and binding agreement of the Issuer and HPX, this Subscription Agreement
                                            is the valid and binding obligation of Subscriber and is enforceable against Subscriber in
                                            accordance with its terms, except as such enforceability may be limited or otherwise affected
                                            by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
                                            other laws relating to or affecting the rights of creditors generally, and (ii) principles
                                            of equity, whether considered at law or equity.

 

		(c)	The execution, delivery and performance
                                            of this Subscription Agreement (including compliance by Subscriber with all of the provisions
                                            hereof), and the consummation of the transactions contemplated herein, including the Transactions,
                                            do not and will not (i) conflict with or result in a breach or violation of any of the
                                            terms or provisions of, or constitute a default under, or result in the creation or imposition
                                            of any lien, charge or encumbrance upon any of the property or assets of Subscriber or any
                                            of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan
                                            agreement, lease, license or other agreement or instrument to which Subscriber or any of
                                            its subsidiaries is a party or by which Subscriber or any of its subsidiaries is bound or
                                            to which any of the property or assets of Subscriber or any of its subsidiaries is subject,
                                            that would reasonably be expected to adversely affect the Subscriber’s ability to acquire
                                            and hold Shares and to enter into and timely perform its obligations under this Subscription
                                            Agreement (a “Subscriber Material Adverse Effect”), (ii) result in
                                            any violation of the provisions of the organizational documents of Subscriber or any of its
                                            subsidiaries or (iii) result in any violation of any statute or any judgment, order,
                                            rule or regulation of any court or governmental agency or body, domestic or foreign,
                                            having jurisdiction over Subscriber or any of its subsidiaries or any of their respective
                                            properties that would reasonably be expected to have a Subscriber Material Adverse Effect.

 

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		(d)	In the event

 

		(i)	Subscriber is located in the United States
                                            or is a U.S. person, Subscriber (A) is a “qualified institutional buyer”
                                            (as defined in Rule 144A under the Securities Act) or an institutional “accredited
                                            investor” (within the meaning of Rule 501(a)(1), (2), (3), (7), (9) or (12)
                                            of Regulation D under the Securities Act), in either case satisfying the applicable requirements
                                            set forth on Schedule I, and an “institutional account” as defined
                                            in FINRA Rule 4512(c), and is not an entity formed for the specific purpose of acquiring
                                            the Shares, (B) is a sophisticated investor, experienced in investing in private equity
                                            transactions and capable of evaluating investment risks independently, both in general and
                                            with regard to all transactions and investment strategies involving a security or securities,
                                            (C) has exercised independent judgment in evaluating its participation in the purchase
                                            of the Shares, (D) is aware that the sale to it is being made in reliance on a private
                                            placement exemption from registration under the Securities Act and is acquiring its entire
                                            beneficial interest in the Shares only for its own account and not for the account of others,
                                            or if Subscriber is subscribing for the Shares as a fiduciary or agent for one or more investor
                                            accounts, each owner of such account is a “qualified institutional buyer” or
                                            an institutional “accredited investor” and Subscriber has full investment discretion
                                            with respect to each such account, and the full power and authority to make the acknowledgements,
                                            representations, warranties and agreements herein on behalf of each owner of each such account,
                                            for investment purposes only and not with a view to any distribution of the Shares in any
                                            manner that would violate the securities laws of the United States or any other applicable
                                            jurisdiction, (E) is not acquiring the Shares with a view to, or for offer or sale in
                                            connection with, any distribution thereof in violation of the Securities Act (and shall provide
                                            the requested information on Schedule I following the signature page hereto)
                                            and is not a party to or bound by a binding commitment to sell or otherwise dispose of the
                                            Shares, and (F) acknowledges that the offering meets the exemptions from filing under
                                            FINRA Rules 5123(b)(1)(A), (C) and (J);

 

		(ii)	Subscriber is located outside the United
                                            States and not a U.S. person, (A) Subscriber is acquiring the Shares in an "offshore
                                            transaction" meeting the requirements of Rule 903 of Regulation S under the Securities
                                            Act, (B) Subscriber understands that the offering meets the exemptions from filing under
                                            FINRA Rule 5123(c), (C) Subscriber is are aware that the sale to it is being made
                                            in reliance on a private placement exemption from, or in a transaction not subject to, registration
                                            under the Securities Act, and the Subscriber and the person, if any, for whose account or
                                            benefit the Subscriber is acquiring the Shares was located outside the United States and
                                            was not a U.S. person at the time (x) the offer was made to it and (y) when the
                                            buy order for such Shares was originated, and continues to be located outside the United
                                            States and not to be a U.S. person and has not purchased such Shares for the account or benefit
                                            of any person located in the United States or who is a U.S. person, or entered into any arrangement
                                            for the transfer of such Shares or any economic interest therein to any person located in
                                            the United States or any U.S. person, and (D) Subscriber is authorized to consummate
                                            the purchase of the Shares offered pursuant to this Subscription in compliance with all applicable
                                            laws and regulations of the jurisdiction where such sales are to be made;

 

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		(iii)	Subscriber is resident in a member state
                                            of the European Economic Area, Subscriber is a “qualified investor” within the
                                            meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14
                                            June 2017 on the prospectus to be published when securities are offered to the public
                                            or admitted to trading on a regulated market (the “EU Prospectus Regulation”);

 

		(iv)	Subscriber is resident in the United Kingdom,
                                            Subscriber is a “qualified investor” within the meaning of Regulation (EU) 2017/1129
                                            as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the
                                            “UK Prospectus Regulation”); and

 

		(v)	Subscriber is resident in the Federative
                                            Republic of Brazil, Subscriber is a professional investor (investidor profissional)
                                            under the definition set out in Resolution No. 30 of the Brazilian securities exchange
                                            commission (CVM – Comissão de Valores Mobiliários, “CVM”)
                                            (such rule and all other CVM rules and regulations relating to the offering of
                                            securities, the “Brazilian Offering Regulations”), formed or resident
                                            in a jurisdiction other than the Federative Republic of Brazil, and able to hold securities
                                            and engage in financial settlement of securities transactions with funds held in the United
                                            States.

 

The information provided by Subscriber
on Schedule I is true and correct in all respects.

 

		(e)	Together with its investment adviser,
                                            if applicable, Subscriber understands that the Shares are being offered in a transaction
                                            not involving any public offering within the meaning of the Securities Act or the Brazilian
                                            Offering Regulations, or any “offer of securities to the public” within the meaning
                                            of the EU Prospectus Regulation or the UK Prospectus Regulation, and that the offer and sale
                                            of the Shares have not been registered under the Securities Act, the Brazilian Offering Regulations
                                            or any other applicable securities laws. Subscriber understands that the Shares may not be
                                            offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective
                                            registration statement under the Securities Act, except (i) to the Issuer or a subsidiary
                                            thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur solely outside
                                            the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant
                                            to another applicable exemption from the registration requirements of the Securities Act
                                            or in a transaction not subject thereto, and in each case, in accordance with any applicable
                                            securities laws of the states and other jurisdictions where such offers and sales are made,
                                            and that any book entries or certificates representing the Shares shall contain a legend
                                            to such effect. Subscriber acknowledges that the Shares will not be eligible for resale pursuant
                                            to Rule 144A promulgated under the Securities Act. Subscriber understands and agrees
                                            that the Shares will be subject to the foregoing transfer restrictions and, as a result,
                                            Subscriber may not be able to readily offer, resell, transfer or pledge or otherwise dispose
                                            of the Shares and may be required to bear the financial risk of an investment in the Shares
                                            for an indefinite period of time. Subscriber understands that it has been advised to consult
                                            legal counsel prior to making any offer, resale, pledge, transfer or disposition of any of
                                            the Shares.

 

		(f)	Subscriber is purchasing the Shares directly
                                            from the Issuer. Subscriber further acknowledges that there have been no representations,
                                            warranties, covenants, statements or agreements made to Subscriber by or on behalf of the
                                            Issuer or HPX or any of their respective affiliates, officers or directors, employees, partners,
                                            agents or representatives, or any other party to the Transactions or any other person or
                                            entity (including the Placement Agents), expressly or by implication (including by omission),
                                            other than those representations, warranties, covenants, statements and agreements of the
                                            Issuer and HPX expressly set forth in this Subscription Agreement, and Subscriber is not
                                            relying on any representations, warranties, covenants, statements or agreements other than
                                            those expressly set forth in this Subscription Agreement.

 

    12

     

    

 

		(g)	Subject to the assumption that the assets
                                            of the Issuer do not constitute “plan assets” under the U.S. Employee Retirement
                                            Income Security Act of 1974, as amended (“ERISA”), if Subscriber is or
                                            is acting on behalf of an employee benefit plan that is subject to Title I of ERISA, a plan,
                                            an individual retirement account or other arrangement that is subject to section 4975 of
                                            the U.S. Internal Revenue Code of 1986, as amended (the “Code”), or an
                                            employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA),
                                            a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section
                                            4(b)(4) of ERISA), or other plan that is not subject to the foregoing, but may be subject
                                            to provisions under any other federal, state, local, non-U.S. or other laws or regulations
                                            that are similar to such provisions of ERISA or the Code (“Similar Law”),
                                            or an entity whose underlying assets are considered to include “plan assets”
                                            of any such plan, account or arrangement subject to the fiduciary or prohibited transaction
                                            provisions of ERISA or section 4975 of the Code or Similar Law (each, a “Plan”),
                                            Subscriber represents and warrants that its acquisition and holding of Shares do not and
                                            will not constitute or result in a non-exempt prohibited transaction under section 406 of
                                            ERISA, section 4975 of the Code, or under Similar Law or otherwise violate the provisions
                                            thereunder.

