Document:

Exhibit 4.4

    

    

    WARRANT AGREEMENT

    

    

    BLEUACACIA LTD

    

    

    and

    

    

    CONTINENTAL STOCK TRANSFER & TRUST COMPANY

    

    

    Dated [•], 2021

    

    

    THIS WARRANT AGREEMENT (this “Agreement”), dated [•], 2021, is by and between bleuacacia ltd, a Cayman Islands exempted company (the “Company”),
      and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (in such capacity, the “Warrant Agent”).

    

    

    WHEREAS, it is proposed that the Company enter into that certain Sponsor Warrants Purchase Agreement, with bleuacacia sponsor LLC, a Cayman
      Islands limited liability company (the “Sponsor”), pursuant to which the Sponsor will purchase an aggregate of 5,333,333
      warrants (or up to 5,933,333 warrants if the underwriters in the Offering (defined below) exercise their Over-allotment Option (as defined below) in full) simultaneously with the closing of the Offering (and the closing of the Over-allotment Option,
      if applicable), bearing the legend set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.50 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Ordinary Share (as defined below) at
      a price of $11.50 per share, subject to adjustment as described herein; and

    

    

    WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset
      acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business
        Combination”), the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $1,500,000 of such loans may be
      convertible into up to an additional 1,000,000 warrants at a price of $1.50 per warrant, which will be identical to the Private Placement Warrant (the “Working Capital Warrants”); and

    

    

    WHEREAS, the Company is engaged in an initial public offering (the “Offering”) of units of the Company’s equity securities, each such unit comprised of one Ordinary Share and one-third of one Public Warrant (as defined below) (the “Units”) and, in connection therewith, has determined to issue and deliver up to 11,500,000 redeemable warrants (including up to 1,500,000 redeemable
      warrants subject to the Over-allotment Option) to public investors in the Offering (the “Public Warrants” and, together with
      the Private Placement Warrants and the Working Capital Warrants, the “Warrants”). Each whole Warrant entitles the holder
      thereof to purchase one Class A ordinary share of the Company, par value $0.0001 per share (“Ordinary Shares”), at a price of
      $11.50, subject to adjustment as described herein. Only whole Warrants are exercisable. A holder of the Public Warrants will not be able to exercise any fraction of a Warrant; and

    

    

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

    

    

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

    

    

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

    

    

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

    
      
        

    

    

    

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

    

    

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

    

    

    2. Warrants.

    

    

    2.1 Form of Warrant. Each Warrant shall
      initially be issued in registered form only. All of the Public Warrants shall initially be represented by one or more book-entry certificates (each a “Book-Entry Warrant Certificate”).

    

    

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

    

    

    2.3 Registration.

    

    

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

    

    

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

    

    

    Definitive Warrant Certificates, if issued, shall be signed by, or bear the facsimile signature of, a Co-Chairman of the Board, a Co-Chief
      Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Executive Director, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has been placed upon any
      Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

    

    

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

    
      
        

    

    

    

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

    

    

    2.5 Fractional Warrants. The Company shall not
      issue fractional Warrants other than as part of the Units, each of which is comprised of one Ordinary Share and one-third of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants would
      be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder.

    

    

    2.6 Private Placement Warrants and Working Capital
          Warrants.

    

    

    The Private Placement Warrants and the Working Capital Warrants shall be identical to the Public Warrants, except that so long as they are
      held by the Sponsor or any of its Permitted Transferees (as defined below) the Private Placement Warrants and the Working Capital Warrants: (i) may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(b) hereof, (ii) including the Ordinary Shares issuable upon exercise of the Private Placement Warrants and the Working Capital Warrants, may not be transferred, assigned
      or sold until the date that is thirty (30) days after the completion by the Company of an initial Business Combination, (iii) shall not be redeemable by the Company pursuant to Section 6.1 hereof and (iv) shall only be redeemable by the Company pursuant to Section 6.2 hereof if the Reference Value (as defined
      below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof); provided, however, that in the case of (ii), the Private Placement Warrants and the Working Capital Warrants, and any Ordinary Shares issued upon exercise of any of the Private Placement Warrants or the Working
      Capital Warrants, held by the Sponsor or any of its Permitted Transferees, may be transferred by the holders thereof:

    

    

    (a) to the Company’s officers or directors, any affiliates or family members of the Company’s officers or directors, 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 its 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
      (the “Permitted Transferees”) must enter into a written agreement with the Company agreeing to be bound by the transfer
      restrictions in this Agreement.

