Document:

Exhibit 10.10

 

INVESTOR RIGHTS AGREEMENT

 

THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”)
dated as of July 5, 2022, is made and entered into by and among Ambipar Emergency Response, an exempted company incorporated under the
laws of the Cayman Islands (the “Company”), HPX Capital Partners LLC, a limited liability company organized under
the laws of the State of Delaware (the “Sponsor”), Ambipar Participações e Empreendimentos S.A., a corporation
(sociedade anônima) organized under the laws of Brazil (“Ambipar Parent”) and the other parties set forth
in Schedule 1 hereto (each, a “Director Holder”) and, solely with respect to Sections 5 and 6 hereof, Agro Fundo de
Investimento em Participações Multiestratégia Investimento no Exterior, an investment fund organized under the laws
of Brazil (“Opportunity”).

 

RECITALS

 

WHEREAS, the Company, Ambipar Parent, Ambipar
Merger Sub, an exempted company incorporated under the laws of the Cayman Islands (“Merger Sub”) and HPX Corp., an
exempted company incorporated under the laws of the Cayman Islands (“SPAC”) have entered into that certain Business
Combination Agreement, dated as of July 5, 2022 (as amended or supplemented from time to time, the “Business Combination Agreement”);

 

WHEREAS, (i) pursuant to the Contribution Agreement
(as defined in the Business Combination Agreement) and the Business Combination Agreement, Ambipar Parent will contribute the shares
of Emergência Participações S.A. to Merger Sub prior to the Mergers (as defined below) as a result of which Emergência
Participações S.A. shall become a wholly-owned subsidiary of Merger Sub, (ii) pursuant to the Business Combination Agreement,
(x) SPAC will merge with and into the Company, with the Company surviving such merger, and (y) Merger Sub will merge with and into the
Company, with the Company surviving such merger (the mergers in (x) and (y), collectively, the “Mergers”);

 

WHEREAS, SPAC, Sponsor and certain of the Persons
listed as “Holders” on the signature page thereto (collectively, the “SPAC Holders”) are parties to that
certain Registration and Stockholder Rights Agreement, dated July 15, 2020 (the “SPAC RRA”);

 

WHEREAS, effective as of the Closing (as defined
below), the SPAC and the SPAC Holders desire to terminate the SPAC RRA in its entirety and to accept the rights created pursuant to this
Agreement in lieu of the rights granted to them under the SPAC RRA;

 

WHEREAS, certain investors (such investors, collectively,
the “PIPE Investors”) have agreed to purchase Class A Ordinary Shares (as defined below) (the “PIPE Shares”)
in a transaction exempt from registration under the Securities Act (as defined below) and have certain registration rights pursuant to
the respective subscription agreements, each dated as of July 5, 2022, entered into by and between the Company and each of the PIPE Investors
(each, a “Subscription Agreement” and, collectively, the “Subscription Agreements”);

 

WHEREAS, Ambipar Parent has agreed to purchase
Class B Ordinary Shares (as defined below) (the “Ambipar Parent PIPE Shares”) in a transaction exempt from registration
under the Securities Act (as defined below) and has certain registration rights pursuant to the subscription agreement, dated as of July
5, 2022, entered into by and between the Company and Ampibar Parent ( the “Ambipar Parent Subscription Agreement”);

 

     

     

    

 

NOW, THEREFORE, in consideration of the representations,
covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.               
Definitions. As used herein, the following terms have the following meanings:

 

1.1            
“Adverse Disclosure” shall mean any public disclosure of material non-public information, which disclosure,
in the good faith judgment of the Chief Executive Officer or the Chief Financial Officer of the Company, after consultation with outside
counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances under which
they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed,
declared effective or used, as the case may be, and (iii) the Company has a bona fide business purpose for not making such information
public.

 

1.2            
“affiliate” of any particular Person means any other Person controlling, controlled by or under common control
with such Person, where “control” means the possession, directly or indirectly, of the power to direct the management and
policies of a Person whether through the ownership of voting securities, its capacity as a sole or managing member or otherwise; provided,
that no Holder shall be deemed an affiliate of the Company or any of its subsidiaries for purposes of this Agreement and neither the
Company nor any of its subsidiaries shall be deemed an affiliate of any Holder for purposes of this Agreement. 

 

1.3            
“Agreement” shall have the meaning given in the preamble.

 

1.4            
“Ambipar Parent” has the meaning set forth in the preamble.

 

1.5            
“Ambipar Parent PIPE Shares” has the meaning set forth in the preamble.

 

1.6            
“Ambipar Parent Subscription Agreement” has the meaning set forth in the preamble.

 

1.7            
“Articles” means the amended and restated memorandum and articles of association of the Company, as in effect
at the First Effective Time, as the same may be amended from time to time.

 

1.8            
“Available Cash” has the meaning given in the Business Combination Agreement.

 

1.9            
“Beneficially Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. The term “Beneficial
Ownership” shall have the correlative meaning.

 

1.10         
“Block Trade” shall have the meaning given in Section 2.4.1.

 

1.11         
“Board” shall mean the Board of Directors of the Company.

 

1.12         
“Business Combination Agreement” shall have the meaning given in the recitals.

 

1.13          “Business
Day” means any day other than a Saturday, a Sunday or other day on which commercial banks in New York, New York, and the
city of São Paulo, state of São Paulo, Brazil, are authorized or required by applicable law to close.

 

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1.14         
“Class A Ordinary Shares” means, following the First Effective Time, the Class A Ordinary Shares, par value
$0.0001 per share, of the Company.

 

1.15         
“Class B Ordinary Shares” means, following the First Effective Time, the Class B Ordinary Shares, par value
$0.0001 per share, of the Company.

 

1.16         
“Closing” shall have the meaning given in the Business Combination Agreement.

 

1.17         
“Closing Date” shall have the meaning given in the Business Combination Agreement.

 

1.18         
“Company” shall have the meaning given in the preamble.

 

1.19         
“Demanding Holder” means any of Ambipar Parent or the Sponsor.

 

1.20         
“Director Holder” shall have the meaning given in the preamble.

 

1.21         
“Exchange Act” means the Securities Exchange Act of 1934, as it may be amended from time to time.

 

1.22         
“Family Member” means with respect to any individual, a spouse, lineal descendant (whether natural or adopted)
or spouse of a lineal descendant of such individual or any trust or other estate-planning vehicle that is created for the benefit of
any one or more of such individuals or of which any one or more of the foregoing is a beneficiary.

 

1.23         
“First Effective Time” has the meaning given in the Business Combination Agreement.

 

1.24         
“Form F-1 Shelf” shall have the meaning given in Section 2.1.

 

1.25         
“Form F-3 Shelf” shall have the meaning given in Section 2.1.

 

1.26         
“Governmental Entity” means, with respect to the United States, Brazil, Cayman Islands or any other foreign
or supranational entity: (a) any federal, provincial, state, local, municipal, foreign, national or international court, governmental
commission, government or governmental authority, department, regulatory or administrative agency, board, bureau, agency or instrumentality
or tribunal, or similar body; (b) any self-regulatory organization; or (c) any political subdivision of any of the foregoing.

 

1.27         
“Governmental Order” means any order, judgment, injunction, decree, writ, stipulation, determination or award,
in each case, entered by or with any Governmental Entity. 

 

1.28         
“Holder” means the Sponsor and Ambipar Parent and any Transferee of any of the foregoing Persons’ Registrable
Securities who or that becomes a party to this Agreement in accordance with the terms hereof, in each case, for so long as such Person
Beneficially Owns or otherwise holds any Registrable Securities; for avoidance of doubt, none of the Director Holders is a “Holder”
for purposes hereof.

 

1.29         
“Holder Information” shall have the meaning given in Section 4.2.

 

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1.30         
 “Joinder Agreement” means a joinder agreement, in substantially the form attached hereto as Exhibit A.

 

1.31         
“Law” means any statute, law, ordinance, rule, regulation or Governmental Order, in each case, of any Governmental
Entity.

 

1.32         
“Legal Proceeding” means any action, suit, hearing, claim, charge, audit, lawsuit, litigation, inquiry or proceeding
(in each case, whether civil, criminal or administrative or at law or in equity) by or before a Governmental Entity.

 

1.33         
“Legal Requirements” shall mean any federal, state, local, municipal, foreign or other law, statute, constitution,
treaty, principle of common law, resolution, ordinance, code, edict, decree, rule, regulation, ruling, injunction, judgment, order, assessment,
writ or other legal requirement, administrative policy or guidance, or requirement issued, enacted, adopted, promulgated, implemented
or otherwise put into effect by or under the authority of any Governmental Entity.

 

1.34         
“Lock-Up Holder” shall have the meaning given in Section 5.1.1.

 

1.35         
“Lock-Up Period” shall have the meaning given in Section 5.1.1.

 

1.36         
“Lock-Up Securities” shall have the meaning given in Section 5.1.1.

 

1.37         
“Maximum Number of Securities” shall have the meaning given in Section 2.3.2.

 

1.38         
“Mergers” shall have the meaning given in the recitals.

 

1.39         
“Merger Sub” shall have the meaning given in the recitals.

 

1.40         
“Minimum Takedown Threshold” shall have the meaning given in Section 2.3.1.

 

1.41         
“Misstatement” shall mean an untrue statement of a material fact or an omission to state a material fact required
to be stated in a Registration Statement or Prospectus or necessary to make the statements in a Registration Statement or Prospectus
(in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading.

 

1.42         
 “Ordinary Shares” shall mean the Class A Ordinary Shares and the Class B Ordinary Shares.

 

1.43         
“Other Coordinated Offering” shall have the meaning given in Section 2.4.1.

 

1.44         
“Permitted Transferees” means with respect to any Person, (a) any Family Member of such Person, (b) any affiliate
of such Person, and (c) any affiliate of any Family Member of such Person; provided, however, that Permitted Transferees shall not include
(x) any affiliate under clause (b) or (c) who operates or engages in a business which competes with the business of the Company or Ambipar
Parent or (y) any portfolio company (as such term is commonly understood in the private equity industry) of a private equity or other
financial sponsor.

 

1.45         
“Person” shall mean any individual, corporation (including any non-profit corporation), general partnership,
limited partnership, limited liability partnership, joint venture, estate, trust, company (including any limited liability company or
joint stock company), firm or other enterprise, association, organization, entity or Governmental Entity.

 

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1.46         
 “Piggyback Registration” shall have the meaning given in Section 2.3.4.

 

1.47         
“PIPE Investors” shall have the meaning given in the recitals.

 

1.48         
“PIPE Shares” shall have the meaning given in the recitals. 

 

1.49         
“Private Placement Warrants” shall mean warrants to acquire Class A Ordinary Shares, each warrant entitling
the holder to purchase one Class A Ordinary Share at an exercise price of $11.50 per share.

 

1.50         
 “Prospectus” shall mean the prospectus included in any Registration Statement, as supplemented by any and
all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference
in such prospectus.

 

1.51         
 “Registrable Securities” means (a) the Class A Ordinary Shares owned by any Holder immediately following the
Closing, (b) any Class A Ordinary Shares issued or issuable upon the conversion from time to time of the Class B Ordinary Shares owned
by any Holder immediately following the Closing, (c) any Private Placement Warrants owned by any Holder immediately following the Closing
and any Class A Ordinary Shares issued or issuable upon the exercise thereof from time to time, (d) any Class A Ordinary Shares or options
or warrants to purchase, or other equity securities of the Company exercisable or exchangeable for, or convertible into, Class A Ordinary
Shares (including any Class A Ordinary Shares issued or issuable upon the exercise of any such option, warrant or other equity security)
of the Company otherwise acquired or owned by a Holder following the Closing (including any warrants that may be acquired by the Sponsor
upon conversion of loans to the Company for expenses at or prior to the Closing), and (e) any other equity security of the Company issued
or issuable with respect to any Securities referenced in clause (a), (b), (c), or (d) above by way of a share dividend or share split
or in connection with a combination of share, acquisition, recapitalization, consolidation, reorganization, share exchange, share reconstruction
and amalgamation or contractual control arrangement with, purchasing all or substantially all of the assets of, or engagement in any
other similar transaction; provided that as to any particular Registrable Security, such securities shall cease to be Registrable Securities
on the earlier to occur of (A) a Registration Statement with respect to the sale of such securities shall have become effective under
the Securities Act and such securities shall have been Transferred in accordance with such Registration Statement by the applicable Holder;
(B)(i) such securities shall have been otherwise Transferred, (ii) new certificates for such securities not bearing (or book-entry positions
not subject to) a legend restricting further Transfer shall have been delivered by the Company and (iii) subsequent public distribution
of such securities shall not require Registration; (C) such securities shall have ceased to be outstanding; (D) such securities are freely
saleable without Registration by the Holder thereof pursuant to Rule 144, as promulgated under the Securities Act (without the need for
any manner of sale requirement or volume limitation and without the requirement for the Company to be in compliance with the current
public information requirement under Rule 144(c)(1) (or Rule 144(i)(2), if applicable)); or (E) such securities are sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

1.52         
“Registration” shall mean a registration, including any related Underwritten Offering, effected by preparing
and filing a Registration Statement or similar document in compliance with the requirements of the Securities Act, and the applicable
rules and regulations promulgated thereunder, and such Registration Statement becoming effective.

