Document:

Exhibit 10.6

 

SHAREHOLDER NON-REDEMPTION AGREEMENT

 

THIS SHAREHOLDER NON-REDEMPTION
AGREEMENT (this “Agreement”) is made and entered into as of July 5, 2022,
between (i) HPX Corp., an exempted company incorporated with limited liability in the Cayman Islands (“HPX”), (ii)
Ambipar Emergency Response, an exempted company incorporated with limited liability in the Cayman Islands (“New PubCo”),
and (iii) the person named on the signature page hereto (the “Existing Shareholder”). Each of HPX, New PubCo and the
Existing Shareholder will individually be referred to herein as a “Party” and, collectively, as the “Parties”.
For purposes of this agreement, an “HPX Share” means a Class A ordinary share of HPX, par value $0.0001 per share.
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Business Combination Agreement
(as defined below).

 

WHEREAS, this Agreement is
being entered into in connection with the Business Combination Agreement entered into as of the date hereof (as amended, modified, supplemented
or waived from time to time in accordance with its terms, the “Business Combination Agreement”), among New PubCo,
HPX, Emergência Participações S.A., a sociedade anônima organized under the laws of Brazil (the “Company”)
and other parties named therein, on the terms and subject to the conditions set forth therein;

 

WHEREAS, the Existing Shareholder
is the record and beneficial owner of the number of HPX Shares set forth on the signature page hereto (together with any other shares,
capital stock or any other equity interests, as applicable, of HPX that the Existing Shareholder holds of record or beneficially, as
of the date of this Agreement, or acquires record or beneficial ownership after the date hereof, collectively, the “Subject
HPX Equity Securities”);

 

WHEREAS, in consideration
of the Existing Shareholder’s commitment to, among other things, not redeem the Subject HPX Equity Securities, and subject to the
conditions set forth herein, New PubCo agrees to issue to the Existing Shareholder (i) [●] warrants (the “Warrants”)
to purchase Class A ordinary shares of New PubCo, par value $0.0001 per share; and (ii) [●] Class A ordinary shares of New PubCo
(“New PubCo Class A Ordinary Shares”), in each case, on or promptly after the Closing Date;

 

WHEREAS, also solely in consideration
of the Existing Shareholder’s commitment, among other things, not to redeem the Subject HPX Equity Securities, and subject to the
terms and conditions set forth therein, HPX Capital Partners LLC, a Delaware limited liability company (the “Sponsor”
), is providing the Existing Shareholder with certain downside protection rights, pursuant to that certain Downside Protection Agreement
(as defined in the Business Combination Agreement) being entered into substantially concurrently with the execution of this Agreement;
and

 

WHEREAS, the Existing Shareholder
acknowledges and agrees that HPX and the other parties to the Business Combination Agreement would not have entered into and agreed to
consummate the transactions contemplated by the Business Combination Agreement without the Existing Shareholder entering into this Agreement
and agreeing to be bound by the agreements, covenants and obligations contained in this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

    

    

    

 

1.                  
 Agreements of Existing Shareholder.

 

(a)               
Agreement to Vote. The Existing Shareholder hereby unconditionally and irrevocably agrees to be present at any meeting
of the shareholders of HPX, and to vote (in person or by proxy), or consent to any action by written consent or resolution with respect
to, all of the Subject HPX Equity Securities (i) in favor of the SPAC Shareholder Matters and any Extension, and (ii) in opposition to:
(A) any SPAC Business Combination and any and all other proposals (1) that could reasonably be expected to delay or impair the ability
of HPX to consummate the transactions contemplated by the Business Combination Agreement or any Transaction Agreement or (2) which are
in competition with or materially inconsistent with the Business Combination Agreement, any Transaction and the transactions contemplated
thereby, or (B) any other action, proposal, transaction or agreement involving HPX that is intended, or would reasonably be expected,
to prevent, impede, interfere with, delay, postpone or adversely affect in any material respect the transactions contemplated by the
Business Combination Agreement or any Transaction Agreement or would reasonably be expected to result in (x) any breach of any representation,
warranty, covenant, obligation or agreement of HPX in the Business Combination Agreement or any Transaction Agreement or (y) any of the
conditions to HPX’s obligations under the Business Combination Agreement or any Transaction Agreement not being fulfilled.

 

(b)               
No Redemption. The Existing Shareholder hereby agrees that it shall not redeem, tender or submit a request to HPX’s
transfer agent or otherwise exercise any right to redeem, any Subject HPX Equity Securities (including in connection with any Extension).

 

(c)               
Transfer of Shares. The Existing Shareholder hereby agrees that it shall not, directly or indirectly, (i) sell, assign,
transfer (including by operation of law), place a lien on, pledge, dispose of or otherwise encumber any of the Subject HPX Equity Securities
or otherwise agree to do any of the foregoing, (ii) deposit any of the Subject HPX Equity Securities into a voting trust or enter into
a voting agreement or arrangement or grant any proxy or power of attorney with respect to any of the Subject HPX Equity Securities that
conflicts with any of the covenants or agreements set forth in this Agreement, (iii) enter into any contract, option or other arrangement
or undertaking with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other
disposition of any of the Subject HPX Equity Securities, (iv) engage in any hedging or other transaction which is designed to, or which
would (either alone or in connection with one or more events, developments or events (including the satisfaction or waiver of any conditions
precedent)), lead to or result in a sale or disposition of the Subject HPX Equity Securities even if such Subject HPX Equity Securities
would be disposed of by a Person other than the Existing Shareholder, or (v) take any action that would have the effect of preventing
or materially delaying the performance of its obligations.

