Document:

Exhibit 10.1

 

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

 

PROMISSORY NOTE

 

	Principal Amount:  Up to U.S.$300,000.00	Dated as of November 29, 2020

 

 FOR VALUE RECEIVED and subject to
the terms and conditions set forth herein, GP Investments Acquisition Corp. II, a Cayman Islands exempted company (“Maker”),
promises to pay to GPIC, Ltd., a Bermuda limited liability company (“Payee”), or order, the principal sum
of Three Hundred Thousand U.S. Dollars (U.S.$300,000.00) or such lesser amount as shall have been advanced by Payee to Maker and
shall remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on
the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available
funds or as otherwise determined by Maker to such account as Payee may from time to time designate by written notice in accordance
with the provisions of this Note.

 

1.            Principal.
The entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) December 31,
2021, and (ii) the date on which Maker consummates an initial public offering of its securities (such earlier date of (i) and
(ii), the “Maturity Date”), unless accelerated upon the occurrence of an Event of Default (as defined below).
The principal balance may be prepaid at any time by Maker, at its election and without penalty. Under no circumstances shall any
individual, including but not limited to any officer, director, employee or shareholder of Maker, be obligated personally for any
obligations or liabilities of Maker hereunder.

 

2.            Drawdown
Requests. Maker and Payee agree that Maker may request, from time to time, up to Three
Hundred Thousand U.S. Dollars (U.S.$300,000.00) in drawdowns under this Note to be used for costs and expenses related to Maker’s
proposed initial public offering of its securities (the “IPO”), including its formation. The principal of this
Note may be drawn down from time to time prior to the Maturity Date upon request from Maker to Payee (each, a “Drawdown
Request”). Payee shall fund each Drawdown Request no later than three (3) business days after receipt of a Drawdown
Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not
exceed Three Hundred Thousand U.S. Dollars (U.S.$300,000.00). No fees, payments or other amounts shall be due to Payee in connection
with, or as a result of, any Drawdown Request by Maker.

 

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

 

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

 

    

     

    

 

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

 

(a)            Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note on the Maturity Date.

 

(b)            Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization,
rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator,
assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts
become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

 

(c)            Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of sixty (60) consecutive days.

 

6.            Remedies.

 

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

 

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

 

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

 

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

 

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

 

10.            Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK.

 

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

 

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

 

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

 

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

 

[Signature Page Follows] 

 

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

 

	 	GP INVESTMENTS ACQUISITION CORP. II
	 	 
	 	 
	 	By:	/s/ Antonio Bonchristiano                
	 	 	Name: Antonio Bonchristiano
	 	 	Title: Authorized Signatory
	 	 	 
	 	 	 
	 	By:	/s/ Rodrigo Boscolo
	 	 	Name: Rodrigo Boscolo
	 	 	Title: Authorized Signatory

 

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AMENDMENT AGREEMENT

 

THIS AMENDMENT AGREEMENT (this
“Amendment Agreement”), dated as of December 30, 2021, by and among GP-Act III Acquisition Corp. (formerly known as
GP Investments Acquisition Corp. II), a Cayman Islands exempted company (the “Maker”), and GPIC, Ltd., a Bermuda limited
liability company (the “Payee”), is made with reference to that certain promissory note, dated as of November 29, 2020
(as amended, restated, supplemented or otherwise modified from time to time, the “Note”), by and among the Maker and
the Payee. All capitalized terms used herein without definition shall have the same meanings as set forth in the Note.

 

W I T N E S S E T H:

 

WHEREAS, the Maker intends to
consummate an initial public offering of the Maker’s units, each unit consisting of one Class A ordinary share of the Maker, par
value $0.0001 per share, and one-half of one redeemable warrant;

 

WHEREAS, the Maker and the Payee
seek to amend Section 1 of the Note and add Section 15 to the Note; and

 

WHEREAS, the Maker and the Payee
have agreed to this Amendment Agreement on the terms and conditions set forth herein and pursuant to Section 13 of the Note.

