Document:

Exhibit 10.1

   

  [-], 2021

   

  Blue Ocean Acquisition Corp

  2 Wisconsin Circle,

  7th Floor

  Chevy Chase, MD 20815

   

  Re: Initial Public Offering

   

  Ladies and Gentlemen:

   

  This letter agreement (this
    “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
        Agreement”) entered into by and among Blue Ocean Acquisition Corp, a Cayman Islands exempted company (the “Company”),
    Needham & Company, LLC, as underwriter (the “Underwriter”), relating to an underwritten initial public
    offering (the “Public Offering”) of 15,000,000 of the Company’s units (including up to 2,250,000
    units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one of
    the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), and
    one-half of one redeemable warrant (each whole warrant, 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 will be sold in the Public
    Offering pursuant to a registration statement on Form S-1 and a prospectus (the “Prospectus”) filed by
    the Company with the U.S. Securities and Exchange Commission (the “Commission”), and the Company shall
    apply to have the Units listed on The Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

   

  In order to induce the
    Company and the Underwriter 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, Blue Ocean Sponsor LLC, a Cayman Islands
    limited liability company (“Sponsor”), Apollo SPAC Fund I, L.P., a fund managed by affiliates of Apollo
    Global Management, Inc. (“Apollo”) and each of the undersigned individuals, each of whom is a member
    of the Company’s board of directors, management team and/or advisory board (each, an “Insider”
    and collectively, the “Insiders”), and the other persons party hereto (the “Other Investors”),
    each hereby agrees, severally but not jointly, with the Company as follows:

   

  1.       If
    the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination:
    (i) the Sponsor and each Insider agrees that it, he or she shall (a) vote any Capital Shares owned by it, him or her in favor of
    any proposed Business Combination and (b) not redeem any Ordinary Shares owned by it, him or her in connection with such shareholder
    approval; (ii) Apollo agrees that it shall (a) vote any Capital Shares owned by it in favor of the proposed Business Combination
    and (b) not redeem any Founder Shares owned by it in connection with such shareholder approval; and (iii) each Other Investor agrees
    that it (a) shall vote any Founder Shares owned by it in favor of any proposed Business Combination and (b) not redeem any Founder
    Shares owned by it, him or her in connection with such shareholder approval.

   

  
  
    	 		 

  

  
     

  

  
  

   

  2.       The
    Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 18
    months (or up to 21 months if the period of time to consummate a business combination is extended) from the closing of the Public
    Offering, or such later period as may be approved by the Company’s shareholders in accordance with the Company’s amended
    and restated memorandum and articles of association, 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 per-share price, payable in cash, equal
    to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account
    and not previously released to the Company to pay its franchise and income taxes as well as any expenses related to the administration
    of the Trust Account (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering
    Shares, which redemption will completely extinguish all of the Public Shareholders’ rights as shareholders (including the
    right to receive further liquidation 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 each case to the Company’s obligations under Cayman Islands law to provide
    for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree not to propose any amendment
    to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the
    Company’s obligation to allow redemption in connection with its initial Business Combination or redeem 100% of the Offering
    Shares if the Company does not complete a Business Combination within 18 months (or up to 21 months if the period of time to consummate
    a business combination is extended) from the closing of the Public Offering or (B) with respect to any other provision of the Company’s
    amended and restated memorandum and articles of association relating to shareholders’ rights or pre-initial Business Combination
    activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering Shares upon approval
    of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
    including interest not previously released to the Company to pay its franchise and income taxes as well as any expenses related
    to the administration of the Trust Account, divided by the number of then outstanding Offering Shares.