 

2.                  
Agreements of New PubCo.

 

(a)               
In consideration of the Existing Shareholder’s performance of its obligations described herein and upon satisfaction (or,
if applicable, waiver) of the conditions set forth in Section 2(b) of this Agreement, effective as of and conditioned on the consummation
of the Transactions, New PubCo shall issue the Warrants and the New PubCo Class A Ordinary Shares to the Existing Shareholder, on or
promptly following the Closing Date.

 

(b)               
The obligations of New PubCo pursuant to Section 2 of this Agreement shall be subject to the satisfaction, or valid waiver by
New PubCo, of the following conditions:

 

(i)                the
Existing Shareholder shall have fully complied with, performed and satisfied its obligations set out in Section 1 hereof, and shall have
performed, satisfied and complied in all material respects with all other covenants, agreements and conditions required by this Agreement
to be performed, satisfied or complied with by it at or prior to the Closing Date;

 

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(ii)               
the Closing shall have occurred; and

 

(iii)              
all representations and warranties of the Existing Shareholder contained in this Agreement shall
be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations
and warranties shall be true and correct in all respects) at and as of the Closing Date, except for representations and warranties made
as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified
as to materiality, which representations and warranties shall be true and correct in all respects) as of such date. 

 

3.                  
HPX Representations and Warranties. HPX hereby represents and warrants to the Existing Shareholder and New PubCo as follows:

 

(a)               
HPX is an exempted company with limited liability, duly incorporated, validly existing and in good standing (or the equivalent
thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent
thereof) under the laws of the Cayman Islands.

 

(b)               
HPX has the requisite limited liability company power and authority to execute and deliver this Agreement, to perform its covenants,
agreements and obligations hereunder. The execution and delivery of this Agreement has been duly authorized by all necessary corporate
(or similar) action on the part of HPX. HPX’s signature on this Agreement is genuine, and the signatory has been duly authorized
and has legal competence and capacity to execute the same. This Agreement has been duly and validly executed and delivered by HPX and
constitutes a valid, legal and binding agreement of HPX (assuming that this Agreement is duly authorized, executed and delivered by the
Existing Shareholder and New PubCo), enforceable against HPX in accordance with its terms (subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting generally the enforcement of creditors’ rights and subject to general
principles of equity).

 

(c)               
The execution, delivery and performance by HPX of this Agreement will not constitute or result in a breach or default under or
conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which HPX is a party or by which HPX is bound, and will not violate any provisions of HPX’s charter documents,
including, without limitation, its incorporation papers.

 

4.                  
New PubCo Representations and Warranties. New PubCo hereby represents and warrants to HPX and the Existing Shareholder
as follows:

 

(a)               
New PubCo is an exempted company with limited liability, duly incorporated, validly existing and in good standing (or the equivalent
thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent
thereof) under the laws of the Cayman Islands.

 

(b)               
New PubCo has the requisite limited liability company power and authority to execute and deliver this Agreement, to perform its
covenants, agreements and obligations hereunder. The execution and delivery of this Agreement has been duly authorized by all necessary
company (or similar) action on the part of New PubCo. New PubCo’s signature on this Agreement is genuine, and the signatory has
been duly authorized and has legal competence and capacity to execute the same. This Agreement has been duly and validly executed and
delivered by New PubCo and constitutes a valid, legal and binding agreement of New PubCo (assuming that this Agreement is duly authorized,
executed and delivered by the Existing Shareholder and HPX), enforceable against New PubCo in accordance with its terms (subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting generally the enforcement of creditors’ rights
and subject to general principles of equity).

 

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(c)               
Other than the consents, waivers, approvals, orders, authorizations, registrations, qualifications, designations, declarations
and filings pursuant to, in compliance with or required to be made under the Exchange Act or as otherwise set forth in Schedule 4.6(b)
of the Company Disclosure Letter, the execution and delivery of this Agreement by New PubCo does not, and the performance by New PubCo
of its obligations hereunder, including the issuance of the Warrants and the New PubCo Class A Ordinary Shares, will not, (i) conflict
with or result in a violation of the organizational documents of New PubCo or (ii) require any consent or approval that has not been
given or other action that has not been taken by any person, in each case to the extent such consent, approval or other action would
prevent, enjoin or materially delay the performance by New PubCo of its obligations under this Agreement.

 

5.                  
Existing Shareholder Representations and Warranties. The Existing Shareholder hereby represents and warrants to HPX and
New PubCo as follows:

 

(a)               
If the Existing Shareholder is not an individual, the Existing Shareholder is a corporation, company, limited liability company
or other applicable business entity duly organized, incorporated or formed, as applicable, validly existing and in good standing (or
the equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or
any equivalent thereof) under the Legal Requirements of its jurisdiction of formation or organization (as applicable).

