Document:

Exhibit 4.4

 

WARRANT AGREEMENT

 

This
agreement (“Agreement”) is made as of [●], 2021 between DD3 Acquisition Corp. III, a Delaware corporation,
with offices at Pedregal 24, 3rd Floor, Interior 300, Colonia Molino del Rey, Del. Miguel Hidalgo, 11040 Mexico City, Mexico (“Company”),
and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, with offices at 1 State Street,
30th Floor, New York, New York 10004, as warrant agent (the “Warrant Agent”, also referred to herein as the
“Transfer Agent”).

 

WHEREAS,
the Company is engaged in a public offering (“Public Offering”) of up to 17,250,000 units (including up to 2,250,000
units subject to the Over-allotment Option (as defined below)) (“Units”), each Unit comprised of one share of
Class A common stock of the Company, par value $0.0001 per share (“Common Stock”), and one-third of one redeemable
warrant, where each whole warrant entitles the holder to purchase one share of Common Stock at a price of $11.50 per share, subject
to adjustment as described herein, and, in connection therewith, will issue and deliver up to 5,750,000 warrants (including up
to 750,000 warrants subject to the Over-allotment Option) (the “Public Warrants”) to the public investors in
connection with the Public Offering;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1,
File No. 333-254303 (“Registration Statement”), and a prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (“Act”), of the Units, the Public Warrants
and the Common Stock included in the Units;

 

WHEREAS,
the Company has received binding commitments from DD3 Sponsor Group III, LLC (the “Sponsor”) and DD3 Capital
Partners, S.A. de C.V. to purchase up to an aggregate of 3,100,000 warrants (including up to 300,000 warrants subject to the Over-allotment
Option) (the “Private Warrants”) bearing the legend set forth in Exhibit B hereto, in a private placement transaction
to occur simultaneously with the consummation of the Public Offering;

 

WHEREAS,
the Company may issue up to an additional 1,000,000 warrants (“Working Capital Warrants”) in satisfaction of
certain working capital loans the Sponsor or the Company’s officers, directors, initial stockholders (as defined in the Prospectus)
or their affiliates may, but are not obligated to, make to the Company;

 

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

 

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;

 

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 be issued in registered form only, and, subject to Section 2.2, shall be in substantially the
form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature
of, the Chairman of the Board of Directors, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer,
the 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.

 

2.2. Uncertificated
Warrants. Notwithstanding anything herein to the contrary, any Warrant, or portion thereof, may be issued as part of, and be
represented by, a Unit, and any Warrant may be issued in uncertificated or book-entry form through the Warrant Agent and/or the
facilities of The Depository Trust Company (the “Depositary”) or other book-entry depositary system, in each
case as determined by the Board of Directors of the Company or by an authorized committee thereof. Any Warrant so issued shall
have the same terms, force and effect as a certificated Warrant that has been duly countersigned by the Warrant Agent in accordance
with the terms of this Agreement.

 

2.3. Effect
of Countersignature. Except with respect to uncertificated Warrants as described above, unless and until countersigned by the
Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

2.4. Registration.

 

2.4.1. Warrant
Register. The Warrant Agent shall maintain books (“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. 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 institutions that have accounts with the Depositary.

 

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,
and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form evidencing
such Warrants which shall be in the form annexed hereto as Exhibit A.

 

2.4.2. 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 then registered in the Warrant Register (“registered holder”)
as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other
writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise
thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

 

2.5. Detachability
of Warrants. The securities comprising the Units will not be separately transferable until the 52nd day following the date
of the Prospectus or, if such 52nd day is not on a day, other than 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 with the consent of Morgan Stanley & Co. LLC, as representative (the “Representative”)
of the several underwriters of the Public Offering, but in no event will the Representative allow separate trading of the securities
comprising the Units until (i) the Company has filed a Current Report on Form 8-K with the SEC which includes an
audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds
received by the Company from the exercise of the underwriters’ over-allotment option in the Public Offering (the “Over-allotment
Option”), if the Over-allotment Option is exercised prior to the filing of the Form 8-K, and (ii) the
Company has issued a press release announcing when such separate trading shall begin (the “Detachment Date”).

 

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2.6. Private
Warrant and Working Capital Warrant Attributes. The Private Warrants and Working Capital Warrants will be issued in the same
form as the Public Warrants but they (i) will not be redeemable by the Company and (ii) may be exercised for cash or
on a cashless basis, pursuant to Section 3.3.1(c) hereof, at the holder’s option, in either case as long as they are held
by the initial purchasers or their Permitted Transferees (as prescribed in Section 5.6 hereof). Once a Private Warrant or
Working Capital Warrant is transferred to a holder other than an affiliate or Permitted Transferee, it shall be treated as a Public
Warrant hereunder for all purposes.

 

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

 

2.8. Fractional
Warrants. The Company shall not issue fractional Warrants other than as part of the Units. 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.

 

3. Terms
and Exercise of Warrants

 

3.1. Warrant
Price. Each whole Warrant shall, when countersigned by the Warrant Agent (except with respect to uncertificated Warrants),
entitle the registered holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company
the number of shares of Common Stock 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 refers
to the price per share at which the shares of Common Stock 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; provided, that the Company shall provide at least twenty (20) days’ prior
written notice of such reduction to registered holders of the Warrants and, provided further that any such reduction shall be applied
consistently to all of the Warrants.

 

3.2. Duration
of Warrants. A Warrant may be exercised only during the period commencing thirty (30) days after the consummation by the Company
of a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (“Business Combination”) (as described more fully in the
Registration Statement) and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the
consummation of a Business Combination, (ii) other than with respect to the Private Warrants and Working Capital Warrants
then held by the initial purchasers thereof or their respective Permitted Transferees, the Redemption Date as provided in Section 6.2
of this Agreement and (iii) the liquidation of the Company (“Expiration Date”). The period of time from
the date the Warrants will first become exercisable until the expiration of the Warrants shall hereafter be referred to as the
“Exercise Period.” Except with respect to the right to receive the Redemption Price (as set forth in Section 6
hereunder), as applicable, each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder
and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the Expiration Date. The
Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that
the Company will provide at least twenty (20) days’ prior written notice of any such extension to registered holders
and, provided further that any such extension shall be applied consistently to all of the Warrants.