 

		(h)	Together with its investment adviser if
                                            applicable, in making its decision to purchase the Shares, Subscriber has relied solely upon
                                            an independent investigation made by Subscriber and each of the Issuer’s and HPX’s
                                            representations, warranties and agreements contained in Section 3.1 and Section 3.2,
                                            respectively. Without limiting the generality of the foregoing, Subscriber is not relying
                                            upon, and has not relied upon, any statements, representation or warranty or other information
                                            provided by anyone (including HPX, the Issuer, the Company, the Placement Agents, any of
                                            their respective affiliates or any control persons, officers, directors, employees, partners,
                                            agents or representatives of any of the foregoing) other than the representations and warranties
                                            of the Issuer and HPX expressly set forth in this Subscription Agreement, in making its investment
                                            or decision to invest in the Issuer. Subscriber has received access to and has had an adequate
                                            opportunity to review, such financial and other information as Subscriber deems necessary
                                            in order to make an investment decision with respect to the Shares, including with respect
                                            to the Issuer or any of its affiliates and consolidated affiliated entities (together with
                                            the Issuer, the “Group”), HPX, the Company and the Transactions and made
                                            its own assessment and is satisfied concerning the relevant tax and other economic considerations
                                            relevant to Subscriber’s investment in the Shares. Subscriber has received access to
                                            and has had an adequate opportunity to review the documents made available to Subscriber
                                            by HPX and the Group. Subscriber and Subscriber’s professional advisor(s), if any,
                                            have had the full opportunity to ask such questions and receive such answers from HPX and
                                            the Issuer or any person or persons acting on their behalf concerning the terms and conditions
                                            of an investment in the Shares, have obtained such materials or information as Subscriber
                                            and such Subscriber’s professional advisor(s), if any, have deemed necessary to make
                                            an investment decision with respect to the Shares and have independently made their own analysis
                                            and decision to invest in the Shares. Based on such information as Subscriber has deemed
                                            appropriate and without reliance upon any Placement Agent, Subscriber has independently made
                                            his/her/its own analysis and decision to enter into the Subscription. Subscriber acknowledges
                                            that no disclosure or offering document has been prepared in connection with the offer and
                                            sale of the Shares. Except for the representations, warranties and agreements of the Issuer
                                            and HPX expressly set forth in this Subscription Agreement, Subscriber is relying exclusively
                                            on his/her/its own sources of information, investment analysis and the due diligence (including
                                            professional advice Subscriber deems appropriate) with respect to the Subscription, the Issuer
                                            Shares and the business, condition (financial and otherwise), management, operations, properties
                                            and prospects of the Issuer or the Company and its subsidiaries, including but not limited
                                            to all business, legal, regulatory, accounting, financial, credit and tax matters. Subscriber
                                            further acknowledges that the information provided to Subscriber is preliminary and subject
                                            to change.

 

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		(i)	Subscriber acknowledges and agrees that:

 

(i) each of the Placement Agents
is acting solely as the Issuer’s placement agent in connection with the Subscription and each Placement Agent may have affiliates
that act as an advisor to the Issuer, the Company or any other person or entity in connection with the Transactions; none of the Placement
Agents is acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for Subscriber, HPX
or any other person or entity in connection with the Subscription;

 

(ii) neither the Placement Agents
nor any of their respective directors, officers, employees, advisors, representatives and controlling persons have made, nor will any
of such persons make, any representation or warranty, whether express or implied, of any kind or character nor have any such persons
provided any advice or recommendation in connection with the Subscription;

 

(iii) certain
information provided to it was based on projections, and such projections were prepared based on assumptions and estimates that are inherently
uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause
actual results to differ materially from those contained in the projections. Subscriber acknowledges and agrees that such information
and projections, if applicable, were prepared without the participation of the Placement Agents and that none of the Placement Agents
assumes responsibility for independent verification of, or the accuracy or completeness of, such information or projections;

 

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(iv) the Placement Agents and their
respective directors, officers, employees, representatives and controlling persons have made no independent investigation with respect
to the Issuer, HPX, the Company or the Shares or the accuracy, completeness or adequacy of any information supplied to it by or on behalf
of the Issuer or HPX;

 

(v) Subscriber has not relied on
any statement, representation, warranty or information made or provided by the Placement Agents, or any of their respective affiliates
or any control persons, officers, directors, employees, agents or representatives of any of the foregoing, with respect to its decision
to invest in the Shares, and the Placement Agents will have no responsibility with respect to (A) any representations, warranties
or agreements made by any person or entity under or in connection with the Subscription or any of the documents furnished pursuant thereto
or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B) the
business, affairs, condition (financial or otherwise), operations, properties or prospects of, or any other matter concerning, the Issuer,
the Group or the Subscription; and

 

(vi) neither the Placement Agents
nor any of their respective affiliates, subsidiaries, directors, officers, agents or employees shall have any liability or obligation
(including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements incurred by Subscriber, HPX or the Issuer or any other person or entity), whether in contract, tort,
under federal or state securities laws, or otherwise, to Subscriber, or to any person claiming through Subscriber, in respect of the
Subscription.

 

		(j)	Subscriber became aware of this offering
                                            of the Shares solely by means of direct contact from either the Placement Agents, the Issuer
                                            or HPX as a result of a pre-existing substantive relationship (as interpreted in guidance
                                            from the Commission under the Securities Act) with the Issuer, HPX or their representatives,
                                            and the Shares were offered to Subscriber solely by direct contact between Subscriber and
                                            the Placement Agents, the Issuer or HPX. Subscriber did not become aware of this offering
                                            of the Shares, nor were the Shares offered to Subscriber, by any other means, and none of
                                            the Placement Agents, the Issuer or HPX or their respective representatives acted as investment
                                            advisor, broker or dealer to Subscriber. Subscriber acknowledges that the Shares (i) were
                                            not offered to it by any form of general solicitation or general advertising, including methods
                                            described in section 502(c) of Regulation D under the Securities Act and (ii) are
                                            not being offered to it in a manner involving a public offering under, or in a distribution
                                            in violation of, the Securities Act, the Brazilian Offering Regulations, or any state securities
                                            laws or the securities laws of any other jurisdiction.

 

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		(k)	Together
                                            with its investment adviser, if applicable, Subscriber is aware that there are substantial
                                            risks incident to the purchase and ownership of the Shares. Subscriber is able to fend for
                                            itself in the transactions contemplated herein. Subscriber has such knowledge and experience
                                            in financial and business matters as to be capable of evaluating the merits and risks of
                                            an investment in the Shares, and Subscriber has had an opportunity to seek and has sought
                                            such accounting, legal, business and tax advice as Subscriber has considered necessary to
                                            make an informed investment decision. Subscriber understands and acknowledges that (A) it
                                            (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is
                                            a sophisticated investor, experienced in investing in financial, business and private equity
                                            transactions and capable of evaluating investment risks independently, both in general and
                                            with regard to all transactions and investment strategies involving a security or securities
                                            and (iii) has exercised independent judgment in evaluating its purchase of the Shares
                                            and (B) the purchase and sale of the Shares hereunder meets (1) the
                                            exemptions from filing under FINRA Rule 5123(b)(1)(A), (2) the institutional customer
                                            exemption under FINRA Rule 2111(b), (3) the qualified institutional buyers exemption
                                            from filing under FINRA Rule 5123(b)(1)(C) and (4) the accredited investors
                                            exemption from filing under FINRA Rule 5123(b)(1)(J).

 

		(l)	Subscriber, alone, or together with any
                                            professional advisor(s), has adequately analyzed and fully considered the risks of an investment
                                            in the Shares and determined that the Shares are a suitable investment for Subscriber and
                                            that Subscriber is able to bear the economic risk of its investment and can afford a total
                                            loss of Subscriber’s investment in the Issuer. Subscriber acknowledges specifically
                                            that a possibility of total loss exists.

 

		(m)	Subscriber understands that no federal
                                            or state agency has passed upon or endorsed the merits of the offering of the Shares or made
                                            any findings or determination as to the fairness of an investment in the Shares.

 

		(n)	Neither the Subscriber nor any of its
                                            affiliates, officers, directors, managers, managing members, general partners or any other
                                            person acting in a similar capacity or carrying out a similar function is (i) a person
                                            (including individual or entity) that is the target of economic or financial sanctions or
                                            trade embargoes imposed, administered or enforced from time to time by relevant governmental
                                            authorities, including, but not limited to those administered by the U.S. government through
                                            the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”)
                                            or the U.S. Department of State, the United Nations Security Council, the European Union,
                                            or Her Majesty’s Treasury of the United Kingdom (collectively, “Sanctions”),
                                            (ii) a person or entity listed on the List of Specially Designated Nationals and Blocked
                                            Persons administered by OFAC, or in any Executive Order issued by the President of the United
                                            States and administered by OFAC, or any other any Sanctions-related list of sanctioned persons
                                            maintained by OFAC, the Department of Commerce or the U.S. Department of State, the United
                                            Nations Security Council, the European Union, any EU member state, or the United Kingdom
                                            (collectively, “Sanctions Lists”), (iii) organized, incorporated,
                                            established, located, resident or a citizen, national, or the government, including any political
                                            subdivision, agency, or instrumentality thereof, of, Cuba, Iran, North Korea, Syria,
                                            Venezuela, Afghanistan, the Crimea, the so-called Donetsk People’s Republic, or the
                                            so-called Luhansk People’s Republic regions of Ukraine, or any other country or territory
                                            embargoed or subject to substantial trade restrictions by the United States, the European
                                            Union or any individual European Union member state, or the United Kingdom; (iv) directly
                                            or indirectly owned or controlled 50% or more by, or acting on behalf of, any such person
                                            or persons described in any of the foregoing clauses (i) through (iv); or (v) a
                                            non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank (collectively,
                                            (i) through (v), a “Prohibited Investor”). Subscriber agrees to provide
                                            law enforcement agencies, if requested thereby, such records as required by applicable law;
                                            provided that Subscriber is permitted to do so under applicable law. Subscriber represents
                                            that (i) if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C.
                                            Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing
                                            regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains
                                            policies and procedures to ensure compliance with its obligations under the BSA/PATRIOT Act,
                                            and (ii) to the extent required, it maintains policies and procedures reasonably designed
                                            to ensure compliance with the anti-money laundering-related laws administered and enforced
                                            by other governmental authorities. Subscriber also represents that it maintains policies
                                            and procedures reasonably designed to ensure compliance with Sanctions. Subscriber further
                                            represents and warrants that (i) none of the funds held by Subscriber and used to purchase
                                            the Shares are or will be derived from transactions with or for the benefit of any Prohibited
                                            Investor, and (ii) it maintains policies and procedures reasonably designed to ensure
                                            the funds held by Subscriber and used to purchase the Shares were legally derived and were
                                            not obtained, directly or indirectly, from a Prohibited Investor.

 

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		(o)	As of the date hereof, Subscriber does
                                            not have, and during the 30-day period immediately prior to the date hereof Subscriber has
                                            not entered into, any “put equivalent position” as such term is defined in Rule 16a-1
                                            under the Exchange Act or short sale positions with respect to the securities of the Issuer,
                                            Ambipar Parent or HPX. Notwithstanding the foregoing, in the case of a Subscriber that is
                                            a multi-managed investment vehicle whereby separate portfolio managers manage separate portions
                                            of Subscriber’s assets and the portfolio managers have no direct knowledge of the investment
                                            decisions made by the portfolio managers managing other portions of Subscriber’s assets,
                                            the representation set forth above shall only apply with respect to the portion of assets
                                            managed by the portfolio manager that made the investment decision to purchase the Shares
                                            covered by this Subscription Agreement.

