Document:

Exhibit
10.3

 

Strictly Confidential

Execution

EQUITY COMMITMENT
LETTER

 

December 17, 2020

 

NEW OSSEN GROUP LIMITED

c/o 16/F, No.518

Shangcheng Road, Pudong District

Shanghai, China

 

Ladies and Gentlemen:

 

This letter agreement
sets forth the commitment of the undersigned (the “Sponsor”), subject to the terms and conditions contained
herein, to purchase, directly or indirectly, equity interests of New Ossen Group Limited, an exempted company with limited liability
incorporated under the laws of the British Virgin Islands (“Parent”). It is contemplated that, pursuant to that
certain Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and among Ossen
Innovation Co., Ltd. (the “Company”), Parent and New Ossen Innovation Limited, a direct wholly-owned Subsidiary
of Parent (“Merger Sub”), Merger Sub will merge with and into the Company (the “Merger”),
with the Company surviving the Merger as a direct wholly-owned Subsidiary of Parent. Capitalized terms used in this letter and
not otherwise defined herein have the meanings ascribed to such terms in the Merger Agreement. For the purpose of this letter agreement,
the term “person” shall have the meaning given to it in Section 9.03 of the Merger Agreement.

 

1.            Equity
Commitment.

 

(a)          This
letter agreement confirms the commitment of the Sponsor, at or immediately prior to the Effective Time, subject to the terms and
conditions set forth herein, to purchase, or to cause the purchase of, equity interests of Parent and to pay, or cause to be paid,
to Parent in immediately available funds an aggregate cash purchase price equal to $12,500,000 (the “Equity Commitment”),
which will be used by Parent to (i) fund (or cause to be funded through Parent or Merger Sub), to the extent necessary to
fund, the aggregate Merger consideration required to be paid by Parent to consummate the Merger pursuant to and in accordance with
the Merger Agreement, and (ii) pay (or cause to be paid through the Parent or Merger Sub) related fees and expenses pursuant
to the Merger Agreement; provided, that the Sponsor shall not, under any circumstances, be obligated to contribute more
than the Equity Commitment to Parent and the liability of the Sponsor hereunder shall not exceed the amount of the Equity Commitment
(the “Cap”).

 

(b)          The
Sponsor may effect the funding of the Equity Commitment directly or indirectly through one or more direct or indirect Subsidiaries
or Affiliates of the Sponsor. The Sponsor will not be under any obligation under any circumstances to contribute more than the
amount of the Equity Commitment to Parent, Merger Sub or any other person pursuant to the terms of this letter agreement. In the
event Parent does not require an amount equal to the sum of the Equity Commitment in order to consummate the Merger, the amount
of the Equity Commitment to be funded under this letter agreement shall be reduced by Parent to the level sufficient for Parent
and Merger Sub to consummate the transactions contemplated by the Merger Agreement.

 

2.            Conditions.
The Equity Commitment shall be subject to (a) the satisfaction in full (or waiver, if permissible), at or prior to the Closing,
of each of the conditions to Parent’s and Merger Sub’s obligation to effect the Merger set forth in Section 7.01
and Section 7.02 of the Merger Agreement (other than any conditions that by their nature are to be satisfied at the
Closing but subject to the prior or substantially concurrent satisfaction of such conditions), and (b) the substantially contemporaneous
consummation of the Closing.

 

     

     

    

 

3.            Limited
Guarantee. Concurrently with the execution and delivery of this letter agreement, the Sponsor is executing and delivering to
the Company a limited guarantee related to certain payment obligations of Parent under the Merger Agreement (the “Limited
Guarantee”). Other than with respect to the Retained Claims (as defined in the Limited Guarantee), (a) the Company’s
remedies against the Sponsor under the Limited Guarantee (as set forth in and in accordance with the terms of the Limited Guarantee)
shall be, and are intended to be, the sole and exclusive direct or indirect remedies (whether at law or in equity, whether sounding
in contract, tort, statute or otherwise) available to the Company and the Guaranteed Party Related Persons (as defined in the Limited
Guarantee) against the Sponsor and the Non-Recourse Parties (as defined in the Limited Guarantee) for any liability, loss, damage
or recovery of any kind (including consequential, indirect or punitive damages, and whether at law, in equity or otherwise) arising
out of or relating to this letter agreement or the Merger Agreement, or of the failure of any of the transactions contemplated
by any such agreement to be consummated or otherwise in connection with any of the transactions contemplated hereby and thereby
or in respect of any other document or theory of law or in equity, or in respect of any written or oral representations made or
alleged to have been made in connection with any such agreement, whether at law, in equity, in contract, in tort or otherwise (whether
or not Parent’s or Merger Sub’s breach is caused by the Sponsor’s breach of its obligations under this letter
agreement); and (b) the Company and the Guaranteed Party Related Persons shall not have, and they are not intended to have,
any right of recovery against the Sponsors or any of the Non-Recourse Parties in respect of any liabilities or obligations arising
out of or relating to, this letter agreement or the Merger Agreement, including in the event Parent or Merger Sub breaches its
obligations under the Merger Agreement and whether or not Parent’s or Merger Sub’s breach is caused by the Sponsor’s
breach of its obligations under this letter, except for claims of the Company against the Sponsor pursuant to and in accordance
with the Limited Guarantee.