    
      
        

    

    

    

    3. Terms and Exercise of Warrants.

    

    

    3.1 Warrant Price. Each whole Warrant shall
      entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Ordinary Shares stated therein, at the price of $11.50 per share, subject to the adjustments provided
      in Section 4 hereof and in the last sentence of this Section 3.1.
      The term “Warrant Price” as used in this Agreement shall mean the price per share (including in cash or by payment of Warrants
      pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Ordinary Shares may be purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any
      time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days (unless otherwise required by the Commission, any national securities exchange on which the Warrants are listed or applicable law); provided
      that the Company shall provide at least three (3) days prior written notice of such reduction to Registered Holders of the Warrants and provided, further, that any such reduction shall be identical among all of the Warrants.

    

    

    3.2 Duration of Warrants. A Warrant may be
      exercised only during the period (the “Exercise Period”) (A) commencing on the date that is thirty (30) days after the first
      date on which the Company completes a Business Combination, and (B) terminating at the earliest to occur of (x) 5:00 p.m., New York City time on the date that is five (5) years after the date on which the Company completes its initial Business
      Combination, (y) the liquidation of the Company in accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than
      with respect to the Private Placement Warrants and the Working Capital Warrants then held by the Sponsor or its Permitted Transferees with respect to a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4
      hereof), Section 6.2 hereof (each, an “Inapplicable
        Redemption”), 5:00 p.m., New York City time on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below, with respect to an effective registration statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below)
      (other than with respect to an Inapplicable Redemption) in the event of a redemption (as set forth in Section 6 hereof), each Warrant (other than a Private
      Placement Warrant then held by the Sponsor or its Permitted Transferees in the event of an Inapplicable Redemption) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under
      this Agreement shall cease at 5:00 p.m. New York City time on the Expiration Date. The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be identical
      in duration among all the Warrants.

    

    

    3.3 Exercise of Warrants.

    

    

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

    

    

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

    
      
        

    

    

    

    (b) with respect to any Private Placement Warrant or a Working Capital Warrants, so long as such Private Placement Warrant or Working
      Capital Warrants is held by the Sponsor or a Permitted Transferee, by surrendering the Warrants for that number of Ordinary Shares equal to (i) if in connection with a redemption of Private Placement Warrants or Working Capital Warrantss pursuant to
      Section 6.2 hereof, as provided in Section 6.2 hereof with respect
      to a Make-Whole Exercise (as defined below) and (ii) in all other scenarios the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the excess of the “Sponsor Exercise Fair Market
      Value” (as defined in this subsection 3.3.1(b)) over the Warrant Price by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this subsection 3.3.1(b), the “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Ordinary Shares for the ten (10) trading days
      ending on the third (3rd) trading day prior to the date on which notice of exercise of the Private Placement Warrants or the Working Capital Warrants is sent to the Warrant Agent;

    

    

    (c) as provided in Section 6.2 hereof with
      respect to a Make-Whole Exercise; or

    

    

    (d) as provided in Section 7.4 hereof.

    

    

    3.3.2 Issuance of Ordinary Shares on Exercise.
      As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)),
      the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the number of Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him,
      her or it on the register of members of the Company, and if such Warrant shall not have been exercised in full, a new book-entry position or countersigned Warrant, as applicable, for the number of Ordinary Shares as to which such Warrant shall not
      have been exercised. If fewer than all the Warrants evidenced by a Book-Entry Warrant Certificate are exercised, a notation shall be made to the records maintained by the Depositary, its nominee for each Book-Entry Warrant Certificate, or a
      Participant, as appropriate, evidencing the balance of the Warrants remaining after such exercise. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Ordinary Shares pursuant to the exercise of a Warrant and shall have
      no obligation to settle such Warrant exercise unless a registration statement under the Securities Act with respect to the Ordinary Shares underlying the Public Warrants is then effective and a prospectus relating thereto is current, subject to the
      Company’s satisfying its obligations under Section 7.4 or a valid exemption from registration is available. No Warrant shall be exercisable and the Company
      shall not be obligated to issue Ordinary Shares upon exercise of a Warrant unless the Ordinary Shares issuable upon such Warrant exercise have been registered, qualified or deemed to be exempt from registration or qualification under the securities
      laws of the state of residence of the Registered Holder of the Warrants. Subject to Section 4.6 of this Agreement, a Registered Holder of Warrants may
      exercise its Warrants only for a whole number of Ordinary Shares. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant to Section
          7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in an Ordinary Share, the Company shall round down
      to the nearest whole number, the number of Ordinary Shares to be issued to such holder.

