Document:

Exhibit 10.10

 

ESCROW
DEPOSIT AGREEMENT

 

This
ESCROW DEPOSIT AGREEMENT (this “Agreement”) dated as of this 23rd day of August, 2017, by
and among AGM GROUP HOLDINGS, INC., a British Virgin Islands company (the “Company”), having an address
at 1 Jinghua South Road, Wangzuo Plaza East Tower, Room 2112, Beijing, People’s Republic of China 100020, NETWORK 1 FINANCIAL
SECURITIES INC. (the “Underwriter”), having an address at 2 Bridge Avenue, Suite 241, Red Bank, NJ 07701
and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office at 950 Third
Ave, 9th Floor, New York, NY 10022. All capitalized terms not herein defined shall have the meaning ascribed to them in that certain
Prospectus, dated May 15, 2017, including all attachments, schedules and exhibits thereto (the “Prospectus”).

 

W
I T N E S S E T H:

 

WHEREAS,
pursuant to the terms of the Memorandum the Company desires to sell (the “Offering”) a minimum of $5,000,000
(the “Minimum Amount”) and a maximum of $7,000,000 (the “Maximum Amount”) of its ordinary
shares (the “Shares”). Each Share is being sold at a price of $[--]
per Share, with a minimum investment of $[--] (which minimum investment
may be waived by Company); and

 

WHEREAS,
unless the Minimum Amount is sold by March 31, 2018 (the “Final Termination Date”), the Offering shall
terminate and all funds shall be returned to the subscribers in the Offering, and if the Minimum Amount is met, the Offering may
continue until the Final Termination Date; and

 

WHEREAS,
the Company and Underwriter desire to establish an escrow account with the Escrow Agent into which the Company and Underwriter
shall instruct Investors introduced to the Company by Underwriter (the “Investors”) to deposit checks and other
instruments for the payment of money made payable to the order of “Signature Bank as Escrow Agent for AGM Group Holdings,
Inc.,” 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 Underwriter, 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 Underwriter 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 Underwriter warrant to the Escrow Agent that a copy of each document that has been delivered to Investors 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)
       On or prior to the date of the commencement of the Offering, the parties shall establish
a non-interest bearing escrow account with the Escrow Agent, which escrow account shall be entitled “AGM Group Holdings,
Inc., Signature Bank, as Escrow Agent” (the “Escrow Account”). Underwriter and the Company shall instruct Investors
to deliver to Escrow Agent checks made payable to the order of “Signature Bank, as Escrow Agent for AGM Group Holdings,
Inc.,” or wire transfer to Signature Bank, 950 Third Ave, 9th Floor, New York, NY 10022, ABA No. 026013576 for credit to
Signature Bank, as Escrow Agent for AGM Group Holdings, Inc., Account No. _____________,
in each case, with the name and address of the individual or entity making payment. The Underwriter shall forward any and all
checks, drafts, and money orders so received by the Underwriter to the Escrow Agent by noon of the next business day following
the receipt, together with a written account of each purchaser which sets forth, among other things, the name and address of the
purchaser, the number of securities purchased and the amount paid therefor. Any checks received which are made payable to any
party other than the Escrow Agent, shall be returned to the Investor who submitted the check and not accepted. In the event any
Investor’s address is not provided to Escrow Agent by the Investor, then Underwriter and/or the Company agree to promptly
provide Escrow Agent with such information in writing. The checks or wire transfers shall be deposited into the Escrow Account.

 

(b)       The
selected dealer agrees that it shall promptly deliver all monies received from the Investors for the payment of the Shares to
the Escrow Agent for deposit in the Escrow Account together with a written account of each sale, which account shall set forth,
among other things, the Investor's name and address, the number of securities purchased, the amount paid therefor, and whether
the consideration received was in the form of a check, draft, or money order. 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 Investor and advise the Company and Underwriter 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 Underwriter 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 Investor to said Investor without interest or
offset by noon of the next business day after the Termination Date.

 

(b)       Removed and reserved. 

