Document:

Exhibit 4.4

 

WARRANT AGREEMENT

 

This Warrant Agreement (“Warrant
Agreement”) is made as of [*], 2021, by and Ace Global Business Acquisition Limited, a British Virgin Islands company
(the “Company”), and Continental Stock Transfer & Trust Company (the “Warrant Agent”).

 

WHEREAS, the Company is engaged in a public
offering (the “Public Offering”) of 4,000,000 units (the “Public Units”) of the Company (and
up to 600,000 additional Units if the underwriters’ over-allotment option is exercised in full), each Unit consisting of
one ordinary share, par value $0.001 per share (the “Ordinary Shares”) and one warrant (the “Public
Warrant” or “Public Warrants”), each warrant entitling its holder to purchase one Ordinary Share (the
“Warrant Shares”);

 

WHEREAS, the Company has received a binding
commitment from Ace Global Investment Limited, its sponsor, to purchase up to an aggregate of 281,000 private units (which includes
21,000 private units to be purchased if the over-allotment is exercised in full) (collectively, the “Private Units”
together with the Public Units, the “Units”), with each Private Unit consisting of one Ordinary Share and one
redeemable warrant pursuant to Subscription Agreement, dated [*], 2021 (the “Subscription Agreements”), and,
in connection therewith, will issue and deliver an aggregate of up to 281,000 warrants underlying such units (the “Private
Warrants”), each such Private Warrant entitling its holder to purchase one Ordinary Share;

 

WHEREAS, the Company has filed with the
Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-252878 (“Registration
Statement”), for the registration, under the Securities Act of 1933, as amended (the “Act”) of, among
other securities, the Public Warrants;

 

WHEREAS, the Company may issue up to an
additional 60,000 warrants, which will be identical to the Private Warrants, in consideration of certain working capital loans
as part of units (“Working Capital Units”) that may be made by the sponsor or the Company’s officers,
directors or affiliates (“Working Capital Warrants,” together with the Public Warrants, Private Warrants, and
such other warrants as the Company issues from time to time hereunder, the “Warrants”);

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

2. 
Warrants.

 

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

 

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

 

2.3 
Effect of Countersignature. Except with respect to uncertificated Warrants as described in Section 2.2 above, unless
and until countersigned by the Warrant Agent pursuant to this Warrant Agreement, a Warrant shall be invalid and of no effect and
may not be exercised by the holder thereof.

 

2.4 
Registration.

 

2.4.1 
Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of the original issuance and transfers of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue
and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with
instructions delivered to the Warrant Agent by the Company.

 

2.4.2 
Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant
Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“Registered
Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation
of ownership or other writing on the Warrant certificate made by anyone other than the Company or the Warrant Agent), for the purpose
of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

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2.5 
Detachability of Public Warrants. Each of the securities comprising the Public Units will begin to trade separately
on (i) the fifty-second (52nd) day after the date of the prospectus, or (ii) such earlier date as Ladenburg Thalmann
& Co. Inc., as representative of the underwriters (the “Representative”), shall determine is acceptable
(such date, the “Detachment Date”). In no event will separate trading of the securities comprising the Public
Units commence until the Company (i) files a Current Report on Form 8-K with the SEC including audited balance sheet reflecting
our receipt of the gross proceeds of this Public Offering and (ii) issues a press release announcing when such separate trading
will begin.

 

2.6 
Private Warrants and Working Capital Warrants. The Private Warrants and Working Capital Warrants will be issued in
the same form as the Public Warrants except that so long as they are held by the initial purchasers or any of their permitted transferees
(as prescribed in the Subscription Agreement) as applicable, the Private Warrants and the Working Capital Warrants: (i) may be
exercised for cash or on a cashless basis, pursuant to subsection 3.3 hereof, and (ii) will not be redeemable by the Company. The
Private Warrants may not be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale,
derivative, put, or call transaction that would result in the effective economic disposition of, the Private Warrants (or any securities
underlying the Private Warrants) until 30 days following the completion of the Company’s initial business combination (except
with respect to permitted transferees as described in the Subscription Agreement). The provisions of this Section 2.6 may not be
modified, amended or deleted without the prior written consent of the Representative.

 

3. 
Terms and Exercise of Warrants.

 

3.1 
Warrant Price. Each Warrant shall, when countersigned by the Warrant Agent (except with respect to Uncertificated
Warrants), entitle the Registered Holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to
purchase from the Company the number of Ordinary Shares stated therein, at $11.50 per full share, subject to the adjustments provided
in Section 4 hereof. The term “Warrant Price” as used in this Warrant Agreement refers to the price per
whole share at which Ordinary Shares may be purchased at the time such Warrants are exercised. The Company will not issue fractional
shares.

 

3.2 
Duration of Warrants. A Warrant may be exercised only during the period (“Exercise Period”) commencing
on the later to occur of (i) the completion of the Company’s initial business combination and (ii) 12 months following the
date of the Registration Statement is declared effective by the SEC, and terminating at 5:00 p.m., New York City time, on the earlier
to occur of (i)  five years after the completion of the initial business combination, and (ii) the date fixed for redemption
of the Warrants as provided in Section 6 of this Warrant Agreement (“Expiration Date”). Except with respect
to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before
the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement
shall cease at the close of business on the Expiration Date. The Company may extend the duration of the Warrants by delaying the
Expiration Date; provided, however, that the Company will provide written notice of not less than 10 days to Registered Holders
of such extension and that such extension shall be identical in duration among all of the then outstanding Warrants.

 

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3.3 
Exercise of Warrants.

 

3.3.1 
Cash Exercise. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned
by the Company, may be exercised by the Registered Holder thereof by surrendering it at the office of the Warrant Agent, or at
the office of its successor as Warrant Agent, currently being:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

 

with the subscription form, as set forth
in the Warrant, duly executed, and by paying in full, in lawful money of the United States, by certified or bank cashier’s
check payable to the order of the Warrant Agent or by wire transfer to the Warrant Agent’s JPMorgan bank account, the Warrant
Price for each whole Warrant Share as to which the Warrant is exercised and any and all applicable taxes due in connection with
the exercise of the Warrant, the exchange of the Warrant for the Warrant Shares, and the issuance of the Warrant Shares (such exercise,
a “Cash Exercise”). A Cash Exercise in accordance with this Section 3.3.1 is available to the Registered Holder
only during such times that there is an effective registration statement registering the Warrant Shares, with the prospectus contained
therein being available for the resale of the Warrant Shares.