 

(b)               
The Existing Shareholder has the requisite corporate, limited liability company or other similar power and authority to execute
and deliver this Agreement, to perform its covenants, agreements and obligations hereunder. The execution and delivery of this Agreement
has been duly authorized by all necessary corporate (or other similar) action on the part of the Existing Shareholder. The Existing Shareholder’s
signature on this Agreement is genuine, and the signatory has been duly authorized and has legal competence and capacity to execute the
same. This Agreement has been duly and validly executed and delivered by the Existing Shareholder and constitutes a valid, legal and
binding agreement of the Existing Shareholder (assuming that this Agreement is duly authorized, executed and delivered by HPX and New
PubCo), enforceable against the Existing Shareholder in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting generally the enforcement of creditors’ rights and subject to general principles of
equity).

 

(c)               
The execution, delivery and performance by the Existing Shareholder of this Agreement will not constitute or result in a breach
or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or
agency, or any agreement or other undertaking, to which the Existing Shareholder is a party or by which the Existing Shareholder is bound,
and, if the Existing Shareholder is a legal entity, will not violate any provisions of the Existing Shareholder’s charter documents,
including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement,
as may be applicable.

 

(d)               
The Existing Shareholder has made its own assessment of the Transactions and the transactions contemplated by this Agreement and
is satisfied concerning the relevant tax and other economic considerations relevant to the Transactions and the transactions contemplated
by this Agreement. The Existing Shareholder is not relying upon, and has not relied upon, any statement, representation or warranty made
by any person, firm or corporation (including, without limitation, HPX, New PubCo or any of their respective affiliates or any of their
respective control persons, officers, directors and employees), other than the statements of HPX and New PubCo contained in this Agreement,
in connection with the Transactions and the transactions contemplated by this Agreement.

 

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(e)               
The Existing Shareholder acknowledges that it is aware that there are substantial risks incident to the Transactions and the transactions
contemplated by this Agreement. The Existing Shareholder has sought such accounting, legal and tax advice as the Existing Shareholder
has considered necessary to make an informed decision. The Existing Shareholder (i) is a sophisticated investor, experienced in investing
in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities, and (ii) has exercised independent judgment in evaluating its participation
in the transactions contemplated by this Agreement.

 

(f)                
The Existing Shareholder is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons
administered by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any
Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or
entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the United States Cuban Assets Control Regulations,
31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. If the Existing
Shareholder is a financial institution subject to the United States Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by
the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Existing Shareholder
maintains written policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the
extent required, the Existing Shareholder maintains policies and procedures reasonably designed for the screening of its investors against
the OFAC sanctions programs, including the OFAC List.

 

6.                  
Further Assurances. The Existing Shareholder agrees to execute and deliver such additional documents and take such additional
actions as are reasonably practical and necessary in furtherance of the provisions of Section 1 hereof.

 

7.                  
Termination. This Agreement shall automatically terminate, without any notice or other action by any Party, and be void
ab initio upon the earlier of (a) the Closing; and (b) the termination of the Business Combination Agreement in accordance with
its terms. Upon termination of this Agreement as provided in the immediately preceding sentence, none of the Parties shall have any further
obligations or liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing or anything to the contrary in this
Agreement, the termination of this Agreement pursuant to Section 7(b) shall not affect any liability on the part of any Party
for an intentional breach of this Agreement or Intentional Fraud.

 

8.                  
Trust Account Waiver. The Existing Shareholder acknowledges that HPX is a blank check company with the powers and privileges
necessary or convenient to the conduct, promotion or attainment of the business or purposes of HPX, including, but not limited to effecting
a merger, asset acquisition, reorganization or similar business combination involving HPX and one or more businesses or assets. The Existing
Shareholder further acknowledges that, as described in HPX’s prospectus relating to its initial public offering dated July 15,
2020 (the “IPO Prospectus”) available at www.sec.gov, substantially all of HPX’s assets consist of the cash
proceeds of HPX’s initial public offering and private placements of its securities, and substantially all of those proceeds have
been deposited in a trust account (the “Trust Account”) for the benefit of HPX, its public shareholders and the underwriters
of HPX’s initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released
to HPX to pay its tax obligations, if any, and for working capital, the cash in the Trust Account may be disbursed only for the purposes
set forth in the IPO Prospectus. The Existing Shareholder hereby irrevocably waives any and all right, title and interest, or any claim
of any kind it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against
the Trust Account as a result of, or arising out of, this Agreement, provided, however, that nothing in this Section 8
shall be deemed to limit the Existing Shareholder’s right, title, interest or claim to the Trust Account by virtue of the Existing
Shareholder’s record or beneficial ownership of HPX Shares.

 

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9.                  
Form W-9 or W-8. The Existing Shareholder shall, on or prior to the Closing, execute and deliver to New PubCo a completed
IRS Form W-9 or Form W-8, as applicable.