 

1.53         
“Registration Expenses” shall mean the documented, out-of-pocket expenses of a Registration, including the
following:

 

1.53.1    
all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory
Authority, Inc.) and any national securities exchange on which the Class A Ordinary Shares are then listed;

 

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1.53.2    
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of outside counsel
for the Underwriters, if any, in connection with blue sky qualifications of Registrable Securities);

 

1.53.3    
printing, messenger, telephone and delivery expenses;

 

1.53.4    
reasonable fees and disbursements of counsel for the Company;

 

1.53.5    
reasonable fees and disbursements of one (1) counsel for the Demanding Holders, not to exceed $100,000; and

 

1.53.6    
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in
connection with such Registration.

 

1.54         
“Registration Statement” shall mean any registration statement that covers Registrable Securities pursuant
to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

1.55         
“Requesting Holders” shall have the meaning given in Section 2.3.2.

 

1.56         
“Restricted Stock Units” means the 20,000 restricted stock units of the Company held by Rafael Salvador Grisolia
(“Grisolia”) pursuant to the Amended and Restated Director Restricted Stock Unit Award Agreement entered into dated July
5, 2022 in connection with the consummation of the transactions contemplated by the Business Combination Agreement.

 

1.57         
“SEC” means the U.S. Securities and Exchange Commission.

 

1.58         
“Securities Act” means the Securities Act of 1933, as amended.

 

1.59         
“Shelf” shall mean the Form F-1 Shelf, the Form F-3 Shelf or any Subsequent Shelf Registration Statement, as
the case may be.

 

1.60         
“Shelf Registration” shall mean a Registration of securities pursuant to a Registration Statement filed with
the SEC in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

1.61         
“Shelf Underwriting” shall have the meaning given in Section 2.3.

 

1.62         
“SPAC” shall have the meaning given in the recitals.

 

1.63         
“SPAC Holders” shall have the meaning given in the recitals.

 

1.64         
“SPAC RRA” shall have the meaning given in the recitals.

 

1.65         
“Sponsor” shall have the meaning given in the recitals.

 

1.66         
“Subscription Agreement” shall have the meaning given in the recitals.

 

1.67         
“Subsequent Shelf Registration Statement” shall have the meaning given in Section 2.2.

 

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1.68         
“Transfer” shall mean the (x) sale or assignment 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 with respect to, any security, (y) entry into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of, or any other derivative transaction with respect to,
any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (z) public announcement
of any intention to effect any transaction specified in clause (x) or (y). The terms “Transferee,” “Transferor,”
 “Transferred,” and other forms of the word “Transfer” shall have the correlative meanings.

 

1.69         
“Underwriter” shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten
Offering and not as part of such dealer’s market-making activities.

 

1.70         
“Underwriting Request” shall have the meaning given in Section 2.3.

 

1.71         
“Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

1.72         
“Withdrawal Notice” shall have the meaning given in Section 2.3.3.

 

2.               
Registration. The following provisions govern the Registration
of the Company’s securities:

 

2.1            
Filing. Within thirty (30) calendar days following the Closing Date, the Company shall submit to or file with the SEC a
Registration Statement for a Shelf Registration on Form F-1 (the “Form F-1 Shelf”) or a Registration Statement for
a Shelf Registration on Form F-3 (the “Form F-3 Shelf”), if the Company is then eligible to use a Form F-3 Shelf,
in each case, covering the resale of all the Registrable Securities (determined as of two (2) Business Days prior to such submission
or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to have such Shelf declared effective as
soon as reasonably practicable after the filing thereof, but no later than the earlier of (a) the sixtieth (60th) calendar day (or the
ninetieth (90th) calendar day if the SEC notifies the Company that it will “review” the Registration Statement)
following the filing date thereof and (b) the tenth (10th) Business Day after the date the Company is notified (orally or in writing,
whichever is earlier) by the SEC that the Registration Statement will not be “reviewed” or will not be subject to further
review. Such Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination
of methods legally available to, and requested by, the majority-in-interest of the Holders named therein. The Company shall maintain
a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including post-effective amendments,
and supplements as may be necessary to keep a Shelf continuously effective, available for use to permit the Holders named therein to
sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as there
are no longer any Registrable Securities outstanding. In the event the Company files a Form F-1 Shelf, the Company shall use its commercially
reasonable efforts to convert the Form F-1 Shelf (and any Subsequent Shelf Registration Statement) to a Form F-3 Shelf as soon as reasonably
practicable after the Company is eligible to use Form F-3. The Company’s obligation under this Section 2.1, shall be
subject to Section 3.5. References to Form F-1 and F-3 herein (or any successors thereto) shall include references to Form
S-1 and S-3 (or any successors thereto) if the Company ceases to be eligible to use Form F-1 or Form F-3.

 

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2.2             Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably
practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable efforts
to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable
efforts to, as promptly as is reasonably practicable, amend such Shelf in a manner reasonably expected to result in the withdrawal
of any order suspending the effectiveness of such Shelf or file an additional Registration Statement as a Shelf Registration (a
 “Subsequent Shelf Registration Statement”) registering the resale of all Registrable Securities (determined as of
two (2) Business Days prior to such filing), and pursuant to any method or combination of methods legally available to, and
requested by, a majority-in-interest of the Holders named therein. If a Subsequent Shelf Registration Statement is filed, the
Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement to become effective
under the Securities Act as promptly as is reasonably practicable after the filing thereof and (ii) keep such Subsequent Shelf
Registration Statement continuously effective, available for use to permit the Holders named therein to sell their Registrable
Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any
Registrable Securities outstanding. Any such Subsequent Shelf Registration Statement shall be on Form F-3 to the extent that the
Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form.
The Company’s obligation under this Section 2.2, shall be subject to Section 3.5.

 

2.3            
Request for Underwritten Offering.

 

2.3.1       
Shelf Underwriting. Subject to Section 3.5.1, when an effective Shelf is on file with the SEC, any Demanding Holder
may from time to time, following the expiration of any applicable Lock-Up Period, request in writing to sell all or any part of its Registrable
Securities pursuant to an Underwritten Offering pursuant to the Registration Statement, which written request shall describe the number
and type of securities to be included in such Registration and the intended method(s) of distribution thereof; provided that the
Company shall only be obligated to effect an Underwritten Offering if such offering shall include Registrable Securities proposed to
be sold by the Demanding Holder, either individually or together with other Demanding Holders, with a total offering price reasonably
expected to exceed, in the aggregate, $75 million (the “Minimum Takedown Threshold”), net of all underwriting discounts
and commissions. The Demanding Holder shall make such election by delivering to the Company a written request (an “Underwriting
Request”) for such Underwritten Offering specifying the number of its Registrable Securities that the Demanding Holder desires
to sell pursuant to such Underwritten Offering (the “Shelf Underwriting”). The Demanding Holder, after consultation
with the Company, shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable internationally
recognized investment banks). The Demanding Holders may demand an aggregate of not more than eight (8) Shelf Underwritings pursuant to
this Agreement (of which the Sponsor may demand not more than four (4)), and the Company is not obligated to effect (x) more than four
(4) Shelf Underwritings in any twelve (12) month period (provided, that, the Sponsor may demand not more than two (2) Shelf Underwritings
per year) or (y) a Shelf Underwriting within sixty (60) days after the closing of a prior Shelf Underwriting. The Company shall use its
reasonable best efforts to effect such Shelf Underwriting, including the filing of any Prospectus supplement or any post-effective amendments
and otherwise taking any action necessary to include therein all disclosure and language deemed necessary or advisable by the Demanding
Holder to effect such Shelf Underwriting.

 

2.3.2       
Reduction of Shelf Underwriting. If the managing Underwriter or Underwriters in a Shelf Underwriting, in good faith, advises
the Company, the Demanding Holders and, if any, the Holders requesting piggyback rights pursuant to this Agreement with respect to such
Shelf Underwriting (the “Requesting Holders”) in writing that the dollar amount or number of Registrable Securities
that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Class A Ordinary Shares
or other equity securities that the Company desires to sell and all other Class A Ordinary Shares or other equity securities, if any,
that have been requested to be sold in the

 

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Shelf Underwriting pursuant to separate written contractual piggy-back
registration rights held by any other Holder, exceeds the maximum dollar amount or maximum number of equity securities that can be sold
in the Shelf Underwriting without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum Number
of Securities”), then the Company shall include in the Shelf Underwriting, before including any Class A Ordinary Shares or
other equity securities proposed to be sold by the Company or by other holders of Class A Ordinary Shares or other equity securities,
the Registrable Securities of (i) first, the Demanding Holders that can be sold without exceeding the Maximum Number of Securities (pro
rata based on the respective number of Registrable Securities that each Demanding Holder has requested be included in such Shelf Underwriting
and the aggregate number of Registrable Securities that all of the Demanding Holders have requested be included in such Shelf Underwriting),
(ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Requesting
Holders (if any) (pro rata based on the respective number of Registrable Securities that each Requesting Holder (if any) has requested
be included in such Shelf Underwriting and the aggregate number of Registrable Securities that all of the Requesting Holders have requested
be included in such Shelf Underwriting) that can be sold without exceeding the Maximum Number of Securities and (iii) third,
to the extent the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), any other equity securities
requested to be sold in the Shelf Underwriting (pro rata based on the respective number of equity securities requested to be included
in such Shelf Underwriting).

 

2.3.3       
Withdrawal. Prior to the filing of the applicable “red herring” Prospectus or Prospectus supplement used for marketing
the Shelf Underwriting, the majority-in-interest of the Demanding Holders shall have the right to withdraw from the Shelf Underwriting
for any or no reason whatsoever upon written notification (a “Withdrawal Notice”) to the Company and the Underwriter
or Underwriters (if any) of their intention to withdraw from the Shelf Underwriting; provided that the Sponsor or Ambipar Parent
may elect to have the Company continue a Shelf Underwriting if the Minimum Takedown Threshold would still be satisfied by the Registrable
Securities proposed to be sold in the Shelf Underwriting by such Holders or any of their respective Permitted Transferees, as applicable.
If withdrawn, the demand for the Shelf Underwriting shall constitute a demand for the Shelf Underwriting by the Demanding Holder for
purposes of Section 2.3.1, unless the Demanding Holder reimburses the Company for all Registration Expenses with respect
to the Shelf Underwriting (or, if there are any other Holders participating in the Shelf Underwriting, a pro rata portion of such Registration
Expenses based on the respective number of Registrable Securities that the Demanding Holder has requested be included in the Shelf Underwriting);
provided that, if the Sponsor or Ambipar Parent elects to continue a Shelf Underwriting pursuant to the proviso in the immediately
preceding sentence, such Shelf Underwriting shall instead count as a Shelf Underwriting demanded by the Sponsor or Ambipar Parent, as
applicable, for purposes of Section 2.3.1. Following the receipt of any Withdrawal Notice, the Company shall promptly forward
such Withdrawal Notice to any other Holders that had elected to participate in such Shelf Underwriting. Notwithstanding anything to the
contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Shelf Underwriting
prior to its withdrawal under this Section 2.3.3.

 

2.3.4        Piggyback
Rights. If any Demanding Holder proposes to conduct a Shelf Underwriting pursuant to Section 2.3.1 then the Company
shall give written notice of such proposed offering to all of the Holders of Registrable Securities as soon as practicable but not
less than five (5) days before the applicable “red herring” prospectus or prospectus supplement used for marketing such
Underwritten Offering, which notice shall (a) describe the number and type of securities to be included in such Underwritten
Offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters in such
offering, and (b) offer to all of the Holders of Registrable Securities the opportunity to include in such offering such number of
Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written notice (such
registered offering, a “Piggyback Registration”). Subject to Section 2.3.2,
the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if
applicable, shall use its commercially reasonable efforts to cause the managing Underwriter or Underwriters of such Piggyback
Registration to permit the Registrable Securities requested by the Holders pursuant to this Section 2.3.4 to be included
therein on the same terms and conditions as any similar securities of the Company included in such registered offering and to permit
the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The
inclusion of any Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder’s agreement
to enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Shelf Underwriting. For
avoidance of doubt, this Section 2.3.4 shall not apply to a Block Trade or Other Coordinated Offering.

