Document:

Exhibit
4.7 

 

RIGHTS AGREEMENT

 

This
Rights Agreement (this “Agreement”) is made as of __________, 2022, by and between Clean Earth Acquisitions
Corp., a Delaware corporation (the “Company”), and American Stock Transfer & Trust Company, a New York
limited liability company (the “Rights Agent”).

 

WHEREAS,
the Company is engaged in a public offering (the “Public Offering”) of 20,000,000 units (the “Units”)
of the Company (and up to 3,000,000 additional Units if the underwriters’ over-allotment option is exercised in full), each Unit
consisting of one share of Class A common stock of the Company, par value $0.0001 per share (the “Class A Common Stock”),
one right to receive one-tenth of one share of Class A Common Stock upon the happening of the triggering event described herein (the
 “Right”), and one-half of one warrant (the “Warrant”), each whole Warrant entitling
the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share;

 

WHEREAS,
the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form
S-1, File No. 333-261201, as amended (the “Registration Statement”), and related Prospectus (the “Prospectus”)
for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of, among other
securities, the Rights and the Class A Common Stock issuable to the holders of the Rights;

 

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

 

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

 

WHEREAS,
all acts and things have been done and performed which are necessary to make the Rights, when executed on behalf of the Company and countersigned
by or on behalf of the Rights Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the
execution and delivery of this Agreement.

 

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

 

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

 

2.             Rights.

 

2.1          Form
of Right. Each Right shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto,
the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board,
Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, General Counsel, Secretary or other principal officer
of the Company. In the event the person whose facsimile signature has been placed upon any Right shall have ceased to serve in the capacity
in which such person signed the Right before such Right is issued, it may be issued with the same effect as if he or she had not ceased
to be such at the date of issuance.

 

    

     

    

 

2.2          Effect
of Countersignature. Unless and until countersigned by the Rights Agent pursuant to this Agreement, a Right shall be invalid and
of no effect and may not be exchanged for shares of Class A Common Stock.

 

2.3          Registration.

 

2.3.1      Right
Register. The Rights Agent shall maintain books (the “Right Register”) for the registration of original
issuance and the registration of transfer of the Rights. Upon the initial issuance of the Rights, the Rights Agent shall issue and register
the Rights in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered
to the Rights Agent by the Company.

 

2.3.2      Registered
Holder. Prior to due presentment for registration of transfer of any Right, the Company and the Rights Agent may deem and treat the
person in whose name such Right is registered in the Right Register (the “Registered Holder”) as the absolute
owner of such Right and of each Right represented thereby (notwithstanding any notation of ownership or other writing on the Right Certificate
made by anyone other than the Company or the Rights Agent), for the purpose of the exchange thereof, and for all other purposes, and
neither the Company nor the Rights Agent shall be affected by any notice to the contrary.

 

2.4          Detachability
of Rights. Each of the securities comprising the Units shall begin separate trading on the fifty-second (52nd) day following the
date of the Prospectus or, if such fifty-second (52nd) day is not on a day other than a Saturday, Sunday or federal holiday on which
banks in New York City are generally open for normal business (a “Business Day”), then on the immediately succeeding
Business Day following such date, or earlier (the “Detachment Date”) with the consent of Citigroup Global Markets
Inc., but in no event shall the securities comprising the Units be separately traded until (A) the Company has filed a Current Report
on Form 8-K with the SEC containing an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public
Offering, including the proceeds received by the Company from the exercise by the underwriters of their right to purchase additional
Units in the Public Offering (the “Over-Allotment Option”), if the Over-Allotment Option is exercised prior
to the filing of such Current Report on Form 8-K, and a second or amended Current Report on Form 8-K to provide updated financial information
to reflect the exercise of the underwriters’ Over-Allotment Option, if the Over-Allotment Option is exercised following the initial
filing of such Current Report on Form 8-K, and (B) the Company issues a press release and files with the SEC a Current Report on Form
8-K announcing when such separate trading shall begin. Upon the Detachment Date, holders of Units will have the option to continue to
hold Units or separate their Units into the component pieces.

