Document:

Exhibit 4.91

 

PRIVATE INSTRUMENT OF SECOND ISSUANCE OF SIMPLE,
UNSECURED, NON-CONVERTIBLE DEBENTURES, TO BE CONVERTED INTO SECURED DEBENTURES, IN SINGLE SERIES, FOR PRIVATE PLACEMENT OF BRASILAGRO
– COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

 

entered between 

 

BRASILAGRO - COMPANHIA BRASILEIRA DE PROPRIEDADES

AGRÍCOLAS

 

in the quality of Debenture Issuer

 

and 

 

ISED SECURITIZADORA S.A.

 

in the quality of Debenture Holder

 

Dated 22nd of March 2021

 

     

     

    

 

PRIVATE INSTRUMENT OF SECOND ISSUANCE OF SIMPLE,
UNSECURED, NON-CONVERTIBLE DEBENTURES, TO BE CONVERTED INTO SECURED DEBENTURES, IN SINGLE SERIES, FOR PRIVATE PLACEMENT OF BRASILAGRO
– COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

 

By the present private instrument, the parties
identified below:

 

1. BRASILAGRO
- COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS, joint-stock company registered as a publicly trade company with the Securities
and Exchange Commission (“CVM”) with main place of business in the City of Sao Paulo, State of Sao Paulo, at Avenida
Brigadeiro Faria Lima, nr. 1309, 5th floor, Jardim Paulistano, Postal Code: 01.452-002, duly enrolled with the National Registry
of Legal Entities of the Ministry of the Economy (“CNPJ/ME”) under nr. 07.628.528/0001-59, with its articles of association
filed with the Board of Trade of the State of Sao Paulo (“JUCESP”) under NIRE nr. 35.300.326.237, herein represented
according to its articles of association (the “Company” or “Issuer”); and

 

2. ISEC
SECURITIZADORA S.A., joint-stock company registered as publicly traded company with the Securities and Exchange Commission (“CVM”)
in category “B”, with main place of business in the City of Sao Paulo, State of Sao Paulo, at Rua Tabapua, nr. 1123, 21st
floor, suite 215, Itaim Bibi, Postal Code: 04533-004, enrolled with the CNPJ/ME under nr. 08.769.451/0001-08, herein represented under
its articles of association (“Debenture Holder” or “Securitization Company”);

 

WHEREAS:

 

(i) The
Company as the corporate purpose the activities described in Clause 3.1, below;

 

(ii) In
the scope of its activities, the Company is interested in issuing simple debentures, non-convertible into stock, Single Series of the
2nd (Second) Issue, unsecured to be converted into secured debentures, for private placement, under the terms of the Indenture
(as defined below) to be fully subscribed by the Debenture Holder (respectively, the “Issue” and “Debentures”);

 

(iii) The
proceeds resulting from the Debentures will be intended, solely and exclusively, to the activities of the Company related to the agribusiness,
in the ordinary course of its businesses, as provided herein;

 

    1

     

    

 

(iv) The
Debentures issued by the Company and subscribed by the Debenture Holder shall grant right of credit against the Company under the terms
of this Indenture;

 

(v) After
the subscription and payment of the Debentures, which is conditioned upon the payment of the CRA, as defined below, the Debenture Holder
will be creditor of all obligations, principal and ancillary, due by the Company in the scope of the Debentures, which represent agribusiness
credit rights (“Agribusiness Credits”) under the terms of the § 1st, of article 23, of Law nr. 11.076,
of 30th of December 2004, as amended (“Law 11.076”) and article 3rd of the CVM Instruction nr.
600, of 1st of August 2018, as amended (“CVM Instruction 600”);

 

(vi) The
trustee of the CRA to be contracted and defined in accordance with the Term of Securitization (as defined below) (“Trustee”),
shall accompany the destination of the proceeds funded with the present Issue, under the terms of Clause 3.6 below of article 3rd
of CVM Instruction 600;

 

(vii) The
issue of the Debentures is inserted into the context of a securitization operation of the agribusiness credit rights that will result
in the issuance of agribusiness receivable certificate of Single Series of the 27th Issue of the Securitization Company (“CRA”),
in volume proportional to the quantity of the Debentures issued, under the terms of CVM Instruction 600, which will be backed by the Agribusiness
Credits, to be provided by the “Term of Securitization of Agribusiness Credit Rights for issuing Agribusiness Receivables Certificates
of the Single Series of the 27th Issue of ISEC Securitizadora S.A., backed by Agribusiness Receivables Certificates due by
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas”, to be executed between the Securitization Company and
the Trustee (“Term of Securitization”) in such a way that the Debentures will be linked to the CRA and their respective
estates will be separated (“Securitization Operation”); and

 

(viii) The
CRA will be distributed by public distribution offer, in regime of firm guarantee of placement, under the terms of CVM Instruction nr.
400, of 29th of December 2003, as amended (“Offer” and “CVM Instruction 400”), respectively),
and will be intended to Institutional and Non-Institutional Investors, as defined in the Term of Securitization, as amended (as they subscribe
and pay the CRA in the scope of the Offer, the “CRA Holders”), under the terms of the “Private Instrument
of Contract of Public Distribution in Regime of Firm Guarantee of Placement of Agribusiness Receivables Certificate of the Single Series
of the 27th Issue of ISEC Securitizadora S.A. (“Distribution Contract”) to be entered between the Securitization
Company, the Company, UBS Brasil Corretora de Cambio, Titulos e Valores Mobiliarios S.A. (“UBS”), Banco Bradesco BBI
S.A. (“BBI”) and XP Investimentos Corretora de Cambio, Titulos e Valores Mobiliarios S.A. (“XPI); and,
jointly with UBA and BBI, the “Coordinators”) in the scope of the Offer.

 

The Parties enter, under the best legal way, the
present “Private Instrument of Second Issuance of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured
Debentures, in Single Series, for Private Placement of BrasilAgro – Companhia Brasileira de Propriedades Agrícolas”
(“Indenture”), which shall be governed by the following clauses and conditions:

 

1. AUTORIZATION

 

1.1 The
present Indenture is entered in accordance to the authorization of the Meeting of the Board of Directors of the Company held on the 19th
of March 2021 (“RCA”), by which means the terms and conditions of the 2nd (second) issue of simple, non-convertible
into stock, unsecured to be converted into secured debentures, in Single Series, for private placement of the Company (“Issue”)
under the terms of article 59 of Law nr. 6404 of 15th of December 1976, as amended (“Corporations Law”),
have been approved.

 

    2

     

    

 

2. REQUIRMENTS
OF THE ISSUE

 

2.1 Filing
and Publication of the Minutes of the RCA

 

2.1.1 The
Minutes of the RCA that approved the terms and conditions of the Issue of Debentures shall be (a) duly filed with the JUCESP; and
(b) published in the newspaper “O Estado de Sao Paulo” and the Official Gazette of the State of Sao Paulo, in accordance
with article 62, item I, and article 289 of the Corporations Law.

 

2.1.2 The
Company undertakes to (i) up to 3 (three) Business Days counted from the date of holding the RCA, send to the Securitization Company
the voucher of the protocol of registration of its minutes with the JUCESP; (ii) timely meet eventual requirements formulated by
the JUCESP and (iii) send to the Securitization Company 1 (one) copy of the minutes of the RCA duly registered with the JUCESP
within the period up to 2 (two) Business Days after obtaining the referred registration.

 

2.2 Filing
of this Indenture

 

2.2.1 The
present Indenture and its eventual amendment will be filed with the JUCESP under the terms of article 62, item II, and paragraph 3rd
of the Corporations Law.

 

2.2.2 The
Company undertakes to (a) up to 5 (five) Business Days counted from the date of execution of the Indenture or eventual amendments
thereof, to perform the protocol with the JUCESP and send to the Securitization Company the respective voucher of protocol of registration
with the referred board of trade; (b) timely meet eventual requirements formulated by the JUCESP and (c) send to the Securitization
Company 1 (one) original of this Indenture, with copy to the Trustee, as well as eventual amendments, duly registered with the JUCESP,
in the period up to 2 (two) Business Days after obtaining the referred registration. Should JUCESP not be working on account of decree
of public disaster or the entity provides a notice regarding its momentaneous suspension of services, such occasion the Company shall
obtain the filing in up to 30 (thirty) running days counted from the date that JUCESP resumes the regular provision of services, subject
of extension for additional 30 (thirty) running days, in case of formal requirement by the respective public entity. In any case, the
Debentures shall only be subscribed and paid upon the full fulfillment of the Conditions Precedent and, in this case, with the due filing
of this Indenture, under the terms of clause 4.8.1 (i) below.

 

2.2.3 Any
amendment to this Indenture shall be entered by the Company, by the Debenture Holder and by the Trustee, and shall only be made after
approval in General Debenture Holders Meeting, according to the clause 8 below and later filed with the JUCESP, under the terms of clause
2.2.2 above.

 

2.2.4 The
Securitization Company is hereby authorized and constituted with all powers, irrevocably, on behalf of the Company and to the expenses
thereof, or the Expenses Fund, as defined in the Term of Securitization, to promote the registration of this Indenture in case the Company
fails to do so within the period determined in clause 2.2.2, above, which does not disfigure, therefore, the non-fulfillment of non-pecuniary
obligation by the Company, under the terms of line “a” of clause 4.27.3, below.

 

2.3 Subscription
of the Debentures

 

2.3.1  The
Debentures will be object of private subscription by the Debenture Holder.

 

2.4 Registration
for Distribution, Negotiation, Electronic Custody and Settlement

 

2.4.1 The
placement of the Debentures will be made privately exclusively to the Debenture Holder, without the intermediation of any institution,
whether or not they may be members of the system of distribution of securities and shall not count on any form of selling effort before
the public in general, being expressly void the negotiation of the Debentures in stock exchange or organized over-the-counter market,
except the possibility of private negotiation.

 

    3

     

    

 

2.5 No
requirement of Registration with the CVM and with the Brazilian Association of Entities of the Financial and Capital Markets (“ANBIMA”)

 

2.5.1 The
Issue shall not be object of registration with the CVM or ANBIMA once the Debentures will be object of private placement, without (i)
intermediation of institutions that integrate the distribution system of securities; or (ii) any selling effort before undetermined
investors.

 

2.6 Constitution
of Guarantee

 

2.6.1 The
Guarantee of the Debentures, represented by the Fiduciary Alienation of Properties (as defined below) will be constituted under the terms
of Contract of Fiduciary Alienation of Properties (as defined below) under the terms of clause 5 below and according to the provision
of article 62, item III of the Corporations Law.

 

2.6.2 The
Contract of Fiduciary Alienation of Properties shall be registered by the Company with the Registry of Real Estate of the Judicial District
of Correntina up to 45 (forty-five) running days counted from the preliminary registration, which shall occur up to 10 (ten) Business
Days counted from the execution of the Contract of Fiduciary Alienation and shall be presented to the Trustee in up to 03 Business Days,
observing that the period of registration may be automatically extended for more 45 (forty-five) running days, in case of eventual requirements
presented by the relevant Registry of Real Estate. The periods of registration provided by this item shall be automatically suspended
while the operation of the respective registry is not regular in view of state of public disaster or by notice issued by the notary of
the relevant registry. In any case, the Debentures shall only be subscribed and paid-in with the full fulfillment of the Conditions Precedent
and, in this case with the due registration of the Contract of Fiduciary Alienation of Properties with the relevant registry, under the
terms of clause 4.8.1 (ix) described below.

 

2.6.2.1 Alternative
Guarantees. In case the Contract of Fiduciary Alienation of Properties is not registered within the time period forth in Clause 2.6.2
above, the Company shall, regardless of any notification, constitute and keep valid, until the Contract of Fiduciary Alienation is duly
registered under the terms of clause 2.6.2 above, any of the following additional guarantees: (i) contracting a surety letter providing
for the Securitization Company as beneficiary with any of the following prime financial institutions: Itau Unibanco S.A., Banco Bradesco
S.A., Banco do Brasil S.A., Banco Santander (Brasil) S.A., Banco BTG Pactual S.A., Banco Rabobank International Brasil S/A and XP Investimento
Corretora de Cambio, Titulos e Valores Mobiliarios S.A., in the amount equal to 100% (one hundred per cent) of the outstanding balance
of the Restated Unit Face Value, according to clause 4.4.1; or (ii) opening and maintenance of an escrow account [conta vinculada]
to be operated exclusively under the direction of the Debenture Holder, with resources equal to 100% (one hundred per cent) of the outstanding
balance of the Restated Unit Face Value, to be provided in guarantee in favor to the Debenture Holder by formalization of contract of
opening and administration of escrow account with any of the prime financial institutions mentioned in this clause and chosen by the Company,
necessary for such, with granting the Securitization Company free access to the escrow account (“Alternative Guarantees”).

 

2.6.2.2 The
constitution of additional guarantee under the terms of clause 2.6.2.1 above shall be made up to 10 (ten) Business Days counted from the
end of the period mentioned in clause 2.6.2.

 

2.6.2.3 The
additional guarantee constituted under the terms of clause 2.6.2.1 shall be automatically released upon registration of the Contract of
Fiduciary Alienation of Properties with the relevant Registry of Real Estate.

 

2.6.2.4 The
constitution of Alternative Guarantees and their release, under the terms of clauses 2.6.2.1 and 2.6.2.3 above, are not subject to the
approval of the Holders of the CRA gathered in General Meeting (“General Meeting of CRA Holders”), having already been
approved since the present date.

 

    4

     

    

 

2.6.2.5 The
non-registration of the Contract of Fiduciary Alienation of Properties within the period set forth in clause 2.6.2 above, without any
additional guarantee being constituted, under the terms of clause 2.6.2.1 above and within the period set forth in clause 2.6.2.2 above,
shall be considered an Non-Automatic Acceleration Event, as provided by lines “d” and “o” of clause 4.27.3, below.

 

3. CHARACTERISTICS
OF THE ISSUE

 

3.1 Company’s
Corporate Purpose

 

3.1.1 Under
the terms of article 3rd of its articles of association, the Company has the corporate purpose (i) the exploration of
agricultural, livestock, forestry activity of any type or nature and provision of services, directly or indirectly, related thereto; (ii)
the purchase, sale and/or lease of properties, lands, buildings and real estate in rural and/or urban areas; (iii) the import and
export of agricultural products and inputs and products related to livestock; (iv) the intermediation in real estate operations
of any type; (v) the interest, as member, in another companies, simple or business companies and commercial ventures of any nature,
in Brazil and/or abroad, directly or indirectly related to the purposes described herein; and (vi) the administration or its own
or third parties’ assets (“Corporate Purpose”).

 

3.2 Number
of Issue

 

3.2.1 The
present Issue constitutes the 2nd (second) issue of debentures of the Company.

 

3.3 Series
Number

 

3.3.1 The
Issue will be made in Single Series.

 

3.4 Total
Amount of the Issue

 

3.4.1 The
total amount of the Issue will be R$240,000,000.00 (two hundred forty million reais) at the Date of Issue (as defined below) (“Total
Amount of Issue”), observing the provision of clause 3.5.2 below.

 

3.5 Quantity
of Debentures

 

3.5.1 It
shall be issued up to 240,000 (two hundred forty thousand) Debentures at the Date of Issue (as defined below).

 

3.5.2 In
case the payment of the CRA is lower than 240,000 (two hundred forty thousand) CRA, the quantity of Debentures provided by Clause 3.5.1
above will be proportionally reduced with the consequent cancelling of the Debentures subscribed and not paid, to be formalized by amendment
to the present Indenture, without the need of new corporate approval by the Issuer or any deliberation by the Securitization Company or
by the CRA Holders, to formalize the quantity of Debentures effectively subscribed and paid-in and, accordingly, the Total Amount of Issue,
observing the provision in this Indenture and Term of Securitization.

 

3.6 Destination
of the Proceeds

 

3.6.1 The
proceeds obtained by the present Issue, and paid by the Debenture Holder in favor of the Company, shall be used by the Company, fully
and exclusively, to its activities connected to the agribusiness, in its rural producer capacity, so understood as the operations, investments
and needs of financing related to the production, commercialization, processing or industrialization of agricultural products or inputs,
especially regarding the defrayal of operating expenses and to the costs related to the activities of production and commercialization
of agricultural products, under the terms of the Company’s corporate purpose and in the ordinary course of its business, under the
terms of article 3rd, item I of CVM Instruction 600 and article 23 of Law nr. 11.076/04 (“Destination of Proceeds”),
in line with the estimate budget provided by the Annex I to this Indenture (“Budget”).

 

    5

     

    

 

3.6.2 The
Company shall allocate the totality of the proceeds obtained by the present Issue under the terms of Clause 3.6.1 above up the Maturity
Date or until the Company uses the totality of such proceeds under the terms of Clause 3.6.1, whatever occurs first. Additionally, upon
the occurrence of acceleration of the obligations resulting from the Debentures or Early Redemption, under this Indenture, the Company
shall remain required to allocate the totality of the proceeds obtained by the present Issue under the terms of Clause 3.6.1 above until
the Maturity Date or until the Company uses the totality of such proceeds under the terms of Clause 3.6.1 above, whatever occurs first.

 

3.6.3 Having
in view that Debentures are issued in the scope of the Securitization Operation, the destination of the resources obtained by the present
Issue shall take place as of the issue and payment of the CRA, in such a way that there shall not occur reimbursement of costs and expenses
previously incurred to the issuance and payment of the CRA.

 

3.6.4 The
Company is characterized as “rural producer” under the terms of article 165 of the RFB IN nr. 971/09 and Law nr. 11.076/04,
being that (a) it appears as its main primary and secondary activities in the National Classification of Economic Activities – CNAE,
identified in its vouchers of enrollment and registry status with the CNPJ/ME, (i) the sugar cane farming, represented by CNAE nr. 01.13-0-00;
(ii) creation of beef cattle, represented by the CNAE nr. 01.51-2-01; (iii) cereal cropping, represented by the CNAE nr. 01.11-3.99 and
(iv) soybeans cropping, represented by the CNAE nr. 01-15-6-00 and (b) it appears as the Company’s corporate purpose, among other
activities provided by article 3rd of its articles of association, (i) the exploration of agricultural, livestock and forestry
activity of any nature and the provision of services directly and indirectly related; and (ii) the import and export of agricultural products
and inputs and those related to livestock.

 

3.6.5 The
Company undertakes to inform the Trustee and the Securitization Company on the correct Destination of the Proceeds, by means of submission
of report (a) semi-annually, every last Business Day of September and March, until the Maturity Date or until the date that the Company
uses the totality of such proceeds under the terms of Clause 3.6.1 above, whatever occurs first; and (b) at the date of discharge of the
totality of the obligations assumed by the Company in the scope of this Indenture in view of the acceleration of the obligations resulting
from the Debentures or Early Redemption, under the terms of this Indenture, with detailed and exhaustive description of the Destination
of the Proceeds describing the amounts and percentages of the proceeds allocated in the respective period, respecting the Maturity Date
as deadline, accompanied by invoices [notas fiscais] and, if applicable, its files in the “XML” format of authentication
of invoices, vouchers of payments and/or financial statements that demonstrate the correct Destination of Proceeds, corporate acts and
other supporting documents that the Trustee may consider necessary to accompany the Destination of the Resources.

 

3.6.5.1 The Parties hereby acknowledge that the
Budget is merely estimate, in such a way that if, by any reason, any delay or anticipation of the schedule provided in the Budget occurs,
it shall not configure any Acceleration Event or Early Redemption case.

 

3.6.6 In
case the Trustee and/or the Securitization Company may be legally and validly required by an Authority (as defined below) for purposes
of meeting Norms (as defined below) and the requirement of the regulatory and auditing bodies, to prove the destination of the proceeds
under the terms of this Indenture and the Term of Securitization, the Company shall send, mandatorily, to the Trustee and the Securitization
Company, the necessary documents and information, including eventual accounting documents, to evidence the use of the proceeds disbursed
and already used up to (i) 5 (five) Business Days before the final date of the deadline demanded by the relevant authority; or
(ii) in case the deadline required by the relevant authority is lower than 5 (five) Business Days, in a period compatible to the
timely presentation of the referred documentation by the Trustee and/or Securitization Company to the relevant authority. In case the
Company fails to observe the deadlines indicated by the Trustee, the latter shall endeavor its best efforts, in the limit of its work,
in such a way to verify the effective direction of all proceeds obtained by the issue of the Debentures, based on eventual documents and
information obtained.

 

    6

     

    

 

3.6.6.1 For purposes of this clause, it is understood
by “Authority”: any individual or legal entity (public or private), personified or not, condominium, trust, investment
vehicle, community of resources or any organization that represents common interest, or group of common interests, including private pension
sponsored by any legal entity (“Person”), entity or body;

 

		(i)	connected, directly or indirectly, in Brazil and/or abroad, to the Public Power, including, not limited
to, entities that represent the Judicial, Legislative and/or Executive Branch, entities of direct or indirect administration, autarchies
and other public Persons, and/or

 

		(ii)	that administers or is connected to regulated security markets, self-regulating entities and other Persons
with normative, inspection and/or punitive power, in Brazil and/or abroad, among others.