 

10.              
Withholding. Notwithstanding any other provision of this Agreement, New PubCo and HPX and any of their respective agents
and representatives, as applicable, shall be entitled to deduct and withhold from the Warrants, the New PubCo Class A Ordinary Shares
and any other amount payable pursuant to this Agreement any such taxes as may be required to be deducted and withheld from such amounts
(and any other amounts treated as paid for applicable tax law) under the Internal Revenue Code of 1986, as amended, or any other applicable
tax law (as determined in good faith by the party so deducting or withholding in its sole discretion). To the extent that any amounts
are so deducted and withheld, such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid
to the person in respect of which such deduction and withholding was made.

 

11.              
Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors
and permitted assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors
and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement. Except as otherwise provided
in the following sentence, nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners
or participants in a joint venture. Notwithstanding anything to the contrary contained herein, the Company and the Sponsor, are intended
third-party beneficiaries of and may enforce this Section 11 and Sections 1 and 12 of the Agreement.

 

12.              
Incorporation by Reference. Sections 10.1 (No Survival), 11.2 (Interpretation), 11.3 (Counterparts; Electronic
Delivery), 11.4(a) (Entire Agreement), 11.5 (Severability), 11.6 (Other Remedies; Specific Performance), 11.7
(Governing Law), 11.8 (Consent to Jurisdiction; Waiver of Jury Trial), 11.9 (Rules of Construction), 11.11 (Assignment),
11.12 (Amendment), 11.13 (Extension; Waiver) and 11.14 (No Recourse) of the Business Combination Agreement are incorporated
herein and shall apply to this Agreement mutatis mutandis.

 

13.              
Public Disclosure. Notwithstanding anything in this Agreement to the contrary, Existing Shareholder agrees that HPX shall
have the right to publicly disclose the name of Existing Shareholder, its investment adviser or any of their respective affiliates, Existing
Shareholder’s beneficial ownership of the Subject HPX Equity Securities, or the nature of Existing Shareholder’s commitments,
arrangements and understandings under and relating to this Agreement in any press release issued by HPX, any Form 8-K filed by HPX with
the SEC in connection with the execution and delivery of this Agreement and any registration statement filed or amended on or after the
date of this Agreement. Existing Shareholder shall promptly provide any information reasonably requested by HPX for any regulatory application
or filing made or approval sought in connection with the Transactions (including filings with the SEC). Prior to making any such public
disclosure, HPX shall use commercially reasonable efforts to (a) provide Existing Shareholder with three (3) Business Days to review
the portion of any public filing, press release or other public disclosure that refers directly to Existing Shareholder’s commitment
pursuant to this Agreement and (b) incorporate any reasonable comments received from Existing Shareholder or its representatives within
such three (3) Business Day period as to such public disclosures referring directly to Existing Shareholder’s commitment pursuant
to this Agreement (it being understood, however, that with respect to the initial public disclosure as to the existence of this Agreement,
such three (3) Business Day period may be reduced by HPX to a one (1) Business Day period).

 

[signature page follows]

 

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IN WITNESS WHEREOF,
the Existing Shareholder has executed or caused this Agreement to be executed by its duly authorized representative as of the date set
forth on the first page of this Agreement.

 

Name of the Existing Shareholder: ______________________________

 

	By:	 	 

 

	Name:	 	 

 

	Title:	 	 

 

Number of HPX Shares held by the Existing Shareholder:
__________________ 
  

[Signature Page to Shareholder
Non-Redemption Agreement] 

 

    

    

    

 

IN WITNESS WHEREOF,
HPX and New PubCo have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	HPX CORP.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AMBIPAR EMERGENCY RESPONSE

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Shareholder
Non-Redemption Agreement]Exhibit 10.7

 

SHAREHOLDER NON-REDEMPTION AGREEMENT

 

THIS SHAREHOLDER NON-REDEMPTION AGREEMENT (this
“Agreement”) is made and entered into as of July 5, 2022, between (i) HPX
Corp., an exempted company incorporated with limited liability in the Cayman Islands (“HPX”), (ii) Ambipar Emergency
Response, an exempted company incorporated with limited liability in the Cayman Islands (“New PubCo”), and (iii) Trend
HPX SPAC FIA IE (the “Existing Shareholder”), represented by its investment manager XP Allocation Asset Management
Ltda. Each of HPX, New PubCo and the Existing Shareholder will individually be referred to herein as a “Party” and,
collectively, as the “Parties”. For purposes of this agreement, an “HPX Share” means a Class A ordinary
share of HPX, par value $0.0001 per share. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to
such terms in the Business Combination Agreement (as defined below).

 

WHEREAS, this Agreement is being entered into in
connection with the Business Combination Agreement entered into as of the date hereof (as amended, modified, supplemented or waived from
time to time in accordance with its terms, the “Business Combination Agreement”), among New PubCo, HPX, Emergência
Participações S.A., a sociedade anônima organized under the laws of Brazil (the “Company”)
and other parties named therein, on the terms and subject to the conditions set forth therein;

 

WHEREAS, the Existing Shareholder is the record
and beneficial owner of the number of HPX Shares set forth on the signature page hereto (together with any other shares, capital stock
or any other equity interests, as applicable, of HPX that the Existing Shareholder holds of record or beneficially, as of the date of
this Agreement, or acquires record or beneficial ownership after the date hereof, collectively, the “Subject HPX Equity Securities”);

 

