Document:

Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of August 30, 2021, by and between CHW Acquisition
Corporation, a Cayman Islands exempted company (the “Company”), and Wilmington Trust, National Association,
a national banking association (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-254422 (the “Registration Statement”) for the initial
public offering of the Company’s units (the “Units”), each of which consists of one share of the Company’s
ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and one warrant, each warrant entitling
the holder thereof to purchase one Ordinary Share (such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission (the “SEC”);
and

 

WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Chardan Capital Markets, LLC, as representative
(the “Representative”) of the several underwriters (the “Underwriters”) named therein;
and

 

WHEREAS, as described in the
Registration Statement, $110,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the
Underwriting Agreement) (or $126,500,000 if the Underwriters’ option to purchase additional units is exercised in full) will be
delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States (the “Trust
Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering
as hereinafter provided (the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein
as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to
as the “Public Shareholders”, and the Public Shareholders and the Company will be referred to together as the
 “Beneficiaries”); and

 

WHEREAS, pursuant to the Underwriting
Agreement, a portion of the Property equal to $3,850,000, or $4,427,500 if the Underwriters’ over-allotment option is exercised
in full, is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon
the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

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

 

NOW THEREFORE, IT IS
AGREED:

 

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

 

(a)            Hold
the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the Trustee
in the United States at Wilmington Trust, National Association.

 

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

 

(c)            In
a timely manner, upon the written instruction of the Company, invest and reinvest the Property in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations,
as determined by the Company; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s instructions hereunder;

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(i)            Commence
liquidation of the Trust Account only after and within two business days following (x) receipt of, and only in accordance with the
terms of, a letter from the Company (“Termination Letter”) in a form substantially similar to that attached
hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by an Authorized Representative
(as such term is defined below), and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including
interest earned on the funds held in the Trust Account and not previously released to the Company to pay any taxes (net of any taxes payable
and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination
Letter and other documents referred to therein, or (y) upon the date which is the later of (1) 15 months after the closing of
the Offering and (2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s
amended and restated certificate of incorporation, if a Termination Letter has not been received by the Trustee prior to such date, in
which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B
and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to
the Company to pay any taxes (net of any taxes payable and less up to $100,000 of interest that may be released to the Company to pay
dissolution expenses) shall be distributed to the Public Shareholders of record as of such date; provided, however, that
in the event the Trustee receives a Termination Letter in a form substantially similar to Exhibit B hereto, or if the Trustee
begins to liquidate the Property because it has received no such Termination Letter by the date specified in clause (y) of
this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the date the Property
has been distributed to the Public Shareholders;

 

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

 

(k)            Upon
written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit D
(a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute to the Company the amount
requested by the Company to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing
of the Company’s obligation to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated certificate of incorporation. The written request
of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute said funds, and the Trustee
shall have no responsibility to look beyond said request;

 

     

     

    

 

(l)            Only
release the Property in accordance with a written instruction, signed by an Authorized Representative (as such term is defined below)
of the Company substantially in the form attached as Exhibit A, B, C or D, as applicable, attached hereto
(each, a “Written Direction” and collectively, the “Written Direction”); and

 

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

 

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

 

(a)            Give
all instructions to the Trustee hereunder in writing, signed by an Authorized Representative (as such term is defined below) of the Company.
In addition, except with respect to its duties under Sections 1(i), 1(j) or 1(k) hereof, the Trustee shall
be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and
with reasonable care, believes to be given by any one of the persons authorized above to give written instructions, provided that the
Company shall promptly confirm such instructions in writing;

 

(b)            Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all out-of-pocket expenses,
including reasonable outside counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by
it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection
with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property
or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”), provided, that no failure or delay by the
Trustee to so notify the Company shall relieve the Company from its obligations under this Agreement, except as and to the extent it is
found, in a final, unappealable judgment by a court of competent jurisdiction, that such failure or delay actually and materially prejudiced
the Company. 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 or
delayed. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent
shall not be unreasonably withheld or delayed. The Company may participate in such action with its own counsel and at its sole cost and
expense;

 

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

 

(d)            In
connection with any vote of the Company’s shareholders regarding any merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or other similar business combination involving the Company and one or more businesses (a “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;

 

     

     

    

 

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

 

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

 

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

 

(h)            Designate,
on an incumbency certificate delivered to Trustee on the date hereof (the “Incumbency Certificate”), its authorized
representatives for purposes of this Agreement (each such individual, an “Authorized Representative” of the
Company), which shall certify that the title, contact information and specimen signature of each such Authorized Representative as set
forth therein is true and correct; and

 

(i)            Amend,
at any time, the Incumbency Certificate by signing and submitting to the Trustee an amended Incumbency Certificate, which shall be effective
upon receipt by the Trustee of such amendment.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

(g)            Verify
the accuracy of the information contained in the Registration Statement or any other filings made by the Company with the SEC;

  

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

 

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

 

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

 

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

 

The Company also agrees that
the Trustee will only be responsible for direct damages, and not for any type of indirect, special, consequential, or punitive damages,
even if the Trustee is aware of the potential for such damages.