    

    

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

    

    

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

    
      
        

    

    

    

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

    

    

    4. Adjustments.

    

    

    4.1 Share Capitalizations.

    

    

    4.1.1 Sub-Divisions. If after the date hereof,
      and subject to the provisions of Section 4.6 below, the number of issued and outstanding Ordinary Shares is increased by a capitalization or share dividend of
      Ordinary Shares, or by a sub-division of Ordinary Shares or other similar event, then, on the effective date of such capitalization, dividend, sub-division or similar event, the number of Ordinary Shares issuable on exercise of each Warrant shall be
      increased in proportion to such increase in the issued and outstanding Ordinary Shares. A rights offering to holders of Ordinary Shares entitling holders to purchase Ordinary Shares at a price less than the “Historical Fair Market Value” (as defined
      below) shall be deemed a share dividend of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that
      are convertible into or exercisable for the Ordinary Shares) and (ii) one (1) minus the quotient of (x) the price per Ordinary Share paid in such rights offering and (y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable for Ordinary Shares, there shall
      be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume weighted average price of the Ordinary Shares during the
      ten (10) trading day period ending on the trading day prior to the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. No Ordinary Shares shall
      be issued at less than their par value.

    

    

    4.1.2 Extraordinary Dividends. If the Company,
      at any time while the Warrants are outstanding and unexpired, pays to all or substantially all of the holders of Ordinary Shares a dividend or makes a distribution in cash, securities or other assets on account of such Ordinary Shares (or other
      shares into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to
      satisfy the redemption rights of the holders of the Ordinary Shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of the Ordinary Shares in connection with 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
      Company’s public shares if it does not complete its initial Business Combination within the time period required by the Company’s Amended and Restated Memorandum and Articles of Association, as amended from time to time, or (ii) with respect to any
      other provision relating to shareholders’ rights or pre-initial Business Combination activity or (e) in connection with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent
      distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an “Extraordinary Dividend”),
      then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the Company’s board of directors (the “Board”), in good faith) of any securities or other assets paid on each Ordinary Share in respect of such Extraordinary Dividend.
      For purposes of this subsection 4.1.2, “Ordinary
        Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period
      ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 does not exceed $0.50.

    
      
        

    

    

    

    4.2 Aggregation of Shares. If after the date
      hereof, and subject to the provisions of Section 4.6 hereof, the number of issued and outstanding Ordinary Shares is decreased by a consolidation,
      combination, reverse share sub-division or reclassification of Ordinary Shares or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or similar event, the number of
      Ordinary Shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease in issued and outstanding Ordinary Shares.

    

    

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

    

    

    4.4 Raising of the Capital in Connection with the
          Initial Business Combination. If (x) the Company issues additional Ordinary Shares or equity-linked securities for capital raising purposes in connection with the closing of its initial Business Combination at an issue price or
      effective issue price of less than $9.20 per Ordinary Share (with such issue price or effective issue price to be determined in good faith by the Board and, in the case of any such issuance to the Sponsor or its affiliates, without taking into
      account any Class B Ordinary Shares, par value $0.0001 per share, of the Company held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial
      Business Combination on the date of the completion of the Company’s initial Business Combination (net of redemptions), and (z) the volume-weighted average trading price of Ordinary Shares during the twenty (20) trading day period starting on the
      trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”)
      is below $9.20 per share, the Warrant Price shall be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 shall be adjusted (to the nearest cent) to be equal to 180%
      of the higher of the Market Value and the Newly Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

    
      
        

    

    

    