 

    9

     

    

 

2.3.5       
Market Stand-off. In connection with any Underwritten Offering of equity securities of the Company, if requested by the managing
Underwriters, each Holder that is (a) an executive officer, (b) a director or (c) a Holder in excess of five percent (5%) of the outstanding
Ordinary Shares (and for which it is customary for such a Holder to agree to a lock-up) agrees that it shall not Transfer any Class A
Ordinary Shares or other equity securities of the Company (other than those included in such offering pursuant to this Agreement), without
the prior written consent of the Underwriters, during the ninety (90)-day period (or such shorter time agreed to by the managing Underwriters)
beginning on the date of pricing of such offering, except as expressly permitted by such lock-up agreement or in the event the managing
Underwriters otherwise agree by written consent. Each such Holder agrees to execute a customary lock-up agreement in favor of the Underwriters
to such effect (in each case on substantially the same terms and conditions as all such Holders).

 

2.4            
Block Trades; Other Coordinated Offerings.

 

2.4.1       
Notwithstanding any other provision of this Section 2, but subject to Section 3.4, at any time and
from time to time when an applicable Lock-Up Period is not in effect and when an effective Shelf is on file with the SEC, if any Demanding
Holder wishes to engage in (i) an underwritten registered offering not involving a “roadshow,” an offer commonly known as
a “block trade” (a “Block Trade”), or (ii) an “at the market” or similar registered offering
through a broker, sales agent or distribution agent, whether as agent or principal (an “Other Coordinated Offering”),
in each case, (x) with a total offering price, either individually or together with other Demanding Holders, reasonably expected to exceed
$50 million in the aggregate or (y) with respect to all remaining Registrable Securities held by the Demanding Holder, then such Demanding
Holder only needs to notify the Company of the Block Trade or Other Coordinated Offering at least ten (10) business days prior to the
day such offering is to commence and the Company shall use its commercially reasonable efforts to facilitate such Block Trade or Other
Coordinated Offering; provided that the Demanding Holders representing a majority-in-interest of the Registrable Securities wishing
to engage in the Block Trade or Other Coordinated Offering shall use commercially reasonable efforts to work with the Company and any
Underwriters, brokers, sales agents or placement agents prior to making such request in order to facilitate preparation of the registration
statement, prospectus and other offering documentation related to the Block Trade or Other Coordinated Offering.

 

2.4.2       
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with
a Block Trade or Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated
Offering shall have the right to submit a Withdrawal Notice to the Company, the Underwriter or Underwriters (if any) and any brokers,
sales agents or placement agents (if any) of their intention to withdraw from such Block Trade or Other Coordinated Offering. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Block Trade or Other Coordinated Offering prior to its withdrawal under this Section 2.4.2.

 

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2.4.3       
 Notwithstanding anything to the contrary in this Agreement, Section 2.3.4 shall not apply to a Block Trade or
Other Coordinated Offering initiated by a Demanding Holder pursuant to this Agreement.

 

2.4.4       
The Demanding Holder in a Block Trade, or Other Coordinated Offering or Demanding Holders representing a majority-in-interest
of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated Offering, shall have the right to select the
Underwriters and any brokers, sales agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case,
which shall consist of one or more reputable nationally recognized investment banks).

 

2.4.5       
A Demanding Holder in the aggregate may demand no more than four (4) Block Trades or Other Coordinated Offerings pursuant
to this Section 2.4 in any twelve (12) month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering
effected pursuant to this Section 2.4 shall not be counted as a demand for a Shelf Underwriting pursuant to Section 2.3.1
hereof.

 

3.               
Company Procedures

 

3.1            
General Procedures. In connection with any Shelf and/or Underwritten Offering, the Company shall use its commercially reasonable
efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution
thereof, and pursuant thereto the Company shall, as soon as reasonably practicable:

 

3.1.1       
prepare and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities
and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable
Securities have ceased to be Registrable Securities;

 

3.1.2       
prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by any Holder or any Underwriter of Registrable Securities or as may be required by
the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and
regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement
are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3       
at least two (2) Business Days prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto,
furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such
Holders’ legal counsel, if any, copies of such Registration Statement as proposed to be filed, each amendment and supplement to
such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus
included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the
Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders; provided that in no event shall the Company be required to
delay or postpone the filing of such Registration Statement or Prospectus as a result of or in connection with such Holders’ review;

 

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3.1.4        prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the
United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of
distribution) may reasonably request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt
from such registration or qualification) and (ii) take such action necessary to cause such Registrable Securities covered by the
Registration Statement to be registered with or approved by such other Governmental Entities as may be necessary by virtue of the
business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the
Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable
Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to
general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

 

3.1.5       
cause all such Registrable Securities to be listed on each national securities exchange on which similar securities issued
by the Company are then listed;

 

3.1.6       
provide a transfer agent or warrant agent, as applicable, registrar and a CUSIP number for all such Registrable Securities
no later than the effective date of such Registration Statement;

 

3.1.7       
advise each seller of such Registrable Securities, within five (5) Business Days after it shall receive notice or obtain knowledge
thereof, of the issuance of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or
threatening of any Legal Proceeding for such purpose and promptly use its commercially reasonable efforts to prevent the issuance of
any stop order or to obtain its withdrawal if such stop order should be issued;

 

3.1.8       
notify the Holders, within five (5) Business Days, at any time when a Prospectus relating to such Registration Statement is
required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such
Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.5;

 

3.1.9       
in the event of an Underwritten Offering, in each of the following cases to the extent customary for a transaction of its
type, permit the Sponsor, Ambipar Parent, the Underwriters or other financial institutions facilitating such Underwritten Offering, if
any, and any attorney, consultant or accountant retained by the Sponsor, Ambipar Parent or Underwriters to participate, at each such
Person’s own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees
to supply all information reasonably requested by any such representative, Underwriter, financial institution, attorney, consultant or
accountant in connection with the Underwritten Offering; provided, however, that such representatives, Underwriters or financial
institutions agree to confidentiality arrangements in form and substance reasonably satisfactory to the Company, prior to the release
or disclosure of any such information;

 

3.1.10    
in the event of an Underwritten Offering, permit the Sponsor and Ambipar Parent, as applicable, to rely on any comfort letter
from the Company’s independent registered public accounting firms provided to the managing Underwriter of such offering;

 

3.1.11    
in the event of an Underwritten Offering, on the date the Registrable Securities are delivered for sale pursuant to such Registration,
obtain an opinion and negative assurance letter, dated such date, of counsel representing the Company for the purposes of the Underwritten
Offering, addressed to the Underwriters, if any, covering such legal matters with respect to the Underwritten Offering in respect of
which such opinion is being given as the Underwriter may reasonably request and as are customarily included in such opinions and negative
assurance letters;

 

3.1.12    
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter of such offering;

 

    12

     

    

 

3.1.13    
 in the event of any Underwritten Offering, use its commercially reasonable efforts to make available senior executives of
the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter in
such Underwritten Offering; and

 

3.1.14    
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the
participating Holders, consistent with the terms of this Agreement, in connection with such Registration.

 

3.2            
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged
by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’
commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable and documented fees and expenses of any legal counsel representing the Holders (as well as of any attorney,
consultants or consultant retained by the Holders under Section 3.1.9 or otherwise).

 

3.3            
Share Distributions. In connection with any Shelf, if the Company shall receive a request from a Holder included therein
to effectuate a pro rata in-kind distribution or other similar Transfer for no consideration of such Registrable Securities pursuant
to such Registration to its members, partners or shareholders, as the case may be, then the Company shall deliver or cause to be delivered
to the transfer agent and registrar for the Registrable Securities an opinion of counsel to the Company reasonably acceptable to such
transfer agent and registrar that any legend referring to the Securities Act may be removed upon such distribution or other Transfer
of such Registrable Securities pursuant to such Registration; provided that the distributee or transferee of such Registrable
Securities is not and has not been for the preceding ninety (90) calendar days an affiliate of the Company (as defined in Rule 405 promulgated
under the Securities Act). The Company’s obligations hereunder are conditioned upon the receipt of a representation letter reasonably
acceptable to the Company from such Holder regarding such proposed pro rata in-kind distribution or other similar Transfer for no consideration
of such Registrable Securities.

 

3.4            
Requirements for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the
contrary, if any Holder does not provide the Company with its requested Holder Information, the Company may exclude such Holder’s
Registrable Securities from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel,
that such information is necessary to effect the Registration and such Holder continues thereafter to withhold such information. Notwithstanding
anything in this Agreement, the exclusion of a Holder’s Registrable Securities as a result of this Section 3.4 shall
not affect the Registration of the other Registrable Securities to be included in such Registration.

 

3.5            
Suspension of Sales; Adverse Disclosure; Restrictions on Registration Rights.

 

3.5.1       
Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each
of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of a supplemented or amended
Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or
amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing by the Company that the
use of the Prospectus may be resumed.

 

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3.5.2        Subject
to Section 3.5.3, if the filing, initial effectiveness or continued use of a Registration Statement in respect of any
Registration at any time would (a) require the Company to make an Adverse Disclosure, (b) require the inclusion in such Registration
Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the
good faith judgment of the majority of the Board, upon the advice of external legal counsel, be seriously detrimental to the Company
and the majority of the Board concludes as a result that it is essential to defer such filing, initial effectiveness or continued
use at such time, the Company may, upon giving prompt written notice of such action to the Holders (which notice shall not specify
the nature of the event giving rise to such delay or suspension), delay the filing or initial effectiveness of, or suspend use of,
such Registration Statement for the shortest period of time determined in good faith by the Company to be necessary for such
purpose. In the event the Company exercises its rights under this Section 3.5.2,
the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating
to any Registration in connection with any sale or offer to sell Registrable Securities until such Holder receives written notice
from the Company that such sales or offers of Registrable Securities may be resumed, and in each case maintain the confidentiality
of such notice and its contents.

 

3.5.3       
The right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to Section 3.5.2
shall be exercised by the Company, in the aggregate, for not more than three (3) occasions, for not more than ninety (90) consecutive
calendar days or for not more than one hundred and fifty (150) total calendar days, in each case, during any twelve (12)-month period.

 

3.6            
Reporting Obligations. As long as any Registrable Securities remain outstanding, the Company, at all times while it shall
be a reporting company under the Exchange Act, shall use reasonable efforts to file timely (or obtain extensions in respect thereof and
file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a)
or 15(d) of the Exchange Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that
any documents publicly filed or furnished with the SEC pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall
be deemed to have been furnished or delivered to the Holders pursuant to this Section 3.6. The Company further covenants
that it shall use reasonable efforts to take such further action as any Holder may reasonably request, all to the extent required from
time to time to enable such Holder to sell Class A Ordinary Shares held by such Holder without Registration under the Securities Act
within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule then in effect).

 

4.               
Indemnification and Contribution

 

4.1             The
Company agrees to indemnify, to the extent permitted by law, each participating Holder, its directors, officers, partners, managers,
members, investment advisors, employees, shareholders and each Person who controls such Holder (within the meaning of the Securities
Act) against all losses, claims, damages, liabilities and reasonable and documented out of pocket expenses (including, without
limitation, reasonable and documented outside attorneys’ fees of one (1) law firm) arising from, in connection with, or
relating to any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or
preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the
circumstances under which they were made) not misleading, except insofar as the same are caused by or contained in any information
so furnished in writing to the Company or on behalf of such Holder expressly for use therein or such Holder has omitted a material
fact from such information or otherwise violated the Securities Act, Exchange Act or any state securities law or any other law, rule
or regulation thereunder; provided, however, that the indemnification contained in this Section 4.1 shall
not apply to amounts paid in settlement of any losses, claims, damages, liabilities and out of pocket expenses if such settlement is
effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed), nor shall
the Company be liable for any losses, claims, damages, liabilities and out of pocket expenses to the extent they arise out of or are
based upon a violation which occurs (A) in connection with any failure of such Holder to deliver or cause to be delivered a
Prospectus made available by the Company in a timely manner, (B) as a result of offers or sales effected by or on behalf of any
Person by means of a “free writing prospectus” (as defined in Rule 405 under the Securities Act) that was not authorized
in writing by the Company, or (C) in connection with any offers or sales effected by or on behalf of a Holder in violation of Section 3.5.1 hereof.