 

		(p)	If Subscriber is or is acting on behalf
                                            of a Plan, Subscriber represents and warrants that none of HPX, the Issuer, the Company nor
                                            any of their respective affiliates (the “Transaction Parties”) has provided
                                            investment advice or otherwise acted as the Plan’s fiduciary, with respect to its decision
                                            to acquire and hold the Shares, and none of the Transaction Parties is or shall at any time
                                            be relied upon as the Plan’s fiduciary with respect to any decision in connection with
                                            its investment in the Shares (including with respect to any decision to acquire, continue
                                            to hold or transfer the Shares).

 

		(q)	Except as expressly disclosed in a Schedule
                                            13D or Schedule 13G (or amendments thereto) filed by Subscriber with the Commission with
                                            respect to the beneficial ownership of HPX’s ordinary shares prior to the date hereof,
                                            Subscriber is not currently (and at all times through Closing will refrain from being or
                                            becoming) a member of a “group” (within the meaning of section 13(d)(3) or
                                            section 14(d)(2) of the Exchange Act) acting for the purpose of acquiring, holding or
                                            disposing of equity securities of HPX (within the meaning of Rule 13d-5(b)(1) under
                                            the Exchange Act).

 

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		(r)	On each date the Subscription Price would
                                            be required to be funded to the Issuer pursuant to Section 2.1, Subscriber will
                                            have sufficient immediately available funds to pay the Subscription Price pursuant to Section 2.1.

 

		(s)	Subscriber agrees that no Other Subscriber
                                            (including the controlling persons, officers, directors, partners, agents or employees of
                                            any such Other Subscriber) shall be liable to Subscriber pursuant to this Subscription Agreement
                                            (or any Other Subscriber pursuant to any Other Subscription Agreement) or any other agreement
                                            related to the private placement of shares of the Issuer’s capital stock for any action
                                            heretofore or hereafter taken or omitted to be taken by any of them in connection with the
                                            purchase of the Shares hereunder. Subscriber agrees that none of the Placement Agents, their
                                            respective affiliates or any of their respective control persons, officers, directors or
                                            employees shall be liable to Subscriber (including in contract, tort, under federal or state
                                            securities laws or otherwise) for any action heretofore or hereafter taken or omitted to
                                            be taken by any of them in connection with Subscriber’s purchase of the Shares or with
                                            respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription
                                            Agreement or in respect of any written or oral representations made or alleged to be made
                                            in connection herewith, as expressly provided herein, or for any actual or alleged inaccuracies,
                                            misstatements or omissions with respect to any information or materials of any kind provided
                                            to Subscriber concerning HPX, the Issuer, the Company, this Subscription Agreement or the
                                            transactions contemplated hereby. On behalf of itself and its affiliates, the Subscriber
                                            releases the Placement Agents in respect of any losses, claims, damages, obligations, penalties,
                                            judgments, awards, liabilities, costs, expenses or disbursements related to the Subscription.
                                            Subscriber agrees not to commence any litigation or bring any claim against any of the Placement
                                            Agents in any court or any other forum which relates to, may arise out of, or is in connection
                                            with, the Subscription. Subscriber gives this release freely and after obtaining independent
                                            legal advice.

 

		(t)	Subscriber agrees that, notwithstanding
                                            Section 7.8 of this Subscription Agreement, the Placement Agents, Ambipar Parent
                                            and the Company may rely upon the representations and warranties made by Subscriber to the
                                            Issuer and HPX in this Subscription Agreement.

 

		(u)	No broker, finder or other financial consultant
                                            is acting or has acted on Subscriber’s behalf in connection with this Subscription
                                            Agreement or the transactions contemplated hereby in such a way as to create any liability
                                            of HPX, the Company or the Issuer or their respective affiliates for the payment of any fees,
                                            costs, expenses or commissions.

 

		(v)	Subscriber (for itself and for each account
                                            for which it is acquiring the Shares) is aware of and acknowledges the fact that, in addition
                                            to their capacity as a Placement Agent in connection with the Subscription, (i) Credit
                                            Suisse Securities (USA) Inc. acted as a book-running manager of the initial public offering
                                            of HPX, and (ii) BofA Securities Inc. is acting as financial advisor to the Company
                                            in connection with the Transactions, and therefore conflicts of interest may arise.

 

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		4.	Registration
                                            Statement.

 

		4.1	The Issuer agrees that, within thirty (30)
                                            calendar days after the consummation of the Transactions Closing (the “Filing Date”),
                                            the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a
                                            registration statement registering the resale of the Shares (the “Registration Statement”),
                                            and the Issuer shall use its commercially reasonable efforts to have the Registration Statement
                                            declared effective as soon as practicable after the filing thereof, but no later than the
                                            earliest of (i) the 60th calendar day (or the 90th calendar day
                                            if the Commission notifies the Issuer that it will “review” the Registration
                                            Statement) following the Filing Date and (ii) the tenth (10th) business day
                                            after the date the Issuer is notified (orally or in writing, whichever is earlier) by the
                                            Commission that the Registration Statement will not be “reviewed” or will not
                                            be subject to further review (such earlier date, the “Effectiveness Date”);
                                            provided, however, that the Issuer’s obligations to include such shares
                                            in the Registration Statement are contingent upon Subscriber furnishing in writing to the
                                            Issuer such information regarding Subscriber, the securities of the Issuer beneficially owned
                                            by Subscriber (or any unit trust beneficially owning such securities and which is managed
                                            by Subscriber) and the intended method of disposition of the Shares as shall be reasonably
                                            requested by the Issuer to effect the registration of the Shares, and Subscriber shall execute
                                            such documents in connection with such registration as the Issuer may reasonably request
                                            in writing that are customary of a selling shareholder in similar situations, including providing
                                            that the Issuer shall be entitled to postpone and suspend the effectiveness or use of the
                                            Registration Statement as permitted hereunder. Notwithstanding the foregoing, if the Effectiveness
                                            Date falls on a day which is not a business day or other day that the Commission is closed
                                            for business, the Effectiveness Date shall be extended to the next business day on which
                                            the Commission is open for business. Further notwithstanding the foregoing, if the Commission
                                            prevents the Issuer from including any or all of the shares proposed to be registered under
                                            the Registration Statement due to limitations on the use of Rule 415 of the Securities
                                            Act for the resale of the Issuer Shares by the applicable shareholders or otherwise, such
                                            Registration Statement shall register for resale such number of Issuer Shares which is equal
                                            to the maximum number of Issuer Shares as is permitted by the Commission. In such event,
                                            the number of Issuer Shares to be registered for each selling shareholder named in the Registration
                                            Statement shall be reduced pro rata among all such selling shareholders. For purposes of
                                            clarification, any failure by the Issuer to file the Registration Statement by the Filing
                                            Date or to effect such Registration Statement by the Effectiveness Date shall not otherwise
                                            relieve the Issuer of its obligations to file or effect the Registration Statement as set
                                            forth above in this Section 4.

 

		4.2	In the case of the registration effected by
                                            the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable request
                                            by Subscriber in writing, inform Subscriber as to the status of such registration. At its
                                            sole expense, the Issuer shall:

 

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		(a)	except for such times as the Issuer is
                                            permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
                                            use its commercially reasonable efforts to keep such registration, and any qualification,
                                            exemption or compliance under state securities laws which the Issuer determines to obtain,
                                            continuously effective with respect to Subscriber, and to keep the applicable Registration
                                            Statement or any subsequent shelf registration statement free of any material misstatements
                                            or omissions and update or amend the Registration Statement as necessary to include the Shares
                                            and provide customary notice to holders of the Shares, until the earliest of the following:
                                            (i) Subscriber ceases to hold any Shares, (ii) the date all Shares held by Subscriber
                                            who is not an affiliate of the Issuer may be sold without restriction under Rule 144
                                            promulgated under the Securities Act, including any volume and manner of sale restrictions
                                            and without the requirement for the Issuer to be in compliance with the current public information
                                            required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii) two
                                            (2) years from the date the initial registration statement filed hereunder is declared
                                            effective (such date, the “End Date”);

 

		(b)	advise Subscriber within five (5) business
                                            days:

 

		(i)	when a Registration Statement or any post-effective
                                            amendment thereto has become effective;

 

		(ii)	after it shall have obtained knowledge
                                            thereof, of the issuance by the Commission of any stop order suspending the effectiveness
                                            of any Registration Statement or the initiation of any proceedings for such purpose;

 

		(iii)	of the receipt by the Issuer of any notification
                                            with respect to the suspension of the qualification of the Shares included therein for sale
                                            in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
                                            and

 

		(iv)	subject to the provisions in this Subscription
                                            Agreement, of the occurrence of any event that requires the making of any changes in any
                                            Registration Statement or prospectus so that, as of such date, the statements therein are
                                            not misleading and do not omit to state a material fact required to be stated therein or
                                            necessary to make the statements therein (in the case of a prospectus, in the light of the
                                            circumstances under which they were made) not misleading.

 

Notwithstanding anything to the contrary
set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information
regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence of the events listed in (i) through
(iv) above may constitute material, nonpublic information regarding the Issuer;

 

		(c)	use its commercially reasonable efforts
                                            to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
                                            as soon as reasonably practicable;

 

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		(d)	upon the occurrence of any event contemplated
                                            in Section 4.2(b)(iv), except for such times as the Issuer is permitted hereunder
                                            to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement,
                                            the Issuer shall use its commercially reasonable efforts to as soon as reasonably practicable
                                            prepare a post-effective amendment to such Registration Statement or a supplement to the
                                            related prospectus, or file any other required document so that, as thereafter delivered
                                            to purchasers of the Shares included therein, such prospectus will not include any untrue
                                            statement of a material fact or omit to state any material fact necessary to make the statements
                                            therein, in the light of the circumstances under which they were made, not misleading;

 

		(e)	use its commercially reasonable efforts
                                            to cause all Shares to be listed on each securities exchange or market, if any, on which
                                            the Issuer Shares are then listed beginning on, or as promptly as reasonably practicable
                                            following, the Effectiveness Date;

 

		(f)	use its commercially reasonable efforts
                                            to take all other steps necessary to effect the registration of the Shares contemplated hereby;
                                            and

 

		(g)	use its commercially reasonable efforts
                                            to file all reports and other materials required to be filed by the Exchange Act so long
                                            as the Issuer remains subject to such requirements and the filing of such reports and other
                                            documents is required for the applicable provisions of Rule 144 to enable Subscriber
                                            to sell the Shares under Rule 144 for so long as Subscriber holds Shares.

 

Notwithstanding anything to the contrary
in this Subscription Agreement, the Issuer shall not have any obligation to prepare any prospectus supplement, participate in any due
diligence, execute any agreements or certificates or deliver legal opinions or obtain comfort letters in connection with any sales of
the Shares under the Registration Statement.

