Document:

Exhibit 10.2

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

This
Agreement is made as of April 1, 2021 by and between Ace Global Business Acquisition Limited (the “Company”) and Continental
Stock Transfer & Trust Company, as trustee (“Trustee”).

 

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

 

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

 

WHEREAS,
if a Business Combination is not consummated within the initial 12 month period following the closing of the IPO, the Company’s
insiders may extend such period by three three-months periods, up to a maximum of 21 months in the aggregate, by depositing $396,000
(or $455,400 if the Underwriters’ over-allotment option is exercised in full, or in any case, $0.099 per public share) into the
Trust Account (as defined below) no later than the 12 month anniversary of the IPO, the 15 month anniversary of the IPO, or the 18 month
anniversary of the IPO (each, an “Applicable Deadline”), as applicable, for each three-month extension (each, an “Extension”),
in exchange for which they will receive promissory notes; and

 

WHEREAS,
as described in the Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of
Association, $40,800,000 of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith
($46,920,000 if the over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extensions, will
be delivered to the Trustee to be deposited and held in the Trust Account for the benefit of the Company and the holders of the Company’s
ordinary shares, par value $0.001 per share, issued in the IPO as hereinafter provided (the proceeds to be delivered to the Trustee,
including the proceeds from any loans in connection with an Extension, if any, will be referred to herein as the “Property”;
the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,”
and the Public Shareholders and the Company will be referred to together as the “Beneficiaries”); and

 

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

 

IT
IS AGREED:

 

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

 

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

 

     

     

    

 

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

 

(c)
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property solely 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; it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting
the Company’s written instructions hereunder and the Trustee may earn bank credits or other consideration;

 

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

 

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

 

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

 

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

 

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

 

(i)
Commence liquidation of the Trust Account only after and promptly after receipt of, and only in accordance with, the terms of a letter
(“Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit
B, signed on behalf of the Company by its President, Chief Executive Officer or Chairman of the Board and Secretary or Assistant
Secretary and, in the case of a Termination Letter in a form substantially similar to that attached hereto as Exhibit A, acknowledged
and agreed to by Ladenburg, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as
directed in the Termination Letter and the other documents referred to therein; provided, however, that in the event that a Termination
Letter has not been received by the Trustee by the 12-month anniversary of the closing of the IPO (“Closing”) or, in the
event that the Company extended the time to complete the Business Combination for up to 21-months from the closing of the IPO but has
not completed the Business Combination within the applicable monthly anniversary of the Closing, (“Last Date”), the Trust
Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B hereto
and distributed to the Public Shareholders as of the Last Date.

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

2.
Limited Distributions of Income from Trust Account.

 

(a)
Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit C, the Trustee shall distribute to the Company the amount of interest income earned on the Trust Account requested by
the Company to cover any income or other tax obligation owed by the Company.

 

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

 

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

 

    3

     

    

 

3.
Agreements and Covenants of the Company. The Company hereby agrees and covenants to:

 

(a)
Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, Chief Executive Officer,
President or Chief Financial Officer. In addition, except with respect to its duties under paragraphs 1(i), 2(a) and 2(b) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it in
good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall
promptly confirm such instructions in writing;

 

(b)
Subject to the provisions of Sections 5 and 7(g) of this Agreement, hold the Trustee harmless and indemnify the Trustee from and against,
any and all expenses, including reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any claim,
potential claim, action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income
earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful
misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding,
pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing of such claim
(hereinafter referred to as the “Indemnified Claim”); provided, however, that the Trustee’s failure to provide such
notice shall not relieve the Company of its liability hereunder, except to the extent that it is materially prejudiced by such failure.
The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim, provided, that the Trustee shall obtain
the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may
not agree to settle any Indemnified Claim without the prior written consent of the Company, which consent shall not be unreasonably withheld
or delayed. The Company may participate in such action with its own counsel;

 

(c)
Pay the Trustee an initial acceptance fee, an annual fee and a transaction processing fee for each disbursement made pursuant to Sections
2(a) and 2(b) as set forth on Schedule A hereto, which fees shall be subject to modification by the parties from time to time. It is
expressly understood that the Property shall not be used to pay such fees and further agreed that any fees owed to the Trustee shall
be deducted by the Trustee from the disbursements made to the Company pursuant to Sections 1(i) solely in connection with the consummation
of a Business Combination, or pursuant to Section 2(b). The Company shall pay the Trustee the initial acceptance fee and first year’s
fee at the consummation of the IPO and thereafter on the anniversary of the Effective Date;

