Document:

Exhibit 10.1

 

[●], 2021

 

Blue World Acquisition Corporation

244 Fifth Avenue, Suite B-88

New York, NY 10001

Maxim Group LLC

345 Park Avenue

New York, NY 10154

 

	 	Re:	
    Initial Public Offering

     

Ladies and gentlemen:

 

This letter is being delivered
to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between
Blue World Acquisition Corporation, a Cayman Islands company (the “Company”), and Maxim Group LLC, as Representative
(the “Representative”) of the several underwriters named on Schedule A thereto (the “Underwriters”),
relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”),
each comprised of Class A ordinary share of the Company, par value $0.0001 per share (the “Class A Ordinary Share”),
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 (the “Rights”). Certain capitalized
terms used herein are defined in paragraph 14 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO, and in recognition of the benefit that such
IPO will confer upon the undersigned as a shareholder of the Company, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the undersigned hereby agrees with the Company as follows:

 

1. If the Company solicits
approval of its shareholders of a Business Combination, the undersigned will vote all Class A Ordinary Shares beneficially owned by him,
her or it, whether acquired before, in or after the IPO, in favor of such Business Combination.

 

2. (a) Unless the Company’s
shareholders are previously given the option to redeem their share in connection with amending applicable documents to extend the time
that the Company has to complete a Business Combination and that the Company fails to consummate a Business Combination within 12 months
(or, in the event that the Company extended the period of time to consummate a business combination up to three times, each by an additional
three months, within 21 months) from the closing of the Company’s IPO, the undersigned shall take all reasonable steps to (i) cause
the Trust Fund to be liquidated and distributed to the holders of the IPO Shares and (ii) cause the Company to liquidate as soon as reasonably
practicable.

 

     

     

    

 

(b) 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 his, her or its Insider Shares, Class A Ordinary Shares underlying the
Working Capital Units, and Representative Shares (“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 Warrant or Rights underlying the Private Units and Working Capital Units, all of which will terminate on the Company’s liquidation.

 

(c) In the event of the liquidation
of the Trust Fund, the undersigned agrees to indemnify and hold harmless the Company against any and all loss, liability, claims, 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) which the Company may become subject as a
result of any claim by any vendor or other person who is owed money by the Company for services rendered or products sold or contracted
for, but only to the extent necessary to ensure that such loss, liability, claim, damage or expense does not reduce the amount of funds
in the Trust Fund; provided, that such indemnity shall not apply if such vendor or other person has executed an agreement waiving any
claims against the Trust Fund.

 

(d) In the event that the
Company fails to consummate a Business Combination within twelve (12) months, Blue World Holdings Limited, a Hong Kong private company
limited by shares (the “Sponsor”) may extend the time period by which the Company must consummate a Business
Combination by an additional three (3) months up to three times for a total of 21 months. If the Sponsor elects to extend, for each 3-month
extension, the Insiders, their affiliates or designees will deposit into the Trust Account an amount equal to 1% of the gross proceeds
of the Offering, representing $0.10 for each Class A Ordinary Share sold in the Public Offering on or prior to the date of the deadline.
Such payment would be in the form of a non-interest-bearing loan (the “Extension Loans”). The Extension Loans
will either be paid upon consummation of our initial business combination, or at the lender’s discretion, converted upon consummation
of our business combination into additional private units at a price of $10.00 per unit. Pursuant to this Letter Agreement, the Insiders,
their affiliates or designees have agreed to waive its right to be repaid for such loan in the event that the Company fails to complete
a Business Combination.

 

3. In the event that the Company
does not consummate a Business Combination and must liquidate and its remaining net assets are insufficient to complete such liquidation,
the Sponsor agrees to advance such funds necessary to complete such liquidation and agrees not to seek recourse for such expenses.

 

4. The undersigned will escrow
all of his, her or its Founder Shares pursuant to the terms of a Share Escrow Agreement, which the Company will enter into with the undersigned
and an escrow agent acceptable to the Company.

 

5. The undersigned agrees
that until the Company consummates a Business Combination, the undersigned’s Private Units will be subject to the transfer restrictions
described in the Subscription Agreement relating to the undersigned’s Private Units.

 

6. In order to minimize potential
conflicts of interest which may arise from multiple affiliations, each Insider agrees to present to the Company for its consideration,
prior to presentation to any other person or entity, any suitable opportunity to acquire a target business, until the earlier of the consummation
by the Company of a Business Combination or the liquidation of the Company, subject to any pre-existing fiduciary and contractual obligations
the undersigned might have.