WHEREAS,
in consideration of the Existing Shareholder’s commitment to, among other things, not redeem the Subject HPX Equity Securities in
connection with any Extension to occur on or prior to July 15, 2022, and subject to the conditions set forth herein, New PubCo agrees
to issue to the Existing Shareholder, on or promptly after the Closing Date, (i) up to three hundred twenty five thousand (325,000) warrants
(the “Warrants”) to purchase Class A ordinary shares of New PubCo, par value $0.0001 per share, and (ii) up
to fifty seven thousand two hundred (57,200) Class A ordinary shares of New PubCo (“New PubCo Class A Ordinary Shares”),
in each case subject to the terms and conditions set forth herein;

 

WHEREAS, also solely in consideration of the Existing
Shareholder’s commitment, among other things, not to redeem the Subject HPX Equity Securities in connection with any Extension to
occur on or prior to July 15, 2022, and subject to the terms and conditions set forth therein, HPX Capital Partners LLC, a Delaware limited
liability company (the “Sponsor”), is providing the Existing Shareholder with certain downside protection rights, pursuant
to that certain Downside Protection Agreement (as defined in the Business Combination Agreement) being entered into substantially concurrently
with the execution of this Agreement; and

 

WHEREAS, the Existing Shareholder acknowledges
and agrees that HPX and the other parties to the Business Combination Agreement would not have entered into and agreed to consummate the
transactions contemplated by the Business Combination Agreement without the Existing Shareholder entering into this Agreement and agreeing
to be bound by the agreements, covenants and obligations contained in this Agreement.

 

NOW, THEREFORE, in consideration of the premises
and the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

     

     

    

 

1.                  
Agreements of Existing Shareholder.

 

(a)               
Agreement to Vote. The Existing Shareholder hereby unconditionally and irrevocably agrees to be present at any meeting of
the shareholders of HPX relating to any Extension to occur on or prior to July 15, 2022, and to vote all of the Subject Equity Securities
(in person or by proxy), or consent to any action by written consent or resolution with respect to and in favor of any Extension to occur
on or prior to July 15, 2022, or any Additional Extension.

 

(b)               
No Redemption. The Existing Shareholder hereby agrees that it shall not redeem, tender or submit a request to HPX’s
transfer agent or otherwise exercise any right to redeem, any Subject HPX Equity Securities in connection with any Extension to occur
on or prior to July 15, 2022. For the avoidance of doubt, the Existing Shareholder shall continue to have the right to redeem, tender
or submit a request to HPX’s transfer agent or otherwise exercise any right to redeem, any HPX Shares after July 15, 2022, including
at any meeting of the shareholders of HPX with respect to the transactions contemplated by the Business Combination Agreement or upon
reaching the deadline by which HPX must complete its SPAC Business Combination.

 

(c)               
Transfer of Shares. Commencing on the date hereof and until a meeting of the SPAC Shareholders (whether annual or special
and whether or not an adjourned or postponed meeting, however called) to approve any Extension to occur on or prior to July 15, 2022,
the Existing Shareholder hereby agrees that it shall not, directly or indirectly, (i) sell, assign, transfer (including by operation of
law), place a lien on, pledge, dispose of or otherwise encumber any of the Subject HPX Equity Securities or otherwise agree to do any
of the foregoing, (ii) deposit any of the Subject HPX Equity Securities into a voting trust or enter into a voting agreement or arrangement
or grant any proxy or power of attorney with respect to any of the Subject HPX Equity Securities that conflicts with any of the covenants
or agreements set forth in this Agreement, (iii) enter into any contract, option or other arrangement or undertaking with respect to the
direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition of any of the Subject
HPX Equity Securities, (iv) engage in any hedging or other transaction which is designed to, or which would (either alone or in connection
with one or more events, developments or events (including the satisfaction or waiver of any conditions precedent)), lead to or result
in a sale or disposition of the Subject HPX Equity Securities even if such Subject HPX Equity Securities would be disposed of by a Person
other than the Existing Shareholder, or (v) take any action that would have the effect of preventing or materially delaying the performance
of its obligations.

 

2.                  
Agreements of New PubCo.

 

(a)               
The obligations of New PubCo pursuant to Section 2 of this Agreement shall be subject to the satisfaction, or valid waiver by New
PubCo, of the following conditions:

 

(i)                
the Existing Shareholder shall have fully complied with, performed and satisfied its obligations set out in Section 1 hereof, and
shall have performed, satisfied and complied in all material respects with all other covenants, agreements and conditions required by
this Agreement to be performed, satisfied or complied with by it at or prior to the Closing Date;

 