 

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

 

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

 

    4

     

    

 

(f)
Upon receiving the written request of a Public Shareholder to do so at any time after the date hereof, provide such Public Shareholder
with a copy of any instruction provided to the Trustee pursuant to Section 1(i) or Section 1(j) along with any Notification (as defined
in Exhibit A), Instruction Letter (as defined in Exhibit A), applicable flow of funds memorandum (or similar document),
or any other notice delivered to the Trustee by the Company regarding the disbursement of Property from the Trust Account resulting in
the Property left in the Trust Account being less than $40,800,000 (or $46,920,000 if the Underwriters’ over-allotment option is
exercised in full) plus any amount eventually deposited on account of any Extension, which, in each case, shall specify to whom the Property
shall be disbursed (such written notice, a “Disbursement Notice” and the date such Public Shareholder receives a Disbursement
Notice, a “Disbursement Notice Date”). Each Disbursement Notice shall be delivered to such Public Shareholder at least two
business days prior to the disbursement of any Property pursuant to Section 1(i) or Section 1(j) and no Property shall be disbursed from
the Trust Account prior to the date that is two business days from the applicable Disbursement Notice Date.

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)
Verify the accuracy of the information set forth in the Registration Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated by the Registration Statement;

 

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

 

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

 

    6

     

    

 

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

 

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

 

5.
Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation,
under Section 3(b) or Section 3(c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the
Trust Account and not against the Property or any monies in the Trust Account.

 

6.
Termination. This Agreement shall terminate as follows:

 

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

 

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

 

7.
Miscellaneous.

 

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

 

    7

     

    

 

(b)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. It may be executed
in several original or facsimile counterparts, each one of which shall constitute an original, and together shall constitute but one
instrument.

 

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

 

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

 

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

 

if
to the Trustee, to:

 

Continental Stock Transfer
& Trust Company

1 State Street, 30th Floor

New York, NY 10004-1561

Attn: Francis Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if
to the Company, to:

 

Ace Global Business Acquisition
Limited

6/F Unit B

Central 88, 88-98 Des Voeux Road

Central, Hong Kong

Attn: Eugene Wong, Chief Executive Officer

E-mail: eugene@aceglobal-acq.com

 

    8

     

    

 

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

 

Ladenburg Thalmann & Co.
Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steve Kaplan

Facsimile: (212) 758-4939

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Lawrence Venick, Esq.

E-mail: lvenick@loeb.com

 

and

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Brad L. Shiffman, Esq.

E-mail: bshiffman@BlankRome.com

 

(f)
No party to this Agreement may assign its rights or delegate its obligations hereunder without the prior consent of the other person
or entity.

 

(g)
Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder.

 

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

 

[signature page
follows]

 

    9

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
	 	 	 	 
	 	By:	/s/ Francis Wolf
	 	 	Name:	Francis Wolf
	 	 	Title:  	Vice President
	 	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 	 
	 	By:	/s/ Eugene Wong
	 	 	Name:	Eugene Wong
	 	 	Title:	Chief Executive Officer

 

     

     

    

 

SCHEDULE A

 

	Fee
    Item	 	Time
    and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of IPO by wire transfer	 	$	3,500.00	 
	Annual fee	 	Initial closing of IPO by wire transfer; thereafter
    on the anniversary of the effective date of the IPO by wire transfer or check	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company
    under Section 2	 	Deduction by Trustee from accumulated income following
    disbursement made to Company under Section 2	 	$	250.00	 
	Transaction processing for disbursements to investors
    under Exhibit E	 	Fee is added to monthly invoice, payable for each
    investor distribution.	 	$	250.00	 
	Paying Agent services as required pursuant to section
    1(i)	 	Billed to Company upon delivery of service pursuant
    to section 1(i)	 	 	 
Prevailing
                                            rates
	 

 

     

     

    

 

EXHIBIT A

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust
                                            Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of April 1, 2021 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [__________________] (“Target Business”) to consummate
a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company shall
notify you at least 72 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”).
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments and to transfer
the proceeds to the above-referenced account at JPMorgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of funds
held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall direct on the
Consummation Date. It is acknowledged and agreed that while the funds are on deposit in the trust account awaiting distribution, the
Company will not earn any interest or dividends.

 

On
the Consummation Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been consummated,
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s
shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions from the Company and Ladenburg
Thalmann & Co. Inc. with respect to the transfer of the funds held in the Trust Account, which must provide for the disbursement
of no less than $10.00 per share plus the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders
(“Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately
upon your receipt of the counsel’s letter and the Instruction Letter, in accordance with the terms of the Instruction Letter. In
the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and distributed
after the Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated.

