Exhibit 10.3


 


August 10, 2022


 


Hainan Manaslu Acquisition Corp.


B3406, 34F, West Tower, Block B


Guorui Building, 11 Guoxing Avenue


Haikou, Hainan Province, PRC 570203


 


Re: Initial Public Offering


 


Ladies and Gentlemen:


 


This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be
entered into by and between Hainan Manaslu Acquisition Corp., a Cayman Islands exempted company (the “Company”),
and Ladenburg Thalmann & Co., Inc., as representative (the “Representative”) of the several underwriters
(each, an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”) of up to 6,900,000 of the Company’s units (including up
to 900,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised of one
ordinary share of the Company, par value $0.0001 per share (the “Ordinary Shares”), and one redeemable warrant,
and one right to receive one-tenth of one Ordinary Share (the “Rights”). Each warrant (the “Warrant”)
entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustments as described in the
Prospectus (as defined below). The Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 (File
No. 333-261340) and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange
Commission (the “Commission”), and the Company shall apply to have the Units listed on the Nasdaq Global Market.
Certain capitalized terms used herein are defined in Section 11 hereof.


 


In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, Bright Winlong LLC (the “Sponsor”) and the undersigned individuals,
each of whom is a member of the Company’s board of directors and/or management team, hereby agree with the Company as follows:


 


1. Each Insider agrees that (A) if the Company
seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she
shall (i) vote any Shares owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any Shares
owned by it, him or her in connection with such shareholder approval; (B) if the Company engages in a tender offer in connection with
any proposed Business Combination, it, he or she shall not sell or tender any Shares to the Company in connection therewith; and (C) if
the Company seeks shareholder approval of any proposed amendment to the Charter prior to the consummation of a Business Combination, it,
he or she shall not redeem any Shares owned by it, him or her in connection with such shareholder approval.


 


2. Each Insider hereby agrees that, in the event
that the Company fails to consummate a Business Combination within 9 months (or up to a maximum of 18 months if such date is extended
as described in the Prospectus) after the closing of the Public Offering, or such later period approved by the Company’s shareholders
in accordance with the Charter, each Insider shall take all reasonable steps to cause the Company to (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten (10) business days thereafter, subject
to lawfully available funds therefor, redeem 100% of the Ordinary Shares sold as part of the Units in the Public Offering (the “Offering
Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay any taxes (less up
to $60,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will
completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive further liquidation distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval
of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in the case
of clauses (ii) and (iii) above to the Company’s obligations under Cayman Islands law to provide for claims of creditors and other
requirements of applicable law. Each Insider agrees to not propose any amendment to the Charter (i) that would affect the substance or
timing of the Company’s obligation to provide holders of the Offering Shares the right to have their Offering Shares redeemed in
connection with the Business Combination or redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within the time period described in the Prospectus or (ii) with respect to any other provision relating to shareholders’ rights
or pre- Business Combination activity, unless the Company provides its Public Shareholders with the opportunity to redeem their Offering
Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay
its taxes, divided by the number of then outstanding Offering Shares.


 






     


     


    

 


Each Insider acknowledges that it, he or she has
no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result
of any liquidation of the Company with respect to the Founder Shares and the Placement Shares held by it, him or her. Each Insider hereby
further waives any claim such Insider 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 Account for any reason whatsoever except in each case with respect to the Insider’s
right to a pro rata interest in the proceeds held in the Trust Account for any Offering Shares such Insider may hold.


 


3. During the period commencing on the effective
date of the Underwriting Agreement and ending one hundred eighty (180) days after such date, each Insider shall not, without the prior
written consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option
to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position
or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and the rules and regulations of the Commission promulgated thereunder, with respect
to any Units, Ordinary Shares, Founder Shares, Warrants, Rights or any securities convertible into, or exercisable, or exchangeable for,
Ordinary Shares owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of any Units, Ordinary Shares, Founder Shares, Warrants, Rights or any securities
convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by it, him or her, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction
specified in clause (i) or (ii). Each of the Insiders acknowledges and agrees that, prior to the effective date of any release or
waiver of the restrictions set forth in this Section 3, the Company shall announce the impending release or waiver by press release
through a major news service at least two (2) business days before the effective date of the release or waiver. Any release or waiver
granted shall only be effective two (2) business days after the publication date of such press release. The provisions of this Section
will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in
writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms remain in
effect at the time of the transfer.