(ii)              
the Existing Shareholder shall have been present at any meeting of the shareholders of HPX, and shall have voted some or all HPX
Shares (such HPX Shares, the "Consenting Shares") then held by the Existing Shareholder (in person or by proxy), or shall
have consented with respect to the Consenting Shares to any action by written consent or resolution with respect to the transactions contemplated
by the Business Combination Agreement (i) in favor of the SPAC Shareholder Matters, and (ii) in opposition to: (A) any SPAC Business Combination
and any and all other proposals (1) that could reasonably be expected to delay or impair the ability of HPX to consummate the transactions
contemplated by the Business Combination Agreement or any Transaction Agreement or (2) which are in competition with or materially inconsistent
with the Business Combination Agreement, any Transaction and the transactions contemplated thereby, or (B) any other action, proposal,
transaction or agreement involving HPX that is intended, or would reasonably be expected, to prevent, impede, interfere with, delay, postpone
or adversely affect in any material respect the transactions contemplated by the Business Combination Agreement or any Transaction Agreement
or would reasonably be expected to result in (x) any breach of any representation, warranty, covenant, obligation or agreement of HPX
in the Business Combination Agreement or any Transaction Agreement or (y) any of the conditions to HPX’s obligations under the Business
Combination Agreement or any Transaction Agreement not being fulfilled;

 

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(iii)               
the Existing Shareholder shall not have redeemed, tendered or submitted a request to HPX’s transfer agent or otherwise exercised
any right to redeem, any Consenting Shares at such meeting in connection with the transactions contemplated by the Business Combination
Agreement or any Transaction Document;

 

(iv)              
the Closing shall have occurred; and

 

(v)               
all representations and warranties of the Existing Shareholder contained in this Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be
true and correct in all respects) at and as of the Closing Date, except for representations and warranties made as of a specific date,
which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true and correct in all respects) as of such date.

 

(b)               
In consideration of the Existing Shareholder’s performance of its obligations described herein and upon satisfaction (or,
if applicable, waiver) of the conditions set forth in Section 2(a) of this Agreement, effective as of and conditioned on the consummation
of the Transactions, New PubCo shall issue, on or promptly following the Closing Date, (i) one fourth (1/4) of a Warrant (such aggregate
number of Warrants, if any, the “XP Additional Warrants”) and (ii) 0.044 New PubCo Class A Ordinary Shares (such aggregate
number of New PubCo Class A Ordinary Shares, if any, the “XP Additional Shares”) to the Existing Shareholder, in each
case per Consenting Share (x) held by the Existing Shareholder at the Special Meeting, (y) voted by the Existing Shareholder in accordance
with Section 2(a)(ii) and (z) not redeemed by the Existing Shareholder in accordance with Section 2(a)(iii); provided that the
number of XP Additional Warrants, if any, and XP Additional Shares, if any, issuable to the Existing Shareholder on or promptly following
the Closing Date pursuant to this Section 2(b) shall, under no circumstances, exceed an aggregate amount of three hundred twenty five
thousand (325,000) Warrants and fifty seven thousand two hundred (57,200) New PubCo Class A Ordinary Shares.

 

3.                  
HPX Representations and Warranties. HPX hereby represents and warrants to the Existing Shareholder and New PubCo as follows:

 

(a)               
HPX is an exempted company with limited liability, duly incorporated, validly existing and in good standing (or the equivalent
thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent
thereof) under the laws of the Cayman Islands.

 

(b)               
HPX has the requisite limited liability company power and authority to execute and deliver this Agreement, to perform its covenants,
agreements and obligations hereunder. The execution and delivery of this Agreement has been duly authorized by all necessary corporate
(or similar) action on the part of HPX. HPX’s signature on this Agreement is genuine, and the signatory has been duly authorized
and has legal competence and capacity to execute the same. This Agreement has been duly and validly executed and delivered by HPX and
constitutes a valid, legal and binding agreement of HPX (assuming that this Agreement is duly authorized, executed and delivered by the
Existing Shareholder and New PubCo), enforceable against HPX in accordance with its terms (subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting generally the enforcement of creditors’ rights and subject to general
principles of equity).

 

    3

     

    

 

(c)               
The execution, delivery and performance by HPX of this Agreement will not constitute or result in a breach or default under or
conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which HPX is a party or by which HPX is bound, and will not violate any provisions of HPX’s charter documents,
including, without limitation, its incorporation papers.

 

4.                  
New PubCo Representations and Warranties. New PubCo hereby represents and warrants to HPX and the Existing Shareholder as
follows:

 

(a)               
New PubCo is an exempted company with limited liability, duly incorporated, validly existing and in good standing (or the equivalent
thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any equivalent
thereof) under the laws of the Cayman Islands.

 

(b)               
New PubCo has the requisite limited liability company power and authority to execute and deliver this Agreement, to perform its
covenants, agreements and obligations hereunder. The execution and delivery of this Agreement has been duly authorized by all necessary
company (or similar) action on the part of New PubCo. New PubCo’s signature on this Agreement is genuine, and the signatory has
been duly authorized and has legal competence and capacity to execute the same. This Agreement has been duly and validly executed and
delivered by New PubCo and constitutes a valid, legal and binding agreement of New PubCo (assuming that this Agreement is duly authorized,
executed and delivered by the Existing Shareholder and HPX), enforceable against New PubCo in accordance with its terms (subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting generally the enforcement of creditors’ rights
and subject to general principles of equity).