 

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3.3. Exercise
of Warrants.

 

3.3.1. Payment.
Subject to the provisions of the Warrant and this Agreement, a Warrant, when countersigned by the Warrant Agent (except with respect
to uncertificated Warrants), may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant
Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York (or, in the
case of a Warrant represented by a book-entry, the Warrants to be exercised 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),
with the subscription form, as set forth in the Warrant, duly executed (or, in the case of a Warrant represented by a book-entry,
properly delivered by the participant in accordance with the Depositary’s procedures), and by paying in full the Warrant
Price for each full share of Common Stock 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 shares of Common Stock and the issuance of such shares of
Common Stock, as follows:

 

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

 

(b)
in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to require all
holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of
shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock
underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined
below) by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market
Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value”
shall mean the average last reported sale price of the Common Stock for the five (5) trading days ending on the third trading
day prior to the date on which the notice of redemption is sent to holders of the Warrants pursuant to Section 6 hereof; or

 

(c)
with respect to any Private Warrants or Working Capital Warrants, so long as such Private Warrants or Working Capital Warrants
are held by the initial purchasers or their Permitted Transferees, by surrendering such Private Warrants or Working Capital Warrants
for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares
of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value”
(defined below) by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair
Market Value is equal to or higher than the Warrant Price. Solely for purposes of this Section 3.3.1(c), the “Fair Market
Value” shall mean the average last reported sale price of the Common Stock for the five (5) trading days ending on the
third trading day prior to the date of exercise; or

 

(d)
in the event the registration statement required by Section 7.4 hereof is not effective and current within sixty (60) Business
Days after the closing of a Business Combination, by surrendering such Warrants for that number of shares of Common Stock equal
to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied
by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market
Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is equal to or higher than
the Warrant Price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average
last reported sale price of the Common Stock for the five (5) trading days ending on the third trading day prior to the date
of exercise; or

 

(e)
as provided in Section 7.5.

 

3.3.2. Issuance
of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment
of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates,
or book entry position, for the number of shares of Common Stock to which he, she or it is entitled, registered in such name or
names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant,
or book entry position, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing,
in no event will the Company be required to net cash settle the Warrant exercise. Notwithstanding the foregoing, the Company shall
not be obligated to deliver any shares of Common Stock pursuant to the exercise of a Warrant and shall have no obligation to settle
such Warrant exercise unless a registration statement under the Act covering the issuance of the shares of Common Stock underlying
the 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 being available. No Warrant shall be exercisable for cash and the Company
shall not be obligated to issue shares of Common Stock upon exercise of a Warrant unless the Common Stock issuable upon such Warrant
exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered
holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect to
a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value
and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price
for the Unit solely for the shares of Common Stock underlying such Unit. Warrants may not be exercised by, or securities issued
to, any registered holder in any state in which such exercise or issuance would be unlawful.

 

3.3.3. Valid
Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be
validly issued, fully paid and nonassessable.

 

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3.3.4. Date
of Issuance. Each person in whose name any book entry position or certificate for shares of Common Stock is issued shall for
all purposes be deemed to have become the holder of record of such 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 share
transfer books of the Company or book entry system of the Warrant Agent are closed, such person shall be deemed to have become
the holder of such 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 Section 3.3.5; however, no holder of a Warrant shall be subject to this Section 3.3.5 unless he, she or it makes
such election. If the election is made by a holder, the Warrant Agent shall not 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 shares of Common Stock outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned
by such person and its affiliates shall include the number of shares of Common Stock issuable upon exercise of the Warrant with
respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock 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 stock 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 shares of Common Stock, the holder may rely on the number of outstanding shares of Common Stock 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 SEC as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock
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 shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock 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 outstanding shares of Common Stock 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. Stock
Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 4.7 below, the number of outstanding
shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split up of shares of Common
Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares
of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of
Common Stock.

 

4.2. Aggregation
of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination,
reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation,
combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise
of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

 

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4.3. Extraordinary
Dividends. If the Company, at any time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution
in cash, securities or other assets to the holders of the shares of Common Stock or other shares of the Company’s capital
stock into which the Warrants are convertible (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 the fair market
value (as determined by the Company’s Board of Directors, in good faith) of any securities or other assets paid in respect
of such Extraordinary Dividend divided by all outstanding shares of the Company at such time (whether or not any stockholders waived
their right to receive such dividend); provided, however, that none of the following shall be deemed an Extraordinary Dividend
for purposes of this provision: (a) any adjustment described in Section 4.1 above, (b) any cash dividends or cash distributions
which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Common Stock during
the 365-day period ending on the date of declaration of such dividend or distribution does not exceed $0.50 per share
(taking into account all of the outstanding shares of the Company at such time (whether or not any stockholders waived their right
to receive such dividend) and as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4
and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares
of Common Stock issuable on exercise of each Warrant) but only with respect to the amount of the aggregate cash dividends or cash
distributions equal to or less than $0.50, (c) any payment to satisfy the conversion rights of the holders of the shares of Common
Stock in connection with a proposed initial Business Combination, an approved extension or certain amendments to the Company’s
Amended and Restated Certificate of Incorporation (as described in the Registration Statement) or (d) any payment in connection
with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination.
Solely for purposes of illustration, if the Company, at a time while the Warrants are outstanding and unexpired, pays a cash dividend
of $0.35 and previously paid an aggregate of $0.40 of cash dividends and cash distributions on the Common Stock during the 365-day period
ending on the date of declaration of such $0.35 dividend, then the Warrant Price will be decreased, effectively immediately after
the effective date of such $0.35 dividend, by $0.25 (the absolute value of the difference between $0.75 (the aggregate amount of
all cash dividends and cash distributions paid or made in such 365-day period, including such $0.35 dividend) and $0.50
(the greater of (x) $0.50 and (y) the aggregate amount of all cash dividends and cash distributions paid or made in such 365-day period
prior to such $0.35 dividend)). Furthermore, solely for the purposes of illustration, if following the closing of the Company’s
initial Business Combination, there were total shares outstanding of 100,000,000 and the Company paid a $1.00 dividend to 17,500,000
of such shares (with the remaining 82,500,000 shares waiving their right to receive such dividend), then no adjustment to the Warrant
Price would occur as a $17.5 million dividend payment divided by 100,000,000 shares equals $0.175 per share which is less than
$0.50 per share.