 

    A-1

     

    

 

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

 

	 	Very truly yours,
	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 
	 	By:  	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	By:  	 
	 	Name:	 
	 	Title:  	Secretary/Assistant Secretary

 

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

 

    A-2

     

    

 

EXHIBIT B

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust
                                            Account - Termination Letter

 

Ladies and Gentlemen:

 

Pursuant
to paragraph 1(i) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of April 1, 2021 (“Trust Agreement”),
this is to advise you that the Company has been unable to effect a Business Combination with a Target Company within the time frame specified
in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s prospectus relating
to its IPO. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [______________]
and to transfer the total proceeds to the Trust Operating Account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected [____________, 20__] as the effective date for the purpose of determining when the Public Shareholders will
be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the Company on
the liquidation proceeds while on deposit in the Trust Checking Account. You agree to be the Paying Agent of record and in your separate
capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds in the Trust
Account, your obligations under the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 
	 	By:  	                 
	 	Name:	 
	 	Title:	 

 

	 	By:  	 
	 	Name:	 
	 	Title:  	Secretary/Assistant Secretary

 

		cc:	Ladenburg
                                            Thalmann & Co. Inc.

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust
                                            Account - Interest Withdrawal for Tax Expenses

 

Ladies and Gentlemen:

 

Pursuant
to paragraph 2(a) of the Investment Management Trust Agreement between Ace Global Business Acquisition Limited (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of April 1, 2021 (“Trust Agreement”),
the Company hereby requests that you deliver to the Company [$_______] of the interest income earned on the Property as of the date hereof.
The Company needs such funds to pay for its tax obligations. In accordance with the terms of the Trust Agreement, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating
account at:

 

[WIRE INSTRUCTION
INFORMATION]

 

	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 
	 	By:  	                 
	 	Name:	 
	 	Title:	 

 

		cc:	Ladenburg
                                            Thalmann & Co. Inc.

 

    C-1

     

    

 

EXHIBIT D

[Letterhead of
Company]

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust Account - Extension Letter

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

This is the ____ of up to three Extension
Letters.

 

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

 

		cc:	Ladenburg
                                            Thalmann & Co. Inc.

 

    D-1

     

    

 

EXHIBIT E

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust Account - Irrevocable Instruction
in Connection with Business Combination

 

Ladies and Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

[remainder
of page intentionally left blank]

 

    E-1

     

    

 

	 	Very truly yours,
	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 
	 	By:  	                 
	 	Name:	 
	 	Title:	 

 

Acknowledged and
Agreed:

 

CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, as Trustee  

 

	  	 
	Name:	 	 
	Title:	 	 

 

		Cc:	[SHAREHOLDER].

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

    E-2

     

    

 

EXHIBIT F

 

[Letterhead
of Company]

 

[Insert date]

 

Continental Stock
Transfer & Trust Company

1 State Street,
30th Floor

New York, NY 10004-1561

Attn: Francis Wolf
and Celeste Gonzalez

 

		Re:	Trust Account - Irrevocable Instruction
in Connection with Business Combination

 

Gentlemen:

 

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

 

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

 

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

 

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

 

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

 

[remainder of
page intentionally left blank]

 

    F-1

     

    

 

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

 

Acknowledged and Agreed:

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

 

	  	 
	Name:	 	 
	Title:	 	 

 

		Cc:	Ace
                                            Global Business Acquisition Limited

		6/F	Unit
                                            B

		Central	88,
                                            88-98 Des Voeux Road

		Central,	Hong
                                            Kong

		Attn: 	Eugene
                                            Wong, Chief Executive Officer

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

 

F-2Exhibit 10.3

 

STOCK ESCROW AGREEMENT

 

STOCK ESCROW AGREEMENT, dated
as of April 5, 2021 (“Agreement”), by and among ACE GLOBAL BUSINESS ACQUISITION LIMITED, a British Virgin Islands Company
(the “Company”), the initial shareholders listed on Exhibit A attached hereto (each, an “Initial Shareholder”
and collectively the “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York limited liability
trust company (the “Escrow Agent”).