 

		4.3	Upon Subscriber’s request, the Issuer
                                            shall take all necessary steps required of it to cause the Transfer Agent to (i) remove
                                            the restrictive legend referred to above in Section 3.3(e), as promptly as practicable
                                            and no later than five (5) business days after such request and (ii) issue Shares
                                            without any such legend in certificated or book-entry form or by electronic delivery through
                                            The Depository Trust Company (“DTC”), at Subscriber’s option, provided
                                            that in each case (a) such Shares are registered for resale under the Securities
                                            Act or (b)(A) Subscriber has sold or transferred, or proposes to sell or transfer, Shares
                                            pursuant to Rule 144 and (B) the Issuer, its counsel or the Transfer Agent have
                                            received customary representations and other documentation from Subscriber that is reasonably
                                            necessary to establish that such restrictive legend is no longer required as reasonably requested
                                            by the Issuer, its counsel or the Transfer Agent. The Issuer shall be responsible for the
                                            fees of the Transfer Agent and its counsel and any fees of DTC incurred in connection with
                                            such legend removal requests.

 

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		4.4	Notwithstanding
                                            anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to
                                            delay or postpone the effectiveness of the Registration Statement, and from time to time
                                            to require Subscriber not to sell under the Registration Statement or to suspend the effectiveness
                                            thereof, (x) if (i) it determines that in order for the Registration Statement
                                            not to contain a material misstatement or omission, an amendment or supplement thereto would
                                            be needed or (ii) the negotiation or consummation of a transaction by the Issuer or
                                            its subsidiaries is pending or an event has occurred, which negotiation, consummation or
                                            event the Issuer reasonably believes, upon the advice of legal counsel (which may be in-house
                                            legal counsel), would require additional disclosure by the Issuer in the Registration Statement
                                            of material information that the Issuer has a bona fide business purpose for keeping confidential
                                            and the non-disclosure of which in the Registration Statement would be expected, in the reasonable
                                            determination of the Issuer, upon the advice of legal counsel (which may be in-house legal
                                            counsel), to cause the Registration Statement to fail to comply with applicable disclosure
                                            requirements and (y) as may be necessary in connection with the preparation and filing
                                            of a post-effective amendment to the Registration Statement following the filing of the Issuer’s
                                            (including the combined company after giving effect to the Transactions) Annual Report on
                                            Form 20-F for its first completed fiscal year following the Closing (each such circumstance,
                                            a “Suspension Event”); provided, however,
                                            that the Issuer may not delay or suspend the Registration Statement for more than ninety
                                            (90) consecutive days or for more than one hundred and twenty (120) total calendar days,
                                            in each case, during any twelve-month period. Upon receipt of any written notice from the
                                            Issuer of the happening of any Suspension Event during the period that the Registration Statement
                                            is effective or if as a result of a Suspension Event the Registration Statement or related
                                            prospectus contains any untrue statement of a material fact or omits to state any material
                                            fact required to be stated therein or necessary to make the statements therein, in light
                                            of the circumstances under which they were made (in the case of the prospectus) not misleading,
                                            Subscriber agrees that (i) it will immediately discontinue offers and sales of the Shares
                                            under the Registration Statement (excluding, for the avoidance of doubt, sales conducted
                                            pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended
                                            prospectus (which the Issuer agrees to promptly prepare) that corrects the misstatement(s) or
                                            omission(s) referred to above and receives notice that any post-effective amendment
                                            has become effective or unless otherwise notified by the Issuer that it may resume such offers
                                            and sales, and (ii) it will maintain the confidentiality of any information included
                                            in such written notice delivered by the Issuer unless otherwise required by law or subpoena.
                                            If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s
                                            sole discretion destroy, all copies of the prospectus covering the Shares in Subscriber’s
                                            possession; provided, however, that this obligation to deliver or destroy all copies
                                            of the prospectus covering the Shares shall not apply (i) to the extent Subscriber is
                                            required to retain a copy of such prospectus (a) in order to comply with applicable
                                            legal, regulatory, self-regulatory or professional requirements or (b) in accordance
                                            with a bona fide pre-existing document retention policy or (ii) to copies stored electronically
                                            on archival servers as a result of automatic data back-up.

 

		4.5	Subscriber may deliver written notice (an
                                            “Opt-Out Notice”) to the Issuer requesting that Subscriber not receive
                                            notices from the Issuer otherwise required by Section 4.4; provided, however,
                                            that Subscriber may later revoke any such Opt-Out Notice in writing. Following receipt
                                            of an Opt-Out Notice from Subscriber (unless subsequently revoked), (i) the Issuer shall
                                            not deliver any such notices to Subscriber and Subscriber shall no longer be entitled to
                                            the rights associated with any such notice and (ii) each time prior to Subscriber’s
                                            intended use of an effective Registration Statement, Subscriber will notify the Issuer in
                                            writing at least two (2) business days in advance of such intended use, and if a notice
                                            of a Suspension Event was previously delivered (or would have been delivered but for the
                                            provisions of this Section 4.5) and the related suspension period remains in
                                            effect, the Issuer will so notify Subscriber, within one (1) business day of Subscriber’s
                                            notification to the Issuer, by delivering to Subscriber a copy of such previous notice of
                                            Suspension Event, and thereafter will provide Subscriber with the related notice of the conclusion
                                            of such Suspension Event promptly following its availability.

 

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		4.6	The Issuer shall, notwithstanding any termination
                                            of this Subscription Agreement, indemnify and hold harmless Subscriber (to the extent a seller
                                            under, or named as a selling shareholder in, the Registration Statement), its officers, directors
                                            and agents, and each person who controls Subscriber (within the meaning of section 15 of
                                            the Securities Act or section 20 of the Exchange Act) to the fullest extent permitted by
                                            applicable law, from and against all reasonable out-of-pocket losses, claims, damages, liabilities,
                                            costs (including reasonable and documented attorneys’ fees) and expenses (collectively,
                                            “Losses”), based upon any untrue or alleged untrue statement of a material
                                            fact contained in the Registration Statement, any prospectus included in the Registration
                                            Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary
                                            prospectus, or arising out of or relating to any omission or alleged omission to state a
                                            material fact required to be stated therein or necessary to make the statements therein (in
                                            the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances
                                            under which they were made) not misleading, except to the extent that (i) such untrue
                                            statements, alleged untrue statements, omissions or alleged omissions are based upon information
                                            regarding Subscriber furnished in writing to the Issuer by Subscriber expressly for use therein,
                                            (ii) such Subscriber has omitted a material fact from such information or otherwise
                                            violated the Securities Act, Exchange Act or any state securities law or any rule or
                                            regulation thereunder, or (iii) such Losses result from the use of the Registration
                                            Statement by Subscriber after Subscriber has received notice of a Suspension Event in accordance
                                            with Section 4.4; provided, however, that the indemnification contained
                                            in this Section 4.6 shall not apply to amounts paid in settlement of any Losses
                                            if such settlement is effected without the consent of the Issuer (which consent shall not
                                            be unreasonably withheld, conditioned or delayed), nor shall the Issuer be liable for any
                                            Losses to the extent they arise out of or are based upon a violation which occurs (A) in
                                            reliance upon and in conformity with written information furnished by a Subscriber, (B) in
                                            connection with any failure of Subscriber to deliver or cause to be delivered a prospectus
                                            made available by the Issuer in a timely manner, (C) as a result of offers or sales
                                            effected by or on behalf of any person by means of a “free writing prospectus”
                                            (as defined in Rule 405 under the Securities Act) that was not authorized in writing
                                            by the Issuer, or (D) in connection with any offers or sales effected by or on behalf
                                            of a Subscriber in violation of Section 4.4. The Issuer shall notify Subscriber
                                            promptly of the institution, threat or assertion of any proceeding arising from or in connection
                                            with the transactions contemplated by this Section 4.6 of which the Issuer is
                                            aware.

 

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		4.7	Subscriber shall, severally and not jointly
                                            with any Other Subscriber, indemnify and hold harmless the Issuer, the Company and their
                                            respective directors, officers, agents and employees, and each person who controls the Issuer
                                            (within the meaning of section 15 of the Securities Act and section 20 of the Exchange Act),
                                            to the fullest extent permitted by applicable law, from and against all Losses, as incurred,
                                            arising out of or based upon any untrue or alleged untrue statement of a material fact contained
                                            in any Registration Statement, any prospectus included in the Registration Statement, or
                                            any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus,
                                            or arising out of or relating to any omission or alleged omission of a material fact required
                                            to be stated therein or necessary to make the statements therein (in the case of any prospectus,
                                            or any form of prospectus or supplement thereto, in light of the circumstances under which
                                            they were made) not misleading to the extent, but only to the extent, that such untrue statements
                                            or omissions are based upon information regarding Subscriber furnished in writing to the
                                            Issuer by Subscriber expressly for use therein; provided, however, that the indemnification
                                            contained in this Section 4.7 shall not apply to amounts paid in settlement of
                                            any Losses if such settlement is effected without the consent of Subscriber (which consent
                                            shall not be unreasonably withheld, conditioned or delayed). Notwithstanding anything to
                                            the contrary herein, in no event shall the liability of Subscriber be greater in amount than
                                            the dollar amount of the net proceeds received by Subscriber upon the sale of the Shares
                                            giving rise to such indemnification obligation. Subscriber shall notify the Issuer promptly
                                            of the institution, threat or assertion of any proceeding arising from or in connection with
                                            the transactions contemplated by this Section 4.7 of which Subscriber is aware
                                            of which Subscriber shall seek indemnification under this Subscription Agreement; provided
                                            that the failure by Subscriber to give such notice shall not relieve the Issuer of its
                                            indemnification obligations hereunder, except to the extent that the failure to give such
                                            notice is materially prejudicial to the Issuer’s ability to defend such claim or litigation.
                                            Such indemnity shall remain in full force and effect regardless of any investigation made
                                            by or on behalf of an indemnified party and shall survive the transfer of the Shares by Subscriber.