 

3.             Terms
and Exchange of Rights

 

3.1          Rights.
Each Right shall entitle the holder thereof to receive one-tenth of one share of Class A Common Stock upon the happening of an Exchange
Event (defined below). No additional consideration shall be paid by a holder of Rights in order to receive his, her or its shares of
Class A Common Stock upon an Exchange Event as the purchase price for such shares of Class A Common Stock has been included in the purchase
price for the Units. In no event will the Company be required to net cash settle the Rights or issue fractional shares of Class A Common
Stock.

 

    2

     

    

 

3.2          Exchange
Event. An “Exchange Event” shall occur upon the Company’s consummation of an initial Business Combination
(as defined in the Company’s Second Amended and Restated Certificate of Incorporation).

 

3.3          Exchange
of Rights.

 

3.3.1      Issuance
of Shares of Class A Common Stock. As soon as practicable upon the occurrence of an Exchange Event, the Company shall direct holders
of the Rights to return their Rights Certificates to the Rights Agent. Upon receipt of a valid Rights Certificate, the Company shall
issue to the Registered Holder of such Right(s) the number of full shares of Class A Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it and issue to such Registered Holder(s) a certificate or book-entry
position for the such shares. Notwithstanding the foregoing, or any provision contained in this Agreement to the contrary, in no event
will the Company be required to net cash settle the Rights. The Company shall not issue fractional shares upon exchange of Rights. In
the event that any holder would otherwise be entitled to any fractional share upon exchange of Rights, at the time of an Exchange Event,
the Company will instruct the Rights Agent how any such entitlement will be addressed. To the fullest extent permitted by the Company’s
Second Amended and Restated Certificate of Incorporation, the Company reserves the right to deal with any such fractional entitlement
at the relevant time in any manner permitted by the Securities Act and the Second Amended and Restated Certificate of Incorporation,
which would include the rounding down of any entitlement to receive shares of Class A Common Stock to the nearest whole share (and in
effect extinguishing any fractional entitlement), or the holder being entitled to hold any remaining fractional entitlement (without
any share being issued) and to aggregate the same with any future fractional entitlement to receive shares in the Company until the holder
is entitled to receive a whole number. Any rounding down and extinguishment may be done with or without any in lieu cash payment or other
compensation being made to the holder of the relevant Rights, such that value received on exchange of the Rights may be considered less
than the value that the holder would otherwise expect to receive.

 

3.3.2      Valid
Issuance. All shares of Class A Common Stock issued upon an Exchange Event in conformity with this Agreement shall be validly issued,
fully paid and nonassessable.

 

3.3.3      Date
of Issuance. Each person in whose name any such certificate or book-entry position for shares of Class A Common Stock is issued shall
for all purposes be deemed to have become the holder of record of such shares on the date of the Exchange Event, irrespective of the
date of delivery of such certificate or entry of position.

 

3.3.4      Company
Not Surviving Following Exchange Event. Upon an Exchange Event in which the Company does not continue as the publicly held reporting
entity, the definitive agreement will provide for the holders of Rights to receive the same per share consideration the holders of the
shares of Class A Common Stock will receive in such transaction, for the number of shares such holder is entitled to pursuant to Section 3.3.1 above.
If the Company does not continue as the publicly held reporting entity upon an Exchange Event, each holder of a Right will be required
to affirmatively convert his, her or its Rights in order to receive the one-tenth of one share underlying each Right (without paying
any additional consideration) upon consummation of the Exchange Event. In such a case, each holder of a Right will be required to indicate
his, her or its election to convert the Rights into underlying shares of Class A Common Stock as well as to return the original certificates
evidencing the Rights to the Company.