 

4.4. Adjustments
in Warrant Price.

 

4.4.1 Whenever
the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and
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 shares of Common Stock purchasable upon the exercise
of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common
Stock so purchasable immediately thereafter.

 

4.4.2 If,
in connection with a Business Combination, the Company (a) issues additional shares of Common Stock or equity-linked securities
at an issue price or effective issue price of less than $9.20 per share (with such issue price or effective issue price as
determined by the Company’s Board of Directors, in good faith, and in the case of any such issuance to the Sponsor, the initial
stockholders or their affiliates, without taking into account any shares of the Company’s Class B common stock, par value
$0.0001 per share (the “Class B Common Stock”), issued prior to the Public Offering and held by the initial
stockholders or their affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (b) 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 Business Combination on the date of the consummation of such Business Combination (net of redemptions),
and (c) the Market Value (as defined below) is below $9.20 per share, then the Warrant Price will be adjusted (to the nearest cent)
to be equal to 115% of the greater of (i) the Market Value or (ii) Newly Issued Price, and the Redemption Trigger Price (as defined
below) will be adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or (ii) the Newly Issued
Price. Solely for purposes of this Section 4.4.2, the “Market Value” shall mean the volume weighted average
trading price of the Common Stock during the twenty (20) trading day period starting on the trading day prior to the date of the
consummation of the Business Combination.

 

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4.5. Replacement
of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common
Stock (other than a change covered by Sections 4.1, 4.2 or 4.3 hereof or that solely affects the par value of the Common Stock),
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 outstanding
Common Stock), 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 Warrant holders 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 shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented thereby, the kind and amount of shares of stock or other 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 Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to
such event. If any reclassification also results in a change in the Common Stock covered by Sections 4.1, 4.2 or 4.3, then
such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3, 4.4 and this Section 4.5. The provisions of this Section 4.5
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In
no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of the 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, then, in any such event, the Company shall give written notice to
each Warrant holder, at the last address set forth for such holder in the Warrant Register, of the record date or the effective
date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 

4.7. No
Fractional Warrants or Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall
not issue fractional shares upon 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 of shares of Common Stock to be issued to the Warrant 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. However, 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 preceding subsections of
this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid
an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case,
the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national
standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary
to effectuate the intent and purpose of this Section 4 and, if they determine that an adjustment is necessary, the terms of
such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.9 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 Class B Common Stock into shares of Common
Stock or the conversion of the shares of Class B Common Stock into shares of Common Stock, in each case, pursuant to the Company’s
Amended and Restated Certificate of Incorporation, as further amended from time to time.

 

    7

     

    

 

5. Transfer
and Exchange of Warrants.

 

5.1. Registration
of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant
Register, upon surrender of such Warrant for transfer, properly endorsed with signatures, in the case of certificated Warrants,
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, either in certificated form or in book entry position,
together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one
or more new Warrants, or book entry positions, as requested by the registered holder of the Warrants so surrendered, representing
an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive
legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor 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 will 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, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for
such purpose.

 

5.6. Private
Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants or Working Capital
Warrants until after the consummation by the Company of an initial Business Combination, except for transfers (i) among the
initial stockholders or to the Company’s or the initial stockholders’ members, officers, directors, consultants or
their affiliates, (ii) to a holder’s stockholders or members upon the holder’s liquidation, in each case if the
holder is an entity, (iii) by bona fide gift to a member of the holder’s immediate family or to a trust, the beneficiary
of which is the holder or a member of the holder’s immediate family, in each case for estate planning purposes, (iv) by
virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) to
the Company for no value for cancellation in connection with the consummation of the Company’s initial Business Combination,
(vii) in connection with the consummation of a Business Combination at a price no greater than the price at which the Warrants
were originally purchased, (viii) in the event of the Company’s liquidation prior to its consummation of an initial
Business Combination or (ix) in the event that, subsequent to the consummation of an initial Business Combination, the Company
completes a liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s
stockholders having the right to exchange their Common Stock for cash, securities or other property, in each case (except for clauses
(vi), (viii) or (ix) or with the Company’s prior written consent) on the condition that prior to such registration for
transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee (each, a “Permitted
Transferee”) or the trustee or legal guardian for such Permitted Transferee agrees to be bound by the transfer restrictions
contained in this Agreement and any other applicable agreement the transferor is bound by.

 

5.7. Transfers
prior to Detachment. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of
such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer the Warrants
included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.7 shall have no effect on any transfer
of Warrants on or after the Detachment Date.

 

    8

     

    

 

6. Redemption.

 

6.1. Redemption.
Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company,
at any time during the Exercise Period, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at
the price of $0.01 per Warrant (“Redemption Price”), provided that the last reported sale price of the Common
Stock equals or exceeds $18.00 per share (subject to adjustment in accordance with Section 4 hereof) (the “Redemption
Trigger Price”), on each of twenty (20) trading days within any thirty (30) trading day period commencing after
the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given and
provided that there is an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants,
and a current prospectus relating thereto, available throughout the 30-day redemption period or the Company has elected
to require the exercise of the Warrants on a “cashless basis” pursuant to Section 3.3.1(b); provided, however, that
if and when the Public Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance
of shares of Common Stock upon exercise of the Public Warrants is not exempt from registration or qualification under applicable
state blue sky laws or the Company is unable to effect such registration or qualification.