 

		4.8	For the purposes of this Subscription Agreement,
                                            “Indemnifying Party” shall mean the party with an obligation to indemnify
                                            another party pursuant to Section 4.6 or Section 4.7 (as applicable)
                                            and “Indemnified Party” shall mean the party seeking indemnification pursuant
                                            to Section 4.6 or Section 4.7 (as applicable). The Indemnified Party
                                            shall promptly notify the Indemnifying Party in writing of the institution, threat or assertion
                                            of any proceeding against the Indemnified Party that the Indemnified Party believes relates
                                            to Losses the subject of indemnification pursuant to Section 4.6 or Section 4.7
                                            (as applicable) and of which such Indemnified Party is aware (a “Third Party
                                            Proceeding”). In the case of any delay or failure by an Indemnified Party to provide
                                            the notice required by the preceding sentence, the obligation of the Indemnifying Party to
                                            indemnify the Indemnified Party shall be reduced to the extent that such Indemnifying Party
                                            is prejudiced by such delay or failure. The Indemnifying Party will be entitled to participate
                                            in any Third Party Proceeding and to assume the defense thereof with counsel it elects, in
                                            its sole discretion, and in the event the Indemnifying Party assumes such defense, the Indemnifying
                                            Party will not be liable to the Indemnified Party for any legal or other expenses subsequently
                                            incurred by the Indemnified Party in connection with the defense thereof other than reasonable
                                            costs of investigation. An Indemnifying Party who is not entitled to, or elects not to, assume
                                            the defense of a Third Party Proceeding shall not be obligated to pay the fees and expenses
                                            of more than one counsel for all Indemnified Parties with respect to such Third Party Proceeding,
                                            unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist
                                            between such Indemnified Party and any other of such Indemnified Parties with respect to
                                            such Third Party Proceeding. No Indemnifying Party shall, without the consent of the Indemnified
                                            Party, consent to the entry of any judgment or enter into any settlement which cannot be
                                            settled in all respects by the payment of money (and such money is so paid by the Indemnifying
                                            Party pursuant to the terms of such settlement), which settlement shall not include a statement
                                            or admission of fault and culpability on the party of such Indemnified Party, and which settlement
                                            shall include as an unconditional term thereof the giving by the claimant or plaintiff to
                                            such Indemnified Party of a release from all liability in respect to such claim or litigation.

 

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		4.9	If the indemnification provided under Section 4.6
                                            or Section 4.7 from the Indemnifying Party is unavailable or insufficient
                                            to hold harmless an Indemnified Party in respect of any Losses, then the Indemnifying Party,
                                            in lieu of indemnifying the Indemnified Party, shall contribute to the amount paid or payable
                                            by the Indemnified Party as a result of such Losses in such proportion as is appropriate
                                            to reflect the relative fault of the Indemnifying Party and the Indemnified Party, as well
                                            as any other relevant equitable considerations. The relative fault of the Indemnifying Party
                                            and Indemnified Party shall be determined by reference to, among other things, whether any
                                            action in question, including any untrue or alleged untrue statement of a material fact or
                                            omission or alleged omission to state a material fact, was made by, or relates to information
                                            supplied by, such Indemnifying Party or Indemnified Party, and the Indemnifying Party’s
                                            and Indemnified Party’s relative intent, knowledge, access to information and opportunity
                                            to correct or prevent such action. The amount paid or payable by a party as a result of the
                                            Losses referred to above shall be subject to the limitations set forth in Section 4.6
                                            and Section 4.7 and deemed to include any legal or other fees, charges or
                                            expenses reasonably incurred by such party in connection with any investigation or proceeding.
                                            No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
                                            the Securities Act) shall be entitled to contribution pursuant to this Section 4.9
                                            from any person who was not guilty of such fraudulent misrepresentation. Each Indemnifying
                                            Party’s obligation to make a contribution pursuant to this Section 4.9
                                            shall be individual, not joint and several, and in no event shall the liability of Subscriber
                                            hereunder exceed the net proceeds received by Subscriber upon the sale of the Shares giving
                                            rise to such indemnification obligation.

 

		5.	Termination.
                                            This Subscription Agreement shall terminate and be void and of no further force and effect,
                                            and all rights and obligations of the parties hereunder shall terminate without any further
                                            liability on the part of any party in respect thereof, upon the earliest to occur of (i) such
                                            date and time as the Business Combination Agreement is validly terminated in accordance with
                                            its terms, (ii) upon the mutual written agreement of each of the Parties hereto to terminate
                                            this Subscription Agreement, (iii) the Outside Date (as defined in the Business Combination
                                            Agreement) if the Closing has not occurred on or prior to such date; (iv) the Issuer’s
                                            notification to Subscriber in writing that it has abandoned its plans to move forward with
                                            the Transactions and/or terminates Subscriber’s obligations with respect to the Subscription
                                            without the delivery of the Shares having occurred or (v) if any of the conditions to
                                            Closing set forth in Section 2.2 or Section 2.3 are not satisfied
                                            or waived on or prior to the Closing Date, and, as a result thereof, the transactions contemplated
                                            by this Subscription Agreement are not consummated at the Closing; provided, that
                                            nothing herein will relieve any party from liability for any willful and material breach
                                            hereof prior to the time of termination, and each party will be entitled to any remedies
                                            at law or in equity to recover losses, liabilities or damages arising from such breach. The
                                            Issuer shall notify Subscriber of the termination of the Business Combination Agreement promptly
                                            after the termination of such agreement. Upon a valid termination of this Subscription Agreement
                                            pursuant to this Section 5, after the delivery by Subscriber of the Subscription
                                            Price for the Shares, the Issuer shall promptly (but not later than three (3) business
                                            days thereafter) cause the escrow agent or its bank (as applicable) to return the Subscription
                                            Price (to the extent such Subscription Price was received prior to such termination) to the
                                            Subscriber without any deduction for, or on account of, any tax, withholding, charges or
                                            set-off.

 

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		6.	Trust
                                            Account Waiver.

 

Notwithstanding anything to the
contrary set forth herein, Subscriber acknowledges that it has had access to and has read and had an adequate opportunity to review
the publicly filed prospectus of HPX, available at www.sec.gov (the “Prospectus”) and understands that HPX has
established a trust account (the “Trust Account”) containing the proceeds of its initial public offering (the
 “IPO”) and the overallotment shares acquired by its underwriters and from certain private placements occurring
simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of HPX’s public
shareholders (including the public shareholders of the overallotment shares acquired by HPX’s underwriters, the
 “Public Shareholders”), and that, except as otherwise described in the Prospectus, HPX may disburse monies from
the Trust Account only: (i) to the Public Shareholders with respect to redemptions by the Public Shareholders, (ii) to the
Public Shareholders if HPX fails to consummate a Business Combination (as defined in the Prospectus) within twenty-four (24) months
after the closing of the IPO, subject to extension by an amendment to HPX’s organizational documents, (iii) with respect
to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any taxes or (iv) to HPX after or
concurrently with the consummation of a Business Combination (as defined in the Prospectus). Subscriber hereby agrees on behalf of
itself and its affiliates that, notwithstanding anything to the contrary in this Subscription Agreement, neither Subscriber nor any
of its affiliates does now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies
in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom)
in connection with any claim that arises as a result of, in connection with, or relating to, this Subscription Agreement or any
other transaction agreement (as defined in the Business Combination Agreement, the “Transaction Agreement”),
regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability under this
Subscription Agreement or any other Transaction Agreement (collectively, the “Released Claims”); provided, however,
that Released Claims shall be deemed not to include the right of a Subscriber to make a claim as a Public Shareholder in respect of
any HPX shares it may hold pursuant to subclauses (i) or (ii) of the immediately preceding sentence. Subscriber on behalf
of itself and its affiliates, hereby irrevocably waives any Released Claims that Subscriber or any of its affiliates may have
against the Trust Account (including any distributions therefrom) now or in the future and will not seek recourse against the Trust
Account (including any distributions therefrom) in connection with any Released Claims (including for an alleged breach of this
Subscription Agreement). Subscriber agrees and acknowledges that such irrevocable waiver is material to this Subscription Agreement
and specifically relied upon by HPX and its affiliates to induce HPX to enter into this Subscription Agreement and the other
Transaction Agreements, and Subscriber further intends and understands such waiver to be valid, binding and enforceable against
Subscriber and each of its affiliates under applicable Law. To the extent Subscriber or any of its affiliates commences any action
or proceeding based upon, in connection with or relating to any Released Claim, which action or proceeding seeks, in whole or in
part, monetary relief against HPX or its representatives, Subscriber hereby acknowledges and agrees that Subscriber’s and each
of its affiliates’ sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit
Subscriber or its affiliates (or any person claiming on any of their behalves or in lieu of any of them) to have any claim against
the Trust Account (including any distributions therefrom) or any amounts contained therein. In the event Subscriber or any of its
affiliates commences any action or proceeding against HPX, any of its affiliates or any of their respective representatives based
upon, in connection with or relating to any Released Claim, which proceeding seeks, in whole or in part, relief against the Trust
Account (including any distributions therefrom) or the Public Shareholders, whether in the form of money damages or injunctive
relief or otherwise, HPX and its representatives, as applicable, shall be entitled to recover from Subscriber and its affiliates the
associated legal fees and costs in connection with any such action, in the event HPX or its representatives, as applicable, prevails
in such action or proceeding.

 

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		7.	Miscellaneous.

 

		7.1	Further Assurances. The parties hereto
                                            shall execute and deliver such additional documents and take such additional actions as the
                                            parties reasonably may deem to be practical and necessary in order to consummate the Subscription
                                            as contemplated by this Subscription Agreement no later than immediately prior to the Transactions
                                            Closing.

 

		(a)	Subscriber acknowledges that (i) the
                                            Issuer and HPX will rely on the acknowledgments, understandings, agreements, covenants, representations
                                            and warranties of Subscriber contained in this Subscription Agreement and (ii) that
                                            the Placement Agents, Ambipar Parent and the Company will rely on, and are third party beneficiaries
                                            of, the acknowledgments, understandings, agreements, covenants, representations and warranties
                                            of Subscriber contained in Section 3.3 and Section 7. Prior to the
                                            Closing, Subscriber agrees to promptly notify the Issuer and HPX if any of the acknowledgments,
                                            understandings, agreements, covenants, representations and warranties made by Subscriber
                                            set forth herein are no longer accurate. In addition, the Issuer and HPX each acknowledges
                                            and agrees that each of the Placement Agents, Ambipar Parent and the Company is a third-party
                                            beneficiary of the acknowledgments, understandings, agreements, covenants, representations
                                            and warranties made by the Issuer or HPX (as applicable) contained in this Subscription Agreement.

 

		(b)	Each of HPX and the Issuer acknowledges
                                            that Subscriber will rely on the acknowledgements, understandings, agreements, covenants,
                                            representations and warranties of HPX and the Issuer, respectively, contained in this Subscription
                                            Agreement. Prior to the Closing, each of the Issuer and HPX agrees to promptly notify Subscriber
                                            if any of the acknowledgements, understandings, agreements, covenants, representations and
                                            warranties made by Issuer or HPX, as applicable, set forth herein are no longer accurate
                                            in all material respects.

