Document:

Exhibit 10.6

 

Execution Version

 

January 31, 2022

 

PRIVATE UNIT SUBSCRIPTION AGREEMENT 

BETWEEN THE REGISTRANT AND MAXIM GROUP LLC

 

Blue World Acquisition Corporation

244 Fifth Avenue, Suite B-88

New York, NY 10001

 

Ladies and Gentlemen:

 

Blue World Acquisition Corporation
(the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities (a “Business
Combination”), intends to register its securities under the Securities Act of 1933, as amended (“Securities Act”),
in connection with its initial public offering (“IPO”), pursuant to a registration statement on Form S-1 (“Registration
Statement”).

 

The undersigned hereby commits
that it will purchase 40,000 units (or up to 46,000 units if the over-allotment option is exercised in full by Maxim Group LLC) of the
Company (“Private Units”), each Private Unit consisting of one Class A ordinary share of the Company, par value $0.0001
per share (the “Class A Ordinary Shares”), and one-half of one redeemable warrant with each whole warrant to acquire
one Class A Ordinary Share (the “Warrants”), and one right to receive one-tenth (1/10) of one Class A Ordinary Share (each
a “Right”), at $10.00 per Private Unit, for a purchase price of $400,000 (or up to $460,000 if the over-allotment option
is exercised in full by Maxim Group LLC) (the “Private Unit Purchase Price”).

 

The consummation of the issuance
of the Private Units shall occur simultaneously with the consummation of the IPO. Simultaneously with the consummation of the IPO, the
Company shall deposit the Private Unit Purchase Price, without interest or deduction, into the trust fund (“Trust Fund”)
established by the Company for the benefit of the Company’s public shareholders as described in the Registration Statement. If the
Company does not complete the IPO within ten (10) days from the date of this letter, the Private Unit Purchase Price (without interest
or deduction) will be returned to the undersigned.

 

The Private Units will be
identical to the units to be sold by the Company in the IPO. Additionally, the undersigned agrees:

 

	 	●	to vote the Class A Ordinary Shares included in the Private Units in favor of any proposed Business Combination;

 

	 	●	not to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s Class A Ordinary Shares sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or up to 21 months, as applicable), unless the Company provides the holders of Class A Ordinary Shares sold in the IPO with the opportunity to redeem their Class A Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Fund, including interest earned on Trust Fund and not previously released to the Company to pay the Company’s franchise and income taxes, divided by the number of then outstanding Class A Ordinary Shares sold in the IPO;

  

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	 	●	not to convert any Class A Ordinary Shares included in the Private Units into the right to receive cash from the Trust Fund in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s Amended and Restated Memorandum and Articles of Association, and not to tender the Private Units in connection with a tender offer conducted prior to the closing of a Business Combination;

 

	 	●	the undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate in liquidation distributions with respect to any units or Class A Ordinary Shares purchased by the undersigned in the IPO or in the open market) if the Company fails to consummate a Business Combination;

 

	 	●	the Private Units will include any additional terms or restrictions as is customary in other similarly structured blank check company offerings or as may be reasonably required by the underwriters in the IPO in order to consummate the IPO, each of which will be set forth in the Registration Statement.

 

Further, the undersigned agrees
that its Private Units, and any underlying securities are not transferable or salable until the completion of the Company’s initial
Business Combination, except in each case (a) to the Company’s officers or directors, any affiliates or family members of any of
the Company’s officers or directors, any affiliate of the undersigned, any members of the undersigned, or any of their affiliates,
officers, directors, direct and indirect equity holders, (b) in the case of an individual, 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, by virtue of laws of descent and distribution upon death of
the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order; (e) by private sales or transfers
made in connection with the consummation of a Business Combination at prices no greater than the price at which the securities were originally
purchased; (f) in the event of the Company’s liquidation prior to the completion of the Company’s initial Business Combination;
or (g) by virtue of the laws of Cayman Islands or the undersigned’s limited liability company agreement upon dissolution of the
undersigned, provided, however, that in the case of clauses (a) through (e), or (g) these permitted transferees must enter into a written
agreement agreeing to be bound by these transfer restrictions.