 

6.2. Date
Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that are subject to
redemption, 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
to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.
Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered
holder received such notice.

 

6.3. Exercise
After Notice of Redemption. The Public Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to
Section 6.2 hereof and prior to the Redemption Date. In the event the Company determines to require all holders of Public
Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption
will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants,
including the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants
shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4. Exclusion
of Certain Warrants. The Company agrees that the redemption rights provided in this Section 6 shall not apply to (i) the
Private Warrants and Working Capital Warrants if at the time of the redemption such Private Warrants or Working Capital Warrants
continue to be held by the initial purchasers or their Permitted Transferees or (ii) Post IPO Warrants if such warrants provide
that they are non-redeemable by the Company. However, with respect to the Private Warrants or Working Capital Warrants,
once such Private Warrants or Working Capital Warrants are transferred (other than to Permitted Transferees under Section 5.6),
the Company may redeem the Private Warrants and Working Capital Warrants in the same manner as the Public Warrants.

 

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

 

7.1. No
Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder 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 stockholders in respect of the meetings of stockholders 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 Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued
shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this
Agreement.

 

    9

     

    

 

7.4. Registration
of Shares of Common Stock. The Company agrees that as soon as practicable after the closing of its initial Business Combination,
it shall use its commercially reasonable efforts to file with the SEC a post-effective amendment to the Registration Statement
or a new registration statement for the registration, under the Act, of the shares of Common Stock issuable upon exercise of the
Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness
of such post-effective amendment or registration statement, and a current prospectus relating thereto, until the expiration of
the Warrants in accordance with the provisions of this Agreement. If any such post-effective amendment or registration statement
has not been declared effective by the 60th Business Day following the closing of the initial Business Combination, holders of
the Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the initial Business
Combination and ending upon such post-effective amendment or registration statement being declared effective by the SEC, and during
any other period when the Company shall fail to have maintained an effective registration statement covering the shares of Common
Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance
with Section 3.3.1(d). The Company shall 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 Section 7.4 is not required to be registered under the Act and (ii) the shares of Common Stock issued
upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is
defined in Rule 144 under the Act (or any successor rule)) of the Company and, accordingly, will not be required to bear a restrictive
legend. Except as provided in Section 7.5, for the avoidance of any 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 Section 7.4.

 

7.5. Cashless
Exercise at Company’s Option. If the Common Stock is at the time of any exercise of a Warrant not listed on a national
securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Act
(or any successor rule), 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 Act (or any successor
rule) as described in Section 7.4 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 Act, of the Common Stock 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 shares of Common Stock issuable upon exercise of the Public Warrants under the blue sky laws of the state
of residence of the exercising Public Warrant holder to the extent an exemption is not available.

 

8. Concerning
the Warrant Agent and Other Matters.

 

8.1. Payment
of Taxes. The Company will 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 shares of Common Stock upon the exercise of Warrants, but the Company shall
not be obligated to pay any transfer taxes in respect of the Warrants or such 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 the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant
may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent
at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation
organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough
of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority,
powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as
Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor
Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent
all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent
the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting
in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

    10

     

    

 

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 shares of Common Stock not later than the effective date of any
such appointment.

 

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

 

8.3. Fees
and Expenses of Warrant Agent.

 

8.3.1. Remuneration.
The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will 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 Chairman of the Board of Directors, the Chief Executive Officer, the Chief
Operating Officer, the Chief Financial Officer, the Secretary or other principal officer 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 fraud, gross negligence, willful misconduct or bad faith. The Company
agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable
counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant
Agent’s fraud, gross negligence, willful misconduct, or bad faith.

 

8.4.3. Exclusions.
The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it 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 shares of Common Stock to be issued pursuant to this Agreement or any
Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable.

 

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 shares of Common
Stock through the exercise of Warrants.

 

    11

     

    

 

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:

 

DD3 Acquisition Corp.
III

Pedregal 24, 3rd
Floor, Interior 300

Colonia Molino del
Rey, Del. Miguel Hidalgo

11040 Mexico City,
Mexico

Attn: Martin Werner

 

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

 

Continental Stock
Transfer & Trust Company

1 State Street, 30th
Floor

New York, New York
10004

Attn: Compliance
Department

 

with a copy in
each case to:

 

Greenberg Traurig,
P.A.

333 S.E. 2nd Avenue

Miami, FL 33131

Attn: Alan I. Annex,
Esq.

 

and

 

Skadden, Arps, Slate,
Meagher & Flom LLP

One Manhattan West

New York, New York
10001

Attn: Gregg A. Noel,
Michael J. Schwartz and Alejandro González Lazzeri

Email:
gregg.noel@skadden.com, michael.schwartz@skadden.com and

            alejandro.gonzalez.lazzeri@skadden.com

 

and

 

Morgan Stanley &
Co. LLC

1585 Broadway

New York, New York
10036

Attn: Equity Syndicate
Desk

with a copy to the
Legal 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, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. 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, including under the Act, 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.

 

    12

     

    

 

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 of 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 expressed and nothing that may be implied from any of the provisions
hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the registered holders of the Warrants 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 his Warrant for inspection by it.

 

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 (i)
curing any ambiguity or correcting any mistake, including to conform the provisions hereof to the description of the terms of
the Warrants and this Agreement set forth in the Prospectus, or curing, correcting or supplementing any defective provision
contained herein or (ii) adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interests
of the registered holders. All other modifications or amendments, including any amendment to increase the Warrant Price or
shorten the Exercise Period, shall require the written consent or vote of the registered holders of at least 50% of the then
outstanding Public Warrants; provided that, solely in the case of an amendment to the terms of the Private Warrants and/or
the Working Capital Warrants or any provision of this Agreement with respect to the Private Warrants and/or the Working
Capital Warrants that does not adversely affect any of the terms of the Public Warrants, such amendment shall require only
the written consent or vote of the registered holders of at least 50% of the then outstanding Private 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.