 

WHEREAS, the Company has entered
into an Underwriting Agreement, dated as of April 5, 2021 (“Underwriting Agreement”), with Ladenburg Thalmann & Co. Inc.
(“Ladenburg”), acting as the representative of the underwriters (collectively, the “Underwriters”), pursuant to
which, among other matters, the Underwriters have agreed to purchase 4,000,000 units (“Units”) of the Company, plus an additional
600,000 Units if the Underwriters exercise their over-allotment option in full. Each Unit consists of one ordinary share of the Company,
par value $0.001 per share (an “Ordinary Share”), and one redeemable warrant, each redeemable warrant entitling its holder
to purchase one Ordinary Share at an exercise price of $11.50 per full Ordinary Share, all as more fully described in the Company’s
final Prospectus, dated April 5, 2021 (“Prospectus”), comprising part of the Company’s Registration Statement on Form
S-1 (File No. 333-252878) under the Securities Act of 1933, as amended (“Registration Statement”), declared effective on April
5, 2021 (“Effective Date”).

 

WHEREAS, the Initial Shareholders
have agreed as a condition of the sale of the Units to deposit their Insider Shares (as defined in the Prospectus), as set forth opposite
their respective names in Exhibit A attached hereto (collectively “Escrow Shares”), in escrow as hereinafter provided.

 

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

 

IT IS AGREED:

 

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

 

2. Deposit
of Escrow Shares. On or prior to the date hereof, each of the Initial Shareholders delivered to the Escrow Agent certificates representing
such Initial Shareholder’s respective Escrow Shares, together with applicable share powers, to be held and disbursed subject to
the terms and conditions of this Agreement. Each of the Initial Shareholders acknowledges that the certificate representing such Initial
Shareholder’s Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

 

3. Disbursement
of the Escrow Shares.

 

3.1 The
Escrow Agent shall hold the Escrow Shares during the period (the “Escrow Period”) commencing on the date hereof and (i) with
respect to 50% of the Escrow Shares, ending on the earlier of (x) the date on which the closing price of the Ordinary Share equals or
exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days
within any 30-trading day period commencing after the closing of the Company’s initial business combination (as described in the
Registration Statement, hereinafter a “Business Combination”) and (y) six months after the date of the consummation of an
initial Business Combination and (ii) with respect to the remaining 50% of the Escrow Shares, six months after the date of the consummation
of an initial Business Combination. The Company shall promptly provide written notice of the consummation of an initial Business Combination
and the completion of the Escrow Period to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such
amount of each Initial Shareholder’s Escrow Shares (and any applicable share power) to such Initial Shareholder; provided, however,
that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during
the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided further, however,
that if, any time after the Company consummates an initial Business Combination, the Company (or the surviving entity) subsequently consummates
a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders of such entity having the
right to exchange their Ordinary Shares for cash, securities or other property, then the Escrow Agent will, upon receipt of a written
notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the Company, in form reasonably acceptable
to the Escrow Agent, certifying that such transaction is then being consummated or such conditions have been achieved, as applicable,
release the Escrow Shares to the Initial Shareholders. The Escrow Agent shall have no further duties hereunder after the disbursement
or destruction of the Escrow Shares in accordance with this Section 3.

 

     

     

    

 

3.2 Notwithstanding
Section 3.1, if the Underwriters do not exercise their over-allotment option to purchase an additional 600,000 Units of the Company in
full within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Initial Shareholders agree that the
Escrow Agent shall return to the Company for cancellation, at no cost, the number of Escrow Shares held by each such holder determined
by multiplying (a) the product of (i) 600,000 multiplied by (ii) a fraction, (x) the numerator of which is the number of Escrow Shares
held by each such holder, and (y) the denominator of which is the total number of Escrow Shares, by (b) a fraction, (i) the numerator
of which is 600,000 minus the number of Ordinary Shares purchased by the Underwriters upon the exercise of their over-allotment option,
and (ii) the denominator of which is 600,000. The Company shall promptly provide written notice to the Escrow Agent of the expiration
or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection
with their exercise thereof.

 

4. Rights
of Initial Shareholders in Escrow Shares.

 

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

 

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

 

4.3 Restrictions
on Transfer. During the Escrow Period, the only permitted transfers of the Escrow Shares will be (i) to the Company’s pre-IPO
shareholders, or to the Company’s officers, directors, advisors and employees, (ii) if the Initial Shareholder is an entity, as
a distribution to partners, members or shareholders of the Initial Shareholder upon the liquidation and dissolution of the Initial Shareholder,
(iii) by bona fide gift to a member of the Initial Shareholder’s immediate family or to a trust, the beneficiary of which is the
Initial Shareholder or a member of the Initial Shareholder’s immediate family for estate planning purposes, (iv) by virtue of the
laws of descent and distribution upon death of the Initial Shareholder, (v) pursuant to a qualified domestic relations order, (vi) by
private sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the Private
Units were originally purchased or (vii) to the Company for cancellation in accordance with Section 3.2 above or in connection with the
consummation of a Business Combination, in each case, except for clause (vii), on the condition that such transfers may be implemented
only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider
Letter (as defined below) signed by the Initial Shareholder transferring the Escrow Shares.