 

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

 

5.            Termination.
This Agreement shall terminate as follows:

 

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

 

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

 

(c)            If
the Offering is not consummated within ten (10) business days of the date of this Agreement, in which case any funds received by
the Trustee from the Company or CHW Acquisition Sponsor LLC, as applicable, shall be returned promptly following the receipt by the Trustee
of written instructions from the Company.

 

     

     

    

 

6.            Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

if to the Trustee, to:

 

Wilmington Trust, National Association 

1100 North Market Street 

Rodney Square North 

Wilmington, DE 19890 

Attn: Corporate Trust Administration 

FAX (302) 636-4149 

dyoung@wilmingtontrust.com

 

in each case, with copies to:

 

if to the Company, to:

 

CHW Acquisition Corporation 

2 Manhattanville Road, Suite 403 

Purchase, NY 10577 

Attn: Mark Grundman 

mark@mjgpartners.com 

in each case, with copies to:

 

     

     

    

 

Chardan Capital Markets, LLC 

17 State Street, Suite 1600 

New York, NY 10004 

Attn: George Kaufman 

FAX (646) 465-9039 

gkaufman@chardancm.com

 

and

 

Reed Smith LLP 

599 Lexington Avenue 

New York, NY 10022 

Attn: Ari Edelman, Esq. 

aedelman@reedsmith.com

 

(f)            This
Agreement may not be assigned by the Trustee without the prior consent of the Company, which such consent shall not be unreasonably withheld.

 

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

 

(h)            Each
of the Company and the Trustee hereby acknowledges and agrees that the Representative, on behalf of the Underwriters, is a third party
beneficiary of this Agreement.

 

(i)            Except
as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or entity.

 

(j)            In
the event that any Property shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or
enjoined by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Property,
the Trustee is hereby expressly authorized, in its reasonable discretion, to comply with all writs, orders or decrees so entered or issued,
or which it is advised by legal counsel of its own choosing is binding upon it. In the event that the Trustee obeys or complies with any
such writ, order or decree it shall not be liable to any of the Parties or to any other person, firm or corporation, should, by reason
of such compliance notwithstanding, such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

(k)            The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligation under this Agreement arising
out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions, loss or malfunctions
of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts of civil or military authority
or governmental action (any such event, a “Force Majeure Event”). Notwithstanding anything to the contrary in
this Agreement, for purposes of all services provided pursuant to this Agreement (the “Services”), Trustee shall continuously
maintain business continuity and disaster recovery plans (including regular updates) that are consistent with then-current industry standards
applicable to similarly situated providers of services comparable to the Services. Without limiting the generality of the foregoing, the
business continuity and/or disaster recovery plans will cover the computer software, computer hardware, telecommunications capabilities
and other similar or related items of automated, computerized, software system(s) and network(s) or system(s) and will
be designed, among other things, to permit the ongoing operation and functionality of the Services on a continuous basis and/or to facilitate
the continuation and/or resumption of, the Services. In the event of disruption in the Services for any reason including the occurrence
of a Force Majeure Event that causes Trustee to be required to allocate limited resources between or among Trustee’s affected customers,
Trustee shall not do so in a manner that is intended to treat the Company less favorably than other similarly situated affected customers
generally. In addition, in the event Trustee has knowledge that there is, or has been, an incident affecting the integrity or availability
of Trustee’s business continuity and disaster recovery system (the “System”), Trustee shall endeavor to
notify the Company in writing, as promptly as practicable, of the incident.

 

     

     

    

 

(l)            The
Trustee shall be entitled to consult with legal counsel in the event that a question or dispute arises with regard to the construction
of any of the provisions hereof, and shall incur no liability and shall be fully protected in acting in accordance with the advice or
opinion of such counsel.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	COMPANY:
	 	 
	 	CHW Acquisition Corporation
	 	 
	 	By: 	/s/ Jonah Raskas
	 		Name:  Jonah Raskas
	 	 	Title:  Co-Chief Executive Officer and Director
	 	 	 
	 	 	 
	 	TRUSTEE:
	 	 	 
	 	Wilmington Trust, National Association, as Trustee
	 	 	 
	 	By:	/s/ David B. Young
	 		Name:  David B. Young
	 		Title:  Vice President

 

[Signature Page to Investment Management
Trust Agreement]

 

     

     

    

 

SCHEDULE A

Fees of Trustee

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Wilmington Trust, National Association 

1100 North Market Street 

Rodney Square North 

Wilmington, DE 19890

 