 

    13

     

    

 

9.9. Trust
Account Waiver. The Warrant Agent acknowledges and agrees that it shall not make any claims or proceed against the trust account
established by the Company in connection with the Public Offering (as more fully described in the Registration Statement) (“Trust
Account”), including by way of set-off, and shall not be entitled to any funds in the Trust Account under any
circumstance. In the event that the Warrant Agent has a claim against the Company under this Agreement, the Warrant Agent will
pursue such claim solely against the Company and not against the property held in the Trust Account.

 

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

 

[Signature Page
Follows]

 

    14

     

    

 

IN
WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

  

	 	DD3 ACQUISITION CORP. III
	 	 	 
	 	By:	

	 	 	Name:  Martin Werner
	 	 	Title:    Chief Executive Officer
	 	 
	 	CONTINENTAL STOCK TRANSFER

& TRUST COMPANY, as Warrant Agent
	 	 	 
	 	By:	

	 	 	Name:  
	 	 	Title:    

 

 

[Signature Page to Warrant Agreement]

 

     

     

    

 

EXHIBIT A

 

Form
of Warrant Certificate

 

[See attached]

 

     

     

    

 

	
        NUMBER

        ________-
	 	
        (SEE REVERSE SIDE FOR LEGEND)

        THIS WARRANT WILL BE VOID IF NOT EXERCISED
        PRIOR TO THE EXPIRATION DATE (DEFINED BELOW)

         
	 	WARRANTS

DD3 ACQUISITION CORP. III

CUSIP
[●]               

WARRANT

 

THIS CERTIFIES THAT, for
value received 

 

is the registered holder of a warrant or warrants (the “Warrant(s)”) of DD3 Acquisition
Corp. III, a Delaware corporation (the “Company”), expiring at 5:00 p.m., New York City time, on the five
year anniversary of the Company’s completion of an initial merger, capital stock exchange, asset acquisition, stock
purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (a
“Business Combination”), or earlier upon redemption or liquidation, to purchase one fully paid and
non-assessable share of Class A common stock, par value $0.0001 per share (“Shares”), of the Company for
each whole Warrant evidenced by this Warrant Certificate. The Warrant entitles the holder thereof to purchase from the
Company, commencing 30 days after the Company’s completion of an initial Business Combination, such number of Shares of
the Company at the Warrant Price (as defined below), upon surrender of this Warrant Certificate and payment of the Warrant
Price at the office or agency of Continental Stock Transfer & Trust Company (the “Warrant Agent”), but
only subject to the conditions set forth herein and in the Warrant Agreement between the Company and the Warrant Agent. In no
event will the Company be required to net cash settle any warrant exercise. The term “Warrant Price” as
used in this Warrant Certificate refers to the price per Share at which Shares may be purchased at the time the Warrant is
exercised. The initial Warrant Price is equal to $11.50 per Share. The Warrant Agreement provides that upon the occurrence of
certain events the Warrant Price, the Redemption Trigger Price (as defined below) and the number of Shares purchasable
hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted.

 

No fraction
of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction of
a Share upon any exercise of a Warrant, the Company shall, upon such exercise, round down to the nearest whole number the number
of Shares to be issued to such holder.

 

Upon any exercise
of the Warrant for less than the total number of full Shares provided for herein, there shall be issued to the registered holder
hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Shares for which the Warrant
has not been exercised.

 

Warrant Certificates,
when surrendered at the office or agency of the Warrant Agent by the registered holder in person or by 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 and evidencing in the aggregate a
like number of Warrants.

 

Upon due presentment
for registration of transfer of the Warrant Certificate at the office or agency 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
in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for
any applicable tax or other governmental charge.

 

The Company
and the Warrant Agent may deem and treat the registered holder as the absolute owner 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 registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

This Warrant
does not entitle the registered holder to any of the rights of a stockholder of the Company.

 

The Company
reserves the right to call the Warrant at any time prior to its exercise with a notice of call in writing to the holders of record
of the Warrant, giving at least 30 days’ notice of such call, at any time while the Warrant is exercisable, if the last reported
sale price of the Shares has been at least $18.00 per share (the “Redemption Trigger Price”) on each of 20 trading
days within any 30 trading day period ending on the third trading day prior to the date on which notice of such call is given and
if, and only if, there is a current registration statement in effect with respect to the Shares underlying the Warrants throughout
the 30-day redemption period or the Company has elected to require the exercise of the Warrants on a “cashless basis”
pursuant to Section 3.3.1 of the Warrant Agreement. The call price of the Warrants is to be $0.01 per Warrant. Any Warrant either
not exercised or tendered back to the Company by the end of the date specified in the notice of call shall be canceled on the books
of the Company and have no further value except for the $0.01 call price.

 

This Warrant
Certificate shall not be valid unless countersigned by the Warrant Agent.

 

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

 

	__________________________________________	____________________________________________
	Chief Executive Officer	Chief Financial Officer

 

     

     

    

 

SUBSCRIPTION FORM

To Be Executed by the Registered Holder
in Order to Exercise Warrants

 

The undersigned Registered Holder irrevocably
elects to exercise ______________ Warrants represented by this Warrant Certificate, and to purchase the Shares issuable upon
the exercise of such Warrants, and requests that Certificates for such Shares shall be issued in the name of

  

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)

                                                                                 

	 
	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to ____________________________________________________________

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

 

and, if such number of Warrants shall not
be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of such Warrants be registered
in the name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated: _____________________	___________________________________________
	 	(SIGNATURE)
	 	___________________________________________
	 	(ADDRESS)
	 	___________________________________________
	 	 
	 	___________________________________________
	 	(TAX IDENTIFICATION NUMBER)

 

ASSIGNMENT

To Be Executed by the Registered Holder
in Order to Assign Warrants

 

For Value Received, _______________________ hereby sells, assigns
and transfers unto

 

	(PLEASE TYPE OR PRINT NAME AND ADDRESS)

                                                                                 

	 
	 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to ____________________________________________________________

(PLEASE PRINT OR TYPE NAME AND ADDRESS)

 

______________________ of the Warrants represented by this Warrant
Certificate, and hereby irrevocably constitutes and appoints _________________________________ Attorney to transfer this Warrant
Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated: _________________________	_________________________________
	 	(SIGNATURE)

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the NYSE American, Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock
Exchange.