 

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7. Each Insider acknowledges
and agrees that prior to entering into a Business Combination with a target business that is affiliated with any Insiders of the Company
or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received financial investment
from, an entity with which any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s
disinterested independent directors and the Company must obtain an opinion from an independent investment banking firm that such Business
Combination is fair to the Company’s unaffiliated shareholders from a financial point of view.

 

8. Neither each Insider, any
member of the family of such Insider, nor any affiliate of the undersigned will be entitled to receive and will not accept any compensation
or other cash payment prior to, or for services rendered in connection with, the consummation of the Business Combination; provided that
the Company shall be allowed to repay working capital loans and Extension Loans made by the undersigned to the Company in cash upon consummation
of the Business Combination. Notwithstanding the foregoing, each Insider and any affiliate of such Insider shall be entitled to reimbursement
from the Company for their out-of-pocket expenses incurred in connection with identifying, investigating and consummating a Business Combination.

 

9. Neither each Insider, any
member of the family of such Insider, nor any affiliate of such Insider will be entitled to receive or accept a finder’s fee or
any other compensation in the event the Insider, any member of the family of the Insider or any affiliate of the Insider originates a
Business Combination.

 

10. The undersigned (except
the Representative) agrees to be a director/officer of the Company until the earlier of the consummation by the Company of a Business
Combination or the liquidation of the Company. Such undersigned’s biographical information previously furnished to the Company and
the Representative is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s
biography and contains all of the information required to be disclosed pursuant to Item 401 of Regulation S-K, promulgated under the Securities
Act of 1933. Such undersigned’s FINRA Questionnaire previously furnished to the Company and the Representative is true and accurate
in all material respects. Such undersigned represents and warrants that:

 

	 	(a)	He, she or it has never had a petition under the federal bankruptcy laws or any state insolvency law been filed by or against (i) him, her or it, or any partnership in which he or she was a general partner at or within two years before the time of filing; or (ii) any corporation or business association of which he or she was an executive officer at or within two years before the time of such filing;

 

	 	(b)	He, she or it has never had a receiver, fiscal agent or similar officer been appointed by a court for his business or property, or any such partnership;

 

	 	(c)	He, she or it has never been convicted of fraud in a civil or criminal proceeding;

 

	 	(d)	He, she or it has never been convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and minor offenses);

 

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	 	(e)	He, she or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining or otherwise limiting him, her or it from (i) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission (“CFTC”) or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or from engaging in or continuing any conduct or practice in connection with any such activity; or (ii) engaging in any type of business practice; or (iii) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities or federal commodities laws;

 

	 	(f)	He, she, or it has never been the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any federal or state authority barring, suspending or otherwise limiting for more than 60 days his, her or its right to engage in any activity described in 10(e)(i) above, or to be associated with persons engaged in any such activity;

 

	 	(g)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, where the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated;

 

	 	(h)	He, she, or it has never been found by a court of competent jurisdiction in a civil action or by the CFTC to have violated any federal commodities law, where the judgment in such civil action or finding by the CFTC has not been subsequently reversed, suspended or vacated;

 

	 	(i)	He, she, or it has never been the subject of, or a party to, any Federal, State or foreign judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of (i) any Federal, State or foreign securities or commodities law or regulation, (ii) any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and desist order, or removal or prohibition order or (iii) any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity;

 

	 	(j)	He, she or it has never been the subject of, or party to, any sanction or order, not subsequently reversed, suspended or vacated, or any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member;

 

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	 	(k)	He, she or it has never been convicted of any felony or misdemeanor: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor or paid solicitor of purchasers of securities;

 

	 	(l)	He, she or it was never subject to a final order of a state or foreign securities commission (or an agency of officer of a state performing like functions); a state or foreign authority that supervises or examines banks, savings associations, or credit unions; a state or foreign insurance commission (or an agency or officer of a state performing like functions); an appropriate federal or foreign banking agency; the CFTC; or the National Credit Union Administration that is based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;

 

	 	(m)	He, she or it has never been subject to any order, judgment or decree of any court of competent jurisdiction, that, at the time of the sale of the Units, restrained or enjoined him, her or it from engaging or continuing to engage in any conduct or practice: (i) in connection with the purchase or sale of any security; (ii) involving the making of any false filing with the SEC or any foreign regulatory agency with similar functions; or (iii) arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser or paid solicitor of purchasers of securities;

