Document:

Exhibit 10.8

 

ESCROW
AGREEMENT

 

This
Escrow Agreement is made and entered into as of [●], 2019, by and among NEWBRIDGE SECURITIES CORPORATION, a Virginia corporation
(the “Placement Agent”), HITEK GLOBAL, INC., a Cayman Islands company (the “Company”) and SUNTRUST BANK,
a Georgia Banking corporation (the “Escrow Agent”).

 

R
E C I T A L S:

 

A.
The Company proposes to sell a minimum of 1,200,000 Class A Ordinary Shares of the Company, par value $0.001 (the “Shares”)
and a maximum of 2,500,000 Shares at a price of $5.00 per share on a “best efforts, minimum/maximum” basis (the “Offering”).

 

B.
The Company has retained the Placement Agent, as agent for the Company to sell the Shares in the Offering, and the Placement
Agent has agreed to sell the Shares in the Offering as the Company’s agent. The Shares in the Offering are being
registered under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder

 

C.
The Escrow Agent is willing to hold the proceeds of the Offering (the “Offering Proceeds”) in escrow pursuant to this
Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained in this Agreement, it is hereby
agreed as follows:

 

1. Establishment
of the Escrow Agent. Contemporaneously herewith, the parties have established a non-interest-bearing account with the
Escrow Agent, which escrow account is entitled “Hitek Global, Inc., IPO Escrow Account” (the
“Escrow Account”). The Placement Agent will instruct its customers to transfer funds from their respective
accounts directly to the Escrow Agent via wire transfer using the wire instructions below and will instruct other purchasers
of the Shares to make checks payable to “SunTrust Bank – Hitek Global, Inc., IPO Escrow Account.” Any check
received which is made payable to any party other than the Escrow Agent shall be returned to the purchaser who submitted the
check and not accepted. The Escrow Agent shall have no responsibility for payments until such proceeds are actually received,
clear through normal banking channels and constitute collected funds. The Escrow Agent shall have no duty to collect or seek
to compel payment of any payments, except to place such proceeds or instruments representing such proceeds for deposit and
payment through customary banking channels.

 

	 	[●]
	 	ABA: [●]
	 	Account: [●]
	 	Account Name: [●]
	 	Reference: [●]
	 	Attention: [●]

  

2.
Escrow Period. The escrow period (the “Escrow Period”) shall begin with the execution of the Placement Agency
Agreement and shall terminate upon the earlier occurrence (“Termination Date”) of the following dates:

 

(a)
the date on which the Company and the Placement Agent agree to terminate the Offering after the minimum amount of $6,000,0000
(“Minimum Amount”) has been raised; or

 

(b)
the date on which the maximum amount of $12,500,000 (“Maximum Amount”) has been raised; or

 

(c)
90 days from the effective date of the Registration Statement (and for a period of up to 90 additional days if extended by written
agreement of the Company and the Placement Agent by written notice to the Escrow Agent prior to 3:00pm on the 90th
day from the effective date of the Registration Statement).

 

If
the Placement Agent does not sell at least the Minimum Amount by the Termination Date, the Offering shall terminate and all funds
shall be returned to the purchaser in the Offering. During the Escrow Period, the Company is aware and understands that it is
not entitled to any funds received into escrow and no amounts deposited in the Escrow Account shall become the property of the
Company or any other entity, or be subject to the debts of the Company or any other entity.

 

     

     

    

 

3. Deposits
into the Escrow Account. The Placement Agent agrees that it shall deliver to the Escrow Agent for deposit in the Escrow
Account all monies received from purchasers of the Shares by noon of the next Business Day after receipt together with a
written account of each sale, which account shall set forth, among other things, (i) the purchaser’s name and
address, (ii) the number of Shares purchased by the purchaser, (iii) the amount paid therefor by the purchaser, (iv) whether
the consideration received from the purchaser was in the form of a check, draft or money order, (v) the purchaser’s
social security or tax identification number and (vi) such other information as will enable the Escrow Agent to attribute to
a particular purchaser all proceeds received by the Escrow Agent. For purposes of this Agreement, “Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which the Escrow Agent located at the notice address set
forth in Section 12 is authorized or required by law or executive order to remain closed. The Escrow Agent agrees to hold all
monies so deposited in the Escrow Account (the “Escrow Amount”) in escrow in accordance with the terms hereof
until authorized to disburse such monies under the terms of this Agreement.

 

4.
Disbursements from the Escrow Account.

 

In
the event the Escrow Agent has not received in the Escrow Account gross proceeds in the minimum amount of $6,000,000 or the maximum
amount of $12,500,000, as applicable representing funds to purchase the Shares (the “Investment Amount”) prior to
the termination of the Escrow Period, or if the Placement Agent and the Company notify the Escrow Agent that the Offering has
been terminated, the Escrow Agent shall promptly refund to each purchaser the amount held in the Escrow Account for such purchaser,
without payment of interest to the purchaser, and the Escrow Agent shall notify the Company and the Placement Agent of its distribution
of the funds. The Offering Proceeds returned to each purchaser shall be free and clear of any and all claims of the Company or
any of their creditors.

 

In
the event the Escrow Agent has received the Investment Amount prior to termination of the Escrow Period, on the Closing Date (as
defined in Section 8) or as soon as practicable thereafter, the Escrow Agent shall disburse the Escrow Amount pursuant to the
provisions of Section 6, provided, however, in no event will the Escrow Amount be released to the Company until such amount
is received by the Escrow Agent in collected funds. For purposes of this Agreement, the term “collected funds” shall
mean all funds, including fed funds, received by the Escrow Agent which have cleared normal banking channels.

