Document:

Exhibit 10.1

     

    

    November 17, 2021

    

    

    bleuacacia ltd

    500 Fifth Avenue

    New York, New York 10110

    

    

    	Re:	
            Initial Public Offering

          

    

    

    Ladies and Gentlemen:

    

    

    This letter (this “Letter
        Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
      entered into or proposed to be entered into by and between bleuacacia ltd, a Cayman Islands exempted company (the “Company”),
      and Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., as the representatives of the several underwriters named therein (the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of
      27,600,000 of the Company’s units (including up to 3,600,000 units that may be purchased to cover over-allotments, if any) (the “Units”),
      each comprised of one Class A ordinary share, par value $0.0001 per share (each, an “Ordinary Share”) of the Company, one right
      to receive one-sixteenth of one Ordinary Share, and one-half of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment.
      The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”)
      filed by the Company with the Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are
      defined in paragraph 12 hereof.

    

    

    In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
      for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, bleuacacia sponsor LLC, a Cayman Islands limited liability company (the “Sponsor”), and the other undersigned persons (each, an “Insider” and
      collectively, the “Insiders”), hereby agrees with the Company as follows:

    

    

    1. The Sponsor and each Insider agrees with the Company that if the Company seeks shareholder approval of a proposed Business Combination,
      then in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination (including any proposals recommended by the Company’s Board of Directors in
      connection with such Business Combination) and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval or sell or tender any Shares if the Company seeks to consummate a Business Combination by engaging in a
      tender offer.

    

    

    2. The Sponsor and each Insider hereby agrees with the Company that in the event that the Company fails to consummate a Business
      Combination within 18 months from the closing of the Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association, as they may be amended
      from time to time, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days
      thereafter, redeem 100% of the Ordinary Shares sold as part of the Units in the Public Offering (the “Offering Shares”), at a
      per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the
      number of then issued and outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as
      reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s Board of Directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to
      provide for claims of creditors and the requirements of other applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s amended and restated memorandum and articles of association (i) to modify the substance or
      timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination within 18 months from the
      closing of the Public Offering, or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their
      Offering Shares upon approval of any such amendment at a per share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable), divided by the number of
      then issued and outstanding Offering Shares.

    

    

    
      
        

    

    The Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in
      the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any Shares held by it,
      him or her, if any, any redemption rights it, he or she may have in connection with (x) the consummation of a Business Combination, including, without limitation, any such rights available in the context of a shareholder vote to approve such Business
      Combination or in the context of a tender offer made by the Company to purchase Ordinary Shares and (y) a shareholder vote to amend the Company’s amended and restated memorandum and articles of association (i) to modify the substance or timing of the
      Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete its initial Business Combination within 18 months from the closing of the
      Public Offering, or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity (although the Sponsor and the Insiders shall be entitled to redemption and liquidation rights with respect to
      any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time period set forth in the Company’s amended and restated memorandum and articles of association).

    

    

    3. Notwithstanding the provisions set forth in paragraphs 8(a) and (b) below, during the period commencing on the effective date of the
      Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., offer, sell, contract to sell, pledge or
      otherwise dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly or
      indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 (“Section 16”) of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder (the “Exchange Act”), with respect to, any Units, Rights, Shares, Warrants, Private Placement Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares, or publicly
      announce an intention to effect any such transaction; provided, however,
      that the foregoing does not apply to the forfeiture of any Founder Shares pursuant to their terms or any transfer of Founder Shares to any current or future independent director of the company (as long as such current or future independent director
      transferee is subject to this Letter Agreement or executes an agreement substantially identical to the terms of this Letter Agreement, as applicable to directors and officers at the time of such transfer; and as long as, to the extent any Section 16
      reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer). The provisions of this paragraph will not apply if the release or waiver is effected
      solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the
      transfer.

    

    

    4. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other
      shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses
      reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any third party for services rendered
      (other than the Company’s independent registered public accountants) or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”); provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than the Company’s
      independent registered public accountants) or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering Share or (ii) such lesser amount per Offering Share held in the Trust
      Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as
      to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the
      Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall
      have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it
      shall undertake such defense.