 

	 	(n)	He, she or it has never been subject to any order of the SEC or any foreign regulatory agency with similar functions that orders him, her or it to cease and desist from committing or causing a future violation of: (i) any scienter-based anti-fraud provision of the federal securities laws, including, but not limited to, Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section 15(c) and Section 206(1) of the Advisers Act or any other rule or regulation thereunder; or (ii) Section 5 of the Securities Act;

 

	 	(o)	He, she or it has never filed (as a registrant or issuer), or been named as an underwriter in any registration statement or Regulation A offering statement filed with the SEC that was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is, currently, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued;

 

	 	(p)	He, she or it has never been subject to a United States Postal Service false representation order, or is currently subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations;

 

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	 	(q)	He, she or it is not subject to a final order of a state securities commission (or an agency of officer of a state performing like functions); a state authority that supervises or examines banks, savings associations, or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the CFTC; or the National Credit Union Administration that bars the undersigned from: (i) association with an entity regulated by such commission, authority, agency or officer; (ii) engaging in the business of securities, insurance or banking; or (iii) engaging in savings association or credit union activities;

 

	 	(r)	He, she or it is not subject to an order of the SEC entered pursuant to section 15(b) or 15B(c) of the Securities Exchange Act of 1934 (the “Exchange Act”) or section 203(e) or 203(f) of the Investment Advisers Act of 1940 (the “Advisers Act”) that: (i) suspends or revokes the undersigned’s registration as a broker, dealer, municipal securities dealer or investment adviser; (ii) places limitations on the activities, functions or operations of, or imposes civil money penalties on, such person; or (iii) bars the undersigned from being associated with any entity or from participating in the offering of any penny stock; and

 

	 	(s)	
    He, she or it has never been suspended or
expelled from membership in, or suspended or barred from association with a member of, a securities self-regulatory organization (e.g.,
a registered national securities exchange or a registered national or affiliated securities association) for any act or omission to act
constituting conduct inconsistent with just and equitable principles of trade.

 

11. The undersigned hereby
waives his, her or its right to exercise redemption rights with respect to any Class A Ordinary Shares owned or to be owned by the undersigned,
directly or indirectly (or to sell such shares to the Company in a tender offer), whether purchased by the undersigned prior to the IPO,
in the IPO or in the aftermarket, and agrees that he, she or it will not seek redemption with respect to or otherwise sell, such shares
in connection with any vote to approve a Business Combination with respect thereto, a vote to amend the provisions of the Company’s
Amended and Restated Memorandum and Articles of Association, or a tender offer by the Company prior to a Business Combination.

 

12. The undersigned hereby
agrees to not propose, or vote in favor of, an amendment to the Company’s Amended and Restated Memorandum and Articles of Association
that would stop public shareholders from redeeming or selling their shares to the Company in connection with a Business Combination or
affect the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete
a Business Combination within 12 months from the closing of the IPO (or 21 months, if the Company extends the time to complete a Business
Combination as described in the IPO prospectus ) unless the Company provides dissenting public shareholders with the opportunity to
redeem their public shares into the right to receive cash from the trust account in connection with any such vote.

 

13. In connection with Section
5-1401 of the General Obligations Law of the State of New York, this letter agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to principles of conflicts of law that would result in the application of the substantive
law of another jurisdiction. The parties hereto agree that any action, proceeding or claim arising out of or relating in any way to this
letter agreement shall be resolved through final and binding arbitration in accordance with the International Arbitration Rules of the
American Arbitration Association (“AAA”). The arbitration shall be brought before the AAA International Center
for Dispute Resolution’s offices in New York City, New York, will be conducted in English and will be decided by a panel of three
arbitrators selected from the AAA Commercial Disputes Panel and that the arbitrator panel’s decision shall be final and enforceable
by any court having jurisdiction over the party from whom enforcement is sought. The cost of such arbitrators and arbitration services,
together with the prevailing party’s legal fees and expenses, shall be borne by the non-prevailing party or as otherwise directed
by the arbitrators.