 

5.
Collection Procedure.

 

(a)
The Escrow Agent is hereby authorized to deposit each check in the Escrow Account.

 

(b)
In the event any check paid by a purchaser and deposited in the Escrow Account shall be returned, the Escrow Agent shall notify
the Placement Agent by telephone of such occurrence and advise it of the name of the purchaser, the amount of the check returned,
and any other pertinent information. The Escrow Agent shall then transmit the returned check directly to the purchaser and shall
transmit the statement previously delivered by the Placement Agent relating to such purchase to the Placement Agent.

 

(c)
If the Escrow Agent receives written notice from the Company or the Placement Agent, as applicable, that the Company or the Placement
Agent, as applicable, has rejected any purchase of Shares for which the Escrow Agent has already collected funds, the Escrow Agent
shall promptly issue a refund check to the rejected purchaser. If the Escrow Agent receives written notice from the Company or
the Placement Agent, as applicable, that the Company or the Placement Agent, as applicable, has rejected any purchase of Shares
for which the Escrow Agent has not yet collected funds but has submitted the purchaser’s check for collection, the Escrow
Agent shall promptly issue a check in the amount of the purchaser’s check to the rejected purchaser after the Escrow Agent
has cleared such funds. If the Escrow Agent receives written notice from the Company or the Placement Agent, as applicable, that
the Company or the Placement Agent, as applicable, has rejected any purchase of Shares for which the Escrow Agent has not yet
submitted the rejected purchaser’s check for collection, the Escrow Agent shall promptly remit the purchaser’s check
directly to the purchaser.

 

(d)
Escrow Account Statements and Information. The Escrow Agent agrees to send to the Company and/or the Placement Agent a copy of
the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing
account statements to its non-escrow clients and to also provide the Company and/or Placement Agent, or their designee, upon request
other deposit account information, including Escrow Account balances, by telephone or by computer communication, to the extent
practicable. The Company and Placement Agent agree to complete and sign all forms or agreements required by the Escrow Agent for
that purpose. The Company and Placement Agent each consent to the Escrow Agent’s release of such Escrow Account information
to any of the individuals designated by Company or Placement Agent.  Further, the Company and Placement Agent have an option
to receive e-mail notification of incoming and outgoing wire transfers. If this e-mail notification service is requested and subsequently
approved by the Escrow Agent, the Company and Placement Agent agrees to provide a valid e-mail address and other information necessary
to set-up this service and sign all forms and agreements required for such service. The Company and Placement Agent each consent
to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es). The Escrow Agent’s
liability for failure to comply with this section shall not exceed the cost of providing such information.

 

    2

     

    

 

6.
Delivery of Escrow Account.

In
the event that the Escrow Agent receives the Investment Amount prior to the termination of the Escrow Period as provided in Section
4, then on or prior to the Closing Date (as defined in Section 8 of this Agreement), the Placement Agent and the Company shall
provide the Escrow Agent with a statement, executed by each party, containing the following information:

 

(i)
The total number of Shares sold by the Placement Agent directly to purchasers and a list containing the name of each purchaser,
and the number of Shares purchased by such purchaser, and specification of the manner in which the Shares will be issued by the
Company; and

 

(ii)
A calculation by the Placement Agent and the Company as to the manner in which the Escrow Account should be distributed to
the Company and the Placement Agent and in the event of oversubscription or rejection of certain purchasers, the aggregate
amount to be returned to individual purchasers and a listing of the exact amount to be returned to each such purchaser. The
Escrow Agent shall hold the Escrow Account and distribute it in accordance with the above-described statement on the Closing
Date (or as soon as practicable thereafter) or such later date that it receives the above-described statement (or as soon as
practicable thereafter).

 

7.
Non-Investment of Escrow Account. The Escrow Agent shall deposit funds received from purchasers in the Escrow Account.
The Escrow Agent shall invest all funds held pursuant to this Agreement in the SunTrust Non-Interest Deposit Option. As of the
date of this Escrow Agreement, the investments in the SunTrust Non-Interest Deposit Option are insured, subject to the applicable
rules and regulations of the Federal Deposit Insurance Corporation (the “FDIC”), in the standard FDIC insurance amount
of $250,000, including principal and accrued interest. Deposits in the SunTrust Non-Interest Deposit Option are not secured. The
SunTrust Non-Interest Deposit Option is more fully described in materials, which have been furnished to the Company and the Placement
Agent by the Escrow Agent, and the Company and the Placement Agent acknowledge receipt of such materials from the Escrow Agent.

 

8.
Closing Date. The “Closing” shall be the date of closing of the Offering, and the “Closing Date”
shall be the date on or subsequent to the date on which the Escrow Agent has received the Investment Amount that is designated
by the Placement Agent and the Company as the Closing Date and is set forth in written notice to the Escrow Agent signed by the
Placement Agent and the Company. Anything herein to the contrary notwithstanding, the Closing Date shall not be the date on which
the Escrow Agent has received the Investment Amount unless such Investment Amount has been actually received and cleared through
normal banking channels and constitutes collected funds on or prior to 3:00 EST on such date. The Escrow Agent shall be entitled
to assume conclusively and without inquiry that the Closing Date has not occurred until it receives such written notice.