 

3.6.6.2 It is understood by “Norm”:
any law, decree, provisional measure, regulation, administrative norm, official letter, letter, resolution, instruction, circular letter
and/or any type of determination, under any other instrument or regulation, of bodies or governmental entities, autarchies, courts or
any other Authority that creates rights and/or obligations.

 

3.6.7 The
Trustee shall verify the effective destination of the totality of the proceeds obtained by means of the present Issue under the terms
of Clause 3.6.1 until the Maturity Date or until the Company uses the totality of such proceeds under the terms of Clause 3.6.1, whatever
occurs first.

 

3.6.7.1 By meeting item 35 of the Circular Letter
CVM/SRE 01/20 of 5th of March 2020, it is highlighted that the Trustee, in its duty to act with care and diligence, shall not
limit itself to the documents supplied and declarations presented by the Company. It must also seek for all documents that may evidence
the completion, lack of failures and flaws of the information presented in this Indenture and other Documents of the Operation.

 

3.6.7.2 Once the totality of the proceeds obtained
by means of the present Issue has been evidenced under the terms of the Clause 3.6.1 above, the Company and the Trustee shall be released
regarding the evidence covered by Clause 3.6.5, above.

 

3.6.8 Without
prejudice to the provision of Clause 3.6.7.1 above, the Securitization Company and the Trustee shall assume that the original documents
or certified copies of documents eventually forwarded by the Company or third parties at its request were not object of fraud or tempering,
not being attributable to the Securitization Company and to the Trustee the responsibility to verify the validity or truthfulness of the
technical and financial information of the eventual documents sent, such as notas fiscais, invoices and/or vouchers of payment
and/or financial statements of the Company, object of the destination of the proceeds, or even any other document that it may be sent
with the purpose to supplement, clarify, rectify or ratify the information on whatever is mentioned in the destination of proceeds.

 

3.7 Link
of the Debentures to the CRA

 

3.7.1 The
Debentures of the present Issue will be linked to the Single Series of the 27th issue of Agribusiness Receivable Certificate
of the Securitization Company, being certain that the CRA will be object of issue and public offer of distribution, under the terms of
the CVM Instruction 400, as defined in the Term of Securitization.

 

    7

     

    

 

3.7.2 In
view of the link mentioned in the Clause 3.7.1 above, the Company is aware and agrees that, once occurred the payment of the Debentures
provided in Clause 3.7.1 above, in view of the fiduciary regimes to be instituted by the Securitization Company, under article 9th
of Law 9514/97 and CVM Instruction 600, any and all proceeds due to the Securitization Company as a result of its holding of the Debentures,
shall be expressly linked to the payments to be made by the investors of the CRA and shall not be subject to any type of offset with obligations
of the Debenture Holder.

 

3.7.3 For
purposes of this instrument, it is considered “Documents of the Operation”: (i) the present Indenture; (ii)
the Contract of Fiduciary Alienation of Properties (as defined below); (iii) the Term of Securitization; (iv) the subscription
instrument of the CRA. (vi) the Contract of Distribution; and (vii) other documents referring to the Offer of the CRA.

 

3.7.4 For
all legal purposes, the holding of the Debentures shall be evidenced by the registration of the Debenture Holder in the Book of Registration
of Nominative Debentures, under the terms of articles 63 and 31 of the Corporations Law and by the “Subscription Instruments”.

 

3.7.5 By
force of linking the Debentures to the CRA, it is hereby set forth that the Securitization Company shall manifest in any General Debenture
Holders Meeting called to deliberate on any matters related to the Debentures, according to direction deliberated by the Holders of the
CRA, after holding a General CRA Holders Meeting, under the terms of the Term of Securitization.

 

4. CHARACTERISTICS
OF THE DEBENTURES

 

4.1 Placement

 

4.1.1 The
Debentures will be object of private placement, without the intermediation of institutions that integrate the system of distribution of
securities and/or any selling efforts before investors.

 

4.2 Date
of Issue

 

4.2.1 For
all legal purposes, the date of issue of the Debentures shall be 3rd of May 2021 (“Date of Issue”).

 

4.3 Duration
and Maturity Date

 

4.3.1 The
Debentures shall have a duration of 2,536 (two thousand five hundred thirty-six) running days counted from the Date of Issue, with maturity
date, therefore, for 12th of April 2028 (“Maturity Date”), with exception of the cases of acceleration of
the Debentures, Early Redemption and Offer of Early Redemption, under the terms of this Indenture.

 

4.4 Unit
Face Value

 

4.4.1 The
unit face value of the Debentures shall be R$1,000.00 (one thousand reais) at the Date of Issue (“Unit Face Value”).

 

4.5. Specie

 

4.5.1 The Debentures shall be unsecured to be
automatically converted into secured debentures, under the terms of clause 5 below, and it must be entered an amendment to this Indenture,
as provided in the Annex II to the present Indenture, in the period up to 10 (ten) Business Days counted from the date that the Contract
of Fiduciary Alienation of Properties, as defined below, is registered with the relevant Registry of Real Estate, without need to hold
a General Debenture Holders Meeting or corporate approval by the Company, solely to formalize the change of the Debentures to the secured
type.

 

    8

     

    

 

4.6 Form
and Convertibility

 

4.6.1 The
Debentures will be nominative, without the issue of provisional certificate or certificates, non-convertible into stock issued by the
Company.

 

4.7 Term
and Form of Payment

 

4.7.1 The
Debentures will be subscribed by a Subscription Instrument. The Debentures shall be paid cash, in national currency, in a single installment
and in a single date, by its Unit Face Value (“Payment Price”) by means of Electronic Transfer Available – TED
or another form of electronic transfer of financial resources. As provided for in the Subscription Instrument, the payment of the Debentures
shall be made upon the fulfillment of the totality of the Conditions Precedent (or dismissal of fulfillment by the Holders of the CRA)
provided in clause 4.8 below (“Date of Payment”).

 

4.7.2 The
Debentures subscribed that eventually are not paid at the Date of Payment shall be cancelled, and it must be entered an amendment to this
Indenture, if the case may be, in the period up to 30 (thirty) days counted from the Date of Payment under the forma of clause 3.5.3 above,
without need to hold a General Debenture Holders Meeting or corporate approval by the Company, to formalize the quantity of Debentures
effectively subscribed and paid and the Total Amount of Issue.

 

4.8 Conditions
Precedent

 

4.8.1 The
Debentures shall only be subscribed and paid after meeting by the Company, at the Date of Payment, of the following conditions precedent,
that will be subject to verification by the Securitization Company, as follows:

 

		(i)	filing of this Indenture with the JUCESP, according to clause 2.2 above;

 

		(ii)	filing of the minutes of the RCA with the JUCESP, except if the JUCESP is not in regular operation on
account of decree of public disaster or the body provides notice regarding the momentaneous suspension of the services, in such occasion
that the Company shall obtain the filing in up to 30 (thirty) running days counted from the date that JUCESP resumes the regular provision
of its services, subject to extension for more 30 (thirty) running days, in case of formal requirement by the relevant public body, and
its publication in the newspaper “O Estado de Sao Paulo” and in the Official Gazette of the State of Sao Paulo, according
to clause 2.1 above.

 

		(iii)	presentation of simple copies of the page of the Book of Registration of Nominative Debentures of the
Company that contains the inscription of the Debenture Holder;

 

		(iv)	Issue of the CRA, and its admission for distribution and negotiation at B3;

 

		(v)	Subscription of the totality of the CRA;

 

		(vi)	Payment of the totality of the CRA;

 

		(vii)	The Company is not in default with any of its pecuniary or non-pecuniary obligations provided in the scope
of the Documents of Operation;

 

		(viii)	Completion, satisfactorily to the Securitization Company and the Coordinators, of legal, accounting, financial
and operation audit of the Company, guarantors and eventual third parties involved in the operation.

 

		(ix)	registration before the relevant registries of Real Estate of the Contract of Fiduciary Alienation of
Properties, under the terms of clause 2.6.2 above; and

 

		(x)	the fulfillment by the Company of the totality of the Conditions Precedent provided in the Documents of
Operation.

 

    9

     

    

 

4.8.2 The
dismissal of the Conditions Precedent is subject to approval by the Coordinators and, in case the CRA have already been paid, by the Holders
of the CRA.

 

4.9 The
Debenture Holder shall make available to the Company, with the proceeds of the payment of the CRA, after fulfilling the Conditions Precedent,
the amount corresponding to the Unit Face Value of the Debentures paid (“Disbursement Value”), of which the amount
of R$6,328,417.43 (six million three hundred twenty-eight thousand four hundred seventeen reais and forty-three cents) will be used for
the payment of initial expenses of Issue provided by the Annex III (“Initial Expenses”) and the amount equal to R$105,000.00
(one hundred five thousand reais) will be used for constitution of funds of expenses by the Debenture Holder, under the Term of Securitization
(“Funds of Expenses”), which shall be used by the Securitization Company for payment or recurring and extraordinary
expenses (together with the Initial Expenses, the “Expenses”) as described in the Annex III.

 

4.10 The
Funds of Expenses shall, while not used for this purpose, be invested in the Permitted Financial Investment (as defined in the Term of
Securitization);

 

4.11 The
Disbursement Amount, after the predicted deductions, shall be deposited by the Debenture Holder on behalf of the Company.

 

4.12 Evidence
of Ownership

 

4.12.1 For
all legal purposes, the ownership of the Debentures shall be evidenced by the enrollment of the Debenture Holder or Securitization Company,
as the case may be, in the Book of Registration of Nominative Debentures. The Company undertakes to promote the inscription in the Book
of Registration of Nominative Debentures in a period not exceeding 5 (five) Business Days counted from the execution of the Subscription
Instrument. For purposes of evidence of fulfillment of the obligation described in the present clause, the Company shall, within the period
mentioned above, present a certified copy to the Securitization Company of the page of the Book of Registration of Nominative Debentures
that contains the inscription of the holder of the Debentures.

 

4.13 Trading
Prohibition

 

4.13.1 The Debentures cannot be traded in any
regulated market or in any way assigned, sold, alienated or transferred, except the transfer between the Debenture Holder and the Securitization
Company mentioned in clause 3.7 above, or in case of liquidation of the Separate Estate of the CRA, under the terms and as defined in
the Term of Securitization., In case of Early Redemption of Debentures, they shall be cancelled.

 

4.14 Scheduled
Amortization

 

4.14.1 Except for the cases of Acceleration of
the Debentures, Offers of Early Redemption and Early Redemption, under the terms of this Indenture, the payment of the outstanding balance
of the Restated Unit Face Value will be made at the dates and percentages indicated in the table provided by the Annex IV (“Dates
of Scheduled Amortizations”), being that the last installment shall be paid at the Maturity Date, in such moment that the totality
of the outstanding balance of the Restated Unit Face Value, the Remuneration and any other amounts due by the Company to the Debenture
Holder, under the terms of the present Indenture, shall be paid by the Company.

 

    10

     

    

 

4.15 Monetary
Restatement. The Unit Face Value, or its balance, as the case may be, will be monetarily restated, as of the first Date of Payment,
by the variation of the National Wide Consumer Price Index, calculated and published by the Brazilian Institute of Geography and Statistics
(“IPCA”), being the product of the restatement incorporated into the Unit Face Value or its balance, as the case may be, automatically
(“Restated Unit Face Value”). The Monetary Restatement of the Debentures of the present Issue shall be calculated in
accordance with the following formula:

 

VNa = VNe x C

 

Where:

 

“VNa”: corresponds to the Restated
Unit Face Value, calculated with 8 (eight) decimal places, no rounding;

 

“VNe”: corresponds to the Unit Face
Value of balance of Unit Face Value after restatement, incorporation of the Remuneration of the Debentures and after amortization, if
any, referenced to the first Date of Payment, as the case may be, calculated/informed with 8 (eight) decimal digits, no rounding;

 

“C” corresponds to the factor of accumulated
variation of the IPCA calculated with 8 (eight) decimal places, no rounding, as follows:

 

 

 

Where:

 

“k” corresponds to the number or order
of NIk, variating from 1 to n;

 

“n” corresponds to the total number
of indexes considered in the restatement, being “n” a whole number;

 

“NIk” corresponds to the IPCA Index
Number published in the month immediately before the month of restatement, in case the restatement is in a date prior to or at the Date
of Anniversary itself (as defined below) of the Debentures. After the Date of Anniversary, the “NIk” shall correspond to the
value of the IPCA Index Number published in the month of restatement.

 

“NIk – 1” corresponds to the
IPCA Index Number used in the immediately previous month by NIk, or eventual legal replacement, in case in the immediately previous month
to the used in NIk the legal substitute may have been used at the Date of Payment of last IPCA Index Number used after the incorporation
of interests, restatement or amortization, if any, whatever occurs first. In case of the first restatement, it shall be used the IPCA
index number published in the immediately previous second month.

 

“dup” corresponds to the number of
Business Days between the first Date of Payment, or immediately previous Date of Anniversary, inclusive, and the date of calculation,
exclusive, being “dup” a whole number. Exclusively for the first period, it shall be added a premium of 2 (two) Business Days
to the “dup”; and

 

“dut” corresponds to the number of
Business Days contained between the immediately previous Date of Anniversary, inclusive, and the next Date of Anniversary, exclusive,
being “dut” a whole number. For the period, it shall be considered dut = 21 Business Days.

 

Remarks:

 

		(i)	The factors resulting from the
expression  are
considered with 8 (eight) digital places, no rounding. The product is executed as of the most recent factor, adding, afterwards, the most
remote ones. The intermediary results are calculated with 16 (sixteen) decimal places, no rounding.

 

    11

     

    

 

		(ii)	It is considered “Date of Anniversary” all second Business Day before day 15 (fifteen)
of each month; and

 

		(iii)	In case, and up to the Date of Anniversary, the index referring to the month of restatement is not available,
it shall be used the last index published, observing the provision of Clause 4.12.6

 

		(iv)	The application of the IPCA will accrue in the lower period allowed by the legislation in force.

 

4.15.1 In
eventual Period of Absence of IPCA, the IPCA shall be replaced by the due legal replacement. In case, at the end of the Period of Absence
of IPCA, there is no legal replacement for the IPCA, the Trustee shall, in the period of 2 (two) Business Days counted from the Period
of Absence of IPCA, call a General Debenture Holders Meeting to define, by common agreement between the Company and the Securitization
Company, observing the good faith and regulation applicable, the new parameter to be applied, which shall reflect parameters used in similar
operations existing at the time. Until the deliberation of this parameter, it shall be used, for the calculation of the amount of any
pecuniary obligations provided by this Indenture and the Term of Securitization, the same rate produced by the last IPCA published, not
being due any offsets between the Company and the Debenture Holder, when a later publishing of the IPCA takes place.

 

4.15.2 In
case the IPCA is published before the holding the General Debenture Holders Meeting referred to above, the referred General Debenture
Holders Meeting shall no longer take place, and the IPCA as of the return of its publishing, shall return to be used for the calculation
of the monetary restatement since the day of its unavailability, not being due any compensations between the Company and the Securitization
Company.

 

4.15.3 In
case of lack of agreement on the substitute rate between the Securitization Company and the Company, or in case the general meeting mentioned
above is not held, the Company hereby undertakes to redeem the totality of the Debentures Outstanding with their consequent cancelling,
in the period of 30 (thirty) days counted from the date of holding the General Debenture Holders Meeting or the General CRA Holders Meeting
provided for above, or at the Maturity Date of the Debentures, whatever occurs first, by the outstanding balance of the Restated Unit
Face Value, added by the Remuneration, calculated on a pro rata temporis basis since the Date of Payment or the immediately previous
Date of Payment of the Remuneration, as the case may be, until the date of the effective payment. The IPCA to be used for the calculation
of the Remuneration in this situation shall the last IPCA available, as the case may be.

 

4.15.4 At
the General Debenture Holders Meeting referred to above, the Securitization Company shall manifest the direction deliberated in each General
CRA Holders Meeting, as referred in the Term of Securitization.

 

4.15.5 In
case it is not allowed to the Company to perform the early redemption of the Debentures, in view of the legal prohibition, the Company
shall continue responsible for all obligations resulting from the Debentures and shall further bear all taxes that may be due by the Debenture
Holder, in such a way to add to the payments due to the Debenture Holder additional amounts enough so that the Debenture Holder receives
such payments as if the referred amounts were not due.

 

4.16 Remuneration
of the Debentures

 

4.16.1 On the outstanding balance of the Unit
Nominal Amount Restated shall accrue compensatory interests corresponding to the higher amount between (i) the Treasury IPCA + with Semi-Annual
Interests of the former National Treasury Bill Series B – NTN-B, with maturity in 2026, based on the indicative quotation published
by ANBIMA in its Internet website (http://www.anbima.com.br) to be calculated in the last Business Day immediately previous to the realization
of the Bookbuilding Procedure (as defined in the Term of Securitization), added exponentially of a spread equal do 2.500% (two
point five centesimals per cent) per year, basis 252 (two hundred fifty-two) Business Days; and (ii) 4.95% (four point ninety-five percent)
per year, basis 252 (two hundred fifty-two) Business Days, whatever is higher, as it may be defined in the Bookbuilding Procedure to be
conducted by the Coordinators of the Offer, with no grace period, calculated as per the calculation basis set forth in this Indenture,
and due in the deadlines provided in Clause 4.17 below (“Remuneration of the Debentures”).

 

    12

     

    

 

4.16.2 The
Issuer is hereby authorized to adjust the Remuneration of the Debentures after the Bookbuilding Procedure is completed, without need of
new corporate approval by the Issuer or any deliberation by the Securitization Company or by the Holders of the CRA, provided that such
change is duly formalized before the Date of Payment, upon the Parties performing the respective amendment to this Indenture and fulfillment
of the formalities covered by the 2nd Clause, above.

 

4.17 Calculation
of the Remuneration of the Debentures

 

4.17.1 The
compensatory interests shall accrue on the Restated Unit Face Value, or its balance, as of the Date of Payment or last Date of Payment
of the Remuneration of the Debentures, as the case may be, until the immediately subsequent Date of Payment of the Remuneration of the
Debentures, and paid at the end of each Period of Capitalization of the CRA, calculated in regime of compound interest pro rata temporis,
based on 252 (two hundred fifty-two) Business Days in accordance with the formula below:

 

J = VNa x (Interest Factor – 1)

 

Where:

 

J = unit amount of compensatory interests due
at the end of each Period of Capitalization, calculated with 8 (eight) decimal places, no rounding.

 

VNa = As defined above;

 

Interest Factor = fixed interest factor, calculated
with 9 (nine) decimal places, no rounding, calculated as follows:

 

Where:

 

“i”: to be calculated according to
the result of the Bookbuilding Procedure, informed with 4 (four) decimal places and inserted into the present Indenture through
amendment.

 

“dup”: as defined above

 

4.18 Payment
of the Remuneration

 

4.18.1 The Remuneration of the Debentures shall
be paid at the dates as described in the Annex V (“Dates of Payment of the Remuneration”).

 

4.18.2 It
shall be entitled to the payments the Debenture Holder owner of Debentures at the end of the Business Day prior to the Date of Payment
of the Remuneration provided for in the present Indenture;

 

4.19 Rescheduling

 

4.19.1 The
Debentures shall be object of rescheduling.

 

4.20 Optional
Acquisition of the Debentures

 

4.20.1.1. The Company cannot acquire the Debentures
under the terms provided by the paragraph 3rd of article 55 of the Corporations Law, not confusing such case with the Offer
of Early Redemption of the Debentures, performed under the terms provided by clause 4.22 of this Indenture.

 

    13

     

    

 

4.21 Optional
Early Redemption of the Debentures

 

4.21.1. The
Company may exercise the full optional early redemption of the Debentures (“Tax Event Optional Early Redemption”),
in case it is verified obligation of addition of the amounts in the payments due by the Company in the scope of the Debentures in view
of the incidence or increase of taxes, except in the cases where such incidence or increase of taxes results, directly or indirectly,
from non-fulfillment by the Company of any obligation provided by this Indenture.

 

4.21.1.1 Additionally, the Issuer may, as of the
4th (fourth) year (inclusive) counted from the Date of Issue (inclusive), at its sole discretion and regardless of the Debenture
Holder’s will, perform the total optional early redemption of the outstanding balance of this Indenture (“Total Optional
Early Redemption”) and, together with the Tax Event Optional Early Redemption, an “Optional Early Redemption”),
observing the provisions of the items below.