    4.5 Replacement of Securities upon Reorganization, etc.
      In case of any reclassification or reorganization of the issued and outstanding Ordinary Shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Ordinary Shares), or in the case of any merger or consolidation of the Company with or into another
      corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued and outstanding Ordinary Shares), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the holders of the Warrants shall thereafter have the right
      to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented
      thereby, the kind and amount of shares or stock or other equity securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that
      the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative Issuance”); provided, however, that
      (i) if the holders of the Ordinary Shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other
      assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount received per share by the holders of the Ordinary Shares in such consolidation or merger
      that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders of the Ordinary Shares (other than a tender, exchange or redemption offer made by the Company in connection
      with redemption rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum and articles of association or as a result of the redemption of Ordinary Shares by the Company if a proposed initial Business
      Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1)
      under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is
      a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Ordinary Shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of
      cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the
      Ordinary Shares held by such holder had been purchased pursuant to such tender or exchange offer, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided
      for in this Section 4; provided further that if less than 70% of
      the consideration receivable by the holders of the Ordinary Shares in the applicable event is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is quoted in an established
      over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure of the consummation of such
      applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference (but in no event less than zero) of (i) the Warrant Price in
      effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant Value” means the value of a Warrant immediately prior to the
      consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero dividends) (“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into
      account, (ii) the price of each Ordinary Share shall be the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed
      volatility shall be the 90 day volatility obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall
      correspond to the U.S. Treasury rate for a period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Ordinary Shares consists exclusively of cash, the amount of such cash per
      Ordinary Share, and (ii) in all other cases, the volume weighted average price of the Ordinary Shares during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event. If any reclassification or
      reorganization also results in a change in Ordinary Shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In no event shall the Warrant Price be reduced to less than the
      par value per share issuable upon exercise of such Warrant.

    
      
        

    

    

    

    4.6 Notices of Changes in Warrant. Upon every
      adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the
      increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of
      any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5,
      the Company shall give written notice of the occurrence of such event to each holder of a Warrant, at the last address set forth for such holder in the Warrant Register, and the record date or the effective date of the event. Failure to give such
      notice, or any defect therein, shall not affect the legality or validity of such event.

    

    

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

    

    

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

    

    

    4.9 Other Events. In case any event shall occur
      affecting the Company as to which none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an
      adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4,
      then, in each such case, the Company shall appoint a firm of independent registered public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to
      the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is
      necessary, the terms of such adjustment; provided, however, that
      under no circumstances shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any issuance of securities in connection with a Business
      Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

    

    

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

    

    

    5. Transfer and Exchange of Warrants.

    

    

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

    

    

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

    

    

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

    

    

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

    
      
        

    

    

    

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

    

    

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

    

    

    6. Redemption.

    

    

    6.1 Redemption of Warrants for Cash. Subject to
      Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the
      office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.01 per
      Warrant, provided that (a) the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus
      relating thereto, available throughout the 30-day Redemption Period (as defined in Section 6.3 below).

    

    

    6.2 Redemption of Warrants for Ordinary Shares.
      Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise
      Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of
      $0.10 per Warrant, provided that (i) the Reference Value equals or exceeds $10.00 per share (subject to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement Warrants and the Working Capital Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption
      Period in connection with a redemption pursuant to this Section 6.2, Registered Holders of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Ordinary Shares determined by reference to the table below, based on the Redemption Date (calculated for purposes of the table as the period to expiration of the Warrants) and the
      “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean
      the volume weighted average price of the Ordinary Shares for the ten (10) trading days immediately following the date on which notice of redemption pursuant to this Section
          6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this Section 6.2, the Company shall provide the Registered
      Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends.

    

    

    	
            Redemption Date

          	 	
            Redemption Fair Market Value of Ordinary Shares ($)

          
	
            (period to expiration of warrants)

          	 	
            ≤10.00

          	 	
            11.00

          	 	
            12.00

          	 	
            13.00

          	 	
            14.00

          	 	
            15.00

          	 	
            16.00

          	 	
            17.00

          	 	
            ≥18.00

          
	
            60 months

          	 	
            0.261

          	 	
            0.281

          	 	
            0.297

          	 	
            0.311

          	 	
            0.324

          	 	
            0.337

          	 	
            0.348

          	 	
            0.358

          	 	
            0.361

          
	
            57 months

          	 	
            0.257

          	 	
            0.277

          	 	
            0.294

          	 	
            0.310

          	 	
            0.324

          	 	
            0.337

          	 	
            0.348

          	 	
            0.358

          	 	
            0.361

          
	
            54 months

          	 	
            0.252

          	 	
            0.272

          	 	
            0.291

          	 	
            0.307

          	 	
            0.322

          	 	
            0.335

          	 	
            0.347

          	 	
            0.357

          	 	
            0.361

          
	
            51 months

          	 	
            0.246

          	 	
            0.268

          	 	
            0.287

          	 	
            0.304

          	 	
            0.320

          	 	
            0.333

          	 	
            0.346

          	 	
            0.357

          	 	
            0.361

          
	