   

  The Sponsor, Apollo, each
    Insider and each Other Investor acknowledge 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 waive, with respect to any Ordinary Shares
    held, and Apollo and each Other Investor hereby further waive solely with respect to the Founder Shares held, by it, him or her,
    if any, any redemption rights it, he or she may have in connection with (x) the consummation of a Business Combination, including,
    without limitation, any such rights available in the context of a shareholder vote to approve such Business Combination or in the
    context of a tender offer made by the Company to purchase Ordinary Shares or (y) a shareholder vote to amend the Company’s
    amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation
    to allow redemption in connection with its initial Business Combination or redeem 100% of the Offering Shares if the Company does
    not complete a Business Combination within 18 months (or up to 21 months if the period of time to consummate a business combination
    is extended) from the closing of the Public Offering or (B) with respect to any other provision of the Company’s amended
    and restated memorandum and articles of association relating to shareholders’ rights or pre-initial Business Combination
    activity (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights
    with respect to any Offering Shares it, he, she or they hold if the Company fails to consummate a Business Combination within 18
    months (or up to 21 months if the period of time to consummate a business combination is extended) from the date of the closing
    of the Public Offering).

   

  
  
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  3.       Notwithstanding
    the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the Underwriting
    Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, and Apollo and each Other Investor solely
    with respect to Founder Shares owned by it, without the prior written consent of the Underwriter, (i) offer, pledge, sell, contract
    to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to
    purchase, or otherwise transfer or dispose of, directly or indirectly, or file with, or submit to, the Commission a registration
    statement under the Securities Act of 1933, as amended (the “Securities Act”) relating to any Units,
    Ordinary Shares, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable for, any Units, Ordinary
    Shares, Founder Shares or Warrants owned by it, him or her, (ii) 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, 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 (iii) publicly announce any intention to effect any transaction
    specified in clause (i) or (ii). The provisions of this paragraph 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.       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 (i) any third party for services rendered or products sold to the Company
    or (ii) a prospective target business with which the Company has entered into an acquisition 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 or products sold to the Company or a Target do not
    reduce the amount of funds in the Trust Account to below (i) $10.20 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 and expenses related to the administration of the Trust Account, 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 Underwriter against certain liabilities, including liabilities under the Securities Act. 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. For the avoidance of doubt, none of the Company’s
    officers or directors will indemnify the Company for claims by third-parties, including, without limitation, claims by vendors
    and prospective target businesses.

   

  
  
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  5.       To
    the extent that the Underwriter does not exercise its over-allotment option to purchase up to an additional 2,225,000 Units within
    45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor has agreed to forfeit, at no
    cost, a number of Founder Shares in the aggregate equal to 562,500. The forfeiture will be adjusted to the extent that the over-allotment
    option is not exercised in full by the Underwriter so that the Sponsor, Insiders and Other Investors, together with any other owners
    of the Founder Shares, will own an aggregate of 20.0% of the Company’s issued and outstanding Capital Shares after the Public
    Offering. To the extent that the size of the Public Offering is increased or decreased, the Company will effect a share dividend,
    share contribution back to capital or other appropriate mechanism, as applicable, with respect to the Founder Shares immediately
    prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares prior to the Public
    Offering at 20.0% of the Company’s issued and outstanding Capital Shares upon the consummation of the Public Offering. In
    connection with such increase or decrease in the size of the Public Offering, (A) the references to 2,225,000 shall be changed
    to a number equal to 20% of the number of shares included in the Units issued in the Public Offering and (B) the references to
    562,500 be adjusted to the total number of Founder Shares that the Sponsor would have to return to the Company in order for the
    number of Founder Shares that the Sponsor, the Insiders and Other Investors, including Apollo, own, together with any other owners
    of the Founder Shares, to equal an aggregate of 20.0% of the Company’s issued and outstanding Capital Shares after the Public
    Offering.

   

  6.       The
    Sponsor, Apollo, each Insider and each Other Investor hereby agrees and acknowledges that: (i) the Underwriter and the Company
    would be irreparably injured in the event of a breach by such Sponsor, Insider, Apollo or Other Investor of its, his or her obligations
    under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 of this Letter Agreement, to the extent applicable to such party, (ii) monetary
    damages may not be an adequate remedy for such breach and (iii) 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.        (a)      The Sponsor,
    Apollo, each Insider and each Other Investor agrees that it, he or she shall not Transfer any Founder Shares (or Ordinary Shares
    issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business
    Combination or (B) subsequent to the Business Combination, (x) if the closing price of the Ordinary Shares equals or exceeds $12.00
    per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and other similar transactions) for
    any 20 trading days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination
    or (y) the date on which the Company completes a liquidation, merger, capital share exchange, reorganization or other similar transaction
    that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities
    or other property (the “Founder Shares Lock-up Period”).