Re:     Trust
Account No.               Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between CHW Acquisition Corporation (the “Company”) and Wilmington
Trust, National Association (the “Trustee”), dated as of ___, 2021 (the “Trust Agreement”),
this is to advise you that the Company has entered into an agreement with___________________ (the “Target Business”)
to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date].
The Company shall notify you at least forty-eight (48) hours in advance of the actual date (or such shorter time period as you may agree)
of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined
herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account on [insert date], and
to transfer proceeds to the account of the paying agent specified by the Company to the effect that, on the Consummation Date, all of
the funds held in the Trust Account will be immediately available for transfer to the account or accounts that Chardan Capital Markets,
LLC (the “Representative”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation
Date. It is acknowledged and agreed that while the funds are on deposit in the trust account at [Ÿ] awaiting distribution, neither
the Company nor the Representative will 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, or will be consummated substantially,
concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and
(ii) the Company shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer of the Company, which
verifies that the Business Combination has been approved by a vote of the Company’s shareholders, if a vote is held, and (b) joint
written instruction signed by the Company and the Representative with respect to the transfer of the funds held in the Trust Account,
including payment of the Deferred Discount from the Trust Account (the “Instruction Letter”). You are hereby
directed and authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust Account may not be
liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you
as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution
of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated.

 

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

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	 
	 	CHW ACQUISITION CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:

 

     

     

    

 

EXHIBIT B

[Letterhead of Company]

 

[Insert date]

 

Wilmington Trust, National Association 

1100 North Market Street 

Rodney Square North 

Wilmington, DE 19890

 

Re:     Trust
Account No.               Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i) of
the Investment Management Trust Agreement between CHW Acquisition Corporation (the “Company”) and Wilmington
Trust, National Association (the “Trustee”), dated as of ___, 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business (the “Business Combination”)
within the time frame specified in the Company’s amended and restated certificate of incorporation, as described in the Company’s
Registration Statement relating to the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the
Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on ___________ and to await distribution
to the Public Shareholders. The Company has selected [•] as the record date for the purpose of determining the Public Shareholders
entitled to receive their share of the liquidation proceeds. Upon the distribution of all the funds, your obligations under the Trust
Agreement shall be terminated, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	CHW ACQUISITION CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:

 

     

     

    

 

EXHIBIT C

[Letterhead of Company]

 

[Insert date]

 

Wilmington Trust, National Association

 

1100 North Market Street

 

Rodney Square North

 

Wilmington, DE 19890

 

Re:     Trust
Account No.               Tax Payment Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j) of
the Investment Management Trust Agreement between CHW Acquisition Corporation (the “Company”) and Wilmington
Trust, National Association (the “Trustee”), dated as of ___, 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $____________ of the interest income earned on the Property as of the date
hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

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

 

[WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	CHW ACQUISITION CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:

 

     

     

    

 

EXHIBIT D

[Letterhead of Company]

 

[Insert date]

 

Wilmington Trust, National Association 

1100 North Market Street 

Rodney Square North 

Wilmington, DE 19890

 

Re:     Trust
Account No.               Shareholder Redemption Withdrawal
Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between CHW Acquisition Corporation (the “Company”) and Wilmington
Trust, National Association (the “Trustee”), dated as of ___, 2021 (the “Trust Agreement”),
the Company hereby requests that you deliver to the Company $___________ of the principal and interest income earned on the Property as
of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds
to pay its Public Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder
vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing
of the Company’s obligation to redeem 100% of its public Ordinary Shares if the Company has not consummated an initial Business
Combination within such time as is described in the Company’s amended and restated certificate of incorporation. As such, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public
Stockholders in accordance with your customary procedures.

 

	 	Very truly yours,
	 	 	 
	 	 	 
	 	CHW ACQUISITION CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

cc:Exhibit 10.3

 

ESCROW AGREEMENT

 

This ESCROW AGREEMENT, dated
as of August 30, 2021 (“Agreement”), by and among CHW ACQUISITION CORPORATION, a Cayman Islands exempted company (the
 “Company”), CHW Acquisition Sponsor LLC, a Delaware limited liability company (the “Sponsor”) and
each of the investors listed on the signature page hereto (the “Anchor Investors”, and together with the Sponsor, the
 “Initial Shareholders”) and VSTOCK TRANSFER, LLC, a New York limited liability company (“Escrow Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of August 30, 2021 (“Underwriting Agreement”), with Chardan Capital Markets,
LLC (“Chardan”) acting as representative of the several underwriters (collectively, the “Underwriters”),
pursuant to which, among other matters, the Underwriters have agreed to purchase 11,000,000 units (“Units”) of the
Company, plus an additional 1,650,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one
ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”), and one warrant, with each whole
warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per whole share, all as more fully
described in the Company’s final Prospectus, dated August 30, 2021 (“Prospectus”), comprising part of the Company’s
Registration Statement on Form S-1 (File No. 333-254422) under the Securities Act of 1933, as amended (“Registration Statement”),
declared effective on August 30, 2021 (the “Effective Date”).