 

The undersigned acknowledges
and agrees that the purchaser of the Private Units will execute agreements in form and substance typical for transactions of this nature
necessary to effectuate the foregoing agreements and obligations prior to the consummation of the IPO as are reasonably acceptable to
the undersigned. In addition, the undersigned hereby waives any and all right, title, interest or claim of any kind in or to any distribution
of the Trust Fund and any remaining net assets of the Company as a result of such liquidation with respect to the undersigned’s
Class A Ordinary Shares underlying the Private Units and the 40,000 Class A Ordinary Shares issued as the representative shares in connection
with the IPO (“Claim”) and hereby waives any Claim the undersigned 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 Fund for any reason whatsoever. The undersigned
acknowledges and agrees that there will be no distribution from the Trust Fund with respect to any Warrants or Rights underlying the Private
Units, all of which will terminate on the Company’s liquidation.

 

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The undersigned further acknowledges
and agrees that the Placement Units and their component parts and the related registration rights will be deemed compensation by the Financial
Industry Regulatory Authority (“FINRA”) and will therefore, pursuant to Rule 5110(g) of the FINRA Manual, be subject to lock-up
for a period of 180 days immediately following the date of effectiveness or commencement of sales in the IPO, subject to FINRA Rule 5110(g)(1).
Additionally, the Placement Units and their component parts and the related registration rights may not be sold, transferred, assigned,
pledged or hypothecated during the foregoing 180 day period following the effective date of the Registration Statement except to any underwriter
or selected dealer participating in the IPO and the bona fide officers or partners of the undersigned and any such participating underwriter
or selected dealer. Additionally, the Placement Units and their component parts and the related registration rights will not be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any
person for a period of 180 days immediately following the date of effectiveness or commencement of sales in the IPO. Additionally, the
undersigned may not exercise demand or piggyback rights with respect to the Placement Units and their components parts after five (5)
and seven (7) years, respectively, from the effective date of the Registration Statement and may not exercise demand rights on more than
one occasion.

 

The undersigned hereby represents
and warrants that:

 

	 	(a)	it has been advised that the Private Units have not been registered under the Securities Act;

 

	 	(b)	it will be acquiring the Private Units for its account for investment purposes only;

 

	 	(c)	it has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the United States;

 

	 	(d)	it has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder;

 

	 	(e)	it is familiar with the proposed business, management, financial condition and affairs of the Company;

 

	 	(f)	it has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to consummate the transactions contemplated in this letter; and

 

	 	(g)	this letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This letter agreement constitutes
the entire agreement between the undersigned and the Company with respect to the purchase of the Private Units, and supersedes all prior
and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to the same.

 

[signature page follows]

 

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	Very truly yours,
	 	Maxim Group LLC
	 	 
	 	By:	/s/ Clifford
    A. Teller
	 	Name: 	Clifford A. Teller
	 	Title:  	Executive
    Managing Director,

    Head
    of Investment Banking

 

Accepted
and Agreed:

 

Blue
World Acquisition Corporation

 

	By:	/s/ Liang
    Shi	 
	 	Name: 	Liang Shi	 
	 	Title: 	Chief Executive Officer	 

 

[signature page to subscription agreement with
Maxim – Blue World Acquisition Corporation]Exhibit 10.7

 

Execution Version

 

SECURITIES TRANSFER AGREEMENT

 

This Securities Transfer Agreement
is dated as of January 31, 2022 (this “Transfer”), by and among Blue World Holdings Limited, a Hong Kong company (the
“Seller”), Blue World Acquisition Corporation, a Cayman Islands exempted company (the “Company”),
and the parties identified on the signature page hereto (each a “Buyer” and collectively, the “Buyers”).

 

WHEREAS, on the terms and
subject to the conditions set forth in this Transfer, the Seller wishes to transfer to the Buyers Class B ordinary shares, $0.0001 par
value (“Class B Ordinary Shares”) of Company, a newly-organized blank check company, or special purpose acquisition
company, formed for the purpose of effecting a merger, stock exchange, asset acquisition, stock purchase, recapitalization, reorganization
or similar business combination with one or more businesses or entities (a “Business Combination”), and the Buyers
wish to purchase and receive such Initial Shares (as defined below) from the Seller.