 

    3

     

    

 

3.4          Duration
of Rights. If an Exchange Event does not occur within the time period set forth in the Company’s Second Amended and Restated
Certificate of Incorporation, as the same may be amended from time to time, the Rights shall expire and shall be worthless.

 

4.             Transfer and Exchange of Rights.

 

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

 

4.2          Procedure
for Surrender of Rights. Rights may be surrendered to the Rights Agent, together with a written request for exchange or transfer,
and thereupon the Rights Agent shall issue in exchange therefor one or more new Rights as requested by the Registered Holder of the Rights
so surrendered, representing an equal aggregate number of Rights; provided, however, that in the event that a Right surrendered for transfer
bears a restrictive legend and the new Rights to be issued will not bear a restrictive legend, the Rights Agent shall not cancel such
Right and issue new Rights in exchange therefor until the Rights Agent has received an opinion of counsel for the Company stating that
such transfer may be made and indicating no restrictive legend is required for the new Rights.

 

4.3          Fractional Rights. The Rights Agent shall not be required to effect any registration of transfer or exchange
which shall result in the issuance of a Right Certificate for a fraction of a Right.

 

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

 

4.5          Adjustments
to Conversion Ratios. The number of shares of Class A Common Stock that the holders of Rights are entitled to receive as a result
of the occurrence of an Exchange Event shall be equitably adjusted to reflect appropriately the effect of any share split, reverse share
split, share dividend, reorganization, recapitalization, reclassification, combination, exchange of shares or other like change with
respect to the shares of Class A Common Stock occurring on or after the date hereof and prior to the Exchange Event.

 

4.6          Right
Execution and Countersignature. The Rights Agent is hereby authorized to countersign and to deliver, in accordance with the terms
of this Agreement, the Rights required to be issued pursuant to the provisions of this Section 4, and the Company, whenever
required by the Rights Agent, shall supply the Rights Agent with Rights duly executed on behalf of the Company for such purpose.

 

5.             Other
Provisions Relating to Rights of Holders of Rights.

 

5.1          No
Rights as Stockholder. Until the exchange of a Right for shares of Class A Common Stock as provided for herein, a Right does not
entitle the Registered Holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right
to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders
in respect of the meetings of stockholders or the election of directors of the Company or any other matter.

 

    4

     

    

 

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

 

5.3          Reservation
of Class A Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares
of Class A Common Stock that shall be sufficient to permit the exchange of all outstanding Rights issued pursuant to this Agreement.

 

6.             Concerning
the Rights Agent and Other Matters.

 

6.1          Payment
of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Rights
Agent in respect of the issuance or delivery of shares of Class A Common Stock upon the exchange of Rights, but the Company shall not
be obligated to pay any transfer taxes in respect of the Rights or such shares of Class A Common Stock.

 

6.2          Resignation,
Consolidation, or Merger of Rights Agent.

  

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

 

    5

     

    

 

6.2.2      Notice
of Successor Rights Agent. In the event a successor Rights Agent shall be appointed, the Company shall give notice thereof to the
predecessor Rights Agent and the transfer agent for the Class A Common Stock not later than the effective date of any such appointment.

 

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

 

6.3          Fees
and Expenses of Rights Agent.

 

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

 

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

 

6.4          Liability
of Rights Agent.

 

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

 

6.4.2      Indemnity.
The Rights Agent shall be liable hereunder only for its own gross negligence, willful misconduct, fraud or bad faith. Subject to Section 6.6 below,
the Company agrees to indemnify the Rights Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket
costs and reasonable outside counsel fees, for anything done or omitted by the Rights Agent in the execution of this Agreement, except
as a result of the Rights Agent’s gross negligence, willful misconduct, fraud or bad faith.

 

6.4.3      Exclusions.
The Rights Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution
of any Right (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right; nor shall it by any act hereunder be deemed to make any representation or warranty as to
the authorization or reservation of any shares of Class A Common Stock to be issued pursuant to this Agreement or any Right or as to
whether any shares of Class A Common Stock shall, when issued, be valid and fully paid and nonassessable.