   

  
  
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  (b)       The
    Sponsor and Apollo agree that it shall not Transfer any Private Placement Warrants (or Ordinary Shares issued or issuable upon
    the exercise of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
        Placement Warrants Lock-up Period” and, together with the Founder Shares Lock-up Period, the “Lock-up
        Periods”).

   

  (c)       Notwithstanding
    the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and Ordinary Shares
    issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares, as applicable, and
    that are held by the Sponsor, Apollo, an Insider, an Other Investor or any of their permitted transferees (that have complied with
    this paragraph 7(c)), are permitted (a) to the Company’s officers, directors, any affiliates or family members of any of
    the Company’s officers, directors, any members of the Sponsor or any affiliates of the Sponsor or of Apollo or of an Other
    Investor; (b) in the case of an individual, transfers by gift to a member of the individual’s immediate family, to a trust,
    the beneficiary of which is a member of the individual’s immediate family or an affiliate of such person, or to a charitable
    organization; (c) in the case of an individual, transfers by virtue of laws of descent and distribution upon death of the individual;
    (d) in the case of an individual, transfers pursuant to a qualified domestic relations order; (e) transfers by private sales or
    transfers made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities
    were originally purchased; (f) transfers in the event of the Company’s liquidation prior to the completion of an initial
    Business Combination; (g) transfers by virtue of the laws of the the Cayman Islands or the Sponsor’s limited liability company
    agreement upon dissolution of the Sponsor; and (h) in the event of the Company’s liquidation, merger, capital share exchange,
    reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange
    their Ordinary Shares for cash, securities or other property subsequent to the completion of the Company’s initial Business
    Combination; provided, however, that in the case of clauses (a) through (h), these permitted transferees must enter
    into a written agreement agreeing to be bound by the restrictions herein.

   

  8.       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. The questionnaire of the Sponsor and each Insider furnished to the Company is true and accurate in all respects. The
    Sponsor and each Insider represents and warrants that: it, he or she 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; it, he or she 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, he or she is not currently a defendant in any such criminal proceeding.

   

  
  
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  9.       Except
    as disclosed in the Prospectus, the Sponsor, Insider, affiliate of the Sponsor or Insider, director or officer of the Company shall
    receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or
    other compensation prior to, or in connection with any services rendered in order to effectuate the consummation of the Company’s
    initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will be
    made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: (a) repayment of
    a loan and advances of up to an aggregate of $300,000 made to the Company by the Sponsor; (b) reimbursement for any out-of-pocket
    expenses related to the Company’s formation and Public Offering and to identifying, investigating and completing an initial
    Business Combination; (c) repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made
    by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended
    initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion
    of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds
    from the Trust Account are used for such repayment; and (d) payments to the Sponsor, any Insiders or their respective affiliates
    in connection with the successful completion of the Company’s initial Business Combination. Up to $1,500,000 of the loans
    may be convertible into warrants at a price of $1.00 per Warrant at the option of the lender. Such warrants would be identical
    to the Private Placement Warrants, including as to exercise price, exercisability and exercise period.

   

  10.       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 a director on the board of directors of the Company and hereby consents to being named
    in the Prospectus as an officer and/or a director of the Company.