 


4. In the event of the liquidation of the
Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers of the
Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation,
whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any
third party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has
entered into a written letter of intent, confidentiality or other similar agreement or a Business Combination agreement (a “Target”); provided, however,
that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third
party for services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below
(i) $10.15 per share of the Offering Shares or (ii) such lesser amount per share of the Offering Shares held in the Trust Account
due to reductions in the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount
of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party
(including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under
the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933,
as amended (the “Securities Act”). In the event that any such executed waiver is deemed to be unenforceable
against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15
days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake
such defense.


 


5. To the extent that the Underwriters do
not exercise their over-allotment option to purchase up to an additional 900,000 Units within forty five (45) days from the date of the
Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number of Founder Shares in the
aggregate equal to 225,000 multiplied by a fraction, (i) the numerator of which is 900,000 minus the number of Units purchased by
the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 900,000. The forfeiture will
be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters so that the Founder Shares will
represent an aggregate of 20% of the Company’s issued and outstanding Ordinary Shares after the Public Offering (not including Placement
Shares).


 






    2


     


    

 


6. Each Insider hereby agrees and acknowledges
that: (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Insider of its, his or her
obligations under Sections 1, 2, 3, 4, 5, 7(a), 7(b), and 9, as applicable, of
this Letter Agreement; (ii) monetary damages may not be an adequate remedy for such breach; and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event of
such breach.


 


7. (a) Subject to Section 7(c),
each Insider agrees that, with respect to 50% of the Founder Shares, it, he or she shall not Transfer any of such Founder Shares until
the earlier of (A) six months after the completion of the Company’s initial Business Combination or (B) subsequent to the Business
Combination, if the last sale price of the Ordinary Shares equals or exceeds $12.50 per share (as adjusted for share splits, share capitalizations,
rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any thirty (30)-trading
day period commencing after the Company’s initial Business Combination; and with respect to the remaining 50% of the Founder Shares,
it, he or she shall not Transfer any of such Founder Shares until the earlier of (x) six months after the date of the consummation
of the Company’s initial Business Combination, or (y) subsequent to the Company’s initial Business Combination, the date on
which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of
the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (the “Founder
Shares Lock-up Period”).


 


(b) Subject to Section 7(c), each
Insider agrees that it, he or she shall not Transfer any Placement Units, Working Capital Units (as defined in the Registration Rights
Agreement), Extension Loan Units (as defined in the Registration Rights Agreement), and their respective underlying securities until thirty
(30) days after the completion of a Business Combination (the “Placement Unit Lock-up Period”, together
with the Founder Shares Lock-up Period, the “Lock-up Periods”).


 


(c) Notwithstanding the provisions set forth
in Sections 7(a) and (b), Transfers of the Founder Shares, the Placement Units, the Working Capital Units, the Extension
Loan Units, and their respective underlying securities that are held by any Insider or any of their permitted transferees (that have complied
with this Section 7(c)), are permitted (1) (a) to the Sponsor’s officers or directors, any affiliates or family members of
the Sponsor or any of the Company’s officers or directors, any members of the Sponsor, or any affiliates of the Sponsor; (b) in
the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary of which is
a member of one of the individual’s immediate family, or an affiliate of such person, or to a charitable organization; (c) in the
case of an individual, by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, pursuant
to a qualified domestic relations order; (e) in the event of the Company’s liquidation prior to the completion of an initial Business
Combination; or (f) by virtue of the laws of the Cayman Islands or the Sponsor’s organizational documents upon dissolution of the
Sponsor; provided, however, that in each case these permitted transferred must enter into a written agreement agreeing to be bound by
these transfer restrictions and by the same agreements entered into by the Sponsor with respect to such securities; and (2) in connection
with an initial Business Combination with the consent of the Company to any third party that agrees in writing to be bound by the provisions
of this Letter Agreement applicable to Insiders (other than paragraph 1). For the avoidance of doubt, for the purposes of this Letter
Agreement, a managed account managed by the same investment manager of any member of the Sponsor shall be deemed an affiliate of such
member.


 


(d) Subject to the limitations described herein,
each Insider shall retain all of such Insider’s rights as a security holder during, as applicable, the Lock-up Periods including,
without limitation, the right to vote, as the case may be, the Founder Shares and/or Placement Shares.


 






    3


     


    

 


8. Each Insider represents and warrants that
it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities
or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company
(including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information
with respect to the Insider’s background and contains all of the information required to be disclosed pursuant to Item 401 of Regulation
S-K promulgated under the Securities Act. Each Insider’s questionnaire furnished to the Company is true and accurate in all respects.
Each Insider represents and warrants that: it, he or she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order
or order or stipulation to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it or
he has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction
or handling of funds of another person, or (iii) pertaining to any dealings in any securities, and it or he is not currently a defendant
in any such criminal proceeding.