 

WHEREAS, the Sponsor purchased
3,162,500 Ordinary Shares (the “Founder Shares”) from the Company on January 18, 2021, and now wishes to transfer 750,000
Founder Shares (the “Anchor Shares”) to the Anchor Investors, in the amounts set forth opposite their respective names
on Exhibit A attached hereto, with the Sponsor retaining 2,412,500 Founder Shares (“Sponsor Shares”);

 

WHEREAS, the Initial Shareholders
have agreed as a condition of the sale of the Units to deposit the Anchor Shares and Sponsor Shares, in escrow as hereinafter provided.

 

WHEREAS, the Company and the
Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

 

IT IS AGREED:

 

1. Appointment of Escrow
Agent. The Company and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms
of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 

2. Deposit of Escrow Shares.
On or prior to the date hereof, the Sponsor shall have delivered to Escrow Agent: (i) a stock power for the Founder Shares held in book
entry in the name of the Sponsor; and (ii) an instruction letter to make a book-entry notation evidencing that (A) the Anchor Shares shall
be transferred to the Escrow Agent for the benefit of each of the Anchor Investors and allocated among the Anchor Investors in the amounts
set forth on Exhibit A and (B) the Sponsor Shares shall be transferred to the Escrow Agent for the benefit of the Sponsor, with the Anchor
Shares and Sponsor Shares (collectively, the “Escrow Shares”) to be held and disbursed subject to the terms and conditions
of this Agreement. Each of the Initial Shareholders acknowledges that the book-entry notation evidencing such Initial Shareholder’s
Escrow Shares shall reflect the deposit of such Escrow Shares under this Agreement.

 

     

     

    

 

3. Disbursement of the
Escrow Shares.

 

3.1 The Escrow Agent shall hold
the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and (i) for 50% of the Escrow
Shares, ending on the earlier of (x) six months after the date of the consummation of the Company’s initial business combination
(as described in the Registration Statement, hereinafter a “Business Combination”) and (y) the date on which the closing
price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations)
for any 20 trading days within any 30-trading day period commencing after the Company’s initial Business Combination and (ii) for
the remaining 50% of the Escrow Shares, ending six months after the date of the consummation of an initial Business Combination. The Company
shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period,
the Escrow Agent shall disburse such amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such
Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company
is being liquidated at any time during the Escrow Period, then the Escrow Agent shall promptly cancel the book-entry notation representing
the Escrow Shares then held by the Escrow Agent; provided further, however, that if, within six months after the Company consummates an
initial Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, share exchange or
other similar transaction within such six-month period which results in all of the shareholders of such entity having the right to exchange
their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman
of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable to the Escrow Agent, certifying
that such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the
Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares
in accordance with this Section 3.1.

 

3.2 Notwithstanding Section
3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 1,650,000 Units of the Company in full
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees that the Escrow Agent shall
return to the Company for cancellation, at no cost, the number that is equal to the number of Sponsor Shares held by Escrow Agent for
the benefit of the Sponsor listed on Exhibit B multiplied by (a) the product of (i) 412,500 multiplied by (ii) a fraction, (x)
the numerator of which is the number of Escrow Shares held by each such holder, and (y) the denominator of which is the total number of
Escrow Shares, by (b) a fraction, (i) the numerator of which is 1,650,000 minus the number of Ordinary Shares purchased by the Underwriters
upon the exercise of their over-allotment option, and (ii) the denominator of which is 1,650,000. The Company shall promptly provide notice
to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any,
purchased by the Underwriters in connection with their exercise thereof.

 

3.3 On the termination date
of the Escrow Period, the Escrow Agent shall, upon written instructions from the Company disburse the Escrow shares as set forth in such
instructions.

 

4. Rights of Initial Shareholders
in Escrow Shares.

 

4.1 Voting Rights as a Shareholder.
Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as herein provided, the Initial Shareholders shall
retain all of their rights as shareholders of the Company during the Escrow Period, including, without limitation, the right to vote such
shares.

 

4.2 Dividends and Other
Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the
Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in shares or other non-cash property
(“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if
any.