   

  11.       As
    used herein, (i) “Business Combination” shall mean a merger, capital share exchange, asset acquisition,
    share purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital
        Shares” shall mean, collectively, the Ordinary Shares and the Founder Shares; (iii) “Founder Shares”
    shall mean the 4,312,500 shares of the Company’s Class B ordinary shares, par value $0.0001 per share, (of which up to 562,500
    shares will be forfeited by the Sponsor depending on the extent to which the Underwriter’s over-allotment option is exercised)
    owned by the Sponsor, Apollo, the Insiders and the Other Investors; (iv) “Private Placement Warrants”
    shall mean the warrants to purchase up to 7,750,000 Ordinary Shares of the Company (or 8,650,000 Ordinary Shares if the over-allotment
    option is exercised in full) that the Sponsor and Apollo have agreed to purchase for an aggregate purchase price of $7,750,000
    in the aggregate (or $8,650,000 if the over-allotment option is exercised in full), for $1.00 per Warrant, in a private placement
    that shall occur simultaneously with the consummation of the Public Offering (the Sponsor will purchase 7,650,000 warrants (or
    8,550,000 warrants if the over-allotment option is exercised in full) and Apollo will purchase 100,000 warrants); (v) “Public
        Shareholders” shall mean the holders of securities issued in the Public Offering; (vi) “Trust Account”
    shall mean the trust account into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement
    Warrants shall be deposited; and (vii) “Transfer” shall mean the (a) sale of, offer to sell, contract
    or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of,
    directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of
    a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and
    regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement
    that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
    transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
    to effect any transaction specified in clause (a) or (b).

   

  
  
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  12.       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 (a) Apollo and each Insider or Other Investor that is the subject of any such change, amendment,
    modification or waiver and (b) the Sponsor.

   

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

   

  14.       Nothing
    in this Letter Agreement shall be construed to confer upon, or give to, any person or corporation other than 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 parties hereto and their successors, heirs, personal representatives and assigns and permitted transferees.

   

  15.       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. Counterparts
    may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000,
    Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com)
    or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid
    and effective for all purposes.

   

  16.       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.

   

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

   

  18.       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 or other electronic transmission.

   

  19.       Each
    party hereto shall not be liable for any breaches or misrepresentations contained in this Letter Agreement by any other party to
    this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any other Insider), and no party shall
    be liable or responsible for the obligations of another party, including, without limitation, indemnification obligations and notice
    obligations.

   

  20.       This
    Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) 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 [_____] [-], 2022; provided further that paragraph 4 of this Letter Agreement shall survive such
    liquidation.

   

  (Signature Pages Follow)

   

  
  
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  	 	Sincerely,
	 	 
	 	BLUE OCEAN SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	APOLLO SPAC FUND I, L.P.
	 	 	 
	 	By:	Apollo SPAC Advisors I, L.P., its general partner
	 	 	 
	 	By:	Apollo SPAC Advisors I GP, LLC, its general partner
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

   

  Signature Page to Letter Agreement

   

  
  
    	 		 

  

  
     

  

  
   

  	 	INSIDERS
	 	 
	 	 
	 	Name: Norman Pearlstine
	 	 
	 	 
	 	Name: Matthew Goldberg
	 	 
	 	 
	 	Name: Dale Mathias
	 	 
	 	
	 	Name: Priscilla Han
	 	 
	 	 
	 	Name: Joel Motley
	 	 
	 	 
	 	Name: Rohit Dube
	 	 
	 	 
	 	Name: Jae Kang
	 	 
	 	 
	 	Name: Gustavo Gusman
	 	 
	 	 
	 	Name: Lauren Zalaznick

   

  Signature Page to Letter Agreement

   

  
  
    	 		 

  

  
     

  

  
   

  	 	OTHER INVESTORS
	 	 
	 	 
	 	Name: David Gorodyansky
	 	 
	 	 
	 	Name: Ashwin Parupalli

   

  Signature Page to Letter Agreement

   

  
  
    	 		 

  

  
     

  

  
   

  	Acknowledged and Agreed:	 
	 	 
	BLUE OCEAN ACQUISITION 

              CORP	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

   