            48 months

          	 	
            0.241

          	 	
            0.263

          	 	
            0.283

          	 	
            0.301

          	 	
            0.317

          	 	
            0.332

          	 	
            0.344

          	 	
            0.356

          	 	
            0.361

          
	
            45 months

          	 	
            0.235

          	 	
            0.258

          	 	
            0.279

          	 	
            0.298

          	 	
            0.315

          	 	
            0.330

          	 	
            0.343

          	 	
            0.356

          	 	
            0.361

          
	
            42 months

          	 	
            0.228

          	 	
            0.252

          	 	
            0.274

          	 	
            0.294

          	 	
            0.312

          	 	
            0.328

          	 	
            0.342

          	 	
            0.355

          	 	
            0.361

          
	
            39 months

          	 	
            0.221

          	 	
            0.246

          	 	
            0.269

          	 	
            0.290

          	 	
            0.309

          	 	
            0.325

          	 	
            0.340

          	 	
            0.354

          	 	
            0.361

          
	
            36 months

          	 	
            0.213

          	 	
            0.239

          	 	
            0.263

          	 	
            0.285

          	 	
            0.305

          	 	
            0.323

          	 	
            0.339

          	 	
            0.353

          	 	
            0.361

          
	
            33 months

          	 	
            0.205

          	 	
            0.232

          	 	
            0.257

          	 	
            0.280

          	 	
            0.301

          	 	
            0.320

          	 	
            0.337

          	 	
            0.352

          	 	
            0.361

          
	
            30 months

          	 	
            0.196

          	 	
            0.224

          	 	
            0.250

          	 	
            0.274

          	 	
            0.297

          	 	
            0.316

          	 	
            0.335

          	 	
            0.351

          	 	
            0.361

          
	
            27 months

          	 	
            0.185

          	 	
            0.214

          	 	
            0.242

          	 	
            0.268

          	 	
            0.291

          	 	
            0.313

          	 	
            0.332

          	 	
            0.350

          	 	
            0.361

          
	
            24 months

          	 	
            0.173

          	 	
            0.204

          	 	
            0.233

          	 	
            0.260

          	 	
            0.285

          	 	
            0.308

          	 	
            0.329

          	 	
            0.348

          	 	
            0.361

          
	
            21 months

          	 	
            0.161

          	 	
            0.193

          	 	
            0.223

          	 	
            0.252

          	 	
            0.279

          	 	
            0.304

          	 	
            0.326

          	 	
            0.347

          	 	
            0.361

          
	
            18 months

          	 	
            0.146

          	 	
            0.179

          	 	
            0.211

          	 	
            0.242

          	 	
            0.271

          	 	
            0.298

          	 	
            0.322

          	 	
            0.345

          	 	
            0.361

          
	
            15 months

          	 	
            0.130

          	 	
            0.164

          	 	
            0.197

          	 	
            0.230

          	 	
            0.262

          	 	
            0.291

          	 	
            0.317

          	 	
            0.342

          	 	
            0.361

          
	
            12 months

          	 	
            0.111

          	 	
            0.146

          	 	
            0.181

          	 	
            0.216

          	 	
            0.250

          	 	
            0.282

          	 	
            0.312

          	 	
            0.339

          	 	
            0.361

          
	
            9 months

          	 	
            0.090

          	 	
            0.125

          	 	
            0.162

          	 	
            0.199

          	 	
            0.237

          	 	
            0.272

          	 	
            0.305

          	 	
            0.336

          	 	
            0.361

          
	
            6 months

          	 	
            0.065

          	 	
            0.099

          	 	
            0.137

          	 	
            0.178

          	 	
            0.219

          	 	
            0.259

          	 	
            0.296

          	 	
            0.331

          	 	
            0.361

          
	
            3 months

          	 	
            0.034

          	 	
            0.065

          	 	
            0.104

          	 	
            0.150

          	 	
            0.197

          	 	
            0.243

          	 	
            0.286

          	 	
            0.326

          	 	
            0.361

          
	
            0 months

          	 	
            —

          	 	
            —

          	 	
            0.042

          	 	
            0.115

          	 	
            0.179

          	 	
            0.233

          	 	
            0.281

          	 	
            0.323

          	 	
            0.361

          

    

    

    
      
        

    

    

    

    The exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which case, if the Redemption Fair
      Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of Ordinary Shares to be issued for each Warrant exercised in a Make-Whole Exercise shall be determined by a straight-line
      interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable.

