Document:

Execution Version

 

LIMITED GUARANTY

 

Limited Guaranty,
dated as of December 10, 2013 (this “Limited Guaranty”), by Dr. Wanchun Hou, People’s Republic
of China Passport No: G34572959, and Mr. Qiang Li, People’s Republic of China Passport
No: G38438782 (each, a “Guarantor” and together,
the “Guarantors”), in favor of Trunkbow International Holdings Limited, a Nevada corporation (the
“Guaranteed Party”). Capitalized terms used herein and not otherwise defined shall have the meanings
ascribed to them in the Merger Agreement (as defined below). 

 

1.          LIMITED
GUARANTY. (a) To induce the Guaranteed Party to enter into an Agreement and Plan of Merger,
dated as of the date of this Limited Guaranty (as amended, restated, supplemented or otherwise modified from time to time, the
“Merger Agreement”), by and among Trunkbow Merger Group Limited, a business
company with limited liability incorporated under the laws of the British Virgin Islands (“Parent”), Trunkbow
International Merger Sub Limited, a Nevada corporation and a direct wholly owned subsidiary of Parent (“Merger
Sub”), and the Guaranteed Party, pursuant to which Merger Sub will merge with and into the Guaranteed Party, with the
Guaranteed Party surviving the merger as a wholly owned subsidiary of Parent, each of the Guarantors, intending to be legally
bound, hereby absolutely, unconditionally and irrevocably guarantees to the Guaranteed Party, severally but not jointly, as a
primary obligor and not merely as surety, on the terms and subject to the conditions herein, the due and punctual performance
and discharge of his percentage, as set forth opposite his name on Exhibit A hereto (each such Guarantor’s “Guaranteed
Percentage”), of the payment obligations of Parent to the Guaranteed Party under Section 8.5(c) of the Merger Agreement
as and when due (the “Guaranteed Obligations”), provided that in no event shall a Guarantor’s
aggregate liability under this Limited Guaranty exceed such Guarantor’s Guaranteed Percentage of the Guaranteed Obligations
(the “Maximum Amount”). This Limited Guaranty shall be enforced for the payment of money only. All payments
hereunder shall be made in lawful money of the United States, in immediately available funds. Each Guarantor shall make all payments
hereunder free and clear of any deduction, offset, defense, claim or counterclaim of any kind, except as expressly provided in
this Limited Guaranty. Each Guarantor acknowledges that the Guaranteed Party entered into the Merger Agreement and the Transactions
in reliance on this Limited Guaranty.

 

(b)           
If Parent fails to fully and timely discharge any of the Guaranteed Obligations when due, then (i) each Guarantor’s liabilities
and obligations to the Guaranteed Party hereunder in respect of his Guaranteed Percentage of the Guaranteed Obligations shall,
on demand, become immediately due and payable, (ii) each Guarantor hereby agrees to promptly fully perform and discharge, or to
cause to be promptly fully performed or discharged, any such Guaranteed Percentage of the Guaranteed Obligations, and (iii) the
Guaranteed Party may at any time and from time to time, at the Guaranteed Party's option, and so long as Parent or Merger Sub remains
in breach of any Guaranteed Obligation, take any and all actions available hereunder or under applicable Law to collect such Guaranteed
Obligation from any of the Guarantors subject to his Maximum Amount. In furtherance of the foregoing, each Guarantor acknowledges
that the Guaranteed Party may, in its sole discretion, bring and prosecute a separate action or actions against such Guarantor
for his Guaranteed Percentage of the Guaranteed Obligations, regardless of whether any action is brought against Parent, Merger
Sub or the other Guarantor.

 

    	 

    	 

    

 

(c)          
Each Guarantor agrees, severally but not jointly, to pay his Guaranteed Percentage of all reasonable and documented out-of-pocket
expenses (including reasonable fees and expenses of counsel) incurred by the Guaranteed Party in connection with the enforcement
of its rights hereunder if (i) any of the Guarantors asserts in any litigation or other proceeding that this Limited Guaranty is
illegal, invalid or unenforceable in accordance with its terms or (ii) it has been finally determined by the court in accordance
with Section 11 that any of the Guarantors is liable for, but has failed to perform, such Guarantor’s Guaranteed Percentage
of the Guaranteed Obligations hereunder. The parties agree that such amounts, if paid, will not be included within a determination
of the Maximum Amount.