  Signature Page to Letter AgreementExhibit 10.3

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of [-], 2021 by and between Blue Ocean Acquisition
Corp, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company,
a New York corporation (the “Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, File No. 333-260889 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s units (the “Units”),
each of which consists of one of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Ordinary
Shares”), and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one
Ordinary Share (such initial public offering hereinafter referred to as the “Offering”), has been declared
effective as of the date hereof by the U.S. Securities and Exchange Commission (capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, the Company has
entered into an Underwriting Agreement (the “Underwriting Agreement”) with Needham & Company, LLC
(the “Underwriter”); and

 

WHEREAS, as described in
the Prospectus, $153,000,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (as defined in the
Underwriting Agreement) (or $175,950,000 if the Underwriter’s 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 $5,250,000, or $6,037,500 if the Underwriter’s option to purchase
additional Units is exercised in full, is attributable to deferred underwriting discounts and commissions that will be payable
by the Company to the Underwriter upon the consummation of the Business Combination (as defined below) (the “Deferred
Discount”), provided that up to $787,500 (or $905,625 if the Underwriter’s option to purchase additional Units
is exercised in full) of such Deferred Discount may instead by paid, at the Company’s discretion, to third parties not participating
in the Offering (but are members of Financial Industry Regulatory Authority, Inc.) that assist the Company in consummating the
Business Combination (as defined below) (the “Discretionary 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 J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated
assets of $100 billion or more) in the United States, maintained by the Trustee and at a brokerage institution selected by the
Trustee that is reasonably satisfactory to the Continental Stock Transfer & Trust Company;

 

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

 

(c)       In
a timely manner, upon the written direction of the Company, invest and reinvest, in its discretion, the Property in United States
government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity
of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood
that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder
and the Trustee may earn bank credits or other consideration. The written direction of the Company referenced above shall constitute
conclusive evidence that the investment is permitted under this Agreement;

 

(d)       Collect
and receive, when due, all principal, 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 Underwriter 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 directed by the Company (or its authorized agents) in connection with the Company’s
preparation of the 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 directed
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;

 

    	 	2	 

     

    

 

(i)       Commence
liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a written
direction 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 its Chief Executive Officer,
Chief Financial Officer or other authorized officer of the Company, 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 (less up to $100,000 of interest
to pay dissolution expenses and net of taxes payable), only as directed in the Termination Letter and the other documents referred
to therein, or (y) upon the date which is the later of (1) 18 months (or up to 21 months if the period of time to consummate a
business combination is extended as described in the Prospectus) 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 memorandum and articles
of association, 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 (less up to $100,000 of interest
to pay dissolution expenses and net of taxes payable), shall be distributed to the Public Shareholders of record as of such date;

 

(j)       Upon
written direction 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 in such Trust Account as directed 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, so long as there is no reduction in the principal amount per share initially
deposited in the Trust Account; 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 (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 direction of the Company referenced above shall constitute
conclusive evidence that the Company is entitled to said funds;

 

(k)       Upon
written direction 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 remitting brokers on behalf of Public Shareholders redeeming Ordinary Shares the amount required to pay redeemed Ordinary
Shares from Public Shareholders pursuant to the Company’s amended and restated memorandum and articles of association. The
written direction of the Company referenced above shall constitute conclusive evidence that the distribution is permitted under
this Agreement; and

 

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

  

    	 	3	 

     

    

 

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 the Company’s Chief Executive Officer, Chief Financial Officer
or other authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), (j)
or (k) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic
advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized
above to give written instructions, provided that the Company shall promptly confirm such instructions in writing;

 

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

 

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

 

(d)       In
connection with any vote of the Company’s shareholders regarding a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination involving the Company and one or more businesses (the “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 Underwriter 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)       Unless
otherwise agreed between the Company and the Underwriter, ensure that any Instruction Letter (as defined in Exhibit A) delivered
in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount (including,
in the Company’s sole discretion, the Discretionary Deferred Discount) is paid directly to the account or accounts directed
by the Underwriter on behalf of the Underwriter prior to any transfer of the funds held in the Trust Account to the Company or
any other person;