 

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4.2            
In connection with any Registration Statement in which a Holder is participating, such Holder shall furnish (or cause to be furnished)
to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement
or Prospectus (the “Holder Information”) and, to the extent permitted by law, shall indemnify the Company, its directors,
officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and reasonable and documented out of pocket expenses (including, without limitation, reasonable outside attorneys’
fees of one (1) law firm) arising from, in connection with, or relating to any untrue or alleged untrue statement of material fact contained
or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading, but only to the extent that
such untrue statement or omission is contained in (or not contained in, in the case of an omission) any information so furnished in writing
by or on behalf of such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several,
not joint, among such Holders, and the liability of each such Holder shall be in proportion to and limited to the net proceeds received
by such Holder from the sale of Registrable Securities giving rise to such indemnification obligation.

 

4.3            
Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s
right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to
such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified
party without its consent (but such consent shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is
not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one
(1) outside counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment
of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with
respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment
or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying
party pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault and culpability on the
part of such indemnified party or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to
such indemnified party of a release from all liability in respect to such Legal Proceeding.

 

4.4            
The indemnification provided for under this Section 4 shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive
the Transfer of Registrable Securities.

 

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4.5             If
the indemnification provided under this Section 4 from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations; provided,
however, that the liability of the Holder shall be limited to the net proceeds received by such Holder from the sale of
Registrable Securities giving rise to such indemnification obligation. The relative fault of the indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made by, in the
case of an omission), or relates to information supplied by (or not supplied by in the case of an omission), such indemnifying party
or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge, access to
information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or
other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Section 4.1, Section 4.2
and Section 4.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with
any Legal Proceeding. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution pursuant to this Section 4.5 from any Person who was not guilty of such
fraudulent misrepresentation.

 

5.               
Transfer Restrictions.

 

5.1            
Lock-Up.

 

5.1.1      
Except as otherwise approved in writing by the Company and Opportunity in their sole discretion,
each Holder and each Director Holder (each a “Lock-up Holder”) severally, and not jointly, agrees with the Company
not to effect any Transfer, or make a public announcement of any intention to effect such Transfer, of any Lock-Up Securities (as defined
below) Beneficially Owned or otherwise held by such Person during the Lock-Up Period (as defined below); provided, that such prohibition
shall not apply to Transfers permitted pursuant to Section 5.2. The “Lock-Up Period” means, (i) in the case
of each Holder and its Permitted Transferees, the period commencing on the Closing Date and ending on the third anniversary of the Closing
Date, and (ii) in the case of each Director Holder and its Permitted Transferees, the period commencing on the Closing Date and ending
on the first anniversary of the Closing Date. The “Lock-Up Securities” means, for any Lock-Up Holder, as the case
may be, the Ordinary Shares and Private Placement Warrants Beneficially Owned or otherwise held by such Lock-Up Holder immediately following
the Closing, including any Class A Ordinary Shares acquired as the result of the vesting of the Restricted Stock Units and, in the case
of Grisolia, the Restricted Stock Units.

 

5.1.2       
During the Lock-Up Period, any purported Transfer of Lock-Up Securities not in accordance with this Agreement shall be null
and void, and the Company shall refuse to recognize any such Transfer for any purpose.

 

5.1.3       
Each Lock-up Holder acknowledges and agrees that, notwithstanding anything to the contrary contained in this Agreement, the
Lock-Up Securities Beneficially Owned or otherwise held by such Lock-up Holder shall remain subject to any restrictions on Transfer under
applicable securities Laws of any Governmental Entity, including all applicable holding periods under the Securities Act and other rules
of the SEC.

 

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5.2             Permitted
Transfers. Notwithstanding anything to the contrary contained in this Agreement, during the Lock-Up Period, a Lock-up Holder may
Transfer, without the consent of the Company and Opportunity, any of such Lock-up Holder’s Lock-Up Securities to (i) any of
such Lock-up Holder’s Permitted Transferees, upon written notice to the Company, or (ii) (a) in the case of an individual, by
virtue of Laws of descent and distribution upon death of the individual; (b) in the case of an individual, pursuant to a qualified
domestic relations order; or (c) pursuant to any liquidation, merger, share exchange or other similar transaction (other than the
Mergers) which results in all of the Company’s shareholders having the right to exchange their Ordinary Shares or other equity
securities of the Company for cash, securities or other property; provided, that in connection with any Transfer of such Lock-Up
Securities pursuant to clause (ii) above, (x) the restrictions and obligations contained in Section 5.1 and this Section
5.2 will continue to apply to such Lock-Up Securities (including any other securities acquired in exchange therefor) after any
Transfer of such Lock-Up Securities and such Transferee shall agree to be bound by such restrictions and obligations by executing
and delivering a joinder agreement substantially in the form attached as Exhibit A or such other form as is reasonably acceptable to
the Company, and (y) the Transferee of such Lock-Up Securities shall have no rights under this Agreement, unless, for the avoidance
of doubt, such Transferee is a Permitted Transferee in accordance with this Agreement. Any Transferee of Lock-Up Securities who is a
Permitted Transferee of the Transferor pursuant to this Section 5.2 shall be required, at the time of and as a condition to
such Transfer, to become a party to this Agreement by executing and delivering a joinder agreement substantially in the form
attached as Exhibit A or such other form as is reasonably acceptable to the Company, whereupon such Transferee will be treated as a
party (with the same rights and obligations as the Transferor) for all purposes of this Agreement. Notwithstanding the foregoing
provisions of this Section 5.2, a Lock-up Holder may not make a Transfer to a Permitted Transferee if such Transfer has as a
purpose the avoidance of or is otherwise undertaken in contemplation of avoiding the restrictions on Transfers in this Agreement (it
being understood that the purpose of this provision includes prohibiting the Transfer to a Permitted Transferee (A) that has been
formed to facilitate a material change with respect to who or which entities Beneficially Own the underlying Lock-Up Securities, or
(B) followed by a change in the relationship between such Lock-up Holder and such Permitted Transferee (or a change of control of
such Lock-up Holder or Permitted Transferee) after the Transfer with a result and effect that such Lock-up Holder has indirectly
made a Transfer of Lock-Up Securities by using a Permitted Transferee, which Transfer would not have been directly permitted under
this Section 5 had such change in such relationship occurred prior to such Transfer).

 

5.3            
Legends. Each Lock-up Holder agrees that its Lock-up Securities shall include customary transfer legends on any certificates
reflecting the restrictions on Transfer set forth in this Section 5; provided, that at the time that any time such restrictions
on Transfer lapse pursuant to this Section 5, the Company shall remove any such legends, share transfer restrictions, stop transfer
orders or similar restrictions with respect to the applicable Lock-up Securities held by such Lock-up Holder, as the case may be.

 

5.4            
Compliance with Laws. Notwithstanding any other provision of this Agreement, each Lock-up Holder agrees that it will comply
with the Securities Act and other applicable Laws in connection with any Transfer by such Lock-up Holder of any equity securities of
the Company Beneficially Owned or otherwise held by such Lock-up Holder.

 

6.               
Executive Committee.

 

6.1             The
parties hereto agree to cause the Board to establish an advisory executive committee which shall be available to advise the Board on
Company matters related to strategy, capital allocation, operations, mergers and acquisitions and subsequent integrations (the
 “Executive Committee”). The Executive Committee shall be comprised of up to four (4) members. For as long as
Opportunity is entitled under the terms of the Articles to appoint a member of the Board and effectively appoints such member of the
Board, Opportunity shall be entitled to designate one (1) member of the Executive Committee. For so long as the Sponsor is entitled
under the terms of the Articles to appoint a member of the Board and effectively appoints such member of the Board, the Sponsor
shall be entitled to designate one (1) member of the Executive Committee. For so long as Ambipar Parent is entitled under the terms
of the Articles to appoint a member of the Board and effectively appoints such member of the Board, Ambipar Parent shall be entitled
to designate two (2) members of the Executive Committee. In the event that any of Opportunity, Sponsor or Ambipar Parent ceases to
be entitled to designate a member to the Executive Committee pursuant to the terms hereof, the Board shall be entitled to designate
such member at its discretion.

 

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6.2            
The Executive Committee shall meet, preferably, once every month. The Executive Committee shall adopt decisions and recommendations
by majority vote of its members; provided that the decisions and recommendations of the Executive Committee shall, under no circumstances,
have any binding effect on the Board or the Company, and shall serve an advisory purpose only.

 

7.               
Miscellaneous.

 

7.1            
Confidentiality. Each Holder, Director Holder and the Company agree that any information obtained pursuant to this Agreement
(including any information about any proposed Registration or offering pursuant to Section 2) will not be disclosed or used
for any purpose other than the exercise of rights under this Agreement provided that any such information may be disclosed on
a confidential basis to its directors, officers, employees, representatives and legal counsel or as required by Law.

 

7.2            
Further Assurances. Each of the parties hereto shall perform such further acts and execute such further documents as may
reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties as reflected
thereby.

 

7.3            
Governing Law. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES
EXPRESSLY AGREE THAT (1) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AND (2) THE VENUE
FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY New York state court sitting
in the CITY OF NEW YORK, borough of Manhattan, or, if, under applicable Law, exclusive jurisdiction is vested in the federal courts,
the United States District Court for the Southern District of New York (and appellate courts thereof).

 

7.4            
Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS
LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

 

7.5            
Successors and Assigns; Assignment.

 

7.5.1       
Except as otherwise expressly set forth in this Agreement, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors, and administrators of the parties hereto.

 

7.5.2        None
of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or Transferred
without the prior consent in writing of each party to this Agreement, with the exception of assignments and transfers from a Lock-up
Holder to any of its Permitted Transferees.

 

    18

     

    

 

7.5.3       
Notwithstanding anything in this Section 7.5, (a) any Permitted Transferee shall, in connection with their assignment
or transfer of Ordinary Shares, execute a Joinder Agreement to be entered into between the Company and such Permitted Transferee at the
time of the applicable Transfer, pursuant to which such Permitted Transferee shall be deemed to be a party to this Agreement, and (b)
any other Person Beneficially Owning or otherwise holding any Registrable Securities may, at the Company’s request, execute a Joinder
Agreement with the Company, pursuant to which such Person shall be deemed to be a party to this Agreement. Failure to comply with this
Section 7.5.3 shall relieve the Company of its obligations under this Agreement with respect to such Permitted Transferee.
Unless otherwise noted in the applicable Joinder Agreement, each Permitted Transferee of a Holder shall be deemed a Holder.

 

7.6            
Amendment and Waiver. Any term of this Agreement may be amended and the observance of any term hereof may be waived (either
prospectively or retroactively and either generally or in a particular instance) with the written consent of the Company and the Holders
holding a majority-in-interest of the Registrable Securities; provided, however, that notwithstanding the foregoing, any amendment
hereto or waiver hereof that adversely affects one Holder or a group of Holders, or one Lock-up Holder or group of Lock-up Holders, solely
in its or their capacity as a Beneficial Owner or holder equity securities of the Company, in a manner that is materially different from
the other Holders or Lock-up Holders (in such capacity) shall require the consent of each Holder or Lock-up Holders so affected.

 

7.7            
Other Registration Rights. Other than the PIPE Investors who have registration rights with respect to their PIPE Shares
and the Ambipar Parent PIPE Shares pursuant to their respective Subscription Agreements, the Company represents and warrants that no
Person, other than a Holder, has any right to require the Company to register any securities of the Company for sale or to include such
securities of the Company in any Registration Statement filed by the Company for the sale of securities for its own account or for the
account of any other Person following the Closing Date. Further, the Company represents and warrants that this Agreement supersedes any
other registration rights agreement or agreement with similar terms and conditions and in the event of a conflict between any such agreement
or agreements and this Agreement, the terms of this Agreement shall prevail.

 

7.8            
Termination. This Agreement will automatically terminate upon the earlier to occur of (i) the tenth (10th) anniversary
of the date of this Agreement, (ii) any acquisition of the Company, including by way of merger or consolidation, after the Closing, as
a result of which the Registrable Securities, are converted into the right to receive consideration consisting solely of cash or other
property other than securities listed on a national securities exchange registered under Section 6 of the Exchange Act, (iii) with respect
to any Holder, on the date that such Holder no longer holds any Registrable Securities or (iv) with respect to any Lock-up Holder (in
such capacity and in respect of the transfer restrictions pursuant to Section 5 hereof) on the expiration of the Lock-up Period.