    

    

    
      
        

    

    5. To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 3,600,000 Units within
      45 days from the date of the Prospectus (and as further described in the Prospectus), the Initial Shareholders agree to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 900,000 multiplied by a fraction, (i) the numerator of
      which is 3,600,000 minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 3,600,000. All references (not including Ordinary Shares underlying the Private
      Placement Warrants) in this Letter Agreement to Founder Shares of the Company being forfeited shall take effect as surrenders for no consideration of such Founder Shares as a matter of Cayman Islands law. The forfeiture will be adjusted to the extent
      that the over-allotment option is not exercised in full by the Underwriters so that the number of Founder Shares will equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering. (not including Ordinary Shares
      underlying the Private Placement Warrants). The Initial Shareholders further agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a capitalization or share repurchase or redemption, as
      applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20.0% of the Company’s issued and outstanding Shares upon the consummation of the Public Offering. In connection
      with such increase or decrease in the size of the Public Offering, then (A) the references to 3,600,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal to 15% of the number of
      Ordinary Shares included in the Units issued in the Public Offering and (B) the reference to 900,000 in the formula set forth in the immediately preceding sentence shall be adjusted to such number of Founder Shares that the Initial Shareholders would
      have to return to the Company in order for the number of Founder Shares to equal an aggregate of 20.0% of the Company’s issued and outstanding Shares after the Public Offering (not including the Ordinary Shares underlying the Warrants or Private
      Placement Warrants).

    

    

    6. The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
      the event of a breach by such Sponsor or Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 8(a), 8(b), and 10 of this Letter Agreement, (ii) monetary damages may not be an adequate remedy for such breach and (iii) the
      non-breaching party shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

    

    

    7. (a) The Sponsor agrees that upon and subject to the completion of the Business Combination (the “Business Combination Closing”), 25% of the Founder Shares then held by the Sponsor shall be considered to be newly unvested shares, one-half of which (or
      12.5% of the Founder Shares then held by the Sponsor) shall vest only if the First Share Price Level (as defined below) is achieved on or after the first anniversary of the Business Combination Closing but before the fifth anniversary of the Business
      Combination Closing; and one-half of which (or 12.5% of the Founder Shares then held by the Sponsor) shall vest only if the Second Share Price Level (as defined below) is achieved on or after the first anniversary of the Business Combination Closing
      but before the fifth anniversary of the Business Combination Closing.

    

    

    (b) The Sponsor agrees that it shall not Transfer any unvested Founder Shares prior to the date such Founder Shares become vested, except
      to the extent permitted by paragraph 8(c).

    

    

    (c) Founder Shares, if any, that remain unvested at the fifth anniversary of the Business Combination Closing will be forfeited, and shall
      be transferred by the Sponsor to the Company without any consideration for such transfer. For the avoidance of doubt, the Founder Shares owned by the individual Insiders other than the Sponsor shall not be subject to vesting or forfeiture.

    

    

    
      
        

    

    (d) For purposes of this paragraph 7, the “First Share Price Level” will be considered achieved only if the closing price of the Ordinary Shares on the Nasdaq Global Market (or other exchange or other market where the Ordinary Shares are then traded) equals or
      exceeds $12.50 for any 20 trading days within a 30 trading day period on or after the first anniversary of the Business Combination Closing but before the fifth anniversary of the Business Combination Closing; and the “Second Share Price Level” will be considered achieved only if the closing price of the Ordinary Shares on the Nasdaq Global Market (or other exchange or
      other market where the Ordinary Shares are then traded) equals or exceeds $15.00 for any 20 trading days within a 30 trading day period on or after the first anniversary of the Business Combination Closing but before the fifth anniversary of the
      Business Combination Closing. The First Share Price Level and Second Share Price Level will be equitably adjusted on account of any share split, reverse share split or similar equity restructuring transaction.

    

    

    (e) Notwithstanding the foregoing, in the event the Company enters into a binding agreement on or before the fifth anniversary of the
      Business Combination Closing with respect to a Sale (as defined below), all unvested Founder Shares shall vest on the day prior to the closing of such Sale. “Sale” shall mean the occurrence of any of the following events (which, for the avoidance of doubt, shall not include the Business Combination): (a) any person or any group of persons acting together which would
      constitute a “group” for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting
      power of the Company’s then outstanding voting securities, (b) there is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either
      (x) the board of directors of the Company immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving company is a subsidiary, the
      ultimate parent thereof, or (y) the voting securities of the Company immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding voting
      securities of the person resulting from such merger or consolidation or, if the surviving company is a subsidiary, the ultimate parent thereof, or (c) the shareholders of the Company approve a plan of complete liquidation or dissolution of the
      Company or there is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Company of all or substantially all of the assets of the Company and its subsidiaries, taken as a
      whole, other than such sale or other disposition by the Company of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to an entity at least 50% of the combined voting power of the voting securities of which
      are owned by shareholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale.