 

    	 	4	 

     

    

  

(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; and

 

(h)       If
the Company seeks to amend any provisions of its amended and restated memorandum and articles of association to modify the substance
or timing of the Company’s obligation to provide for the redemption of the Ordinary Shares in connection with an initial
Business Combination or to redeem 100% of the Ordinary Shares if the Company has not consummated an initial Business Combination
within the time period set forth therein (in each case, an “Amendment”), the Company will provide the
Trustee with an amendment notification letter in the form of Exhibit D providing instructions for the distribution of funds
to Public Shareholders who exercise their redemption option in connection with 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. The Trustee undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against the Trustee. The
enumeration of any permissive right or power available to the Trustee shall not be the imposition of a duty (unless and to the
extent 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, fraud or willful misconduct;

 

(c)       Institute
any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received written direction 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)       Take
any action with respect to the investment of any Property, other than as directed pursuant to Section 1 hereof;

 

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

 

(f)       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;

 

    	 	5	 

     

    

  

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

 

(h)       Review
or verify the accuracy of the information contained in the Registration Statement;

 

(i)       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. The Trustee shall have no responsibility with respect to the Registration Statement;

 

(j)       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;

 

(k)       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

 

(l)       Investigate,
evaluate, qualify or verify any written direction received from the Company, including without limitation, written directions pursuant
to Sections 1(i), 1(j) or 1(k) hereof.

 

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

 

    	 	6	 

     

    

 

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 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 (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 (which section may not be amended under any circumstances) 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 business days of the date of this Agreement, any funds received by the Trustee from
the Company or Blue Ocean Sponsor LLC for purposes of funding the Trust Account shall be promptly returned to the Company or Blue
Ocean Sponsor LLC, as applicable.

 

6.           Miscellaneous.

 

(a)       The
Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating
to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to believe
unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In
executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including, account names,
account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee shall not
be liable for any loss, liability or 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, without giving
effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. 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.

 

    	 	7	 

     

    

 

(c)       This
Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. Except
for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the
affirmative vote of two-thirds of the then outstanding Ordinary Shares and Class B ordinary shares, par value $0.0001 per share,
of the Company, voting together as a single class; provided that no such amendment will affect any Public Shareholder who
has properly elected to redeem his or her Ordinary Shares in connection with a shareholder vote to amend this Agreement to modify
the substance or timing of the Company’s obligation to provide for the redemption of the Ordinary Shares in connection with
an initial Business Combination or to redeem 100% of its Ordinary Shares if the Company does not complete its initial Business
Combination within the time frame specified in the Company’s amended and restated memorandum and articles of association),
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
or by electronic mail:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust Company

1 State Street,

30th Floor

New York, New York 10004

Attention: Compliance Department

 

if to the Company, to:

 

Blue Ocean Acquisition Corp

2 Wisconsin Circle, 7th Floor

Chevy Chase, MD 20815

Attention: Marcus Brauchli

Stuart Karle

 

in each case, with copies to:

 

Sidley Austin LLP

787 Seventh Avenue

New York, NY 10019

Attn: Jon W. Daly; Kenny S. Terrero

E-mail: jdaly@sidley.com; kterrero@sidley.com

 

and

 

Needham & Company, LLC

250 Park Avenue, 10th Floor

New York, New York 10177

 

    	 	8	 

     

    

 

and

 

DLA Piper LLP (US)

2000 University Avenue

East Palo Alto, CA 94303

Attn.: Curtis L. Mo, Esq

 

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

 

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

 

(i)       This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts
shall together constitute one and the same instrument. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement. In the event that any signature is delivered by facsimile
transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof. The words “execution,” “signed,” “signature,” and words of like import in this Agreement
or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures
transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”)
and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored
by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of
a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

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

 

    	 	9	 

     

    

 

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

 

(Signature Page Follows)

 

    	 	10	 

     

    

 

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:	 
	 	 	Title:	 