 

14. As used herein, (i) a
“Business Combination” shall mean a merger, stock exchange, asset acquisition, contractual arrangement, stock purchase, recapitalization,
reorganization or other similar business combination with one or more businesses or entities; (ii) “Insiders” shall mean all
officers, directors and shareholders of the Company immediately prior to the IPO; (iii) “Insider Shares” shall mean 2,300,000
Class B ordinary shares of the Company, par value $0.0001 per share, acquired by an Insider prior to the IPO (up to 300,000 shares of
which are subject to complete or partial forfeiture by the Sponsor, officers, directors, and secretary if the over-allotment option is
not exercised by the Underwriters) for an aggregate purchase price of $25,000 (the “Founder Shares”) and any Class A Ordinary
Shares underlying the Private Units (the “Private Shares”); (iv) “IPO Shares” shall mean the Class A Ordinary
Shares to be issued in the Company’s IPO; (v) “Private Units” shall mean (x) the Units purchased in the private placement
taking place simultaneously with the consummation of the Company’s IPO and (y) the additional Units that may be purchased in connection
with the exercise of the over-allotment option by the underwriters in the IPO as described in the Registration Statement; (vi) “Registration
Statement” means the registration statement on Form S-1 filed by the Company with respect to the IPO; (vii) “Trust Fund”
shall mean the trust fund into which a portion of the net proceeds of the Company’s IPO will be deposited; (viii) “Working
Capital Units” shall mean private units issuable upon conversion of working capital loans up to $1,600,000 and Extension Loans up
to $2,400,000 or $2,760,000 if the underwriter’s over-allotment option is exercised in full, if any, at $10.00 per unit, upon the
consummation of the business combination; and (ix) “Representative Shares” shall mean 40,000 shares of Class A Ordinary Shares
issued to the Representative as a part of Representative’s compensation simultaneously with the closing of the IPO.

 

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

 

If to the Representative:

Maxim Group LLC

345 Park Avenue

New York, NY 10154

Attn: Alex Jin

Email: ajin@maximgrp.com

 

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

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

 

Attn: Mitchell S. Nussbaum, Esq., David
J. Levine, Esq.

Email: mnussbaum@loeb.com; dlevine@loeb.com

 

If to the Company:

Blue World Acquisition Corporation

244 Fifth Avenue, Suite B-88

New York, NY 10001

Attn: Liang Shi, Chief Executive Officer

 

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

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attn: Arila E. Zhou, Esq.

Email: azhou@htflawyers.com

 

16. No party hereto may assign
either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other
party. Any purported assignment in violation of this 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 parties hereto and any successors and assigns
thereof.

 

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

 

18. The undersigned acknowledges
and understands that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in
proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with
respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter hereof.

 

[Signature Page Follows]

 

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	 	Blue World Holdings Limited
	 	 
	 	By:	 
	 	Name:  	Liang Shi
	 	Title: 	Director

 

	 	 
	 	Liang Shi

 

	 	 
	 	Tianyong Yan

 

	 	 
	 	Alfred J. Hickey

 

	 	 
	 	Buhdy Sin Swee Bok

 

	 	Maxim Group LLC
	 	 
	 	By:	 
	 	Name:  	[●]
	 	Title: 	[●]

 

[Signature Page to Letter Agreement - Blue World
Acquisition Corporation]Exhibit 10.2

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Agreement is made
as of [●], 2021 by and between Blue World Acquisition Corporation (the “Company”) and Continental
Stock Transfer & Trust Company, as trustee (“Trustee”).

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-[●] (“Registration Statement”) for its initial public offering
of the Company’s units (the “Units”), each of which consists of one Class A ordinary share, par value
$0.0001 per share, of the Company (the “Class A Ordinary Share”), one-half of one warrant, each whole warrant
entitling the holder to purchase one Class A Ordinary Share (the “Warrants”), and one right to receive one-tenth
(1/10) of one Class A Ordinary Share (such initial public offering hereinafter referred to as the “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, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC, as representative (the “Representative”
or “Maxim”) of the several underwriters (the “Underwriters”) named therein; 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 $800,000 (or $920,000 if the Underwriters’
over-allotment option is exercised in full) into the Trust Account (as defined below) no later than the 12 month anniversary of the IPO,
the 15 month anniversary of the IPO, the 18 month anniversary of the IPO, or the 21 month anniversary of the IPO (each, an “Applicable
Deadline”), as applicable, for each three-month extension (each, an “Extension”), in exchange
for which they will receive promissory notes; and

 

WHEREAS, as described in the
Registration Statement, and in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, $80,800,000
of the gross proceeds of the IPO and the net proceeds of a private placement taking place simultaneously therewith ($92,920,000 if the
over-allotment option is exercised in full), plus any amount eventually deposited on account of any Extension, 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 Class A Ordinary Shares, 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, pursuant to the Underwriting
Agreement, a portion of the Property equal to $2,800,000, or $3,220,000 if the Underwriters’ over-allotment option is exercised in full,
is attributable to deferred underwriting discounts and commissions that will be payable by the Company to the Underwriters upon and concurrently
with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and