    

    

    8. (a) The Sponsor and each Insider agrees that it, he or she shall not Transfer (as defined below) any Founder Shares (or Ordinary Shares
      issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x) if the last reported sale price of the Ordinary Shares equals
      or exceeds $12.00 per share (as adjusted for share sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
      days after the Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Company’s Public Shareholders having
      the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder Shares Lock-up Period”).

    

    

    (b) The Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or Ordinary Shares issued or
      issuable upon the exercise or conversion of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

    

    

    (c) Notwithstanding the provisions set forth in paragraphs 7(b), 8(a) and 8(b), transfers of the Founder Shares, Private Placement Warrants
      and Ordinary Shares issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares, are permitted (a) to the Company’s directors or officers, any affiliates or family members of the Company’s directors or
      officers, the Sponsor, any members of the Sponsor or any affiliates of the Sponsor; (b) in the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary of which is a member of the individual’s
      immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified
      domestic relations order; (e) by private sales or transfers made in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of the
      Company’s liquidation prior to the Company’s completion of an initial Business Combination; (g) in the case of an entity, by virtue of the laws of its jurisdiction or its organizational documents or operating agreement; and (h) in the event of the
      Company’s completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property
      subsequent to the completion of the Company’s initial Business Combination; provided, however, that, in the case of clauses (a) through (e), these permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in this Agreement.

    

    

    
      
        

    

    9. The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any
      securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company, if any (including any such information
      included in the Prospectus), is true and accurate in all respects and does not omit any material information with respect to such Insider’s background. The Sponsor and each Insider’s questionnaire(s) furnished to the Company, if any, is true and
      accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
      act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
      person, or (iii) pertaining to any dealings in any securities; and it, he or she is not currently a defendant in any such criminal proceeding.

    

    

    10. Except as disclosed in, or as expressly contemplated by, the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the
      Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any
      services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless of the type of transaction that it is).

    

    

    11. The Sponsor and each Insider has full right and power,
        without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve
      as an officer and/or a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or a director of the Company.

    

    

    12. As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition,
        share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares” shall mean the 6,900,000 Class B
        Ordinary Shares, par value $0.0001 per share, issued and outstanding immediately prior to the consummation of the Public Offering; (iv) “Initial Shareholders” shall mean the Sponsor and any other person that holds Founder Shares; (v) “Private Placement Warrants” shall mean the warrants to purchase an aggregate of 6,800,000 Ordinary Shares of the Company (or up to 7,520,000 Ordinary Shares of the Company depending on the extent to which the Underwriters’ over-allotment option is exercised pursuant to the Underwriting Agreement) that the
        Sponsor has agreed to purchase for an aggregate purchase price of $6,800,000 (or up to $7,520,000 depending on the extent to which the Underwriters’ over-allotment option is exercised pursuant to the Underwriting Agreement), or $1.00 per
        Warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public
        Shareholders” shall mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; and (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
        pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position
        within the meaning of Section 16 of the Exchange Act, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the
        economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or
        (b).

    

    

    
      
        

    

    13. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
      and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement
      may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by (1) each Insider that is the subject of any such change, amendment, modification
      or waiver and (2) the Sponsor.

    

    

    14. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
      written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be
      binding on the Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

    

    

    15. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The parties
      hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such
      jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

    

    

    16. Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in
      writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or other electronic transmission.

    

    

    17. Each party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to
      this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations
      and notice obligations.

    

    

    18. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods and (ii) the liquidation of the
      Company; provided, however, that this Letter Agreement shall
      earlier terminate in the event that the Public Offering is not consummated and closed by January 31, 2022; provided further that paragraph 4 of this Letter
      Agreement shall survive such liquidation.