 

 

	 	BLUE OCEAN ACQUISITION CORP
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

Signature Page to Investment Management Trust
Agreement

    	 	 	 

     

    

 

SCHEDULE A

 

	
        Fee Item
	
        Time and
        method of payment
	
        Amount

	Initial acceptance fee	Initial closing of IPO by wire transfer	$[-]
	Annual fee	First year, 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 Sections 1(i), (j), and (k)	Billed to Company following disbursement made to Company under Section 1	$[-]
	Paying Agent services as required pursuant to Section 1(i) and 1(k)	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	Prevailing rates

 

    	 	 	 

     

    

 

EXHIBIT A

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street,

30th Floor

New York, New York 10004

Attention: Compliance Department

Email: [-]

Copy to: [-]

 

Re: Trust Account Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Blue Ocean Acquisition Corp (the “Company”) and
Continental Stock Transfer & Trust Company (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 72 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 direct and authorize you to commence to liquidate all of the assets of the Trust Account,
and to transfer the proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. 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 the
Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in said trust
operating account at J.P. Morgan Chase Bank, N.A. 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, 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) a certificate of the Chief Executive Officer, Chief Financial Officer or other authorized
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 Underwriter 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 such notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	Blue Ocean Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Needham & Company, LLC

 

    	 	 	 

     

    

 

EXHIBIT B

 

[Letterhead of Company]

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street,

30th Floor

New York, New York 10004

Attention: Compliance Department

Email: [-]

Copy to: [-]

 

Re: Trust Account Termination Letter

 

Ladies and Gentlemen:

 

Pursuant to Section 1(i)
of the Investment Management Trust Agreement between Blue Ocean Acquisition Corp (the “Company”) and
Continental Stock Transfer & Trust Company (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 Memorandum and Articles of Association, as described in the Company’s Prospectus relating to the Offering. Capitalized
terms used but not defined herein shall have the meanings set forth in the Trust Agreement.

 

In accordance with the
terms of the Trust Agreement, we hereby direct and authorize you to liquidate all of the assets in the Trust Account and to transfer
the total proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected [-] as the effective date for the purpose of determining when the Public Shareholders will be entitled
to receive their share of the liquidation proceeds. You agree to be the paying agent of record (the “Paying Agent”)
and, in your separate capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public Shareholders
in accordance with the terms of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the
Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to
liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided
in Section 1(j) of the Trust Agreement.

 

[Remainder of page intentionally left blank]

 

    	 	 	 

     

    

 

	 	Very truly yours,
	 	 
	 	Blue Ocean Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Needham & Company, LLC

 

    	 	 	 

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street,

30th Floor

New York, New York 10004

Attention: Compliance Department

Email: [-]

Copy to: [-]

 

Re: Trust Account No. [-] Tax Payment Withdrawal Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(j)
of the Investment Management Trust Agreement between Blue Ocean Acquisition Corp (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [-], 2021 (the “Trust
Agreement”), the Company hereby directs 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,
	 	 
	 	Blue Ocean Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Needham & Company, LLC

 

    	 	 	 

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street,

30th Floor

New York, New York 10004

Attention: Compliance Department

Email: [-]

Copy to: [-]

 

Re: Trust Account No. [-] Shareholder Redemption Withdrawal
Instruction

 

Ladies and Gentlemen:

 

Pursuant to Section 1(k)
of the Investment Management Trust Agreement between Blue Ocean Acquisition Corp (the “Company”) and
Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [-], 2021 (the “Trust
Agreement”), the Company hereby requests that you deliver to the Company’s shareholders $          
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.

 

Pursuant to Section 1(k)
of the Trust Agreement, this is to advise you that the Company has sought, and had approved, an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby direct and authorize you to liquidate a sufficient portion of the Trust Account
and to transfer $           of the proceeds of the Trust Account to the trust
operating account at            for distribution to the shareholders that
have requested redemption of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 
	 	Blue Ocean Acquisition Corp
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

cc: Needham & Company, LLC

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