Document:

Exhibit 10.21

 

ESCROW DEPOSIT AGREEMENT

 

This ESCROW DEPOSIT
AGREEMENT (this “Agreement”) dated as of this 11th day of February, 2015, by and among Tantech Holding
Ltd., a People’s Republic of China limited liability company (the “Company”), having an address at
10 Cen Shan Road, Shuige Industrial Zone, Lishui City, Zhejiang, China, ViewTrade Securities, Inc., a Delaware corporation
(the “Placement Agent”), having an address at International Plaza, 7280 W. Palmetto Park Rd., #310, Boca Raton,
FL 33433, and Signature Bank (the “Escrow Agent”), a New York State chartered bank, having an office
at 565 Fifth Avenue, 12th floor, New York, NY 10017. All capitalized terms not herein defined shall have the meaning
ascribed to them in that certain Registration Statement on Form F-1, as filed with the Securities and Exchange Commission on September
16, 2014 and amended or supplemented from time-to-time, including all attachments, schedules and exhibits thereto (the “Registration
Statement”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of the Registration Statement, the Company desires to sell (the “Offering”) 3,200,000 of the Company’s
common shares, $0.001 par value per share (the “Shares”) (such number of Shares, the “Offering Amount”).
Each Share is assumed to be sold at $5.00 per share, the midpoint of the proposed offering price range of $4.00 to $6.00 per share,
that would total an estimated aggregate maximum of $19,200,000 (the “Maximum Amount”); and

 

WHEREAS, unless
the Offering Amount is sold by the close of business on February 28, 2015 (the “Termination Date”), the Offering
shall terminate and all funds shall be returned to the subscribers in the Offering and if the Offering Amount is met, the Offering
may continue until the Termination Date; and

 

WHEREAS, the Company
and Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement Agent shall
instruct subscribers introduced to the Company by Placement Agent (the “Subscribers”) to deposit checks and
other instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Tantech Holdings
Ltd.,” and Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with
the terms hereinafter set forth; and

 

WHEREAS, the Company,
as issuer, and Placement Agent, as an introducing broker-dealer, represent and warrant to the Escrow Agent that they will comply
with all of their respective obligations under applicable state and federal securities laws and regulations with respect to sale
of the Offering; and

 

    	 

    	 

    

 

WHEREAS, the Company
and Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity that the Escrow
Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS, the Company
and Placement Agent warrant to the Escrow Agent that a copy of each document that has been delivered to Subscribers and third
parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I.

 

NOW, THEREFORE, IT IS AGREED as follows:

 

1.            Delivery of Escrow Funds.

(a) Placement Agent and the
Company shall instruct Subscribers to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow
Agent for Tantech Holdings Ltd.,” or wire transfer to Signature Bank, 565 Fifth Avenue, 12th Floor, New York,
NY 10017, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Tantech Holdings Ltd., Account No. _____________,
in each case, with the name and address of the individual or entity making payment. In the event any Subscriber’s address
is not provided to Escrow Agent by the Subscriber, then the Company agrees to promptly provide Escrow Agent with such information
in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at Signature Bank entitled “Tantech
Holdings Ltd., Signature Bank, as Escrow Agent for” (the “Escrow Account”).

 

(b)         The collected funds
deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)         The Escrow Agent
shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account.
If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of
the Escrow Agent shall be to return the check to the Subscriber and advise the Company and Placement Agent promptly thereof.

 

2.            Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

(a)         In the event that
the Company and Placement Agent advise the Escrow Agent in writing that the Offering has been terminated (the “Termination
Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest
or offset.

 

(b)         RESERVED.

 

    	 

    	 

    

 

(c)         Provided that the
Escrow Agent does not receive the Termination Notice in accordance with section 2(a) and there is the Offering Amount deposited
into the Escrow Account on or prior to later of the Termination Date or the date stated in the Extension Notice, if any, received
by the Escrow Agent in accordance with section 2(b) above, the Escrow Agent shall, upon receipt of written instructions, in the
form of Exhibit A, attached hereto and made a part hereof, or in a form and substance satisfactory to the Escrow Agent,
received from the Company and Placement Agent, pay the Escrow Funds in accordance with such written instructions, which instructions
shall be limited to the payment of the Placement Agent’s fee and other offering expenses and the payment of the balance to
the Company. Such payment or payments shall be made by wire transfer within one (1) Business Day of receipt of such written instructions,
which must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Business Day for the Escrow Agent to process
such instructions that Business Day.