 

3.3.2 
Cashless Exercise. Notwithstanding anything contained herein to the contrary, if there is no effective registration
statement registering the Warrant Shares on any day the Registered Holder desires to exercise the Warrants and more than 60 days
have passed since the Company complete its initial business combination, the Registered Holder may exercise the Warrants in whole
or in part in lieu of making a cash payment, by providing notice to the Chief Executive Officer of the Company in a subscription
form of its election to utilize cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares
determined as follows:

 

X = Y [(A-B)/A]

 

 where:

 

X = the number of Warrant Shares
to be issued to the Holder.

 

Y = the number of Warrant Shares
with respect to which this Warrant is being exercised.

 

A = the fair market value of one
Ordinary Share.

 

B = the Warrant Price.

 

The Registered Holder
may not exercise any Warrants in the absence of a registration statement except pursuant to this Section 3.3.2. For purposes
of this Section 3.3.2 and Section 4.1, the fair market value of one Ordinary Share is defined as follows:

 

(i) if the
Company’s Ordinary Shares are listed and traded on the New York Stock Exchange, the NYSE American, the NASDAQ Global Select
Market, the NASDAQ Global Market or the NASDAQ Capital Market (each, a “Trading Market”), the fair market value
shall be deemed the average of the closing price on such Trading Market for the 20 trading days ending on the third trading day
immediately prior to the date the subscription form is submitted to the Company in connection with the exercise of the Warrant;
or

 

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(ii) if the
Company’s Ordinary Shares are not listed on a Trading Market, but is traded in the over-the-counter market, the fair market
value shall be deemed to be the average of the bid price on such Trading Market for the 10 trading days ending on the third trading
day immediately prior to the date the subscription form is submitted in connection with the exercise of the Warrant; or

 

(iii) if there
is no active public market for the Company’s Ordinary Shares, the fair market value of the Ordinary Shares shall be determined
in good faith by the Company’s board of directors.

  

3.3.3 Fractional
Shares. Notwithstanding any provision to the contrary contained in this Warrant Agreement, the Company shall not be required
to issue any fraction of a Warrant Share in connection with the exercise of Warrants, and in any case where the Registered Holder
would be entitled under the terms of the Warrants to receive a fraction of a Warrant Share upon the exercise of such Registered
Holder’s Warrants, issue or cause to be issued only the largest whole number of Warrant Shares issuable on such exercise
(and such fraction of a Warrant Share will be disregarded); provided, that if more than one Warrant certificate is presented for
exercise at the same time by the same Registered Holder, the number of whole Warrant Shares which shall be issuable upon the exercise
thereof shall be computed on the basis of the aggregate number of Warrant Shares issuable on exercise of all such Warrants.

 

3.3.4 
Issuance of Certificates. No later than three (3) business days following the exercise of any Warrant and the
clearance of the funds in payment of the Warrant Price pursuant to Section 3.3.1 or cashless exercise pursuant to Section 3.3.2,
the Company shall issue, or cause to be issued, to the Registered Holder of such Warrant a certificate or certificates representing
(or at the option of the Registered Holder, deliver electronically through the facilities of the Depository Trust Corporation)
the number of full Ordinary Shares to which he, she or it is entitled, registered in such name or names as may be directed by him,
her or it, and, if such Warrant shall not have been exercised or surrendered in full, a new countersigned Warrant for the number
of shares as to which such Warrant shall not have been exercised or surrendered. Notwithstanding the foregoing, the Company shall
not deliver, or cause to be delivered, any securities without applicable restrictive legend pursuant to the exercise of a Warrant
unless (a) a registration statement under the Act with respect to the Ordinary Shares issuable upon exercise of such Warrants
is effective and a current prospectus relating to the Ordinary Shares issuable upon exercise of the Warrants is available for delivery
to the Registered Holder of the Warrant or (b) in the opinion of counsel to the Company, the exercise of the Warrants is exempt
from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the Registered Holder resides. Warrants may not be exercised by,
or securities issued to, any Registered Holder in any state in which such exercise or issuance would be unlawful. In addition,
in no event will the Company be obligated to pay such Registered Holder any cash consideration upon exercise or otherwise “net
cash settle” the Warrant.

 

3.3.5 
Valid Issuance. All Ordinary Shares issued upon the proper exercise or surrender of a Warrant in conformity with
this Warrant Agreement shall be validly issued, fully paid and non-assessable.

 

3.3.6 
Date of Issuance. Each person or entity in whose name any such certificate for Ordinary Shares is issued shall, for
all purposes, be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and
payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such
surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become
the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open.

 

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3.3.7 
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject
to the provisions contained in this subsection 3.3.7; however, no holder of a Warrant shall be subject to this subsection 3.3.7
unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise
of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant, to the extent that after giving
effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge,
would beneficially own in excess of 9.8% (the “Maximum Percentage”) of the Ordinary Shares outstanding immediately
after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially
owned by such person and its affiliates shall include the number of Ordinary Shares issuable upon exercise of the Warrant with
respect to which the determination of such sentence is being made, but shall exclude Ordinary Shares that would be issuable upon
(x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y)
exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such
person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject
to a limitation on conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence,
for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended. For purposes of the Warrant, in determining the number of outstanding Ordinary Shares, the holder may
rely on the number of outstanding Ordinary Shares as reflected in (1) the Company’s most recent annual report on Form 10-K,
quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the SEC as the case may be, (2) a more recent
public announcement by the Company, or (3) any other notice by the Company or the Warrant Agent setting forth the number of Ordinary
Shares outstanding. For any reason at any time, upon the written request of the holder of the Warrant, the Company shall, within
two (2) business days, confirm orally and in writing to such holder the number of Ordinary Shares then outstanding. In any case,
the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of equity securities
of the Company by the holder and its affiliates since the date as of which such number of outstanding Ordinary Shares was reported.
By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable
to such holder to any other percentage specified in such notice; provided, however, that any such increase shall not be effective
until the sixty-first (61st) day after such notice is delivered to the Company.