 

     

     

    

 

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 DD3 ACQUISITION CORP. III (THE
“COMPANY”), DD3 Sponsor Group III, LLC AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY MAY NOT BE
SOLD OR TRANSFERRED PRIOR TO THE DATE UPON WHICH THE COMPANY COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION
3.2 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 5.6 OF THE WARRANT AGREEMENT)
WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT TO SUCH TRANSFER PROVISIONS.

 

SECURITIES
EVIDENCED HEREBY AND SHARES OF CLASS A COMMON STOCK 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.”Exhibit 10.1

 

[●],
2021

 

DD3
Acquisition Corp. III

Pedregal
24, 3rd Floor, Interior 300

Colonia
Molino del Rey, Del. Miguel Hidalgo

11040
Mexico City, Mexico 

 

	 	Re:	Initial
    Public Offering

 

Ladies
and Gentlemen:

 

This
letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between DD3 Acquisition Corp. III, a Delaware corporation (the “Company”), and Morgan
Stanley & Co. LLC, as representative (the “Representative”) of the several underwriters named
in Schedule A thereto (the “Underwriters”), relating to an underwritten initial public offering (the
“IPO”) of the Company’s units (the “Units”), each comprised of one share
of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-third
of one redeemable warrant, each whole warrant exercisable for one share of Common Stock (each, a “Warrant”).
Certain capitalized terms used herein are defined in paragraph 15 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in
recognition of the benefit that such IPO will confer upon the undersigned, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, each of the undersigned hereby agrees with the Company as follows:

 

1.
If the Company solicits approval of its stockholders of a Business Combination, the undersigned will vote all shares of Capital
Stock beneficially owned by him, her or it, whether acquired before, in, or after the IPO, in favor of such Business Combination.

 

2.
(a) In the event that the Company fails to consummate a Business Combination within the time period (the “Completion
Period”) set forth in the Company’s Amended and Restated Certificate of Incorporation, as the same may be
amended from time to time (the “Certificate of Incorporation”), the undersigned will, as promptly as
possible, cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible,
but not more than 10 business days thereafter, redeem 100% of the outstanding IPO Shares at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the Trust Account, including any interest earned on the Trust Account not previously
released to the Company but net of taxes payable, divided by the number of then outstanding IPO Shares, which redemption will
completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in the
cases of clauses (ii) and (iii) to the Company’s obligations under Delaware law to provide for claims of creditors and the
requirements of other applicable law.

 

(b)
The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution of the Trust Account
(“Claim”) with respect to the Founder Shares owned by the undersigned and hereby waives any Claim the
undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not
seek recourse against the Trust Account for any reason whatsoever. The undersigned acknowledges and agrees that there will be
no distribution from the Trust Account with respect to any Warrants, all rights of which will terminate on the Company’s
liquidation.

 

(c)
In the event of the liquidation of the Trust Account, the Sponsor agrees to indemnify and hold harmless the Company for any debts
and obligations to target businesses or vendors or other entities that are owed money by the Company for services rendered or
contracted for or products sold to the Company, but only to the extent necessary to ensure that such debt or obligation does not
reduce the amount of funds in the Trust Account below $10.00 per share; provided that such indemnity shall not apply (i) if such
vendor or prospective target business executed an agreement waiving any right, title, interest or claim of any kind it may have
in or to any monies held in the Trust Account, or (ii) as to any claims under the Company’s obligation to indemnify the
Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). 

 

     

     

    

 

3.
The undersigned acknowledges and agrees that prior to entering into a Business Combination with a target business that is affiliated
with any Insiders of the Company or their affiliates, such transaction must be approved by a majority of the Company’s disinterested
independent directors and the Company must obtain an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions, that such Business Combination is fair to the Company’s unaffiliated stockholders
from a financial point of view.

 

4.
Except as contemplated by that certain Forward Purchase Agreement, dated April 9, 2021, between the Company and DD3 Capital Partners,
S.A. de C.V. (“DD3 Capital”), during the period commencing on the effective date of the Underwriting
Agreement and ending 180 days after such date, each of the undersigned shall not, without the prior written consent of the Representative,
(i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of
or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a
call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”)
promulgated thereunder, with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible
into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any Units, shares of Common Stock,
Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned
by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii)
publicly announce any intention to effect any transaction specified in clause (i) or (ii).

 

5.
Neither the undersigned nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment or fees of any kind, including finder’s, consulting fees and other similar fees, prior to, or for
services rendered in order to effectuate, the consummation of the Business Combination; provided that the Company shall be allowed
to make the payments set forth in the Registration Statement under the caption “Prospectus Summary – The Offering
– Limited payments to insiders.”

 

6.
(a) The undersigned agrees that he, she or it shall not Transfer any Founder Shares until the earlier of one year after the date
of the consummation of the Company’s initial Business Combination and the date on which the closing price of the Common
Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations)
for any 20 trading days within a 30-trading day period commencing 150 days after the consummation of the Company’s initial
Business Combination, or earlier if, subsequent to the Company’s initial Business Combination, the Company consummates a
liquidation, merger, capital stock exchange or other similar transaction which results in all of the Company’s stockholders
having the right to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares
Lock-up Period”).