 

4.            Enforceability;
Third-Party Beneficiary.

 

(a)          This
letter agreement may only be enforced by Parent in its sole discretion; provided that, subject to Sections 4(b),
6 and 7, the Company will be entitled to enforce the rights granted to Parent to cause the Sponsor to fund the Equity
Commitment in accordance with this letter agreement if and only if all conditions in Sections 7.01 and 7.02 of the
Merger Agreement (other than any conditions that by their nature are to be satisfied at the Closing, but each of which is capable
of being, and is reasonably expected to be satisfied at the Closing) have been satisfied in full or waived, if permissible, at
the time when the Closing would have occurred in accordance with Section 1.02 of the Merger Agreement. Further, the
Company is an express third-party beneficiary of this letter agreement and shall be entitled to specific performance of the terms
hereof to prevent breaches of this letter agreement by the parties hereto, in addition to any other remedy at law or equity. None
of Parent’s, Merger Sub’s or the Company’s creditors shall have the right to enforce this letter agreement or
to cause Parent, Merger Sub or the Company to enforce this letter agreement against the Sponsor.

 

(b)          Notwithstanding
anything to the contrary set forth herein, in no event shall the maximum amount of the liabilities of the Sponsor in the aggregate
under this letter agreement exceed the Cap.

 

(c)          No
party hereto may enforce the Sponsor’s obligations under this letter agreement without giving effect to the Cap. Notwithstanding
the foregoing, if the Company or any of its Affiliates asserts in any proceeding that the Cap on the Sponsor’s liabilities
hereunder is illegal, invalid or unenforceable in whole or in part, then (i) the obligations of the Sponsor under this letter
agreement shall terminate ab initio and be null and void, (ii) if the Sponsor has previously made any payments under
this letter agreement, it shall be entitled to recover such payments, and (iii) the Sponsor shall not have any liabilities
or obligations to any person under this letter agreement.

 

(d)          Each
party hereto acknowledges and agrees that (i) this letter agreement is not intended to, and does not, create any agency, partnership,
fiduciary or joint venture, relationship, between or among any of the parties hereto, and neither this letter agreement nor any
other document or agreement entered into by any party hereto relating to the subject matter hereof shall be construed to suggest
otherwise, and (ii) the obligations of the Sponsor under this letter agreement are solely contractual in nature.

 

(e)          The
parties hereto agree that their respective agreements and obligations set forth herein are solely for the benefit of the other
party hereto and its respective successors and permitted assigns, in accordance with and subject to the terms of this letter agreement,
and this letter agreement is not intended to, and does not, confer upon any person other than the parties hereto and their respective
successors and permitted assigns any benefits, rights or remedies under or by reason of, or any rights to enforce or cause Parent
to enforce, the obligations set forth therein; provided that (i) the Company is a third-party beneficiary of this letter
agreement to the extent and only to the extent of its rights specifically provided in Section 4(a) in accordance
with, and subject to the terms of the Merger Agreement and this letter agreement; and (ii) the Non-Recourse Parties may rely
upon and enforce the provisions of Sections 3 and 12. Except as expressly provided in the foregoing sentence, nothing
in this letter agreement, express or implied, is intended to confer upon any person other than Parent or the Sponsor, or, except
to the extent expressly provided herein, the Company or the Non-Recourse Parties, any rights or remedies under or by reason of
this letter agreement.

 

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5.            No
Modification; Entire Agreement. This letter agreement may not be amended or otherwise modified without the prior written consent
of Parent and the Sponsor. Together with the Merger Agreement and the Limited Guarantee, this letter agreement constitutes the
sole agreement, and supersedes all prior agreements, understandings and statements, written or oral, between, the Sponsor or any
of its Affiliates, on the one hand, and Parent or any of its Affiliates, on the other hand, with respect to the transactions contemplated
hereby. Each of the parties acknowledges that each party and its respective counsel have reviewed this letter agreement and that
any rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this letter agreement.

 

6.            Governing
Law. This letter agreement and all disputes or controversies arising out of or relating to this letter agreement or the transactions
contemplated hereby shall be interpreted, construed and governed by and in accordance with the Laws of the State of New York without
regard to the conflicts of law principles thereof.

 

7.            Dispute
Resolution.

 

(a)          Any
disputes, actions and proceedings against any party or arising out of or in any way relating to this letter agreement shall be
submitted to the Hong Kong International Arbitration Centre (“HKIAC”) and resolved in accordance with the Arbitration
Rules of HKIAC in force at the relevant time and as may be amended by this Section 7(a) (the “Rules”).
The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the arbitration tribunal
shall consist of three arbitrators (each, an “Arbitrator”). The claimant(s), irrespective of number, shall nominate
jointly one Arbitrator; the respondent(s), irrespective of number, shall nominate jointly one Arbitrator; and a third Arbitrator
will be nominated jointly by the first two Arbitrators and shall serve as chairman of the arbitration tribunal. In the event the
claimant(s) or respondent(s) or the first two Arbitrators shall fail to nominate or agree the joint nomination of an
Arbitrator or the third Arbitrator within the time limits specified by the Rules, such Arbitrator shall be appointed promptly by
the HKIAC. The arbitration tribunal shall have no authority to award punitive or other punitive-type damages. The award of the
arbitration tribunal shall be final and binding upon the disputing parties. Any party to an award may apply to any court of competent
jurisdiction for enforcement of such award and, for purposes of the enforcement of such award, the parties irrevocably and unconditionally
submit to the jurisdiction of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal
jurisdiction or inconvenient forum.