    

    

    19. This Letter 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.

    

    

    20. This Letter 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 Letter 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 Letter 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]

    

    

    
      
        

    

    	 	
            Sincerely,

          
	 	
            BLEUACACIA SPONSOR LLC

          
	 	 
	 	
            By:

          	
            /s/  Jide Zeitlin

          
	 	 	
            Name: Jide Zeitlin

          
	 	 	
            Title: Manager

          

    

    

    	 	
            /s/ Jide Zeitlin

          
	 	
            Name: Jide Zeitlin

          

    

    

    	 	
            /s/ Lew Frankfort

          
	 	
            Name: Lew Frankfort

          

    

    

    	 	
            /s/ Charles McGuigan

          
	 	
            Name: Charles McGuigan

          

    

    

    	 	
            /s/ Thomas Northover

          
	 	
            Name: Thomas Northover

          

    

    

    	 	
            /s/ Natara Holloway

          
	 	
            Name: Natara Holloway

          

    

    

    	 	
            /s/ Ibukun Awosika

          
	 	
            Name: Ibukun Awosika

          

    

    

    	 	
            /s/ Brian Finn

          
	 	
            Name: Brian Finn

          

    

    

    	 	
            /s/ Gabriel Naouri

          
	 	
            Name: Gabriel Naouri

          

    

    

    
      
        

    

    Acknowledged and Agreed:

    	
            BLEUACACIA LTD

          	 
	
            By:

          	
            /s/ Jide Zeitlin

          	 
	 	
            Name:

          	
            Jide Zeitlin

          	 
	 	
            Title:

          	
            Co-Chief Executive Officer

          	 

    

    

    	
            By:

          	
            /s/ Lew Frankfort

          	 
	 	
            Name:

          	
            Lew Frankfort

          	 
	 	
            Title:

          	
            Co-Chief Executive Officer

          	 

    

    

    [Signature Page to Letter Agreement]Exhibit 10.2

    

    

    INVESTMENT MANAGEMENT TRUST AGREEMENT

    

    

    This Investment Management Trust Agreement (this “Agreement”) is made effective as of November 17, 2021, by and
      between bleuacacia ltd, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

    

    

    WHEREAS, the Company’s registration statement on Form S-1, File No. 333-257240 (the “Registration Statement”), and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary Share”), one right to receive one-sixteenth
      of one Ordinary Share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission (the “SEC”), and an additional registration statement on Form
      S-1, File No. 333-261167 pursuant to Rule 462(b) under the Securities Act of 1933, as amended has been filed with the SEC by the Company; and

    

    

    WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting
        Agreement”) with Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., as the underwriters (the “Underwriters”) named therein; and

    

    

    WHEREAS, as described in the Prospectus, $240,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants
      (as defined in the Underwriting Agreement) (or $276,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United
      States (the “Trust Account”) for the benefit of the Company and the holders of Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be
      delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit
      the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders and the Company will be referred to
      together as the “Beneficiaries”); and

    

    

    WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to $8,400,000, or $9,660,000 if the Underwriters’
      over-allotment option is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently with the consummation of the Business Combination (as defined
      below) (the “Deferred Discount”); and

    

    

    WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the
      Trustee shall hold the Property.

    

    

    NOW THEREFORE, IT IS AGREED:

    

    

    1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

    

    

    (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee located in the United
      States at 1 State Street, 30th Floor, New York, New York 10004 (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more) and at a
      brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

    

    

    (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein;

    

    

    (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely in United States government securities within the meaning of
      Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment
      Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the
      Company’s instructions hereunder; while on deposit, the Trustee may earn bank credits or other consideration;

    

    

    
      
        

    

    (d) Collect and receive, when due, all interest or other income arising from the Property, which shall become part of the “Property,” as such term is used herein;

    

    

    (e) Promptly notify the Company and Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. of all communications received by the Trustee with respect to any
      Property requiring action by the Company;

    

    

    (f) Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the Company’s preparation of tax returns
      relating to assets held in the Trust Account or in connection with the preparation or completion of the audit of the Company’s financial statements by the Company’s auditors;

    

    

    (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so;

    

    

    (h) Render to the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account;

    

    

    (i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B signed on behalf of a Co-Chief Executive Officer, President, Chief Financial
      Officer, Chief Operating Officer, General Counsel, Executive Director, Secretary or Co-Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the
      Company, and, in the case of Exhibit A, acknowledged and agreed to by the Underwriters, complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest (less up to $100,000 of interest that may be
      released to the Company to pay dissolution expenses and which interest shall be net of any taxes payable, it being understood that the Trustee has no obligation to monitor or question the Company’s position that an allocation has been made for taxes
      payable), only as directed in the Termination Letter and the other documents referred to therein or (y) upon the date which is eighteen (18) months after the closing of the Offering, or such later date as may be approved by the Company’s shareholders
      in accordance with the Company’s amended and restated memorandum and articles of association, as it may be amended from time to time, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account
      shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest (less up to $100,000 of interest that may be released to the Company to pay
      dissolution expenses and which interest shall be net of any taxes payable), shall be distributed to the Public Shareholders of record as of such date;