 

4.21.1.2 The Total Optional Early Redemption shall
be made upon publication of communication of Total Optional Early Redemption or by remittance of such communication to the Debenture Holder,
with copy to the Trustee, with minimum anticipation of 16 (sixteen) days from the date of the Total Optional Early Redemption, including
the provision of Clause 4.21.1.4 below (“Communication of Total Early Redemption”)

 

4.21.1.3 The amount to be due by the Company in
view of the Total Optional Early Payment shall be confirmed at the Business Day immediately before the date where the payment will be
made and shall correspond to the higher amount between items (i) and (ii) below:

 

		(i)	The Restated Nominal Amount, or balance of the Restated Nominal Amount, as the case may be, added by:
(a) the Remuneration, calculated pro rata temporis, since the first Date of Payment of the CRA (inclusive) or immediately previous
Date of Payment of the Remuneration (inclusive), as the case may be, until the date of the effective Total Optional Early Payment (inclusive);
(b) the Moratorium Charges, if any; and (c) any pecuniary obligations and other additions referring to the Debentures; and

 

		(ii)	the present value of the remaining installments of payment of amortization of the Restated Unit Face Value
and the Remuneration of the Debentures, using as discount rate the internal rate of return of the Treasury IPCA+ with semi-annual interest
with approximate duration equivalent to the remaining duration of the Debentures at the date of the Optional Early Redemption, according
to indicative quotation published by ANBIMA in its website (http://www.anbima.com.br) calculated in the immediately previous Business
Day before the date of the Optional Early Redemption of the Debentures, calculated according to the formula below and added to the Moratorium
Charges, if any, to any pecuniary obligations and other additions referring to the Debentures:

 

 

“VP”: sum of the present value
of the payment installments of the Debentures;

 

“PMTk”: corresponds to the
value for the k-th installment of Remuneration and/or Amortization of the principal amount of the Debentures, duly monetarily restated
until the date of the effective Total Optional Early Redemption;

 

    14

     

    

 

“n”: corresponds to the number
of installments of interests and/or amortization of the Debentures due to its investors after the date that the Total Optional Early Payment
effectively occurs, being “n” a whole number;

 

“Anticipation Factor” corresponds
to the factor calculated according to the following formula, calculated with 9 (nine) decimal places, no rounding:

 

 

Where:

 

“Treasury IPCA” corresponds
to the rate of the Treasury IPCA+ with semi-annual interests with approximate duration equivalent to the remaining duration of the Debentures
at the date of the Optional Early Redemption, based on the quotation published by ANBIMA (as defined in the Term of Securitization) in
its website (http://www.anbima.com.br), calculated in the immediately previous Business Day before the date of Total Optional Early Payment;

 

“nk” corresponds to the Business Days
between the date of the Total Optional Early Payment and the date of payment of the respective PMTk;

 

4.21.1.4 In the Communication of Total Optional
Early Redemption it shall appear: (i) the date of the Total Optional Early Redemption, which shall mandatorily be a Business Day; (ii)
mention to the amount of the Total Optional Early Redemption; and (iii) any other information necessary to the operationalization of the
Optional Early Redemption, as applicable.

 

4.21.1.5 Once the Total Optional Early Redemption
of the Debentures is performed, under the terms provided by this Clause, the Debenture Holder shall perform the Optional Early Redemption
of the CRA (as defined in the Term of Securitization) observing the provision of the

Term of Securitization.

 

4.22 Offer
of Early Redemption

 

4.22.1 Without
prejudice to the provision in Clause 4.22.1 above, at any time counted from the Date of Payment, the Company may, at its sole discretion,
make offer of partial or total early redemption of the Debentures, subject to acceptance of the Holders of the CRA with the consequent
cancelling of such Debentures, as the case may be (“Early Redemption”), in accordance with the terms and conditions
provided below (“Offer of Early Redemption of the Debentures”).

 

4.22.1.1 In case of partial Offer of Early Redemption
of the Debentures, it shall be observed that there shall be redemption of the corresponding CRA proportionally to the quantity of CRA
of the Holders of CRA to be redempted, that have adhered to the Offer of Early Redemption of the CRA, as defined below, in such a way
that at least 1 (one) CRA of each holder of CRA that may have adhered to the Offer of Early Redemption of the CRA is redempted, disregarding
eventual fractions of CRA.

 

4.22.1.2 The amount to be paid by the Company
under Early Redemption shall correspond to the Restated Unit Face Value, or balance of the Restated Unit Face Value, as the case may be,
of the Debentures to be early redempted, added by the Remuneration calculated pro rate temporis, since the Date of Payment of the
last Date of Payment of the Remuneration, until the date of the effective payment, added by any other amounts eventually due by the Company
under the terms of this Indenture (“Redemption Price”).

 

    15

     

    

 

4.22.1.3 The Company shall communicate to the
Securitization Company, with copy to the Trustee, on the performance of the Offer of Early Redemption of the Debentures (“Communication
of Offer of Early Redemption of the Debentures”), describing the terms and conditions of the Offer of Early Redemption of the
Debentures, including: (i) the effective date for the redemption and payment of the Debentures to be redempted, which cannot exceed
60 (sixty) days from the Communication of the Early Redemption of the Debentures; (ii) the form and period for manifest of the
Debenture Holder regarding the Offer of Early Redemption of the Debentures, observing clause 4.17.1.6, below; (iii) if the Offer
of Early Redemption of the Debentures will be related to the totality or part of the Debentures; (iv) if the effective early redemption
of the Debentures is conditioned upon the adhesion of the totality or a minimum number of the Debentures to the Offer of Early Redemption
of the Debentures; (v) estimate of the Redemption Price, which shall correspond to a multiple of the Restated Nominal Unit Value
added by the respective Remuneration at the time of the Early Redemption; (vi) eventual redemption premium which can be offered
to the holder of the Debentures, at the Company’s sole discretion; and (vii) other information on the Offer of Early Redemption
of the Debentures necessary for the decision making by the Holders of the CRA regarding the Offer of Early Redemption of the CRA (as defined
below).

 

4.22.1.4 Once the Communication of Offer of Early
Redemption of the Debentures has been received, the Securitization Company shall call a General CRA Holders Meeting to deliberate on an
offer of early redemption of CRA (“Offer of Early Redemption of CRA”) which shall reflect the same terms and conditions
set forth for the Offer of Early Redemption of the Debentures, under the terms set forth in the Term of Securitization (“Communication
of Offer of Early Redemption of the CRA”).

 

4.22.1.5 The Holders of CRA gathered in General
Meeting of the CRA Holders, under the terms of clause 4.22.1.5 above shall elect for the adherence, or not, to the Offer of Early Redemption
of the CRA. The Securitization Company shall adhere to the Offer of Early Redemption of the Debentures in the quantity of Debentures equivalent
to the quantity of CRA that the CRA holders may have adhered to the Offer of Early Redemption of the CRA, observing the rules of apportionment
set forth in the Term of Securitization. In the cases of no holding the General CRA Holders Meeting, referred to in the clause 4.22.1.5
above, or in case of lack of quorum for deliberation, the Securitization Company shall not adhere to the Offer of Early Redemption of
the Debentures. The adherence or not shall be informed to the Company up to 2 (two) Business Days counted from the holding or not of the
General CRA Holders Meeting mentioned in clause 4.21.1.5 above, being that, in case of adherence, the Company shall have up to 5 (five)
Business Days to perform the effective payment of the Early Redemption, observing the time limit provided in clause 4.22.1.4 above.

 

4.22.1.6 In case (i) the totality of the Holders
of CRA adhere to the Offer of Early Redemption, the Issuer shall perform the total early redemption of the Debentures, as applicable;
(ii) the adhesion to the Offer of Early Redemption is equal to or higher than 95% (ninety-five per cent) of the CRA outstanding, the Holders
of CRA who have not adhered to the Offer of Early Redemption shall have their CRA mandatorily redempted under the same terms and conditions
that the CRA Holders who have adhered to the Offer of Early Redemption, with the consequent total early redemption of the Debentures;
and (iii) the adhesion to the Offer of Early Redemption is lower than 95% (ninety-five per cent) of the CRA Outstanding, the Issuer shall
perform the partial redemption of the Debentures, to the proportion of the CRA whose owners adhere to the Offer of Early Redemption. In
this last case, the Issuer and the Debenture Holder shall enter an amendment to the present Indenture, up to 5 (five) Business Days from
the respective payment of the Early Redemption Price, in such a way to reflect the new Total Value of Issue.

 

4.22.1.7 Observing the provision in the clause
above, the Issuer undertakes to, in the period up to 30 (thirty) running days counted from the date of redemption of the Debentures that
adhere to the Offer of Early Redemption, to enter into an amendment to this Indenture and, if necessary, to the other Documents of Offer,
without need to hold any additional corporate approval by the Issuer or General Debenture Holders Meeting exclusively to reflect the adjustments
that may be necessary as a result of the Offer of Early Redemption.

 

    16

     

    

 

4.22.1.8 The early redemption and the corresponding
payment shall be performed in accordance with the procedures of bank transfer recognized and accepted by the Central Bank of Brazil, under
the legislation in force.

 

4.22.1.9 The expenses related to the Offer of
Early Redemption of the Debentures shall be borne by the Issuer, which includes the expenses of communication and redemption of the CRA.

 

4.22.1.10 In case the quantity of Debentures to
be redempted is lower than the minimum quantity of Debentures set forth by the Company under the terms of the clause 4.22.1.3 above, in
the scope of the Offer of Early Redemption of Debentures, it shall be optional to the Company to not make the early redemption of the
Debentures.

 

4.22.1.11 The date for the realization of any
Early Redemption shall mandatorily be a Business Day.

 

4.22.1.12 The Debentures redempted under the terms
of this item shall be cancelled by the Company.

 

4.23 Extraordinary
Amortization

 

4.23.1 It shall not be allowed the realization
of extraordinary amortization of the Restated Unit Face Value.

 

4.24 Fine
and Moratorium Interests

 

4.24.1 In case of impunctuality in the payment
of any amount due by the Company to the Debenture Holder under the terms of this Indenture, the Issue and/or Offer, additionally to the
payment of the Remuneration, calculated from the date of default until the date of effective payment, on any and all amounts past due,
it shall accrue, regardless of notice, notification of judicial or extrajudicial notification, (i) moratorium interests of 1% (one
per cent) per month, calculated pro rata temporis, since the date of default until the date of the effective payment; and (ii),
non-reducible and non-compensatory moratorium fine of 2% (two per cent)(“Moratorium Charges”).

 

4.25 Place
of Payment

 

4.25.1 The payments related to the Debentures
shall be made by the Company upon deposit to the Centralizing Accounts, as defined in the Term of Securitization.

 

4.26 Extension
of Terms

 

4.26.1 It shall be considered extended the terms
referring to the payment of any obligation provided and resulting from this Indenture if the maturity date does not coincide with a Business
Day, without any addition to the amounts to be paid. For purposes of this Indenture, it shall be considered “Business Day”
any and all day other than Saturday, Sunday or national holiday of the Federative Republic of Brazil. Having in view the link to the CRA
covered by the clause 3.7 above, in case the dates that the events occur in the scope of B3 S.A. – Brasil, Bolsa, Balcao (“B3”),
as provided in the Term of Securitization, are days that B3 is not operating, it shall be considered as due date for the referred event
the day immediately subsequent that B3 is operating, according the CRA are electronically custodied in B3.

 

    17

     

    

 

4.27 Acceleration

 

4.27.1 The Debentures and all obligations included
in this Indenture will be considered anticipately due, becoming immediately payable by the Company, the payment of the balance of the
Restated Unit Face Value, added by the Remuneration, calculated pro rata temporis, since the Date of Payment, or the last Date
of Payment of Remuneration, until the date of the effective payment, without prejudice, when the case may be, of the charge of Moratorium
Charges and any other amounts eventually due by the Company under the terms of any of the Documents of Operation, upon the occurrence
of the cases described in the clauses 4.27.2 and 4.27.3, below, observing the eventual terms of remediation and respective procedures,
when applicable (each one, an “Acceleration Event”).

 

4.27.2 Automatic Acceleration Events: Observing
the eventual terms of cure applicable, the occurrence of any of the events indicated in this clause 4.27.2 shall trigger the automatic
acceleration of the Debentures, regardless of consultation to the Debenture holders and upon previous notice with 1 (one) Business Day
in advance to the Company for purposes merely of communication, in the quality of owner of the Debentures (each one, an “Automatic
Acceleration Event”);

 

		(a)	default, by the Company, its Subsidiaries and/or by the Guarantors (as defined below) of any pecuniary
obligation related to the Debentures and/or provided for in this Indenture and/or in the Guarantee, at the respective date of payment
provided by this Indenture and/or Guarantee, not cured in the period of 01 (one) Business Day counted from the date of the respective
default, respecting eventual periods of cure included in the documents mentioned above;

 

		(b)	change or transfer of shareholding control of the Company and/or Guarantors, that implies in the exclusion
of Cresud S.A. C.I.F.Y.A. – Citibank DTVM S.A., enrolled with the CNPJ/ME under nr. 07.775.250/0001-42 as ultimate controlling entity
of the Company and the Company as final controller of the Guarantors, without previous authorization from the Debenture Holder.

 

		(c)	(i) liquidation, dissolution of extinction of the Company and/or the Guarantors (as defined below)
and/or of any of its “Subsidiaries” (as per the definition of control provided by article 116 of the Corporations Law);
(ii) decree of bankruptcy of the Company and/or Guarantors and/or any one of its Controlling Entities and/or of any one of its
“Subsidiaries” (as per the definition of control provided by the article 116 of the Corporations Law); (iii)
request of self-bankruptcy formulated by the Company and/or by the Guarantors and/or by any of its Controlling Entities and/or by any
of their Subsidiaries; (iv) petition of bankruptcy of the Company and/or the Guarantors and/or any of their Controlling Entities
and/or any one of their Subsidiaries formulated by third parties, not rejected in the legal period; or (v) request of judicial
reorganization or extrajudicial reorganization of the Company and/or the Guarantors and/or any one of their Controlling Entities and/or
by any of their Subsidiaries, regardless of approval of the respective request;

 

		(d)	Declaration of acceleration of any financial obligation of the Company and/or Guarantors and/or any of
their Subsidiaries (even if in the condition of guarantor) resulting from banking debts and capital market operations, local or international,
observing the periods of cure provided in the respective debt instruments.

 

		(e)	default, by the Company and/or Guarantors and/or by any of their Subsidiaries (even if in the condition
of guarantors) of any debt or financial obligation in the scope of the financial and capital markets, local or international, in amount,
individually or in aggregate, equal to or higher than R$15,000,000.00 (fifteen million reais) for facts occurred up to the maturity of
the Agribusiness Receivables Certificate of the 7th and 8th of the 1st Issue of Cibrasec – Companhia
Brasileira de Propriedade Securitizaçao (“CRA of the 1st Issue”), and R$30,000,000.00 (“thirty
million reais) if occurred after the maturity of the CRA of the 1st Issue, or its equivalent in other currencies, observing
the terms of cure provided by the respective debt instruments;

 

		(f)	default of any judicial, administrative or final decision or arbitration award that has not been obtained
a suspensive effect, against the Company and/or against the Guarantors in amount, individually or in aggregate, equal to or higher than
R$15,000,000.00 (fifteen million reais) for facts occurred until the maturity of the CRA of the 1st Issue, and R$30,000,000.00
(thirty million reais) if occurred after the maturity of the CRA of the 1st Issue;

 

    18

     

    

 

		(g)	reduction of the Company’s capital stock, as provided in article 174, paragraph 3rd,
of the Corporations Law, except for absorption of losses, under the law;

 

		(h)	change of the Company’s Corporate Purpose and/or the Guarantors, as provided for in its Memorandum
or Articles of Association, as the case may be, in force at the Date of Issue, except if it does not result in change of the main activity
of the Company and/or the Guarantors;

 

		(i)	declaration of invalidity, nullity or unenforceability of this Indenture and/or Guarantee and/or any of
the other Documents of the Operation, by any judicial decision or arbitration award;

 

		(j)	assignment, promise of assignment or any form of transfer or promise of transfer to third parties, wholly
or partially, by the Company and/or by the Guarantors, of any of its obligations under the terms of this Indenture and/or Guarantee, except
if approved by the Debenture Holder, as previously deliberated by the Holders of the CRA in General CRA Holders Meeting;

 

		(k)	transformation of the corporate type of the Company in such a way that it is no longer a corporation,
under the terms of articles 220 to 222 of the Corporations Law;

 

		(l)	judicial questioning, by the Company and/or by the Guarantors and/or by any of its “Controlling
Entities” (according to the definition of control provided by article 116 of the Corporations Law), of this Indenture and/or Guarantee
and/or of any of the Documents of Operation, not cured definitively within the legal period or up to 15 (fifteen) days counted from the
date that the Company and/or the Guarantors become aware of the filing of such judicial questioning, out of the two periods whichever
is lower, for the cases where the questioning is made by the Controlling Entities;

 

		(m)	in case this Indenture or any Document of Operation is, by any reason, terminated, breached or otherwise
extinguished by the Issuer and/or by the Guarantors; and

 

		(n)	spin-off, merger, incorporation, incorporation of stock or any form of corporate reorganization involving
the Company, the Guarantors and/or any of its Subsidiaries, except in the cases below and provided that the Company has not been extinguished:

 

 (i) if
previously authorized by the Debenture Holder, as previously deliberated by the CRA Holders in General CRA Holders Meeting; or

 

(ii) if,
exclusively in case of spin-off, merger or incorporation of the Company, it has been ensured to the Debenture Holder, during the minimum
period of 06 (six) months counted from the date of publication of the minutes of the corporate acts related to the operation, the redemption
of the Debentures it is holder, upon the payment of the outstanding balance of the Restated Unit Face Value, added by the Remuneration,
calculated pro rata temporis, since the Date of Payment or the immediately previous Date of Payment of Remuneration, as the case
may be, until the date of the effective payment; or

 

(iii) in
cases of spin-off, merger, incorporation, incorporation of stock or other form of corporate reorganization involving solely and exclusively
the Company, its Controlling Entities and/or Subsidiaries; or

 

(iv) in
case it is an Authorized Corporate Operation.

 

    19

     

    

 

4.27.3 Events
of Non-Automatic Acceleration: Upon the occurrence of any of the events indicated in this clause 4.27.3, not remedied in the period
of cure eventually applicable, it shall occur the provision of the clauses 4.27.5 and following clauses of this Indenture (each one, “Event
of Non-Automatic Acceleration”):

 

		(a)	default by the Company and/or by the Guarantors of any non-pecuniary obligation provided by this Indenture
and/or Guarantee not cured in the period of of 5 (five) Business Days counted from the date of receipt of notification of the respective
default by the Company, being that the period provided in this item does not apply to the obligations for which there has been set forth
specific period of cure;

 

		(b)	no obtaining, no renewal, cancelling, revocation or suspension of the authorizations, concessions, permits
and/or licenses necessary for the achievement of the Company’s Corporate Purpose and the corporate purpose of the Guarantors, except
for the authorizations, concessions, permits and/or licenses that may be in process of renewal and do not prevent the Company and/or the
Guarantors, as the case may be, from performing their respective corporate purposes and that are not in disagreement with the laws and
norms applicable;

 

		(c)	constitution of any lien (so defined as mortgage, pledge, fiduciary alienation, fiduciary assignment,
usufruct, trust, charge, encumbrance or lien, attachment, sequestration or levy, encumbrance, judicial or extrajudicial, voluntary or
involuntary, or other act that may have the practical similar effect to any of the expressions above), on the assets object of the Guarantee
or the Alternative Guarantees;

 

		(d)	not meeting, after eventual periods of cure have lapsed provided by the Contract of Fiduciary Alienation
of Properties, to the obligations of reinforcements and/or to the limits, percentages and/or amounts of Guarantee;

 

		(e)	protest of notes against the Company and/or against the Guarantors and/or any of its Subsidiaries (even
if in the condition of guarantors) in amount, individually or aggregate, equal to or higher than: R$15,000,000.00 (fifteen million reais)
for facts occurred up to the maturity of the CRA of the 1st Issue, and R$30,000,000.00 (thirty million reais) if occurred after
the maturity of the CRA of the 1st Issue, or its equivalent in other currencies, except if the protest has been made by proven
error or bad faith of third parties or cancelled, or even if it is validly questioned in court, in any case, in the maximum period of
10 (ten) Business Days counted from the date of awareness of the respective protest by the party protested. For purposes of this item,
the evidence of error or bad faith shall take place upon the presentation, by the party protested, of the respective voucher of payment
of the protested note;

 

		(f)	existence of any judicial, administrative decision or arbitration award that may have not been obtained
suspensive effect, against the Company and/or against the Guarantors in individual amount equal to or higher than: R$15,000,000.00 (fifteen
million reais) for facts occurred up to the maturity of the CRA of the 1st Issue, and R$30,000,000.00 (thirty million reais)
if occurred after the maturity of the CRA of the 1st Issue;

 

		(g)	expropriation, forfeiture or any other act by any governmental entity of any jurisdiction on the property
and/or the direct or indirect possession of its assets, in individual amount equal to or higher than (i) in case of expropriation,
R$100,000,000.00 (one hundred million reais) and, cumulatively, in case the respective indemnification paid by the governmental entity
to the Company in view of the expropriation corresponds to less than 70% (seventy per cent) of the appraisal value of the respective property
expropriated; or (ii) in case of forfeiture or any other act similar from any governmental entity of any jurisdiction, R$100,000,000.00
(one hundred million reais).