 

9.
Compensation of Escrow Agent. The Company agrees to pay to the Escrow Agent compensation, and to reimburse the Escrow Agent
for costs and expenses, all in accordance with the provisions of Exhibit B hereto, which is incorporated herein by reference and
made a part hereof. The fee agreed upon for the services rendered hereunder is intended as full compensation for the Escrow Agent’s
services as contemplated by this Agreement; provided, however, that in the event that the conditions for the disbursement of funds
are not fulfilled, or the Escrow Agent renders any service not contemplated in this Agreement, or there is any assignment of interest
in the subject matter of this Agreement or any material modification hereof, or if any dispute or controversy arises hereunder,
or the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject matter hereof, then the Company
agrees to compensate the Escrow Agent for such extraordinary services and reimburse the Escrow Agent for all costs and expenses,
including reasonable attorneys’ fees and expenses, occasioned by any such event. The provisions of this section shall survive
the termination of this Agreement and any resignation or removal of the Escrow Agent.

 

    3

     

    

 

10.
Disbursement into Court. If, at any time, there shall exist any dispute between the Company, the Placement Agent and/or
the purchasers with respect to the holding or disposition of any portion of the Escrow Amount or any other obligations of the
Escrow Agent hereunder, or if at any time the Escrow Agent is unable to determine, to the Escrow Agent’s sole satisfaction,
the proper disposition of any portion of the Escrow Amount or the Escrow Agent’s proper actions with respect to its obligations
hereunder, or if the Company and the Placement Agent have not within 30 days of the furnishing by the Escrow Agent of a notice
of resignation appointed a successor Escrow Agent to act hereunder, then the Escrow Agent may, in its sole discretion, take either
or both of the following actions:

 

(a)
suspend the performance of any of its obligations under this Escrow Agreement until such dispute or uncertainty shall be resolved
to the sole satisfaction of the Escrow Agent or until a successor Escrow Agent shall have been appointed (as the case may be);
provided however, that the Escrow Agent shall continue to hold the Escrow Amount in accordance with Section 7 hereof; and/or

 

(b)
petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in New York,
New York, for instructions with respect to such dispute or uncertainty, and pay into court all funds held by it in the Escrow
Account for holding and disposition in accordance with the instructions of such court. Upon such payment into court, the Escrow
Agent shall be discharged from all further duties under this Agreement; provided, however, that any such action of the Escrow
Agent shall not deprive the Escrow Agent of its compensation and right to reimbursement of expenses hereunder arising prior to
such action and discharge of the Escrow Agent of its duties hereunder. The Company and the Placement Agent jointly and severally
agree to pay all costs and expenses of the Escrow Agent incurred in connection with such interpleader action or other action taken
pursuant to this Section 10.

 

The
Escrow Agent shall have no liability to the Company, the Placement Agent or any other person with respect to any such suspension
of performance or disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged
to have arisen, out of or as a result of any delay in the disbursement of funds held in the Escrow Account or any delay in or
with respect to any other action required or requested of the Escrow Agent. Notwithstanding the preceding, the Escrow Agent may
in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction, or of any agency
of the United States or any political subdivision thereof, or of any agency of any State of the United States or of any political
subdivision of any thereof, or of any foreign jurisdiction, and the Escrow Agent is hereby authorized in its sole discretion to
comply with and obey any such orders, judgments, decrees or levies. The rights of the Escrow Agent under this sub-paragraph are
cumulative of all other rights which it may have by law or otherwise.

 

11.
Duties and Rights of the Escrow Agent. The foregoing agreements and obligations of the Escrow Agent are subject to the
following provisions:

 

(a)
This Agreement expressly and exclusively sets forth the duties of the Escrow Agent with respect to any and all matters pertinent
hereto, which duties shall be deemed purely ministerial in nature, and no implied duties or obligations shall be read into this
Agreement against the Escrow Agent. The Escrow Agent shall in no event be deemed to be a fiduciary to the Company, the Placement
Agent, the purchasers or proposed purchasers of the Shares, or any other person or entity under this Agreement. The permissive
rights of the Escrow Agent to do things enumerated in this Agreement shall not be construed as duties. In performing its duties
under this Agreement, or upon the claimed failure to perform its duties, the Escrow Agent shall not be liable for any damages,
losses or expenses other than damages, losses or expenses which have been finally adjudicated by a court of competent jurisdiction
to have directly resulted from the Escrow Agent’s willful misconduct or gross negligence. In no event shall the Escrow Agent
be liable for incidental, indirect, special, consequential or punitive damages of any kind whatsoever (including but not limited
to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form
of action. The Escrow Agent shall not be responsible or liable for the failure of the Company or the Placement Agent to perform
in accordance with this Agreement. The Escrow Agent shall have no liability with respect to the transfer or distribution of any
funds affected by the Escrow Agent pursuant to wiring or transfer instructions provided to the Escrow Agent in accordance with
the provisions of this Agreement. The Escrow Agent shall not be obligated to take any legal action or to commence any proceedings
in connection with this Agreement or any property held hereunder or to appear in, prosecute or defend in any such legal action
or proceedings.

 

    4

     

    

 

(b)
No provision of this Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial
liability or potential financial liability in the performance of its duties or the exercise of its rights under this Agreement.

 

(c)
The Escrow Agent shall in no way be responsible for nor shall it be its duty to notify the Company, the Placement Agent or any
other person or entity interested in this Agreement of any payment required or maturity occurring under this Agreement or under
the terms of any instrument deposited herewith unless such notice is explicitly provided for in this Agreement.

 

(d)
The Escrow Agent shall be protected in acting upon any written instruction, notice, request, waiver, consent, certificate, receipt,
authorization, power of attorney or other paper or document which the Escrow Agent in good faith believes to be genuine and what
it purports to be, including, but not limited to, items directing investment or non-investment of funds, items requesting or authorizing
release, disbursement or retainage of the subject matter of this Agreement and items amending the terms of this Agreement. The
Escrow Agent shall be under no duty or obligation to inquire into or investigate the validity, accuracy or content of any such
notice, request, waiver, consent, certificate, receipt, authorization, power of attorney or other paper or document. The Escrow
Agent shall have no duty or obligation to make any formulaic calculations of any kind hereunder.