 

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		(c)	Subscriber acknowledges and agrees that
                                            no party to the Business Combination Agreement (other than the Issuer and HPX) nor any Non-Party
                                            Affiliate (as defined below), shall have any liability to Subscriber or any Other Subscriber
                                            pursuant to, arising out of or relating to this Subscription Agreement, or any Other Subscription
                                            Agreement, the negotiation hereof or thereof or its subject matter, or the transactions contemplated
                                            hereby or thereby, including with respect to any action heretofore or hereafter taken or
                                            omitted to be taken by any of them in connection with the purchase of the Acquired Shares,
                                            subscription of the Warrants and Additional Shares or with respect to any claim (whether
                                            in tort, contract or otherwise) for breach of this Subscription Agreement or in respect of
                                            any written or oral representations made or alleged to be made in connection herewith or
                                            for any actual or alleged inaccuracies, misstatements or omissions with respect to any information
                                            or materials of any kind furnished by the Issuer, the Company, HPX, or any Non-Party Affiliate
                                            concerning the Issuer, the Company, HPX, any of their affiliates, this Subscription Agreement
                                            or the transactions contemplated hereby. For purposes of this Subscription Agreement, “Non-Party
                                            Affiliates” means each former, current or future officer, director, employee, partner,
                                            member, investment manager, manager, direct or indirect equityholder, investors, representatives, agents, predecessors, successors, assigns,
or affiliate of the Issuer, the Company, HPX, or any of the Issuer’s, the Company’s or HPX’s respective affiliates
or any family member of the foregoing.

 

		(d)	Each of the Issuer, HPX, the Placement
                                            Agents and Subscriber is irrevocably authorized to produce this Subscription Agreement or
                                            a copy hereof to any interested party as requested by law, rule or regulation in any
                                            administrative, legal, regulatory or stock exchange proceeding or official inquiry with respect
                                            to the matters covered hereby.

 

		(e)	The Issuer and HPX may request from Subscriber
                                            such additional information as the Issuer and HPX may deem reasonably necessary to evaluate
                                            the eligibility of Subscriber to acquire the Shares, to register the resale of the Shares
                                            or otherwise consummate or evidence the transaction contemplated by this Subscription Agreement,
                                            and Subscriber shall promptly provide such information as may be reasonably requested to
                                            the extent readily available and consistent with its internal policies; provided that
                                            (subject to Section 7.19 below) each of the Issuer and HPX agrees to keep any
                                            such information provided by Subscriber confidential other than as necessary to include in
                                            any registration statement the Issuer is required to file hereunder or in connection herewith.
                                            Subscriber acknowledges and agrees that if it does not provide the Issuer with such requested
                                            information, the Issuer may not be able to register the Shares for resale pursuant to Section 4
                                            hereof. Subscriber hereby agrees that the Subscription Agreement, as well as the nature
                                            of Subscriber’s obligations hereunder, may be disclosed in any public announcement
                                            or disclosure required by the Commission and in any registration statement, proxy statement,
                                            consent solicitation statement or any other Commission filing to be filed by the Issuer or
                                            HPX in connection with the issuance of the Shares contemplated by this Subscription Agreement
                                            and/or the Transactions, in each case without Subscriber’s prior written consent.

 

		(f)	The Issuer shall pay any costs, expenses,
                                            obligations, penalties or disbursements in connection with the fillings, authorizations and
                                            consents set forth in Section 3.1(k).

 

		(g)	Except as otherwise expressly provided
                                            in this Subscription Agreement, each party shall pay all of its own expenses in connection
                                            with this Subscription Agreement and the transactions contemplated herein.

 

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		7.2	No Short Sales. Subscriber hereby agrees
                                            that neither it, nor any person or entity acting on its behalf or pursuant to any understanding
                                            with Subscriber, shall, directly or indirectly, engage in any hedging activities or execute
                                            any Short Sales (as defined below) with respect to the securities of the Issuer, Ambipar
                                            Parent or HPX, as applicable, prior to the Closing or the earlier termination of this Subscription
                                            Agreement in accordance with its terms. “Short Sales” shall mean all “short
                                            sales” as defined in Rule 200 of Regulation SHO under the Exchange Act and all
                                            types of direct and indirect stock pledges (other than pledges in the ordinary course of
                                            business as part of prime brokerage arrangements), forward sale contracts, options, puts,
                                            calls, swaps and similar arrangements (including on a total return basis), and sales and
                                            other short transactions through non-U.S. broker dealers or foreign regulated brokers. Notwithstanding
                                            the foregoing, in the case of Subscriber is a multi-managed investment bank or vehicle whereby
                                            separate portfolio managers manage separate portions of Subscriber’s assets and the
                                            portfolio managers have no direct knowledge of the investment decisions made by the portfolio
                                            managers or desks managing other portions of Subscriber’s assets, this Section 7.2
                                            shall apply only with respect to the portion of assets managed by the portfolio manager
                                            or desk that made the investment decision to purchase the Shares covered by this Subscription
                                            Agreement.

 

		7.3	Additional Information. HPX and the
                                            Issuer may request from Subscriber such additional information as is necessary for HPX or
                                            the Issuer, as applicable, to comply with public disclosure requirements of applicable securities
                                            laws or any filing requirements pursuant to the rules of any stock exchange or the Financial
                                            Industry Regulatory Authority, and Subscriber shall promptly provide such information, provided
                                            that subject to Section 7.19 the Issuer and HPX shall keep any such information
                                            provided by Subscriber confidential to the extent permitted by applicable law. Subscriber
                                            acknowledges that HPX or the Issuer may file a copy of the form of this Subscription Agreement
                                            with the Commission as an exhibit to a current or periodic report or a registration statement
                                            of HPX or the Issuer, as applicable.

 

		7.4	Notices. Any notice or communication
                                            required or permitted hereunder shall be in writing and either delivered personally, emailed
                                            or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered
                                            mail, postage prepaid, and shall be deemed to be given and received (i) when so delivered
                                            personally, (ii) when sent, with no mail undeliverable or other rejection notice, if
                                            sent by email, or (iii) three (3) business days after the date of mailing to the
                                            address below or to such other address or addresses as such person may hereafter
designate by notice given hereunder (a courtesy copy of any notice sent shall also be sent via email):

 

		(a)	if to Subscriber, to such address or addresses
                                            set forth on the signature page hereto;

 

		(b)	if to the Issuer, to:

 

    29

    

    

 

c/o Emergência Participações
S.A.

Avenida Angélica, no 2346

5th floor, room 4, Consolação,

01228-200, São Paulo - SP Brazil

Attention:         Luciana Freire Barca Nascimento; Alessandra Bessa Alves
de Melo

Email:               luciana.barca@tbj.com.br;
alessandra.bessa@ambipar.com

 

with a required copy (which copy shall not constitute notice)
to:

 

Simpson Thacher & Bartlett LLP

Av. Presidente Juscelino Kubitschek, 1455

12th Floor, Suite 121

São Paulo, SP 04543-011

Brazil

Attention: Grenfel S. Calheiros

Email:gcalheiros@stblaw.com

 

and

 

Skadden, Arps, Slate, Meagher &
Flom LLP

Av. Brigadeiro Faria Lima, 3311, 7th Floor

04538-133 São Paulo - SP Brazil

Attention: J. Mathias von Bernuth; Maxim Mayer-Cesiano

Email:     mathias.vonbernuth@skadden.com; maxim.mayercesiano@skadden.com

 

		(c)	if to HPX, to:

 

HPX Corp. 

1000 N. West Street, Suite 1200 

Wilmington, Delaware 19801 

Attention:        Carlos
Piani 

Email:              cpiani@hpxcorp.com

 

with a required copy (which copy shall not constitute notice)
to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

Av. Brigadeiro Faria Lima, 3311, 7th Floor

04538-133 São Paulo - SP Brazil

Attention: J. Mathias von Bernuth; Maxim Mayer-Cesiano

Email:     mathias.vonbernuth@skadden.com; maxim.mayercesiano@skadden.com

 

		7.5	Entire Agreement. This Subscription
                                            Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
                                            representations and warranties, both written and oral, among the parties, with respect to
                                            the subject matter hereof, including any letter of intent entered into relating to the subject
                                            matter hereof, except that, subject to Section 7.19(a), any confidentiality agreement
                                            with respect to Subscriber or its affiliates shall remain in full force and effect following
                                            any amendment, modification, waiver or termination of this Subscription Agreement.

 

		7.6	Modifications and Amendments. This
                                            Subscription Agreement may not be amended, modified, supplemented or waived (i) except
                                            by an instrument in writing, signed by the party against whom enforcement of such amendment,
                                            modification, supplement or waiver is sought and (ii) without the prior written consent
                                            of HPX, the Issuer and Subscriber.

 

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		7.7	Assignment. Neither this Subscription
                                            Agreement nor any rights, interests or obligations that may accrue to the parties hereunder
                                            (including Subscriber’s rights to purchase the Shares) may be transferred or assigned
                                            without the prior written consent of each of the other parties hereto (other than the Shares
                                            acquired and Warrants and Additional Shares subscribed hereunder, if any, and then only in
                                            accordance with this Subscription Agreement), other than an assignment to any controlled
                                            affiliate of Subscriber or any fund or account managed by the same investment manager as
                                            Subscriber or a controlled affiliate thereof (as defined in Rule 12b-2 of the Exchange
                                            Act), subject to, if such transfer or assignment is prior to the Closing, such transferee
                                            or assignee, as applicable, executing a joinder to this Subscription Agreement or a separate
                                            subscription agreement in substantially the same form as this Subscription Agreement, including
                                            with respect to the Subscription Price and other terms and conditions; provided, however,
                                            that, in the case of any such transfer or assignment, the initial party to this Subscription
                                            Agreement shall remain bound by its obligations under this Subscription Agreement. For the
                                            avoidance of doubt, any transaction contemplated by the Business Combination Agreement shall
                                            be deemed not to constitute an assignment of this Subscription Agreement or any rights, interests
                                            or obligations that may accrue to the parties hereunder.

 

		7.8	Benefit. Except as otherwise provided
                                            herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
                                            parties hereto and their heirs, executors, administrators, successors, legal representatives,
                                            and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments
                                            contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
                                            administrators, successors, legal representatives and permitted assigns. Except as set forth
                                            in Section 4.6, Section 4.7, Section 4.8, Section 4.9,
                                            Section 7.1(a), Section 7.1(c) and Section 7.1(d),
                                            this Subscription Agreement shall not confer rights or remedies upon any person other than
                                            the parties hereto and their respective successors and assigns.

 

		7.9	Governing Law. This Subscription Agreement,
                                            and all claims or causes of action based upon, arising out of, or related to this Subscription
                                            Agreement or the transactions contemplated hereby, shall be governed by, and construed in
                                            accordance with, the laws of the State of Delaware, without giving effect to principles or
                                            rules of conflict of laws to the extent such principles or rules would require
                                            or permit the application of laws of another jurisdiction.