 

    20

     

    

 

		(h)	not use by the Company of the net proceeds obtained from the Issue strictly under the terms of this Indenture;

 

		(i)	judicial questioning, by any person different from the Company and the Guarantors, of this Indenture and/or
Guarantee, questioned in the legal period or in the period up to 15 (fifteen) days counted from the date that the Company and/or the Guarantors
were aware of the filing of such judicial questioning, whatever is lower;

 

		(j)	filing the lawsuit that has the object the operation by the Company and/or Guarantors in disagreement
with the norms that may applicable to them that deal with acts of corruption and harmful acts against the public administration, under
Law nr. 12846 of 1st of August 2013, as amended and the Decree nr. 8420 of 18th of March 2015 (together, “Anti-Corruption
Laws”);

 

		(k)	evidence that any of the declarations provided by the Company and/or by the Guarantors in this Indenture,
in the Guarantee and/or other Documents of Operation is false or incorrect, in the latter case, in any material respect;

 

		(l)	distribution and/or payment by the Company of dividends, interests on shareholders’ equity or any
other profit distribution to the shareholders of the Company, in case the Company is in delay with any of its pecuniary obligations set
forth in this Indenture, except for the mandatory dividends provided by article 202 of the Corporations Law, under the terms of the Company’s
Articles of Association in force at the Date of Issue;

 

		(m)	not observance, by the Company, for 2 (two) consecutive quarters, during the effectiveness of the Debentures,
of the financial ratio below (“Financial Ratio”) to be calculated by the Company, quarterly, and verified by the Securitization
Company, having as basis the consolidated financial statements of the Company as of, and inclusive, the financial statements of 30th
of June 2021:

 

Net Debt/Value of Own Lands lower
than 30.00% (thirty per cent) equivalent to 0.3 times.

 

For purposes of the provision in this
clause, it is understood by:

 

(i) “Net
Debt” means the total loans (including short- and long-term loans, as demonstrated in the consolidated balance sheet), subtracted
from the amount of Cash and Cash Equivalents;

 

(ii) “Amount
of Own Lands” means the fair value of appraisal assigned to the Company’s Own Lands by Deloite Touche Tohmatsu Limited,
according to appraisal reports issued in accordance with clause 5.3 below or by other report issued by any of the following companies:
(i) Valora Engenharia S/S Ltda., (ii) Deloitte Touche Tohmatsu Limited or (iii) Cushman & Wakefield Consultoria Imobiliaria Ltda.,
in case any change or update occurs, according to the note “Property for investment”, in the financial statements of the Company
or even in case if it is published a Relevant Fact that indicates the possibility of deterioration of the fair value assigned to the Own
Lands, added by the present value of the receivables of farming sales, according to the note 4.2 to the financial statements and subtracted
by the accounts payable related to the acquisitions, as per note 4.2 to the financial statements; and

 

(iii) “Own
Lands” mean the rural properties owned by the Company, as registered in the registration of the respective property.

 

		(n)	no observance, by the Debtor, for 2 (two) consecutive quarters, during the effectiveness of the Debentures,
of the financial ratio applicable to the CRA of the 1st Issue or in other operations similar to the one described in the Term
of Securitization;

 

    21

     

    

 

		(o)	the lack of registration of the Contract of Fiduciary Alienation of Properties in the period set forth
in clause 2.6.2 above without being constituted additional guarantee, under the terms of clause 2.6.2.1 above;

 

		(p)	spin-off, merger, incorporation of stock or any form of corporate reorganization with third parties that
do not integrate the Company’s Economic Group, by the Company, by the Guarantors and/or by any of its Controlling Entities, except
if, cumulatively or not, (i) it does not configure a merger; (ii) the Company is not extinguished; (iii) the final purpose of the referred
acts are exclusively the acquisition of rural properties indirectly; and (iv) referred acts do not imply in the non-fulfillment by the
Company of the declarations and guarantees provided under the terms of Clause 7 of this Indenture (“Authorized Corporate Reorganization”);

 

		(q)	existence of administrative and/or judicial decision, immediately demandable, which effects are not suspended
or reversed within the legal period of period of 30 (thirty) days counted from its publication, whatever is lower, for inobservance, by
the Company, Subsidiaries and/or Guarantors, of the labor legislation, related to the incentive to prostitution, use of child labor and
conditions analogous to slavery; and

 

		(r)	existence of condemnatory decision, immediately demandable, which effects are not suspended or reversed
within the legal period or period of 30 (thirty) days counted from its publication, whatever is lower, that recognizes, directly or indirectly,
the active participation of the Company, the Subsidiaries and/or Guarantors, in acts and/of facts harmful to the labor legislation regarding
to conducts that characterize moral or sexual harassment.

 

4.27.4 Upon
occurrence of any of the Events of Acceleration provided in the clause 4.27.2 above, the obligations resulting from the Debentures shall
become automatically due, upon previous notification with 1 (one) Business Day of advance to the Company. Without prejudice of the acceleration,
the Trustee, as soon as aware, shall send to the Company written communication informing such occurrence.

 

4.27.5 Upon occurrence of any of the other Events
of Acceleration provided in the clause 4.27.3 above, the Securitization Company, in the quality of assignee of the Debentures, shall immediately
notify the Company upon the occurrence of such events and call a General CRA Holders Meeting in up to 2 (two) Business Days counted from
the awareness of the occurrence of any of the events described in clause 4.27.3 above, ensuring the Company the participation in the respective
meeting, as well as ensuring to the Company the remedy of eventual non-financial defaults until the date of this meeting, in such case
that the debenture holders present shall be dismissed, and as provided in the Term of Securitization, to deliberate on the non-declaration
of acceleration of the Debentures. The General Debenture Holders Meeting shall be held in up to 1 (one) Business Day from the date of
the holding the meeting of the CRA Holders and the Securitization Company, in the quality of Debentures Holder, shall manifest in agreement
with the direction deliberated in the General CRA Holders Meeting, on the eventual non-declaration of acceleration of the Debentures.

 

4.27.6 In case the referred General CRA Holders
Meeting is installed in first or second call, and the Holders of the CRA representing, (a) in first call, at least 50% (fifty per
cent) plus one of the CRA Outstanding (as defined in the Terms of Securitization); or (b) in second call, in minimum 50% (fifty
per cent) plus one of the CRA present to the referred meeting, provided that the Holders of the CRA present to the General CRA Holders
Meeting represent, at least, 20% (twenty per cent) of the CRA Outstanding (as defined in the Term of Securitization) as the case may be,
decide for not considering the acceleration of the obligations resulting from the Debentures or, further, in case of suspension of the
works for deliberation for a later date, the Debenture Holder shall not declare the acceleration of the obligations resulting from the
Debentures and shall formalize minutes of the General Debenture Holders Meeting approving the non- declaration of the acceleration; otherwise,
or in case of non-installation, in second call, of the referred General CRA Holders Meeting, the Debenture Holder shall, immediately,
declare the acceleration of the obligations resulting from the Debentures.

 

    22

     

    

 

4.27.7 In
case of acceleration declared by the Debenture Holder, of the obligations resulting from the Debentures, the Company undertakes to redeem
the totality of the Debentures with their consequent cancelling for the outstanding balance of the Restated Unit Face Value, added by
the Remuneration, calculated pro rata temporis, since the Date of Payment or last Date of Payment of Remuneration, whatever occurs
last, until the date of the effective redemption, without prejudice to the payment of the Moratorium Charges, when the case may be, and
of any other amounts eventually due by the Company under the terms of this Indenture, including eventual expenses due and unpaid, in up
to 1 (one) Business Day counted from the date that the acceleration of the obligations resulting from the Debentures is declared, under
penalty of, by not doing so, being obliged, further, to the payment of the Moratorium Charges being certain that such payment is due by
the Company since the date of declaration of the acceleration, and the Debenture Holders may adopt all measures necessary for the satisfaction
of their credit, regardless of any operational period necessary for the redemption of the Debentures.

 

4.27.8 Notwithstanding
the provision in this clause, the Company may, at any time, call a General Debenture Holders Meeting so that they deliberate on the waiver
or temporary forgiveness (previous waiver request) of any Event of Acceleration provided in the clauses above, which shall depend on the
approval by the Debenture Holders of at least 2/3 (two thirds) of the Debentures Outstanding. The Securitization Company, in the quality
of Debenture Holder, shall manifest in accordance with the direction deliberated in General CRA Holders Meeting, to be called for such
purpose.

 

4.28 Rating

 

4.28.1 The Debentures shall not be object of rating.

 

5. GUARANTEE

 

5.1
Fiduciary Alienation of Properties: Under the terms set forth in the “Private Instrument of Fiduciary Alienation of Properties
in Guarantee and other Covenants” to be entered between Imobiliaria Cajueiro Ltda., CNPJ nr. 08.745.729/0001-07 (“Imobiliaria
Cajueiro”), Agrifirma Bahia Agropecuaria Ltda., CNPJ nr. 10.296.779/0001-98 (“Agrifirma Bahia” and, together
with Imobiliaria Cajueiro, the “Guarantors”), the Company and the Securitization Company, as may be amended from time
to time (the “Contract of Fiduciary Alienation of Properties”) to ensure the faithful, timely and full fulfillment
(i) of the pecuniary obligations, main and ancillary, present or future, at their original maturity dates or accelerated, assumed
by the Company in the present Indenture, including, although not limited to, the total amount of the debt represented by the Debentures
under the terms of this Indenture, added by the Remuneration, Moratorium Charges applicable and any other judicial costs and expenses
and with attorney’s fees incurred in the protection of the interests of the Debenture Holder and any other expenses of the Company’s
responsibility provided in the present Indenture (including fines, penalties, indemnifications, expenses, costs and other contractual
and legal charges provided herein), as well as any other expenses provenly incurred by the Trustee and/or by the Debenture Holder regarding
the collection of the amounts due under the terms of this Indenture and with regarding to the foreclosure of the Guarantee, as constituted
by the Contract of Fiduciary Alienation of Properties, and (ii) any obligations, pecuniary or not, as well as representations
and guarantees of the Company, under the terms of the Documents of the Operation (“Guaranteed Obligations”), the Guarantors
shall constitute fiduciary alienation on the following properties on behalf of the Securitization Company, observing that the Debentures
will be assigned to it (“Fiduciary Alienation of Properties” or simply, “Guarantee”): properties
of registration numbers 6462, 6257, 6405, 6376, 6336, 6377 and 6335 of the Registry of Real Estate of the Judicial District of Correntina,
State of Bahia (“Properties”).

 

    23

     

    

 

5.2 Throughout
the duration of the Debentures, observing the period for constituting the Fiduciary Alienation of the Properties, the value of the properties
object of the Fiduciary Alienation of the Properties (and eventual new guarantees provided under the terms of the Clauses 5.4 and subsequent
clauses below), must represent, at least, 150% (one hundred fifty per cent) of the outstanding balance of the Restated Unit Face Value,
annually verified (“Minimum Guarantee Ratio”).

 

5.3 The
maintenance of the Minimum Guarantee Ratio shall be verified annually by the Securitization Company up to the 5th (fifth) Business
Day of the month of March of each year (“Verification Date”) and, for purposes of the referred calculation, it shall
be used the market value of the Fiduciarily Alienated Properties demonstrated in the appraisal report to be provided by the Company and
made by any of the companies specialized in the area, as those mentioned in the Annex II – Eligibility Criteria (the “Eligibility
Criteria”) of the Contract of Alienation of Properties issued with maximum of 60 (sixty) days in advance to the referred Verification
Date (“Market Value” and “Appraisal Report”, respectively). All expenses resulting from the preparation
of the referred appraisal report shall be borne by the Company.

 

5.3.1 Without
prejudice to the provision above, the Trustee shall endeavor the best efforts to verify if the Guarantees provided by the Company can
achieve their objective of additional security, exercising independent role regarding the performance risk of the investment represented
by the CRA.

 

5.4 Regardless
of the Verification Date, the Company shall, at its own expenses, contract the abovementioned specialized companies to update the Market
Value and shall, based on the relevant Appraisal Report, promote the Partial Release of Guarantee, as below (“Extraordinary Verification
Date”).

 

5.5 Partial
Release of Guarantee. In case the percentage of coverage of the referred guarantee exceeds 160% (one hundred sixty per cent) of the
Restated Unit Face Value (“Maximum Guarantee Ratio”), the referred guarantee shall be released by the Debenture Holder,
as provided in the Contract of Fiduciary Alienation of Properties, without the need of calling a Meeting of CRA Holders, provided that
it is: (a) presented and funded by the Company a new Appraisal Report and it is demonstrated therein that (i) the Maximum Guarantee Ratio
has been exceeded and (ii) with the release of the respective Property given in guarantee, it is maintained the Minimum Guarantee Ratio
and; (iii) the referred release contemplates the totality of a Property, not being allowed, in any circumstances, the partial release
of one of the Properties (“Partial Release of Guarantee”).

 

5.6 The
Partial Release of Guarantee, under the terms of the Contract of Fiduciary Alienation of Properties is not subject to approval by the
Debenture Holders gathered in General Debenture Holders Meeting, being hereby allowed under the terms and observing the requirements provided
in the referred contract, be issued term of release of the referred Guarantee by the Securitization Company up to 30 (thirty) days after
receiving by the Securitization Company of the request of the Partial Release of Guarantee sent by the Company.

 

5.7 Optional
Replacement of Guarantee. In case of request of replacement of Properties in guarantee by reasons other than the non-fulfillment of
the Minimum Guarantee Ratio, as provided by clause 5.8 below, the referred guarantee shall be released, at the Company’s discretion,
and provided that it is: (a.) presented and funded by the Company a new Appraisal Report and it is demonstrated therein that (i) the Maximum
Guarantee Ratio has been exceeded and; (ii) with the replacement of the respective Property given in guarantee with the new property presented
remains maintained the Minimum Guarantee Ratio; (b.) the respective contract of fiduciary alienation is registered with the relevant registry
of Real Estate; (c.) the referred replacements contemplate the totality of one Property, free from any lien or encumbrance, not being
admitted, in any circumstance, the partial release of inclusion of one of the Properties; and (d.) subject to the other obligations provided
by the Contract of Fiduciary Alienation of Properties.

 

    24

     

    

 

5.8 Reinforcement
or Replacement of Guarantees. The Settlors undertake to keep in full the Fiduciary Alienation herein agreed and to reinforce it of
replace it, as the case may be, in case the Minimum Guarantee Ratio is not observed, in such a way to fully recompose the Fiduciary Alienation
and make the value of the assets and rights encumbered be equivalent to, at least, the Minimum Guarantee Ratio (“Reinforcement
or Replacement of Guarantee”).

 

5.9 The
Reinforcement or Replacement of the Guarantee will be implemented by the constitution of the Alternative Guarantees, as defined in the
Contract of Fiduciary Alienation of Properties, or Additional Eligible Properties (as defined below).

 

		5.9.1	For purposes of the provision of this clause, the Company shall notify the Securitization Company up to
15 (fifteen) days from being aware of the non-compliance of the Minimum Guarantee Ratio, as verified in Appraisal Report, presented to
the Securitization Company the Alternative Guarantees and/or Additional Eligible Properties;

 

		5.9.2	The Company and the Securitization Company shall enter into the respective instrument for formalization
of the fiduciary alienation in guarantee, under the terms and conditions of this Contract, in up to 30 (thirty) days from the date that
the Securitization Company receives (a) the confirmation of the General CRA Holders Meeting that approves the reinforcement under the
terms of clause 5.9.5 below; or (b) the notification of the Company, under the terms of Clause 5.9.1 above, in case the reinforcement
be exercised by Additional Eligible Properties or the Alternative Guarantees, as applicable.

 

		5.9.3	All costs resulting from the Reinforcement or Replacement of Guarantee, including, although not limited
to, the Appraisal Reports, meeting the Eligibility Criteria or fees for registration of the instruments to be formalized will be borne
by the Company.

 

		5.9.4	For purposes of the provision in this Clause, “Additional Eligible Properties” shall be considered
the properties owned by the Debtor and/or its subsidiaries of the Company, provided that such properties meet the criteria of eligibility
provided by the Fiduciary Alienation. The Reinforcement or the Replacement of Guarantee performed by the presentation of Additional Eligible
Properties are not subject to the approval by the Holders of the CRA gathered in a General CRA Holders Meeting.

 

		5.9.5	In case of presentation of other modalities of guarantees by the Company, these shall be approved by the
Holder of the CRA gathered in a General CRA Holders Meeting, to be held in the period up to 30 (thirty) days counted from the date of
receipt by the Securitization Company, of notification of the Company, under the terms of Clause 5.9.1, above. The Securitization Company
shall manifest in accordance with direction deliberated in General CRA Holders Meeting to be called for such end.

 

		5.9.6	Only in case of replacement of the totality of the Fiduciary Alienation by the Alternative Guarantees,
the new guarantees, together, shall represent 100% (one hundred per cent) of the outstanding balance of the Restated Unit Face Value.
For all other cases of Replacement or Reinforcement of Guarantee, the new guarantees shall observe the Minimum Guarantee Ratio.

 

5.9.7 The
Fiduciary Alienation replaced under the terms of this clause 5 and sub-items shall be released by the Trustee immediately to the effective
formalization of the new guarantee.

 

5.10 The
Guarantee may be foreclosure, totally or partially, as many times as necessary, until the full compliance of the Guaranteed Obligations.

 

5.11 The
Company: (i) declares to know the terms of the Contract of Fiduciary Alienation of Properties and (ii) undertakes to: (1)
comply with them; (2) exercise its rights in such a way to not impair the rights and prerogatives of the Debenture Holder, the full performance
of the Guarantee Obligations, the Guarantee and its object, and (3) not approve and/or perform any act in disagreement with the provision
in this Indenture, in the Contract of Fiduciary Alienation of Properties and other Documents of the Operation.

 

    25

     

    

 

6. COMPANY’S
ADDITIONAL OBLIGATIONS

 

6.1 The
Company is additionally required to:

 

(a) provide
the Securitization Company and the Trustee with:

 

		(i)	up to 3 (three) months from the date of closing each fiscal year, (1) copy of its complete financial
statements related to the respective fiscal year, accompanied by the management’s report and the report of the independent auditors,
being that in case the Company has made available its financial statements in its website or published as provided by the Corporations
Law, the provision of the referred document to the Securitization Company shall not be necessary; and (2) declaration of the Company’s
Director certifying the compliance of the provisions of this Indenture;

 

		(ii)	send annual declarations to the Securitization Company up to the 31st of January of each fiscal
year for purposes of accompaniment of the Events of Acceleration, aiming at demonstrating the due fulfillment by the Company, of the obligations
assumed in this Indenture, remaining at the Securitization Company’s of the Trustee’s sole discretion the request of new documents/certificates
to the Company to evidence whatever is provided in this declaration, being that in case the Company has been made available its financial
statements in its website or published them in newspapers as provided by the Corporations Law, the supply of the referred document to
the Securitization Company will not be necessary;

 

		(iii)	in up to 2 (two) Business Days after the period of 3 (three) months referred in item (i) above, report
prepared by the Company including detailed memory to accompany the Financial Ratio, comprising the open accounts of all items necessary
for the final obtaining of such Financial Ratio, certifying the sufficiency and the truthfulness of the information, under penalty of
impossibility of verification and checking by the Securitization Company, and the Securitization Company may be able to request the Company
additional clarifications that may be necessary;

 

		(iv)	up to 2 (two) Business Days after the period of 45 (forty-five) days after the end of the first three
corporate quarters of each year, (i) copy of its full financial information related to the respective quarter, being that, in case the
Company has made available its financial statements in its website, the provision of the referred document to the Securitization Company
will not be necessary, and (ii) report prepared by the Company including detailed calculation memorial to accompany the Financial Ratio,
comprising the open accounts of all items necessary for the final obtaining of such Financial Ratio, certifying the sufficiency and truthfulness
of the information, under penalty of impossibility of verification and checking by the Securitization Company, which can request the Company
for additional clarifications that may be necessary;

 

		(v)	within 10 (ten) Business Days, or lower period if so, required by any Authority or regulatory body, any
information that may be requested by the Securitization Company and/or by the Trustee, in order that it may comply with its obligations
under the terms of this Indenture;

 

		(vi)	up to 2 (two) Business Days after its receipt, copy of any correspondence of judicial or extrajudicial
notification received by the Company that may result in acceleration of the Debentures; and

 

		(vii)	up to 10 (ten) Business Days after the written request in this sense made by the Securitization Company
and/or by the Trustee, or in shorter period in case it is necessary to fulfill a period established by the competent authority, all information
requested by the Securitization Company and/or by the Trustee, including, although not limited to, those referring to the destination
of the proceeds resulting from the present Issue.