 

(e)
The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents.
The Escrow Agent shall be entitled to seek the advice of legal counsel with respect to any matter arising under this Agreement
and the Escrow Agent shall have no liability and shall be fully protected with respect to any action taken or omitted pursuant
to the advice of such legal counsel. The Company shall promptly pay, upon demand by the Escrow Agent, the reasonable and documented
fees and expenses of any such legal counsel.

 

(f)
The Company represents and warrants to the Escrow Agent that there is no security interest in or lien on the Offering Proceeds
or the earnings thereon or any part of the Offering Proceeds or such earnings; no financing statement under the Uniform Commercial
Code of any jurisdiction or any comparable document is on file in any jurisdiction of the United States or any State thereof or
of any foreign jurisdiction claiming a security interest in or describing, whether specifically or generally, the Offering Proceeds
or the earnings thereon or any part of the Offering Proceeds or such earnings; and the Escrow Agent shall have no responsibility
at any time to ascertain whether or not any security interest exists in the Offering Proceeds or the earnings thereon or any part
of the Offering Proceeds or such earnings or to file any financing statement under the Uniform Commercial Code of any jurisdiction
with respect to the Offering Proceeds, the earnings thereon or any part thereof.

 

(g)
The Escrow Agent may resign at any time from its obligations under this Agreement by providing written notice to the Company and
the Placement Agent. Such resignation shall be effective on the date set forth in such written notice, which shall be no earlier
than thirty (30) days after such written notice has been furnished. In such event, the Company and the Placement Agent shall promptly
appoint a successor escrow agent. In the event no successor escrow agent has been appointed on or prior to the date such resignation
is to become effective, the Escrow Agent shall be entitled to tender into the custody of any court of competent jurisdiction all
funds and other property then held by the Escrow Agent hereunder and the Escrow Agent shall thereupon be relieved of all further
duties and obligations under this Agreement; provided, however, that any such action of the Escrow Agent shall not deprive the
Escrow Agent of its compensation and right to reimbursement of expenses hereunder arising prior to such action and discharge of
the Escrow Agent of its duties hereunder. The Escrow Agent shall have no responsibility for the appointment of a successor escrow
agent hereunder.

 

(h)
Any entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any entity to which
all or substantially all the escrow business of the Escrow Agent may be transferred, shall be the Escrow Agent under this Agreement
without further act.

 

(i)
The Company and the Placement Agent agree to jointly and severally indemnify, defend and hold harmless the Escrow Agent and each
of the Escrow Agent’s officers, directors, agents and employees (the “Indemnified Parties”) from and against
any and all losses, liabilities, claims, damages, expenses and costs (including, without limitation, attorneys’ fees and
expenses) of every nature whatsoever (collectively, “Losses”) which any such Indemnified Party may incur and which
arise directly or indirectly from this Agreement or which arise directly or indirectly by virtue of the Escrow Agent’s undertaking
to serve as Escrow Agent hereunder; provided, however, that no Indemnified Party shall be entitled to indemnity with respect to
Losses that have been finally adjudicated by a court of competent jurisdiction to have been directly caused by such Indemnified
Party’s gross negligence or willful misconduct. The provisions of this section shall survive the termination of this Agreement
and any resignation or removal of the Escrow Agent.

 

    5

     

    

 

(j)
The Company and the Placement Agent acknowledge that the Escrow Agent is serving as escrow agent for the limited purposes set
forth herein and represent, covenant and warrant to the Escrow Agent that no statement or representation, whether oral or in writing,
has been or will be made to any purchaser or potential purchaser of the Shares to the effect that the Escrow Agent has investigated
the desirability or advisability of investment in the Shares or approved, endorsed or passed upon the merits of such investment
or is otherwise involved in any manner with the transactions contemplated hereby, other than as escrow agent under this Agreement.
It is further agreed that neither the Company nor the Placement Agent shall not use or permit the use of the name “SunTrust,”
“SunTrust Bank,” “SunTrust Banks, Inc.” or any variation thereof in any sales presentation, placement
or offering memorandum or literature pertaining directly or indirectly to the Offering except strictly in the context of the duties
of the Escrow Agent as escrow agent under this Agreement. Any breach or violation of the paragraph shall be grounds for immediate
termination of this Agreement by the Escrow Agent.

 

(k)
The Escrow Agent shall have no duty or responsibility for determining whether the Shares or the offer and sale thereof conform
to the requirements of applicable Federal or state securities laws, including but not limited to the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended or the securities laws of any foreign jurisdiction. The Company and
the Placement Agent represent and warrant to the Escrow Agent that the Shares and the Offering will comply in all respects with
applicable Federal and state securities laws and all applicable securities laws of foreign jurisdictions and further represent
and warrant that the Company and the Placement Agent have obtained and acted upon the advice of legal counsel with respect to
such compliance with applicable Federal and state securities laws and applicable foreign jurisdiction securities laws. The Company
and the Placement Agent acknowledge that the Escrow Agent has not participated in the preparation or review of any sales or offering
material relating to the Offering or the Shares. In addition to any other indemnities provided for in this Agreement, the Company
and the Placement Agent jointly and severally agree to defend, indemnify and hold harmless the Indemnified Parties from and against
any and all Losses incurred by any of the Indemnified Parties which directly or indirectly arise from any violation or alleged
violation of any Federal or state securities laws or the securities laws of any applicable foreign jurisdiction; provided, however,
that no Indemnified Party shall have the right to be indemnified hereunder with respect to any Losses that have been finally adjudicated
by a court of competent jurisdiction to have been directly caused by such Indemnified Party’s gross negligence or willful
misconduct. The Company and the Placement Agent hereby agree that the indemnifications and protections afforded the Escrow Agent
and the other Indemnified Parties in this section shall survive the termination of this Agreement and any resignation or removal
of the Escrow Agent.