    

    

    The share prices set forth in the column headings of the table above shall be adjusted as of any date on which the number of shares
      issuable upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. If the number of shares issuable upon exercise of a Warrant
      is adjusted pursuant to Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment,
      multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so
      adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise of a Warrant. If the Warrant Price is adjusted, (a) in the case of an adjustment pursuant to Section 4.4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment multiplied by a fraction,
      the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an adjustment pursuant to Section
          4.1.2 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment less the decrease in the Warrant Price pursuant to such Warrant Price adjustment. In no event shall the
      Warrants be exercisable in connection with a Make-Whole Exercise for more than 0.361 Ordinary Shares per Warrant (subject to adjustment).

    

    

    6.3 Date Fixed for, and Notice of, Redemption; Redemption
          Price; Reference Value. In the event that the Company elects to redeem the Warrants pursuant to Sections 6.1 or 6.2, the Company shall fix a date for the redemption (the “Redemption
        Date”). Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the period lasting from such time until the Redemption Date, the “30-day Redemption Period”) to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on
      the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement, (a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Sections 6.1 or 6.2 and (b) “Reference Value” shall mean the last reported sales price of the Ordinary Shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which
      notice of the redemption is given.

    

    

    6.4 Exercise After Notice of Redemption. The
      Warrants may be exercised for cash (or, if in connection with a redemption pursuant to Section 6.2 of this Agreement, on a “cashless basis” in accordance with
      such section) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On
      and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

    

    

    6.5 Exclusion of Certain Warrants. The Company
      agrees that (a) the redemption rights provided in Section 6.1 hereof shall not apply to the Private Placement Warrants or Working Capital Warrants if at the
      time of the redemption such Private Placement Warrants or Working Capital Warrants continue to be held by the Sponsor or its Permitted Transferees and (b) if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance
      with Section 4 hereof), the redemption rights provided in Section 6.2
      hereof shall not apply to the Private Placement Warrants or Working Capital Warrants if at the time of the redemption such Private Placement Warrants or Working Capital Warrants continue to be held by the Sponsor or its Permitted Transferees.
      However, once such Private Placement Warrants or Working Capital Warrants  are transferred (other than to Permitted Transferees in accordance with Section 2.6
      hereof), the Company may redeem the Private Placement Warrants or Working Capital Warrants pursuant to Section 6.1 or 6.2 hereof, provided that the criteria for redemption are met, including the opportunity of the holder of such Private Placement Warrants or Working Capital Warrants to exercise the
      Private Placement Warrants or Working Capital Warrants prior to redemption pursuant to Section 6.4 hereof. Private Placement Warrants or Working Capital
      Warrants that are transferred to persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants or Working Capital Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8 hereof.

    
      
        

    

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    7.4.1 Registration of the Ordinary Shares. The
      Company agrees that as soon as practicable, but in no event later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a registration
      statement for the registration, under the Securities Act, of the Ordinary Shares issuable upon exercise of the Warrants. The Company shall use its commercially reasonable efforts to cause the same to become effective within sixty (60) Business Days
      following the closing of its initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the
      provisions of this Agreement. If any such registration statement has not been declared effective by the sixtieth (60th) Business Day following the closing of the Business Combination, holders of the Warrants shall have the right, during
      the period beginning on the sixty-first (61st) Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period when the Company
      shall fail to have maintained an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis,” by exchanging the Warrants (in accordance with
      Section 3(a)(9) of the Securities Act or another exemption) for that number of Ordinary Shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Ordinary Shares underlying the Warrants, multiplied by the
      excess of the “Fair Market Value” (as defined below) and the Warrant Price by (y) the Fair Market Value and (B) 0.361. Solely for purposes of this subsection 7.4.1,
      “Fair Market Value” shall mean the volume-weighted average price of the Ordinary Shares as reported during the ten (10) trading day period ending on the trading day prior to the date that notice of exercise is received by the Warrant Agent from the
      holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively determined by the Warrant Agent. In connection with the “cashless exercise” of a
      Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the exercise of the Warrants on a “cashless
      basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Ordinary Shares issued upon such
      exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act) of the Company and, accordingly, shall not be required to bear a
      restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of doubt, unless and until all of the Warrants have been exercised or have
      expired, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1.