 

(d)         The
parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Limited
Guaranty were not performed in accordance with its specific terms or were otherwise breached and further agree that the Guaranteed
Party shall be entitled to an injunction, specific performance and other equitable relief against the Guarantors to prevent breaches
of this Limited Guaranty and to enforce specifically the terms and provisions hereof, in addition to any other remedy to which
it is entitled at law or in equity, and shall not be required to provide any bond or other security in connection with any such
order or injunction. Each Guarantor further agrees not to oppose the granting of any such injunction, specific performance and
other equitable relief on the basis that (i) the Guaranteed Party has an adequate remedy at Law or (ii) an award of an injunction,
specific performance or other equitable relief is not an appropriate remedy for any reason at law or equity (collectively, the
“Prohibited Defenses”).

 

2.          NATURE
OF GUARANTY. The Guaranteed Party shall not be obligated to file any claim relating to the
Guaranteed Obligations in the event that Parent or Merger Sub becomes subject to a bankruptcy, reorganization or similar proceeding,
and the failure of the Guaranteed Party to so file shall not affect the Guarantors’ obligations hereunder. Subject to the
terms hereof, each Guarantor’s liability here is absolute, unconditional, irrevocable and continuing irrespective of any
modification, amendment or waiver or any consent to departure from the Merger Agreement that may be agreed to by Parent or Merger
Sub. In the event that any payment by any Guarantor to the Guaranteed Party in respect of his Guaranteed Percentage of the Guaranteed
Obligations is rescinded or must otherwise be returned for any reason whatsoever, such Guarantor shall remain liable hereunder
with respect to such Guaranteed Percentage of the Guaranteed Obligations as if such payment had not been made. This Limited Guaranty
is an unconditional guarantee of payment and not of collectibility.

 