 

(l)
The Escrow Agent and any director, officer or employee of the Escrow Agent may become pecuniarily interested in any transaction
in which the Company or the Placement Agent may be interested and may contract and lend money to the Company and the Placement
Agent and otherwise act as fully and freely as though it were not escrow agent under this Agreement. Nothing herein shall preclude
the Escrow Agent from acting in any other capacity for the Company or the Placement Agent. 

 

12.
Notices. It if further agreed as follows:

 

(a)
All notices given hereunder will be in writing, served by registered or certified mail, return receipt requested, postage prepaid,
or by hand-delivery, to the parties at the following addresses:

 

To
the Company:

 

Hitek
Global Inc.

Unit
304, No. 30 Guanri Road, Siming District

Xiamen
City, Fujian Province

People’s
Republic of China

Attn:
Xiaoyang Huang

Email:
huangxy@xmhitek.com

 

With
a copy to:

 

Hunter
Taubman Fischer & Li, LLC

1450
Broadway, 26th Floor

New York, NY 10018

Attn:
Joan Wu, Esq

Phone:
(212) 530-2208

Email:
jwu@htflawyers.com

 

    6

     

    

 

To
the Placement Agent:

 

Newbridge
Securities Corporation

5220 Town Center Circle

Tower
1, Suite 306

Boca
Raton, Florida 33486

Attn:
Bruce Jordan

Phone:
(561) 409-0273

Email:
bjordan@newbridgesecurities.com

 

With
copy to:

 

Haneberg
Hurlbert PLC

1111
East Main Street

Suite
2010

Richmond,
VA 23219

Attn:
Bradley A. Haneberg, Esq.

Phone:
(804) 554-4802

Email:
brad@hbhblaw.com

 

to
the Escrow Agent:

 

SunTrust
Bank

Attn:
Escrow Services

919
East Main Street, 7th Floor

Richmond,
Virginia 23219

Client
Manager: Matthew Ward, Vice President

Phone:
804-782-7182

Email:
Matthew.Ward@Suntrust.com

 

Any
party hereto may unilaterally designate a different address by giving notice of each change in the manner specified above to each
other party hereto. Notwithstanding anything to the contrary herein provided, the Escrow Agent shall not be deemed to have received
any notice, request, report or other communication hereunder prior to the Escrow Agent’s actual receipt thereof.

 

13.
Miscellaneous.

 

(a)
This Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors
and permitted assigns; provided, however, that except as provided in Section 11(i) neither this Agreement nor any rights or obligations
hereunder may be assigned by any party hereto without the express written consent of the other party hereto.

 

(b)
If any provision of this Agreement, or the application thereof, is for any reason held to any extent to be invalid, illegal or
unenforceable, then the remainder of this Agreement and the application thereof will nevertheless remain in full force and effect
so long as the economic and legal substance of the transactions contemplated by this Agreement are not affected in any manner
materially adverse to any party hereto. Upon such determination that any provision is invalid, illegal or unenforceable, the parties
hereto agree to replace such provision with a valid, legal and enforceable provision that will achieve, to the maximum extent
legally permissible, the economic, business and other purposes of such provision.

 

(c)
This Agreement shall be construed and governed by the applicable laws of the Commonwealth of Virginia.

 

(d)
This Agreement may not be modified except in writing signed by the parties hereto.

 

(e)
All demands, notices, approvals, consents, requests and other communications hereunder shall be given in the manner provided in
this Agreement.

 

(f)
This Agreement may be executed in one or more counterparts, and if executed in more than one counterpart, the executed counterparts
shall together constitute a single instrument.

 

    7

     

    

 

(g)
This Agreement shall terminate and the Escrow Agent shall be discharged of all responsibilities hereunder at such time as the
Escrow Agent shall have disbursed all Offering Proceeds and any earnings thereon in accordance with the provisions of this Agreement;
provided, however, that the provisions of Sections 9, 10 and 11 hereof shall survive any termination of this Agreement and any
resignation or removal of the Escrow Agent.

 

(h)
Contemporaneously with the execution and delivery of this Agreement and, if necessary, from time to time thereafter, the Company
and the Placement Agent shall execute and deliver to the Escrow Agent a Certificate of Incumbency substantially in the form of
Exhibit A hereto (a “Certificate of Incumbency”) for the purpose of establishing the identity and authority of persons
entitled to issue notices, instructions or directions to the Escrow Agent on behalf of the Company and the Placement Agent. Until
such time as the Escrow Agent shall receive an amended Certificate of Incumbency replacing any Certificate of Incumbency theretofore
delivered to the Escrow Agent, the Escrow Agent shall be fully protected in relying, without further inquiry, on the most recent
Certificate of Incumbency furnished to the Escrow Agent.

 

(i)
This Agreement constitutes the entire agreement between the Escrow Agent, the Company and the Placement Agent in connection with
the subject matter of this Agreement, and no other agreement entered into by the Company or the Placement Agent related to the
subject matter of this Agreement, shall be considered as adopted or binding, in whole or in part, upon the Escrow Agent notwithstanding
that any such other agreement may be deposited with the Escrow Agent or the Escrow Agent may have knowledge thereof.

 

[Hitek
Global, Inc. Escrow Agreement Execution Page Follows]

 

    8

     

    

 

[Hitek
Global, Inc. Escrow Agreement Execution Page]

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their respective names, all as of the date first
above written. 