 

    6

     

    

 

6.5          Acceptance
of Agency. The Rights Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms
and conditions herein set forth and among other things, shall account promptly to the Company with respect to Rights exchanged.

 

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

 

7.             Miscellaneous
Provisions.

 

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

 

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

 

Clean
Earth Acquisitions Corp. 

12600
Hill Country Blvd, Building R, Suite 275 

Bee
Cave, Texas 78738 

Attn:
Aaron Ratner 

Email: aaron@mightyskyllc.com

 

with
a copy to:

 

Proskauer
Rose LLP 

2029
Century Park East, Suite 2400 

Los
Angeles, California 90067 

Attn:
Will Chuchawat 

Email: wchuchawat@proskauer.com

 

    7

     

    

 

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

 

American
Stock Transfer & Trust Company 

6201
15 Avenue 

Brooklyn,
NY 11219 

Attn:
AST Shareholder Services

 

7.3          Applicable
Law and Exclusive Forum. The validity, interpretation, and performance of this Agreement and of the Rights shall be governed in all
respects by the laws of the State of New York, without giving effect to conflict of laws. Subject to applicable law, the Company and
the Rights Agent hereby agree that any action, proceeding or claim against either of them arising out of or relating in any way to this
Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District
of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding
or claim. The Company and the Rights Agent hereby waive any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce (i) any
liability or duty created by the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or the rules
and regulations thereunder for which Section 27 of the Exchange Act creates exclusive federal jurisdiction, (ii) with respect to suits
brought in federal courts, any duty or liability created by the Securities Act or the rules and regulations thereunder for which Section
22 of the Securities Act creates concurrent jurisdiction for federal and state courts or (iii) any other claim for which the federal
district courts of the Borough of Manhattan, City and State of New York, are the sole and exclusive forum.

 

Any
person or entity purchasing or otherwise acquiring any interest in the Rights shall be deemed to have notice of and to have consented
to the forum provisions in this Section 7.3. If any action, the subject matter of which is within the scope the forum
provisions above, is filed in a court other than a court located within the State of New York or the United States District Court for
the Southern District of New York (a “foreign action”) in the name of any Rights holder, such Rights holder
shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located within the State of New York
or the United States District Court for the Southern District of New York in connection with any action brought in any such court to
enforce the forum provisions (an “enforcement action”), and (y) having service of process made upon such Rights
holder in any such enforcement action by service upon such Rights holder’s counsel in the foreign action as agent for such Rights
holder.

  

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

  

7.5          Examination
of the Right Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the Rights Agent in
the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Right. The Rights Agent may require
any such holder to submit his, her or its Right for inspection by it.

 

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

 

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

  

7.8          Amendments.
This Agreement may be amended by the parties hereto without the consent of any Registered Holder for the purpose of curing any ambiguity,
or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect
to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not
adversely affect the interest of the Registered Holders. All other modifications or amendments shall require the written consent or vote
of the Registered Holders of a majority of the then outstanding Rights.

 

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

 

[Signature
Page Follows]

 

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

 

	 	CLEAN EARTH ACQUISITIONS CORP.
	 	 	 
	 	By:	 
	 	 	Name: Aaron T. Ratner
	 	 	Title: Chief Executive Officer
	 	 
	 	AMERICAN STOCK TRANSFER &
    TRUST COMPANY, as Rights Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    10Exhibit 10.1

 

INSIDER LETTER AGREEMENT

 

February [•], 2022

 

Clean Earth
Acquisitions Corp.