    

    

    (j) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any tax
      obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the
      Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in
      the Trust Account as shall be designated by the Company in writing to make such distribution so long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, further, however,
      that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill for the Company (it being acknowledged and agreed that any such amount in excess of
      interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no
      responsibility to look beyond said request;

    

    

    
      
        

    

    (k) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem Ordinary Shares from Public
      Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow
      redemption in connection with the Company’s initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business Combination”) or to redeem 100% of the Ordinary Shares included in the Units sold in the Offering if it does not complete its initial Business Combination within eighteen (18) months from the closing of the
      Offering or (B) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled
      to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and

    

    

    (l) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above.

    

    

    2. Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

    

    

    (a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Co-Chairman of the Board, President, Co-Chief Executive Officer, Chief Financial
      Officer, Chief Operating Officer, General Counsel, Executive Director, Secretary or other authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(k) hereof, the Trustee
      shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written
      instructions, provided that the Company shall promptly confirm such instructions in writing;

    

    

    (b) Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all reasonable and documented expenses, including reasonable
      outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in
      connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the
      Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under
      this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage
      the defense against such Indemnified Claim; provided that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any
      Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel;

    

    

    (c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction processing fee which fees shall
      be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections 1(i) hereof. The Company shall
      pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c) and as
      may be provided in Section 2(b) hereof;

    

    

    (d) In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee an affidavit or certificate of the inspector of
      elections for the shareholder meeting verifying the vote of such shareholders regarding such Business Combination;

    

    

    
      
        

    

    (e) Provide Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the
      Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same;

    

    

    (f) Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the Form of Exhibit A that the Deferred
      Discount be paid directly to the account or accounts directed by Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. prior to the transfer of any Property held in the Trust Account to the Company or any other person; and

    

    

    (g) Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from instructing the Trustee to make any distributions that are
      not permitted under this Agreement.

    

    

    (h) Within four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires,
      provide the Trustee with a notice in writing of the total amount of the Deferred Discount.

    

    

    3. Limitations of Liability. The Trustee shall have no responsibility or liability to:

    

    

    (a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement and that which is expressly
      set forth herein;

    

    

    (b) Take any action with respect to the Property, other than as directed in Section 1 hereof, and the Trustee shall have no liability to any party except for liability
      arising out of the Trustee’s gross negligence, fraud or willful misconduct;

    

    

    (c) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of any kind with respect to, any of
      the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses incident thereto;

    

    

    (d) Refund any depreciation in principal of any Property;

    

    

    (e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided otherwise in such designation, or
      unless the Company shall have delivered a written revocation of such authority to the Trustee;

    

    

    (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s
      best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel
      chosen by the Trustee with written notification to the Company, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its
      provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee
      shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties
      and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto;

    

    

    (g) Verify the accuracy of the information contained in the Registration Statement;

    

    

    (h) Provide any assurance that any Business Combination entered into by the Company or any other action taken by the Company is as contemplated by the Registration Statement;

    

    

    
      
        

    

    (i) File information returns with respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company
      documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property;

    

    

    (j) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and activities relating to, the Trust
      Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j) hereof; or

    

    

    (k) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof.

    

    

    4. Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
      to, or to any monies or other Property in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies or other Property in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against
      the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the
      Property or any monies in the Trust Account.

    

    

    5. Termination. This Agreement shall terminate as follows:

    

    

    (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable efforts to locate a successor
      trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed and has agreed to become subject to the terms of this Agreement
      (whether following the Trustee giving notice that it desires to resign under this Agreement or the Company otherwise electing to replace the Trustee under this Agreement), the Trustee shall transfer the management of the Trust Account to the
      successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does
      not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the Property deposited with any court in the State of New York or with the United States
      District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever;

    

    

    (b) At such time that the Trustee has completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and
      distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b); or

    

    

    (c) If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by the Trustee from the Company or
      bleuacacia sponsor LLC for purposes of funding the Trust Account shall be promptly returned to the Company or bleuacacia sponsor LLC, as applicable.