 

7.9            
Holder Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable
Securities, held by such Holder in order for the Company to make determinations hereunder.

 

    19

     

    

 

7.10          Notices.
All notices and other communications required or permitted hereunder to be given to a party to this Agreement shall be in writing
and shall be mailed by registered mail, postage prepaid, or otherwise delivered by electronic mail, hand or by messenger, addressed
to such party’s address as set forth in the shareholders register maintained by the Company or at such other address with
respect to a party as such party shall notify each other party in writing as above provided. Any notice sent in accordance with this Section 7.10
shall be effective (a) on the date of delivery if delivered personally; (b) one (1) Business Day after being sent by a nationally
recognized overnight courier guaranteeing overnight delivery; (c) when sent, if delivered by email (provided that no
 “error message” or other notification of non-delivery is generated); or (d) on the fifth (5th) Business Day after the
date mailed, by certified or registered mail, return receipt requested, postage prepaid. Any notice or communication under this
Agreement must be addressed, if to the Company, to: the Company, Emergência Participações S.A., Avenida
Angélica, no 2346, 5th floor, room 4, Consolação, 01228-200, São Paulo - SP Brazil. Attention:
Luciana Freire Barca Nascimento (luciana.barca@tbj.com.br), Thiago da Costa Silva (thiago.silva@ambipar.com) and Alessandra Bessa
Alves de Melo (alessandra.bessa@ambipar.com), copy to Simpson Thacher & Bartlett LLP, 425 Lexington Avenue New York, NY 10017,
Attention: Mark Pflug (mpflug@stblaw.com) and Grenfel Calheiros (gcalheiros@stblaw.com), and, if to any Holder or Lock-up Holder, at
such Holder’s Lock-up Holder’s address, email address or facsimile number as set forth in the Company’s books and
records. Any party may change its address for notice at any time and from time to time by written notice to the other parties
hereto, and such change of address shall become effective thirty (30) calendar days after delivery of such notice as provided in
this Section 7.10.

 

7.11         
Delays or Omissions. No failure or delay of a party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce
such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power.
Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or default under this Agreement,
or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only
to the extent specifically set forth in such writing. The rights and remedies of the parties hereunder are cumulative and are not exclusive
of any rights or remedies that they would otherwise have hereunder.

 

7.12         
Severability. In the event that any term, provision, covenant or restriction of this Agreement, or the application thereof,
is held to be illegal, invalid or unenforceable under any present or future Legal Requirement: (i) such provision will be fully severable;
(ii) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part
hereof; (iii) the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal,
invalid or unenforceable provision or by its severance herefrom; and (iv) in lieu of such illegal, invalid or unenforceable provision,
there will be added automatically as a part of this Agreement a legal, valid and enforceable provision as similar in terms of such illegal,
invalid or unenforceable provision as may be possible.

 

7.13         
Counterparts; Electronic Execution. This Agreement may be executed in multiple counterparts (including by facsimile or
electronic transmission (including .pdf file, .jpeg file, Adobe Sign, or DocuSign)), all of which shall be considered one and the same
document and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the
other parties, it being understood that all parties need not sign the same counterpart. Delivery by electronic transmission to counsel
for the other parties of a counterpart executed by a party shall be deemed to meet the requirements of the previous sentence.

 

7.14         
Aggregation of Shares. All Ordinary Shares held by affiliated Persons shall be aggregated together for the purpose of determining
the availability of any rights under this Agreement.

 

7.15         
No Third-Party Beneficiaries. Except as expressly provided in this Agreement, this Agreement (including the documents and
instruments referred to herein) is not intended to confer on any Persons other than the parties hereto any rights, remedies, obligations
or liabilities hereunder.

 

    20

     

    

 

7.16         
 Mutual Drafting. This Agreement is the joint product of the parties hereto and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party hereto.

 

7.17         
Effectiveness; Entire Agreement; Restatement. This Agreement shall become effective as of the Closing and prior thereto
shall be of no force or effect. If the Business Combination Agreement is terminated in accordance with its terms prior to the Closing,
this Agreement shall automatically terminate and be of no force or effect. Upon Closing (i) this Agreement shall constitute the full
and entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all and any prior
agreements and understandings relating to such subject matter, (ii) each of the SPAC and the SPAC Holders agrees that this Agreement
shall supersede and replace in its entirety the terms and conditions of the SPAC RRA and (iii) the SPAC RRA shall no longer be of any
force or effect.

 

7.18         
Adjustments. If, and as often as, there are any changes in the Registrable Securities by way of share split, share dividend,
combination or reclassification, or through merger, consolidation, reorganization, recapitalization or sale, or by any other means, appropriate
adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights, privileges, duties and obligations
hereunder shall continue with respect to the Registrable Securities as so changed.

 

[Remainder of page intentionally left blank.]

 

    21

     

    

 

IN WITNESS WHEREOF the parties have signed this
Agreement as the date first set forth above.

 

	 	AMBIPAR EMERGENCY RESPONSE
	 	 
	 	By:	 
	 	 	Name: Thiago da Costa Silva
	 	 	Title: Director
	 	 
	 	AMBIPAR PARTICIPAÇÕES E EMPREENDIMENTOS S.A.
	 	 
	 	By:	 
	 	 	Name: Luciana Freira Barca Nascimento
	 	 	Title: Officer
	 	 
	 	By:	 
	 	 	Name:Thiago da Costa Silva
	 	 	Title: Officer
	 	 
	 	OPPORTUNITY AGRO FUNDO DE INVESTIMENTO EM PARTICIPAÇÕES MULTIESTRATÉGIA INVESTIMENTO NO EXTERIOR, solely with respect to Sections 5 and 6 hereof
	 	 
	 	By:	 
	 	 	Name: Eduardo de Britto Pereira Azevedo
	 	 	Title:Director
	 	 
	 	By:	 
	 	 	Name: Leonardo Guimarães Pinto
	 	 	Title:Director
	 	 	 
	 	For and on behalf of Opportunity Private Equity Gestora de Recursos Ltda

 

[Signature Page to Investor Rights Agreement]

 

     

     

    

 

	 	HPX CAPITAL PARTNERS LLC
	 	 
	 	By:	 
	 	 	Name: Carlos Piani
	 	 	Title: Chief Executive Officer
	 	 
	 	MARCOS PEIGO
	 	 
	 	 
	 	 
	 	RAFAEL SALVADOR GRISOLIA
	 	 
	 	 
	 	 
	 	SALETE PINHEIRO
	 	 
	 	 
	 	 
	 	WOLNEY EDIRLEY GONÇALVES
	 	 
	 	 
	 	 
	 	BETIOL
	 	 
	 	 

 

[Signature Page to Investor
Rights Agreement]

 

     

     

    

 

Schedule 1

 

Marcos Peigo

Rafael Salvador Grisolia

Salete Pinheiro

Wolney Edirley Gonçalves Betiol

 

     

     

    

 

Exhibit A

Form of Joinder Agreement

 

[Date]

 

Reference is hereby made to the Investor Rights
Agreement, dated [l], 2022 (the “IRA”), by and among Ambipar Emergency
Response, a Cayman Islands exempted company (the “Company”), and the Holders named therein. Capitalized terms used
herein and not otherwise defined herein shall have the meanings ascribed to such terms in the IRA.

 

Pursuant to Section 7.5 of the IRA,
each of the undersigned hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, it shall be deemed
to be a party to the IRA as if it were an original signatory thereto and hereby expressly assumes, and agrees to perform and discharge,
all of the obligations and liabilities of a party thereto as the case may be, under the IRA. All references in the IRA to “Holders”,
as the case may be, shall hereafter include each of the undersigned and their respective successors, as applicable.

 

Each of the undersigned hereby agrees to promptly
execute and deliver any and all further documents and take such further action as the Company, the Holders or any undersigned party may
reasonably require to effect the purpose of this Joinder Agreement.

 

[Signature Pages Follow]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto
have executed this Joinder Agreement as of the date herein above set forth.

 

	 	[—]
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	Address:	 
	 	 
	 	 

 

	AMBIPAR EMERGENCY RESPONSE	 
	 	 
	By:	       	 
	Name:	 
	Title:	 

 

[Signature Page to Joinder
Agreement]Exhibit 10.11

 

EXECUTION VERSION

 

DOWNSIDE PROTECTION AGREEMENT

 

THIS DOWNSIDE PROTECTION AGREEMENT (this “Agreement”)
is made and entered into as of July 6, 2022, between (i) only for purposes of Sections 1, 3(e)(ii), 6(d), 7, 8 and 9 hereof, Ambipar Emergency
Response, an exempted company incorporated with limited liability in the Cayman Islands (“New PubCo”), (ii) HPX Capital
Partners LLC, a Delaware limited liability company (“SPAC Sponsor”), (iii) only for purposes of Sections 1, 2(c) (regarding
certain notification rights), 3, 4, 6(c), 7, 8 and 9 hereof, Ambipar Participações e Empreendimentos S.A., a sociedade
anônima organized under the laws of Brazil (the “Company Shareholder”), and (iv) the other persons named
on the signature pages hereto (each, a “PIPE Investor” and, collectively, the “PIPE Investors”).
Each of the PIPE Investors, the Company Shareholder (with respect to the provisions listed in the preceding sentence only), New PubCo
(with respect to the provisions listed in the preceding sentence only) and SPAC Sponsor are individually referred to herein as a “Party”
and, collectively, as the “Parties”. Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed to such terms in the Business Combination Agreement (as defined below).

 

RECITALS

 

WHEREAS, this Agreement is being entered into in
connection with the Business Combination Agreement entered into as of the date hereof (as amended, modified, supplemented or waived from
time to time in accordance with its terms, the “Business Combination Agreement”), by and among New PubCo, the Company
Shareholder, HPX Corp., an exempted company incorporated with limited liability in the Cayman Islands, Emergência Participações
S.A., a sociedade anônima organized under the laws of Brazil, and Ambipar Merger Sub, an exempted company incorporated with
limited liability in the Cayman Islands, on the terms and subject to the conditions set forth therein;

 

WHEREAS, SPAC, New PubCo and certain SPAC Shareholders
(each, a “Non-Redeeming Shareholder”) have entered into certain Shareholder Non-Redemption Agreements, dated the date
hereof (each, a “Shareholder Non-Redemption Agreement”), pursuant to which, among other things, the Non-Redeeming Shareholders
committed not to redeem the SPAC Shares of which they are the record and beneficial owners, on the terms and conditions set forth therein;

 

WHEREAS, SPAC, New PubCo and certain investors
(each a “Subscriber”) entered into as of the date hereof certain Subscription Agreements (each, a “Subscription
Agreement” and, collectively, the “Subscription Agreements”) pursuant to which each Subscriber agreed to
subscribe for the respective number of New PubCo Class A Ordinary Shares and of warrants, each warrant to purchase one New PubCo Class
A Ordinary Share (the “Warrants”), as set forth therein, to be consummated on the Closing Date. For purposes of this
Agreement, the Company Shareholder, which is a signatory of the Company Shareholder Subscription Agreement, shall not be deemed a Subscriber;

 

WHEREAS, in consideration of the commitment of
each Subscriber and Non-Redeeming Shareholder (collectively, the “PIPE Investors”) to, among other things, subscribe
for such New PubCo Class A Ordinary Shares and Warrants and/or not to redeem their SPAC Shares, as the case may be, and subject to the
terms and conditions set forth herein, SPAC Sponsor is providing the PIPE Investors with certain downside protection rights (the “Downside
Protection”); and

 

WHEREAS, SPAC Sponsor acknowledges and agrees that
each PIPE Investor would not have entered into and agreed to consummate the transactions contemplated by the Subscription Agreements and/or
the Shareholder Non-Redemption Agreement, as the case may be, without the Parties entering into this Agreement and agreeing to be bound
by the agreements, covenants and obligations contained in this Agreement.

 

     

     

    

 

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

 

1.               
Defined Terms. For purposes of this Agreement, the following capitalized terms have the following meanings:

 

(a)             
“Above Threshold PIPE Investor” shall have the meaning set forth in Section 2(c).

 

(b)            
“Acquisition Option Closing Day” shall have the meaning set forth in Section 3(d)(i)(2).

 

(c)             
“Acquisition Option Deadline” shall have the meaning set forth in Section 3(d)(i)(2).

 

(d)            
“Agreement” shall have the meaning set forth in the preamble hereto.