12600 Hill
Country Blvd, Building R, Suite 275

Bee Cave, Texas
78738

 

Re:       Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between Clean Earth Acquisitions Corp., a Delaware corporation (the “Company”), and Citigroup
Global Markets Inc., as representative (the “Representative”) of the several underwriters (the “Underwriters”),
relating to an underwritten initial public offering (the “Public Offering”) of 23,000,000 of the Company’s
units (including 3,000,000 units that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Units”),
each comprising of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
one right to receive one-tenth (1/10) of one share of Common Stock (each, a “Right”) and one-half
of one redeemable warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to purchase
one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units will be sold in the Public Offering pursuant
to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”). Certain capitalized terms used herein are defined in paragraph
1 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Clean Earth Acquisitions Sponsor, LLC (the “Sponsor”)
and each of the undersigned (each, an “Insider” and, collectively, the “Insiders”)
hereby agree with the Company as follows:

 

1. Definitions.
As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Founder
Shares” shall mean the 7,666,667 shares of Class B common stock of the Company, par value $0.0001 per share, outstanding
prior to the consummation of the Public Offering; (iii) “Private Placement Units” shall mean the units, each
consisting of one share of Common Stock (the “Private Placement Share”) and one-half of one warrant to
purchase shares of Common Stock of the Company at a price of $11.50 per share, subject to adjustment, (the “Private Placement
Warrant”) that will be acquired by the Sponsor for an aggregate purchase price of $8,000,000 (or up to $8,900,000 if the
Underwriters exercise their option to purchase additional Units), or $10.00 per Private Placement Unit, in a private placement that shall
close simultaneously with the consummation of the Public Offering (including Common Stock issuable upon conversion of the warrants contained
in the Private Placement Units); (iv) “Public Stockholders” shall mean the holders of Common Stock included
in the Units issued in the Public Offering; (v) “Public Shares” shall mean the Common Stock included in the
Units issued in the Public Offering; (vi) “Trust Account” shall mean the trust account into which a portion
of the net proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; (vii) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b); and (viii) “Charter” shall mean the Company’s
Second Amended and Restated Certificate of Incorporation, as the same may be amended from time to time.

 

    

     

    

 

2. Representations
and Warranties.

 

(a) The Sponsor and each Insider,
with respect to itself, herself or himself, represent and warrant to the Company that it, she or he has the full right and power, without
violating any agreement to which it, she or he is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement. Each Insider that is a Director or Officer represents and
warrants on behalf of himself or herself that she or he has the full right and power without violating any agreement to which it, she
or he is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer),
to enter into this Letter Agreement to serve as an officer of the Company and/or a director on the Company’s Board of Directors
(the “Board”), as applicable, and each such Insider hereby consents to being named in the Prospectus, road show
and any other materials as an officer and/or director of the Company, as applicable.

  

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

 

3. Business Combination
Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination
without the prior consent of the Sponsor. The Sponsor and each Insider, with respect to itself, herself or himself, agrees that if the
Company seeks stockholder approval of a proposed initial Business Combination, then in connection with such proposed initial Business
Combination, it, she or he, as applicable, shall vote all Founder Shares and any Public Shares held by it, her or him, as applicable,
in favor of such proposed initial Business Combination (including any proposals recommended by the Board in connection with such Business
Combination) and not redeem any Public Shares held by it, her or him, as applicable, in connection with such stockholder approval.

 

4. Failure to Consummate
a Business Combination; Trust Account Waiver.

 

(a) The Sponsor and each Insider
that is a natural person hereby agree, with respect to itself, herself or himself, that in the event that the Company fails to consummate
its initial Business Combination within the time period set forth in the Charter, the Sponsor and each such Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but
not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive
further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining stockholders and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to
the Company’s obligations under Delaware law to provide for claims of creditors and in all cases subject to the other requirements
of applicable law. The Sponsor and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance
or timing of the Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection
with an initial Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination
within the required time period set forth in the Charter or (ii) with respect to any provision relating to the rights of holders of Public
Shares unless the Company provides its Public Stockholders with the opportunity to redeem their Public Shares upon approval of any such
amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest
earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any, divided by the number of
then-outstanding Public Shares.