 

4. 
Adjustments.

 

4.1 
Stock Dividends, Splits. If, after the date hereof, and subject to the provisions of Section 4.5 below, the
number of outstanding Ordinary Shares is increased by a stock dividend payable in Ordinary Shares, or by a forward or reverse split
of Ordinary Shares, or other similar event, then, on the effective date of such stock dividend, split or similar event, the number
of Ordinary Shares issuable on exercise of each Warrant shall be increased or decreased in proportion to such increase or decrease
in outstanding Ordinary Shares. A rights offering to all holders of the Ordinary Shares entitling holders to purchase Ordinary
Shares at a price less than the Fair Market Value shall be deemed a stock dividend of a number of Ordinary Shares equal to the
product of (i) the number of Ordinary Shares actually sold in such rights offering (or issuable under any other equity securities
sold in such rights offering that are convertible into or exercisable for the Ordinary Shares) multiplied by (ii) one (1) minus
the quotient of (x) the price per Ordinary Share paid in such rights offering divided by (y) the Fair Market Value. For purposes
of this subsection 4.1, (i) if the rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining
the price payable for the Ordinary Shares, there shall be taken into account any consideration received for such rights, as well
as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” shall mean the volume weighted
average price of the Ordinary Shares for the 20 trading days ending on the third trading day prior to the date on which the notice.

 

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

 

4.3 
Extraordinary Dividends. If the Company, at any time while the Warrants (or rights to purchase the Warrants) are
outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the
Ordinary Shares on account of such Ordinary Shares (or other shares of the Company’s capital stock into which the Warrants
are convertible), other than (a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy
the conversion rights of the holders of the Ordinary Shares in connection with a proposed initial business combination, (d) as
a result of the repurchase of Ordinary Shares by the Company in connection with an initial business combination or as otherwise
permitted by the Investment Management Trust Agreement between the Company and the Warrant Agent dated of even date herewith, or
(e) in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a business
combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the
Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount
of cash and the fair market value (as determined by the Company’s board of directors, in good faith) of any securities or
other assets paid on each Ordinary Share in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary
Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per share
amounts of all other cash dividends and cash distributions paid on the Ordinary Shares during the 365-day period ending on the
date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other
subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant
Price or to the number of Ordinary Shares issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering
price of the Units in the Offering).

 

4.4 
Adjustments in Exercise Price.

 

4.4.1 
Whenever the number of Ordinary Shares purchasable upon the exercise of the Warrants is adjusted, as provided in Sections
4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price, immediately prior
to such adjustment, by a fraction, (a) the numerator of which shall be the number of Ordinary Shares purchasable upon the
exercise of the Warrants immediately prior to such adjustment, and (b) the denominator of which shall be the number of Ordinary
Shares so purchasable immediately thereafter.

 

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4.4.2 
If (i) the Company issues additional Ordinary Shares or securities convertible into or exercisable or exchangeable for Ordinary
Shares for capital raising purposes in connection with the closing of the initial business combination at an issue price or effective
issue price of less than $9.20 per share, with such issue price or effective issue price to be determined in good faith by the
Board, (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest
thereon, available for funding the initial business combination, and (iii) the volume weighted average trading price of the Ordinary
Shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the initial
business combination (the “Market Value”) is below $9.20 per share, the Warrant Price shall be adjusted (to
the nearest cent) to be equal to 115% of the Market Value, and the last sales price of the Ordinary Shares that triggers the Company’s
right to redeem the Warrants pursuant to Section 6.1 below shall be adjusted (to the nearest cent) to be equal to 180% of the Market
Value.

 

4.5 
Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Ordinary Shares (other than a change under Sections 4.1 or 4.2 hereof or one that solely affects the par value of such Ordinary
Shares), or, in the case of any merger or consolidation of the Company with or into another entity or conversion of the Company
as another entity (other than a consolidation or merger in which the Company is the continuing corporation and that does not result
in any reclassification or reorganization of the outstanding Ordinary Shares), or, in the case of any sale or conveyance to another
entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the
Company is dissolved, the Registered Holders shall thereafter have the right to purchase and receive, upon the basis and upon the
terms and conditions specified in the Warrants and in lieu of the Ordinary Shares of the Company immediately theretofore purchasable
and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities
or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution
following any such sale or transfer, that the Registered Holder would have received if such Registered Holder had exercised his,
her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in Ordinary Shares
covered by Sections 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4.
The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations,
sales or other transfers.

 

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

 

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4.7 
Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4,
and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants
initially issued pursuant to this Warrant Agreement. However, the Company may, at any time, in its sole discretion, make any change
in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter
issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so
changed.

 

4.8 
Notice of Certain Transactions. In the event that the Company shall (a) offer to holders of all its Ordinary
Shares rights to subscribe for or to purchase any securities convertible into Ordinary Shares or shares of stock of any class or
any other securities, rights or options, (b) issue any rights, options or warrants entitling all the holders of Ordinary Shares
to subscribe for Ordinary Shares, or (c) make a tender offer, redemption offer or exchange offer with respect to the Ordinary
Shares, the Company shall send to the Registered Holders a notice of such action or offer. Such notice shall be mailed to the Registered
Holders at their addresses as they appear in the Warrant Register, which shall specify the record date for the purposes of such
dividend, distribution or rights, or the date such issuance or event is to take place and the date of participation therein by
the holders of Ordinary Shares, if any such date is to be fixed, and shall briefly indicate the effect of such action on the Ordinary
Shares and on the number and kind of any other shares of stock and on other property, if any, and the number of Ordinary Shares
and other property, if any, issuable upon exercise of each Warrant and the Warrant Price after giving effect to any adjustment
pursuant to this Section 4 which would be required as a result of such action. Such notice shall be given as promptly as practicable
after the Company has taken any such action.