 

(b)
The undersigned agrees that he, she or it shall not Transfer any Private Warrants (or any shares of Common Stock underlying the
Private Warrants) until after the consummation of the Company’s initial Business Combination (the “Private Warrants
Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c)
Notwithstanding the provisions set forth in paragraphs 6(a) and (b), Transfers of the Founder Shares, Private Warrants and the
shares of Common Stock underlying the Private Warrants that are held by the undersigned or any of his, her or its permitted transferees
(that have complied with this paragraph 6(c)), are permitted (i) among the Company’s initial stockholders or to the Company’s
or the initial stockholders’ members, officers, directors, consultants or their affiliates, (ii) to a holder’s stockholders
or members upon the holder’s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of
the holder’s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder’s immediate
family, in each case for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant
to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation
of the Company’s initial Business Combination, (vii) in connection with the consummation of a Business Combination at a
price no greater than the price at which the shares or warrants were originally purchased, (viii) in the event of the Company’s
liquidation prior to its consummation of an initial Business Combination or (ix) in the event that, subsequent to the consummation
of an initial Business Combination, the Company completes a liquidation, merger, capital stock exchange or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their Common Stock for cash, securities
or other property, in each case (except for clauses (vi), (viii) or (ix) or with the Company’s prior written consent) where
the transferee agrees to be bound by the transfer restrictions and the other restrictions contained herein (including provisions
relating to voting, the Trust Account and liquidation distributions) and by the same agreements entered into by the undersigned
with respect to such securities.

 

    2

     

    

 

7.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 2,250,000 Units
within 45 days from the date of the prospectus which forms a part of the Registration Statement (and as further described in the
Registration Statement), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the aggregate equal to 562,500
multiplied by a fraction, (i) the numerator of which is 2,250,000 minus the number of Units purchased by the Underwriters upon
the exercise of their over-allotment option, and (ii) the denominator of which is 2,250,000. The forfeiture will be adjusted to
the extent that the over-allotment option is not exercised in full by the Underwriters so that the Company’s initial stockholders
will own an aggregate of 20% of the Company’s issued and outstanding shares of Capital Stock after the IPO (assuming the
initial stockholders do not purchase any Units in the IPO).

 

8.
(a) In order to minimize potential conflicts of interest that may arise from multiple corporate affiliations, the undersigned, to
the extent the undersigned is an officer or director of the Company, hereby agrees that until the earliest of the Company’s
initial Business Combination, the Company’s liquidation or the time that the undersigned ceases to be an officer or director
of the Company, the undersigned shall present to the Company for its consideration, prior to presentation to any other entity, any
business opportunity suitable for the Company, subject to any pre-existing fiduciary or contractual obligations the undersigned
might have, provided that (x) such opportunity is expressly offered to the undersigned solely in his or her capacity as an officer
or director of the Company, (y) such opportunity is one the Company is legally and contractually permitted to undertake and would
otherwise be reasonable for the Company to pursue and (z) the undersigned is permitted to refer that opportunity to the Company
without violating any legal obligation.

 

(b)
The undersigned hereby agrees and acknowledges that (i) each of the Underwriters and the Company may be irreparably injured in
the event of a breach of any of the obligations contained in this letter, (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

9.
The undersigned agrees to be an officer and/or director of the Company, as applicable, until the earlier of the consummation
by the Company of a Business Combination, the liquidation of the Trust Account or his or her removal, death or incapacity. In
the event of the removal or resignation of the undersigned as an officer and/or director of the Company, as applicable, the undersigned
agrees that he or she will not, prior to the consummation of the Business Combination, without the prior express written consent
of the Company, (i) use for the benefit of the undersigned or to the detriment of the Company or (ii) disclose to any third party
(unless required by law or governmental authority), any information regarding a potential target of the Company that is not generally
known by persons outside of the Company, the Sponsor, or their respective affiliates. The undersigned’s biographical information
previously furnished to the Company and the Representative, as applicable, is true and accurate in all respects and does not omit
any material information with respect to the undersigned’s background. The undersigned’s FINRA Questionnaire previously
furnished to the Company and the Representative is true and accurate in all respects. The undersigned represents and warrants
that:

 

	 	(a)	he/she/it
    has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him/her/it
    or any partnership in which he/she/it was a general partner at or within two years before the time of filing; or (ii) any
    corporation or business association of which he/she/it was an executive officer at or within two years before the time of
    such filing;

 

	 	(b)	he/she/it
    has never had a receiver, fiscal agent or similar officer been appointed by a court for his/her/its business or property,
    or any such partnership;

 

	 	(c)	he/she/it
    has never been convicted of fraud in a civil or criminal proceeding;

 

    3

     

    

 

	 	(d)	he/she/it/
    has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic
    violations and minor offenses);

 

	 	(e)	he/she/it
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court
    of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him/her/it from (i) acting as a futures
    commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction
    merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an
    associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as
    an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company,
    or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any
    type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security
    or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

	 	(f)	he/she/it
    has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal
    or state authority barring, suspending or otherwise limiting for more than 60 days his/her/its right to engage in any activity
    described in paragraph 9(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	he/she/it
    has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or
    state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended
    or vacated;

 

	 	(h)	he/she/it
    has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities
    law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	he/she/it
    has never been the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree or finding,
    not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal or State securities or
    commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including,
    but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary
    or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire
    fraud or fraud in connection with any business entity;

 

	 	(j)	he/she/it
    has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any
    self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that
    has disciplinary authority over its members or persons associated with a member;

 

	 	(k)	he/she/it
    has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving
    the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker,
    dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	he/she/it
    was never subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
    (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National
    Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative,
    or deceptive conduct;

 

	 	(m)	he/she/it
    has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of such
    sale, restrained or enjoined him/her/it from engaging or continuing to engage in any conduct or practice: (i) in connection
    with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out
    of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid
    solicitor of purchasers of securities;

 

    4

     

    

 

	 	(n)	he/she/it
    has never been subject to any order of the SEC that orders him/her/it to cease and desist from committing or causing a future
    violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section
    17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Section 206(1) of the Investment
    Advisers Act of 1940, as amended (the “Advisers Act”), or any other rule or regulation thereunder;
    or (ii) Section 5 of the Securities Act;

 

	 	(o)	he/she/it
    has never been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC
    that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the
    subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	he/she/it
    has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary
    restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute
    a scheme or device for obtaining money or property through the mail by means of false representations;

 

	 	(q)	he/she/it
    is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions);
    a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission
    (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the Commodity Futures
    Trading Commission; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity
    regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking;
    or (iii) engaging in savings association or credit union activities;

 

	 	(r)	he/she/it
    is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Exchange Act or section 203(e) or
    203(f) of the Advisers Act that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal
    securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes
    civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating
    in the offering of any penny stock; and

 

	 	(s)	he/she/it
    has never been suspended or expelled from membership in, or suspended or barred from association with a member of, a securities
    self-regulatory organization (e.g., a registered national securities exchange or a registered national or affiliated securities
    association) for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade.