 

NOW, THEREFORE, in consideration
of the premises, representations, warranties and the mutual covenants contained in this Transfer, and for other good and valuable consideration,
the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

 

Section 1. Transfer
of Initial Shares. Seller hereby transfers the aggregated amount of 20,000 Class B Ordinary Shares to the Buyers (collectively, the
“Initial Shares”) as listed on the Schedule I attached hereto. The Buyers have paid to the Seller an aggregate
amount of $217.40, (the “Purchase Price”), in consideration of the transfer of the Initial Shares.

 

Section 2. Potential
Forfeiture and Purchase of Shares.

 

(a) In the event that the
Company determines for any reason not to nominate, elect or appoint any Buyer as a member of the board of directors of the Company, or
if any Buyer otherwise does not become a member of the board of directors of the Company for any reason, on or prior to the closing of
the Public Offering (as defined below), such Buyer shall automatically forfeit all of the Initial Shares held by such Buyer, which Initial
Shares shall automatically be transferred and returned to the Seller, and the Seller shall promptly return the applicable portion of the
Purchase Price to such Buyer.

 

(b) Immediately prior to the
consummation of a Business Combination, unless any Buyer resigns or otherwise ceases to serve as a member of the board of the directors
for any reason, the Company shall issue the aggregate amount of 70,000 Class A ordinary shares, par value US$0.0001 (“Class A
Ordinary Shares”) to the Buyers as set forth in Schedule II attached hereto. (the “New Shares”, together
with the Initial Shares, the “Shares”), subject to the approval of all the necessary parties involved in such Business
Combination, excluding the stockholders of the Company. In the event that any necessary approval is not obtained therefor, the Seller
shall transfer 70,000 Class B Ordinary Shares to each of the Buyers at the same Purchase Price as set forth in Section 1 herein pursuant
to the Schedule II attached hereto.

 

(c) The applicable Buyer shall
take all actions as may be reasonably necessary to consummate any forfeiture or sale contemplated by this Section 2, including entering
into agreements and delivering certificates and instruments and consents as may be deemed by Seller to be necessary or appropriate, and
the applicable Buyer hereby grants to Seller and any representative designated by Seller without further action by such Buyer a limited
irrevocable power of attorney to effect any forfeiture or transfer contemplated hereby on behalf of such Buyer, which power of attorney
shall be deemed to be coupled with an interest.

 

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Section 3. No Conflicts.
Each party represents and warrants that neither the execution and delivery of this Transfer by such party, nor the consummation or performance
by such party of any of the transactions contemplated hereby, will with or without notice or lapse of time, constitute, create or result
in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under
any agreement to which it is a party.

 

Section 4. Investment
Representations. Each Buyer represents and warrants, with respect to himself or herself only, as set forth herein. Such Buyer hereby
acknowledges that an investment in the Shares involves certain significant risks. Such Buyer has no need for liquidity in its investment
in the Shares for the foreseeable future and is able to bear the risk of that investment for an indefinite period. Such Buyer acknowledges
and hereby agrees that the Shares will not be transferable under any circumstances unless registered by the Company in accordance with
federal and state securities laws or sold in compliance with an exemption under such laws and such transfer complies with all applicable
lock-up restrictions on such Buyer (as described in the Company’s draft registration statement on Form S-1, as may be amended
(the “Registration Statement”), under the Securities Act of 1933, as amended (the “Act”), relating
to a contemplated underwritten public offering by the Company (the “Public Offering”)). Such Buyer further understands
and agrees that Buyer will be required to execute and deliver (a) a letter agreement including, among other provisions, the foregoing
transfer restrictions, and (b) a stock escrow agreement with respect to such shares, in each case as described in the Registration
Statement, and that any certificates evidencing the Shares bear a legend referring to such transfer restrictions.