 

     

     

    

 

4.3 Restrictions on Transfer.
During the Escrow Period, the only permitted transfers of the Escrow Shares will be (1) to any persons (including their affiliates and
shareholders) participating in the private placement of the private placement warrants, officers, directors, shareholders, employees and
members of the Company's sponsor and its affiliates, (2) amongst initial shareholders or to the Company's officers, directors and employees,
(3) if a holder is an entity, as a distribution to its, partners, shareholders or members upon its liquidation, (4) by bona fide gift
to a member of the holder's immediate family or to a trust, the beneficiary of which is a holder or a member of a holder's immediate family,
for estate planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified domestic relations
order, (7) by certain pledges to secure obligations incurred in connection with purchases of the Company's securities, (8) by private
sales at prices no greater than the price at which the shares were originally purchased, (9) by CHW Acquisition Sponsor LLC to certain
anchor investors participating in the initial public offering, including transfers between and among any funds that are affiliates of
such anchor investor, or (10) for the cancellation of up to 412,500 Ordinary Shares subject to forfeiture to the extent that the Underwriters'
over-allotment is not exercised in full or in part or in connection with the consummation of an initial Business Combination, in each
case (except for clause 10 or with the Company's prior consent) where the transferee agrees to the terms of this Agreement and the Insider
Letter (as defined below).

 

4.4 Insider Letters.
Sponsor has executed a letter agreement with the Company, dated as indicated on Exhibit C
hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the
rights and obligations of the Sponsor in certain events, including but not limited to the liquidation of the Company.

 

5. Concerning the Escrow
Agent.

 

5.1 Good Faith Reliance.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment,
and 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 Escrow Agent), 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 Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be
bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing
delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless
it shall have given its prior written consent thereto.

 

5.2 Indemnification.
The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim
which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or
the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the
Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action,
suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice,
the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine
ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may
retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties
hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this
Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

     

     

    

 

5.3 Compensation. The
Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent
shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental
charges.

 

5.4 Further Assurances.
From time to time on and after the date hereof, the Company and the Initial Shareholders shall deliver or cause to be delivered to the
Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself
that it is protected in acting hereunder.

 

5.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time
that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new
escrow agent is so appointed within the 60 day period following the giving of such notice of resignation, the Escrow Agent may deposit
the Escrow Shares with any court it reasonably deems appropriate.

 

5.6 Discharge of Escrow Agent.
The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the
other parties hereto, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by
a successor escrow agent as provided in Section 5.5.

 

5.7 Liability. Notwithstanding
anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

 

5.8 Waiver. The Escrow
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 Escrow 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.

 

6. Miscellaneous.

 

6.1 Governing Law. This
Agreement shall for all purposes be deemed to be made under and shall be construed 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.

 

6.2 Third Party Beneficiaries.
Each of the Initial Shareholders hereby acknowledges that Chardan is a third party beneficiary of this Agreement and this Agreement may
not be modified or changed without the prior written consent of Chardan.

 

6.3 Entire Agreement.
This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly
provided herein, may not be changed or modified except by an instrument in writing signed by the party to the charged.

 

     

     

    

 

6.4 Headings. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

 

6.5 Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors
and assigns.

 

6.6 Notices. Any notice
or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified
or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when
so delivered personally or, if mailed, two days after the date of mailing, as follows:

 

	 	If to the Company, to:	 	CHW Acquisition Corporation
	 	 	 	2 Manhattanville Road, Suite 403
	 	 	 	Purchase, NY 10577
	 	 	 	Attn: Jonah Raskas
	 	 	 	 
	 	If to a Shareholder, to his address set forth in Exhibit A.
	 	 	 	 
	 	and if to the Escrow Agent, to:	 	
    VStock Transfer, LLC

    18 Lafayette Place

    Woodmere, New York 11598

    Attn: Compliance Department

	 	 	 	 
	 	A copy (which copy shall not constitute notice) sent hereunder shall be sent to:
	 	 	 	 
	 	 	 	Chardan Capital Markets LLC
	 	 	 	17 State Street, 21st Floor
	 	 	 	New York, NY 10004
	 	 	 	Attn: George Kaufman
	 	 	 	 
	 	and:	 	Reed Smith LLP
	 	 	 	599 Lexington Avenue 
	 	 	 	New York, NY 10022 
	 	 	 	Attn: Ari Edelman, Esq. 

 

     

     

    

 

	 	and:	 	Proskauer Rose LLP
	 	 	 	Eleven Times Square
	 	 	 	New York, NY 10036
	 	 	 	Attn: Daniel Forman, Esq. 

 

The parties may change the
persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner
provided herein for giving notice.

 

6.7 Liquidation of the Company.
The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company
fails to consummate a Business Combination within the time period specified in the Prospectus.

 

[Signature Page Follows]

 

     

     

    

 

WITNESS the execution of this
Agreement as of the date first above written.