 

4.4 Insider
Letters. Each of the Initial Shareholders has executed a letter agreement with Ladenburg and the Company, corresponding to Exhibit
A hereto, and the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the
rights and obligations of such Initial Shareholder in certain events, including but not limited to the liquidation of the Company.

 

5. Concerning
the Escrow Agent.

 

5.1 Good
Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its
own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as
to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons.
The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement
unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the
Escrow Agent are affected, unless it shall have given its prior written consent thereto.

 

    2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

5.8 Waiver.
The Escrow Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in,
or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof,
by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment
or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

 

    3

     

    

 

 6. Miscellaneous.

 

6.1 Governing
Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State
of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another
jurisdiction.

 

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

 

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

 

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

 

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

 

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

 

If to the Company, to:

 

Ace Global Business Acquisition Limited

6/F Unit B

Central 88, 88-98 Des Voeux Road

Central, Hong Kong

Attn: Eugene Wong, Chief Executive Officer

E-mail: eugene@aceglobal-acq.com

 

If to a Shareholder, to his or her address set forth
in Exhibit A.

 

and if to the Escrow Agent, to:

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: Erika Young

 

 A
copy (which copy shall not constitute notice) sent hereunder shall be sent to:

 

Ladenburg Thalmann & Co. Inc.

277 Park Avenue, 26th Floor

New York, NY 10172

Attn: Steve Kaplan

Facsimile: (212) 758-4939

 

and:

 

Loeb & Loeb LLP

345 Park Avenue

New York, New York 10154

Attn: Giovanni Caruso, Esq.

E-mail: gcaruso@loeb.com

 

    4

     

    

 

 and:

 

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

Attn: Brad L. Shiffman, Esq.

E-mail: bshiffman@BlankRome.com

 

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

 

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

 

[Signature Page Follows]

 

    5

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	ACE GLOBAL BUSINESS ACQUISITION LIMITED
	 	 	 
	 	By:	/s/ Eugene Wong
	 	 	Name:  	Eugene Wong
	 	 	Title: 	Chief Executive Officer
	 	 	 	 
	 	INITIAL SHAREHOLDERS:
	 	 	 
	 	Ace Global Investment Limited
	 	 	 
	 	By:	/s/ Yuen Wah Chan
	 	 	Name: 	Yuen Wah Chan
	 	 	Title: 	Director
	 	 	 
	 	 	/s/ Eugene
    Wong
	 	 	Eugene Wong
	 	 	 
	 	 	/s/ Nicholas Xue-Wei
    Tan
	 	 	Nicholas Xue-Wei Tan
	 	 	 
	 	 	/s/ Robert
    Morris
	 	 	Robert Morris
	 	 	 
	 	 	/s/ Yan Xu
	 	 	Yan Xu
	 	 	 
	 	 	/s/ Leslie
    Chow
	 	 	Leslie Chow

 

Signature Page to Ace Global Stock Escrow Agreement

 

     

     

    

 

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

 

	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
	 	
     
	 
	 	By:	 /s/ Erika Young
	 	 	Name:  	Erika Young
	 	 	Title: 	Vice President

 

Signature Page to Ace Global Stock Escrow Agreement

 

     

     

    

 

EXHIBIT A

 

	Name
and Address of Initial Shareholder1
	 	Number of Shares	 	 	Date of Insider Letter	 
	Ace Global Investment Limited	 	 	1,065,000	 	 	 	April
5, 2021	 
	Eugene Wong	 	 	20,000	 	 	 	April 5, 2021	 
	Nicholas Xue-Wei Tan	 	 	20,000	 	 	 	April 5, 2021	 
	Robert Morris	 	 	15,000	 	 	 	April 5, 2021	 
	Yan Xu	 	 	15,000	 	 	 	April 5, 2021	 
	Leslie Chow	 	 	15,000	 	 	 	April 5, 2021	 

 

 

		1	The address of each of the individuals is c/o Ace Global Business
Acquisition Limited, 6/F Unit B, Central 88, 88-98 Des Voeux Road Central, Hong Kong.

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