    

    

    6. Miscellaneous.

    

    

    (a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust
      Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons
      may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names, account
      numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not be liable
      for any loss, liability or out-of-pocket expense resulting from any error in the information or transmission of the funds.

    

    

    
      
        

    

    (b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York.

    

    

    (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i), 1(j)
      and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of sixty five percent (65%) of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share, of the Company voting
      together as a single class; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this
      Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto.

    

    

    (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York, for purposes of resolving any
      disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

    

    

    (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or
      similar private courier service, by certified mail (return receipt requested), by hand delivery, by electronic mail or by facsimile transmission:

    

    

    if to the Trustee, to:

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf & Celeste Gonzalez

    Email: fwolf@continentalstock.com

    Email: cgonzalez@continentalstock.com

    

    

    if to the Company, to:

    

    

    bleuacacia ltd

    500 Fifth Avenue

    New York, New York 10110

    Attn: Chief Executive Officer or Co-Chief Executive Officer

    Email: jjz@keffigroup.com

    

    

    in each case, with copies to:

    

    

    Freshfields Bruckhaus Deringer US LLP

    601 Lexington Avenue

    New York, New York  10022

    Attn: Valerie Ford Jacob, Esq.

    Fax No.: (212) 277-4000

    

    

    and

    

    

    Credit Suisse Securities (USA) LLC

    Eleven Madison Avenue

    New York, New York 10010-3629

    Ryan Kelley

    Email: Ryan.kelley@credit-suisse.com

    

    

    and

    

    

    
      
        

    

    Citigroup Global Markets Inc.

    338 Greenwich Street

    New York, New York, 10013

    Attention: General Counsel

    Fax: 1-646-291-1469

    

    

    and

    

    

    Ropes & Gray LLP

    1211 Avenue of the Americas

    New York, New York  10036

    Attn: Paul D. Tropp, Esq.

    Fax No.: 1-646-728-2823

    

    

    (f) This Agreement may not be assigned by the Trustee without the prior consent of the Company.

    

    

    (g) Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly authorized to enter into this Agreement and to perform its
      respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account
      under any circumstance.

    

    

    (h) This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of
      such parties and shall not be construed for or against any party hereto.

    

    

    (i) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and
      the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof.

    

    

    (j) Each of the Company and the Trustee hereby acknowledges and agrees that each of Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. is a third party
      beneficiary of this Agreement.

    

    

    (k) Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

    

    

    [Signature page follows]

     

    

    
      
        

    

    IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the date first written above.

    

    

    	 	
            Continental Stock Transfer & Trust Company, as Trustee

          
	 	 	 
	 	
            By:

          	
             /s/ Francis Wolf

          
	 	 	
            Name: Francis Wolf

          
	 	 	
            Title: Vice President

          
	 	 
	 	
            bleuacacia ltd

          
	 	 	 
	 	
            By:

          	
            /s/ Thomas Northover

          
	 	 	
            Name: Thomas Northover

          
	 	 	
            Title: Executive Director

          

    

    

    [Signature Page to Investment Management Trust Agreement]

    

    

    
      
        

    

    SCHEDULE A

    

    

    	
            Fee Item

          	 	
            Time and method of payment

          	 	
            Amount

          	 
	
            Initial acceptance fee

          	 	
            Initial closing of the Offering by wire transfer.

          	 	
            $

          	
            4,500.00

          	 
	 	 	 	 	 	 	 
	
            Annual fee

          	 	
            First year fee payable at initial closing of the Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.

          	 	
            $

          	
            10,000.00

          	 
	 	 	 	 	 	 	 
	
            Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)

          	 	
            Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)

          	 	
            $

          	
            250.00

          	 
	 	 	 	 	 	 	 
	
            Paying Agent services as required pursuant to Section 1(i) and 1(k)

          	 	
            Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)

          	 	
            Prevailing rates

          	 

    

    

    
      
        

    

    EXHIBIT A

    

    [Letterhead of Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf & Celeste Gonzalez

    

    

    Re: Trust Account Termination Letter

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(i) of the Investment Management Trust Agreement between bleuacacia ltd (the “Company”)
      and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 17, 2021 (the “Trust Agreement”), this is
      to advise you that the Company has entered into an agreement with (the “Target Business”) to consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar
      business combination with the Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least
      seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation of the Business Combination (“Consummation Date”). Capitalized terms
      used but not defined herein shall have the meanings set forth in the Trust Agreement.