 

(e)             
“Block Trade” shall mean an offering and/or sale of the Block Trade Securities on a block trade or underwritten
basis (whether firm commitment or otherwise), including, without limitation, a same day trade, overnight trade or similar transaction,
to a third party other than New PubCo, the Company Shareholder, SPAC Sponsor or any of their respective Affiliates.

 

(f)             
“Block Trade Deadline” shall have the meaning set forth in Section 3(c)(iii).

 

(g)            
“Block Trade Fees and Expenses” shall mean any reasonable and documented fees and expenses incurred (including
by New PubCo) in connection with the facilitation, support and assistance of a Block Trade, including filing fees, printing fees, legal
and auditor fees and travel expenses.

 

(h)            
“Block Trade Price” shall mean the purchase price payable by the relevant Block Trade Purchaser for the relevant
Block Trade Securities.

 

(i)              
“Block Trade Purchaser” shall mean one or more third parties acquiring the Block Trade Securities in a Block
Trade in accordance with the terms and conditions set forth herein.

 

(j)              
“Block Trade Securities” shall mean all of the New PubCo Class A Ordinary Shares and the Warrants held by the
relevant Eligible PIPE Investor as of the Measurement Date, plus the number of Effective Downside Protection Shares, if any.

 

(k)            
“Calculation Information” shall have the meaning set forth in Section 2(a). 

 

(l)              
“Calculation Information Deadline” shall have the meaning set forth in Section 2(a).

 

(m)           
“Company Shareholder’s Acquisition Option” shall have the meaning set forth in Section 3(b)(i).

 

(n)            
“Company Shareholder Election Period” shall have the meaning set forth in Section 3(b)(i).

 

(o)            
“Company Shareholder Exercise Notice” shall have the meaning set forth in Section 3(b)(i).

 

    2

     

    

 

(p)            
 “Competitor” shall mean any Person that competes with or which is affiliated with a Person whose principal
operations compete with New PubCo's business from time to time.

 

(q)            
“CPI” shall mean the Consumer Price Index for All Urban Consumers, seasonally adjusted, published by the Bureau
of Labor Statistics, 1982-84=100, that measures changes in U.S. consumer prices based on a representative basket of goods and services,
1982-84=100, or any successor to such index, appropriately adjusted, or if no such index or successor index shall be published, such similar
index, appropriately adjusted, as shall reasonably be designated by SPAC Sponsor.

 

(r)             
“CPI Return” shall mean, for each PIPE Investor, an absolute return in U.S. dollars equal to (i) the Protected
Shares multiplied by (ii) the Per Share Subscription Price (as defined in the Subscription Agreements) multiplied by (iii)
the sum of one (1) plus the difference, or delta, in CPI between the CPI for the month immediately prior to the Measurement Date
and the CPI for the month of the Closing, as determined by SPAC Sponsor in accordance with the formula set forth in Annex B.

 

(s)             
“Daily Measurement Period Position” shall have
the meaning set forth in Section 2(a)(i).

 

(t)              
“Downside Protection” shall have the meaning set forth in the recitals hereto.

 

(u)            
“Downside Protection Exercise Notice” shall have the meaning set forth in Section 3(a)(i).

 

(v)            
“Downside Protection Shares” shall mean a total of up to 1,050,000 New PubCo Class A Ordinary Shares, which
constitute part of the consideration issuable to SPAC Sponsor pursuant to the Business Combination Agreement, which shares shall constitute
the aggregate sum of each PIPE Investor’s Pro Rata Downside Protection Shares hereunder, as set forth in Annex A hereto.

 

(w)           
“Effective Downside Protection Shares” shall mean, as applicable to each respective PIPE Investor: either (i)
such PIPE Investor’s Required Downside Protection Shares, in case the number of such PIPE Investor’s Pro Rata Downside Protection
Shares is greater than the number of such PIPE Investor’s Required Downside Protection Shares; or (ii) such PIPE Investor’s
Pro Rata Downside Protection Shares, in case the number of such PIPE Investor’s Pro Rata Downside Protection Shares is lower than
or equal to the number of such PIPE Investor’s Required Downside Protection Shares.

 

(x)            
“Elected Forfeiture Event” shall have the meaning set forth in Section 3(a)(ii).

 

(y)            
“Eligibility Notice” shall have the meaning set forth in Section 2(c).

 

(z)             
“Eligible PIPE Investor” shall have the meaning set forth in Section 2(d).

 

(aa)          
“Ineligible PIPE Investor” shall have the meaning set forth in Section 2(d).

 

(bb)         
“Investor Investment Return” shall mean, for each PIPE Investor, an absolute return in U.S. dollars, as determined
by SPAC Sponsor in accordance with the relevant formula included in Annex B.

 

(cc)           “Lock-up
Period” shall mean, for each PIPE Investor, the period starting on the Measurement Date and ending on the earlier of (i)
such PIPE Investor being deemed an Ineligible PIPE Investor, (ii) the occurrence of an Elected Forfeiture Event, (iii) a failure to
consummate the sale of the relevant Eligible PIPE Investor’s securities (x) in the case of the Company Shareholder’s
Acquisition Option, by the relevant Acquisition Option Deadline or (y) by a Block Trade Deadline, or (iv) the consummation of a sale
pursuant to the Company Shareholder’s Acquisition Option, SPAC Sponsor’s Acquisition Option or a Block Trade.

 

    3

     

    

 

(dd)         
“Non-Redeeming Shareholder” shall have the meaning set forth in the recitals hereto.

 

(ee)          
“Non-Permitted Holder” shall mean any Person that directly or indirectly beneficially holds more than a 30%
interest in a Competitor.

 

(ff)           
“Measurement Date” shall mean the day of the 30-month anniversary of the Closing Date.

 

(gg)         
“Measurement Period” shall mean the period starting on the Closing Date and ending on the Measurement Date.

 

 

(hh)         
“Party” or “Parties” shall have the meaning set forth in the preamble hereto.

 

(ii)            
“PIPE Investors” shall have the meaning set forth in the recitals hereto.

 

(jj)            
“Pro Rata Downside Protection Shares” shall mean, with respect to each PIPE Investor, the proportion of Downside
Protection Shares assigned to such PIPE Investor and as set forth next to such PIPE Investor’s name in Annex A.

 

(kk)         
“Protected Shares” shall mean the lowest Daily Measurement Period Position during the Measurement Period.

 

(ll)            
“Purchase Price” shall have the meaning set forth in Section 3(d)(ii).

 

(mm)      
“Required Downside Protection Shares” shall mean, for each PIPE Investor, a certain number of New PubCo Class
A Ordinary Shares as determined by SPAC Sponsor in accordance with the following formula:

 

 

 

(nn)         
“Share Threshold” shall mean, for each PIPE Investor, a number of New PubCo Class A Ordinary Shares representing
50% of the number of New PubCo Class A Ordinary Shares held by such PIPE Investor immediately after Closing (subject to adjustment as
appropriate to reflect any share split, division or subdivision of shares, share dividend or distribution (including any dividend or distribution
of securities convertible into New PubCo Class A Ordinary Shares), reorganization, combination, exchange of shares, reverse share split,
consolidation of shares, reclassification, recapitalization or other like change with respect to New PubCo Class A Ordinary Shares subsequent
to the Closing Date).

 

(oo)         
“Shareholder Non-Redemption Agreement” shall have the meaning set forth in the recitals hereto.

 

(pp)         
“SPAC Sponsor’s Acquisition Option” shall have the meaning set forth in Section 3(c)(i)(1).

 

    4

     

    

 

(qq)         
 “SPAC Sponsor Exercise Notice” shall have the meaning set forth in Section 3(c)(i).

 

(rr)           
“Subscriber” shall have the meaning set forth in the recitals hereto.

 

(ss)          
“Subscription Agreement” shall have the meaning set forth in the recitals hereof.

 

(tt)            
“Supplemental Request” shall have the meaning set forth in Section 2(b).

 

(uu)         
“Supplemental Request Deadline” shall have the meaning set forth in Section 2(b).

 

(vv)         
“Transfer” shall mean the (i) 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, (ii) 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 (iii)
public announcement of any intention to effect any transaction specified in clause (i) or (ii).

 

(ww)      
 “Warrants” shall have the meaning set forth in the recitals hereto.

 

2.               
Downside Protection Eligibility.

 

(a)             
No later than five (5) days following the Measurement Date (the “Calculation
Information Deadline”), each PIPE Investor shall deliver, in writing, to SPAC Sponsor the following information (collectively,
the “Calculation Information”):

 

(i)              
the number of New PubCo Class A Ordinary Shares held by such PIPE Investor, of record or in street name, as of the close of trading
on each trading day during the Measurement Period (excluding, for the avoidance of doubt, any shares of New PubCo Class A Ordinary Shares
beneficially owned through any warrants, convertible notes or any other convertible or exercisable equity security of New PubCo, including
any Warrants) (each such daily position, the “Daily Measurement Period Position”);

 

(ii)            
the number of Warrants held by such PIPE Investor as of the Measurement Date;

 

(iii)          
information about any and all Transfers of, and trading activity in respect of, any and all Warrants held by such PIPE Investor
during the Measurement Period; and

 

(iv)           
information about any exercise (cashless or not) of Warrants by such PIPE Investor during the Measurement Period.

 

(b)             Within
five (5) days following receipt of the Calculation Information, SPAC Sponsor shall determine whether any additional information from
such PIPE Investor is reasonably necessary in order for SPAC Sponsor to perform its responsibilities hereunder, in which case SPAC
Sponsor shall request, in writing and within such five-day period, such reasonable outstanding information from the applicable PIPE
Investor (the “Supplemental Request”), and such PIPE Investor shall deliver, in writing, to SPAC Sponsor all
information subject to such Supplemental Request within five (5) days of receipt of the Supplemental Request or within a time frame
to be mutually agreed by the Parties if the Supplemental Request is burdensome to such PIPE Investor (the “Supplemental
Request Deadline”).

 

    5

     

    

 

For purposes of this Agreement, (i) the term “Calculation
Information” shall be interpreted to include any information provided by such PIPE Investor in accordance with Section 2(a)
and shall include all information provided in response to a Supplemental Request in accordance with this Section 2(b), if any.

 

(c)             
Promptly upon receipt of the Calculation Information, SPAC Sponsor shall determine, for each PIPE Investor, based on the Calculation
Information and/or other information available to SPAC Sponsor, whether each Daily Measurement Period Position was greater than the Share
Threshold, in which case SPAC Sponsor shall promptly provide notice (the “Eligibility Notice”), in writing, to the
respective PIPE Investor and the Company Shareholder that such PIPE Investor shall be deemed to qualify for the Downside Protection in
accordance with the terms and conditions of this Agreement (such qualifying PIPE Investor, an “Above Threshold PIPE Investor”)
and informing the respective PIPE Investor and the Company Shareholder of such PIPE Investor’s applicable number of Protected Shares.
To the contrary, if any Daily Measurement Period Position of a PIPE Investor was equal to or lower than the Share Threshold, SPAC Sponsor
shall promptly provide notice, in writing, to the respective PIPE Investor and the Company Shareholder that such PIPE Investor shall be
deemed not to qualify for any Downside Protection in accordance with the terms and conditions of this Agreement.

 

(d)            
Those PIPE Investors that (i) timely provide the Calculation Information in accordance with this Agreement and (ii) based on the
Calculation Information, are Above Threshold PIPE Investors, shall be deemed “Eligible PIPE Investors” for the purposes
of this Agreement. All PIPE Investors that (i) fail to timely provide the Calculation Information in accordance with this Agreement to
SPAC Sponsor by the Calculation Information Deadline and the Supplemental Request Deadline, as the case may be, or (ii) based on the Calculation
Information are not Above Threshold Investors, shall be deemed “Ineligible PIPE Investors” for purposes of this Agreement.
Each Ineligible PIPE Investor irrevocably forfeits, and shall not be entitled to, any Downside Protection pursuant to this Agreement.

 

(e)             
Each of the Parties hereby acknowledges and agrees that (i) any or all of the Downside Protection Shares shall be transferred to
an Eligible PIPE Investor only in accordance with the terms and provisions of this Agreement, and (ii) under no circumstances shall any
PIPE Investor be transferred a number of Downside Protection Shares in excess of an Eligible PIPE Investor’s Pro Rata Downside Protection
Shares.