 

NOW, THEREFORE, in consideration
of the foregoing premises, the terms and conditions stated herein and other valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by the parties hereto, such parties hereby agree as follows:

 

1.      
 Waiver and Amendments.

 

		(a)	With effect from the date of this Amendment Agreement, the Maker and the Payee hereby irrevocably agree
to amend Section 1 of the Note by replacing the existing Section 1 with the following:

 

	 	“1.
  Principal.	The
  entire unpaid principal balance of this Note shall be due and payable in full on the earlier of: (i) June 30, 2022, and (ii) the date
  on which Maker consummates an initial public offering of its securities (such earlier date of (i) and (ii), the “Maturity
  Date”), unless accelerated upon the occurrence of an Event of Default (as defined below). The principal balance may be prepaid
  at any time by Maker, at its election and without penalty. Under no circumstances shall any individual, including but not limited to
  any officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.”

 

		(b)	With effect from the date of this Amendment Agreement, the Maker and the Payee hereby irrevocably agree
to add the following Section 15 to the Note:

 

	 	“15.
  Successors.	This
  Note shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns, and
  no other person will have any right or obligation hereunder.”

 

		(c)	The Payee hereby irrevocably agrees to the terms of this Amendment Agreement. Such agreement shall be
irrevocably binding on any subsequent transferees, participants, successors and assigns.

 

     

     

    

 

		2.	Effectiveness. This Amendment Agreement shall be effective immediately upon execution and delivery
by the parties hereto.

 

		3.	Effect on the Note; Reaffirmation.

 

		(a)	Except as expressly amended as provided herein, this Amendment Agreement shall not alter, modify amend
or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Note, as applicable, all of which
are ratified and affirmed in all respects and shall continue in full force and effect except, that, on and after the effectiveness of
this Amendment Agreement, each reference to the Note shall, in each case, mean a reference to the Note as amended by this Amendment Agreement.
The execution, delivery and effectiveness of this Amendment Agreement shall not be considered to create a course of dealing or otherwise
obligate the Payee to execute other amendments under the same or similar circumstances.

 

		(b)	Each party hereto (i) agrees that this Amendment Agreement shall not limit or diminish the obligations
of such person under, or release such person from any obligations under, the Note, except as expressly provided for herein, (ii) confirms,
ratifies and reaffirms its obligations under the Note, as such obligations are amended by this Amendment Agreement and (iii) agrees that
the Note (as amended by this Amendment Agreement) remains in full force and effect and is hereby ratified and confirmed.

 

		4.	GOVERNING LAW. THIS AMENDMENT AGREEMENT AND ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF
ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS AMENDMENT AGREEMENT, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

		5.	Headings. Section headings in this Amendment Agreement are included herein for convenience of reference
only and shall not constitute a part of this Amendment Agreement for any other purpose.

 

		6.	Counterparts. This Amendment Agreement may be executed by one or more of the parties on any number
of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery
of an executed counterpart of a signature page of this Amendment Agreement by facsimile or other electronic imaging means (e.g. “pdf”
or “tif”) and other electronic signatures (including, without limitation, DocuSign and AdobeSign) shall be effective as delivery
of a manually executed counterpart of this Amendment Agreement.

 

		7.	Integration. This Amendment Agreement and the Note constitute the entire contract among the parties
hereto and thereto relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof.

 

[Signature Pages Follow]

 

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

 

	 	GP-ACT
    III ACQUISITION CORP.,
	 	as
    Maker
	 	 
	 	By: 	/s/ Rodrigo Boscolo
	 	 	Name:  	 Rodrigo Boscolo
	 	 	Title: 	Director
	 	 
	 	By: 	/s/ Antonio Bonchristiano
	 	 	Name: 	Antonio Bonchristiano
	 	 	Title: 	Director

 

[Signature Page to Amendment Agreement]

 

     

     

    

 

	 	GPIC, LTD.,
	 	as Payee
	 	 
	 	By: 	/s/ Rodrigo Boscolo
	 	 	Name:  	 Rodrigo Boscolo
	 	 	Title: 	Director
	 	 
	 	By: 	/s/ Antonio Bonchristiano
	 	 	Name: 	Antonio Bonchristiano
	 	 	Title: 	Director