 

4.9 
Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding
subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order
to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such
case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is
necessary to effectuate the intent and purpose of this Section 4 and, if such firm determines that an adjustment is necessary,
the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment
recommended in such opinion

 

5. 
Transfer and Exchange of Warrants.

 

5.1 
Transfer of Public Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only
together with the Unit in which such Public Warrant is included, and only for the purpose of effecting, or in conjunction with,
a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate
also to transfer the Public Warrants included in such Unit. From and after the Detachment Date, this Section 5.1 will have
no further force and effect.

 

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5.2 
Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant
into the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and
accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number
of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent, in the case of certified warrants. The
Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon the Company’s request.

 

5.3 
Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request
for exchange or transfer, and, thereupon, the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested
by the Registered Holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however,
that, in the event a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant
and shall issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating
that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

5.4 
Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which
will result in the issuance of a warrant certificate for a fraction of a warrant.

 

5.5 
Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.

 

5.6 
Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in
accordance with the terms of this Warrant Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of
the Company for such purpose.

 

5.7 
Private Warrants and Working Capital Warrants. The Warrant Agent shall not register any transfer of Private Warrants
or Working Capital Warrants until after the consummation by the Company of an initial business combination, except for transfers
made in accordance with Section 2.5 hereof, on the condition that prior to such registration for transfer, the Warrant Agent shall
be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such transferee
agrees to be bound by the terms of the Subscription Agreements and any other applicable agreement the transferor is bound by.

 

6. 
Redemption.

 

6.1 
Redemption. Subject to the second sentence of this Section 6.1, all (and not less than all) of the outstanding
Warrants may be redeemed, in whole and not in part, at the option of the Company, at any time from and after the Warrants become
exerciseble, and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2,
at the price of $0.01 per Warrant (“Redemption Price”); provided that the last sales price of the Ordinary Shares
has been equal to or greater than $18.00 per share (subject to adjustment for splits, dividends, recapitalizations and other similar
events), for any twenty (20) trading days within a thirty (30) trading day period ending on the third business day prior
to the date on which notice of redemption is given and provided further that (i) there is a current registration statement in effect
with respect to the Ordinary Shares underlying the Warrants for each day in the 30-Day Trading Period and continuing each day thereafter
until the Redemption Date (defined below) or (ii) the cashless exercise of the Warrants pursuant to Section 3.3.2 is exempt
from the registration requirements under the Act. For avoidance of doubt, if and when the warrants become redeemable by the Company
under this Section, the Company may exercise its redemption right, even if it is unable to register or qualify the Warrant Shares
for sale under all applicable state securities laws.

 

    10

     

    

 

6.2 
Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Warrants that
are subject to redemption, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of
redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the date fixed for
redemption to the Registered Holders of the Warrants to be redeemed at their last addresses as they shall appear on the Warrant
Register. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not
the Registered Holder received such notice.

 

6.3 
Exercise After Notice of Redemption. The Warrants may be exercised in accordance with Section 3 of this Warrant
Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior
to the Redemption Date; provided that the Company may require the Registered Holder who desires to exercise the Warrant to elect
cashless exercise as set forth under Section 3.3.2, and such Registered Holder must exercise the Warrants on a cashless basis if
the Company so requires. On and after the Redemption Date, the Registered Holder of the Warrants shall have no further rights except
to receive, upon surrender of the Warrants, the Redemption Price.

 

6.4 
No Other Rights to Cash Payment. Except for a redemption in accordance with this Section 6, no Registered Holder
of any Warrant shall be entitled to any cash payment whatsoever from the Company in connection with the ownership, exercise or
surrender of any Warrant under this Warrant Agreement.

 

6.5 
Exclusion of Certain Warrants. The Company agrees that the redemption rights provided for by this Section 6 apply
only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished
by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise
provided that the criteria for redemption is met. Additionally, any of the Private Warrants or Working Capital Warrants shall not
be redeemable by the Company as long as such Private Warrants or Working Capital Warrants continue to be held by initial purchasers
and affiliates or their permitted transferees (as prescribed in Section 5.7 hereof). However, once such Private Warrants or Working
Capital Warrants are no longer held by the initial purchasers or their affiliates or permitted transferees, such Private Warrants
or Working Capital Warrants shall then be redeemable by the Company pursuant to Section 6 hereof. The provisions of this Section
6.5 may not be modified, amended or deleted without the prior written consent of the Representative.

 

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

 

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

 

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

 

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

 

7.4 
Registration of Ordinary Shares. The Company agrees that as soon as practicable, but in no event later than thirty
(30) business days after the closing of the initial business combination, it shall use its best efforts to file with the SEC a
registration statement for the registration under the Act of the Ordinary Shares issuable upon exercise of the Warrants, and to
cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating
thereto, until the expiration of the Warrants in accordance with the provisions of this Agreement. In addition, the Company agrees
to use its best efforts to register the Ordinary Shares issuable upon exercise of the Warrants under state blue sky laws, to the
extent an exemption is not available.

 

8. 
Concerning the Warrant Agent and Other Matters.

 

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

 

8.2 
Resignation, Consolidation, or Merger of Warrant Agent.

 

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

 

    12

     

    

 

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

 

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

 

8.3 
Fees and Expenses of Warrant Agent.

 

8.3.1 
Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as Warrant Agent
hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in
the execution of its duties hereunder.

 

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

 

8.4 
Liability of Warrant Agent.

 

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

 

    13

     

    

 

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

 

8.4.3 
Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement
or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible
for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it
be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method
or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall
it, by any act hereunder, be deemed to make any representation or warranty as to the authorization or reservation of any Ordinary
Shares to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any Ordinary Shares will when issued be
valid and fully paid and non-assessable.

 

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

 

8.6 
Waiver. The Warrant Agent hereby waives any 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 Warrant 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.