 

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		7.10	Consent to Jurisdiction; Waiver of
                                            Jury Trial. Any proceeding or action based upon, arising out of or related to this Subscription
                                            Agreement or the transactions contemplated hereby must be brought in the Court of Chancery
                                            of the State of Delaware (or, to the extent such court does not have subject matter jurisdiction,
                                            the Superior Court of the State of Delaware), or, if it has or can acquire jurisdiction,
                                            in the United States District Court for the District of Delaware (the “Designated
                                            Courts”), and each of the parties irrevocably (i) submits to the exclusive
                                            jurisdiction of each such Designated Court in any such proceeding or action, (ii) irrevocably
                                            waives any claims of immunity from jurisdiction and any objection it may now or hereafter
                                            have to personal jurisdiction, venue or to convenience of forum, (iii) agrees that all
                                            claims in respect of the proceeding or action shall be heard and determined only in any such
                                            Designated Court, and (iv) agrees not to bring any proceeding or action arising out
                                            of or relating to this Subscription Agreement or the transactions contemplated hereby in
                                            any other court. Nothing herein contained shall be deemed to affect the right of any party
                                            to serve process in any manner permitted by law or to commence legal proceedings or otherwise
                                            proceed against any other party in any other jurisdiction, in each case, to enforce judgments
                                            obtained in any action, suit or proceeding brought pursuant to this Section 7.10.
                                            EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
                                            THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE
                                            COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY, UNCONDITIONALLY
                                            AND VOLUNTARILY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
                                            ANY ACTION, SUIT OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
                                            SUBSCRIPTION AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER WITH RESPECT
                                            TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE.

 

		7.11	Severability. If any provision of
                                            this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality
                                            or enforceability of the remaining provisions of this Subscription Agreement shall not in
                                            any way be affected or impaired thereby and shall continue in full force and effect.

 

		7.12	No Waiver of Rights, Powers and Remedies.
                                            No failure or delay by a party hereto in exercising any right, power or remedy under this
                                            Subscription Agreement, and no course of dealing between the parties hereto, shall operate
                                            as a waiver of any such right, power or remedy of such party. No single or partial exercise
                                            of any right, power or remedy under this Subscription Agreement by a party hereto, nor any
                                            abandonment or discontinuance of steps to enforce
any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right,
power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the
party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver
of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

    32

    

    

 

		7.13	Remedies.

 

		(a)	The parties agree that irreparable damage
                                            would occur if this Subscription Agreement was not performed or the Closing is not consummated
                                            in accordance with its specific terms or was otherwise breached and that money damages or
                                            other legal remedies would not be an adequate remedy for any such damage. It is accordingly
                                            agreed that the parties and third-party beneficiaries hereto shall be entitled to equitable
                                            relief, including in the form of an injunction or injunctions, to prevent breaches or threatened
                                            breaches of this Subscription Agreement and to enforce specifically the terms and provisions
                                            of this Subscription Agreement in an appropriate court of competent jurisdiction as set forth
                                            in Section 7.10, this being in addition to any other remedy to which any party
                                            is entitled at law, in equity, in contract, in tort or otherwise, including money damages.
                                            The right to specific enforcement shall include the right of the Issuer and HPX to cause
                                            Subscriber, the right of HPX to cause the Issuer, the right of the Issuer to cause HPX and
                                            the right of Subscriber to cause the Issuer and HPX to cause the transactions contemplated
                                            hereby to be consummated on the terms and subject to the conditions and limitations set forth
                                            in this Subscription Agreement. The parties hereto further agree (i) to waive any requirement
                                            for the security or posting of any bond in connection with any such equitable remedy, (ii) not
                                            to assert that a remedy of specific enforcement pursuant to this Section 7.13
                                            is unenforceable, invalid, contrary to applicable law or inequitable for any reason and (iii) to
                                            waive any defenses in any action for specific performance, including the defense that a remedy
                                            at law would be adequate.

 

		(b)	The parties acknowledge and agree that
                                            this Section 7.13 is an integral part of the transactions contemplated hereby
                                            and without that right, the parties hereto would not have entered into this Subscription
                                            Agreement.

 

		7.14	Survival of Representations and Warranties.
                                            All representations and warranties made by the parties hereto in this Subscription Agreement
                                            shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does
                                            not occur substantially concurrently with the consummation of the Transactions Closing, all
                                            representations, warranties, covenants and agreements of the parties hereunder shall survive
                                            the consummation of the Transactions Closing and remain in full force and effect.

 

		7.15	Headings and Captions. The headings
                                            and captions of the various subdivisions of this Subscription Agreement are for convenience
                                            of reference only and shall in no way modify or affect the meaning or construction of any
                                            of the terms or provisions hereof.

 

		7.16	Counterparts. This Subscription Agreement
                                            may be executed in one or more counterparts, all of which when taken together shall be considered
                                            one and the same agreement and shall become effective when counterparts have been signed
                                            by each party and delivered to the other parties, it being understood that the parties need
                                            not sign the same counterpart. In the event that any signature is delivered by facsimile
                                            transmission or any other form of electronic delivery (including .pdf or any electronic signature
                                            complying with the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com)), such signature
                                            shall create a valid and binding obligation of the party executing (or on whose behalf such
                                            signature is executed) with the same force and effect as if such signature page were
                                            an original thereof.

 

		7.17	Construction. The words “include,”
                                            “includes,” and “including” will be deemed to be followed
                                            by “without limitation.” Pronouns in masculine, feminine, and neuter genders
                                            will be construed to include any other gender, and words in the singular form will be construed
                                            to include the plural and vice versa, unless the context otherwise requires. The words “this
                                            Subscription Agreement,” “herein,” “hereof,”
                                            “hereby,” “hereunder,” and words of similar import
                                            refer to this Subscription Agreement as a whole and not to any particular subdivision unless
                                            expressly so limited. The parties hereto intend that each representation, warranty, and covenant
                                            contained herein will have independent significance. If any party hereto has breached any
                                            representation, warranty, or covenant contained herein in any respect, the fact that there
                                            exists another representation, warranty or covenant relating to the same subject matter (regardless
                                            of the relative levels of specificity) which such party hereto has not breached will not
                                            detract from or mitigate the fact that such party hereto is in breach of the first representation,
                                            warranty, or covenant. All references in this Subscription Agreement to numbers of shares,
                                            per share amounts and purchase prices shall be appropriately adjusted to
reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after the date hereof.

 

    33

    

    

 

		7.18	Mutual Drafting. Each provision of
                                            this Subscription Agreement has been subject to the mutual consultation, negotiation and
                                            agreement of the parties and shall not be construed for or against any party hereto.

 

		7.19	Cleansing Statement; Consent to Disclosure.

 

		(a)	HPX shall, by no later than 9:00 a.m.,
                                            New York City time, on the first (1st) business day immediately following the date of this
                                            Subscription Agreement, issue one (1) or more press releases or file with the Commission
                                            a Current Report on Form 8-K (collectively, the “Disclosure Document”)
                                            disclosing, to the extent not previously publicly disclosed, all material terms of the transactions
                                            contemplated hereby and by the Other Subscription Agreements and the Transactions and any
                                            other material, nonpublic information that the Issuer or HPX or their respective representatives
                                            has provided to Subscriber at any time prior to the filing of the Disclosure Document. From
                                            and after the issuance of the Disclosure Document, to the Issuer’s and HPX’s
                                            knowledge, Subscriber shall not be in possession of any material, non-public information
                                            received from the Issuer or HPX or any of their respective officers, directors, employees
                                            or agents (including the Placement Agents) relating to the transactions contemplated by this
                                            Subscription Agreement, and Subscriber shall no longer be subject to any confidentiality
                                            or similar obligations under any current agreement, whether written or oral with Issuer,
                                            HPX or any of their affiliates or agents, relating to the transactions contemplated by this
                                            Subscription Agreement.

 

		(b)	Neither HPX nor the Issuer shall issue
                                            any press releases or other public communications relating to the transactions contemplated
                                            hereby that reference the Subscriber or its affiliates or investment advisers by name without
                                            the prior written consent of Subscriber. This restriction shall not apply to the extent public
                                            disclosure is required by applicable securities law, any governmental authority or stock
                                            exchange rule or as otherwise requested by the staff of the Commission or the request
                                            of any other regulatory or governmental agency; provided, that in the event such disclosure
                                            is required, HPX or the Issuer, as applicable, shall to the extent practicable and legally
                                            permissible, provide Subscriber with prior written notice of such permitted disclosure and
                                            consider, in good faith, any comments provided by Subscriber. Subject to the limitations
                                            of the following sentence, Subscriber hereby consents to the publication and disclosure in
                                            any Form 8-K or Form 6-K filed by the Issuer or HPX with the Commission, in any
                                            filing with the Commission made in connection with the Business Combination Agreement and
                                            the Transactions, including any proxy statement, prospectus or registration statement related
                                            thereto or any other filing with the Commission pursuant to applicable securities laws, of
                                            Subscriber’s name and identity and the nature of Subscriber’s commitments, arrangements
                                            and understandings under and relating to this Subscription Agreement and, if deemed required
                                            or appropriate by the Issuer or HPX, a copy of this Subscription Agreement. The Issuer or
                                            HPX shall provide a draft of any proposed disclosures under this Section 7.19(b) to
                                            Subscriber reasonably in advance of the release of such disclosures, but in no event less
                                            than one (1) business day prior to release, and shall consider in good faith any revisions
                                            to such disclosure proposed by Subscriber. Notwithstanding the foregoing or anything contained
                                            to the contrary in this Section 7.19, the Issuer may make disclosures to an auditor
                                            or governmental or regulatory authority pursuant to any routine investigation, inspection,
                                            examination or inquiry without providing Subscriber with any notification thereof, unless
                                            Subscriber is the subject of any such investigation, inspection, examination or inquiry (in
                                            which case the preceding sentence shall govern).

 

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		7.20	Regulatory Compliance. Subscriber
                                            hereby agrees that it shall comply with all applicable requirements in connection with the
                                            Subscription and shall coordinate with the Issuer or HPX, as applicable, to upon request
                                            provide information regarding the Subscriber as may reasonably be requested by any applicable
                                            governmental authority relating to the Subscription or the Transactions.