 

(b)          Notwithstanding
the foregoing, the parties hereby consent to and agree that in addition to any recourse to arbitration as set out in this Section 7,
any party may, to the extent permitted under the rules and procedures of the HKIAC, seek an interim injunction or other form
of relief from the HKIAC as provided for in its Rules. Such application shall also be governed by the Laws of the State of New
York.

 

8.            Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LETTER AGREEMENT AND ANY OF THE AGREEMENTS
DELIVERED IN CONNECTION HEREWITH OR OTHER TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF
SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS LETTER AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.

 

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9.            Counterparts.
This letter agreement may be executed in any number of counterparts (including by e-mail of PDF or scanned versions or by facsimile),
each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement.

 

10.          Termination.
This letter agreement and the obligation of the Sponsor to fund the Equity Commitment will terminate automatically and immediately
upon the earliest to occur of (a) the valid termination of the Merger Agreement in accordance with its terms, (b) the
Closing, at which time such obligation will be discharged but subject to the performance of such obligation, (c) the Company
or any of its Affiliates directly or indirectly (i) asserting a claim or initiate a proceeding against Parent, Merger Sub,
the Sponsor, any Non-Recourse Party (as defined in the Limited Guarantee) in connection with or relating to this letter agreement,
the Merger Agreement, the Limited Guarantee, or any of the transactions contemplated hereby and thereby, or (ii) asserting
that the Cap on the Sponsor’s aggregate liabilities hereunder is illegal, invalid or unenforceable in whole or in part, and
(d) any event which, by the terms of the Limited Guarantee, is an event which terminates the Sponsor’s liabilities under
the Limited Guarantee. Upon termination of this letter agreement, all rights and obligations of the Sponsor hereunder with respect
to the Equity Commitment shall terminate, and the Sponsor shall not have any further liabilities hereunder. Notwithstanding anything
to the contrary in this letter agreement, the provisions set forth in this letter agreement that are for the benefit of any Non-Recourse
Party (as defined in the Limited Guarantee) shall indefinitely survive any termination of this letter agreement.

 

11.          No
Recourse. Notwithstanding anything that may be expressed or implied in this letter agreement or any document or instrument
delivered in connection herewith, Parent, by its acceptance of the benefits of the Equity Commitment provided herein, covenants,
acknowledges and agrees that no person (other than the Sponsor or its successors and permitted assigns hereunder) has any liabilities
or obligations hereunder or in connection with the transactions contemplated hereby and that, notwithstanding the fact that the
Sponsor or any of its successors and permitted assigns may be partnerships, limited liability companies, corporations or other
entities, Parent has no rights of recovery against, and no recourse hereunder or under any document or instrument delivered in
connection herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall
be had against any Non-Recourse Party, whether by or through attempted piercing of the corporate (or limited liability company
or limited partnership) veil, by or through a claim (whether at law or equity or in tort, contract or otherwise), by the enforcement
of any assessment or by any legal or equitable proceeding, or by virtue of any applicable Law; it being agreed and acknowledged
that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any Non-Recourse Party for any
obligations or liabilities of the Sponsor or any of its successors and permitted assigns hereunder or any document or instrument
delivered in connection herewith or in respect of any oral representation made or alleged to be made in connection herewith or
therewith or for any proceeding (whether at law or equity or in tort, contract or otherwise) based on , in respect of, or by reason
of such obligations or liabilities or their creation.

 

12.          Representations
and Warranties. The Sponsor hereby represents and warrants to Parent that (a) the Sponsor has all necessary organizational
power and authority to execute and deliver perform this letter agreement and perform its obligations hereunder; (b) the execution,
delivery and performance of this letter agreement by the Sponsor has been duly and validly authorized and approved by all necessary
or corporate action by it; (c) this letter agreement has been duly and validly executed and delivered by the Sponsor and (assuming
due execution and delivery of this letter agreement, the Merger Agreement and the Limited Guarantee by all parties hereto and thereto,
as applicable) constitutes a valid and legally binding obligation of the Sponsor, enforceable against it in accordance with the
terms of this letter agreement (subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and (ii) general equitable principles (whether
considered in a proceeding in equity or at law)); (d) no action, consent, permit, authorization by, and no notice to or filing
with, any governmental entity is required in connection with the execution, delivery or performance of this letter agreement by
the Sponsor; and (e) the execution, delivery and performance of this letter agreement by the Sponsor do not (x) violate
the organizational documents of the Sponsor, (y) violate any applicable Law binding on the Sponsor or the assets of the Sponsor,
or (z) constitute a material breach of any material agreement binding on the Sponsor.

 

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13.          No
Assignment. The Sponsor’s obligation to fund the Equity Commitment may not be assigned (whether by operation of law,
merger, consolidation or otherwise), except that the Sponsor may assign all or a portion of its obligations to fund the Equity
Commitment to any of the Sponsor’s Subsidiaries or Affiliates; provided, that any such assignment shall not relieve
the Sponsor of its obligations under this letter agreement to the extent not performed by such Subsidiary or Affiliate. Parent
may not assign its rights to any of its affiliates or other entity owned directly or indirectly by the beneficial owners of Parent,
without the prior written consent of the Sponsor and the Company (which shall be given or withheld solely in the discretion of
the Sponsor and the Company). Any transfer or assignment in violation of this Section shall be null and void and of no force
and effect.

 

14.          Interpretation.
Headings are used for reference purposes only and do not affect the meaning or interpretation of this letter agreement. When a
reference is made in this letter agreement to a Section, such reference shall be to a Section of this letter agreement unless
otherwise indicated. The word “including” and words of similar import when used in this letter agreement will mean
 “including, without limitation,” unless otherwise specified.