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3.          CHANGES
IN GUARANTEED OBLIGATIONS, CERTAIN WAIVERS. Subject to clause (i) of the last sentence of Section 5 below, each Guarantor
agrees that the Guaranteed Party may, in its sole discretion, at any time and from time to time, without notice to or further
consent of the Guarantors, extend the time of performance of any of the Guaranteed Obligations, and may also make any
agreement with Parent, Merger Sub or with any other Person interested in the Transactions, for the extension, renewal,
payment, compromise, discharge or release thereof, in whole or in part, or for any modification of the terms thereof or of
any agreement between the Guaranteed Party and Parent, Merger Sub or such other Person without in any way impairing or
affecting the Guarantors’ obligations under this Limited Guaranty or affecting the validity or enforceability of this
Limited Guaranty. Each Guarantor agrees that his obligations hereunder shall not be released or discharged, in whole or in
part, or otherwise affected by (a) the failure or delay of the Guaranteed Party to assert any claim or demand or to enforce
any right or remedy against Parent, Merger Sub or any other Person interested in the Transactions; (b) any change in the
time, place or manner of payment of any of his Guaranteed Percentage of the Guaranteed Obligations or any rescission, waiver,
compromise, consolidation or other amendment or modification of any of the terms of the Merger Agreement or any other
agreement evidencing, securing or otherwise executed by Parent, Merger Sub and the Guaranteed Party in connection with his
Guaranteed Percentage of the Guaranteed Obligations; (c) the addition, substitution, any legal or equitable discharge or
release (in the case of a discharge or release, other than a discharge or release of such Guarantor with respect to his
Guaranteed Percentage of the Guaranteed Obligations as a result of payment in full of his Guaranteed Percentage of the
Guaranteed Obligations in accordance with their terms, a discharge or release of the Parent with respect to the Guaranteed
Obligations under the Merger Agreement, or as a result of defenses to the payment of the Guaranteed Obligations that would be
available to Parent under the Merger Agreement) of such Guarantor or any Person now or hereafter liable with respect to the
Guaranteed Obligations or otherwise interested in the Transactions; (d) any change in the corporate existence, structure or
ownership of Parent, Merger Sub or any other Person now or hereafter liable with respect to the Guaranteed Obligations or
otherwise interested in the Transactions; (e) the existence of any claim, set-off, judgment or other right which such
Guarantor may have at any time against Parent, Merger Sub or the Guaranteed Party or any of their respective Affiliates,
whether in connection with his Guaranteed Percentage of the Guaranteed Obligations or otherwise; (f) the adequacy of any
other means the Guaranteed Party may have of obtaining payment related to his Guaranteed Percentage of the Guaranteed
Obligations; or (g) any insolvency, bankruptcy, reorganization or other similar proceeding affecting Parent, Merger Sub or
any other Person now or hereafter liable with respect to his Guaranteed Percentage of the Guaranteed Obligations or otherwise
interested in the Transactions;. To the fullest extent permitted by Law, Each Guarantor hereby expressly waives any and all
rights or defenses arising by reason of any Law which would otherwise require any election of remedies by the Guaranteed
Party. Each Guarantor waives promptness, diligence, notice of the acceptance of this Limited Guaranty and of his Guaranteed
Percentage of the Guaranteed Obligations, presentment, demand for payment, notice of non-performance, default, dishonor and
protest, notice of the incurrence of his Guaranteed Percentage of the Guaranteed Obligations and all other notices of any
kind (except for notices to be provided to Parent or Merger Sub pursuant to the Merger Agreement or notices expressly
provided pursuant to this Limited Guaranty), all defenses which may be available by virtue of any valuation, stay, moratorium
Law or other similar Law now or hereafter in effect, any right to require the marshalling of assets of Parent, Merger Sub or
any other Person now or hereafter liable with respect to his Guaranteed Percentage of the Guaranteed Obligations or otherwise
interested in the Transactions, and all suretyship defenses generally (other than a breach by the Guaranteed Party of this
Limited Guaranty). Each Guarantor acknowledges that he will receive substantial direct and indirect benefits from the
Transactions and that the waivers set forth in this Limited Guaranty are knowingly made in contemplation of such
benefits. Each Guarantor hereby covenants and agrees that he shall not institute, directly or indirectly, and shall cause his
Affiliates not to institute, directly or indirectly, any proceeding asserting or assert as a defense in any proceeding, (i)
the Prohibited Defenses or, (ii) subject to clause (ii) of the last sentence of Section 5 (No Subrogation) hereof,
that this Limited Guaranty is illegal, invalid or unenforceable in accordance with its terms. The Guaranteed Party hereby
agrees to the extent Parent or Merger Sub is relieved of all or any portion of its Guaranteed Obligations under the Merger
Agreement, each Guarantor shall be similarly relieved of his corresponding portion of the Guaranteed Obligations under this
Limited Guaranty.

 

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4.          NO
WAIVER; CUMULATIVE RIGHTS. No failure on the part of the Guaranteed Party to exercise, and no delay in exercising, any right,
remedy or power hereunder or under the Merger Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
by the Guaranteed Party of any right, remedy or power hereunder preclude any other or future exercise of any right, remedy or
power hereunder. Each and every right, remedy and power hereby granted to the Guaranteed Party or allowed it by Law or other contracts
shall be cumulative and not exclusive of any other, and may be exercised by the Guaranteed Party at any time or from time to time
subject to the terms and provisions hereof. The Guaranteed Party shall not have any obligation to proceed at any time or in any
manner against, or exhaust any or all of the Guaranteed Party’s rights against Parent, Merger Sub, the other Guarantor or
any other Person now or hereafter liable for any portion of the Guaranteed Obligations or interested in the Transactions prior
to proceeding against either Guarantor hereunder, and the failure by the Guaranteed Party to pursue rights or remedies against
Parent, Merger Sub or the other Guarantor shall not relieve either Guarantor of any of his liability hereunder, and shall not
impair or affect the rights and remedies, whether express, implied or available as a matter of law, of the Guaranteed Party.