 

(c)               
Other than the consents, waivers, approvals, orders, authorizations, registrations, qualifications, designations, declarations
and filings pursuant to, in compliance with or required to be made under the Exchange Act or as otherwise set forth in Schedule 4.6(b)
of the Company Disclosure Letter, the execution and delivery of this Agreement by New PubCo does not, and the performance by New PubCo
of its obligations hereunder, including the issuance of the XP Additional Warrants, if any, and the XP Additional Shares, if any, will
not, (i) conflict with or result in a violation of the organizational documents of New PubCo or (ii) require any consent or approval that
has not been given or other action that has not been taken by any person, in each case to the extent such consent, approval or other action
would prevent, enjoin or materially delay the performance by New PubCo of its obligations under this Agreement.

 

5.                  
Existing Shareholder Representations and Warranties. The Existing Shareholder hereby represents and warrants to HPX and
New PubCo as follows:

 

(a)               
If the Existing Shareholder is not an individual, the Existing Shareholder is a corporation, company, limited liability company
or other applicable business entity duly organized, incorporated or formed, as applicable, validly existing and in good standing (or the
equivalent thereof, if applicable, in each case, with respect to the jurisdictions that recognize the concept of good standing or any
equivalent thereof) under the Legal Requirements of its jurisdiction of formation or organization (as applicable).

 

    4

     

    

 

(b)               
The Existing Shareholder has the requisite corporate, limited liability company or other similar power and authority to execute
and deliver this Agreement, to perform its covenants, agreements and obligations hereunder. The execution and delivery of this Agreement
has been duly authorized by all necessary corporate (or other similar) action on the part of the Existing Shareholder. The Existing Shareholder’s
signature on this Agreement is genuine, and the signatory has been duly authorized and has legal competence and capacity to execute the
same. This Agreement has been duly and validly executed and delivered by the Existing Shareholder and constitutes a valid, legal and binding
agreement of the Existing Shareholder (assuming that this Agreement is duly authorized, executed and delivered by HPX and New PubCo),
enforceable against the Existing Shareholder in accordance with its terms (subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting generally the enforcement of creditors’ rights and subject to general principles of equity).

 

(c)               
The execution, delivery and performance by the Existing Shareholder of this Agreement will not constitute or result in a breach
or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or
agency, or any agreement or other undertaking, to which the Existing Shareholder is a party or by which the Existing Shareholder is bound,
and, if the Existing Shareholder is a legal entity, will not violate any provisions of the Existing Shareholder’s charter documents,
including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement,
as may be applicable.

 

(d)               
The Existing Shareholder has made its own assessment of the Transactions and the transactions contemplated by this Agreement and
is satisfied concerning the relevant tax and other economic considerations relevant to the Transactions and the transactions contemplated
by this Agreement. The Existing Shareholder is not relying upon, and has not relied upon, any statement, representation or warranty made
by any person, firm or corporation (including, without limitation, HPX, New PubCo or any of their respective affiliates or any of their
respective control persons, officers, directors and employees), other than the statements of HPX and New PubCo contained in this Agreement,
in connection with the Transactions and the transactions contemplated by this Agreement.

 

(e)               
The Existing Shareholder acknowledges that it is aware that there are substantial risks incident to the Transactions and the transactions
contemplated by this Agreement. The Existing Shareholder has sought such accounting, legal and tax advice as the Existing Shareholder
has considered necessary to make an informed decision. The Existing Shareholder (i) is a sophisticated investor, experienced in investing
in private equity transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions
and investment strategies involving a security or securities, and (ii) has exercised independent judgment in evaluating its participation
in the transactions contemplated by this Agreement.

 

(f)                
The Existing Shareholder is not (i) a person or entity named on the List of Specially Designated Nationals and Blocked Persons
administered by the United States Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive
Order issued by the President of the United States and administered by OFAC (“OFAC List”), or a person or entity prohibited
by any OFAC sanctions program, (ii) a Designated National as defined in the United States Cuban Assets Control Regulations, 31 C.F.R.
Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. If the Existing Shareholder
is a financial institution subject to the United States Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT
Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT Act”), the Existing Shareholder maintains
written policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required,
the Existing Shareholder maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions
programs, including the OFAC List.

 

    5

     

    

 

6.                  
Further Assurances. The Existing Shareholder agrees to execute and deliver such additional documents and take such additional
actions as are reasonably practical and necessary in furtherance of the provisions of Section 1 hereof.

 

7.                  
Termination. This Agreement shall automatically terminate, without any notice or other action by any Party, and be void
ab initio upon the earlier of (a) the Closing and the delivery of the XP Additional Warrants, if any, and the XP Additional Shares,
if any, to the Existing Shareholder, if any; and (b) the termination of the Business Combination Agreement in accordance with its terms
and (c) upon the mutual written agreement of each of the parties hereto to terminate this Agreement. Upon termination of this Agreement
as provided in the immediately preceding sentence, none of the Parties shall have any further obligations or liabilities under, or with
respect to, this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, the termination of this Agreement
pursuant to Section 7(b) shall not affect any liability on the part of any Party for an intentional breach of this Agreement or
Intentional Fraud. If the Transaction is not consummated, HPX shall notify the Existing Shareholder of the termination of the Business
Combination Agreement promptly after the termination of such agreement.