 

3.               
Downside Protection Exercise.

 

(a)             
Eligible PIPE Investor’s Option

 

(i)              
Within five (5) days following receipt of the Eligibility Notice by the relevant Eligible PIPE Investor, such Eligible PIPE Investor
shall deliver, to each of the Company Shareholder and SPAC Sponsor written notice (the “Downside Protection Exercise Notice”)
irrevocably stating such Eligible PIPE Investor’s election (x) to exercise or (y) not to exercise its Downside Protection rights
pursuant to this Agreement.

 

For the avoidance of doubt, the Downside Protection
Exercise Notice shall not be valid, and be deemed void, if it is not sent in writing both to SPAC Sponsor and the Company Shareholder
within the required period.

 

    6

     

    

 

(ii)            
 If an Eligible PIPE Investor irrevocably elects in the Downside Protection Exercise Notice not to exercise its Downside Protection
rights pursuant to this Agreement or fails to timely deliver the Downside Protection Exercise Notice pursuant to the five-day deadline
provided for in Section 3(a)(i) (each such event, an “Elected Forfeiture Event”), then such Eligible PIPE Investor's
rights to any Downside Protection pursuant to this Agreement, including to any of such Eligible PIPE Investor’s Pro Rata Downside
Protection Shares, shall be immediately, automatically and irrevocably forfeited without further action by any of the Parties.

 

(b)            
Company Shareholder’s Acquisition Option

 

(i)              
If an Eligible PIPE Investor irrevocably elects in the Downside Protection Exercise Notice to exercise its Downside Protection
rights pursuant to this Agreement, then the Company Shareholder shall have the right but not the obligation to deliver, within five (5)
days following receipt of the respective Downside Protection Exercise Notice (the “Company Shareholder Election Period”),
to any such Eligible PIPE Investor and SPAC Sponsor written notice (the “Company Shareholder Exercise Notice”) irrevocably
electing to purchase either none or all of the Protected Shares held by such Eligible PIPE Investor as of the Measurement Date, with such
elected purchase to occur in accordance with the procedures and upon the terms set forth in Section 3(d) (the “Company
Shareholder’s Acquisition Option”). Failure by the Company Shareholder to make an election on the terms and pursuant to
this Section 3(b)(i), including within the Company Shareholder Election Period, shall constitute an election not to exercise the
Company Shareholder’s Acquisition Option and, therefore, not to purchase such Eligible Investor’s Protected Shares.

 

(ii)            
If the Company Shareholder exercises the Company Shareholder’s Acquisition Option, the Company Shareholder shall purchase
all of the Protected Shares held by such Eligible PIPE Investor as of the Measurement Date in accordance with the procedures and upon
the terms set forth in Section 3(d).

 

(iii)          
For the avoidance of doubt:

 

(1)            
if the Company Shareholder exercises the Company Shareholder’s Acquisition Option and the acquisition of the relevant Eligible
PIPE Investor’s Protected Shares is not consummated by the relevant Acquisition Option Deadline (for whatever reason, including
as a result of circumstances within the control of the Company Shareholder or such Eligible PIPE Investor or as a result of circumstances
outside their control), the relevant Eligible PIPE Investor's Protected Shares shall no longer be transferred to the Company Shareholder
pursuant to the Company Shareholder’s Acquisition Option, and the procedures set forth in Section 3(c) shall apply; and

 

(2)            
the Company Shareholder’s exercise of the Company Shareholder’s Acquisition Option in respect of a certain Eligible
PIPE Investor (i) shall not be deemed an exercise by the Company Shareholder of the Company Shareholder’s Acquisition Option in
respect of any other Eligible PIPE Investor, (ii) shall in no way oblige the Company Shareholder to exercise the Company Shareholder’s
Acquisition Option in respect of any other Eligible PIPE Investor, and (iii) shall not result in any right of any other Eligible PIPE
Investor of any nature whatsoever.

 

(c)             
SPAC Sponsor’s Options

 

(i)               If
the Company Shareholder does not exercise the Company Shareholder’s Acquisition Option in respect of a certain Eligible PIPE
Investor (explicitly or by not timely exercising its right within the Company Shareholder Election Period) or if the Company
Shareholder exercises the Company Shareholder’s Acquisition Option but the acquisition of the relevant Eligible PIPE
Investor’s Protected Shares is not consummated by the relevant Acquisition Option Deadline pursuant to Section 3(b)(iii)(1)
above, SPAC Sponsor shall, within five (5) days following such Company Shareholder Exercise Notice, the lapse of the Company
Shareholder Election Period or, in case of Section 3(b)(iii)(1), the relevant Acquisition Option Deadline, as applicable,
deliver to such Eligible PIPE Investor and the Company Shareholder written notice (the “SPAC Sponsor Exercise
Notice”) irrevocably electing to:

 

    7

     

    

 

(1)            
purchase either none or all of the Protected Shares held by such Eligible PIPE Investor as of the Measurement Date, with such elected
purchase to occur in accordance with the procedures and upon the terms set forth in Section 3(d) (the “SPAC Sponsor’s
Acquisition Option”); or

 

(2)            
facilitate a Block Trade, with such Block Trade to occur in accordance with the procedures and upon the terms set forth in Section
3(e).

 

For the avoidance of doubt, failure by SPAC Sponsor
to make a timely election pursuant to this Section 3(c) within the election period shall constitute an election to facilitate a
Block Trade pursuant to sub clause (2) above.

 

(ii)            
If SPAC Sponsor exercises the SPAC Sponsor’s Acquisition Option, SPAC Sponsor shall purchase all of the Protected Shares
held by such Eligible PIPE Investor as of the Measurement Date in accordance with the procedures and upon the terms set forth in Section
3(d).

 

(iii)          
If SPAC Sponsor elects in the SPAC Sponsor Exercise Notice to facilitate a Block Trade, SPAC Sponsor shall have up to 150 (one
hundred fifty) days following such SPAC Sponsor Exercise Notice (the “Block Trade Deadline”) to facilitate the execution
of transaction agreements relating to one or more Block Trades, including the sale / purchase agreement for such Block Trade(s) between
the relevant Eligible PIPE Investor and the Block Trade Purchaser.

 

(iv)           
For the avoidance of doubt,

 

(1)            
if the SPAC Sponsor exercises the SPAC Sponsor’s Acquisition Option and the acquisition of the relevant Eligible PIPE Investor’s
Protected Shares is not consummated by the relevant Acquisition Option Deadline (for whatever reason, including as a result of circumstances
within the control of the SPAC Sponsor or such Eligible PIPE Investor or as a result of circumstances outside their control), SPAC Sponsor
shall be required to engage in the facilitation of a Block Trade, with any such Block Trade to occur in accordance with the procedures
and upon the terms set forth in Section 3(e); and

 

(2)            
the SPAC Sponsor’s exercise of the SPAC Sponsor’s Acquisition Option in respect of a certain Eligible PIPE Investor
(i) shall not be deemed an exercise by SPAC Sponsor of the SPAC Sponsor’s Acquisition Option in respect of any other Eligible PIPE
Investor, (ii) and shall in no way oblige SPAC Sponsor to exercise the SPAC Sponsor’s Acquisition Option in respect of any other
Eligible PIPE Investor, and (iii) shall not result in any right of any other Eligible PIPE Investor of any nature whatsoever.

 

(d)            
Acquisition Option

 

(i)               In
connection with the exercise of the Company Shareholder’s Acquisition Option or the SPAC Sponsor’s Acquisition Option,
as the case may be, the Company Shareholder Exercise Notice or the SPAC Sponsor Exercise Notice, respectively, shall include
reasonably detailed information about the following items:

 

    8

     

    

 

(1)            
the Purchase Price, which shall be paid by the Company Shareholder or SPAC Sponsor, as the case may be, in immediate available
funds to the relevant Eligible PIPE Investor in consideration of the transfer of such Eligible PIPE Investor’s New PubCo Class A
Ordinary Shares subject to the Company Shareholder’s Acquisition Option or the SPAC Sponsor’s Acquisition Option, as the case
may be, in each case to be consummated on the Acquisition Option Closing Day;

 

(2)            
the date on which the purchase subject to the Company Shareholder’s Acquisition Option or the SPAC Sponsor’s Acquisition
Option, as the case may be, is expected to close (the “Acquisition Option Closing Day”), which shall in no event be
later than 30 (thirty) days following the Company Shareholder Exercise Notice or the SPAC Sponsor Exercise Notice, as the case may be
(the “Acquisition Option Deadline”); provided that the Acquisition Option Deadline shall be automatically extended
for an additional ninety (90)-day period if the only condition that remains pending for the consummation of the purchase is a regulatory
condition, and

 

(3)            
any other material procedural matters relating to such transaction.

 

(ii)            
The purchase price payable on the Acquisition Option Closing Day for the Protected Shares shall be the CPI Return (the “Purchase
Price”).

 

(e)             
Block Trade

 

(i)              
If SPAC Sponsor elects in the SPAC Sponsor Exercise Notice to facilitate a Block Trade or if SPAC Sponsor shall facilitate a Block
Trade pursuant to Section 3(c)(iv)(1), the relevant Eligible PIPE Investor acknowledges and agrees that SPAC Sponsor shall have
up to 150 (one hundred fifty) days following such SPAC Sponsor Exercise Notice or, in the case of Section 3(c)(iv)(1), the relevant
Acquisition Option Deadline, to facilitate the execution of transaction agreements relating to one or more Block Trades, including the
sale / purchase agreement for such Block Trade(s) between the relevant Eligible PIPE Investor and the Block Trade Purchaser.

 

(ii)            
In connection with a Block Trade, New PubCo shall, to the extent requested in writing by the SPAC Sponsor, as promptly as possible,
undertake commercially reasonable efforts to, among other things:

 

(1)            
provide such support and take such actions as may be necessary or reasonably useful to SPAC Sponsor or any designee to facilitate
a Block Trade, including filings of relevant documentation with the SEC or other authorities and participations in marketing efforts (including
any investor meetings, among other actions); provided that New PubCo shall not be required to participate
in, and if initiated shall immediately cease, any marketing efforts in case the Block Trade Purchaser in a contemplated Block Trade is
a Non-Permitted Holder; and

 

(2)            
furnish to SPAC Sponsor or any designee, for use in connection with a Block Trade, such information with respect to New PubCo reasonably
required by applicable law or otherwise as SPAC Sponsor or any designee may reasonably request.

 

(iii)           In
connection with a Block Trade, as promptly as practicable following the SPAC Sponsor Exercise Notice or, in the case of Section
3(c)(iv)(1), the relevant Acquisition Option Deadline, SPAC Sponsor shall engage a financial advisor and a legal advisor for
itself for the duration of the process of such Block Trade to assist with such Block Trade and shall notify, in writing, the
relevant Eligible PIPE Investor of such engagement and the expected timetable for a Block Trade.

 

    9

     

    

 

For the avoidance of doubt, (i) in case a Block
Trade results in such Eligible PIPE Investor’s Investor Investment Return, considering the relevant Block Trade Price and any Block
Trade Fees and Expenses, being equal to or greater than the CPI Return of such Eligible PIPE Investor, then the relevant Eligible PIPE
Investor shall be responsible and pay for such Block Trade Fees and Expenses, or (ii) in case a Block Trade results in such Eligible PIPE
Investor’s Investor Investment Return, considering the relevant Block Trade Price and any Block Trade Fees and Expenses, being lower
than the CPI Return of such Eligible PIPE Investor, then (x) SPAC Sponsor shall transfer such number of additional Pro Rata Downside Protection
Shares of such Eligible PIPE Investor to such Eligible PIPE Investor in connection with the closing of such Block Trade, with such shares
being valued at the relevant Block Trade Price, in order for such Eligible PIPE Investor’s Investor Investment Return, considering
the relevant Block Trade Price, any Block Trade Fees and Expenses and such additional shares, to be equal to or as close as possible to
the CPI Return of such Eligible PIPE Investor, and (y) the relevant Eligible PIPE Investor shall be responsible and pay for such Block
Trade Fees and Expenses.