 

(d)         If by 3:00 P.M.
Eastern time on the later of the Termination Date or the date stated in the Extension Notice, if any, that the Escrow Agent has
received in accordance with section 2(b) above, the Escrow Agent has not received written instructions from the Company and Placement
Agent regarding the disbursement of the Escrow Funds and the total amount of the Escrow Funds is less than the Offering Amount,
then the Escrow Agent shall promptly return the Escrow Funds to the Subscribers without interest or offset. The Escrow Funds returned
to each Subscriber shall be free and clear of any and all claims of the Escrow Agent.

 

(e)         The Escrow Agent
shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(f)         If the Termination
Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent
to take action is not a Business Day, then such date shall be the Business Day that immediately preceding that date. A Business
Day is any day other than a Saturday, Sunday or a Bank holiday.

 

3.           Acceptance
by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that: 

(a)         The Escrow
Agent may act in reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated
by Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements in connection with
the provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as to the genuineness,
accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true signatures
of each individual authorized to act singly on behalf of the Company and Placement Agent are stated in Schedule II, which
is attached hereto and made a part hereof. The Company and Placement Agent may each remove or add one or more of its authorized
signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice
shall include the true signature for any new authorized signatories.

 

(b)The Escrow Agent
may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow Agent shall
not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its
willful misconduct or gross negligence.

 

    	 

    	 

    

 

(c)         The Placement Agent
and the Company agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses, costs, liabilities,
damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against
or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow
Agent’s gross negligence or willful misconduct

 

(d)         In the event that
the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from
taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction,
or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)         The Escrow Agent
shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s
obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow
Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by
applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent
for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse
or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been collected
and are available for withdrawal.

 

4.            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, which designation has been signed in accordance with section 3(a) by any of the persons in Schedule II. 
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/or 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.

 

    	 

    	 

    

 

5.            Resignation and Termination of the Escrow
Agent. The Escrow Agent may resign at any time by giving thirty (30) days’ prior written notice of such resignation
to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except
to hold as depositary the Escrow Funds that it receives until the end of such thirty (30)-day period. In such event, the Escrow
Agent shall not take any action, other than receiving and depositing Subscribers checks and wire transfers in accordance with
this Agreement, until the Company has designated a banking corporation, trust company, attorney or other person as successor.
Upon receipt of such written designation signed by Placement Agent and the Company, the Escrow Agent shall promptly deliver the
Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If such instructions are not received
within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held
by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In
either case provided for in this section, the Escrow Agent shall be relieved of all further obligations and released from all
liability thereafter arising with respect to the Escrow Funds.

 

6.            Termination. The Company and Placement
Agent may terminate the appointment of the Escrow Agent hereunder upon written notice specifying the date upon which such termination
shall take effect, which date shall be at least thirty (30) days from the date of such notice. In the event of such termination,
the Company and Placement Agent shall, within thirty (30) days of such notice, appoint a successor escrow agent and the Escrow
Agent shall, upon receipt of written instructions signed by the Company and Placement Agent, turn over to such successor escrow
agent all of the Escrow Funds; provided, however, that if the Company and Placement Agent fail to appoint a successor
escrow agent within such thirty (30)-day period, such termination notice shall be null and void and the Escrow Agent shall continue
to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow
agent hereunder and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all further obligations
and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement.

 

7.            Investment. All funds received by
the Escrow Agent shall be held only in non-interest bearing bank accounts at Escrow Agent.

 

8.            Compensation. The Escrow Agent
shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be paid by the Company
upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees, costs and
expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s
fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of
the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed
or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation,
termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes
due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly
at any such closing.

 

    	 

    	 

    

 

9.            Notices. All notices, requests,
demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been
duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service
or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 

If to Placement Agent:

 

ViewTrade Securities, Inc.

International
Plaza

7280 W. Palmetto
Park Rd., #310

Boca Raton, FL
33433

Attention: Douglas
K. Aguililla

Fax:

 

If to the Company:

 

Tantech Holdings
Ltd.

c/o Zhejiang
Tantech Bamboo Technology Co., Ltd.