 

8.                  
Trust Account Waiver. The Existing Shareholder acknowledges that HPX is a blank check company with the powers and privileges
necessary or convenient to the conduct, promotion or attainment of the business or purposes of HPX, including, but not limited to effecting
a merger, asset acquisition, reorganization or similar business combination involving HPX and one or more businesses or assets. The Existing
Shareholder further acknowledges that, as described in HPX’s prospectus relating to its initial public offering dated July 15, 2020
(the “IPO Prospectus”) available at www.sec.gov, substantially all of HPX’s assets consist of the cash proceeds
of HPX’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited
in a trust account (the “Trust Account”) for the benefit of HPX, its public shareholders and the underwriters of HPX’s
initial public offering. Except with respect to interest earned on the funds held in the Trust Account that may be released to HPX to
pay its tax obligations, if any, and for working capital, the cash in the Trust Account may be disbursed only for the purposes set forth
in the IPO Prospectus. The Existing Shareholder hereby irrevocably waives any and all right, title and interest, or any claim of any kind
it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account
as a result of, or arising out of, this Agreement, provided, however, that nothing in this Section 8 shall be deemed to
limit the Existing Shareholder’s right, title, interest or claim to the Trust Account by virtue of the Existing Shareholder’s
record or beneficial ownership of HPX Shares.

 

9.                  
Form W-9 or W-8. The Existing Shareholder shall, on or prior to the Closing, execute and deliver to New PubCo a completed
IRS Form W-9 or Form W-8, as applicable.

 

10.               
Withholding. Notwithstanding any other provision of this Agreement, New PubCo and HPX and any of their respective agents
and representatives, as applicable, shall be entitled to deduct and withhold from the XP Additional Warrants, if any, the XP Additional
Shares, if any, and any other amount payable pursuant to this Agreement any such taxes as may be required to be deducted and withheld
from such amounts (and any other amounts treated as paid for applicable tax law) under the Internal Revenue Code of 1986, as amended,
or any other applicable tax law (as determined in good faith by the party so deducting or withholding in its sole discretion). To the
extent that any amounts are so deducted and withheld, such deducted and withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the person in respect of which such deduction and withholding was made.

 

    6

     

    

 

11.               
Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and
permitted assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors
and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement. Except as otherwise provided
in the following sentence, nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners or
participants in a joint venture. Notwithstanding anything to the contrary contained herein, the Company and the Sponsor, are intended
third-party beneficiaries of and may enforce this Section 11 and Sections 1 and 12 of the Agreement.

 

12.               
Incorporation by Reference. Sections 10.1 (No Survival), 11.2 (Interpretation), 11.3 (Counterparts; Electronic
Delivery), 11.4(a) (Entire Agreement), 11.5 (Severability), 11.6 (Other Remedies; Specific Performance), 11.7
(Governing Law), 11.8 (Consent to Jurisdiction; Waiver of Jury Trial), 11.9 (Rules of Construction), 11.11 (Assignment),
11.12 (Amendment), 11.13 (Extension; Waiver) and 11.14 (No Recourse) of the Business Combination Agreement are incorporated
herein and shall apply to this Agreement mutatis mutandis.

 

13.               
Public Disclosure. Notwithstanding anything in this Agreement to the contrary, Existing Shareholder agrees that HPX shall
have the right to publicly disclose the name of Existing Shareholder, its investment adviser or any of their respective affiliates, Existing
Shareholder’s beneficial ownership of the Subject HPX Equity Securities, or the nature of Existing Shareholder’s commitments,
arrangements and understandings exclusively under and relating to this Agreement, any Form 8-K filed by HPX with the SEC in connection
with the execution and delivery of this Agreement and any registration statement filed or amended on or after the date of this Agreement.
Existing Shareholder shall promptly provide any information reasonably requested by HPX for any regulatory application or filing made
or approval sought in connection with the Transactions (including filings with the SEC). Prior to making any such public disclosure, HPX
shall use commercially reasonable efforts to (a) provide Existing Shareholder with three (3) Business Days to review the portion of any
public filing that refers directly to Existing Shareholder’s commitment pursuant to this Agreement and (b) incorporate any reasonable
comments received from Existing Shareholder or its representatives within such three (3) Business Day period as to such public disclosures
referring directly to Existing Shareholder’s commitment pursuant to this Agreement (it being understood, however, that with respect
to the initial public disclosure as to the existence of this Agreement, such three (3) Business Day period may be reduced by HPX to a
one (1) Business Day period).

 

[signature page follows]

 

    7

     

    

 

IN
WITNESS WHEREOF, the Existing Shareholder has executed or caused this Agreement to be executed by its duly authorized representative
as of the date set forth on the first page of this Agreement.

 

	Name of the Existing Shareholder:
    Trend HPX SPAC FIA IE	 
	 	 
	By:	                      	 
	Name: Danilo Gabriel / Gabriel Xavier
    Drummond	 
	Title: Director of XP Allocation Asset
    Management Ltda. / Attorney-in-fact of XP Allocation Asset Management Ltda.  	 
	 	 
	Number of HPX Shares held by
    the Existing Shareholder: 1,297,400  	 

 

[Signature Page to Shareholder Non-Redemption
Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, HPX and New PubCo have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	HPX CORP.  
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 
	 	AMBIPAR EMERGENCY RESPONSE
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

[Signature Page to Shareholder Non-Redemption
Agreement]

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