 

    2

     

    

 

(b) The Sponsor and each Insider,
with respect to itself, herself or himself, acknowledges that it, she or he has no right, title, interest or claim of any kind in or to
any monies held in the Trust Account of the Company as a result of any liquidation of the Company with respect to the Founder Shares held
by it, her or him, if any. The Sponsor and each of the Insiders hereby further waive, with respect to any Founder Shares and Public Shares
held by it, her or him, as applicable, any redemption rights it, she or he may have in connection with the consummation of a Business
Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination
or a stockholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the Company’s obligation
to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business Combination or
to redeem 100% of the Public Shares if the Company has not consummated an initial Business Combination within the time period set forth
in the Charter or (ii) with respect to any provision relating to the rights of holders of Public Shares (although the Sponsor and the
Insiders shall be entitled to liquidation rights with respect to any Public Shares they hold if the Company fails to consummate a Business
Combination within the required time period set forth in the Charter).

 

5. Lock-up; Transfer Restrictions.

 

(a) The Sponsor and the Insiders
agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”) until the earliest of (A)
one year after the completion of an initial Business Combination and (B) following the completion of an initial Business Combination,
the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that
results in all of the Company’s stockholders having the right to exchange their Common Stock for cash, securities or other property
(the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if, subsequent to a Business Combination,
the closing price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing at least 150 days after the Company’s
initial Business Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 

(b) The Sponsor and Insiders
agree that they shall not effectuate any Transfer of Private Placement Units, Private Placement Shares, Private Placement Warrants or
Common Stock underlying such Private Placement Warrants until 30 days after the completion of an initial Business Combination.

 

(c) Notwithstanding the provisions
set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement Units, Private Placement
Shares, Private Placement Warrants and Common Stock underlying the Private Placement Warrants are permitted (a) to the Company’s
officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members or partners of
the Sponsor or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual,
by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order;
(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or the consummation of
a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Units, Private Placement Shares,
Private Placement Warrants or Common Stock, as applicable, were originally purchased; (f) by virtue of the laws of Delaware or the Sponsor’s
organizational documents upon liquidation or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection
with the consummation of an initial Business Combination; (h) in the event of the Company’s liquidation prior to the completion
of an initial Business Combination; or (i) in the event of the Company’s completion of a liquidation, merger, share exchange or
other similar transaction which results in all of the Company’s Public Stockholders having the right to exchange their Common Stock
for cash, securities or other property subsequent to the completion of an initial Business Combination; provided, however,
that in the case of clauses (a) through (f) these permitted transferees must enter into a written agreement agreeing to be bound by these
transfer restrictions.

 

(d) During the period commencing
on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without
the prior written consent of the Representative, Transfer any Units, Common Stock, Warrants or any other securities convertible into,
or exercisable or exchangeable for, Common Stock held by it, her or him, as applicable, subject to certain exceptions enumerated in Section
5(g) of the Underwriting Agreement.

 

    3

     

    

 

6. Unvested Founder Shares.

 

(a) The Sponsor agrees that
upon and subject to the completion of the Business Combination (the “Business Combination Closing”), approximately
33% of the Founder Shares then held by the Sponsor (or held by transferees permitted by paragraph 5(c)) shall be considered to be newly
unvested shares, which shall vest only if the Share Price Level (as defined below) is achieved after the Business Combination Closing
but before the tenth anniversary of the Business Combination Closing.

 

(b) In the event the Share Price
Level (as defined below) is achieved before the first anniversary of the Business Combination Closing, the unvested Founder Shares will
vest on the first anniversary of the Business Combination Closing.

 

(b) The Sponsor agrees that
it shall not Transfer any unvested Founder Shares prior to the date such Founder Shares become vested, except to the extent permitted
by paragraph 5(c) or 6(c).