10 Cen Shan Road,
Shuige Industrial Zone

Lishui City,
Zhejiang, China

Attention: Zhengyu
Wang

Fax: + 86 578
2612872

 

If to Escrow Agent:

 

Signature Bank

565 Fifth Avenue, 12th
Floor

New York, New York 10017

Attention: Ed Sirlin, Group
Director & Senior Vice President

Fax: +1 (646) 758-8372

 

10.          General.

 

(a)         This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York applicable to agreements
made and to be entirely performed within such State, without regard to choice of law principles and any action brought hereunder
shall be brought in the courts of the State of New York, located in the County of New York. Each party hereto irrevocably waives
any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process
by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. Each of the parties hereto
hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated
by this Agreement.

 

(b)         This Agreement sets
forth the entire agreement and understanding of the parties with
respect to the matters contained herein and supersedes all prior agreements, arrangements and understandings relating thereto.

 

    	 

    	 

    

 

(c)         All of the terms
and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto,
as well as their respective successors and assigns.

 

(d)         This Agreement may
be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a written instrument
executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time
or times to require performance of any provision hereof shall in no manner affect its right at a later time to enforce the same.
No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise,
in any one or more instances shall be deemed to be or construed as a further or continuing waiver of any such condition or breach
or a waiver of any other condition or of the breach of any other term of this Agreement. No party may assign any rights, duties
or obligations hereunder unless all other parties have given their prior written consent.

 

(e)         If any provision
included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining provisions.

 

(f)         This Agreement and
any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments and all of such
counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

11.          Form of Signature. The parties
hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their actual signatures
to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces
a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission of his or her signature by fax,
a true and correct original copy of his or her signature in overnight mail to the address of the other party.

 

12.          No Third-Party Beneficiaries.  This
Agreement is solely for the benefit of the parties and their respective successors and permitted assigns, and no other person has
any right, benefit, priority or interest under or because of the existence of this Agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have
duly executed this Agreement as of the date first set forth above.

 

	VIEWTRADE SECURITIES, INC.	 	TANTECH HOLDINGS LTD
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	Name: Douglas K. Aguililla	 	 	Name: Zhengyu Wang	 
	 	Title: Director, Investment Banking	 	 	Title: Chairman	 

 

	SIGNATURE BANK	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

Schedule
I

 

OFFERING DOCUMENTS

 

    	 

    	 

    

 

Schedule
II

 

The Escrow Agent is authorized
to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on behalf of the Company
and Placement Agent.

 

TANTECH HOLDINGS LTD.

 

	Name	 	True Signature
	 	 	 
	Zhengyu Wang	 	 

 

VIEWTRADE SECURITIES, INC.

 

	Name	 	True Signature
	 	 	 
	Douglas K. Aguililla	 	 

 

    	 

    	 

    

 

Exhibit A

 

FORM OF ESCROW RELEASE NOTICE

 

Date:

 

Signature Bank

565 Fifth Avenue, 12th Floor

New York, New York 10017

Attention: Ed Sirlin, Group Director &
Senior Vice President

 

Dear Mr. Sirlin:

 

In accordance with the terms of paragraph
2(c) of an Escrow Deposit Agreement dated as of ________ __, 2015 (the “Escrow Agreement”), by and between Tantech
Holdings Ltd. (the “Company”), Signature Bank (the “Escrow Agent”) and ViewTrade Securities, Inc. (“Placement
Agent”), the Company and Placement Agent hereby notify the Escrow Agent that the ________ closing will be held on ___________
for gross proceeds of $_________.

 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions
attached):

 

	Tantech Holdings Ltd.:	 	$
	 	 	 
	ViewTrade Securities, Inc.:	 	$

 

Very truly yours,

 

	Tantech Holdings Ltd.	 
	 	 

	By:	 	 

	Name: Zhengyu Wang	 
	Title: Chairman	 
	 	 
	ViewTrade Securities, Inc.	 
	 	 