 

	 	COMPANY:
	 	 	 
	 	CHW ACQUISITION CORPORATION
	 	 	 
	 	By:	/s/ Jonah Raskas
	 	Name:	Jonah Raskas
	 	Title:	Co-Chief Executive Officer
	 	 	 
	 	VSTOCK TRANSFER, LLC
	 	 	 
	 	By:	/s/ Young D. Kim
	 	Name:	Young D. Kim
	 	Title:	Compliance Officer
	 	 	 
	 	INITIAL SHAREHOLDERS:
	 	 	 
	 	CHW ACQUISITION SPONSOR LLC
	 	 
	 	By:	CHW Acquisition Founders LLC
	Its:	Managing Member
	 	By:	MJG PARTNERS LLC
	Its:	Managing Member
	 	 
	 	By:	/s/ Mark Grundman
	 	Name:	Mark Grundman
	 	Title: 	Manager

 

[Signature Page to Escrow Agreement]

 

     

     

    

 

	 	ANCHOR INVESTORS:
	 	 	 
	 	By:	                   
	 	Name:	 
	 	Title:	 

 

[Signature Page to Escrow Agreement]

 

     

     

    

 

EXHIBIT A

Initial Shareholders

	Name of Initial Shareholder	 	Number 
 of Shares	 	 	Date of 
 Insider Letter
	CHW Acquisition Sponsor LLC	 	 	2,412,500	 	 	August 30, 2021
	Anchor Investors	 	 	[           ]	 	 	 

 

     

     

    

 

EXHIBIT B

Escrow Shares subject to Forfeiture

 

CHW Acquisition Sponsor LLC – 412,500

 

     

     

    

 

EXHIBIT C

Insider Letter

 

(Attached)

 

     

     

    

 

August 30, 2021

 

CHW Acquisition Corporation

2 Manhattanville Road, Suite 403

Purchase, NY 10577

 

Re: Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
to be entered into by and between CHW Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and Chardan Capital Markets, LLC as representative (the “Representative”) of the several underwriters (each,
an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 12,650,000 of the Company’s units (including
up to 1,650,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one of the Company’s ordinary shares, par value $0.001 per share (the “Ordinary Shares”), and one warrant
(each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50
per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 (File
No. 333-254422) and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission
(the “Commission”) and the Company shall apply to have the Units listed on The Nasdaq Capital Market. Certain
capitalized terms used herein are defined in Section 13 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, CHW Acquisition Sponsor LLC, a Delaware limited liability
company (the “Sponsor”), and the undersigned individuals, each of whom is a member of the Company’s board
of directors and/or management team (each, an “Insider” and collectively, the “Insiders”),
hereby agree with the Company as follows:

 

1. Proposed Business
Combination.

 

(a) The officers
and directors of the Company will not enter into a binding agreement for a proposed Business Combination or propose any Business Combination
to shareholders of the Company unless such action is first approved by the Sponsor.

 

(b) Subject to Section
1(a), the Sponsor and each Insider agrees that: (a) if the Company seeks shareholder approval of a proposed Business Combination,
then in connection with such proposed Business Combination, it, he or she shall (i) vote any Shares owned by it, him or her in favor of
any proposed Business Combination and (ii) not redeem any Shares owned by it, him or her in connection with such shareholder approval;
(b) if the Company engages in a tender offer in connection with any proposed Business Combination, it, he or she shall not sell any Shares
to the Company in connection therewith; and (c) if the Company seeks shareholder approval of any proposed amendment to the Charter prior
to the consummation of a Business Combination, it, he or she shall not redeem any Shares owned by it, him or her in connection with such
shareholder approval.

 

2. Liquidation; Charter
Amendment; Trust Account Funds.

 

(a) The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within the time
period set forth in the Charter, the Sponsor and each Insider shall take all reasonable steps to cause the Company to (i) cease all
operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days
thereafter, subject to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the Public
Offering (the “Offering Shares”), at a price per Ordinary Share, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously
released to the Company to pay any taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of
then issued outstanding Offering Shares, which redemption will completely extinguish all Public Shareholders’ rights as
shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and
the Company’s board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the
Company’s obligations under Cayman Islands law to provide for claims of creditors and other requirements of applicable
law.

 

     

     

    

 

(b) The Sponsor
and each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance or timing of the Company’s
obligation to allow redemption in connection with the Business Combination or to redeem 100% of the Offering Shares if the Company does
not complete a Business Combination within the time period described in the Prospectus or (ii) with respect to any other provision relating
to shareholders’ rights or pre-Business Combination activity, unless the Company provides its Public Shareholders with the opportunity
to redeem their Ordinary Shares upon approval of any such amendment at a price per Ordinary Share, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released
to the Company to pay any taxes, divided by the number of then issued and outstanding Offering Shares.

 

(c) The Sponsor
and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust
Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it,
him or her. The Sponsor and each Insider hereby further waives any claim such Sponsor or Insider may have in the future as a result of,
or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Account for any reason whatsoever
except in each case with respect to the Insider’s right to a pro rata interest in the proceeds held in the Trust Account for any
Offering Shares such Sponsor or Insider may hold.