 

9. 
Miscellaneous Provisions.

 

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

 

    14

     

    

 

9.2 
Notices. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant
Agent or by the Registered Holder of any Warrant to or on the Company shall be delivered by hand or sent by registered or certified
mail, overnight courier service or electronic mail, addressed (until another address is filed in writing by the Company with the
Warrant Agent) as follows:

 

Ace Global Business Acquisition
Limited

6/F Unit B

Central 88, 88-98 Des Voeux Road

Central, Hong Kong

Attn: Eugene Wong

 

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

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso

 

Any notice, statement or demand authorized
by this Warrant Agreement to be given or made by the Registered Holder of any Warrant or by the Company to or on the Warrant Agent
shall be delivered by hand or sent by registered or certified mail or overnight courier service, addressed (until another address
is filed in writing by the Warrant Agent with the Company), as follows:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Compliance Department

 

Any notice, sent pursuant to this Warrant
Agreement shall be effective, if delivered by hand, upon receipt thereof by the party to whom it is addressed, if sent by overnight
courier, on the next business day of the delivery to the courier, and if sent by registered or certified mail on the third day
after registration or certification thereof.

 

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

 

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

 

9.4 
Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing that
may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants and, for the purposes of Sections 7.4, 9.4
and 9.8 hereof, the Representative and the underwriters, any right, remedy, or claim under or by reason of this Warrant Agreement
or of any covenant, condition, stipulation, promise, or agreement hereof. Ladenburg Thalmann & Co. Inc., shall be deemed to
be a third party beneficiary of this Agreement with respect to Sections 7.4, 9.4 and 9.8 hereof. All covenants, conditions, stipulations,
promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto
(and Ladenburg Thalmann & Co. Inc. with respect to Section 7.4, 9.4 and 9.8 hereof) and their successors and assigns and of
the Registered Holders of the Warrants.

 

    15

     

    

 

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

 

9.6 
Counterparts; Facsimile Signatures. This Warrant 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
one and the same instrument. Facsimile signatures shall constitute original signatures for all purposes of this Warrant Agreement.

 

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

 

9.8 
Amendments. This Warrant Agreement and any Warrant certificate may be amended by the parties hereto by executing
a supplemental warrant agreement (a “Supplemental Agreement”), without the consent of any of the Warrant Holders,
for the purpose of (i) curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein,
or making any other provisions with respect to matters or questions arising under this Warrant Agreement that is not inconsistent
with the provisions of this Warrant Agreement or the Warrant certificates, (ii) evidencing the succession of another corporation
to the Company and the assumption by any such successor of the covenants of the Company contained in this Warrant Agreement and
the Warrants, (iii) evidencing and providing for the acceptance of appointment by a successor Warrant Agent with respect to
the Warrants, (iv) adding to the covenants of the Company for the benefit of the Registered Holders or surrendering any right
or power conferred upon the Company under this Warrant Agreement, or (viii) amending this Warrant Agreement and the Warrants
in any manner that the Company may deem to be necessary or desirable and that will not adversely affect the interests of the Registered
Holders in any material respect. All other modifications or amendments to this Warrant Agreement, including any amendment to increase
the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the Registered Holders of a majority
of the then outstanding Warrants. Notwithstanding the foregoing, the Company may extend the duration of the Exercise Period in
accordance with Section 3.2 without such consent.

 

9.9 
Severability. This Warrant 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 Warrant 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 Warrant 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]

 

    16

     

    

 

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

 

	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	   
	 	By:	 
	 	 	Name:	Eugene Wong
	 	 	Title: 	Chief Executive Officer
	 	   
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	 	   
	 	By:	 
	 	 	Name: 	 
	 	 	Title: 	 

 

Signature Page To The Warrant AgreementExhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of [*], 2021 by and between Ace Global Business Acquisition Limited (the “Company”) and Continental Stock Transfer
& Trust Company, as trustee (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-252878 (“Registration Statement”) for its initial public offering of securities
(“IPO”) has been declared effective as of the date hereof (“Effective Date”) by the Securities and Exchange
Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement);
and

 

WHEREAS, Ladenburg Thalmann
& Co. Inc. (“Ladenburg”) is acting as the representative of the underwriters in the IPO; and

 

WHEREAS, if a Business
Combination is not consummated within the initial 15 month period following the closing of the IPO, the Company’s insiders
may extend such period by three three-months periods, up to a maximum of 24 months in the aggregate, by depositing $396,000 (or
$455,400 if the Underwriters’ over-allotment option is exercised in full, or in any case, $0.099 per public share) into the
Trust Account (as defined below) no later than the 15 month anniversary of the IPO, the 18 month anniversary of the IPO, or the
21 month anniversary of the IPO (each, an “Applicable Deadline”), as applicable, for each three-month extension (each,
an “Extension”), in exchange for which they will receive promissory notes; and

 

WHEREAS, as described
in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association,
$40,400,000 of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith
($46,460,000 if the over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extensions,
will be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company and the holders of
the Company’s ordinary shares, par value $0.001 per share, issued in the IPO as hereinafter provided (the proceeds to be
delivered to the Trustee, including the proceeds from any loans in connection with an Extension, if any, will be 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, 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.

 

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 a segregated trust account
(“Trust Account”) established by the Trustee at JP Morgan Chase Bank, N.A. in the United States, maintained by Trustee,
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 instruction of the Company, invest and reinvest the Property (i) in United States government
treasury bills, notes or bonds having a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as
determined by the Company;

 

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

 

(e)
Notify the Company and Ladenburg of all communications received by it with respect to any Property requiring action by the
Company;

 

(f)   
Supply any necessary information or documents as may be requested by the Company in connection with the Company’s
preparation of its tax returns;

 

(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; and

 

(i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms
of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B, signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary
or Assistant Secretary and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit
A, acknowledged and agreed to by Ladenburg, and complete the liquidation of the Trust Account and distribute the Property in
the Trust Account only as directed in the Termination Letter and the other documents referred to therein; provided, however, that
in the event that a Termination Letter has not been received by the Trustee by the 15-month anniversary of the closing of the IPO
(“Closing”) or, in the event that the Company extended the time to complete the Business Combination for up to 24-months
from the closing of the IPO but has not completed the Business Combination within the applicable monthly anniversary of the Closing,
(“Last Date”), the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination
Letter attached as Exhibit B hereto and distributed to the Public Shareholders as of the Last Date.