 

    26

     

    

 

(b) proceed
to the proper publicity of the financial-economic data under the terms required by the Corporations Law, as the case may be, promoting
the publication of its annual financial statements;

 

(c) keep
its bookkeeping updated and make the respective registrations in accordance with the accounting standards adopted in Brazil, observing,
wherever applicable, the provisions included in the Corporations Law, and it must incorporate the changes introduced by Law nr. 11.638
of the 28th of December 2007 and Law nr. 11.941 of 27th of May 2009, or other legislation that may replace them
or supplement them, the definitions of the new pronouncements, interpretations and guidelines of the Committee of Accounting Pronouncements
– CPC, approved by Resolutions of the Federal Board of Accounting (CFC) and deliberations of CVM, that follow the International
Financial Reporting Standards – IFRS issued by the International Accounting Standards Board – IASB;

 

(d) keep
valid and regular the license, concessions or approvals necessary to the regular operation of the Company except for those (i) challenged
in good faith in the administrative and/or judicial level which requirement or applicability is suspended; or (ii) which loss, revocation
or cancelling cannot result in a Relevant Adverse Effect to the Company or to its capacity to meet the obligations related to the Debentures;

 

(e) fulfill
the legislation in force, as well as the regulations, administrative norms and determinations of the governmental bodies, autarchies or
courts, applicable to the conduct of its business and necessary to the execution of its activities, except for cases that the non-fulfillment
cannot cause any Relevant Adverse Effect;

 

(f) comply
with the provision of the environmental legislation in force, including, although not limited to, the legislation in force related to
the National Policy of the Environment and to the other supplementary environmental legislations and regulations, except (i) for those
challenged in the administrative and/or judicial level, which requirement or applicability is suspended; or (ii) non-fulfillment that
cannot cause any Relevant Adverse Effect, adopting the preventive or reparatory measures intended to avoid and correct eventual environmental
damages verified, resulting from the activity described in its corporate purpose and always caring so that: (i) all permits, licenses,
authorizations and approvals necessary for the exercise of its activities are held, in compliance with the environmental legislation applicable;
and (ii) all registrations necessary, in compliance with the civil and environmental legislation applicable are held, in any case;

 

(g) fulfill
the provision in the labor and social security legislation in force, always making sure that (i) it is not used, directly or indirectly,
labor analogous to slavery or child labor, except in case of contracting apprentices, under the terms of the legislation applicable; and
(ii) (1) its workers are duly registered under the terms of the legislation in force; (2) the obligations resulting from the respective
labor contracts have been fulfilled; and (3) the legislation applicable to the labor health and safety, except in the cases of this item,
has been fulfilled (ii) for non-fulfillment that cannot cause any Relevant Adverse Effect;

 

(h) fulfill,
as well cause its Subsidiaries and respective officers and members of the board of directors to fulfill, the norms applicable that deal
with the Anti-Corrupt laws, as applicable, and in case it is aware of any act or fact that violates such norms, to communicate immediately
the Securitization Company.

 

(i) do
not practice any act in disagreement with its articles of association, this Indenture and the Guarantee, especially those that may, directly
or indirectly, compromise the timely and full compliance of the main and ancillary obligations assumed before the holders of the Debentures;

 

    27

     

    

 

(j) notify
the Securitization Company in up to 3 (three) Business Days as of the occurrence of the respective event, on any substantial change in
the conditions (financial or otherwise) or to the businesses of the Company that may make it impossible or difficult the performance by
the Company of its main or ancillary obligations resulting from this Indenture;

 

(k) inform
the Securitization Company on the occurrence of any Event of Acceleration up to 1 (one) Business Day of the notification of its occurrence;

 

(l) apply
the proceeds resulting from this Issue exclusively in accordance with the terms provided in clause 3.6 above, as well as fulfill all obligations
related to the evidence of the referred destination;

(m) make
the payment of all expenses, fees, charges, costs and fees resulting from the securitization and viabilization of the issue of the CRA
and the Securitization operation directly to the Securitization Company up to 05 (five) Business Days from the presentation of the invoices
(in the quality of issuer of the CRA) and, in case the Securitization Company, exceptionally, has to advance resources, it must be reimbursed
by the Company and Securitization Company up to 05 (five) Business Days from the presentation of the invoices or vouchers of payment and,
in case of no payment in this period, in up to 02 (two) Business Days counted from the date of receipt, by the Company, of notification
sent by the Securitization on the no payment;

 

(n) make
the payment of all expenses evidenced that may be necessary to protect the rights and interests of the holders of Debentures or CRA or
to realize their credits, including attorney’s fees and other expenses and costs incurred in view of the collection of any amount
due under this Indenture, upon presentation of the respective invoice, observing that, in case they are paid in advance by the Securitization
Company or by the Trustee, they must be reimbursed by the Company to the Securitization Company and/or to the Trustee, as applicable,
in up to 05 (five) Business Days from the presentation of the invoices or payment vouchers and, in case of no payment in these periods,
up to 2 (two) Business Days counted from the receipt, by the Company, of notification sent by the Securitization Company on the no payment;

 

(o) call,
under the terms of clause 8 below, a General Debenture Holders Meeting to deliberate on any of the matters that directly or indirectly
may be related to the present Issue;

 

(p) comply
with all determinations of CVM and ANBIMA, as applicable, including upon remittance of documents, providing, further, the information
that it may be requested;

 

(q) keep
its condition of rural producer company, duly organized, constituted and existing in accordance with the Brazilian laws, duly authorized
to conduct its businesses will full powers to hold, own and operate its assets;

 

(r) keep
all licenses and authorizations necessary, including the corporate ones, to the execution of this Indenture, the issue of the Debentures
and the compliance of its obligations provided hereunder, as well as all legal and statutory requirements necessary for such;

 

(s) do
not omit any fact whatsoever that may be of its knowledge and that may result in Relevant Adverse Effect to its financial-economic or
legal situation to the loss of this issue of Debentures;

 

(t) be
compliant with the performance of the obligations included in this Indenture and do not incur in any of the Events of Acceleration;

 

(u) has
fair access to all its properties essential for the performance of its activities and its corporate interests; and

 

(v) keep
all contracts and other agreements in force, existing and essential to ensure the Company the maintenance of its current operating and
working conditions.

 

    28

     

    

 

7. COMPANY’S
REPRESENTATIONS AND GUARANTIES

 

7.1 The
Company hereby represents and guarantees at the present date that:

 

(a) it
is a rural producer company, duly organized, constituted and existing in accordance with the Brazilian laws and is duly authorized to
conduct its businesses with full powers to hold, own and operate its assets;

 

(b) has
obtained all licenses and authorizations necessary, including the corporate ones, to the execution of this Indenture, the issue of the
Debentures and the performance of its obligations herein provided, having been met all legal and statutory requirements for such;

 

(c) the
legal representatives that execute this Indenture have statutory and/or delegated powers to assume, on behalf of the Company, the obligations
herein set forth and, being principals, they had the powers legitimately granted, being the respective mandates in full force;

 

(d) the
execution of this Indenture and the performance of the obligations herein provided do not violate or are contrary to: (i) any contract
or document which the Company may be a part or by which its assets or properties are linked, nor shall they result in (1) acceleration
of any obligation set forth in any of these contracts or instruments; (2) creation of any encumbrance on any asset or property of the
Company, or (3) breach of any of these contracts or instruments; (ii) any law, decree or regulation that the Company or any of
its assets and properties may be subject; or (iii) any order, decision or administrative, judicial or arbitration award against
the Company and that affects the Company or any of its assets and properties;

 

(e) no
registration, consent, authorization, approval, license, order from, or qualification before any governmental authority or regulatory
body, additional to the one already granted, is necessary for the performance, by the Company, of its obligations under this Indenture
or for the realization of the Issue, except the registration of this Indenture and the minutes of the RCA with the JUCESP;

 

(f) the
obligations assumed in this Indenture constitute legally valid, effective and binding obligations of the Company, enforceable in accordance
with their terms and conditions, and this Indenture has the force of an extrajudicial executive note under the terms of Law nr. 13.105,
of 16th of March 2015 (“Civil Procedure Code”);

 

(g) has,
under the terms of the legislation applicable, all authorizations and licenses required by the federal, state and municipal authorities
relevant for the exercise of its activities, being all of them valid and in force, except for those that may be in process of obtaining
or renewal;

 

(h) complies,
and causes its Subsidiaries to comply, with the legislation in force, as well as the regulations, administrative norms and determinations
of the governmental bodies, autarchies or courts for the regular exercise of its activities;

 

(i) complies,
and causes its Subsidiaries to comply, with the environmental legislation in force, including, although not limited to the legislation
in force related to the National Policy of the Environment and to the other supplementary environmental legislations and regulations,
except for (i) those challenged in the administrative and/or judicial level, and which requirement or applicability is suspended; or (ii)
which non fulfillment does not cause any Relevant Adverse Effect, adopting the preventive or reparatory measures, indented to avoid and
correct eventual environmental damages verified, resulting from the activity described in its Corporate Purpose and always care for that:
(i) are held all permits, licenses, authorizations and approvals necessary for the exercise of its activities, in compliance with
the environmental legislation applicable; and (ii) are obtained all registrations necessary, in compliance with the civil and environmental
legislation, in any case;

 

    29

     

    

 

(j) complies,
and causes its Subsidiaries to comply, with the labor and social security legislation in force, always caring for it (i) is not
used, directly or indirectly, work analogous to slavery or child labor (except apprentices); and (ii) (1) its workers are duly
registered under the terms of the legislation in force; (2) are fulfilled the obligations resulting from the respective labor contracts;
and (3) are fulfilled the legislation applicable to the labor safety and health, in any case, except in the cases of this item (ii), for
non-fulfillment that may not cause any Relevant Adverse Effect;

 

(k) the
documents and information provided in the scope of this Issue are correct, true, complete and accurate and are updated until the date
that they were provided;

 

(l) there
is no, at the date of execution of this Indenture, any law suit, administrative or arbitration proceedings, inquiry or other type of governmental
investigation that may cause a Relevant Adverse Effect (as defined below) to the Company, to its financial conditions or its activities,
in addition to those mentioned in the financial statements and quarterly information made available by the Company to the CVM and to the
market, that may affect the capacity of the Company to perform its obligations provided in this Indenture;

 

(m) the
Company’s financial statements referring to the fiscal year ended on the 31st of December 2020 are true, complete, consistent
and correct in all respects at the date they were prepared, they reflect, clearly and accurately, the financial and equity position, the
results, operations and cash flows of the Company in the period, and until the date of execution of the present Indenture: (i)
there has not been any Relevant Adverse Effect to the financial situation and operating results at issue; (ii) there has not been
any relevant material operation involving the Company out of the normal course of its businesses; and (iii) there has not been
any substantial increase to the Company’s indebtedness;

 

(n) no
fact whatsoever has been omitted nor shall it be omitted that may be of its knowledge and that may result in Relevant Adverse Effect in
its financial-economic or legal situation to the loss of this issue of Debentures;

 

(o) it
is current with the performance of the obligations included in this Indenture and it is not, at this date, incurring in any of the Events
of Acceleration;

 

(p) is
fully aware and fully agrees that the calculation form of the Monetary Restatement and Remuneration was agreed by its free will, in observance
to the principle of good faith;

 

(q)  all
information provided by the Company in the scope of the present Indenture is correct, true, complete and consistent in all respects at
the date that the referred information was provided and does not omit any fact necessary to make the referred information is not misleading
in referred time in light of the circumstances which it was provided;

 

(r) the
Company has fair title of all its properties essential to the performance of its activities and its corporate interests;

 

(s) it
complies, as well as causes its Subsidiaries to comply, with the norms applicable that deal with Anti-Corrupt Laws to the extent that
it (i) keeps internal mechanisms and procedures that ensure the due compliance with such laws; (ii) seeks to give full knowledge
of such norms to all professionals that may relate to the Company; and (iii) refrains from practicing acts of corruption and act
in a way harmful to the public, national administration and the administration of the countries it operates, as applicable, to its interest
or to its benefit, exclusive or not;

 

(t) at
the present date, there is no (i) violation and/or, (ii) indication of violation of any legal or regulatory provision, national
or countries it operates, as applicable, related to the practice of corruption or acts harmful to the public administration, including,
although not limited to, the Anti-Corrupt Laws, by the Company or its Subsidiaries;

 

    30

     

    

 

(u) there
are no facts related to the Company and/or Debentures that, until the Date of Issue, has not been disclosed to the Securitization Company,
which omission, in the context of the Issue, makes that any declaration of this Indenture may be misleading, incorrect or untrue; and

 

(v) it
shall keep in force all contracts and other agreements existing and essential to ensure the Company the maintenance of its current operating
and working conditions.

 

8. GENERAL
DEBENTURE HOLDERS MEETING

 

General Rule

 

8.1 The
Debenture Holders may, at any time, meet in general meeting, in accordance with the provision of article 71 of the Corporations Law, in
order to deliberate on the matter of interest of the community of the Debenture Holders (“General Debenture Holders Meeting”),
as below:

 

8.2 The
General Debenture Holders Meeting shall be held (i) at the main place of business of the Company in presence; (ii) exclusively digitally;
or (iii) partially digitally, observing the procedures provided in the CVM Instruction nr. 625 of the 14th of May 2020 (“CVM
Instruction nr. 625/20”).

 

8.3 It
is applied to the General Debenture Holders Meeting, wherever applicable, the provision of the Corporations Law on the general shareholders
meeting.

 

8.4 After
the issue of the CRA, the Debenture Holder shall vote at any and all General Debenture Holders Meeting as directed by the Holders of the
CRA.

 

Calling

 

8.5 The
General Debenture Holders Meeting may be called by the Company, by the Trustee and by the Debenture Holders that represent, at least 10%
(ten per cent) of the Debentures Outstanding or even by the CVM.

 

8.5.1 The
calling of the General Debenture Holders Meeting shall take place upon advertisement published at least 3 (three) times in the newspaper
“O Estado de Sao Paulo” and in “DCI-Diario do Comercio e Industria”, respected other rules related to the publication
of advertisement of calling of general meetings included in the Corporations Law, of the regulation applicable and this Indenture, making
sure that the Company is notified about such calling at the date of the first publication in the referred newspaper.

 

8.5.2 The
General Debenture Holders Meeting shall be held in the minimum period of 15 (fifteen) days, counted from the first date or publication
of the calling and the second calling can only be performed in, at least, 8 (eight) days after the date of the publication of the new
calling.

 

8.5.3 By
force of the connection of the Debentures to the CRA, it is hereby set forth that, once the calling of a General Debenture Holders Meeting
has been performed, the Securitization Company shall, up to the following Business Day, request the calling of a General CRA Holders Meeting,
applying the provision of the Term of Securitization.

 

8.5.4 Regardless
of the legal formalities provided, it shall be considered regular the General Debenture Holders Meeting to which all holders of the Debentures
Outstanding are present.

 

    31

     

    

 

Installation

 

8.6 The
General Debenture Holders Meeting shall be installed in first call with the presence of the holders of the Debentures that represent,
at least, 50% (fifty per cent) plus 1 (one) of the Debentures Outstanding and, in second call, with the presence of any number of holder
of Debentures of the Debentures Outstanding.

 

8.6.1 For
purposes of quorum of meeting of the present Issue, it is considered as “Debenture Outstanding” all Debentures subscribed
and not redempted, excluded those Debentures: (i) kept in Treasury by the Company; or (ii) owned by: (a) the subsidiaries
of the Company (direct and indirect), (b) controlling entities (or group of control) of the Company; (c) companies under common control;
and (d) administrators of the Company including, although not limited to, person directly or indirectly related to any of the persons
previously mentioned, including their spouses, companions or relatives to the 2nd (second) degree.

 

8.6.2 It
shall be optional the presence of the legal representatives of the Company at the General Debenture Holders Meeting except when the Company
calls the referred General Debenture Holders Meeting or when formally requested by the Securitization Company, in such case that it shall
be mandatory.

 

8.6.3 The
chairman of the General Debenture Holders Meeting shall be assigned to the debenture holder elected by the holders of the Debentures or
whoever may be assigned by the CVM.

 

Quorum of Deliberation

 

8.7 Without
prejudice to specific quorum set forth in this Indenture, and in the legislation applicable, the deliberations of the General Debenture
Holders Meeting shall depend on approval by the Debenture Holders owners of (i) in first call, at least, 50% (fifty per cent) plus one
of the Debentures Outstanding; or (ii) in second call, at least 50% (fifty per cent) plus one of the Debentures present to the meeting,
provided that the owners of the Debentures present at the General Debenture Holders Meeting represent, at least, 20% (twenty per cent)
of the Debentures Outstanding, except when otherwise provided in this Indenture.

 

8.8 The
cases of alteration of the (i) quorum and provisions provided in this clause; (ii) the Remuneration of the Debentures, except
in case of increase; (iii) of the Dates of Payment of the Remuneration; (iv) the Maturity Date; (v) the values, amounts
and dates of amortization of the principal amount of the Debentures; (vi) the Early Redemption of the Debentures and/or Offer of
Early Redemption; (vii) the quorum provided in this Indenture and/or (viii) the Events of Default; shall depend on approval
by the Debenture Holders that represent, at least, 90% (ninety per cent) of the Debentures Outstanding.

 

8.8.1 Each
Debenture shall grant its holder the right to one vote at the General Debenture Holders Meeting being admitted the constitution of principals,
owners of Debentures or not.

 

8.8.2 The
deliberations made by the holders of the Debentures in General Debenture Holders Meeting, in the scope of their legal competence, observing
the quorums set forth in this Indenture, shall be existing, valid and effective before the Company and shall bind all the holders of the
Debentures Outstanding, regardless to have attended the General Debenture Holders Meeting or the vote casted in the respective General
Debenture Holders Meeting.

 

8.8.3 It
is hereby certain and agreed that the holders of the Debentures shall only manifest in General Debenture Holders Meeting as instructed
by the Securitization Company which shall act in accordance with the direction of the Holders of the CRA, or any legal representative
of the CRA after having been held a General CRA Holders Meeting in accordance with the Term of Securitization.

 

    32

     

    

 

9. NOTICES

 

9.1 All
documents and communications that shall always be made in writing, as well as the physical means that contain the documents or communications,
to be sent by any of the parties under the terms of this Indenture, shall be forwarded to the following addresses:

 

To the Company:

BrasilAgro
- Companhia Brasileira de Propriedades Agrícolas

Avenida Brigadeiro Faria Lima, no 1.309,
5o andar

Postal Code 01452-002, São Paulo –
SP

Att.: Mr. Gustavo Javier Lopez

Telephone: [REDACTED]

E-mail: [REDACTED] c/c [REDACTED]

 

To the Securitization
Company:

ISEC
SECURITIZADORA S.A.

Rua Tabapuã, n.o 1.123, 21o andar,
conjunto 215, Itaim Bibi

São Paulo, SP

Postal Code 04.533-004

Att.: Departamentos Jurídico e de Gestão

Telephone.: [REDACTED]

E-mail: [REDACTED] / [REDACTED]

 

9.2 The
communications referring to this Indenture are considered delivered when received under protocol or with “return receipt”
issued by the mail or by telegram at the addresses above. The communications made by electronic mail will be considered received at the
date of the receipt of the “delivery notice”. The change of any of the addresses above shall be communicated to the other
party by the party that has its address changed, under penalty to be considered delivered the communications sent to the previously indicated
addresses.

 

10. PAYMENT
OF TAXES

 

10.1 The
taxes accruing on the Issue and/or Debentures will be fully paid by the Company, including, not limited to, all costs of taxation accruing
on any payment due to the Securitization Company, as the case may be, in the quality of holder of the Debentures of this Indenture. In
this sense, referred payments shall be added by the current and future amounts corresponding to any taxes that accrue, may accrue or are
understood as due, including, not limited to, the amounts corresponding to the Corporate Income Tax – IPRJ, Taxes on Services of
any Nature – ISSQN, Contribution to the Social Integration Plan and Formation of Estate of the Public Servant – PIS/COFINS
and Tax on Financial Operations – IOF, as applicable. Likewise, in case, by force of norm or determination of authority, the Company
has to withhold and deduct from any payments made exclusively in the scope of the Debentures any taxes and/or fees, the Company shall
add to such payment’s additional amounts in such a way that the Securitization Company, in the quality of holder of the Debentures,
receives the same amounts that would be received had any withholding or deduction been made. For such, the Company hereby recognizes that
the obligation herein provided is pecuniary, and declares to be liquid, certain and required any and all amounts that may be presented
against itself, by the Securitization Company, in the quality of holder of the Debentures, belonging to such taxes and, under the terms
of this Indenture, which shall be settled by the Company, at occasion of its presentation by the Securitization Company, under penalty
of acceleration of the Debentures, under the terms of this Indenture.