 

	 	NEWBRIDGE SECURITIES CORPORATION
	 	 
	 	By: 	
	 	Name: 	Bruce Jordan
	 	Title:	 Managing Director, Investment Banking
	 	 
	 	HITEK GLOBAL, INC.
	 	 
	 	By: 	 
	 	Name:	 Xiaoyang Huang
	 	Title: 	Chief Executive Officer
	 	 
	 	SUNTRUST BANK
	 	 
	 	By: 	 
	 	Name: 	Matt Ward
	 	Title: 	Vice President, Escrow Services

 

    9

     

    

 

EXHIBIT
A

 

Certificate
of Incumbency 

(List
of Authorized Representatives) 

  
 

Client Name:  

 

As
an Authorized Officer of the above referenced entity, I hereby certify that each person listed below is an authorized signor for
such entity, and that the title and signature appearing beside each name is true and correct.

 

	Name

	 	Title

	 	Signature

	 	Contact Number

	 	 	 	 	 	 	(
         )    

 

IN
WITNESS WHEREOF, this certificate has been executed by a duly authorized officer on:

 

	 	.
	Date	 

 

	By:	 	 
	Name (print):	 	 
	Its:	 	 

 

    10

     

    

 

EXHIBIT
B

 

Schedule
of Fees & Expenses

 

SunTrust
Bank, as Escrow Agent 

 

Acceptance/Legal
Review Fee: $600.00 – one time only payable at the time of signing the Escrow Agreement 

 

(Fee
is waived if no legal review is needed) 

 

The
Legal Review Fee includes review of all related documents and accepting the appointment of Escrow Agent on behalf of SunTrust
Bank. The fee also includes setting up the required account(s) and accounting records, document filing, and coordinating the receipt
of funds/assets for deposit to the Escrow Account. This is a one-time fee payable upon execution of the Escrow Agreement. As
soon as SunTrust Bank’s attorney begins to review the Escrow Agreement, the legal review fee is subject to payment regardless
if the Parties decide to appoint a different escrow agent or a decision is made that the Escrow Agreement is not needed. 

 

 Administration Fee: $3,500 – payable at the time of signing the Escrow Agreement and on the anniversary date thereafter, if applicable

  

The
Administration Fee includes providing routine and standard services of an Escrow Agent. The fee includes administering the escrow
account, performing investment transactions, processing cash transactions (including wires and check processing), disbursing funds
in accordance with the Agreement (note any pricing considerations below), and providing trust account statements to the Parties
for a twelve (12) month period. If the account remains open beyond the twelve (12) month term, the Parties will be invoiced each
year on the anniversary date of the execution of the Escrow Agreement. Extraordinary expenses, including legal counsel fees, will
be billed as out-of-pocket. The Administration Fee is due upon execution of the Escrow Agreement. The fees shall be deemed earned
in full upon receipt by the Escrow Agent, and no portion shall be refundable for any reason, including without limitation, termination
of the agreement.

 

Out-of-Pocket
Expenses: At Cost

 

Out-of-pocket
expenses such as, but not limited to, postage, courier, overnight mail, wire transfer, travel, legal (out-of-pocket to counsel)
or accounting, will be billed at cost.

 

Note:
This fee schedule is based on the assumption that the escrowed funds will be invested in one of the SunTrust Deposit Options.
If any other investment options are chosen, this fee schedule will become subject to change.

 

 

11Exhibit
10.1

 

FIRST
AMENDMENT TO SPONSORSHIP AGREEMENT

 

This
First Amendment to Sponsorship Agreement is made effective as of July 12, 2019 (this “Amendment”), by
and between Jacksonville Jaguars, LLC, a Delaware limited liability company (“Club”),
and ARC Group, Inc., a Nevada corporation (owner and operator of Dick’s Wings and Grill) (“Sponsor”,
and together with Club, the “Parties”, and each, a “Party”).

 

A.
The Parties have entered into the Sponsorship Agreement dated as of November 27, 2017 (as amended, supplemented, or otherwise
modified from time to time, the “Existing Agreement”). Pursuant to the Existing Agreement, Club grants
Sponsor certain sponsorship inventory.

 

B.
Club and Sponsor desire to amend the Existing Agreement to modify its terms.

 

NOW,
THEREFORE, in consideration of the promises set forth above and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as follows:

 

1.
Definitions. Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in
the Existing Agreement. All references in the Existing Agreement or any other document to “the Agreement” or otherwise
to the Existing Agreement shall mean the Existing Agreement as amended hereby.

 

2.
Amendment to Section 1. Section 1 of the Existing Agreement shall be deleted in its entirety and replaced with the
following:

 

“1.
Term of Agreement. This Agreement shall be binding on the parties hereto as of the Execution Date. The term of this
Agreement (the “Term”) shall be deemed to have commenced as of April 1, 2018 (the “Effective Date”)
and shall expire upon the later of: (a) the conclusion of the 2028/29 NFL season and (b) the last day in February, 2029 (such
expiration date, the “Scheduled Expiration Date”), unless sooner terminated pursuant to the terms of this Agreement.”

 

3.
Amendment to Section 2. Clause (i) of Section 2 of the Existing Agreement shall be deleted in its entirety
and replaced with the following:

 

“(i)
the right to use the Benefits set forth on Exhibit A and the license and right to use the Team Marks solely in connection
with the advertisement and promotion of Sponsor’s Dick’s Wings and Grill and Tilted Kilt branded restaurants (and
such other branded restaurants as Club and Sponsor may mutually agree upon in writing during the Term) (collectively, the “Sponsor
Business”) in accordance with this Agreement.”