 

(iv)           
If such Eligible PIPE Investor and such Block Trade Purchaser agree to the terms of a Block Trade, including the Block Trade Price,
by executing the sale / purchase agreement and other Block Trade transaction agreements by the Block Trade Deadline, SPAC Sponsor shall:

 

(1)            
 promptly following the determination of such Block Trade Price and by no later than the execution of the sale / purchase agreement
and other Block Trade transaction agreements, (x) calculate such Eligible PIPE Investor’s Investor Investment Return, considering
such Block Trade Price; (y) calculate the CPI Return of such Eligible PIPE Investor; and (z) perform a comparison of the Investor Investment
Return against such CPI Return in order to determine the number of Required Downside Protection Shares of such Eligible PIPE Investor,
if any, in accordance with the definitions and formulas set forth in this Agreement, including in Annex B hereto;

 

(2)            
promptly following such determination under sub clause (1), deliver written notice to such Eligible PIPE Investor setting forth
(x) the number of Required Downside Protection Shares of such Eligible PIPE Investor, (y) the number of Effective Downside Protection
Shares of such Eligible PIPE Investor; and (z) all relevant records, work papers and calculations used in connection with such determination
under sub clause (1); and

 

(3)            
transfer the Effective Downside Protection Shares, if any, to such Eligible PIPE Investor in connection with the closing of such
Block Trade, which Effective Downside Protection Shares, if any, will be transferred by such Eligible PIPE Investor to such Block Trade
Purchaser as part of the Block Trade Securities in connection with the closing of such Block Trade.

 

(v)            
Subject to Section 3(e)(vi), (x) if one or more Block Trades are proposed to such Eligible PIPE Investor prior to the Block
Trade Deadline and such Eligible PIPE Investor rejects the terms of such proposed Block Trade(s) or (y) the parties to such Block Trade(s)
otherwise fail to execute the sale / purchase agreement(s) and other Block Trade transaction agreements by the Block Trade Deadline or
(z) Block Trades are otherwise neither available nor consummated, then

 

(1)            
no Block Trade shall occur;

 

    10

     

    

 

(2)            
 if the Block Trade is not consummated exclusively due to fault of, or rejection by, the Eligible PIPE Investor, such Eligible
PIPE Investor shall reimburse SPAC Sponsor for any costs and expenses related to such Block Trade(s), if any; and

 

(3)            
SPAC Sponsor shall transfer, within no later than 15 (fifteen) days following the Block Trade Deadline, all of such Eligible PIPE
Investor’s Pro Rata Downside Protection Shares to such Eligible PIPE Investor.

 

(vi)           
Notwithstanding anything to the contrary herein, including Section 3(e)(v), the relevant Eligible PIPE Investor shall not
be permitted to reject the Block Trade Price of a proposed Block Trade, in case such Eligible PIPE Investor’s return in connection
with the proposed Block Trade, considering (1) the Investor Investment Return considering the Block Trade Price and (2) the transfer of
the Effective Downside Protection Shares to such Eligible PIPE Investor in connection with the closing of the proposed Block Trade, is
equal to or greater than the CPI Return. In case such Eligible PIPE Investor nevertheless rejects such Block Trade and fails to execute
the sale / purchase agreement and other Block Trade transaction agreements by the Block Trade Deadline, in each case based solely on the
proposed Block Trade Price, then (1) no Block Trade shall occur and (2) such Eligible PIPE Investor shall irrevocably forfeit, and shall
not be entitled to, any Downside Protection pursuant to this Agreement.

 

(vii)         
Notwithstanding anything to the contrary in this Agreement, Section 2.3.4 of the Investors Rights Agreement shall not apply to
a Block Trade pursuant to this Agreement.

 

(viii)       
For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement or elsewhere, neither the PIPE Investor
(in connection with a Block Trade) nor the SPAC Sponsor (in connection with the transfer of any Downside Protection Shares) shall be allowed
to transfer or assign any of the rights of (x) the transferring PIPE Investor under the relevant Subscription Agreement, the Investor
Rights Agreement or the Articles, if any, or (y) the SPAC Sponsor under the Investor Rights Agreement or the Articles.

 

4.               
 Lock-up Restrictions.

 

(a)             
Except as expressly contemplated by this Agreement or with the prior written consent of both the Company Shareholder and SPAC Sponsor,
during the Lock-up Period, each Eligible PIPE Investor agrees that it, he or she shall not Transfer any New PubCo Class A Ordinary Shares.

 

(b)            
For the avoidance of doubt, any such Transfer by a PIPE Investor during Lock-up Period shall automatically and irrevocably cause
the cancellation of such PIPE Investor’s Downside Protection rights pursuant to this Agreement, without any burden to such PIPE
Investor other than the cancellation of its Downside Protection rights pursuant to this Agreement.

 

5.               
Third Party Beneficiaries. This Agreement shall be for the sole benefit of the Parties and their respective successors and
permitted assigns and is not intended, nor shall be construed, to give any Person, other than the Parties and their respective successors
and assigns, any legal or equitable right, benefit or remedy of any nature whatsoever by reason this Agreement. Except as otherwise provided
in the following sentence, nothing in this Agreement, expressed or implied, is intended to or shall constitute the Parties, partners or
participants in a joint venture.

 

6.                Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent by
overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed to
be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice, if
sent by email, or (iii) three (3) business days after the date of mailing to the address below or to such other address or addresses
as such person may hereafter designate by notice given hereunder (a courtesy copy of any notice sent shall also be sent via
email):

 

    11

     

    

 

(a)        if to a PIPE Investor, to such address
or addresses set forth on the signature page hereto;

 

(b)        if
to SPAC Sponsor, to:

 

c/o SPAC Sponsor

 

HPX Capital Partners LLC.

1000 N. West Street, Suite 1200

Wilmington, Delaware 19801

Attention: Carlos Piani

Email: cpiani@hpxcorp.com

 

with a copy to (which shall not constitute notice):

 

Skadden, Arps, Slate, Meagher & Flom LLP

Av. Brigadeiro Faria Lima, 3311, 7th Floor

04538-133 São Paulo - SP Brazil

Attention: J. Mathias von Bernuth; Maxim Mayer-Cesiano

Email: mathias.vonbernuth@skadden.com;

maxim.mayercesiano@skadden.com

 

(c)       if
to the Company Shareholder, to:

 

c/o Ambipar Participações e Empreendimentos
S.A.

Avenida Pacaembu, 1088,

Room 09, Pacaembu,

01234-000, São Paulo - SP Brazil

		Attention:	Luciana Freire Barca Nascimento; Alessandra Bessa Alves de Melo

Email:    luciana.barca@tbj.com.br; alessandra.bessa@ambipar.com

 

with a copy to (which shall not constitute notice)::

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention:     Mark Pflug; Grenfel Calheiros

Email:           mpflug@stblaw.com; gcalheiros@stblaw.com

 

    12

     

    

 

(d)       if
to New PubCo, to:

 

c/o Emergência Participações S.A.

Avenida Angélica, no 2346

5th floor, room 4, Consolação,

01228-200, São Paulo - SP Brazil

Attention: Luciana Freire Barca Nascimento; Alessandra Bessa
Alves de Melo

Email: luciana.barca@tbj.com.br; alessandra.bessa@ambipar.com

 

with a copy to (which shall not constitute notice):

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention:      Mark Pflug; Grenfel Calheiros

Email:             mpflug@stblaw.com; gcalheiros@stblaw.com

 

7.               
Corrections. In the event of any ambiguity respecting any term or terms hereof, the Parties agree to construe and interpret
such ambiguity in good faith in such a way as is appropriate to ensure its enforceability and viability. The Parties agree to work together
in good faith to correct any provisions of the Agreement that are discovered to be incomplete, erroneous or inaccurate. Any necessary
or advisable changes to the Agreement language or provisions deriving therefrom shall promptly be made by the Parties.

 

8.               
Termination. This Agreement shall terminate, with respect to each PIPE Investor, upon the earlier to occur of the following:
(x) such PIPE Investor being deemed an Ineligible PIPE Investor, (y) the occurrence of an Elected Forfeiture Event with respect to such
PIPE Investor or (z) the transactions contemplated pursuant to Sections 3(b), 3(c), 3(d) and/or 3(e) with
respect to such PIPE Investor, as applicable, have been completed in accordance with their respective terms.

 

9.               
Incorporation by Reference. Sections 11.2 (Interpretation), 11.3 (Counterparts; Electronic Delivery), 11.4(a)
(Entire Agreement), 11.5 (Severability), 11.6 (Other Remedies; Specific Performance), 11.7 (Governing Law),
11.8 (Consent to Jurisdiction; Waiver of Jury Trial), 11.9 (Rules of Construction), 11.11 (Assignment), 11.12 (Amendment)
and 11.14 (No Recourse) of the Business Combination Agreement are incorporated herein and shall apply to this Agreement mutatis
mutandis.

 

[Signature page follows]

 

    13

     

    

 

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

 

	Name of the PIPE Investor:	 	 

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Business Address / Street:	 
	 	 
	City, State:	 
	 	 
	ZIP Code:	 
	 	 
	Country:	 
	 	 
	Attention:	 
	 	 
	Telephone:	 
	 	 
	E-Mail Address:	 
	 	 
	Facsimile:	 

 

[Signature Page to Downside
Protection Agreement]

 

     

     

    

 

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

 

	 	HPX CAPITAL PARTNERS LLC
	 	 
	 	By:	 
	 	 	Name: Carlos Piani
	 	 	Title: Managing Member
	 	 
	 	AMBIPAR PARTICIPAÇÕES E EMPREENDIMENTOS S.A., only for purposes of Sections 1, 2(c) (regarding certain notification rights),
3, 4, 6(c), 7, 8 and 9 hereof
	 	 
	 	By:	 
	 	 	Name: Luciana Freira Barca Nascimento
	 	 	Title: 
	 	 
	 	By:	 
	 	 	Name: Luciana Freira Barca Nascimento
	 	 	Title: Thiago da Costa Silva
	 	 
	 	AMBIPAR EMERGENCY RESPONSE, only for purposes of Sections 1, 3(e)(ii), 6(d), 7, 8 and 9 hereof
	 	 
	 	By:	 
	 	 	Name: Guiherme Patini Borlenghi
	 	 	Title: 
	 	 
	 	By:	 
	 	 	Name: Luciana Freira Barca Nascimento
	 	 	Title: Thiago da Costa Silva

 

[Signature Page to Downside
Protection Agreement]

 

     

     

    

 

ANNEX A

 

	PIPE Investor	Pro Rata Downside Protection Shares
	Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no Exterior	808,500
	Constellation Master Fundo de Investimento de Ações	9,732
	Constellation Qualificado Master Fundo de Investimento de Ações	8,163
	Const Brazil US Fund LP	8,670
	XP Gestão de Recursos Ltda.	24,150
	Cygnus Fund Icon	14,490
	Gannett Peek Limited	4,830
	Genome Fund Inc.	9,660
	Tuchola Investments Inc.	4,830

 

     

     

    

 

ANNEX B 

 

		i.	Calculation of CPI Return

 

 

 

		ii.	Calculation of Investor Investment Return

 

 

 

		iii.	“WVWAP” shall mean the daily volume-weighted average prices for the Warrants, on its primary exchange, as reported
on Bloomberg for the period from the scheduled open of trading to the scheduled close of trading, or, if not reported thereby, as reported
by any other authoritative source, as determined by SPAC Sponsor in accordance with the following formula, calculated for each of the
180 (one hundred eighty) consecutive complete trading days starting with the first trading day following the day of the 24-month anniversary
of the Closing Date and ending with the 180th (one hundred eightieth) trading day thereafter.

 

 

 

Where:

 

		·	i represents a given day
		·	Volumei is the volume of a given day
		·	Pricei is the VWAP of such day

 

		iv.	“Warrant Operations” shall mean the Profitable Warrant Trade plus the Profitable Warrant Exercise.

 

		v.	“Warrants Position” shall mean the amount of Warrants held by the Eligible PIPE Investor on the Measurement Date.

 

		vi.	“Warrant Sale Price” shall mean the price for which the Eligible PIPE Investor sold the Warrants.

 

		vii.	“Warrants Sold” shall mean all Warrants that the Eligible PIPE Investor has sold during the Measurement Period.

 

		viii.	“New PubCo Share Price” shall mean the respective trading price for the New PubCo Class A Ordinary Shares as reported
on Bloomberg.

 

		ix.	“Profitable Warrant Trade” shall mean the (i) Warrants Sold multiplied by the Warrant Sale Price multiplied
(ii) by the CPI Return. If more than one trade has occurred during the Measurement Period, factor (i) should be calculated separately
for each trade and then the results summed before multiplying by factor (ii). For example, if trade1 and trade2 occur, then
the Profitable Warrant Trade would be calculated as follows: [(trade1 Warrant Sold x trade1 Warrant Sale Price) + (trade2
Warrant Sold x trade2 Warrant Sale Price)] x CPI.

 

		x.	“Profitable Warrant Exercise” shall mean: (i) the New PubCo Share Price minus the exercise price of $11.50
multiplied by (ii) the quantity of Warrants the Eligible PIPE Investor decides to exercise multiplied by the CPI Return.

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