 

5.          NO
SUBROGATION. Each Guarantor hereby unconditionally and irrevocably agrees not to exercise any rights that he may now have
or hereafter acquire against Parent or Merger Sub with respect to any of the Guaranteed Obligations that arise from the
existence, payment, performance or enforcement of such Guarantor’s obligations under or in respect of this Limited
Guaranty, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or
indemnification and any right to participate in any claim or remedy of the Guaranteed Party against Parent or Merger Sub,
whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without
limitation, the right to take or receive from Parent or Merger Sub, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security on account of such claim, remedy or right, unless and until his
Guaranteed Percentage of the Guaranteed Obligations shall have been paid in full. If any amount shall be paid to either
Guarantor in violation of the immediately preceding sentence at any time prior to the satisfaction in full of his Guaranteed
Percentage of the Guaranteed Obligations, such amount shall be received and held in trust for the benefit of the Guaranteed
Party, shall be segregated from other property and funds of such Guarantor and shall forthwith be paid or delivered to the
Guaranteed Party in the same form as so received (with any necessary endorsement or assignment) to be credited and applied
against all amounts payable by such Guarantor under this Limited Guaranty. Notwithstanding anything to the contrary contained
in this Limited Guaranty or otherwise, the Guaranteed Party hereby agrees that other than any discharge or release arising
from the bankruptcy or insolvency of Parent or Merger Sub and other defenses expressly waived hereby: (i) to the extent
Parent or Merger Sub is relieved of any of the Guaranteed Obligations under the Merger Agreement, each Guarantor shall be
similarly relieved of his corresponding portion of the payment obligations under this Limited Guaranty; (ii) each
Guarantor shall have all defenses to the payment of its obligations under this Limited Guaranty that would be available to
Parent and/or Merger Sub under the Merger Agreement with respect to the Guaranteed Obligations, as well as any defenses in
respect of any fraud or willful misconduct of the Guaranteed Party hereunder or any breach by the Guaranteed Party of any of
the terms or provisions hereof.

 

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6.          REPRESENTATIONS
AND WARRANTIES. Each Guarantor hereby represents and warrants that:

 

(a)          he
is a resident of the People’s Republic of China (“PRC”) and he has all requisite power and authority to
execute, deliver and perform this Limited Guaranty;

 

(b)          except
as is not, individually or in the aggregate, reasonably likely to impair or delay such Guarantor’s performance of his obligations
in any material respect, all consents, approvals, authorizations, permits of, filings with and notifications to, any Governmental
Entity necessary for the due execution, delivery and performance of this Limited Guaranty by such Guarantor have been obtained
or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Governmental
Entity is required in connection with the execution, delivery or performance of this Limited Guaranty by such Guarantor;

 

(c)          this
Limited Guaranty constitutes a legal, valid and binding obligation of the Guarantor and is enforceable against such Guarantor in
accordance with its terms, subject to Bankruptcy and Equity Exception; and

 

(d)          such
Guarantor has the financial capacity to pay and perform his obligations under this Limited Guaranty, and all funds necessary for
such Guarantor to fulfill his obligations under this Limited Guaranty shall be available to such Guarantor for so long as this
Limited Guaranty shall remain in effect in accordance with Section 9 (Continuing Guaranty) hereof.

 

7.          NO
ASSIGNMENT. The provisions of this Limited Guaranty shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither this Limited Guaranty nor any rights, interests or obligations hereunder
shall be assigned by either party hereto (whether by operation of Law or otherwise) without the prior written consent of the other
parties (which consent shall not be unreasonably withheld, conditioned or delayed); provided that no assignment by any
party shall relieve the assigning party of any of his or its obligations hereunder. Any purported assignment in violation of this
Limited Guaranty will be null and void.

 

8.          NOTICES.
Any notice, request, instruction or other document to be given hereunder by any party to the others shall be in writing and
delivered personally or sent by registered or certified mail, postage prepaid, by facsimile or overnight courier.