 

The Shares are being acquired
solely for such Buyer’s own account, for investment purposes only, and are not being purchased with a view to or for the resale,
distribution, subdivision or fractionalization thereof; and such Buyer has no present plans to enter into any contract, undertaking, agreement
or arrangement for such resale, distribution, subdivision or fractionalization. Such Buyer has been given the opportunity to (i) ask
questions of and receive answers from the Seller and the Company concerning the terms and conditions of the Shares, and the business and
financial condition of the Company and (ii) obtain any additional information that the Seller possess or can acquire without unreasonable
effort or expense that is necessary to assist such Buyer in evaluating the advisability of the purchase of the Shares and an investment
in the Company. Such Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial
condition or prospects. Such Buyer is an “accredited investor” as defined in Regulation D promulgated by the Securities and
Exchange Commission under the Act. In the event such Buyer does not join the Board of Directors of the Company upon the consummation of
the Public Offering (whether and either at the election of the Company or such Buyer for any reason), then the Buyer shall promptly return
the Initial Shares to the Company and should not have rights to the transfer or issue of the New Shares as described under Section 2(b)
herein.

 

Section 5.  Miscellaneous.
This Transfer, together with the certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the
entire agreement and understanding of the parties hereto in respect of its subject matter. This Transfer may be executed in two or more
counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. This Transfer
may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.
Except as otherwise provided herein, no party hereto may assign either this Transfer or any of its rights, interests, or obligations hereunder
without the prior written approval of the other party.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the undersigned have executed
this Transfer to be effective as of the date first set forth above.

 

	 	SELLER:
	 	 
	 	Blue World Holdings Limited
	 	 	 
	 	By:	/s/ Liang
Shi
	 	Name: 	Liang Shi
	 	Title: 	Director
	 	 
	 	BUYERS:

 

	 	/s/
Alfred J. Hickey
	 	Name:  	Alfred J. Hickey

 

	 	/s/
Buhdy Sin Swee Bok
	 	Name:  	Buhdy Sin Swee Bok

 

	 	/s/
Zhenyu Li
	 	Name:  	Zhenyu Li

 

	 	COMPANY:
	 	 
	 	Blue World Acquisition Corporation
	 	 	 
	 	By:	/s/ Liang
Shi           
	 	Name:  	Liang Shi 
	 	Title: 	Chief Executive officer

 

[Signature Page to Securities Transfer
Agreement]

 

     

     

    

 

Schedule I

 

	Name of Transferee	 	Number
of

 Class B

 ordinary

 Shares

 transferred

 from Blue

 World

 Holdings

 Limited 	 	 	Purchase 

Price to 

Blue 

World

 Holdings 

Limited	 
	Alfred J. Hickey	 	 	10,000	 	 	$	108.70	 
	Buhdy Sin Swee Bok	 	 	10,000	 	 	$	108.70	 
	 	 	 	Total: 20,000
 	 	 	$	 Total: 217.40	 

 

	*	Each transferee is entitled to purchase 10,000 founder shares
upon the completion of this offering.

 

     

     

    

 

Schedule II

 

In addition, each Buyer is entitled to certain
numbers of the Class A ordinary shares as described in the chart below issued by the Company upon completion of the initial Business Combination,
subject to the approval of all the necessary parties involved in such Business Combination, excluding the stockholders of the Company.

 

	Name of Buyer	 	Number of

 Class A

 Ordinary

 Shares 

issued by the

 Company	 
	Alfred J. Hickey	 	 	20,000	 
	Buhdy Sin Swee Bok	 	 	20,000	 
	Zhenyu Li	 	 	30,000	 
	 	 	 	Total: 70,000	 

 

In the event that no approval is obtained therefor,
each Buyer is entitled to acquire from the Seller certain numbers of the Class B ordinary shares at the same purchase price that the Seller
originally paid to acquire the Class B ordinary shares, as described in the chart below.

 

	Name of
    Buyer	 	Number
    of

    Class B

    Ordinary

    Shares

    transferred

    from Blue

    World

    Holdings

    Limited	 	 	Purchase

    Price to

    Blue 

    World

    Holdings

    Limited	 
	Alfred J. Hickey	 	 	20,000	 	 	$	217.39	 
	Buhdy Sin Swee Bok	 	 	20,000	 	 	$	217.39	 
	Zhenyu Li	 	 	30,000	 	 	$	326.09	 
	 	 	 	Total:
                                            70,000	 	 	$	Total:
                                            760.87

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