 

[Signature Page to Amendment Agreement]Exhibit 10.6

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
 “Agreement”) is made effective as of [●], 2022, by and between GP-Act III Acquisition Corp., a Cayman Islands
exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1 (File No. 333-253853) (the “Registration Statement”), and prospectus (the “Prospectus”)
for the initial public offering of the Company’s units (the “Units”), each of which consists of one of the Company’s
Class A ordinary shares, par value $0.0001 per share (each, an “Ordinary Share”), and one-half of one redeemable warrant,
each whole warrant entitling the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as
the “Offering”), has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission;
and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. (“Cantor”),
as representative of the several underwriters (the “Underwriters”) named therein; and

 

WHEREAS, as described in the Prospectus,
$255.0 million of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement)
(or $293.25 million if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited
and held in a segregated trust account located at all times in the United States (the “Trust Account”) for the benefit
of the Company and the holders of Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to
be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,”
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting Agreement,
a portion of the Property equal to $12,500,000, or $14,375,000 if the Underwriters’ over-allotment option is exercised in full,
is attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon the consummation
of the Business Combination (as defined below) (the “Deferred Discount”); and

 

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

 

NOW THEREFORE, IT IS AGREED:

 

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

 

(a)              
Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established
by the Trustee located in the United States at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets
of $100 billion or more) and at a brokerage institution selected by the Trustee that is reasonably satisfactory to the Company;

 

     

     

    

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

 

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

 

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

 

(e)              
Promptly notify the Company and Cantor of all communications received by the Trustee with respect to any Property requiring action
by the Company;

 

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

 

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

 

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

 

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

 

     

     

    

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

 

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

 

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

     

     

    

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

 

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

 

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

 

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

 

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

 

(e)              
Provide Cantor with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with respect
to any proposed withdrawal from the Trust Account promptly after it issues the same;

 

     

     

    

 

(f)              
Expressly provide in any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the
Form of Exhibit A that the Deferred Discount be paid directly to the account or accounts directed by Cantor; and

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

     

     

    

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

 

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

 

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

 

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

 

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

 

5.            Termination. This Agreement shall terminate as follows:

 

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

 

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

     

     

    

 

(c)              
If the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received
by the Trustee from the Company, GPIAC II, LLC, a Cayman Islands limited liability company (“GP Sponsor”), IDS III
LLC, a Delaware limited liability company (the “Act III Sponsor”), or Cantor,
for purposes of funding the Trust Account shall be promptly returned to the Company, GP Sponsor, Act III Sponsor or Cantor, as applicable.

 

6.            Miscellaneous.

 

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

 

(b)          
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement
may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute
but one instrument.

 

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

 

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

     

     

    

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

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf

Email: fwolf@continentalstock.com

Email: celestegonzalez@continentalstock.com

 

if to the Company, to:

 

GP-Act III Acquisition Corp.

300 Park Avenue, 2nd Floor

New York, New York 10022

Attn: Rodrigo Boscolo

Email: rodrigo.boscolo@gp-investments.com

 

in each case, with copies to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

Av. Brigadeiro Faria Lima, 3311, 7th Floor

04538-133 São Paulo, SP

Brazil

Attn: J. Mathias von Bernuth, Esq.; and Carlo von Hanstein, Esq.

Email: mathias.vonbernuth@skadden.com; and

carlo.vonhanstein@skadden.com

 

and

 

Cantor Fitzgerald & Co.

499 Park Avenue

New York, New York 10022

Attn: General Counsel

and

 

Ellenoff, Grossman & Schole LLP

1345 Avenue of the Americas

New York, New York 10105

Attn: Douglas Ellenoff and Steven Mermelstein

Email: ellenoff@egsllp.com; and smermelstein@egsllp.com

 

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

     

     

    

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

 

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

 

(i)              
Each of the Company and the Trustee hereby acknowledges and agrees that Cantor is a third party beneficiary of this Agreement.