 

(a)          If
to the Guarantors:

 

Dr. Wanchun Hou

Unit 1217-1218, 12F of Tower B, Gemdale Plaza

No. 91 Jianguo Road Chaoyang District, Beijing

People’s Republic of China

 

Mr. Qiang Li

Unit 1217-1218, 12F of Tower B, Gemdale Plaza

No. 91 Jianguo Road Chaoyang District, Beijing

People’s Republic of China

 

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

 

Cleary Gottlieb Steen & Hamilton LLP

Twin Towers - West (23Fl), Jianguomenwai Da Jie

Chaoyang District

Beijing 100022, China

Attention: Ling Huang and W. Clayton Johnson

Facsimile: +852 2160 1087

Email: lhuang@cgsh.com and cjohnson@cgsh.com

 

(b)          If
to the Guaranteed Party:

 

Trunkbow International Holdings Limited

Unit 1217-1218, 12F of Tower B, Gemdale Plaza

No. 91 Jianguo Road Chaoyang District, Beijing

People’s Republic of China

 

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

 

Shearman & Sterling LLP

12th Floor, East Tower,

Twin Towers, B-12

Jianguomeiwai Da Jie,

Beijing, PRC

Attention: Lee Edwards, Esq.

Facsimile: +8610 6563 6001

Email: Lee.Edwards@Shearman.com

 

9.          CONTINUING
GUARANTY. This Limited Guaranty shall remain in full force and effect and shall be binding on each Guarantor, his
successors and assigns until such Guarantor’s Guaranteed Percentage of the Guaranteed Obligations has been fully
performed. Notwithstanding the foregoing, this Limited Guaranty shall terminate with respect to a Guarantor and such
Guarantor shall have no further obligations under this Limited Guaranty as of the earliest of: (i) the Effective Time, (ii)
the termination of the Merger Agreement in accordance with its terms where the Parent Termination Fee is not payable and
there is no unpaid expense obligation of Parent, and (iii) in the case of a termination of the Merger Agreement for which the
Parent Termination Fee is payable, the date falling 90 days after such termination (unless, in the case of clause (iii)
above, the Guaranteed Party has previously made a written claim under this Limited Guaranty prior to such date, in which case
this Limited Guaranty shall terminate upon the final, non-appealable resolution of such action and satisfaction by such
Guarantor of any of his obligations finally determined or agreed to be owed by such Guarantor, consistent with the terms
hereof).

 

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10.         NO
RECOURSE. Neither Guarantor shall have any obligations under or in connection with this Limited Guaranty except as expressly
provided by this Limited Guaranty. No liability shall attach to, and no recourse shall be had by the Guaranteed Party, any of its
Affiliates or any Person purporting to claim by or through any of them or for the benefit of any of them, under any theory of liability
(including without limitation by attempting to pierce a corporate or other veil or by attempting to compel any party to enforce
any actual or purported right that they may have against any Person) against any former, current or future equity holders, controlling
Person, directors, officers, employees, agents, general or limited partners, managers, members or Affiliates of a Guarantor, a
Sponsor, Merger Sub or Parent, or any former, current or future equity holders, controlling Persons, directors, officers, employees,
agents, general or limited partners, managers, members or Affiliates of any of the foregoing, excluding however the Guarantors,
the Sponsors, Parent and Merger Sub and their respective successors and assigns (each a “Non-Recourse Party”
and collectively the “Non-Recourse Parties”) in any way under or in connection with this Limited Guaranty, the
Merger Agreement, any other agreement or instrument executed or delivered in connection with this Limited Guaranty or the Merger
Agreement or the Transactions, except for claims (i) against the Guarantors and their respective successors and assigns under this
Limited Guaranty pursuant to the terms hereof, (ii) against the Sponsors (as defined in the applicable Equity Commitment Letter)
and their respective successors and assigns under the Equitable Commitment Letter pursuant to the terms thereof, and (iii) for
the avoidance of doubt, against Parent and Merger Sub and their respective successors and assigns under the Merger Agreement pursuant
to the terms thereof ((i), (ii) and (iii) together, the “Retained Claims”).