 

3. Section 16 Matters.
During the period commencing on the Effective Date and ending 180 days after such date, the Sponsor and each Insider shall not, without
the prior written consent of the Representative, (a) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option
to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to
any Units, Ordinary Shares, Founder Shares, Private Placement Warrants or any securities convertible into, or exercisable, or exchangeable
for, Ordinary Shares owned by it, him or her, (b) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any Units, Ordinary Shares, Founder Shares, Private Placement Warrants or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise, or (c) publicly announce any intention to effect any transaction specified
in clause (a) or (b). The Sponsor and each Insider acknowledge and agree that, prior to the effective date of any release or waiver, of
the restrictions set forth in this Section 3 or Section 7 below, the Company shall announce the impending release or waiver
by press release through a major news service at least two business days before the effective date of the release or waiver. Any release
or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this Section
3 will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed
in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain
in effect at the time of the transfer.

 

     

     

    

 

4. Trust Account
Liquidation. In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall
not extend to any other shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against
any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all legal or other
expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any
claim whatsoever) to which the Company may become subject as a result of any claim by (a) any third party for services rendered or
products sold to the Company or (b) a prospective target business with which the Company has entered into a letter of intent,
confidentiality or other similar agreement or a Business Combination agreement (a “Target”); provided,
however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such
claims by a third party for services rendered (other than the Company’s independent public accountants) or products sold to
the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per Offering Share or (ii) such
lesser amount per Offering Share held in the Trust Account due to reductions in the value of the trust assets as of the date of the
liquidation of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may
be withdrawn to pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights
to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against
certain liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver
is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such
third party claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably
satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies
the Company in writing that it shall undertake such defense.

 

5. Forfeiture.
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,650,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number
of Founder Shares in the aggregate equal to 412,500 multiplied by a fraction, (a) the numerator of which is 1,650,000 minus the number
of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (b) the denominator of which is 1,650,000.
The Sponsor will be required to forfeit only that number of Founder Shares as is necessary so that the Sponsor and Insiders will own an
aggregate of 20.0% of the Company’s issued and outstanding equity shares after the Public Offering.

 

6. Specific Performance.
The Sponsor and each Insider hereby agrees and acknowledges that: (a) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under Section 1, Section 2, Section
3, Section 4, Section 5, Section 7(a), Section 7(b), Section 8, Section 9 and Section
10, as applicable, of this Letter Agreement (b) monetary damages may not be an adequate remedy for such breach and (c) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

7. Lock-Up Restrictions.

 

(a) The Sponsor
and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares issuable upon conversion thereof)
until (A) with respect to 50% of the Founder Shares, the earlier of six months after the completion of the Company's initial Business
Combination or the date on which the closing price of our ordinary shares exceeds $12.50 per share (as adjusted for share splits, share
capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after the
initial Business Combination, and (B) with respect to the remaining 50% of the Founder Shares, six months after the date of the initial
Business Combination or earlier if approved by the shareholders of the Company, and in either case, if, subsequent to the initial Business
Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction that results in all of our shareholders
having the right to exchange their shares for cash, securities or other property. (the “Founder Shares Lock-up Period”).

 

(b) The Sponsor
and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants, until 30 days after the completion of a
Business Combination (such period, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

     

     

    

 

(c) Notwithstanding
the provisions set forth in Sections 7(a) and Sections 7(b), Transfers of the Founder Shares, Private Placement Warrants
or the Ordinary Shares issued or issuable upon the conversion of the Private Placement Warrants or the Founder Shares and that are held
by the Sponsor, any Insider or any of their permitted transferees (that have complied with this Section 7(c)), are permitted (1)
to any persons (including their affiliates and shareholders) participating in the private placement of the private placement warrants,
officers, directors, shareholders, employees and members of our sponsor and its affiliates, (2) amongst Insiders or to our officers, directors
and employees, (3) if a holder is an entity, as a distribution to its, partners, shareholders or members upon its liquidation, (4) by
bona fide gift to a member of the holder's immediate family or to a trust, the beneficiary of which is a holder or a member of a holder's
immediate family, for estate planning purposes, (5) by virtue of the laws of descent and distribution upon death, (6) pursuant to a qualified
domestic relations order, (7) by certain pledges to secure obligations incurred in connection with purchases of our securities, (8) by
private sales at prices no greater than the price at which the shares were originally purchased (9) by the Sponsor to certain anchor investors
participating in the Public Offering or (10) for the cancellation of up to 412,500 Ordinary Shares subject to forfeiture to the extent
that the Underwriters' over-allotment is not exercised in full or in part or in connection with the consummation of a Business Combination,
in each case (except for clause 10 or with our prior consent) where the transferee agrees to the terms of this Agreement and the escrow
agreement.