 

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

 

(d) For purposes of this paragraph
6, the “Share Price Level” will be considered achieved only if the closing price of the Common Stock on
the Nasdaq Capital Market (or other exchange or other market where the Common Stock is then traded) equals or exceeds $12.50 for any 20
trading days within a 30 trading day period   after  the Business Combination Closing but before the tenth
anniversary of the Business Combination Closing. The Share Price Level will be equitably adjusted on account of any share split, reverse
share split or similar equity restructuring transaction.

 

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

 

7.  Remedies.
The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the Company would be irreparably
injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable under paragraphs
3, 4, 5, 6, 7, 11 and 12, (ii) monetary damages may not be
an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to seek injunctive relief, in addition to any other
remedy that such party may have in law or in equity, in the event of such breach.

 

    4

     

    

 

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

 

9. Director and Officer
Liability Insurance. The Company will maintain an insurance policy or policies providing directors’ and officers’ liability
insurance, and each Insider that is a director or officer shall be covered by such policy or policies, in accordance with its or their
terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

10. Termination.
This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares Lock-up Period and (ii) the liquidation
of the Company.

 

11. Indemnification.
In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business Combination within
the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees to indemnify and hold harmless
the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal
or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened)
to which the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the
Company (except for the Company’s independent auditors) or (ii) any prospective target business with which the Company has discussed
entering into a transaction agreement (a “Target”); provided, however, that such indemnification
of the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for services
rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below the lesser of (i)
$10.10 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the
Trust Account if less than $10.10 per Public Share due to reductions in the value of the trust assets, in each case net of interest that
may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to any claims by a third party or Target who executed
a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply
to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory
to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company
in writing that it shall undertake such defense.

 

12. Forfeiture of
Founder Shares. To the extent that the Underwriters do not exercise their option to purchase additional Units within 45 days
from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees to automatically surrender to the
Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares so that the number of Founder Shares
will equal 25% of the sum of the total number of Common Stock and Founder Shares outstanding at such time. The Sponsor and Insiders further
agree that to the extent that the size of the Public Offering is increased or decreased, the Company will effect a stock split, stock
dividend, reverse stock split or stock repurchase, as applicable, with respect to the Founder Shares immediately prior to the consummation
of the Public Offering in such amount as to maintain the number of Founder Shares at 25% of the sum of the total number of Common Stock
and Founder Shares outstanding at such time.

 

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

 

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

 

    5

     

    

 

15. Counterparts.
This Letter Agreement may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute but one and the same instrument. Signatures to this Agreement transmitted
via facsimile or e-mail shall be valid and effective to bind the party so signing (including any electronic signature covered by the U.S.
federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com).

 

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

 

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

 

18. Governing Law.
This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The parties
hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall
be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue,
which jurisdiction and venue shall be exclusive, and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts
represent an inconvenient forum.

 

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

 

[Signature Page Follows]

 

    6

     

    

 

	 	Sincerely,
	 	 
	 	CLEAN EARTH ACQUISITIONS SPONSOR, LLC
	 	 
	 	By:	 
	 	Name: 	Alex Greystoke
	 	Title:	Managing Member

 

[Signature Page to Insider Letter Agreement]

 

    7

     

    

 

	 	 
	 	
    Aaron T. Ratner

    

	 	Chief Executive Officer

 

	 	 
	 	
    Martha F. Ross

    

	 	Chief Financial Officer and Chief Operating Officer

 

	 	 
	 	
    Nicholas Parker

    

	 	Director

 

	 	 
	 	
    Candice Beaumont

    

	 	Director

 

	 	 
	 	Bradford
    Allen

    

	 	Director

 

	 	 
	 	
    Michael R. Vahrenkamp

    

	 	Director

  

[Signature Page to Insider Letter Agreement]

 

    8

     

    

 

Acknowledged and Agreed:

 

CLEAN EARTH ACQUISITIONS CORP.

 

	By:	 	 
	 	Name:	 Aaron Ratner	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Insider Letter Agreement]

 

    9

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