 

11.         GOVERNING
LAW; SUBMISSION TO JURISDICTION. This Limited Guaranty shall be governed by and construed in accordance with the Laws of the
State of New York, without giving effect to the choice of Law principles thereof, except that matters relating to the fiduciary
duties of the board of the Guaranteed Party and internal corporate affairs of the Guaranteed Party shall be governed by the Laws
of the State of Nevada. The parties agree that any Proceeding brought by any party to enforce any provision of, or based on any
matter arising out of or in connection with this Limited Guaranty shall be brought in any U.S. federal court or state court of
New York sitting in the Borough of Manhattan, the City of New York. Each of the parties submits to the jurisdiction of any such
court in any Proceeding seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this
Limited Guaranty, and hereby irrevocably waives the benefit of jurisdiction derived from present or future domicile or otherwise
in such Proceeding. Each party irrevocably waives, to the fullest extent permitted by Law, any objection that it may now or hereafter
have to the laying of the venue of any such Proceeding in any such court or that any such Proceeding brought in any such court
has been brought in an inconvenient forum.

 

12.         COUNTERPARTS.
This Limited Guaranty shall not be effective until it has been executed and delivered by all parties hereto. This Limited
Guaranty may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, but
all such counterparts shall together constitute one and the same agreement. This Limited Guaranty may be executed and
delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, and in the event this
Limited Guaranty is so executed and delivered, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or
“.pdf” signature page were an original thereof.

 

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13.         SEVERABILITY. The
provisions of this Limited Guaranty shall be deemed severable and if any provision of this Limited Guaranty or the
application thereof to any Person or any circumstance is determined to be invalid, illegal, void or unenforceable, the
remaining provisions hereof shall remain in full force and effect and shall in no way be affected, impaired or invalidated
thereby so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
adverse to any party; provided, however, that this Limited Guaranty may not be enforced without giving effect
to the limitation of the amount payable by each Guarantor severally hereunder equal to his Guaranteed Percentage of the
Maximum Amount as provided in Section 1 hereof and to the provisions of Sections 9 (Continuing Guaranty) and 10 (No
Recourse). Upon such determination that any provision or the application thereof is invalid, illegal, void or
unenforceable, the parties hereto shall negotiate in good faith to modify this Limited Guaranty so as to effect the original
intent of the parties hereto as closely as possible in a mutually acceptable manner so that the transactions contemplated
hereby are consummated as originally contemplated to the fullest extent permitted by applicable Law.

 

14.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO TRIAL BY JURY
IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LIMITED GUARANTY OR ANY DOCUMENTS OR INSTRUMENTS REFERRED
TO IN THIS LIMITED GUARANTY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, OR THE ACTIONS OF GUARANTORS AND THE GUARANTEED
PARTY IN NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT OF THIS LIMITED GUARANTY.

 

15.         NO
THIRD PARTY BENEFICIARIES. Except for the rights of the Non-Recourse Parties provided hereunder, this Limited Guaranty shall
be binding upon and inure solely to the benefit of the parties hereto and their respective successors
and permitted assigns, and nothing express or implied in this Limited Guaranty is intended to, or shall, confer upon any other
Person any benefits, rights or remedies under or by reason of, or any rights to enforce or cause the Guaranteed Party to enforce,
the obligations set forth herein.

 

16.         MISCELLANEOUS.

 

(a)          This
Limited Guaranty, together with the Merger Agreement (including any schedules, exhibits and annexes thereto) and other Buyer Group
Contracts, constitutes the entire agreement with respect to the subject matter hereof and supersedes any and all prior discussions,
negotiations, proposals, undertakings, understandings and agreements, whether written or oral, among Parent, Merger Sub and the
Guarantors or any of their respective Affiliates on the one hand, and the Guaranteed Party or any of its Affiliates on the other
hand. No amendment, modification or waiver of any provision hereof shall be enforceable unless approved by the Guaranteed Party
and the Guarantors in writing.