 

10.2. The
Company shall not be held responsible for the payment of any taxes that may accrue on the payment of earnings by the Securitization Company
to the Holders of the CRA and/or that in any way are accrued on the Holders of the CRA in view of their investment in the CRA.

 

    33

     

    

 

11. EXPENSES

 

11.1 Notwithstanding
the expenses identified in the other Documents of Operation, as the Issuer’s responsibility, the Issuer shall be responsible, directly
or upon recomposition of the Fund of Expenses, for the expenses described in the Annex III to this Indenture.

 

11.2 Under
no case shall the Securitization Company incur in advance of expenses and/or support expenses with its own resources.

 

12. GENERAL
PROVISIONS

 

12.1 The
waiver to any of the rights resulting from the present Indenture is not presumed. Therefore, any delay, omission or liberality in the
exercise of any right, option or remedy that is attributable to any one of the parties of the present Indenture shall impair such rights,
options or remedies, or shall it be interpreted as a waiver to them or agreement with such default, nor should it constitute novation
or modification of any other obligations assumed in this indenture or precedent regarding any other default or delay.

 

12.2 The
present Indenture is part of a Securitization Operation. The terms in capital letters or with capital initials employed and that are not
otherwise defined in this Indenture are used herein with the same meaning assigned to such terms in the Term of Securitization. All terms
in the singular defined in this instrument shall have the same meanings when employed in the plural and vice-versa. The expressions “of
this instrument”, “in this instrument” and “as provided by this instrument” and words of similar meaning
when employed in this Indenture, unless otherwise required by the context, refer to this Indenture as a whole and not to a specific provision
of this instrument. References to clause, sub-clause, addendum and annex are related to this Indenture unless otherwise specified. All
terms herein defined shall have the definitions assigned to them in this instrument when used in any certificate or document entered or
formalized in accordance with the terms herein.

 

12.3 The
words and terms included in this Indenture not expressly defined herein nor in any other Document of Operation, written in Portuguese
or any other foreign language, as well as any others of technical and/or financial language, that eventually during the effectiveness
of the present Indenture, in the fulfillment of rights and obligations assumed by both parties are used to identify the practice of any
acts or facts, shall be understood and interpreted in agreement with the uses, customs and practices of the Brazilian capital markets.

 

12.4 For
all purposes of the present Indenture, “Relevant Adverse Effect” means any event or situation that causes (i)
any relevant adverse effect to the situation (economic, financial, legal or otherwise), in the business, reputation and/or operating results
of the Company and/or any of its Subsidiaries; or (ii) any relevant adverse effect in the capacity of the Company to perform any
of its obligations under the terms of this Indenture and/or Guarantee.

 

12.5 The
present Indenture is executed irrevocably, binding the Parties by themselves and their successors.

 

12.6 In
case any of the provisions of this Indenture is considered illegal, invalid or unenforceable, all other provisions not affected by such
consideration shall prevail, the parties undertaking, in good faith, to submit the provision affected by other that, to the extent possible,
produces the same effect.

 

12.7 The
present Indenture and the Debentures constitute extrajudicial executive note, under the terms of article 784, sub-sections I and III of
the Civil Procedure Code, and the obligations included therein are subject to specific execution, in accordance with the articles 536
et seq. of the Civil Procedure Code, without this meaning waiver to any other action or providence, judicial or not, that aims at safeguarding
the rights resulting from the present Indenture.

 

12.8 This
Indenture is governed by the Laws of the Federative Republic of Brazil.

 

    34

     

    

 

12.9 The
time limits set forth in the present indenture are calculated in accordance with the rule provided by article 132 of the Civil Code, excluding
the initial day and including the day of maturity.

 

12.10 Any
change to this Indenture, after the payment of the CRA, shall depend on previous approval by the Holders of the CRA, gathered in General
CRA Holders Meeting, under the terms and conditions of the Term of Securitization, except in the following cases, whereby such change
will depend on the previous approval by the Holders of the CRA, gathered in General CRA Holders Meeting, provided that such cases do not
represent loss to the CRA Holders, including with regards to its enforceability, validity and legality of this Indenture, as well as do
not generate additional costs or expenses to the CRA Holders: (i) modifications already expressly permitted in this Indenture;
(ii) need to meet the requirements of adequacy to legal or regulation norms, or those presented by CVM, B3 and/or ANBIMA; and (iii)
misspelling, cross-reference or another strictly formal inaccuracy; (iv) the correction of material errors, whether gross, typing
or arithmetic error; or further, (v) change of the data of the Parties.

 

12.11 For
purposes of the Indenture, all decisions to be made by the Securitization Company in the quality of Debenture Holder, shall depend on
previous manifest of the Holders of the CRA gathered in General CRA Holders Meeting, except: (i) if differently from the provision
in the Documents of Operation, respecting the provisions of calling, quorum and others provided in the Term of Securitization; and (ii)
by the authorizations expressly granted to the Securitization Company in the scope of the Indenture and that are not conflicting with
what must be previously approved by the CRA Holders. In case of ambiguity, it shall prevail the approval by the CRA Holders.

 

12.12 The
Parties agree that the present instrument may be digitally executed, under the terms of Law 13.874 of the 20th of September
2019 (“Law 13.874/19”) as well as the Provisional Measure 2200-2 of the 24th of August of 2001 (“MP
2200-2”). To this purpose, it shall be used the services available in the market and widely used that allow the safety, legal
validity, authenticity, integrity and validity of the electronic signature by means of the digital certification systems capable of validating
the authorship, as well as track the “digital auditing trail” (custody chain) of the document, in order to verify its integrity
and validity.

 

13. JURISDICTION

 

13.1 It
is elected the court of the Judicial District of Sao Paulo, with exclusion of any other, no matter how privileged it might be, to resolve
the questions eventually arising from this Indenture.

 

In witness whereof, the parties execute this Indenture
in 3 (three) copies of equal contents and form for the same purpose, together with the 2 (two) witnesses undersigned.

 

Sao Paulo, 22nd of March 2021.

 

[remaining of the page intentionally left blank]

 

    35

     

    

 

Signature page 1/2 of the Private Instrument
of Second Issuance of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private
Placement of BrasilAgro – Companhia Brasileira de Propriedades Agrícolas, entered between BrasilAgro - Companhia Brasileira
de Propriedades Agricolas and Isec Securitizadora S.A.

 

BrasilAgro
- Companhia Brasileira de Propriedades

Agrícolas

 

The Company

 

	/s/ Gustavo Javier Lopez	 	/s/ André Guillaumon
	Name: 	Gustavo Javier Lopez	 	Name: 	André Guillaumon
	Title:	Administrative Director	 	Title:	CEO
	CPF:	[REDACTED]	 	CPF:	[REDACTED]
	E-mail: 	[REDACTED]	 	E-mail: 	[REDACTED]

 

    36

     

    

 

Signature page 2/2 of the Private Instrument
of Second Issuance of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private
Placement of BrasilAgro – Companhia Brasileira de Propriedades Agrícolas, entered between BrasilAgro - Companhia Brasileira
de Propriedades Agricolas and Isec Securitizadora S.A.

 

ISEC SECURITIZADORA S.A

 

	/s/ Juliane Effting Matias	 	/s/ Eduardo de Mayo Valente Caires
	Name:	Juliane Effting Matias	 	Name:	Eduardo de Mayo Valente Caires
	RG:	[REDACTED]	 	RG:	[REDACTED]
	CPF:	[REDACTED]	 	CPF:	[REDACTED]
	Title:	Director of Operations	 	Position: 	Attorney-in-fact

 

Witnesses

 

	/s/ Luisa Herkenhoff Mis	 	/s/ Marina Moura de Barros
	1.	 	 	2.	 
	Name: 	Luisa Herkenhoff Mis	 	Name: 	Marina Moura de Barros
	CPF:	[REDACTED]	 	CPF:	[REDACTED]
	RG:	[REDACTED]	 	RG:	[REDACTED]

 

    37

     

    

 

ANNEX I

 

of the Private Instrument of Second Issuance
of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas

 

ESTIMATE BUDGET

 

The proceeds obtained by the Issue of the Debentures,
in the amount of R$240,000,000.00 (two hundred fourth million reais) will be used by the Company, fully and solely, for the exploration
of the agricultural activities, substantially under the terms of the estimated budget included in the table below:

 

	Expenses (Accounts)	 	Amount per

 semester

 (14 semesters

 in total)	 	Total Amount
	Investments (agricultural plantation and crop)	 	R$5,357,142.86	 	R$75,000,000.00
	Inputs (agricultural plantation and crop)	 	R$4,404,761.93	 	R$61,666,667.00
	Services (agricultural plantation and crop)	 	R$2,976,190.50	 	R$41,666,667.00
	Labor (Salaries and Charges)	 	R$4,404,761.86	 	R$61,666,666.00
	Total	 	R$17,142,857.14	 	R$240,000,000.00

 

THE ESTIMATED BUDGET PRESENTED IN THE TABLE
ABOVE REPRESENTS ONLY AN ESTIMATE BASED ON THE HISTORY OF EXPENSES OF THE COMPANY, NOT CONSTITUTING AN OBLIGATION TO USE THE PROCEEDS
IN THE PROPORTIONS OR AMOUNTS INDICATED, PROVIDED THAT THE PROCEEDS ARE EXCLUSIVELY APPLIED BY THE COMPANY IN THE EXPLORATION OF ITS AGRICULTURAL
ACTIVITY

 

    38

     

    

 

ANNEX II

 

of the Private Instrument of Second Issuance
of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas

 

DRAFT OF AMENDMENT TO THE INDENTURE

 

[=] AMENDMENT TO THE PRIVATE INSTRUMENT OF
SECOND ISSUANCE OF SIMPLE, UNSECURED, NON-CONVERTIBLE DEBENTURES, TO BE CONVERTED INTO SECURED DEBENTURES, IN SINGLE SERIES, FOR PRIVATE
PLACEMENT OF BRASILAGRO – COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS

 

By the present private instrument, the parties
identified below:

 

3. BRASILAGRO
– COMPANHIA BRASILEIRA DE PROPRIEDADES AGRÍCOLAS, joint-stock company registered as a publicly trade company with the
Securities and Exchange Commission (“CVM”) with main place of business in the City of Sao Paulo, State of Sao Paulo,
at Avenida Brigadeiro Faria Lima, nr. 1309, 5th floor, Jardim Paulistano, Postal Code: 01.452-002, duly enrolled with the National
Registry of Legal Entities of the Ministry of the Economy (“CNPJ/ME”) under nr. 07.628.528/0001-59, with its articles
of association filed with the Board of Trade of the State of Sao Paulo (“JUCESP”) under NIRE nr. 35.300.326.237, herein
represented according to its articles of association (the “Company” or “Issuing Company”); and

 

4. ISEC
SECURITIZADORA S.A., joint-stock company registered as publicly traded company with the Securities and Exchange Commission (“CVM”)
in the category “B”, with main place of business in the City of Sao Paulo, State of Sao Paulo, at Rua Tabapua, nr. 1123, 21st
floor, suite 215, Itaim Bibi, Postal Code: 04533-004, enrolled with the CNPJ/ME under nr. 08.769.451/0001-08, herein represented under
its articles of association (“Debenture Holder” or “Securitization Company”);

 

(Being the Company and the Securitization Company
of the CRA hereinafter called, together, as “Parties” and, individually and indistinctly, as “Party”)

 

WHEREAS:

 

a) The Company issued, on 3rd
of May 2021, [=] ([=]) simple, non-convertible into stock, unsecured to be converted into secured debentures, single series, for private
placement (“Debentures”) through the “Private Instrument of Second Issuance of Simple, Unsecured, Non-Convertible
Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of BrasilAgro – Companhia Brasileira
de Propriedades Agrícolas” dated of 22nd of March 2021 (“Indenture”);

 

b) In
guarantee to the Guaranteed Operations (as defined in the Indenture), Imobiliaria Cajueiro Ltda., CNPJ nr. 08.745.729/0001-07 (“Imobiliaria
Cajueiro”) and Agrifirma Bahia Agropecuaria, CNPJ nr. 10.296.779/0001-98 (“Agrifirma Bahia” and, together
with Imobiliaria Cajueiro, the “Guarantors”) have constituted in favor of the Securitization Company, fiduciary alienation
of properties on the properties described in the Indenture (“Fiduciary Alienation of Properties”), through entering
in the the “Private Instrument of Fiduciary Alienation of Properties in Guarantee and Other Covenants” entered into
on [=] between the Guarantors, the Securitization Company and the Company (“Contract of Fiduciary Alienation of Properties”);

 

c) Once
that at the Date of Issue (as defined in the Indenture), the Contract of Fiduciary Alienation of Properties had not been entered and,
therefore, was not registered with the competent Registry of Real Estate, therefore the Fiduciary Alienation of Properties not being duly
constituted, the Debentures were issued unsecured, to be converted into secured at the moment that the Contract of Fiduciary Alienation
of Properties was duly registered before the competent Registry of Real Estate;

 

    39

     

    

 

d) The
Contract of Fiduciary Alienation of Properties was duly registered with the competent Registry of Real Estate, as well as entered in the
registration of the properties described in the Indenture before the General Registry of Real Estate of the Judicial District of Correntina,
in Bahia;

 

e) In
view of the provision above, the Parties intend to amend the Indenture solely to formalize the conversion of the Debentures from the unsecured
type to secured debentures;

 

f) As
provided in clause 4.5.1, the entering of this Amendment (as defined below) does not depend on holding a General Debenture Holders Meeting
and corporate approval of the Company; and

 

g) The
Parties had time and conditions appropriate for the evaluation and discussion of all clauses of this instrument, which entering, execution
and extinction are based on the principles of equity, probity, loyalty and good faith.

 

The Parties have resolved, under the best legal
way, to enter into the present [=] Amendment to the Private Instrument of Second Issuance of Simple, Unsecured, Non-Convertible Debentures,
to be Converted Into Secured Debentures, in Single Series, for Private Placement of BrasilAgro – Companhia Brasileira de Propriedades
Agrícolas (“Amendment”).

 

1. PRINCIPLES
AND DEFINITIONS

 

1.1 The
words and terms included in this Amendment nor expressly defined herein nor in any other Document of Operation, written in Portuguese
or any other foreign language, as well as any others of technical and/or financial language, that eventually during the effectiveness
of the present Amendment, in the fulfillment of rights and obligations assumed by the Parties are used to identify the practice of any
acts, shall be understood and interpreted in accordance with the meaning assigned thereto in the Indenture.

 

2. OBJECT

 

2.1 By
means of this Amendment, the Parties have resolved to amend the Indenture in order to formalize the conversion of the Debentures in a
secured type.

 

2.2 In
view of the change above, the Indenture shall be amended as follows:

 

(a) The
name of the Indenture shall be “Private Instrument of Second Issuance of Simple, Unsecured, Non-Convertible Debentures, to be
Converted Into Secured Debentures, in Single Series, for Private Placement of BrasilAgro – Companhia Brasileira de Propriedades
Agrícolas”, therefore, anywhere of the Indenture that it is read “Private Instrument of Second Issuance of Simple,
Unsecured, Non-Convertible Debentures, in Single Series, for Private Placement of BrasilAgro – Companhia Brasileira de Propriedades
Agrícolas” it shall read “Private Placement of Indenture of the 2nd (Second) Issue of Simple, Non-Convertible
into Stock, Unsecured Debentures, Single Series, for Private Placement of BrasilAgro – Companhia Brasileira de Propriedades Agricolas”.

 

(b) The
Preamble B and Clauses 1.1 and 4.5.1 of the Indenture shall be in force with the new language below:

 

“B. The Company is interest
in issuing simple, non-convertible into stock, unsecured debentures for private placement under the terms of this Indenture (as defined
below) (“Debentures”) to be fully paid by the Debenture Holder.”

 

    40

     

    

 

“1.1 The present Indenture
is entered into in accordance with the authorization of the Meeting of the Board of Directors of the Company held on the 19th
of March 2021 (“RCA”) by which means the terms and conditions of the 2nd (second) issue of simple, non-convertible
into stock, unsecured debentures, Single Series, for private placement of the Company (“Issue”) under the terms of
article 59 of Law nr. 6404, of 15th of December 1976, as amended (“Corporations Law”)

 

“4.5.1 The
Debentures shall be under the secured type, under the terms of clause 5 below.”

 

3. RATIFICATION

 

3.1 The
other provisions previously signed that do not present incompatibility with this Amendment remain unchanged, which are fully ratified
herein, binding the Parties, the successors to the full fulfillment of the terms included therein, at any title.

 

4. REGISTRATION

 

4.1 The
present Amendment shall be filed with the JUCESP, under the terms of article 62, sub-item II and paragraph 3rd of the Corporations
Law, according to procedure provided by the Indenture.

 

4.2 The
Company undertakes to (a) in up to 2 (two) Business Days counted from the date of execution of this Amendment, to send to the Securitization
Company the voucher of the respective protocol of inscription with the JUCESP; (b) timely meet eventual requirements formulated by JUCESP;
and (c) send to the Securitization Company 1 (one) original of this Amendment, duly registered with the JUCESP, in the period of up to
2 (two) Business Days after obtaining the referred registration.

 

4.3 Any
and all costs incurred in view of the registration, in the competent authorities, of this Amendment shall be the Company’s sole
responsibility.

 

4. APPLICABLE
LEGISLATION AND JURISDICTION

 

5.1 Applicable
Legislation: This Amendment shall be governed and construed in accordance with the laws of the Federative Republic of Brazil.

 

5.2 Jurisdiction:
It is elected the court of the Judicial District of Sao Paulo, State of Sao Paulo, as the only one competent to resolve the questions
eventually arising from or based on this First Amendment, with exclusion of any other, no matter how privileged it might be.

 

In witness whereof, the parties execute this Amendment
in [=] ([=]) copies of equal contents and form for the same purpose, together with the 2 (two) witnesses undersigned.