 

15.          Severability.
Any term or provision of this letter agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this letter agreement or affecting the validity or enforceability of any of the terms or provisions of this letter
agreement in any other jurisdiction. If any provision of this letter agreement is so broad as to be unenforceable, the provision
shall be interpreted to be only so broad as would be enforceable.

 

[Remainder of page intentionally
left blank]

 

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Sincerely,

 

Pujiang International Group Limited

 

	By:	/s/ Tang Liang	 
	Name:   Tang Liang	 
	Title:   Director	 

 

Agreed to and accepted:

 

New Ossen Group Limited

 

	By:	/s/ Tang Liang	 
	Name:   Tang Liang	 
	Title:   Director	 

 

[SIGNATURE PAGE
TO EQUITY COMMITMENT LETTER]Exhibit 10.4

 

CONFIDENTIAL

Execution

ROLLOVER AND SUPPORT AGREEMENT

 

This ROLLOVER SUPPORT AGREEMENT (this “Agreement”)
is entered into as of December 17, 2020 by and among New Ossen Group Limited, an exempted company with limited liability incorporated
under the Law of the British Virgin Islands (“Parent”), and (2) Pujiang International Group Limited (the
 “Rollover Shareholder”). Capitalized terms used but not defined herein shall have the meanings ascribed to such
terms in the Merger Agreement (as defined below).

 

WHEREAS, New Ossen Innovation Limited, an
exempted company with limited liability incorporated under the Law of the British Virgin (“Merger Sub”), and
Ossen Innovation Co., Ltd. (the “Company”) entered into an Agreement and Plan of Merger, dated as of the
date hereof (the “Merger Agreement”), pursuant to which Merger Sub will be merged with and into the Company,
with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent (the “Merger”),
upon the terms and subject to the conditions set forth in the Merger Agreement;

 

WHEREAS, as of the date hereof, the Rollover
Shareholder is a beneficial owner (as defined under Rule 13d-3 of the Exchange Act) of the Shares as set forth in the column
titled “Rollover Shares” opposite the Rollover Shareholder’s name on Schedule A hereto (the “Rollover
Shares”) (such Rollover Shares, together with any other Shares acquired (whether beneficially or of record) by the Rollover
Shareholder after the date hereof and prior to the earlier of the Effective Time and the termination of all of the Rollover Shareholder’s
obligations under this Agreement, including any Shares acquired by means of purchase, dividend or distribution, being collectively
referred to herein as the “Securities”);

 

WHEREAS, in connection with the consummation
of the Merger, the Rollover Shareholder agrees to (a) the cancellation of the Rollover Shares for no consideration in the
Merger and (b) subscribe for newly issued Parent Shares (as defined below) immediately prior to the Closing, in each case
upon the terms and conditions set forth herein; and

 

WHEREAS, in connection with the consummation
of the Merger, the Rollover Shareholder agrees to vote the Securities at the Shareholders’ Meeting in favor of the Merger,
upon the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the
foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

VOTING; GRANT AND APPOINTMENT OF PROXY

 

Section 1.1           Voting. From
and after the date hereof until the earlier of (x) the Closing and (y) the termination of the Merger Agreement
pursuant to and in compliance with the terms therein (such earlier time, the “Expiration Time”), the
Rollover Shareholder hereby irrevocably and unconditionally agrees that at the Shareholders’ Meeting or any other
annual or special meeting of the shareholders of the Company, however called, at which any of the matters described in
paragraphs (a) – (f) hereof is to be considered (and any adjournment or postponement thereof), the Rollover
Shareholder shall (i) cause its or its Affiliate’s representative(s) to appear at such meeting or otherwise
cause its Securities to be counted as present thereat for purposes of determining whether a quorum is present and
(ii) vote or cause to be voted (including by proxy, if applicable) all of the Rollover Shareholder’s
Securities:

 

     

     

    

 

(a)            for
the authorization and approval of the Merger Agreement, the Plan of Merger and the Transactions,

 

(b)            against
any Competing Transaction or any other transaction, proposal, agreement or action made in opposition to approval of the Merger
Agreement or in competition or inconsistent with the Transactions, including the Merger,

 

(c)            against
any other action, agreement or transaction that is intended, that could reasonably be expected, or the effect of which could reasonably
be expected, to materially impede, interfere with, delay, postpone, discourage or adversely affect any of the Transactions, including
the Merger, or this Agreement or the performance by the Rollover Shareholder of its obligations under this Agreement,

 

(d)            against
any action, proposal, transaction or agreement that would reasonably be expected to result in a breach in any respect of any covenant,
representation or warranty or any other obligation or agreement of the Company contained in the Merger Agreement, or of the Rollover
Shareholder or otherwise reasonably requested by Parent in order to consummate the Transactions, including the Merger,

 

(e)            in
favor of any adjournment of the Shareholders’ Meeting or other annual or special meeting of the shareholders of the Company,
however called, at which any of the matters described in paragraphs (a) – (f) hereof is to be considered (and any
adjournment or postponement thereof), and

 

(f)             in
favor of any other matter necessary to effect the Transactions, including the Merger.