 

(j)
Upon receipt of an extension letter (“Extension Letter”) substantially similar to Exhibit D hereto at
least five business days prior to the Applicable Deadline, signed on behalf of the Company by an executive officer, and receipt
of the dollar amount specified in the Extension Letter on or prior to the Applicable Deadline, to follow the instructions set forth
in the Extension Letter.

 

(k)
Not disburse any amounts from the Trust Account in connection with a Business Combination in the event that the amount per
share to be received by the redeeming Public Shareholders is less than $10.00 per share (plus the amount per share deposited in
the Trust Account pursuant to any Extension Letter).

 

    2

     

    

 

(l)
In connection with a Business Combination, before making disbursements to the Depository Trust Company, the Company or any
other person, disburse the per share amount to redeeming Public Shareholders (other than shares tendered through the Depository
Trust Company) that have tendered their shares directly to the Trustee.

 

(m)    
Promptly acknowledge and comply with any irrevocable instruction letter delivered in the form of Exhibit E delivered
by the Company in connection with the disbursement of funds to a Public Shareholder.

 

(n)
Promptly acknowledge, in writing to any redeeming Public Shareholder and the Company, any irrevocable instruction letter
in the form of Exhibit F delivered by such redeeming Public Shareholder after the announcement by the Company of a proposed
Business Combination and promptly comply with any irrevocable written instruction letter in the form of Exhibit F delivered
by such Public Shareholder in connection with the disbursement of funds to such Public Shareholder if the Company has not notified
the Trustee in writing during the Objection Period that such irrevocable written instruction letter is a Non-Compliant Instruction
Letter (as defined below).

 

2.    
Limited Distributions of Income from Trust Account.

 

(a)
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, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account
requested by the Company to cover any income or other tax obligation owed by the Company.

 

(b)
The limited distributions referred to in Section 2(a) above shall be made only from income collected on the Property. Except
as provided in Section 2(a), no other distributions from the Trust Account shall be permitted except in accordance with Section
1(i) hereof.

 

(c)
The Company shall provide Ladenburg with a copy of any Termination Letters and/or any other correspondence that it issues
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after such issuance.

 

3.    
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 the Company’s Chairman of the Board, Chief Executive
Officer, President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b)
above, 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 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;

 

    3

     

    

 

(b)
Subject to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee
from and against, any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in
connection with any claim, potential claim, 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 income earned from investment of the Property, except for expenses and losses resulting from
the Trustee’s gross negligence 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
paragraph, it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”);
provided, however, that the Trustee’s failure to provide such notice shall not relieve the Company of its liability hereunder,
except to the extent that it is materially prejudiced by such failure. 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 consent shall not be unreasonably withheld or delayed. The Company may
participate in such action with its own counsel;

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant
to Sections 2(a) and 2(b) as set forth on Schedule A hereto, 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 and further agreed that any fees owed
to the Trustee shall be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in
connection with the consummation of a Business Combination, or pursuant to Section 2(b). The Company shall pay the Trustee the
initial acceptance fee and first year’s fee at the consummation of the IPO and thereafter on the anniversary of the Effective
Date;

 

(d)
In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the Trustee
an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes
verifying the vote of the Company’s shareholders regarding such Business Combination; and

 

(e)
In the event that the Company directs the Trustee to commence liquidation of the Trust Account pursuant to Section 1(i),
the Company agrees that it will not direct the Trustee to make any payments that are not specifically authorized by this Agreement.

 

(f)   
Upon receiving the written request of a Public Shareholder to do so at any time after the date hereof, provide such Public
Shareholder with a copy of any instruction provided to the Trustee pursuant to Section 1(i) or Section 1(j) along with any Notification
(as defined in Exhibit A), Instruction Letter (as defined in Exhibit A), applicable flow of funds memorandum (or
similar document), or any other notice delivered to the Trustee by the Company regarding the disbursement of Property from the
Trust Account resulting in the Property left in the Trust Account being less than $40,400,000 (or $46,460,000 if the Underwriters’
over-allotment option is exercised in full) plus any amount eventually deposited on account of any Extension, which, in each case,
shall specify to whom the Property shall be disbursed (such written notice, a “Disbursement Notice” and the date such
Public Shareholder receives a Disbursement Notice, a “Disbursement Notice Date”). Each Disbursement Notice shall be
delivered to such Public Shareholder at least two business days prior to the disbursement of any Property pursuant to Section 1(i)
or Section 1(j) and no Property shall be disbursed from the Trust Account prior to the date that is two business days from the
applicable Disbursement Notice Date.

 

    4

     

    

 

(g)
At the request of any Public Shareholder who has removed shares from street name and holds such shares either in certificated
or book-entry form and, except if such shares are held in book-entry form, delivered such certificated shares to the Trustee for
purposes of redemption in connection with a Business Combination, concurrently with the delivery of such shares, solely if such
shares are certificated. to the Trustee, send an irrevocable written instruction letter in the form of Exhibit E to the
Trustee directing the Trustee to disburse no less than $10.00 per share (plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter) to such Public Shareholder.

 

(h)
Following receipt of a copy of an irrevocable written instruction letter in the form of Exhibit F delivered by a
Public Shareholder who has removed shares from street name and holds such shares either in certificated or book-entry form and,
except if such shares are held in book-entry form, delivered such certificated shares to the Trustee for purposes of redemption
in connection with a Business Combination to the Trustee, review such letter to confirm (i) such letter is in the form of Exhibit
F, (ii) a Business Combination has been announced on or prior to the date of such letter and (iii) the number of ordinary shares
set forth on such letter to be redeemed is not greater than the number of ordinary shares held by the applicable Public Shareholder.
Solely if the Company cannot confirm the requirements of clauses (i) through (iii) of this Section 3(h), but not for any other
reason, then within two days of the Company’s receipt of the applicable copy of the irrevocable written instruction letter
in the form of Exhibit F (such time period, the “Objection Period”), the Company will notify the applicable
Public Shareholder and the Trustee in writing that such irrevocable written instruction letter is a “Non-Compliant Instruction
Letter” and that the Trustee shall not comply with such letter.