 

(b)          The
descriptive headings contained in this Limited Guaranty are for reference purposes only and shall not affect in any way the meaning
or interpretation of this Limited Guaranty.

 

(c)          All
parties hereto acknowledge that such party and his (or its) counsel have reviewed this Limited Guaranty 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 Limited Guaranty.

 

[The remainder of this page is left blank
intentionally]

 

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IN WITNESS WHEREOF,
the Guaranteed Party has caused this Limited Guaranty to be executed and delivered as of the date first written above by
its officer thereunto duly authorized. 

 

	 	Trunkbow International Holdings Limited
	 	 	 
	 	By: 	/s/ Kokhui Tan
	 	 	Name: Kokhui Tan
	 	 	Title: Director

 

[Signature Page to Limited Guaranty] 

 

    	 

    	 

    

 

IN WITNESS WHEREOF, Each Guarantor has executed
and delivered this Limited Guaranty as of the date first written above.

 

	 	Dr. Wanchun Hou
	 	 
	 	/s/ Wanchun Hou
	 	 
	 	Mr. Qiang Li
	 	 
	 	/s/ Qiang Li

 

[Signature Page to Limited Guaranty]

 

    	 

    	 

    

 

Exhibit
A

 

	Guarantor	 	Guaranteed Percentage
	Dr. Wanchun Hou	 	52.97%
	Mr. Qiang Li	 	47.03%Exhibit 10.21

 

SAExploration
Holdings, Inc.

2013 Non-Employee Director Share Incentive Plan

 

Notice
of Stock Award

 

You have been granted an award of restricted shares of the Common
Stock, $0.0001 par value per share (the “Award Shares”), of SAExploration Holdings, Inc., a Delaware
corporation (the “Company”), pursuant to the SAExploration Holdings, Inc. 2013 Non-Employee Director Share Incentive
Plan (the “Plan”), on the following terms:

 

	Name of Recipient:	 	 
	 	 	 
	Total Fair Market Value of Award:	$50,000
	 	 
	
        Fair Market Value per 

        Share:
	$7.67
	 	 
	Total Number of Award Shares Granted:	6,518 (excluding fractional share of 0.9)
	 	 
	
        Payment in lieu of 

        Fractional Share:
	$6.90
	 	 
	Date of Grant:	As of November 1, 2013
	 	 
	Vesting Date:	As of November 1, 2013
	 	 
	Award Certificated:	Yes

 

You and the Company agree that the award of the Award Shares
is granted under and governed by the terms and conditions of the Plan and the Stock Award Agreement attached hereto and made a
part of this document (collectively with this Notice of Stock Award, the “Agreement”).

 

You further agree that the Company may deliver by email all
documents relating to the Plan or this award (including prospectuses required by the Securities and Exchange Commission) and all
other documents that the Company is required to deliver to its security holders (including annual reports and proxy statements).
You also agree that the Company may deliver these documents by posting them on a website maintained by or on behalf of the Company.
If the Company posts these documents on a website, it will notify you by email.

 

	Recipient: 	 	SAExploration Holdings, Inc.
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	Consent of Recipient’s
        Spouse (if required):	 	 	Brent Whiteley
	 	 	 	Chief Financial Officer and General Counsel
	 	 	 	 
	 	 	 	 

 

    	 

    	 

    

  

SAExploration
Holdings, Inc.

2013 Non-Employee Director Share Incentive Plan

 

Stock
Award Agreement

 

	Payment for Award Shares:	No payment is required for the Award Shares that you are receiving.
	 	 
	Vesting:	
        The Award Shares that you are receiving will vest in one installment,
        as shown in the Notice of Stock Award. In addition, the Award Shares vest in full (a) if a “Change in Control” (as
        defined in the Plan) occurs before your tenure as a director terminates, (b) in the event of your death or disability, or (c) in
        the event the Company fails to nominate you for re-election as a director, or you are nominated but not re-elected by the stockholders
        of the Company and you complete your term of service.

         

        Except as expressly provided in the Plan, no additional
Award Shares vest after you are no longer a director for any reason. 