 


9. Except as disclosed in the Prospectus,
neither any Insider, nor any affiliate of any Insider, nor any director or officer of the Company, shall receive from the Company any
finder’s fee, reimbursement or cash payments prior to, or in connection with any services rendered in order to effectuate the consummation
of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the amounts described
in the Prospectus under the heading “Summary – The Offering – Limited Payments to Insiders.”


 


10. Each Insider has full right and power,
without violating any agreement to which it, he or she is bound (including, without limitation, any non-competition or non-solicitation agreement
with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or director
on the board of directors of the Company and hereby consent to being named in the Prospectus as an officer and/or director of the Company.


 


11. As used herein, (i) “Business
Combination” shall mean a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business
combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively,
the Offering Shares, the Placement Shares and the Founder Shares; (iii) “Founder Shares” shall mean (a) the
1,725,000 Ordinary Shares of the Company initially issued to the Sponsor (up to 225,000 Ordinary Shares of which are subject to complete
or partial forfeiture by the Sponsor if the over-allotment option is not exercised by the Underwriters) for an aggregate purchase price
of $25,000, or approximately $0.014 per share, prior to the consummation of the Public Offering; (iv) “Initial Holders”
shall mean the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Insiders”
shall mean the Sponsor and each officer and director of the Company; (vi) “Placement Shares” shall mean the
Ordinary Shares sold as part of the Placement Units; (vii) “Placement Warrants” shall mean the Warrants to purchase
up to an aggregate of 341,500 Ordinary Shares that are included in the Placement Units; (viii) “Placement Units”
shall mean the aggregate of up to 341,500 Units of the Company (each Placement Unit consists of one Placement Warrant, one right to receive
one-tenth of one Ordinary Share and one Placement Share) sold in the Private Placement to the Sponsor for an aggregate purchase price
of up to $3,415,000; (ix) “Private Placement” shall mean that certain private placement transaction occurring
simultaneously with the closing of the Public Offering pursuant to which the Company has agreed to sell an aggregate of up to 341,500
Placement Units to the Sponsor; (x) “Public Shareholders” shall mean the holders of securities issued in
the Public Offering; (xi) “Trust Account” shall mean the trust fund into which a portion of the net proceeds
of the Public Offering and the sale of the Placement Units (and, if applicable, any extension loan, as described in the prospectus related
to the IPO) shall be deposited; (xii) “Transfer” shall mean the (a) sale of, offer to sell, contract
or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly
or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of
the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b);
and (xiii) “Charter” shall mean the Company’s amended and restated memorandum and articles of association,
as the same may be amended from time to time.


 






    4


     


    

 


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


  


13. No party hereto may assign either this
Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party. Any purported
assignment in violation of this Section 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 each Insider and their respective successors, heirs and assigns and
permitted transferees.


 


14. Nothing in this Letter Agreement shall
be construed to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by
reason of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations,
promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors, heirs, personal representatives and assigns and permitted transferees.


  


15. This Letter Agreement may be executed
in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same instrument.


 


16. This Letter Agreement shall be deemed
severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this
Letter Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be possible and be valid and enforceable.


 


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


 


18. Any notice, consent or request to be given
in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or facsimile or other electronic transmission.
Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute a valid and sufficient delivery
thereof.


 


19. This Letter Agreement shall terminate
on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however,
that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by December 31,
2022; provided further that Section 4 of this Letter Agreement shall survive such liquidation.


 


[Signature Page Follows]


 




    5


     


    


 


	 	Sincerely,
	 	 
	 	HAINAN MANASLU ACQUISITION CORP.
	 	 
	 	By:	 /s/ Zhifan Zhou
	 	Name: 	Zhifan Zhou
	 	Title:	Chief Executive Officer and Chairman
	 	 
	 	BRIGHT WINLONG LLC
	 	 
	 	By:	 /s/ Zhifan Zhou
	 	Name:	Zhifan Zhou
	 	Title:	Manager
	 	 
	 	 /s/ Zhifan Zhou
	 	Name:	Zhifan Zhou
	 	 
	 	 /s/ Wenyi Shen
	 	Name:	Wenyi Shen
	 	 
	 	 /s/ Xun Zhang
	 	Name:	Xun Zhang
	 	 
	 	 /s/ John Roumeliotis
	 	Name: 	John Roumeliotis
	 	 
	 	 /s/ Kun-lin Liu
	 	Name: 	Kun-lin Liu
	 	 
	 	 /s/ Hong Ma
	 	Name: 	Hong Ma


 


[Signature Page to Letter Agreement]