 

Section 1.2            Restrictions
on Transfers. Except as provided for in Article II below or
pursuant to the Merger Agreement, the Rollover Shareholder hereby agrees that, from the date hereof until the Expiration
Time, the Rollover Shareholder shall not, and shall cause its Affiliates not to, directly or indirectly, (a) offer for
sale, sell (constructively or otherwise), transfer, assign, tender in any tender or exchange offer, pledge, grant, encumber,
hypothecate or similarly dispose of (by merger, testamentary disposition, operation of Law or otherwise) (collectively,
 “Transfer”), or enter into any Contract, option or other arrangement or understanding with respect to the
Transfer of any Securities or any interest therein, including, without limitation, any swap transaction, option, warrant,
forward purchase or sale transaction, futures transaction, cap transaction, floor transaction, collar transaction or any
other similar transaction (including any option with respect to any such transaction) or combination of any such
transactions, in each case involving any Securities and (x) has, or would reasonably be expected to have, the effect of
reducing or limiting the Rollover Shareholder’s economic interest in such Securities and/or (y) grants a third
party the right to vote or direct the voting of such Securities, (b) deposit any Securities into a voting trust or enter
into a voting agreement or arrangement or grant any proxy or power of attorney with respect thereto that is inconsistent with
this Agreement, (c) convert or exchange, or take any action which would result in the conversion or exchange of, any
Securities, (d) knowingly take any action that would make any representation or warranty of the Rollover Shareholder set
forth in this Agreement untrue or incorrect or have the effect of preventing, disabling, or delaying the Rollover Shareholder
from performing any of its obligations under this Agreement, or (e) agree (whether or not in writing) to take any of the
actions referred to in the foregoing clauses (a), (b), (c) or (d).

 

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Section 1.3            Proxy
Card The Rollover Shareholder hereby irrevocably appoints Parent and any designee thereof as its proxy and
attorney-in-fact (with full power of substitution), to vote or cause to be voted (including by proxy or written consent, if
applicable) the Securities in accordance with Section 1.1 at the Shareholders' Meeting. The Rollover Shareholder hereby
represents that all proxies, powers of attorney, instructions or other requests given by the Rollover Shareholder prior to
the execution of this Agreement in respect of the voting of its Securities, if any, are not irrevocable and the Rollover
Shareholder hereby revokes (or causes to be revoked) any and all previous proxies, powers of attorney, instructions or other
requests with respect to its Securities. The Rollover Shareholder shall take such further action or execute such other
instruments as may be necessary to effectuate the intent of this proxy. Each Shareholder hereby affirms that the irrevocable
proxy set forth in this Section 1.3 is given in connection with the execution of the Merger Agreement, and that such
irrevocable proxy is given to secure the performance of the duties of the Rollover Shareholder under this Agreement. The
Rollover Shareholder hereby further affirms that the irrevocable proxy is coupled with an interest and is intended to be
irrevocable prior to the termination of this Agreement in accordance with its terms. If for any reason the proxy granted
herein is not irrevocable, then the Rollover Shareholder agrees to vote its Securities in accordance with Section 1.1
above.

 

ARTICLE II

ROLLOVER SHARES

 

Section 2.1            Cancellation
of Rollover Shares. Subject to the terms and conditions set forth herein, the
Rollover Shareholder agrees that its Securities shall be cancelled at the Closing for no consideration.

 

Section
2.2            Subscription
of Parent Shares.

 

(a)            Immediately
prior to the Closing, Parent shall issue to the Rollover Shareholder (or, if designated by the Rollover Shareholder, its Affiliate),
and the Rollover Shareholder shall, or shall cause such designated Affiliate to, subscribe for, certain number of newly issued
ordinary shares of Parent (the “Parent Shares”), at a consideration per share equal to its par value.

 

(b)            The
Rollover Shareholder hereby acknowledges and agrees that (a) delivery of such Parent Shares shall constitute complete satisfaction
of all obligations towards or sums due to the Rollover Shareholder by Parent and Merger Sub in respect of the Rollover Shares held
by the Rollover Shareholder and cancelled at the Closing as contemplated by Section 2.1 above, and (b) the Rollover
Shareholder shall have no right to any Merger Consideration in respect of the Rollover Shares held by the Rollover Shareholder.

 

Section 2.3      Deposit
of Rollover Shares.

 

No later than five (5) Business Days
prior to the Closing, the Rollover Shareholder and any agent of the Rollover Shareholder holding certificates evidencing any Rollover
Shares shall deliver or cause to be delivered to Parent all certificates representing Rollover Shares in such Persons' possession
for disposition in accordance with the terms of this Agreement.

 

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Section 2.4            Irrevocable
Election. The execution of this Agreement by the Rollover Shareholder evidences, subject to ARTICLE V, the
irrevocable election and agreement by the Rollover Shareholder to the cancellation of its Rollover Shares for no cash
consideration and the subscription by it or its designated Affiliate(s) for newly issued Parent Shares or the
contribution of its Rollover Shares in exchange for issuance of Parent Shares to it or its designated Affiliate(s), in each
case, immediately prior to the Closing and on the terms and conditions set forth herein.

 

Section 2.5            Rollover
Closing. Subject to the satisfaction in full (or waiver, if permissible) of
all of the conditions set forth in Section 7.01 and Section 7.02 of the Merger Agreement (other than
conditions that by their nature are to be satisfied or waived, as applicable, at the Closing), the closing of the
subscription of Parent Shares contemplated hereby shall take place immediately prior to the Closing (the “Rollover
Closing”).

