Exhibit 10.3


 


Form of Lock-Up Agreement


 


November 7, 2022


 


Univest Securities, LLC

75 Rockefeller Center, Suite 18C




New York, NY 10019


 


Re: Placement of Huadi International Group Co., Ltd.


 


Ladies and Gentlemen:


 


The undersigned, a holder of securities of Huadi
International Group Co., Ltd., a Cayman Islands exempted company (the “Company”), understands that you are the placement
agent (the “Placement Agent”) named in the placement agency agreement dated November 7, 2022 (the “Placement
Agreement”) between the Placement Agent and the Company, providing for the placement (the “Placement”) of
Ordinary Shares (the “Securities”) pursuant to a registration statement and related prospectuses and supplements thereto
filed or to be filed with the U.S. Securities and Exchange Commission (the “SEC”). Capitalized terms used herein and
not otherwise defined shall have the meanings set forth for them in the Placement Agreement.


 


In consideration of the Placement Agent’s
agreement to proceed with the Placement of the Securities, and for other good and valuable consideration, receipt of which is hereby acknowledged,
the undersigned hereby agrees, for the benefit of the Company, the Placement Agent that, without the prior written consent of the Placement
Agent, the undersigned will not, during the period specified in the following paragraph (the “Lock-Up Period”), directly
or indirectly, unless otherwise provided herein, (a) offer, sell, agree to offer or sell, solicit offers to purchase, convert, exercise,
exchange, grant any call option or purchase any put option with respect to, pledge, encumber, assign, borrow or otherwise dispose of or
transfer (each a “Transfer”) any Relevant Security (as defined below) or otherwise publicly disclose the intention
to do so, or (b) establish or increase any “put equivalent position” or liquidate or decrease any “call equivalent position”
(in each case within the meaning of Section 16 of the Securities Exchange Act of 1934 (the “Exchange Act”) and the
rules and regulations thereunder) with respect to any Relevant Security or otherwise enter into any swap, derivative or other transaction
or arrangement that Transfers to another, in whole or in part, any economic consequence of ownership of a Relevant Security, whether or
not such transaction is to be settled by the delivery of Relevant Securities, other securities, cash or other consideration, or otherwise
publicly disclose the intention to do so. As used herein, the term “Relevant Security” means any Ordinary Shares, warrant
to purchase Ordinary Shares or any other security of the Company or any other entity that is convertible into, or exercisable or exchangeable
for, Ordinary Shares or any other equity security of the Company, in each case owned beneficially or otherwise by the undersigned on the
date set forth on the front cover of the final prospectus used in connection with the Placement of the Securities (the “Effective
Date”) or acquired by the undersigned during the Lock-Up Period.


 


The Lock-Up Period will commence on the date of
this Lock-up Agreement and continue and include the date that is one hundred and twenty (120) days after the closing of the Placement.


 






     


     


    

 


In addition, the undersigned further agrees that,
without the prior written consent of the Placement Agent, during the Lock-Up Period the undersigned will not: (i) file or participate
in the filing with the SEC of any registration statement or circulate or participate in the circulation of any preliminary or final prospectus
or other disclosure document, in each case with respect to any proposed offering or sale of a Relevant Security, or (ii) exercise any
rights the undersigned may have to require registration with the SEC of any proposed offering or sale of a Relevant Security.


 


In addition, if: (i) the Company issues an earnings
release or material news or a material event relating to the Company occurs during the last seventeen (17) days of the Lock-Up Period,
or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results during the sixteen
(16)-day period beginning on the last day of the Lock-Up Period, then the restrictions imposed by this Lock-Up Agreement shall continue
to apply until the expiration of the eighteen (18)-day period beginning on the issuance of the earnings release or the occurrence of the
material news or material event (the “Extension Period”). However, for purposes of clarity, only one Extension Period
may occur.


 


In furtherance of the undersigned’s obligations
hereunder, the undersigned hereby authorizes the Company during the Lock-Up Period to cause any transfer agent for the Relevant Securities
to decline to transfer, and to note stop transfer restrictions on the stock register and other records relating to, Relevant Securities
for which the undersigned is the record owner and the transfer of which would be a violation of this Lock-Up Agreement and, in the case
of Relevant Securities for which the undersigned is the beneficial but not the record owner, agrees that during the Lock-Up Period it
will cause the record owner to cause the relevant transfer agent to decline to transfer, and to note stop transfer restrictions on the
stock register and other records relating to, such Relevant Securities to the extent such transfer would be a violation of this Lock-Up
Agreement.


 


Notwithstanding the foregoing, the undersigned
may transfer the undersigned’s Relevant Securities:


 


	
     
	(i)	as a bona fide gift or gifts,
	 	 	 
	 	(ii)	to any trust for the direct or indirect benefit of the undersigned or a member of members of the immediate family of the undersigned,
	 	 	 
	 	(iii)	if the undersigned is a corporation, partnership, limited liability company, trust or other business entity (1) to another corporation, partnership, limited liability company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 under the Securities Act of 1933) of the undersigned, (2) to limited partners, limited liability company members or stockholders of the undersigned, or (3) in connection with a sale, merger or transfer of all or substantially all of the assets of the undersigned or any other change of control of the undersigned, not undertaken for the purpose of avoiding the restrictions imposed by this Lock-Up Agreement,
	 	 	 
	 	(iv)	if the undersigned is a trust, to the beneficiary of such trust,
	 	 	 
	 	(v)	by testate or intestate succession,
	 	 	 
	 	(vi)	by operation of law, such as pursuant to a qualified domestic order or in connection with a divorce settlement, or
	 	 	 
	 	(vii)	pursuant to the Placement Agreement;


 






     


     


    

 


provided, in the case of clauses (i)-(vi),
that (A) such transfer shall not involve a disposition for value, (B) the transferee agrees in writing with the Placement Agent and the
Company to be bound by the terms of this Lock-Up Agreement, and (C) such transfer would not require any filing under Section 16(a) of
the Exchange Act and no such filing is voluntarily made.


 


For purposes of this Lock-Up Agreement, “immediate
family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin.


 


The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Lock-Up Agreement and that this Lock-Up Agreement has been duly authorized
(if the undersigned is not a natural person) and constitutes the legal, valid and binding obligation of the undersigned, enforceable in
accordance with its terms. Upon request, the undersigned will execute any additional documents necessary in connection with the enforcement
hereof. Any obligations of the undersigned shall be binding upon the successors and assigns of the undersigned from the date of this Lock-Up
Agreement.


 


The undersigned understands that if the Placement
Agreement (other than the provisions thereof which survive termination) shall terminate or be terminated prior to payment for and delivery
of the Securities to be sold thereunder, the undersigned shall be released from all obligations under this Lock-Up Agreement.


 


The undersigned, whether or not participating
in the Placement, understands that the Placement Agent is proceeding with the Placement in reliance upon this Lock-Up Agreement.


 


This Lock-Up Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof. Delivery of
a signed copy of this Lock-Up Agreement by facsimile or e-mail/.pdf transmission shall be effective as the delivery of the original hereof.


	
     

    Very truly yours,

	 	 
	
    Signature: _________________________________________

    Name (printed): _____________________________________

    Title (if applicable): __________________________________

    Entity (if applicable): _________________________________