 

8. Director and Officer
Appointments. Each of the Insiders agrees to be a director or officer of the Company, as applicable, until the earlier of the
consummation by the Company of an initial Business Combination, the liquidation of the Company, or his or her removal, death or incapacity.
In the event of the removal or resignation of an Insider as a director or officer (as applicable), each Insider agrees that he or she
will not, prior to the consummation of the Business Combination, without the prior express written consent of the Company, (a) use for
the benefit of the undersigned or to the detriment of the Company or (b) disclose to any third party (unless required by law or governmental
authority), any information regarding a potential Target that is not generally known by persons outside of the Company, the Sponsor, or
their respective affiliates.

 

9.           Approval
of Business Combination. The undersigned acknowledges and agrees that prior to entering into a definitive agreement for a Business
Combination with a Target that is affiliated with any of the Insiders of the Company or their affiliates, such transaction must be approved
by a majority of the Company’s disinterested directors and the Company must obtain an opinion from an independent investment banking
firm or another independent entity that commonly renders valuation opinions for the type of company the Company is seeking to acquire
that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

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

 

11.         No
Insider Payments. Except as disclosed in the Prospectus, neither the Sponsor, nor any Insider, nor any affiliate of either the
Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee,
reimbursement or cash payments prior to or in connection with any services rendered in order to effectuate the consummation of the
Company’s initial Business Combination (regardless of the type of transaction that it is), other than the amounts described in
the Prospectus under the heading “Summary – The Offering – Limited Payments to Insiders.”

 

     

     

    

 

12.         Authority
and Capacity. The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including,
without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter
Agreement and, as applicable, to serve as an officer and/or director on the board of directors of the Company and hereby consents to being
named in the Prospectus as an officer and/or director of the Company.

 

13.         Defined
Terms. As used herein, (a) “Business Combination” shall mean a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (b) “Shares”
shall mean, collectively, the Ordinary Shares, the Founder Shares and the Ordinary Shares issued or issuable upon the conversion of the
Private Placement Warrants or the Founder Shares; (c) “Founder Shares” shall mean the 3,162,500 of the Company’s
Ordinary Shares, par value $0.001 per share, initially issued to the Sponsor (up to 412,500 Shares of which are subject to complete or
partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) for an aggregate purchase price of
$25,000, or $0.01 per share, prior to the consummation of the Public Offering; (d) “Private Placement Warrants”
shall mean the 4,000,000 warrants of the Company (or up to 4,262,500 warrants depending on the extent to which the underwriters’
over-allotment option is exercised) that the Company is selling in a private placement that shall occur simultaneously with the consummation
of the Public Offering; (e) “Public Shareholders” shall mean the holders of securities issued in the Public
Offering; (f) “Trust Account” shall mean the trust fund located in the United States into which a portion of
the net proceeds of the Public Offering shall be deposited; (g) “Transfer” shall mean the (i) sale of, offer
to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose
of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a
call equivalent position within the meaning of Section 16 of the Exchange Act and the rules and regulations of the Commission promulgated
thereunder with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (g)(i) or (g)(ii); and
(h) “Charter” shall mean the Company’s memorandum and articles of association, as the same may be amended
from time to time.

 

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

 

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

 

16.           Third-Party
Beneficiaries.

 

(a)           The
Company, the Sponsor and each Insider hereby acknowledges and agrees that the Representative on behalf of the Underwriters is a third-party
beneficiary of this Letter Agreement.

 

(b)           Subject
to Section 16(a), nothing in this Letter Agreement shall be construed to confer upon, or give to, any person or entity other
than the Representative and the parties hereto any right, remedy or claim under or by reason of this Letter Agreement or of any
covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises and agreements
contained in this Letter Agreement shall be for the sole and exclusive benefit of the Representative, the parties hereto, and each
of their respective successors, heirs, personal representatives and assigns and permitted transferees.

 

     

     

    

 

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

 

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

 

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

 

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

 

21.           Term.
This Letter Agreement shall terminate on the earlier of (a) the expiration of the Lock-up Periods or (b) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by December 31, 2021; provided, further, that Section 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

     

     

    

 

	 	Sincerely,
	 	 
	 	CHW Acquisition Sponsor LLC
	 	 
	 	By:	CHW Acquisition Founders LLC
	 	Its:	Managing Member
	 	By:	MJG Partners LLC
	 	Its:	 
	 	 	 
	 	By:	Sole Managing Member
	 	Name: Mark Grundman
	 	Title: Managing Member
	 	 
	 	Deborah Weinswig
	 	Victor Herrero
	 	M. Carl Johnson, III
	 	Jason Reiser
	 	 
	 	 
	 	Gary Tickle 
	 	 
	 	 
	 	Jonah Raskas
	 	 
	 	 
	 	Paul Norman
	 	 

 

     

     

    

 

	 	Deb Benovitz
	 	 
	 	 
	 	Stephen Katchur
	 	 

 

 

	Acknowledged and Agreed:	Mark Grundman
	 	 
	CHW Acquisition Corporation	 
	 	 
	By:	 	 
	Name: Jonah Raskas	 
	Title: Co-Chief Executive Officer

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