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

OF THE ROLLOVER SHAREHOLDER

 

Section 3.1      Representations
and Warranties. The Rollover Shareholder represents and warrants to Parent as
of the date hereof and as of the Closing:

 

(a)            the
Rollover Shareholder has the requisite corporate power and authority to execute and deliver this Agreement, to perform the Rollover
Shareholder’s obligations hereunder and to consummate the transactions contemplated hereby;

 

(b)            this
Agreement has been duly executed and delivered by the Rollover Shareholder and the execution, delivery and performance of this
Agreement by the Rollover Shareholder and the consummation of the transactions contemplated hereby have been duly authorized by
all necessary corporate action on the part of the Rollover Shareholder and no other corporate actions or proceedings on the part
of the Rollover Shareholder are necessary to authorize this Agreement or to consummate the transactions contemplated hereby;

 

(c)            assuming
due authorization, execution and delivery by Parent, this Agreement constitutes a legal, valid and binding agreement of the Rollover
Shareholder, enforceable against the Rollover Shareholder in accordance with its terms, except as enforcement may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by
general principles of equity (regardless of whether considered in a proceeding in equity or at law);

 

(d)           (i) the
Rollover Shareholder (A) is as of the date hereof the beneficial owner of, and has good and valid title to, its Rollover Shares
as set forth in Schedule A, and, immediately prior to the Closing, will be the beneficial owner of, and will have good and
valid title to, its Securities, in each case free and clear of Liens other than as created by this Agreement, and (B) has
as of the date hereof with respect to all of its Rollover Shares as set forth in Schedule A and will have immediately prior
to the Closing with respect to all of its Securities sole or shared (together with Affiliates controlled by the Rollover Shareholder)
voting power, power of disposition, and power to demand dissenter’s rights, with no limitations, qualifications, or restrictions
on such rights, subject to applicable United States federal securities Laws, Laws of the British Virgin Islands, Laws of the People’s
Republic of China and the terms of this Agreement; (ii) except pursuant hereto, there are no options, warrants or other rights,
agreements, arrangements or commitments of any character to which the Rollover Shareholder is a party relating to the pledge, disposition
or voting of any of its Securities and its Securities are not subject to any voting trust agreement or other Contract to which
the Rollover Shareholder is a party restricting or otherwise relating to the voting or Transfer of such Securities other than this
Agreement; (iii) the Rollover Shareholder has not Transferred any interest in any of the Securities; (iv) as of the date
hereof, other than its Rollover Shares, the Rollover Shareholder does not own, beneficially or of record, or have the right to
acquire, any Shares, securities of the Company, or any direct or indirect interest in any such securities (including by way of
derivative securities); and (v) the Rollover Shareholder has not appointed or granted any proxy or power of attorney that
is still in effect with respect to any of its Rollover Shares, except as contemplated by this Agreement;

 

    4 

     

    

 

(e)            except
for the applicable requirements of the Securities Exchange Act of 1934, as amended and Laws of the British Virgin Islands, (i) no
filing with, and no permit, authorization, consent or approval of, any Governmental Authority is necessary on the part of the Rollover
Shareholder for the execution, delivery and performance of this Agreement by the Rollover Shareholder or the consummation by the
Rollover Shareholder of the transactions contemplated hereby, and (ii) neither the execution, delivery or performance of this
Agreement by the Rollover Shareholder, nor the consummation by the Rollover Shareholder of the transactions contemplated hereby,
nor compliance by the Rollover Shareholder with any of the provisions hereof shall (A) conflict with or violate any provision
of the organizational documents of the Rollover Shareholder, (B) result in any breach or violation of, or constitute a default
(or an event which, with notice or lapse of time or both, would become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, or result in the creation of a Lien on property or assets of the Rollover Shareholder
pursuant to any Contract to which the Rollover Shareholder is a party or by which the Rollover Shareholder or any property or asset
of the Rollover Shareholder is bound or affected, or (C) violate any order, writ, injunction, decree, statute, rule or
regulation applicable to the Rollover Shareholder or any of the Rollover Shareholder’s properties or assets;

 

(f)            on
the date hereof, there is no Action pending against the Rollover Shareholder or, to the knowledge of the Rollover Shareholder,
any other person or, to the knowledge of the Rollover Shareholder, threatened against the Rollover Shareholder or any other person
that restricts or prohibits (or, if successful, would restrict or prohibit) the performance by the Rollover Shareholder of its
obligations under this Agreement; and

 

(g)           the
Rollover Shareholder understands and acknowledges that Merger Sub is entering into the Merger Agreement in reliance upon the Rollover
Shareholder’s execution, delivery and performance of this Agreement.

 

Section
3.2            Covenants.
The Rollover Shareholder hereby:

 

(a)            agrees,
prior to the Expiration Time, not to knowingly take any action that would make any representation or warranty of the Rollover Shareholder
contained herein untrue or incorrect or have or could have the effect of preventing, impeding or interfering with or adversely
affecting the performance by the Rollover Shareholder of its obligations under this Agreement;

 

(b)            irrevocably
waives, and agrees not to exercise, any rights of appraisal or rights of dissent from the Merger that the Rollover Shareholder
may have with respect to the Rollover Shareholder’s Securities (including without limitation any rights under Section 238
of the CICL) prior to the Expiration Time;

 

    5 

     

    

 

(c)            agrees
to permit the Company to publish and disclose in the Proxy Statement (including all documents filed with the SEC in accordance
therewith), the Rollover Shareholder’s identity and beneficial ownership of Shares or other equity securities of the Company
and the nature of the Rollover Shareholder’s commitments, arrangements and understandings under this Agreement;