 

10.
The undersigned has full right and power, without violating any agreement by which he, she or it is bound, to enter into this
letter agreement and to serve as a director and/or officer of the Company, as applicable.

 

11.
The undersigned hereby waives any right to exercise conversion rights with respect to any shares of Capital Stock owned or to
be owned by the undersigned, directly or indirectly (or to sell such shares to the Company in a tender offer), whether acquired
before, in or after the IPO, and agrees not to seek conversion with respect to such shares in connection with any vote to approve
a Business Combination (or sell such shares to the Company in a tender offer in connection with such a Business Combination) or
any extension of the Completion Period or amendment to the Certificate of Incorporation prior thereto (although the undersigned
shall be entitled to conversion rights with respect to any IPO Shares he, she or it holds if the Company fails to consummate a
Business Combination within the Completion Period). 

 

    5

     

    

 

12.
The undersigned hereby agrees to not propose any amendment to the Certificate of Incorporation (A) to modify the substance or
timing of the Company’s obligations with respect to conversion rights as described in the Registration Statement or (B)
with respect to any other material provision relating to stockholders’ rights or pre-initial Business Combination activity,
unless the Company provides public stockholders with the opportunity to convert their IPO Shares upon the approval of any such
amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including
interest not previously released to the Company but net of taxes payable, divided by the number of then outstanding IPO Shares.  

 

13.
In the event that the Company does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient
to complete such liquidation, the Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to
seek repayment for such expenses.

 

14.
This letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
Each of the Company and the undersigned hereby (i) agrees that any action, proceeding or claim arising out of or relating in any
way to this letter agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably
submits to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waives any objection to such
exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

15.
As used herein, (i) a “Business Combination” means a merger, capital stock exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities;
(ii) “Insiders” means the Sponsor and all officers, directors and initial stockholders of the Company
immediately prior to the IPO; (iii) “Founder Shares” means all of the outstanding shares of Class B
common stock, par value $0.0001 per share, of the Company issued prior to the consummation of the IPO and shall be deemed to include
the shares of Common Stock issuable upon conversion thereof; (iv) “IPO Shares” means the shares of Common
Stock sold as part of the Units in the Company’s IPO; (v) “Capital Stock” means, collectively,
the Common Stock and the Founder Shares; (vi) “Private Warrants” means the warrants of the Company that
the Sponsor and DD3 Capital have agreed to purchase in a private placement simultaneously with the consummation of the IPO; (vii)
“Transfer” means the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge,
grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or
increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise,
or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); (viii) “Trust
Account” means the trust account into which a portion of the net proceeds of the IPO will be deposited; (ix) “Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-254303) filed with the SEC
and (x) “Sponsor” means DD3 Sponsor Group III, LLC, a Delaware limited liability company.

 

16.
This letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter
hereof and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral,
to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This letter agreement
may not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision,
except by a written instrument executed by all parties hereto.

 

17.
Each of the undersigned acknowledges and understands that the Underwriters and the Company will rely upon the agreements, representations
and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters
a representative of, or a fiduciary with respect to, the Company, its stockholders or any creditor or vendor of the Company with
respect to the subject matter hereof.

 

18.
No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the
prior written consent of the other parties. Any purported assignment in violation of this paragraph shall be void and ineffectual
and shall not operate to transfer or assign any interest or title to the purported assignee. This letter agreement shall be binding
on each of the parties and their respective successors, heirs and assigns and permitted transferees.

 

    6

     

    

 

19.
Nothing in this letter agreement shall be construed to confer upon, or give to, any person or corporation other than the parties
hereto any right, remedy or claim under or by reason of this letter agreement or of any covenant, condition, stipulation, promise
or agreement hereof. All covenants, conditions, stipulations, promises and agreements contained in this letter agreement shall
be for the sole and exclusive benefit of the parties hereto and their successors, heirs, personal representatives and assigns
and permitted transferees.

 

20.
This letter agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall
for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

21.
This letter agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall
not affect the validity or enforceability of this letter agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this
letter agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable.

 

22.
Any notice, consent or request to be given in connection with any of the terms or provisions of this letter agreement shall be
in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested),
by hand delivery or electronic transmission.

 

23.
This letter agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the
Company; provided that paragraph 2(c) of this letter agreement shall survive such liquidation.

  

[Signature
Page Follows]

 

    7

     

    

 

	 	Sincerely,

                                                                                                      

DD3
Sponsor Group III, LLC

	 	 	 
	 	By:	               
	 	 	Name:  Jorge
    Combe
	 	 	Title:    Manager
	 	 	 
	 	 
	 	Martin
Werner
	 	 	 
	 	 
	 	Jorge
Combe
	 	 	 
	 	 
	 	Daniel
Salim
	 	 	 
	 	 
	 	Guillermo
Ortiz
	 	 	 
	 	 
	 	Pedro
Solís Cámara
	 	 	 
	 	 
	 	Daniel
Valdez
	 	 	 
	 	 
	 	Luis
Campos

 

 

[Signature Page to Letter Agreement]

     

     

    

 

	 	DD3
        CAPITAL PARTNERS, S.A. DE C.V.

	 	 	 
	 	By:	               
	 	 	Name:  Jorge
    Combe
	 	 	Title:    Partner

 

 

[Signature Page to Letter Agreement]

     

     

    

 

	Acknowledged and Agreed:

 

DD3 ACQUISITION CORP. III

 

	 
	By:	                	 
	 	Name:

        Title:
	Martin
Werner 
 Chief Executive Officer
	 

 

 

[Signature Page to Letter Agreement]

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