	 	 
	Transfer of Award Shares Restricted:	Award Shares that have not vested, if any, will be considered “Unvested Award Shares.” You may not sell, transfer, pledge or otherwise dispose of any Unvested Award Shares, except in your will or in any beneficiary designation.
	 	 
	Forfeiture:	If your term as a director terminates or if you cease to serve as a member of any committee of the Board of Directors of the Company for any reason, except as expressly permitted in the Plan, then your Unvested Award Shares, if any, will be forfeited and will not vest as a result of the termination.  This means that any Unvested Award Shares as of your termination date will immediately revert to the Company, and you will need to return any stock certificates issued to you that relate to the Unvested Award Shares.  You will not receive any payment for Unvested Award Shares that are forfeited.
	 	 
	 	The Company determines when your term as a director terminates for this purpose.
	 	 
	Stock Certificates:	
        The Company may issue you certificates for your Award Shares
        or it may record the issuance of Award Shares to you in the Company’s transfer records. If certificates for Unvested Award
        Shares are issued to you, they will have stamped on them a restrictive legend.

         

        The Company will have no obligation to deliver any
Award Shares to you unless such delivery would comply with all applicable laws (including the Securities Act of 1933, as amended),
and the applicable requirements of any securities exchange or similar entity. 

 

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	Voting Rights:	You may vote your Award Shares even before they vest.
	 	 
	Dividend Rights:	Any cash dividends paid with respect to any Unvested Award Shares will be accumulated and paid when such award vests.  
	 	 
	Withholding Taxes:	You understand that you (and not the Company) are responsible for your own federal, state, local or foreign tax liability and any of your other tax consequences that may arise as a result of the transactions contemplated by this Agreement.  You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters, including with regard to determining whether you are eligible to make an election with respect to the Unvested Award Shares under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and determining whether such an election would be in your best interests.  You shall notify the Company in writing if you file an election pursuant to Section 83(b) of the Code with the Internal Revenue Service within 30 days from the date of the acquisition of the Award Shares hereunder.
	 	 
	 	No Award Shares will be released to you unless you have made acceptable arrangements to pay any withholding taxes that may be due as a result of this award or the vesting of the Award Shares.  Subject to the Company’s consent, these arrangements may include (a) withholding Award Shares that otherwise would be issued to you when they vest or (b) surrendering shares of the Company’s Common Stock that you previously acquired.  The fair market value of any shares you surrender, determined as of the date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes.
	 	 
	Restrictions on Resale:	You agree not to sell any Award Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as you serve as a director of the Company and for such period of time after the termination of your serving as a director as the Company may specify.

 

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	Tenure:	Your right, if any, to continue to serve as a director or a committee member of the Board of Directors of the Company or any of its subsidiaries or affiliates is not enlarged or otherwise affected by your designation as a participant under the Plan or the grant of the Award Shares hereunder.
	 	 
	Adjustments:	In the event of a stock split, a stock dividend, a merger, combination or consolidation or a similar change in the Company’s Common Stock, any Unvested Award Shares will be adjusted as provided in the Plan.
	 	 
	The Plan and Other Agreements:	The text of the Plan is incorporated in this Agreement by reference.  In the event of any conflict between the provisions of the Plan and this Agreement, the provisions of the Plan shall control.
	 	 
	 	This Agreement and the Plan constitute the entire understanding between you and the Company regarding the Award Shares.  Any prior agreements, commitments or negotiations concerning this award are superseded.  This Agreement may be amended only by another written agreement between you and the Company.
	 	 
	Spousal Consent:	If any of the Award Shares are Unvested Award Shares and you are married, your spouse must also execute the cover page of this Agreement.  In doing so, your spouse acknowledges that he or she is fully aware of, understands, and fully consents and agrees to, the provisions of this Agreement and its binding effect, and your spouse hereby acknowledges, stipulates, confesses and agrees that the Unvested Award Shares owned by you as of the date of this Agreement are your separate property or community property subject to your sole management and control.

 

By signing the cover page of this Agreement, you agree to all
of the terms and conditions described above and in the Plan.

 

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