    
      
        

    

    

    

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

    

    

    8. Concerning the Warrant Agent and Other Matters.

    

    

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

    

    

    8.2 Resignation, Consolidation, or Merger of Warrant Agent.

    

    

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

    

    

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

    

    

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

    

    

    8.3 Fees and Expenses of Warrant Agent.

    

    

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

    
      
        

    

    

    

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

    

    

    8.4 Liability of Warrant Agent.

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    9. Miscellaneous Provisions.

    

    

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

    
      
        

    

    

    

    9.2 Notices. Any notice, statement or demand
      authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier
      service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

    

    

    bleuacacia ltd

    500 Fifth Avenue

    New York, New York 10110

    Attention: Co-Chief Executive Officers

    

    

    Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent
      shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in
      writing by the Warrant Agent with the Company), as follows:

    

    

    Continental Stock Transfer & Trust Company

    One State Street, 30th Floor

    New York, NY 10004

    Attention: Compliance Department

    

    

    9.3 Applicable Law and Exclusive Forum. The
      validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against
      it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction,
      which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the
      provisions of this paragraph will not apply to suits brought to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum.

    

    

    Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented
      to the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court
      other than a court located within the State of New York or the United States District Court for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x)
      the personal jurisdiction of the state and federal courts located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum
      provisions (an “enforcement action”), and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder.

    

    

    9.4 Persons Having Rights under this Agreement.
      Nothing in this Agreement shall be construed to confer upon, or give to, any person, corporation or other entity other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement
      or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their
      successors and assigns and of the Registered Holders of the Warrants.

    

    

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

    

    

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

    

    

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

    
      
        

    

    

    

    9.8 Amendments. This Agreement may be amended
      by the parties hereto without the consent of any Registered Holder for the purpose of any of the following: (i) curing any ambiguity or correcting any mistake, including conforming the provisions hereof to the description of the terms of the Warrants
      and this Agreement set forth in the Prospectus, or correcting any defective provision contained herein, (ii) adding or changing any provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or
      desirable and that the parties deem shall not adversely affect the rights of the Registered Holders under this Agreement, or (iii) to provide for the delivery of Alternative Issuance pursuant to Section 4.4. All other modifications or amendments,
      including any modification or amendment to increase the Warrant Price or shorten the Exercise Period and any amendment to the terms of only the Private Placement Warrants or Working Capital Warrants, shall require the vote or written consent of the
      Registered Holders of at least 65% of the then outstanding Public Warrants; provided that any amendment that solely affects the terms of the Private Placement Warrants or Working Capital Warrants or any provision of this Agreement solely with respect
      to the Private Placement Warrants or Working Capital Warrants shall also require at least 65% of the then outstanding Private Placement Warrants and Working Capital Warrants . Notwithstanding the foregoing, the Company may lower the Warrant Price or
      extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2,
      respectively, without the consent of the Registered Holders.

    

    

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

    

    

    Exhibit A Form of Warrant Certificate

    

    

    Exhibit B Legend — Private Placement Warrants

    
      
        

    

    

    

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

    

    

    	 	
            bleuacacia ltd

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          
	 	 
	 	 
	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent

          
	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    [Signature Page to Warrant Agreement]

    
      
        

    

    

    

    EXHIBIT A

    

    

    [FACE]

    

    

    Number

    

    

    Warrants

    

    

    THIS WARRANT SHALL BE VOID IF NOT EXERCISED PRIOR TO

    THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR

    IN THE WARRANT AGREEMENT DESCRIBED BELOW

    

    

    bleuacacia ltd

    Incorporated Under the Laws of the Cayman Islands

    

    

    CUSIP [•]

    

    

    Warrant Certificate

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      
        

    

    

    

    This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

    

    

    	 	
            bleuacacia ltd

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	
            Authorized Signatory

          
	 	 	 
	 	 	 
	 	
            CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT

          
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 

    

    

    
      
        

    

    

    

    Form of Warrant Certificate

    

    

    [Reverse]

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    
      
        

    

    

    

    Election to Purchase

    

    

    (To Be Executed Upon Exercise of Warrant)

    

    

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

    

    

    In the event that the Warrant has been called for redemption by the Company pursuant to Section 6.2 of the Warrant Agreement and a holder thereof elects to exercise its Warrant pursuant to a Make-Whole Exercise, the number of Ordinary Shares that this Warrant is exercisable for shall be
      determined in accordance with subsection 3.3.1(b) or Section 6.2
      of the Warrant Agreement, as applicable.

    

    

    In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(b) of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(b) of the Warrant Agreement.