 

[=] of [=] [=]

 

[Signature in the next page]

[Insert signature page]

 

    41

     

    

 

ANNEX III

 

of the Private Instrument of Second Issuance
of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas

 

INITIAL, RECURRING AND EXTRAORDINARY EXPENSES

 

	PROVIDER	 	DESCRIPTION	 	PERIODICITY	 	 	NET AMOUNT	 	GROSS

    UP	 	 	GROSS AMOUNT	 	RECURRING	 	 	TOTAL RECURRING	 	 	FLAT	 	 	Initial Expenses
	ANBIMA	 	ANBIMA	 	FLAT	 	 	R$ 10,096.80	 	 	          0.00	%	 	R$ 10,096.80	 	 		 	 	 		 	 	 	R$
                                            10,096.80	 	 	R$ 10,096.80
	B3 | CETIP	 	CRA Registration	 	FLAT	 	 	R$ 75,000.00	 	 	0.00	%	 	R$ 75,000.00	 	 	 	 	 	 	 	 	 	 	R$
                                            75,000.00	 	 	R$ 75,000.00
	B3 | CETIP	 	Letter of Ownership	 	FLAT	 	 	R$ 76.03	 	 	0.00	%	 	R$ 76.03	 	 	 	 	 	 	 	 	 	 	R$
                                            76.03	 	 	R$ 76.03
	UBS/BBI/XP	 	Coordenators	 	FLAT	 	 	R$ 5,500,000.00	 	 	9.65	%	 	R$ 6,087,437.74	 	 	 	 	 	 	 	 	 	 	R$
                                            6,087,437.74	 	 	R$ 6,087,437.74
	ISEC	 	Issue	 	FLAT	 	 	R$ 29,000.00	 	 	16.33	%	 	R$ 34,659.97	 	 	 	 	 	 	 	 	 	 	R$
                                            34,659.97	 	 	R$ 34,659.97
	Itau	 	Bookkeeper	 	FLAT	 	 	R$ 3,000.00	 	 	0.00	%	 	R$ 3,000.00	 	 	 	 	 	 	 	 	 	 	R$
                                            3,000.00	 	 	R$ 3,000.00
	Vortx	 	Trustee	 	FLAT	 	 	R$ 10,000.00	 	 	16.33	%	 	R$ 11,951.72	 	 	 	 	 	 	 	 	 	 	R$
                                            11,951.72	 	 	R$ 11,951.72
	Commcor	 	Custodian	 	FLAT	 	 	R$ 1,000.00	 	 	16.33	%	 	R$ 1,195.17	 	 	 	 	 	 	 	 	 	 	R$
                                            1,195.17	 	 	R$ 1,195.17
	Vortx	 	Trustee	 	ANNUAL	 	 	R$ 16,500.00	 	 	16.33	%	 	R$ 19,720.33	 	 	R$
                                            19,720.33	 	 	 	R$
                                            138,042.31	 	 	 	 	 	 	R$ 19,720.33
	Commcor	 	Custodian Institution	 	ANNUAL	 	 	R$ 12,000.00	 	 	16.33	%	 	R$ 14,342.06	 	 	R$
                                            14,342.06	 	 	 	R$
                                            100,394.41	 	 	 	 	 	 	R$ 14,342.06
	ISEC	 	Management Fee	 	MONTHLY	 	 	R$ 1,200.00	 	 	16.33	%	 	R$ 1,434.21	 	 	R$
                                            17,210.47	 	 	 	R$
                                            120,473.29	 	 	 	 	 	 	R$ 17,210.47
	Link	 	Accountant	 	MONTHLY	 	 	R$ 110.00	 	 	0.00	%	 	R$ 110.00	 	 	R$
                                            1,320.00	 	 	 	R$
                                            9,240.00	 	 	 	 	 	 	R$ 1,320.00
	BLB	 	Audit	 	MONTHLY	 	 	R$ 150.00	 	 	0.00	%	 	R$ 150.00	 	 	R$
                                            1,800.00	 	 	 	R$
                                            12,600.00	 	 	 	 	 	 	R$ 1,800.00
	Itau	 	Registrar	 	MONTHLY	 	 	R$ 3,000.00	 	 	0.00	%	 	R$ 3,000.00	 	 	R$
                                            36,000.00	 	 	 	R$
                                            252,000.00	 	 	 	 	 	 	R$ 36,000.00
	Itau	 	Account Fee	 	MONTHLY	 	 	R$ 90.00	 	 	0.00	%	 	R$ 90.00	 	 	R$
                                            1,080.00	 	 	 	R$
                                            7,560.00	 	 	 	 	 	 	R$ 1,080.00
	B3 | CETIP	 	Transaction Fee	 	MONTHLY	 	 	R$ 80.00	 	 	0.00	%	 	R$ 80.00	 	 	R$
                                            960.00	 	 	 	R$
                                            6,720.00	 	 	 	 	 	 	R$ 960.00
	B3 | CETIP	 	Monthly Use	 	MONTHLY	 	 	R$ 70.00	 	 	0.00	%	 	R$ 70.00	 	 	R$
                                            840.00	 	 	 	R$
                                            5,880.00	 	 	 	 	 	 	R$ 840.00
	B3 |
    CETIP	 	Custody of CRA	 	MONTHLY	 	 	R$ 720.00	 	 	0.00	%	 	R$ 720.00	 	 	R$
                                            8,640.00	 	 	 	R$
                                            60,480.00	 	 	 	 	 	 	R$ 8,640.00
	TOTAL	 	 	 	 	 	 	R$
    5,662,092.83	 	 	 	 	 	R$
    6,263,134.03	 	 	R$
                                            101,912.86	 	 	 	R$
                                            713,390.00	 	 	 	R$
                                            6,223,417.43	 	 	R$
    6,328,417.43

 

		(*)	Estimated Costs

 

The expenses above are tax inclusive.

 

Extraordinary Expenses

 

A – Expenses of the Debenture Holder’s
Responsibility

 

		(i)	the remuneration of the financial institutions that work as Coordinators of the issue of the CRA, the
Bookkeeping agent and the Settling Bank and any and all service provider of the Offer of CRA;

 

		(ii)	the remuneration of the Trustee shall be the following: as fees for the provision of services, it shall
be due (i) lump sum of R$10,000.00 (ten thousand reais); and (ii) annual installments of R$16,500.00 (sixteen thousand five hundred reais)
each one adjusted by the IPCA accumulated variation, for the accompaniment of the standard of services of the Trustee, due up to the 5th
(fifth) Business Day counted from the date of payment and the others to be paid at the same dates of the subsequent years until the final
redemption of the CRA. Additionally, in case of default in the payment of the CRA, or restructuring of the conditions of the CRA after
the issue, as well as attendance to meetings or telephone conferences, general meetings, presential or virtual, it shall be due to the
Trustee, additionally, the amount of R$750,00 (seven hundred fifty reais) per hour of dedicated work, including, but not limited to, (i)
comments to the documents of offer during their structuring, in case the operation is not effected, (ii) execution of Guarantees, (iii)
the attendance to former meetings or telephone conferences with the Issuer, with the Securitization Company and/or Holders of the CRA
or other parties of the Issue, (iv) analysis to eventual amendments to the documents of the operation and implementation of the consequent
decisions made in such events; (iv) the implementation of the consequent decisions made in such events, being the referred remuneration
due in 5 (five) Business Days after proof of delivery, by the Trustee, of the “timesheet” to the Securitization Company to
the Issuer;

 

    42

     

    

 

		(iii)	expenses incurred, directly or indirectly, by means of reimbursement, provided in the Documents of Operation;

 

		(iv)	expenses with formalization and registration, under the terms of the Documents of Operation.

 

		(v)	legal counsel’s fees;

 

		(vi)	expenses with opening and maintenance of Centralizing Accounts;

 

		(vii)	recurring remuneration of the Securitization Company, Trustee, Settling Bank and Bookkeeper, if any;

 

		(viii)	monthly management fee, due to the Securitization Company for the maintenance of the Separate Equity will
be R$1,200.00 (one thousand two hundred reais), restated by the IPCA;

 

		(ix)	in the cases of structural renegotiations of the Documents of Operation that imply in the preparation
of amendments to the contractual instruments, it shall be due to the Securitization Company an additional remuneration equivalent to:
R$750.00 (seven hundred fifty reais) hour/man, for the work of professionals dedicated to such activities, and (b) R$1,250.00 (one thousand
two hundred fifty reais) per verification, in case of checking of covenants, if applicable. Such amounts will be restated as of the date
of issue of the CRA by the IPCA, grossed up, for each one of the eventual renegotiations that may be performed, until the limit of R$20,000.00
(twenty thousand reais) per year.

 

B – Expenses of Responsibility of the
Separate Estate:

 

		(i)	expenses with the management, collection, accounting and audit in the realization and administration of
the Separate Estate, other expenses indispensable for the administration of the Credit Rights of the Agribusiness, including those referring
to their transfer in case the Trustee assumes its administration, provided that not borne by the Issuer;

 

		(ii)	eventual expenses with third party experts, lawyers, auditors or tax experts, related to legal procedures
incurred to safeguard the interests of the Holders of CRA and realization of the Credit Rights of the Agribusiness and the Guarantees
that integrate the Separate Equity, provided that previously approved by the holders of the CRA;

 

		(iii)	expenses with publication in newspaper or other communications media for fulfillment of eventual formalities
related to the CRA;

 

		(iv)	eventual expenses, deposits and judicial costs resulting from the loss of law suits;

 

		(v)	taxes accruing on the distribution of earnings of the CRA; and

 

		(vi)	expenses above, of the Issuer’s responsibility, not paid thereby.

 

C – Expenses Supported by the Holders
of the CRA: Considering that the responsibility of the Issuer is limited to the Separate Estate, under the terms of Law nr. 9514/1997,
in case the Separate Estate is insufficient to bear the expenses mentioned in the item above, such expenses shall be supported by the
Holders of the CRA, in the proportion of the CRA held by each one of them.

 

    43

     

    

 

ANNEX IV

 

of the Private Instrument of Second Issuance
of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas

 

DEBENTURES SCHEDULED AMORTIZATION DATES

 

	Date of Payment of Amortization	 	Percentage of the

 Restated Unit Nominal

 Value	 
	04/13/2027	 	 	50,0000	%
	04/12/2028	 	 	100,0000	%

 

    44

     

    

 

ANNEX V

 

of the Private Instrument of Second Issuance
of Simple, Unsecured, Non-Convertible Debentures, to be Converted Into Secured Debentures, in Single Series, for Private Placement of
BrasilAgro – Companhia Brasileira de Propriedades Agrícolas

 

DATES OF PAYMENT OF THE REMUNERATION DEBENTURES

 

	Period	 	Dates of Payment of the Remuneration	 
	1	 	 	04/13/2022	 
	2	 	 	04/13/2023	 
	3	 	 	04/11/2024	 
	4	 	 	04/11/2025	 
	5	 	 	04/13/2026	 
	6	 	 	04/13/2027	 
	7	 	 	04/12/2028Exhibit 4.1

 

WARRANT AGREEMENT

 

THIS WARRANT AGREEMENT (this
 “Agreement”), dated as of October 26, 2021, is by and between Innovative International Acquisition Corp.,
a Cayman Islands exempted company (the “Company”), and American Stock Transfer & Trust Company, LLC, a New
York limited liability trust company, as warrant agent (the “Warrant Agent”, also referred to herein as the
 “Transfer Agent”).

 

WHEREAS, the Company is engaged
in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such
unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”),
and one-half of one redeemable Public Warrant (as defined below) (the “Units”) and, in connection therewith,
has determined to issue and deliver up to 10,000,000 whole warrants (or up to 11,500,000 whole warrants if the Over-allotment Option (as
defined below) is exercised in full) to public investors in the Offering (the “Public Warrants”). Each whole
Warrant entitles the holder thereof to purchase one Ordinary Share for $11.50 per share, subject to adjustment as described herein; and

 

WHEREAS, following consummation
of the Offering, the Company may issue additional warrants (“Post IPO Warrants”; together with the Public Warrants,
the “Warrants”) in connection with, or following the consummation by the Company of a Business Combination (defined
below); and

 

WHEREAS, the Company has filed
with the Securities and Exchange Commission (the “Commission”) a registration statement on Form S-1, File No.
333-260089 (the “Registration Statement”) and prospectus (the “Prospectus”), for the
registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the Units, the Public
Warrants and the Ordinary Shares included in the Units; and

 

WHEREAS, the Company desires
the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, redemption and exercise of the Warrants; and

 

WHEREAS, the Company desires
to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights,
limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 

WHEREAS, all acts and things
have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or
on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution
and delivery of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained, the parties hereto agree as follows:

 

1. Appointment of Warrant Agent. The Company
hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment
and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

 

2. Warrants.

 

2.1 Form of Warrant.
Each Warrant shall be issued in registered form only, and, if a physical certificate is issued, shall be in substantially the form of
Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the
Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, Treasurer or other principal officer of the Company.
In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which
such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to
be such at the date of issuance.

 

    

     

    

 

2.2 Effect of Countersignature.
If a physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant certificate
shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.3 Registration.

 

2.3.1 Warrant Register.

 

(a) The Warrant Agent shall
maintain books (the “Warrant Register”) for the registration of original issuance and the registration of transfer
of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the
respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.
All of the Public Warrants shall initially be represented by one or more book-entry certificates (each, a “Book-Entry Warrant
Certificate”) deposited with The Depository Trust Company (the “Depositary”) and registered in
the name of Cede & Co., a nominee of the Depositary. Ownership of beneficial interests in the Public Warrants shall be shown on, and
the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Book-Entry
Warrant Certificate, or (ii) institutions that have accounts with the Depositary (each such institution, with respect to a Warrant in
its account, a “Participant”).

 

(b) If the Depositary subsequently
ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the Warrant Agent regarding
making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary
to have the Public Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver
to the Warrant Agent for cancellation each Book-Entry Warrant Certificate, and the Company shall instruct the Warrant Agent to deliver
to the Depositary definitive certificates in physical form evidencing such Warrants (“Definitive Warrant Certificate”).
Such Definitive Warrant Certificate shall be in the form annexed hereto as Exhibit A, with appropriate insertions, modifications
and omissions, as provided above.

 

2.3.2 Registered Holder.
Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person
in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner
of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Definitive Warrant
Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes,
and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.4 Detachability of Warrants.
The Ordinary Shares and Public Warrants comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus
or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally
open for normal business (a “Business Day”), then on the immediately succeeding Business Day following such
date, or earlier (the “Detachment Date”) with the consent of the Representative, but in no event shall the Ordinary
Shares and the Public Warrants comprising the Units be separately traded until (a) the Company has filed a current report on Form 8-K
with the Commission containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including
the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering
(the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K,
and (b) the Company issues a press release and files with the Commission a current report on Form 8-K announcing when such separate trading
shall begin.

 

2.4.1 Transfers prior to
Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which
such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore,
each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding
the foregoing, the provisions of this Section 2.4.1 shall have no effect on any transfer of Warrants on or after the Detachment
Date.

 

    - 2 -

     

    

 

2.5 No Fractional
Warrants Other Than as Part of Units. The Company shall not issue fractional Warrants other than as part of the Units, each of
which is comprised of one Ordinary Share and one-half of one Public Warrant. If, upon the detachment of Public Warrants from Units
or otherwise, a holder of Warrants would be entitled to receive a fractional Warrant, the Company shall round down to the nearest
whole number the number of Warrants to be issued to such holder.

 

2.6 Post IPO Warrants.
The Post IPO Warrants, when and if issued, shall have the same terms and be in the same form as the Public Warrants except as may be agreed
upon by the Company.

 

3. Terms and Exercise of Warrants.

 

3.1 Warrant Price.
Each Warrant, when countersigned by the Warrant Agent, shall entitle the Registered Holder thereof, subject to the provisions of such
Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share,
subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant
Price” as used in this Agreement shall mean the price per share at which Ordinary Shares may be purchased at the time a
Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined
below) for a period of not less than 20 Business Days, provided, that the Company shall provide at least 20 days prior written notice
of such reduction to Registered Holders of the Warrants and, provided further that any such reduction shall be identical among all of
the Warrants.

 

3.2 Duration of Warrants.
A Warrant may be exercised only during the period (the “Exercise Period”) commencing 30 days after the first
date on which the Company completes a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination,
involving the Company and one or more businesses (a “Business Combination”) and terminating at 5:00 p.m., New
York City time on the earlier to occur of: (x) the date that is five years after the date on which the Company completes its initial Business
Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of
association, as amended from time to time, if the Company fails to complete a Business Combination, or (z) the Redemption Date (as defined
below) as provided in Section 6.2 hereof (the “Expiration Date”); provided, however, that
the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 3.3.2 below
with respect to an effective registration statement. Except with respect to the right to receive the Redemption Price (as defined below)
in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant not exercised on or before the Expiration
Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m. New
York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration
Date; provided, that the Company shall provide at least 20 days’ prior written notice of any such extension to Registered
Holders of the Warrants and, provided further that any such extension shall be identical in duration among all the Warrants.

 

3.3 Exercise of Warrants.

 

3.3.1 Payment. Subject
to the provisions of the Warrant and this Agreement, a Warrant may be exercised by the Registered Holder thereof by delivering to the
Warrant Agent at its corporate trust department (i) the Definitive Warrant Certificate evidencing the Warrants to be exercised, or, in
the case of a Book-Entry Warrant Certificate, the Warrants to be exercised (the “Book-Entry Warrants”) on the
records of the Depositary to an account of the Warrant Agent at the Depositary designated for such purposes in writing by the Warrant
Agent to the Depositary from time to time, (ii) an election to purchase (“Election to Purchase”) Ordinary Shares
pursuant to the exercise of a Warrant, properly completed and executed by the Registered Holder on the reverse of the Definitive Warrant
Certificate or, in the case of a Book-Entry Warrant Certificate, properly delivered by the Participant in accordance with the Depositary’s
procedures, and (iii) payment in full of the Warrant Price for each full Ordinary Share as to which the Warrant is exercised and any and
all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Ordinary Shares and the issuance
of such Ordinary Shares, as follows:

 

    - 3 -

     

    

 

(a) in lawful money of the
United States, in good certified check or good bank draft payable to the order of the Warrant Agent or by wire transfer;

 

(b) in the event of a
redemption pursuant to Section 6 hereof in which the Company’s board of directors (the
 “Board”) has elected to require all holders of the Warrants to exercise such Warrants on a “cashless
basis,” by surrendering the Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the
product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Fair Market Value”,
as defined in this Section 3.3.1(b) over the Warrant Price by (y) the Fair Market Value. Solely for purposes of this Section
3.3.1(b) and Section 6.3, the “Fair Market Value” shall mean the average last sale price of the Ordinary
Shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the
holders of the Warrants, pursuant to Section 6 hereof; or

 

(c) as provided in Section
7.4 hereof.

 

3.3.2 Issuance of Ordinary
Shares on Exercise. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant
Price (if payment is pursuant to Section 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry
position or certificate, as applicable, for the number of full Ordinary Shares to which he, she or it is entitled, registered in such
name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new book-entry position
or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not have been exercised. If
fewer than all the Warrants evidenced by a Book Entry Warrant Certificate are exercised, a notation shall be made to the records maintained
by the Depositary, its nominee for each Book Entry Warrant Certificate, or a Participant, as appropriate, evidencing the balance of the
Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to issue any Ordinary Shares
pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under
the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto
is current, subject to the Company’s satisfying its obligations under Section 7.4. No Warrant shall be exercisable and the
Company shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant
exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities laws of the state
of residence of the Registered Holder of the Warrants, except pursuant to Section 7.4. In the event that the conditions in the
two immediately preceding sentences are not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise
such Warrant and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants
shall have paid the full purchase price for the Unit solely for the Ordinary Shares underlying such Unit. In no event will the Company
be required to net cash settle the Warrant exercise. The Company may require holders of Public Warrants to settle the Warrant on a “cashless
basis” pursuant to Section 3.3.1(b) and Section 7.4. If, by reason of any exercise of Warrants on a “cashless
basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary
Share, the Company shall round down to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

3.3.3 Valid Issuance.
All Ordinary Shares issued upon the proper exercise of a Warrant in conformity with this Agreement and the Amended and Restated Memorandum
and Articles of Association of the Company shall be validly issued, fully paid and non-assessable.

 

3.3.4 Date of Issuance.
Upon proper exercise of a Warrant, the Company shall instruct the Warrant Agent, in writing, to make the necessary entries in the register
of members of the Company in respect of the Ordinary Shares and to issue a certificate if requested by the holder of such Warrant. Each
person in whose name any book-entry position in the register of members of the Company or certificate, as applicable, for Ordinary Shares
is issued shall for all purposes be deemed to have become the holder of record of such Ordinary Shares on the date on which the Warrant,
or book-entry position in the register of members of the Company representing such Warrant, was surrendered and payment of the Warrant
Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant, except that, if the date
of such surrender and payment is a date when the register of members or share transfer books of the Company or book-entry system of the
Warrant Agent are closed, such person shall be deemed to have become the holder of such Ordinary Shares at the close of business on the
next succeeding date on which the register of members, share transfer books or book-entry system are open.

 

    - 4 -

     

    

 

3.3.5 Maximum
Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions
contained in this Section 3.3.5; however, no holder of a Warrant shall be subject to this Section 3.3.5 unless
he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not affect the exercise of the
holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving effect to
such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would
beneficially own in excess of 9.8% (or such other amount as a holder may specify) (the “Maximum
Percentage”) of the Ordinary Shares issued and outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned by such person and its affiliates
shall include the number of Ordinary Shares issuable upon exercise of the Warrant with respect to which the determination of such
sentence is being made, but shall exclude Ordinary Shares that would be issuable upon (x) exercise of the remaining, unexercised
portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such person and its affiliates (including, without
limitation, any convertible notes or convertible preference shares or warrants) subject to a limitation on conversion or exercise
analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
 “Exchange Act”). For purposes of the Warrant, in determining the number of issued and outstanding Ordinary
Shares, the holder may rely on the number of issued and outstanding Ordinary Shares as reflected in (1) the Company’s most
recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the
Commission as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company or the
Transfer Agent setting forth the number of Ordinary Shares issued and outstanding. For any reason at any time, upon the written
request of the holder of the Warrant, the Company shall, within two Business Days, confirm orally and in writing to such holder the
number of Ordinary Shares then issued and outstanding. In any case, the number of issued and outstanding Ordinary Shares shall be
determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates
since the date as of which such number of issued and outstanding Ordinary Shares was reported. By written notice to the Company, the
holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other
percentage specified in such notice; provided, however, that any such increase shall not be effective until the 61st
day after such notice is delivered to the Company.