 

(j)          
Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any
other person or entity without the written consent of the other party.

 

[Signature page follows]

     

     

    

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

 

	 	Continental Stock Transfer & Trust Company, as Trustee
	 	 
	 	By:	 
	 	 	Name: Francis Wolf
	 	 	Title: Vice President

 

[Signature Page to Investment Management Trust
Agreement]

 

     

     

    

 

	 	GP-Act
    III Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Investment Management
Trust Agreement]

     

     

    

SCHEDULE A

 

	
        Fee Item
	 	
        Time and Method
of Payment
	 	
        Amount

	
        Initial acceptance fee 
	 	Initial closing of the Offering by wire transfer.	 	$3,500
	 	 	 	 	 
	Annual fee	 	First year fee payable at initial closing of the Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	 	$10,000
	 	 	 	 	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	 	Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)	 	$250
	 	 	 	 	 
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	Prevailing rates

    Sched. A-1

     

    

 

 

 

EXHIBIT A

 

GP-Act III Acquisition Corp.

300 Park Avenue, 2nd Floor

New York, New York 10022 

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf

 

Re: Trust Account - Termination Letter

 

Dear Francis

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between GP-Act III Acquisition Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of  [·], 2022 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [·] (the “Target Business”)
to consummate a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with
the Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify
you at least seventy-two (72) hours in advance of the actual date (or such shorter time period as you may agree) of the consummation
of the Business Combination (“Consummation Date”). Capitalized terms used but not defined herein shall have
the meanings set forth in the Trust Agreement.

 

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

 

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

    1

     

    

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

 

	 	Very truly yours,
	 	 
	 	GP-Act III Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:

Title:

 

	Cantor Fitzgerald & Co.	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    2

     

    

EXHIBIT B

 

GP-Act III Acquisition Corp.

300 Park Avenue, 2nd Floor

New York, New York 10022 

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf

 

Re: Trust Account - Termination Letter

 

Dear Francis:

 

Pursuant to Section 1(i) of the Investment
Management Trust Agreement between GP-Act III Acquisition Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of [·], 2022 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with a Target Business (the “Business Combination”) within the time frame specified
in the Company’s amended and restated memorandum and articles of association, as described in the Company’s Prospectus
relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

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

    1

     

    

	 	Very truly yours,
	 	 
	 	GP-Act III Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:

Title:

 

		cc:	Cantor Fitzgerald & Co.

    2

     

    

EXHIBIT C

 

GP-Act III Acquisition Corp.

300 Park Avenue, 2nd Floor

New York, New York 10022

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf

 

Re: Trust Account - Tax Payment Withdrawal
Instruction

 

Dear Francis:

 

Pursuant to Section 1(j) of the Investment
Management Trust Agreement between GP-Act III Acquisition Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of  [·], 2022 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $[·] of the interest income earned on the Property as of the
date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 
	 	GP-Act III Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:

Title:

  

		cc:	Cantor Fitzgerald & Co.

    1

     

    

EXHIBIT D

 

GP-Act III Acquisition Corp.

300 Park Avenue, 2nd Floor

New York, New York 10022

 

[Insert date]

 

Continental Stock Transfer & Trust Company

One State Street, 30th Floor

New York, New York 10004

Attn: Francis Wolf

 

Dear Francis:

 

Re: Trust Account - Shareholder Redemption
Withdrawal Instruction

 

Pursuant to Section 1(k) of the Investment
Management Trust Agreement between GP-Act III Acquisition Corp. (the “Company”) and Continental Stock Transfer
 & Trust Company (the “Trustee”), dated as of  [·], 2022 (the “Trust Agreement”),
the Company hereby requests that you deliver to the redeeming Public Shareholders on behalf of the Company $[·] of the principal
and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the
meanings set forth in the Trust Agreement.

 

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

 

	 	Very truly yours,
	 	 
	 	GP-Act III Acquisition Corp.
	 	 
	 	By:	 
	 	 	Name:

Title:

 

		cc:	Cantor Fitzgerald & Co.

 

    1

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