 

(d)            agrees
and covenants that the Rollover Shareholder shall promptly notify Parent of any new Shares with respect to which beneficial ownership
(within the meaning of Rule 13d-3 of the Exchange Act) is acquired by the Rollover Shareholder, including, without limitation,
by purchase, as a result of a stock dividend, stock split, recapitalization, combination, reclassification, exchange or change
of such shares, or upon exercise or conversion of any securities of the Company after the date hereof;

 

(e)            agrees
further that, upon request of Parent, the Rollover Shareholder shall execute and deliver any additional documents, consents or
instruments and take such further actions as may reasonably be deemed by Parent to be necessary or desirable to carry out the provisions
of this Agreement.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF PARENT

 

Parent represents and warrants to the Rollover
Shareholder that as of the date hereof and as of the Closing:

 

(a)            Parent
is duly organized, validly existing and in good standing under the Laws of the British Virgin Islands and has all requisite power
and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated
hereby. This Agreement has been duly and validly executed and delivered by Parent and the execution, delivery and performance of
this Agreement by Parent and the consummation of the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Parent, as applicable, and no other corporate actions or proceedings on the part of Parent, as
applicable, are necessary to authorize this Agreement or to consummate the transactions contemplated hereby. Assuming due authorization,
execution and delivery by the Rollover Shareholder, this Agreement constitutes a legal, valid and binding obligation of Parent,
enforceable against Parent in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless
of whether considered in a proceeding in equity or at law).

 

(b)            Except
for the applicable requirements of the Exchange Act and Laws of the British Virgin Islands, (i) no filing with, and no permit,
authorization, consent or approval of, any Governmental Authority is necessary on the part of Parent for the execution, delivery
and performance of this Agreement by Parent or the consummation by Parent of the transactions contemplated hereby, and (ii) neither
the execution, delivery or performance of this Agreement by Parent, nor the consummation by Parent of the transactions contemplated
hereby, nor compliance by Parent with any of the provisions hereof shall (A) conflict with or violate any provision of the
organizational documents of Parent, (B) result in any breach or violation of, or constitute a default (or an event which,
with notice or lapse of time or both, would become a default) under, or give to others any rights of termination, amendment, acceleration
or cancellation of, or result in the creation of a Lien on such property or asset of Parent pursuant to, any Contract to which
Parent is a party or by which Parent or any of its properties or assets is bound or affected, or (C) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to Parent or any of its properties or assets.

 

    6 

     

    

 

(c)            At
the Closing, the Parent Shares to be issued under this Agreement shall have been duly and validly authorized and when issued and
delivered in accordance with the terms hereof, will be validly issued, fully paid and nonassessable, free and clear of all claims,
liens and encumbrances, other than restrictions arising under applicable securities Laws.

 

ARTICLE V

TERMINATION

 

This Agreement, and the obligations of the
Rollover Shareholder hereunder, shall terminate and be of no further force or effect immediately upon the earlier to occur of (a) the
Closing and (b) the date of termination of the Merger Agreement in accordance with its terms; provided, that this Article V
and Article VI shall survive any termination of this Agreement. Nothing in this Article V shall relieve
or otherwise limit any party’s liability for any breach of this Agreement prior to the termination of this Agreement. If
for any reason the Merger fails to occur but the deposit of Rollover Shares provided under Section 2.3 hereof has already
taken place, then Parent shall promptly take all such actions as are necessary to restore the Rollover Shareholder to the position
it was in with respect to ownership of the Rollover Shares prior to such deposit.

 

ARTICLE VI

 

MISCELLANEOUS

 

Section 6.1            Notices. All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by facsimile or by international overnight courier to the
respective parties at the address set forth on the signature pages hereto under each party’s name (or at such
other address for a party as shall be specified in a notice given in accordance with this Section 6.1).

 

Section 6.2            Severability. If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or
public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so
long as the economic or legal substance of the Transactions is not affected in any manner adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in
a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent
possible.

 

Section 6.3            Entire
Agreement. This Agreement and the Merger Agreement constitute the entire
agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof.

 

    7 

     

    

 

Section 6.4            Specific
Performance. Each party acknowledges and agrees that monetary damages would
not be an adequate remedy in the event that any covenant or agreement in this Agreement is not performed in accordance with
its terms, and therefore agrees that, in addition to and without limiting any other remedy or right available to the parties,
each party will have the right to an injunction, temporary restraining order or other equitable relief in any court of
competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof. Each party
agrees not to oppose the granting of such relief in the event a court determines that such a breach has occurred, and to
waive any requirement for the securing or posting of any bond in connection with such remedy. All rights, powers, and
remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and
not alternative, and the exercise or beginning of the exercise of any thereof by a party shall not preclude the simultaneous
or later exercise of any other such right, power or remedy by a party.

 

Section
6.5           Amendments;
Waivers. At any time prior to the Expiration Time, any provision of this
Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an
amendment, by the Rollover Shareholder and Parent, or in the case of a waiver, by the party against whom the waiver is to be
effective. Notwithstanding the foregoing, no failure or delay by a party hereto in exercising any right hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any
other right hereunder.

 

Section
6.6            Governing
Law. This Agreement shall be governed by, and construed in accordance with,
the Laws of the State of New York, without giving effect to any choice of Law or conflict of Law rules or provisions
that would cause the application of the Laws of any jurisdiction other than the State of New York.

 

Section
6.7           Dispute
Resolution.