 

(i)
If applicable, the Company shall issue a press release at least three days prior to the Applicable Deadline announcing that,
at least five days prior to the Applicable Deadline, the Company received notice from the Company’s insiders that the insiders
intend to extend the Applicable Deadline;

 

(j)
Promptly following the Applicable Deadline, disclose whether or not the term the Company has to consummate a Business Combination
has been extended.

 

4.    
Limitations of Liability. The Trustee shall have no responsibility or liability to:

 

(a)
Take any action with respect to the Property, other than as directed in paragraphs 1 and 2 hereof and the Trustee shall
have no liability to any party except for liability arising out of its own gross negligence or willful misconduct;

 

(b)
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;

 

    5

     

    

 

(c)
Change the investment of any Property, other than in compliance with paragraph 1(c);

 

(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 exercise of its own best judgment, except for its gross negligence 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), 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 is believed by the Trustee, in good faith, 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 set forth in the Registration Statement or to confirm or assure that any acquisition
made by the Company or any other action taken by it is as contemplated by the Registration Statement;

 

(h)
File local, state and/or federal tax returns or information returns with any taxing authority on behalf of the Trust Account
and payee statements with the Company documenting the taxes, if any, payable by the Company or the Trust Account, relating to the
income earned on the Property;

 

(i)
Pay any taxes on behalf of the Trust Account (it being expressly understood that the Property shall not be used to pay any
such taxes and that such taxes, if any, shall be paid by the Company from funds not held in the Trust Account or released to it
under Section 2(a) hereof);

 

(j)
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; and

 

(k)
Verify calculations, qualify or otherwise approve Company requests for distributions pursuant to Section 1(i), 2(a) or 2(b)
above.

 

    6

     

    

 

5.    
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 3(b) or Section 3(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.

 

6.    
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 during which time the Trustee shall act in accordance with this Agreement.
At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company and has agreed to
become subject to the terms of 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 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; or

 

(b)
At such time that the Trustee has completed the liquidation of the Trust Account in accordance with the provisions of paragraph
1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Paragraph 3(b).

 

7.    
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 information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee will 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. The Trustee
shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the wire.

 

(b)
This 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.
It may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

 

    7

     

    

 

(c)
This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter
hereof. Except for Sections 1(i), 1(m), 1(n), 3(g), 3(h), 7(c) and 7(h) (which may only be amended with the approval of the holders
of at least 50% of the ordinary shares sold in the IPO, provided that all Public Shareholders must be given the right to receive
a pro-rata portion of the trust account (no less than $10.00 per share plus the amount per share deposited in the Trust Account
pursuant to any Extension Letter) in connection with any such amendment), this Agreement or any provision hereof may only be changed,
amended or modified by a writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification
may be made without the prior written consent of Ladenburg. As to any claim, cross-claim or counterclaim in any way relating to
this Agreement, each party waives the right to trial by jury. The Trustee may require from Company counsel an opinion as to the
propriety of any proposed amendment.

 

(d)
The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York,
Borough of Manhattan, for purposes of resolving any disputes hereunder.

 

(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

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

 

Ace Global Business Acquisition Limited

6/F Unit B

Central 88, 88-98 Des Voeux Road

Central, Hong Kong

Attn: Eugene Wong, Chief Executive Officer

E-mail: eugene@aceglobal-acq.com

 

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

 

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steve Kaplan

Facsimile: (212) 758-4939

 

    8

     

    

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Lawrence Venick, Esq.

E-mail: lvenick@loeb.com

 

and

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Brad L. Shiffman, Esq.

E-mail: bshiffman@BlankRome.com

 

(f)   
This Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g)
Each of the Trustee and the Company 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.

 

(h)
Each of the Company and the Trustee hereby acknowledge that Ladenburg is a third party beneficiary of this Agreement.

 

[signature page follows]

 

    9

     

    

 

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

	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION 

    LIMITED
	 	 	 
	 	By:	 
	 	 	Name:	Eugene Wong
	 	 	Title:	Chief Executive Officer

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of
    payment	 	Amount
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$[*] 
	Annual fee	 	Initial closing of IPO by wire transfer; thereafter on the anniversary of the effective date of the IPO by wire transfer or check	 	$[*]
	Transaction processing fee for disbursements to Company under Section 2	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 2	 	$[*]
	Paying Agent services as required pursuant to section 1(i)	 	Billed to Company upon delivery of service pursuant to section 1(i)	 	 Prevailing rates 

 

     

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

Re:Trust
Account No. [_____________] - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise
you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate a business
combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall notify
you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined 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 the Trust Account investments on [__________] and to transfer
the proceeds to the above-referenced account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of
funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct
on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution,
the Company will not earn any interest or dividends.

 

On the Consummation Date
(i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii)
the Company shall deliver to you (a) [an affidavit] [a certificate] of [__________________], which verifies the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company
and Ladenburg Thalmann & Co. Inc. with respect to the transfer of the funds held in the Trust Account, which must provide for
the disbursement of no less than $10.00 per share plus the amount per share deposited in the Trust Account per Extension Letter
to redeeming Public Shareholders (“Instruction Letter”). You are hereby directed and authorized to transfer the funds
held in the Trust Account immediately upon your receipt of the counsel’s letter 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 of the same and the Company shall direct you as to whether such
funds should remain in the Trust Account and distributed after the Consummation Date to the Company. Upon the distribution of all
the funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated.

 

    A-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 the Trust Agreement on the business day immediately
following the Consummation Date as set forth in the notice.

 

	 	Very truly yours,
	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION

 LIMITED
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Secretary/Assistant Secretary

 

	Acknowledged and Agreed:
	 
	Ladenburg Thalmann & Co. Inc.
	 
	By:	                  	 
	Name: 	              
	Title:	 

 

    A-2

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

Re:Trust
Account No. [______________] - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to paragraph
1(i) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this is to advise
you that the Company has been unable to effect a Business Combination with a Target Company 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 its IPO. Capitalized terms used herein and not otherwise defined 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 the Trust Account investments on [______________] and
to transfer the total proceeds to the Trust Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public
Shareholders. The Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public
Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned
by the Company on the liquidation proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of
record and in your separate capacity as Paying Agent, to distribute said funds directly to the 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 in the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION 

LIMITED
	 	 	 
	 	By:	                
	 	Name:	 
	 	Title:	 

 

	 	By:	 
	 	Name:	 
	 	Title:	Secretary/Assistant Secretary

 

	cc:	Ladenburg	Thalmann & Co. Inc.