    

    

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

    

    

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

    

    

    [Signature Page Follows]

    
      
        

    

    

    

    	
            Date:                        , 2021

          	 
	 	
            (Signature)

          
	 	 
	 	 
	 	
            (Address)

          
	 	 
	 	 
	 	
            (Tax Identification Number)

          

    

    

    Signature Guaranteed:

    

    

    	 	 

    

    

    Date:                          , 2021

    

    

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

    
      
        

    

    

    

    EXHIBIT B

    

    

    LEGEND

    

    

    THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED,
      SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON
      TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG BLEUACACIA LTD (THE “COMPANY”), BLEUACACIA SPONSOR LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS
      THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN THE RECITALS OF THE WARRANT AGREEMENT BETWEEN THE COMPANY AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY, AS WARRANT AGENT (THE
      “WARRANT AGREEMENT”)) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

    

    

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

    

    

    NO. [__] WARRANTExhibit 10.1

   

  

  THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED
    UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY
    AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR
    AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

   

  PROMISSORY NOTE

   

  	Principal Amount: Up to $300,000	Dated as of February 12, 2021
	 	New York, New York

   

  bleuacacia ltd, a Cayman Islands exempted
    company and blank check company (the “Maker”), promises to pay to the order of bleuacacia sponsor LLC or its
    registered assigns or successors in interest (the “Payee”), or order, the principal sum of up to Three Hundred
    Thousand Dollars ($300,000) in lawful money of the United States of America, on the terms and conditions described below. All payments
    on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to
    such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

   

  1.           Principal.
    The principal balance of this Note shall be payable by the Maker on the earlier of: (i) July 31, 2021 or (ii) the date on
    which Maker consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under
    no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker,
    be obligated personally for any obligations or liabilities of the Maker hereunder.

   

  2.           Interest. No
    interest shall accrue on the unpaid principal balance of this Note.

   

  3.           Drawdown Requests.
    Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably related to
    Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to
    the earlier of: (i) July 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities, upon
    written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount
    to be drawn down, must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee and shall
    be reflected on Schedule A. Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown
    Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars
    ($300,000). Once an amount is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid.
    No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.

   

  Notwithstanding the foregoing, all payments shall be applied
    first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation)
    reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this Note.

   

  4.           Application of
      Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under
    this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and
    finally to the reduction of the unpaid principal balance of this Note.

   

  5.           Events of Default.
    The following shall constitute an event of default (“Event of Default”):

   

  	 	a)	Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified
            above.
	 	 	 
	 	b)	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other
            similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making
            by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
	 	 	 
	 	c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case
            under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the
            winding-up or liquidation of its
	 	 	 

   

  
     

    
      

    

  

   

  affairs, and the continuance of any such decree or order unstayed
    and in effect for a period of 60 consecutive days.

   

  7.           Remedies.

   

  		a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
          this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
          hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
          are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

   

  		b)	Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note,
          and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
          any action on the part of Payee.

   

  8.            Waivers.
    Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
    protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by
    Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting
    any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy
    or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment;
    and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of
    execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

   

  9.            Unconditional
      Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
    of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
    party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
    consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
    by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
    or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

   

  10.          Notices. All notices, statements or other documents
    which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered
    or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii)
    by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing
    by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
    mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to
    have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation,
    if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5)
    days after mailing if sent by mail.

   

  11.          Construction. THIS NOTE SHALL BE CONSTRUED AND
    ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

   

  12.          Severability. Any provision
    contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
    to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
    or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

   

  13.          Trust Waiver. Notwithstanding anything herein to
    the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or
    to any distribution of or from the trust account to be established in which the proceeds of the initial public offering (the “IPO”)
    to be conducted by the Maker (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the
    warrants to be issued in a private placement to occur prior to the closing of the IPO are to be deposited, as described in greater
    detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with
    the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account
    for any reason whatsoever.

   

  14.          Amendment; Waiver. Any amendment hereto or waiver
    of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

   

  
     

    
      

    

  

   

  15.          Assignment. No assignment or
    transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise)
    without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be
    void.

   

  
     

    
      

    

  

   

  IN WITNESS WHEREOF,
    Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the date first
    above written.

   

  	 	bleuacacia  ltd
	 	 	 
	 	By:	/s/ Thomas Northover
	 	 	Name: Thomas Charles Northover
	 	 	Title: Director

   

  
     

    
      

    

  

   

  SCHEDULE A

   

  	Date of Drawdown	Amount	Use of Funds

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