 

4. Adjustments.

 

4.1 Share Capitalizations.

 

4.1.1 Subdivision. If
after the date hereof, and subject to the provisions of Section 4.5 below, the number of issued and outstanding Ordinary Shares
is increased by a capitalization of Ordinary Shares, or by a subdivision of Ordinary Shares or other similar event, then, on the effective
date of such share capitalization, subdivision or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall
be increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering to holders of the Ordinary
Shares entitling holders to purchase Ordinary Shares at a price less than the “Fair Market Value” (as defined below) shall
be deemed a capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such
rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for
Ordinary Shares) and (ii) one minus the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Fair
Market Value. For purposes of this Section 4.1.1, (i) if the rights offering is for securities convertible into or exercisable
for the Ordinary Shares, in determining the price payable for Ordinary Shares, there shall be taken into account any consideration received
for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the
volume weighted average price of the Ordinary Shares as reported during the 10 trading day period ending on the trading day prior to the
first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to
receive such rights.

 

    - 5 -

     

    

 

4.1.2 Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a
distribution in cash, securities or other assets to the holders of Ordinary Shares on account of such Ordinary Shares (or other
shares of the Company into which the Warrants are convertible), other than (a) as described in Section 4.1.1 above, (b)
Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of the Ordinary Shares in connection
with a proposed initial Business Combination, (d) as a result of the repurchase of Ordinary Shares by the Company if a proposed
initial Business Combination is presented to the shareholders of the Company for approval to satisfy the redemption rights of the
holders of the Ordinary Shares in connection with a vote to amend the Company’s amended and restated memorandum and articles
of association as provided therein to modify the substance or timing of the Company’s obligation to allow redemption in
connection with the Business Combination or to redeem 100% of the public shares if the Company does not complete the Business
Combination within the period set forth in the Company’s amended and restated memorandum and articles of association, or (e)
in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and
any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an
 “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the
effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Board, in
good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of
this Section 4.1.2, “Ordinary Cash Dividends” means any cash dividend or cash distribution which,
when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the
Ordinary Shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to
appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or
cash distributions that resulted in an adjustment to the Warrant Price or to the number of Ordinary Shares issuable on exercise of
each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

4.2 Aggregation of Shares.
If after the date hereof, and subject to the provisions of Section 4.5 hereof, the number of issued and outstanding Ordinary Shares
is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then, on the effective date
of such consolidation, combination, reverse share split, redesignation, reclassification or similar event, the number of Ordinary Shares
issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding Ordinary Shares.

 

4.3 Adjustments in Warrant
Price.

 

4.3.1 Whenever the number of
Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1.1 or Section 4.2 above,
the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a
fraction (x) the numerator of which shall be the number of Ordinary Shares purchasable upon the exercise of the Warrants immediately prior
to such adjustment, and (y) the denominator of which shall be the number of Ordinary Shares so purchasable immediately thereafter.

 

4.3.2 If the Company issues
additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business
Combination at an issue price or effective issue price of less than $9.20 per share Ordinary Shares (as adjusted for share subdivisions,
share consolidations, share capitalizations, rights issuances, reorganizations, recapitalizations and the like), with such issue price
or effective issue price to be determined in good faith by the Board (and in the case of any such issuance to the Sponsor or its affiliates,
without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “New
Issuance Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the consummation of
the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Ordinary Shares during
the 20 trading-day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination
(such price, the “Market Value”) is below $9.20 per share (as adjusted for share subdivisions, share consolidations,
share capitalizations, rights issuances, reorganizations, recapitalizations and the like), then the Warrant Price shall be adjusted (to
the nearest cent) to be equal to 115% of the higher of the Market Value and the New Issuance Price and the Redemption Trigger Price (as
defined below) will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the New Issuance Price.

 

    - 6 -

     

    

 

4.4 Notices of Changes
in Warrant. Upon every adjustment of the Warrant Price or the number of Ordinary Shares issuable upon exercise of a Warrant, the Company
shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and
the increase or decrease, if any, in the number of Ordinary Shares purchasable at such price upon the exercise of a Warrant, setting forth
in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified
in Sections 4.1, Sections 4.2 or Section 4.3, the Company shall give written notice of the occurrence of such event
to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.5 No Fractional Shares.
Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional Ordinary Shares upon
the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled,
upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round down to the
nearest whole number, the number of Ordinary Shares to be issued to such holder.

 

4.6 Form of Warrant.
The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment
may state the same Warrant Price and the same number of Ordinary Shares as is stated in the Warrants initially issued pursuant to this
Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant
that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned,
whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

4.7 Other Events. In
case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4
are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on
the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a
firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its
opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose
of this Section 4 and, if they determine that an adjustment is necessary, the terms of such adjustment; provided, however, that
under no circumstances shall the Warrants be adjusted pursuant to this Section 4.7 as a result of any issuance of securities in
connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment
recommended in such opinion.

 

4.8 No Adjustment.
For the avoidance of doubt, no adjustment shall be made to the terms of the Warrants solely as a result of an adjustment to the conversion
ratio of the Company’s Class B ordinary share (the “Class B Ordinary Share”) into Ordinary Shares or the
conversion of the Class B Ordinary Shares into Ordinary Shares, in each case, pursuant to the Company’s amended and restated memorandum
and articles of association, as amended from time to time.

 

    - 7 -

     

    

 

5. Transfer and Exchange of Warrants.

 

5.1 Registration of Transfer.
The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures properly guaranteed and accompanied
by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall
be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled
shall be delivered by the Warrant Agent to the Company from time to time upon request.

 

5.2 Procedure for Surrender
of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon
the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered,
representing an equal aggregate number of Warrants; provided, however, that except as otherwise provided herein or in any
Book Entry Warrant Certificate or Definitive Warrant Certificate, each Book Entry Warrant Certificate and Definitive Warrant Certificate
may be transferred only in whole and only to the Depositary, to another nominee of the Depositary, to a successor depository, or to a
nominee of a successor depository; provided further, however, that in the event that a Warrant surrendered for transfer
bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange thereof until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants
must also bear a restrictive legend.

 

5.3 Fractional Warrants.
The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result in the issuance of a Warrant
certificate or book-entry position for a fraction of a Warrant.

 

5.4 Service Charges.
No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.5 Warrant Execution and
Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement,
the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant
Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

 

5.6 Transfer of Warrants.
Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the Unit in which such Warrant is
included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer
of a Unit on the register relating to such Units shall operate also to transfer the Warrants included in such Unit. Notwithstanding the
foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date.

 

6. Redemption.

 

6.1 Redemption. Subject
to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time
while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon notice to the Registered Holders of
the Warrants, as described in Section 6.2 below, at the price of $0.01 per Warrant (the “Redemption Price”),
provided that the last sales price of the Ordinary Shares reported has been at least $18.00 per share (subject to adjustment in compliance
with Section 4 hereof) (the “Redemption Trigger Price”), on each of 20 trading days within the 30 trading-day
period ending on the third trading day prior to the date on which notice of the redemption is given and provided that there is an effective
registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto,
available throughout the 30-day Redemption Period (as defined in Section 6.2 below) or the Company has elected to require the exercise
of the Warrants on a “cashless basis” pursuant to Section 3.1; provided, however, that if and when the Public Warrants
become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon exercise
of the Public Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable
to effect such registration or qualification.

 

    - 8 -

     

    

 

6.2 Date Fixed for, and
Notice of, Redemption. In the event that the Company elects to redeem all of the Warrants, the Company shall fix a date for the redemption
(the “Redemption Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company
not less than 30 days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders
of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice.

 

6.3 Exercise After Notice
of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3.3.1(b)
of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and
prior to the Redemption Date. In the event that the Company determines to require all holders of Warrants to exercise their Warrants on
a “cashless basis” pursuant to Section 3.3.1, the notice of redemption shall contain the information necessary to calculate
the number of Ordinary Shares to be received upon exercise of the Warrants, including the “Fair Market Value” (as such term
is defined in Section 3.3.1(b) hereof) in such case. On and after the Redemption Date, the record holder of the Warrants shall
have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4 Exclusion of Post IPO
Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to Post IPO Warrants if
such Warrants provide that they are non-redeemable by the Company.

 

7. Other Provisions Relating to Rights of Holders
of Warrants.

 

7.1 No Rights as Shareholder.
A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the Company, including, without limitation,
the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders
in respect of general meetings or the appointment of directors of the Company or any other matter.

 

7.2 Lost, Stolen, Mutilated,
or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms
as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender
thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such
new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated,
or destroyed Warrant shall be at any time enforceable by anyone.

 

7.3 Reservation of Ordinary
Shares. The Company shall at all times reserve and keep available a number of its authorized but unissued Ordinary Shares that shall
be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

 

    - 9 -

     

    

 

7.4 Registration of Ordinary
Shares; Cashless Exercise at Company’s Option.

 

7.4.1 Registration of the
Ordinary Shares. The Company agrees that it shall use its best efforts to maintain with the Commission an effective registration statement
for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Public Warrants, and a current prospectus
relating thereto, until the expiration of the Public Warrants in accordance with the provisions of this Agreement. If any such registration
statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the Public
Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and
ending upon such registration statement being declared effective by the Commission, and during any other period when the Company shall
fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the Public Warrants,
to exercise such Public Warrants on a “cashless basis,” by exchanging the Public Warrants (in accordance with Section 3(a)(9)
of the Securities Act (or any successor rule) or another exemption) for that number of Ordinary Shares equal to the quotient obtained
by dividing (x) the product of the number of Ordinary Shares underlying the Public Warrants, multiplied by the difference between the
Warrant Price and the “Fair Market Value” (as defined below) by (y) the Fair Market Value. Solely for purposes of this Section
7.4.1, “Fair Market Value” shall mean the volume weighted average price of the Ordinary Shares as reported during the
10 trading-day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the holder
of such Public Warrants or its securities broker or intermediary. The date that notice of cashless exercise is received by the Warrant
Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant,
the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm
with securities law experience) stating that (i) the exercise of the Public Warrants on a cashless basis in accordance with this Section
7.4.1 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such exercise shall be freely
tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the
Securities Act (or any successor statute)) of the Company and, accordingly, shall not be required to bear a restrictive legend. Except
as provided in Section 7.4.2, for the avoidance of any doubt, unless and until all of the Public Warrants have been exercised or
have expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of
this Section 7.4.1.

 

7.4.2 Cashless Exercise at
Company’s Option. If the Ordinary Shares are at the time of any exercise of a Warrant not listed on a national securities exchange
such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act (or any successor
statute), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public
Warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act (or any successor statute) as described
in Section 7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a
registration statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants,
notwithstanding anything in this Agreement to the contrary. If the Company does not elect at the time of exercise to require a holder
of Public Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless basis,” it agrees to use
its best efforts to register or qualify for sale the Ordinary Shares issuable upon exercise of the Public Warrant under the blue sky laws
of the state of residence of the exercising Public Warrant holder to the extent an exemption is not available.

 

8. Concerning the Warrant Agent and Other Matters.

 

8.1 Payment of Taxes.
The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect
of the issuance or delivery of Ordinary Shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer
taxes in respect of the Warrants or such Ordinary Shares.

 

    - 10 -

     

    

 

8.2 Resignation, Consolidation,
or Merger of Warrant Agent.

 

8.2.1 Appointment of Successor
Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further
duties and liabilities hereunder after giving 60 days’ notice in writing to the Company. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the
Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of
such resignation or incapacity by the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his Warrant for
inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the
Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and
having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate
trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall
be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect
as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate,
the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant
Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

8.2.2 Notice of Successor
Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor
Warrant Agent and the Transfer Agent for the Ordinary Shares not later than the effective date of any such appointment.

 

8.2.3 Merger or Consolidation
of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation
resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this
Agreement without any further act.

 

8.3 Fees and Expenses of
Warrant Agent.

 

8.3.1 Remuneration. The
Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and shall, pursuant to
its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably
incur in the execution of its duties hereunder.

 

8.3.2 Further Assurances.
The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such
further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing
of the provisions of this Agreement.

 

8.4 Liability of Warrant
Agent.

 

8.4.1 Reliance on
Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or
desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such
fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved
and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Treasurer, or Chairman of the Board
of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered
in good faith by it pursuant to the provisions of this Agreement.

 

    - 11 -

     

    

 

8.4.2 Indemnity. The
Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith. The Company agrees to indemnify
the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything
done or omitted by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence,
willful misconduct or bad faith.

 

8.4.3 Exclusions. The
Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent shall not be responsible to make any adjustments
required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Ordinary Shares to be issued pursuant to this Agreement or any
Warrant or as to whether any Ordinary Shares shall, when issued, be valid and fully paid and non-assessable.

 

8.5 Acceptance of Agency.
The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions
herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account
for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Ordinary Shares through the exercise of the
Warrants.

 

8.6 Waiver. The Warrant
Agent has no right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any
distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by
and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or
satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against
the Trust Account and any and all rights to seek access to the Trust Account.

 

9. Miscellaneous Provisions.

 

9.1 Successors. All
the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit
of their respective successors and assigns.

 

9.2 Notices. Any notice,
statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the
Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company
with the Warrant Agent), as follows:

 

Innovative International Acquisition Corp.

24681 La Plaza Ste 300

Dana Point, CA 92629

Attention: Mohan Ananda, Chief Executive Officer

Email: contact@innovativeacquisitioncorp.com

 

Any notice, statement or demand authorized by
this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given
when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit
of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

 

    - 12 -

     

    

 

American Stock Transfer & Trust Company LLC

6201 15th Avenue

Brooklyn, NY 11219

Attention: Relationship Management

Email: admin12@astfinancial.com

 

in each case, with copies to:

 

Reed Smith LLP

599 Lexington Avenue

New York, NY 10022

Attn: Ari Edelman, Esq.

Email: aedelman@reedsmith.com

and

 

Cantor Fitzgerald & Co.

110 East 59th Street

New York, New York 10022

Attn: General Counsel

Email: #legal-IBD@cantor.com

 

and

 

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas

New York, NY 10105

Attn: Douglas S. Ellenoff, Esq.

Email: ellenoff@egsllp.com

 

 

9.3 Applicable Law.
The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed
in all respects by the laws of the State of New York, without giving effect to conflicts
of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that
any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to
such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that
such courts represent an inconvenient forum.

 

9.4 Persons Having Rights
under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or corporation other than
the parties hereto and the Registered Holders of the Warrants, and for the purposes of Section 7.4 (Registration of Ordinary Shares;
Cashless Exercise at Company’s Option), Section 9.4 (Persons Having Rights under this Agreement) and Section 9.8 (Amendments)
the Representative, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise,
or agreement hereof. The Representative shall be deemed to be a third-party beneficiary of this Agreement with respect to Section 7.4,
Section 9.4, and Section 9.8. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the parties hereto (and the Representative with respect to Section 7.4, Section
9.4, and Section 9.8) and their successors and assigns and of the Registered Holders of the Warrants.

 

    - 13 -

     

    

 

9.5 Examination of the
Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough
of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such
holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 

9.6 Counterparts. This
Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

9.7 Effect of Headings.
The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.

 

9.8 Amendments. This
Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity, or
curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to
matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely
affect the interest of the Registered Holders. All other modifications or amendments, including any amendment to increase the Warrant
Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of a majority of the then outstanding
Public Warrants. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period
pursuant to Sections 3.1 and Section 3.2, respectively, without the consent of the Registered Holders.

 

9.9 Severability. This
Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity
or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable
term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to
such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

[Signature Page Follows]

 

    - 14 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed as of the date first above written.

 

	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	 
	 	By:	/s/ Mohan Ananda
	 	 	Name: Mohan Ananda
	 	 	Title:   Chief Executive Officer
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
	 	 
	 	By:	/s/ Michael A. Nespoli
	 	 	Name: Michael A. Nespoli
	 	 	Title:  Executive Director, Relationship Management

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

[Form of Warrant Certificate]

[FACE]

Number

Warrants

 

THIS WARRANT SHALL BE VOID IF NOT EXERCISED
PRIOR TO

THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED
FOR

IN THE WARRANT AGREEMENT DESCRIBED BELOW

INNOVATIVE INTERNATIONAL ACQUISITION CORP.

 

Incorporated Under the Laws of the Cayman Islands

 

CUSIP G4809M 125

 

Warrant Certificate

This Warrant Certificate
certifies that [__],or registered assigns, is the registered holder of warrant(s) evidenced hereby (the “Warrants”
and each, a “Warrant”) to purchase Class A ordinary shares, of $0.0001 par value per share (“Ordinary Shares”),
Innovative International Acquisition Corp., a Cayman Islands exempted company (the “Company”). Each Warrant
entitles the holder, upon exercise during the period set forth in the Warrant Agreement referred to below, to receive from the Company
that number of fully paid and non-assessable Ordinary Shares as set forth below, at the exercise price (the “Warrant Price”)
as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as
provided for in the Warrant Agreement) of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement.
Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

 

Each whole Warrant is initially
exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be issued upon exercise of any Warrant. If,
upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share, the Company will, upon
exercise, round down to the nearest whole number of Ordinary Shares to be issued to the Warrant holder. The number of Ordinary Shares
issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement.

 

The initial Warrant Price
per Ordinary Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence of certain
events set forth in the Warrant Agreement.

 

Subject to the conditions
set forth in the Warrant Agreement, the Warrants may be exercised only during the Redemption Period and to the extent not exercised by
the end of such Exercise Period, such Warrants shall become void.

 

Reference is hereby made to
the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes
have the same effect as though fully set forth at this place.

 

This Warrant Certificate shall
not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

 

     A-1

     

    

 

This Warrant Certificate shall
be governed by and construed in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles
thereof.

 

	 	INNOVATIVE INTERNATIONAL ACQUISITION CORP.
	 	 
	 	By:	 
	 	 	Name: Mohan Ananda
	 	 	Title:   Chief Executive Officer
	 	 
	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-2

     

    

 

[Form of Warrant Certificate]

[Reverse]

 

The Warrants evidenced by
this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary Shares and
are issued or to be issued pursuant to a Warrant Agreement dated as of                                , 2021 (the “Warrant Agreement”), duly
executed and delivered by the Company to American Stock Transfer & Trust Company, LLC, a New York limited liability trust company,
as warrant agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made
a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by
the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have
the meanings given to them in the Warrant Agreement.

 

Warrants may be exercised
at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise”
as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise
of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there
shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised.

 

Notwithstanding anything else
in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration statement
covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act and (ii) a prospectus thereunder relating
to the Ordinary Shares is current, except through “cashless exercise” as provided for in the Warrant Agreement.

 

The Warrant Agreement provides
that upon the occurrence of certain events the number of Ordinary Shares issuable upon exercise of the Warrants set forth on the face
hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would be entitled to receive
a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Ordinary Shares
to be issued to the holder of the Warrant.

 

Warrant Certificates, when
surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by legal representative
or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement,
but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
a like number of Warrants.

 

Upon due presentation for
registration of transfer of this Warrant Certificate at the office of the Warrant Agent a new Warrant Certificate or Warrant Certificates
of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant
Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge
imposed in connection therewith.

 

The Company and the Warrant
Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof,
and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Neither the
Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company.

 

     A-3

     

    

 

Election to Purchase

(To Be Executed Upon Exercise of Warrant)

 

The undersigned hereby irrevocably
elects to exercise the right, represented by this Warrant Certificate, to receive Ordinary Shares and herewith tenders payment for such
Ordinary Shares to the order of Innovative International Acquisition Corp. (the “Company”) in the amount of $                     in accordance
with the terms hereof. The undersigned requests that a certificate for such Ordinary Shares be registered in the name of                  , whose address
is and that such Ordinary Shares be delivered to whose address is. If said number of Ordinary Shares is less than all of the Ordinary
Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary
Shares be registered in the name of                        , whose address                                   is and that such Warrant Certificate be delivered to                           , whose address is .

 

In the event that the Warrant
has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless
exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall
be determined in accordance with Section 3.3.1(b) and Section 6.3 of the Warrant Agreement.

 

In the event that the Warrant
is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number of Ordinary Shares
that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement.

 

In the event that the Warrant
may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary Shares that this
Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such
cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably elects to exercise the right,
represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Ordinary Shares.
If said number of Ordinary Shares is less than all of the Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise),
the undersigned requests that a new Warrant Certificate representing the remaining balance of such Ordinary Shares be registered in the
name of , whose address is and that such Warrant Certificate be delivered to , whose address is.

 

[Signature Page Follows]

 

	Date: [●], 2021	 	 
	 	 	(Signature)
	Signature Guaranteed	 	 
		 	 
	 	 	 
	 	 	(Address)
	 	 	
	 	 	(Tax Identification Number)

THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).

 

     A-4

     

    

 

EXHIBIT B

 

LEGEND

 

“THE OFFER AND SALE OF THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE
STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED
IN THE LETTER AGREEMENT BY AND AMONG INNOVATIVE INTERNATIONAL ACQUISITION CORP. (THE “COMPANY”), INNOVATIVE INTERNATIONAL
SPONSOR I LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE
DATE THAT IS 30 DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE
WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN
WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES EVIDENCED BY THIS CERTIFICATE AND CLASS
A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION
RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.”

 

     B-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]