 

4.
Amendment to Section 3(a). Section 3(a) of the Existing Agreement shall be deleted in its entirety and replaced
with the following:

 

“(a)
In consideration for the Benefits, during each Contract Year of the Term, Sponsor shall pay Club, in accordance with this Section
3(a) and Section 2(d) of the Terms and Conditions, the amount set forth next to the applicable Contract Year below
(the “Annual Fee”). Sponsor and Club acknowledge and agree that beginning with the Second Contract Year, the
Annual Fee for each Contract Year shall be $765,000 payable in accordance with the following schedule and payment terms:

 

	First Contract Year (2018/19):	 	$	200,000	 
	Second Contract Year (2019/20):	 	$	500,000	 
	Third Contract Year (2020/21):	 	$	794,444	 
	Fourth Contract Year (2021/22):	 	$	794,444	 
	Fifth Contract Year (2022/23):	 	$	794,444	 
	Sixth Contract Year (2023/24):	 	$	794,444	 
	Seventh Contract Year (2024/25):	 	$	794,444	 
	Eighth Contract Year (2025/26):	 	$	794,444	 
	Ninth Contract Year (2026/27):	 	$	794,444	 
	Tenth Contract Year (2027/28):	 	$	794,444	 
	Eleventh Contract Year (2028/29):	 	$	794,444	 

 

Club
acknowledges payment of the First Contract Year Annual Fee. Sponsor shall pay Club the Annual Fee for each remaining Contract
Year in six (6) equal installments, each due on or prior to the 1st of each month between June and November of the applicable
Contract Year.”

 

    	 

    	 

    

 

5.
Amendment to Section 3(b). Section 3(b) of the Existing Agreement shall be deleted in its entirety and replaced
with the following:

 

“(a)
In addition to the Annual Fees identified in Section 3(a) above, Sponsor shall provide Club with food, beverage and serving
products from Sponsor’s Dick’s Wings restaurants with values equal to the following (each, an “Annual Trade
Value”):

 

	First Contract Year (2018/19):	 	$	35,000	 
	Second Contract Year (2019/20):	 	$	35,700	 
	Third Contract Year (2020/21):	 	$	36,414	 
	Fourth Contract Year (2021/22):	 	$	37,142	 
	Fifth Contract Year (2022/23):	 	$	37,885	 
	Sixth Contract Year (2023/24):	 	$	40,000	 
	Seventh Contract Year (2024/25):	 	$	40,000	 
	Eighth Contract Year (2025/26):	 	$	40,000	 
	Ninth Contract Year (2026/27):	 	$	40,000	 
	Tenth Contract Year (2027/28):	 	$	40,000	 
	Eleventh Contract Year (2028/29):	 	$	40,000	 

 

As
part of the Annual Trade Value, Sponsor shall provide Club with a designated liaison who will coordinate the menu and quantities
to be provided by Sponsor. Sponsor shall deliver the food (the cost of which is included in the Annual Trade Value) to the Stadium
at the time and location specified by Club. If any portion of the Annual Trade Value is not used in any given Contract Year, such
unused amount shall carry forward to the subsequent Contract Year. If any portion of the Annual Trade Value is not used at the
end of the Term, Club shall be permitted to use such unused amount within twelve (12) months following expiration of this Agreement.
The parties acknowledge that the Annual Trade Value is inclusive of any taxes, surcharges or related fees applicable to the orders
placed by Club during the Term.”

 

6.
Amendment Exhibit A, Section 4(a). Section 4(a) of Exhibit A of the Existing Agreement shall be deleted in
its entirety and replaced with the following:

 

“a.
Season Tickets: Sponsor shall receive eight (8) tickets (Section 150, Row CC, Seats 13-16 and Section 150, Row DD,
Seats 13-16 or a substantially similar location) to each preseason and regular season Jaguars
Home Game.”

 

7.
Amendment Exhibit A, Section 5(a). Section 5(a) of Exhibit A of the Existing Agreement shall be deleted in
its entirety and replaced with the following:

 

“a.
Branded Concession Stands: During each preseason and regular season Jaguars Home
Game and Other Events as requested by Club or the Stadium concessionaire (“Concessionaire”), Sponsor shall
have the right to display Sponsor branding on (i) two (2) fixed concession stands in the Stadium located in the Bud Light Party
Zone; (ii) the fixed concession stands identified as Concession Stands 105, 118, 132, 410 and 435 on the Stadium concourses; (iii)
the fixed concession stands in the Stadium identified as Concession Stands 207 and 234 in the upper club level; and (iv) up to
four (4) portable concession stands on the NEZ Deck (as defined below) (collectively, the “Stands”). The exact
size and location of the Stands shall be determined by Club. The exact design of the Stands shall be mutually agreed upon between
Sponsor and Club. Sponsor may display Signage displaying a Sponsor Mark in and/or on the Stands. Sponsor shall be responsible
for all costs associated with the branding and Advertising in respect of the Stands.”