 

(a)           Any
disputes, actions and proceedings against any party or arising out of or in any way relating to this Agreement shall be submitted
to the Hong Kong International Arbitration Centre (“HKIAC”) and resolved in accordance with the Arbitration
Rules of HKIAC in force at the relevant time (the “Rules”) and as may be amended by this Section 6.7.
The place of arbitration shall be Hong Kong. The official language of the arbitration shall be English and the arbitration tribunal
shall consist of three arbitrators (each, an “Arbitrator”). The claimant(s), irrespective of number, shall nominate
jointly one Arbitrator; the respondent(s), irrespective of number, shall nominate jointly one Arbitrator; and a third Arbitrator
will be nominated jointly by the first two Arbitrators and shall serve as chairman of the tribunal. In the event the claimant(s) or
respondent(s) or the first two Arbitrators shall fail to nominate or agree the joint nomination of an Arbitrator or the third
Arbitrator within the time limits specified by the Rules, such Arbitrator shall be appointed promptly by the HKIAC. The arbitration
tribunal shall have no authority to award punitive or other punitive-type damages. The award of the arbitration tribunal shall
be final and binding upon the disputing parties. Any party to an award may apply to any court of competent jurisdiction for enforcement
of such award and, for purposes of the enforcement of such award, the Parties irrevocably and unconditionally submit to the jurisdiction
of any court of competent jurisdiction and waive any defenses to such enforcement based on lack of personal jurisdiction or inconvenient
forum.

 

    8 

     

    

 

(b)           Notwithstanding
the foregoing, the parties hereby consent to and agree that in addition to any recourse to arbitration as set out in this Section 6.7,
any party may, to the extent permitted under the Laws of the jurisdiction where application is made, seek an interim injunction
from a court or other authority with competent jurisdiction and, notwithstanding that this Agreement is governed by the Laws of
the State of New York, a court or authority hearing an application for injunctive relief may apply the procedural Law of the jurisdiction
where the court or other authority is located in determining whether to grant the interim injunction. For the avoidance of doubt,
this Section 6.7(b) is only applicable to the seeking of interim injunctions and does not restrict the application
of Section 6.7(a) in any way.

 

Section 6.8            No
Third Party Beneficiaries. There are no third party beneficiaries of this Agreement and nothing in this Agreement,
express or implied, is intended to confer on any person other than the parties hereto (and their respective successors, heirs
and permitted assigns), any rights, remedies, obligations or liabilities, except as specifically set forth in this Agreement;
provided, however, that the Company is an express third-party beneficiary of this Agreement and shall be entitled to enforce
the terms hereof, including an injunction, temporary restraining order or other equitable relief, to prevent breaches of this
Agreement by the parties hereto, in addition to any other remedy at law or equity.

 

Section 6.9            Assignment;
Binding Effect. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned
by any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other
parties, except that Parent may assign this Agreement (in whole but not in part) in connection with a permitted assignment of
the Merger Agreement by Parent, as applicable. Subject to the preceding sentence, this Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors and permitted assigns and, in the case of
each Shareholder, his, her or its estate, heirs, beneficiaries, personal representatives and executors.

 

Section 6.10         No
Presumption Against Drafting Party. Each of the parties to this Agreement acknowledges that it has been
represented by independent counsel in connection with this Agreement and the transactions contemplated by this Agreement.
Accordingly, any rule of Law or any legal decision that would require interpretation of any claimed ambiguities in this
Agreement against the drafting party has no application and is expressly waived.

 

Section 6.11         Counterparts. This
Agreement may be executed in two or more consecutive counterparts (including by facsimile or email pdf format), each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall
become effective when one or more counterparts have been signed by each of the parties and delivered (by telecopy, email pdf
format or otherwise) to the other parties; provided, however, that if the Rollover Shareholder fails for any
reason to execute, or perform its obligations under, this Agreement, this Agreement shall remain effective as to all parties
executing this Agreement.

 

[Signature Pages to follow]

 

    9 

     

    

 

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

 

	 	PARENT
	 	 
	 	New Ossen Group Limited
	 	 
	 	By:	/s/ Tang Liang 
	 	 	Name: Tang Liang
	 	 	Title: Director

 

	 	Notice details:
	 	 
	 	Address:	16/F, No.518, Shangcheng Road,
	 	 	Pudong District Shanghai, China
	 	Attention:	Hua Xia
	 	Facsimile:	+86 21 68888666
	 	Email:	Huaxia@ossengroup.com

 

[Signature
Page to Rollover and Support Agreement]

 

    

     

    

 

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

 

	 	ROLLOVER SHAREHOLDER
	 	 
	 	Pujiang
    International Group Limited
	 	 
	 	By:	/s/ Tang Liang 
	 	 	Name: Tang Liang
	 	 	Title: Director

 

	 	Notice details:
	 	 
	 	Address:	16/F, No.518, Shangcheng Road,
	 	 	Pudong District Shanghai, China
	 	Attention:	Ling Dongying
	 	Facsimile:	+86 21 68888666
	 	E-mail:	Liangdongying@pji-group.com

 

[Signature
Page to Rollover and Support Agreement]

 

    

     

    

 

SCHEDULE A

 

Rollover Shares

 

	Rollover

 Shareholder	Rollover Shares
	Pujiang International Group Limited	13,050,000 Shares representing the ordinary shares held by Acme Innovation Limited, a wholly-owned Subsidiary of Pujiang International Group Limited. 

 

[Schedule A]

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