 

		8.	Independent Obligations. The
                                            obligations of Subscriber under this Subscription Agreement are several and not joint with
                                            the obligations of any Other Subscriber under the Other Subscription Agreements, and Subscriber
                                            shall not be responsible in any way for the performance of the obligations of any Other Subscriber
                                            under this Subscription Agreement or the Other Subscription Agreements. The decision of Subscriber
                                            to purchase Shares pursuant to this Subscription Agreement has been made by Subscriber independently
                                            of any Other Subscriber (except where such Other Subscriber is managed by or under common
                                            management with Subscriber) and independently of any information, materials, statements or opinions as to the business, affairs,
operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Issuer or
any of its subsidiaries which may have been made or given by any Other Subscriber or by any agent or employee of any Other Subscriber,
and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber (or any other person) relating
to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement,
and no action taken by Subscriber or any Other Subscriber pursuant hereto or thereto, shall be deemed to constitute Subscriber, on the
one hand, and any Other Subscriber, on the other hand, as a partnership, an association, a joint venture or any other kind of entity,
or create a presumption that Subscriber and any Other Subscriber are in any way acting in concert or as a group with respect to such
obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements; provided that
it is acknowledged that certain Subscribers may be managed by, or under common management with, an Other Subscriber. Subscriber acknowledges
that no Other Subscriber has acted as agent for Subscriber in connection with making its investment hereunder and no Other Subscriber
will be acting as agent of Subscriber in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription
Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including the rights arising out of this Subscription
Agreement, and it shall not be necessary for any Other Subscriber to be joined as an additional party in any proceeding for such purpose.

 

    35

    

    

 

		9.	Certain Tax Matters. The
                                            parties acknowledge and agree that for U.S. federal income tax purposes, Subscriber shall
                                            be deemed to be the owner of any funds transferred by Subscriber to any escrow account (if
                                            applicable) unless and until such funds are disbursed to Issuer in accordance with the terms
                                            of this Subscription Agreement, which disbursement shall occur, for the avoidance of doubt,
                                            following the First Effective Time.

 

		10.	Massachusetts Business Trust. If
                                            Subscriber is a Massachusetts Business Trust, a copy of the Declaration of Trust of Subscriber
                                            or any affiliate thereof is on file with the Secretary of State of the Commonwealth of Massachusetts
                                            and notice is hereby given that the Subscription Agreement is executed on behalf of the trustees
                                            of Subscriber or any affiliate thereof as trustees and not individually and that the obligations
                                            of the Subscription Agreement are not binding on any of the trustees, officers or stockholders
                                            of Subscriber or any affiliate thereof individually but are binding only upon Subscriber
                                            or any affiliate thereof and its assets and property.

 

[Signature Page Follows]

 

    36

    

    

 

IN WITNESS WHEREOF,
each of HPX, the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	Ambipar Emergency Response

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	HPX Corp.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    37

    

    

 

	 	 	 
	SUBSCRIBER:	 	Signature of Joint Subscriber,
    if applicable: 
	Signature of Subscriber:	 	 
	By:_________________________________	 	By:_________________________________
	Name:______________________________	 	Name:______________________________
	Title:_______________________________	 	Title:_______________________________
	Date: 	 	 
	 	 	 
	Name of Subscriber:	 	Name of Joint Subscriber,
    if applicable:

 

	(Please
    print. Please indicate name and capacity of person signing above)	(Please
    Print. Please indicate name and capacity of person signing above)
	Name in which securities
    are to be registered(if different from the name of Subscriber listed directly above):_______________________	 
	Email	 
	Address:____________________________	 
	If there are joint investors,
    please check one:	 
	 ̈  Joint
    Tenants with Rights of Survivorship	 
	 ̈  Tenants-in-Common	 
	 ̈  Community
Property	 
	Subscriber’s EIN/Tax
    ID:_______________	Joint Subscriber’s
    EIN:_________________
	Business Address-Street:	Mailing Address-Street (if
    different):
	City, State,	City, State,
	Zip:________________________________	Zip:________________________________
	Attn:_______________________________	Attn:
	Telephone	Telephone
	No.:________________________________	No.:________________________________
	Facsimile No.:________________________	Facsimile No.:________________________
	 	 
	Number of Shares purchased
    and subscribed for:	 
	 	 
	Number of Additional Shares:	 
	 	 
	Aggregate Number of Shares
    subscribed (including Additional Shares) for:	 
	 	 
	Aggregate Subscription Price:
    $__________	 

 

Subscriber must pay the Subscription Price by
wire transfer of U.S. dollars in immediately available funds to the account specified by the Issuer in the Closing Notice.

 

    38

    

    

 

SCHEDULE
I

 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

This Schedule must be completed by the Subscriber
and forms a part of this Subscription Agreement to which it is attached. Capitalized terms used and not otherwise defined in this Schedule
have the meanings given to them in the Subscription Agreement. The Subscriber must check the applicable box in either Part A or
Part B below and the applicable box in Part C below.

 

 

A.            QUALIFIED
INSTITUTIONAL BUYER STATUS

 

(Please check the applicable subparagraphs):

 

1.             ̈
Subscriber is a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”)) (a “QIB”) and has marked and initialed
the appropriate box on the following pages indicating the provision under which Subscriber qualifies as a QIB.

 

2.             ̈
Subscriber is subscribing for the Shares as a fiduciary or agent for one or more investor accounts,
and each owner of such account is a QIB.

 

*** OR ***

 

B.            INSTITUTIONAL
ACCREDITED INVESTOR STATUS (Please check the box if applicable):

 

 ̈
Subscriber is an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities
Act or an entity in which all of the equity holders are institutional accredited investors) and has marked and initialed the appropriate
box on the following pages indicating the provision under which Subscriber qualifies as an institutional “accredited investor.”

 

*** OR ***

 

	C.	NON-U.S. PERSON STATUS (Please check the box if applicable):
	 	 ̈	We are a non-U.S. person located outside of the United States.

 

*** AND ***

 

D.            AFFILIATE
STATUS (Please check the applicable box)

 

SUBSCRIBER:

 

 ̈
is:

 

 ̈
is not:

 

an “affiliate” (as defined
in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

This page should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

     

    

    

 

Qualified Institutional Buyers

 

Subscriber is a “qualified institutional
buyer” (within the meaning of Rule 144A under the Securities Act) if it is an entity that meets any one of the following categories
at the time of the sale of securities to Subscriber (Please check the applicable subparagraphs):

 

 ̈     Subscriber
is an entity that, acting for its own account or the accounts of other qualified institutional buyers, in the aggregate owns and invests
on a discretionary basis at least $100 million in securities of issuers that are not affiliated with Subscriber and:

 

 ̈     is
an insurance company as defined in section 2(a)(13) of the Securities Act;

 

 ̈     is
an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”),
or any business development company as defined in section 2(a)(48) of the Investment Company Act;

 

 ̈     is
a Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small
Business Investment Act of 1958, as amended (“Small Business Investment Act”);

 

 ̈     is
a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees;

 

 ̈     is
an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);

 

 ̈     is
a trust fund whose trustee is a bank or trust company and whose participants are exclusively (a) plans established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of
its employees, of (b) employee benefit plan within the meaning of Title I of the ERISA, except, in each case, trust funds that include
as participants individual retirement accounts or H.R. 10 plans;

 

 ̈     is
a business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment
Advisers Act”);

 

 ̈     is
an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue
Code”), corporation (other than a bank as defined in section 3(a)(2) of the Securities Act, a savings and loan association
or other institution referenced in section 3(a)(5)(A) of the Securities Act, or a foreign bank or savings and loan association or
equivalent institution), partnership, limited liability company or Massachusetts or similar business trust;

 

 ̈     is
an investment adviser registered under the Investment Advisers Act; or

 

 ̈     any
accredited investor, as defined in Rule 501(a) under the Act (17 CFR 230.501(a)), of a type not listed above;

 

 ̈     Subscriber
is a dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
acting for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary
basis at least $10 million of securities of issuers that are not affiliated with Subscriber;

 

     

    

    

 

 ̈     Subscriber
is a dealer registered pursuant to Section 15 of the Exchange Act acting in a riskless principal transaction on behalf of a qualified
institutional buyer;

 

 ̈     Subscriber
is an investment company registered under the Investment Company Act, acting for its own account or for the accounts of other qualified
institutional buyers, that is part of a family of investment companies1
which own in the aggregate at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber
or are part of such family of investment companies;

 

 ̈     Subscriber
is an entity, all of the equity owners of which are qualified institutional buyers, acting for its own account or the accounts of other
qualified institutional buyers; or

 

 ̈     Subscriber
is a bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined
in section 3(a)(5)(A) of the Securities Act, or any foreign bank or savings and loan association or equivalent institution, acting
for its own account or the accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary
basis at least $100 million in securities of issuers that are not affiliated with Subscriber and that has an audited net worth of at
least $25 million as demonstrated in its latest annual financial statements, as of a date not more than 16 months preceding the date
of sale of securities in the case of a U.S. bank or savings and loan association, and not more than 18 months preceding the date of sale
of securities for a foreign bank or savings and loan association or equivalent institution.

 

Institutional Accredited Investors

 

Rule 501(a) under the Securities Act,
in relevant part, states that an institutional “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of
the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box(es) below, the provision(s) below
which apply to Subscriber and under which Subscriber accordingly qualifies as an institutional “accredited investor.”

 

 ̈     Any
bank as defined in section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in
section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;

 

 ̈     Any
broker or dealer registered pursuant to section 15 of the Exchange Act;

 

 

		1	“Family
                                            of investment companies” means any two or more investment companies registered
                                            under the Investment Company Act, except for a unit investment trust whose assets consist
                                            solely of shares of one or more registered investment companies, that have the same investment
                                            adviser (or, in the case of unit investment trusts, the same depositor); provided, that (a)
                                            each series of a series company (as defined in Rule 18f-2 under the Investment Company Act)
                                            shall be deemed to be a separate investment company and (b) investment companies shall be
                                            deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned
                                            subsidiaries of the same parent, or if one investment company’s adviser (or depositor)
                                            is a majority-owned subsidiary of the other investment company’s adviser (or depositor).

 

     

    

    

 

 ̈     Any
insurance company as defined in section 2(a)(13) of the Securities Act;

 

 ̈     Any
investment company registered under the Investment Company Act or a business development company as defined in section 2(a) (48)
of the Investment Company Act;

 

 ̈     Any
Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small
Business Investment Act;

 

 ̈     Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

 ̈     Any
employee benefit plan within the meaning of Title I of the ERISA, if (i) the investment decision is made by a plan fiduciary, as
defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment
adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan,
with investment decisions made solely by persons that are “accredited investors”;

 

 ̈     Any
private business development company as defined in section 202(a)(22) of the Investment Advisers Act;

 

 ̈     Any
(i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization
described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring
the securities offered by the Issuer in this offering and that has total assets in excess of $5,000,000;

 

 ̈     Any
rural business investment company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

 

 ̈     Any
investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws
of a state;

 

 ̈     Any
investment adviser relying on the exemption from registering with the Commission under Section 203(l) or (m) of the Investment
Advisers Act of 1940; or

 

 ̈     Any
trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered by the Issuer
in this offering, whose purchase is directed by a sophisticated person as described in section 230.506(b)(2)(ii) of Regulation D
under the Securities Act.

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