 

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

 

    

     

    

 

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 [●] in the United States, maintained by Trustee, and at a brokerage institution selected by the Trustee
that is reasonably satisfactory to the Company;

 

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

 

(c) In a timely manner, upon
the instruction of the Company, invest and reinvest the Property (i) in United States government treasury bills, notes or bonds having
a maturity of 180 days or less and/or (ii) in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment
Company Act of 1940, as amended, and that invest solely in U.S. treasuries, as determined by the Company;

 

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

 

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

 

(f) Unless otherwise agreed
between the Company and the Representative, 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 is paid directly to
the account or accounts directed by the Representative on behalf of the Underwriters prior to any transfer of the funds held in the Trust
Account to the Company or any other person;

 

(g) Within four (4) business
days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment option expires,
provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $2,800,000;

 

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

 

(i) 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;

 

(j) 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

 

(k) 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 Maxim,
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-month from the effective date of the prospectus but has not completed
the Business Combination within the applicable monthly anniversary of the effective date of the prospectus, (“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.

 

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(l) 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.

 

(m) 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 $10.10 per share (plus the amount per share deposited in the Trust Account pursuant to any Extension
Letter).

 

(n) 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.

 

(o) 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.

 

(p) 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(k) hereof.

 

(c) The Company shall provide
Maxim 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(k), 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(k) or Section 1(l) 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 $80,800,000 (or $92,920,000 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(k) or Section 1(l) 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 $10.10
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 Class A Ordinary Shares set forth on such letter to be redeemed is not greater
than the number of Class A Ordinary Shares held by the applicable Public Shareholder solely if the Company cannot confirm the requirements
of clauses (i) through (iii) of this Section 3(h), but not for any other reason, then within two days of the Company’s receipt of
the applicable copy of the irrevocable written instruction letter in the form of Exhibit F (such time period, the “Objection
Period”), the Company will notify the applicable Public Shareholder and the Trustee in writing that such irrevocable written
instruction letter is a “Non-Compliant Instruction Letter” and that the Trustee shall not comply with such letter.

 

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

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

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

 

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

 

(k) Verify calculations, qualify
or otherwise approve Company requests for distributions pursuant to Section 1(k), 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

     

    

 

6. Termination. This
Agreement shall terminate as follows:

 

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

 

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

 

7. Miscellaneous.

 

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

 

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

 

(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), 1(o), 1(p), 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 Class A
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 $10.10 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 Maxim. 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.

 

    7

     

    

 

(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 facsimile transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer & Trust
Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

Email: [●]

if to the Company, to:

 

Blue World Acquisition Corporation

244 Fifth Avenue, Suite B-88

New York, NY 10001

Attn: Liang Shi

Email: liang.shi@zeninpartners.com

 

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

 

Maxim Group LLC

345 Park Avenue

New York, NY 10174

Attn: Alex Jin

Email: ajin@maximgrp.com

 

and

 

Loeb & Loeb LLP

345 Park Avenue

New York, NY 10154

Attn: Mitchell S. Nussbaum, Esq., David
J. Levine, Esq.

Email: dlevine@loeb.com and mnussbaum@loeb.com

 

Hunter Taubman Fischer & Li LLC

800 Third Avenue, Suite 2800

New York, NY 10022

Attn: Arila E. Zhou, Esq.

Email: azhou@htflawyers.com

 

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

 

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

 

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

 

[signature page follows]

 

    8

     

    

 

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 WORLD ACQUISITION CORPORATION 
	 	 
	 	By:	 	 
	 	 	Name: 	Liang Shi
	 	 	Title: 	Chief Executive Officer

 

[signature page to Investment Management Trust
Agreement – Blue World Acquisition Corporation]

 

    9

     

    

 

SCHEDULE A

 

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

 

    10

     

    

 

EXHIBIT A

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

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

 

Gentlemen:

 

Pursuant to paragraph 1(i)
of the Investment Management Trust Agreement between Blue World Acquisition Corporation (“Company”) and Continental
Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2021 (“Trust Agreement”),
this is to advise you that the Company has entered into an agreement with [●] (“Target Business”) to consummate
a business combination with Target Business (“Business Combination”) on or about [insert date]. The Company
shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation
Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate the Trust Account investments on [●] and to transfer the proceeds to
the above-referenced account at [●] 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 (including as directed
to it by the Representative on behalf of the Underwriters with respect to the Deferred Discount). It is acknowledged and agreed that while
the funds are on deposit in the trust account awaiting distribution, the Company will not earn any interest or dividends.