    

    

    In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account and to transfer the proceeds into
      the above-referenced trust operating account at [●] to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that Credit Suisse Securities (USA) LLC
      and Citigroup Global Markets Inc. (the “Representatives”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that
      while the funds are on deposit in the trust operating account at [●] awaiting distribution, neither the Company nor the Representatives will earn any interest.

    

    

    On the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, or will be consummated
      substantially, concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to you (a) a certificate of a
      Co-Chief Executive Officer, which verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction signed by the Company and the Representatives with respect to the
      transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to
      transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be
      liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the
      Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

    

    

    In the event that the Business Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original
      Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of the Trust Agreement on the business day
      immediately following the Consummation Date as set forth in the notice as soon thereafter as possible.

    

    

    
      
        

    

    	 	
            Very truly yours,

          
	 	
            bleuacacia ltd

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	
            Agreed and acknowledged by:

          	 
	
            Credit Suisse Securities (USA) LLC

          	 
	 	 
	
            By:

          	 	 	 
	
            Name: [●]

          	 
	
            Title: [●]

          	 
	 	 
	
            Citigroup Global Market Inc.

          	 
	 	 
	
            By:

          	 	 	 
	
            Name: [●]

          	 
	
            Title: [●]

          	 

    

    

    
      
        

    

    EXHIBIT B

    

    [Letterhead of Company]

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf & Celeste Gonzalez

    

    

    Re: Trust Account Termination Letter

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(i) of the Investment Management Trust Agreement between bleuacacia ltd (the “Company”)
      and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 17, 2021 (the “Trust Agreement”), this is
      to advise you that the Company has been unable to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with a target business (the “Business
        Combination”) within the time frame specified in the Company’s amended and restated memorandum and articles of association, as described in the Company’s Prospectus relating to the Offering. Capitalized terms used but not defined herein
      shall have the meanings set forth in the Trust Agreement.

    

    

    In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds into the
      trust operating account at [●] to await distribution to the Public Shareholders. The Company has selected [●] as the effective date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation
      proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Shareholders in accordance with the terms of the Trust Agreement and the amended and
      restated memorandum and articles of association of the Company. Upon the distribution of all the funds, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement.

    

    

    	 	
            Very truly yours,

          
	 	
            bleuacacia ltd

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	
            cc:

          	
            Credit Suisse Securities (USA) LLC

          
	 	
            Citigroup Global Markets Inc.

          

    

    
      
        

    

    EXHIBIT C

    

    [Letterhead of Company]

    

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf & Celeste Gonzalez

    

    

    Re: Trust Account Tax Payment Withdrawal Instruction

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(j) of the Investment Management Trust Agreement between bleuacacia ltd (the “Company”)
      and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 17, 2021 (the “Trust Agreement”), the
      Company hereby requests that you deliver to the Company $ of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

    

    

    The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you
      are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at:

    

    

    [WIRE INSTRUCTION INFORMATION]

    

    

    	 	
            Very truly yours,

          
	 	
            bleuacacia ltd

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	
            cc:

          	
            Credit Suisse Securities (USA) LLC

          
	 	
            Citigroup Global Markets Inc.

          

    

    
      
        

    

    EXHIBIT D

    

    [Letterhead of Company]

    

    [Insert date]

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, New York 10004

    Attn: Francis Wolf & Celeste Gonzalez

    

    

    Re: Trust Account Shareholder Redemption Withdrawal Instruction

    

    

    Dear Mr. Wolf and Ms. Gonzalez:

    

    

    Pursuant to Section 1(k) of the Investment Management Trust Agreement between bleuacacia ltd (the “Company”) and
      Continental Stock Transfer & Trust Company (the “Trustee”), dated as of November 17, 2021 (the “Trust Agreement”), the Company
      hereby requests that you deliver to the redeeming Public Shareholders on behalf of the Company $             of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein
      shall have the meanings set forth in the Trust Agreement.

    

    

    The Company needs such funds to pay its Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder
      vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business
      Combination or to redeem 100% of the Company’s public Ordinary Shares if it does not complete its initial Business Combination within such time as is described in the Company’s amended and restated memorandum and articles of association or (B) with
      respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity. As such, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
      redeeming Public Shareholders in accordance with your customary procedures.

    

    

    	 	
            Very truly yours,

          
	 	
            bleuacacia ltd

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    	
            cc:

          	
            Credit Suisse Securities (USA) LLC

          
	 	
            Citigroup Global Markets Inc.

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