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

 

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

Re:Trust
Account No. [___________]

 

Ladies and Gentlemen:

 

Pursuant to paragraph
2(a) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2021 (“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.
The Company needs such funds to pay for its tax obligations. 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]

 

	 	ACE GLOBAL BUSINESS ACQUISITION 

LIMITED
	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 

 

	cc:	Ladenburg Thalmann & Co. Inc.

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

Re:Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(l) of the Investment
Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental Stock Transfer
& Trust Company, dated as of [*], 2021 (“Trust Agreement”), this is to advise you that the Company is extending
the time available in order to consummate a Business Combination with the Target Businesses for an additional three (3) months,
from _______ to _________ (the “Extension”).

 

This Extension Letter shall serve as the
notice required with respect to Extension prior to the Applicable Deadline. Capitalized words used herein and not otherwise defined
shall have the meanings ascribed to them in the Trust Agreement.

 

In accordance with the terms of the Trust
Agreement, we hereby authorize you to deposit [$396,000] [(or $455,400 if the underwriters’ over-allotment option was exercised
in full, or in any case, $0.099 per public share)], which will be wired to you, into the Trust Account investments upon receipt.

 

This is the ____ of up to three Extension Letters.

 

	 	Very truly yours,
	 	 
	 	Ace Global Business Acquisition Limited
	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 

 

	cc:	Ladenburg Thalmann & Co. Inc.

 

    D-1

     

    

 

EXHIBIT E

 

[Letterhead of Company]

 

[Insert date]

 

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account No. [______________] - Irrevocable Instruction in Connection with Business Combination

 

Ladies and Gentlemen:

 

Pursuant to paragraphs 1(m) and 3(g) of
the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this constitutes
our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement), disburse
a per share amount of $______, for a total disbursement of $__________________which is not less than $10.00 (plus the amount per
share deposited in the Trust Account pursuant to any Extension Letter) to ________________ (the “Shareholder”) for
the _____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption in connection
with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering and
amounts to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction
substantially similar to this one. The Shareholder wire instructions are attached. A share advice or DWAC instruction from our
broker is also attached.

 

The Company shall indemnify you and your
officers, directors, principals, partners, agents and representatives, and hold each of them harmless from and against any and
all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys) incurred by or
asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance of
your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is
determined that you have acted with gross negligence or in bad faith. You shall have no liability to the Company in respect to
any action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you
shall be entitled to rely in this regard on the advice of counsel.

 

The Board of Directors of the Company has
approved the foregoing irrevocable instructions and does hereby extend the Company’s irrevocable agreement to indemnify your
firm for all loss, liability or expense in carrying out the authority and direction herein contained on the terms herein set forth.

 

The Shareholder is intended to be and is
a third party beneficiary of this letter and the irrevocable instructions set forth herein, and no amendment or modification to
the instructions set forth herein may be made without the prior written consent of the Shareholder.

 

By signing below, the person executing
this letter certifies that they are duly authorized to execute this letter on behalf of the Company and to bind the Company to
all of the terms and conditions contained herein.

 

[remainder of page intentionally left
blank]

 

    E-1

     

    

 

	 	Very truly yours,
	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION 

LIMITED
	 	 
	 	By:	               
	 	Name:	 
	 	Title:	 

 

	Acknowledged and Agreed:	 
	 	 
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

	Cc:	[SHAREHOLDER].

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

    E-2

     

    

 

EXHIBIT F

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

 

		Re:	Trust Account No. [______________] - Irrevocable Instruction in Connection with Business Combination

 

Gentlemen:

 

Pursuant to paragraphs 1(n) and 3(h) of
the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [*], 2021 (“Trust Agreement”), this constitutes
our irrevocable instruction to you to (i) in conjunction with the Business Combination (as defined in the Trust Agreement), disburse
a per share amount of $______, for a total disbursement of $_________________which is not less than $10.00 (plus the amount per
share deposited in the Trust Account pursuant to any Extension Letter) per share to ________________ (the “Shareholder”)
for the _____________________ ordinary shares of the Company delivered to you prior to or concurrently herewith for redemption
in connection with the Business Combination, and (ii) deliver to the Shareholder the amounts specified in clause (i) prior to delivering
and amounts to the Depository Trust Company, the Company, or any person from whom you have not received an irrevocable instruction
substantially similar to this one. Our wire instructions are attached. We understand that a servicing fee of $250.00 will deducted
from our payment. A share advice or DWAC instruction from our broker is attached.

 

The Company shall indemnify you and your
officers, directors, principals, partners, agents and representatives, and hold each of them harmless from and against any and
all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys) incurred by or
asserted against you or any of them arising out of or in connection with the instructions set forth herein, the performance of
your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against
any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is
determined that you have acted with gross negligence or in bad faith. You shall have no liability to the Company in respect to
any action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you
shall be entitled to rely in this regard on the advice of counsel.

 

The Board of Directors of the Company does
hereby extend the Company’s irrevocable agreement to indemnify your firm for all loss, liability or expense in carrying out
the authority and direction herein contained on the terms herein set forth.

 

No amendment or modification to the instructions
set forth herein may be made without the prior written consent of the Shareholder.

 

By signing below, the person executing
this letter certifies that they are duly authorized to execute this letter on behalf of the Shareholder and to bind the Shareholder
to all of the terms and conditions contained herein.

 

[remainder of page intentionally left
blank]

 

    F-1

     

    

 

	 	Very truly yours,
	 	 
	 	[SHAREHOLDER]
	 	 
	 	By:	                        
	 	Name:	 
	 	Title:	 

 

Acknowledged and Agreed:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

 

	 	 
	Name:	 	 
	Title:	 	 

 

		Cc:	Ace Global Business Acquisition Limited

6/F Unit B

Central 88, 88-98 Des Voeux Road

Central, Hong Kong

Attn: Eugene Wong, Chief Executive Officer

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

 

F-2

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