 

On the Consummation Date (i)
counsel for the Company shall deliver to you written notification that the Business Combination has been consummated, and (ii) the Company
shall deliver to you (a) [an affidavit] [a certificate] of [●], which verifies the vote of the Company’s shareholders in connection
with the Business Combination if a vote is held and (b) joint written instructions from the Company and the Representative with respect
to the transfer of the funds held in the Trust Account, which must provide for the disbursement of no less than $10.10 per share plus
the amount per share deposited in the Trust Account per Extension Letter to redeeming Public Shareholders and payment of the Deferred
Discount to the Representative from the Trust Account (“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.

 

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,
	 	 	 
	 	BLUE WORLD ACQUISITION CORPORATION 
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	Secretary/Assistant Secretary

 

	Acknowledged and Agreed:	 
	 	 	 
	Maxim Group LLC	 
	 	 	 
	By:	              	 
	Name: 	 	 
	Title:	 	 

 

    11

     

    

 

EXHIBIT B

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

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

 

Gentlemen:

 

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

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to liquidate all the Trust Account investments on [●] and to transfer the total
proceeds to the Trust Operating Account at [●] 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. 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,
	 	 	 
	 	BLUE WORLD ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title: 	Secretary/Assistant Secretary

 

cc: Maxim Group LLC

 

    12

     

    

 

EXHIBIT C

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

	 	Re:	Trust Account No. [●]

 

Gentlemen:

 

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

 

[WIRE INSTRUCTION INFORMATION]

	 	BLUE WORLD ACQUISITION CORPORATION
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

cc: Maxim Group LLC

 

    13

     

    

 

EXHIBIT D

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

	 	Re:	Trust Account No. [●] Extension Letter

 

Gentlemen:

 

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

 

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

 

In accordance with the terms
of the Trust Agreement, we hereby authorize you to deposit [$800,000] [(or $920,000 if the underwriters’ over-allotment option was
exercised in full)], 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,
	 	 	 
	 	BLUE WORLD ACQUISITION CORPORATION
	 	 	 
	 	By:	                
	 	Name: 	 
	 	Title:	 

 

cc: Maxim Group LLC

 

    14

     

    

 

EXHIBIT E

[Letterhead of Company]

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

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

 

Gentlemen:

 

Pursuant to paragraphs 1(m)
and 3(g) of the Investment Management Trust Agreement between Blue World Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2021 (“Trust
Agreement”), this constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as
defined in the Trust Agreement), disburse a per share amount of $[●], for a total disbursement of $[●] which is not less than
$10.10 (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter) to [●] (the “Shareholder”)
for the [●] Class A 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.

  

	 	Very truly yours,
	 	 	 
	 	BLUE WORLD ACQUISITION CORPORATION
	 	 	 
	 	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

 

[signature page to Investment Management Trust
Agreement-Exhibit E- Blue World Acquisition Corporation]

 

    15

     

    

 

EXHIBIT F

 

[Insert date]

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attn: [●]

 

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

 

Gentlemen:

 

Pursuant to paragraphs 1(n)
and 3(h) of the Investment Management Trust Agreement between Blue World Acquisition Corporation (“Company”)
and Continental Stock Transfer & Trust Company (“Trustee”), dated as of [●], 2021 (“Trust
Agreement”), this constitutes our irrevocable instruction to you to (i) in conjunction with the Business Combination (as
defined in the Trust Agreement), disburse a per share amount of $[●], for a total disbursement of $[●] which is not less than
$10.10 (plus the amount per share deposited in the Trust Account pursuant to any Extension Letter) per share to [●] (the “Shareholder”)
for the [●] Class A 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.

 

 

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

 

Acknowledged and Agreed:

 

CONTINENTAL STOCK TRANSFER &

TRUST COMPANY, as Trustee

 

	 	 	 
	Name: 	 	 
	Title:	 	 

 

	Cc: 	Blue World Acquisition Corporation 	 
	 	 	 
	 	244 Fifth Avenue, Suite B-88	 
	 	New York, NY 10001 	 
	 	Attn: Liang Shi, Chief Executive Officer 	 

 

Attachments:

Shareholder Wire Instructions

Share advice or instruction

 

 

16

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