 

8.
Amendment Exhibit A, Section 6. The following shall be added as Section 6 of Exhibit A of the Existing Agreement:

 

“6.
NAMING RIGHTS OF NORTH END ZONE DECK

 

a.
Sponsor shall be the naming sponsor of the north end zone deck at the Stadium (the “NEZ Deck”). The official
name of the NEZ Deck shall be the “Rally Zone” or another name to be mutually agreed upon by the parties. Sponsor’s
naming sponsorship Benefits shall consist of the following:

 

	 	i.	North
    LED Ribbon: Sponsor shall receive display of a Sponsor Mark or animation for approximately one-third of the total
    game-time exposure available for sponsor branding during each preseason and regular season Jaguars Home Game. The display
    shall be located on the interior portion of the LED ribbon board spanning the north end zone fascia, approximately 320’
    x 9’. For purposes of clarity, exterior portions of the LED ribbon board (approximately 70’ x 10’ of each
    end of the LED board) shall be used for Team messaging determined by Club (e.g. out of town scores, etc.); 	 
	 	ii.	Fixed
    Videoboard Panel: Sponsor shall receive display of a Sponsor Mark on one (1) fixed panel back-illuminated sign below
    the north end zone video board at the Stadium, approximately 15’ x 76’ in size, during each preseason and regular
    season Jaguars Home Game.  The exact design and material of the panel shall be mutually agreed upon between Club
    and Sponsor; 	 
	 	iii.	Exterior
    Stadium Panel: Sponsor shall receive space to display a fixed advertisement displaying a Sponsor Mark on the exterior
    facing north facing wall of the Stadium during each preseason and regular season Jaguars Home Game.  The size of
    the advertisement shall be approximately 40’ x 95’; 	 
	 	iv.	Brand
    Integration: Sponsor shall receive certain Signage and other Sponsor-branded Advertising (which may include Sponsor’s
    Dick’s Wings and Tilted Kilt brands, but any other brands shall be subject to Club’s prior written approval) throughout
    the NEZ Deck as mutually determined between the parties.  The quantity, size, and details regarding specific Sponsor-branded
    items shall be determined by Club. Sponsor shall be solely responsible for all costs and expenses associated with this Benefit;	 

 

    	Page 2 of 3

     

    

 

	 	v.
    	Sponsor
    Marketing: Subject to all applicable NFL Rules, Sponsor shall have the opportunity to distribute promotional items,
    marketing materials, t-shirts, and other Sponsor-branded collateral to fans on the NEZ Deck during each preseason and regular
    season Jaguars Home Game. Sponsor shall be responsible for all costs associated with any promotional items or marketing materials
    to be distributed from the NEZ Deck, any activations, and Advertising and Signage. All Advertising and activations associated
    with this Benefit shall be subject to Club’s prior approval; and	 
	 	vi. 	Press Release:
    Club shall author one (1) press release announcing the sponsorship of the NEZ Deck during the Term. The exact timing and distribution
    of the press release shall be determined by Club. The content of the press release shall be mutually agreed upon between Club
    and Sponsor.”	 

 

9.
Amendment Exhibit A, Section 7. The following shall be added as Section 7 of Exhibit A of the Existing Agreement:

 

“7.
OFFICIAL WATCH PARTY RESTAURANT / BAR FOR JAGUARS AWAY GAMES

 

a.
Sponsor shall be identified as the “Official Watch Party Restaurant / Bar for Jaguars Away Games”. This Benefit shall
consist of the following:

 

	 	i.
    	Social
    Media: Sponsor shall receive display of a Sponsor Mark in one (1) social media post in respect of this Benefit prior
    to each preseason and regular season Team away Game. The post will be authored by Club and published to Club’s Twitter,
    Facebook or Instagram accounts as determined by Club. The post will tag Sponsor’s official corresponding social media
    account, as applicable. The timing of publication of the post shall be determined by Club;	 
	 	ii.
    	Radio
    Spots: During each Contract Year, Sponsor shall receive the following radio spots broadcasted on Club’s primary
    radio partner: (i) twenty (20) thirty second (:30) spots across the initial broadcasts of Club’s Pre-Game Show broadcast
    prior to each preseason and regular season Team away Game; (ii) one (1) thirty second (:30) spot during each initial broadcast
    of Jaguars Thursday broadcast once during each week of the preseason and regular season for each NFL season during
    the Term. The exact timing of broadcast of each spot shall be determined by Club or Club’s primary radio partner;	 
	 	iii.
    	Banner
    Ad: During each week of each the preseason and regular season for each NFL season during the Term, Sponsor shall receive
    display of a Sponsor Mark on one (1) banner advertisement in respect of the Sponsor Business that rotates throughout www.jaguars.com
    (approximately 300x250 pixels) and the official Team mobile app (approximate size to be determined by Club). The exact
    placement of the banner advertisement shall be determined by Club in its sole discretion; and	 
	 	iv. 	ROAR
    and Mascot Appearances: During each preseason and regular season Team away Game, Sponsor shall receive one (1) appearance
    by (A) two (2) members of the ROAR, (B) the Team mascot, or (C) one former Team player (subject to availability and determined
    by Club) at one (1) mutually agreed upon location of Sponsor’s Dick’s Wings restaurants in northeast Florida within
    a fifty (50) mile radius of the Stadium. Each appearance shall be for a maximum of one (1) hour in duration and scheduling
    shall be mutually agreed upon by the parties. The appearance shall be conducted in accordance with all applicable NFL Rules.	 

 

10.
No Amendments. Except as set forth in Sections 2-9, the execution, delivery and performance of this Amendment does
not amend or waive any right, power, remedy or obligation of either Party under the Existing Agreement.

 

11.
Miscellaneous. Sections 10-12 of the Existing Agreement apply to this Amendment, mutatis mutandis.

 

IN
WITNESS WHEREOF, the Parties have executed and delivered this First Amendment to Sponsorship Agreement as of the date first written
above.

 

	JACKSONVILLE
    JAGUARS, LLC	 	ARC
    GROUP, INC.
	 	 	 	 	 
	By:	/s/ Scott Massey	 	By:	/s/ Seenu Kasturi
    
	 	Scott Massey	 	 	Seenu Kasturi
	 	Senior Vice President,
    Corporate Partnerships	 	 	CEO

 

    	Page 3 of 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00298-of-00352.parquet"}]]