	By:	 	 

	Name: Douglas K. Aguililla	 
	Title: Director, Investment BankingExhibit 10.23

 

Form of Subscription Agreement

 

This subscription (this
“Subscription”) is dated February [ ], 2015, by and between the investor identified on the signature page hereto
(the “Investor”) and Tantech Holdings Ltd, a British Virgin Islands corporation (the “Company”),
whereby the parties agree as follows:

 

1.           Subscription.

 

Investor agrees to buy
and the Company agrees to sell and issue to Investor such number shares (the “Shares”) of the Company’s
common shares, $0.001 par value per share (the “Common Shares”), as set forth on the signature page hereto,
for an aggregate purchase price (the “Purchase Price”) equal to the product of (x) the aggregate number of Shares
the Investor has agreed to purchase and (y) the purchase price per share (the “Purchase Price”) as set forth
on the signature page hereto.  The Purchase Price is set forth on the signature page hereto.

 

The Shares have been
registered on a Registration Statement on Form S-1, Registration No. 333-198788 (the “Registration Statement”).  The
Registration Statement has been declared effective by the Securities and Exchange Commission (the “Commission”)
and is effective on the date hereof.  A final prospectus supplement will be delivered to the Investor as required by
law.

 

The completion of the
purchase and sale of the Shares (the “Closing”) shall take place at a place and time (the “Closing
Date”) to be specified by the Company and ViewTrade Securities Inc. (the “Placement Agent”), in accordance
with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Upon
satisfaction or waiver of all the conditions to closing set forth in the Agreement, at the Closing, (i) the Investor shall pay
the Purchase Price by wire transfer of immediately available funds to the Company’s bank account per wire instructions as
provided by the Company, and (ii) the Company shall cause the Shares to be delivered to the Investor with the delivery of the Shares
to be made through the facilities of The Depository Trust Company’s DWAC system in accordance with the instructions set forth
on the signature page attached hereto under the heading “DWAC Instructions” (or, if requested by the Investor on the
signature page hereto, through the physical delivery of certificates evidencing the Shares to the residential or business address
indicated thereon).

 

2.           Miscellaneous.

 

This Subscription may
be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become
effective when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that
all parties need not sign the same counterpart.  Execution may be made by delivery by facsimile or via electronic format.

 

All communications hereunder,
except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent by a recognized
overnight courier service such as Federal Express, or sent via facsimile and confirmed by letter, to the party to whom it is addressed
at the following addresses or such other address as such party may advise the other in writing:

 

To the Company:  as set forth on the
signature page hereto.

 

To the Investor:  as set forth on
the signature page hereto.

 

All notices hereunder shall be effective
upon receipt by the party to which it is addressed.

 

 

    	 

    	 

    

 

 

 

If the foregoing correctly sets forth our
agreement, please confirm this by signing and returning to us the duplicate copy of this Subscription.

 

	 	Tantech Holdings Ltd
	 	 	 
	 	By:	 ____________________________________
	 	 	Name:
	
         

        Number of Shares:____________________________

        Purchase Price per Share: $____________________

        Aggregate Purchase Price: $____________________

         
	 	
        Title:

         

        Address for Notice:

         

        Tantech Holdings Ltd

        c/o Zhejiang Forest Bamboo Tec Co., Ltd.

        No. 888 Tianning Street

        Lishui City, Zhejiang Province

        People’s Republic of China

	 	 	 
	INVESTOR: ________________________________	 	 
	 	 	 
	By:  ________________________________________	 	 
	        Name:	 	 
	        Title:	 	 
	 	 	 
	Select method of delivery of Shares:	 	 
	 	 	 
	o  DWAC DELIVERY	 	 
	DWAC Instructions:	 	 
	 	 	 
	Name of DTC Participant (broker-dealer at which the account or accounts to be credited with the Shares are maintained):	 	
         

        _____________________________________

	 	 	 
	DTC Participant Number:	 	_____________________________________
	 	 	 
	
        Name of Account at DTC Participant being

        credited with the Shares:
	 	
         

        _____________________________________

	 	 	 
	
        Account Number at DTC Participant being credited

        with the Shares:
	 	
         

        _____________________________________

	 	 	 
	o  PHYSICAL DELIVERY OF CERTIFICATES	 	 
	Delivery Instructions:	 	 
	 	 	 
	
        Name in which Shares should be issued:

         

        _______________________________________
	 	
        Address for delivery:

        c/o  _______________________________

        Street:   ____________________________

        City/State/Zip: ______________________

        Attention: __________________________

        Telephone No.: _____________________

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