 

    2 

     

    

 

(c)       Provided that the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and there is the Minimum
Amount deposited into the Escrow Account on or prior to later of the Final Termination Date, the Escrow Agent shall, upon receipt
of written instructions, in the form of Exhibit B, attached hereto and made a part hereof, or in a form and substance satisfactory
to the Escrow Agent, received from the Company and Underwriter, pay the Escrow Funds in accordance with such written instructions,
such payment or payments to be made by wire transfer within one (1) business day of receipt of such written instructions. Such
instructions must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Banking Day for the Escrow Agent to
process such instructions that Banking Day. In no event will the escrow amount be released to the Company until such amount is
received by the Escrow Agent in the Escrow Funds. (d)If by 3:00 P.M. Eastern time on the Final Termination Date the Escrow
Agent has not received written instructions from the Company and Underwriter regarding the disbursement of the Escrow Funds or
the total amount of the Escrow Funds is less than the Minimum Amount, then the Escrow Agent shall promptly return the Escrow Funds
to the Investors without interest or offset by noon of the next business day after the Termination Date. The Escrow Funds returned
to each Investor 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 Final 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 Banking Day, then such date shall be the Banking Day that immediately preceding
that date. A “Banking Day” is any day other than a Saturday, Sunday or a day that a New York State chartered
bank is not legally obligated to be opened.

 

(g)       The
escrow period (“Escrow Period”) shall begin with the commencement of the Offering and shall terminate upon
the earlier to occur of the following dates:

 

A.
the date upon which the Escrow Agent confirms that it has received in the Escrow Account the Minimum Amount;

 

B.
Final Termination Date;

 

C.
the date upon which a determination is made by the Company and the Underwriter to terminate the Offering prior to the sale of
the Minimum Amount.

 

During
the Escrow Period, the Company is aware and understands that pursuant to the terms herein it is not entitled to any funds received
into escrow and no amounts deposited in the Escrow Accounts shall become property of the Company or any other entity, or be subject
to the debts of the Company or any other entity.

 

    3 

     

    

 

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 Underwriter 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 Underwriter are stated in Schedule II, which is
attached hereto and made a part hereof. The Company and Underwriter 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)       Underwriter
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 Underwriter 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 Underwriter, 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 Underwriter agree to complete and sign all forms or agreements required by the Escrow Agent for that purpose. The Company
and Underwriter each consent to the Escrow Agent’s release of such Escrow Account information to any of the individuals
designated by Company or Underwriter, which designation has been signed in accordance with Section 3(a) by any of the persons
in Schedule II.  Further, the Company and Underwriter 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 Underwriter 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 Underwriter 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.

 

    4 

     

    

 

5.           Resignation
and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior written notice
of such resignation to Underwriter 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 30-day period. In such event, the
Escrow Agent shall not take any action, other than receiving and depositing Investors 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 Underwriter 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
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.           Term;
Termination. This Agreement shall terminate upon the disbursement of all Escrow Funds in the Escrow Account pursuant to Section
2(c), Section 2(d), Section 6 or Section 7, as applicable (except with respect to provisions hereof which are specifically intended
to survive such termination). The Company and Underwriter 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 30 days from the date of
such notice. In the event of such termination, the Company and Underwriter shall, within 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 Underwriter, turn over
to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company and Underwriter fail
to appoint a successor escrow agent within such 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 Signature Bank.

 

    5 

     

    

 

8.           Compensation.
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. The Escrow Agent shall be entitled to a fee of $1,000 in the event the Agreement is amended
for any reason in accordance with Section 10(d).

 

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 Underwriter:

 

Network
1 Financial Securities, Inc.

2
Bridge Avenue, Suite 241

Red
Bank, NJ 07701

Attention:
Damon D. Testaverde, CEO

Fax:
(732) 758-6671

 

With
copy to:

 

Mei
& Mark LLP

818
18th Street NW, Suite 410

Washington,
D.C., 20006

Attention:
Fang Liu, Esq.

 

If
to the Company:

 

AGM
Group Holdings, Inc.

1
Jinghua South Road, Wangzuo Plaza East Tower

Room
2112

Beijing,
People’s Republic of China 100020

Attention:
Mr. Wenjie Tang, CEO

 

With
copy to:

 

Ortoli
Rosenstadt LLP

501
Madison Avenue, 14th Floor

New
York, NY 10022

Attention:
William S. Rosenstadt, Esq.

                   Mr.
Mengyi “Jason” Ye, Esq.

 

    6 

     

    

 

If
to Escrow Agent:

 

Signature
Bank

950
Third Ave, 9th Floor

New
York, NY 10022

Attention:
John Gonzalez, Senior Vice President

Fax:
+1 646 822 1520

 

With
copy to:

 

Signature
Bank

565
Fifth Avenue, 8th Floor

New
York, New York 10017

Attention:
General Counsel

Fax:
+1 646 758-8188

 

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 nonconveniens 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.

 

    7 

     

    

 

(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.         Regulatory
Compliance.

 

(a)
       The Company and Underwriter agree to observe and comply, to the extent applicable, with
all anti-money laundering laws, rules and regulations including, without limitation, regulations issued by the Office of Foreign
Assets Control (“OFAC”) of the United States Department of Treasury and the Financial Crimes Enforcement Network
of the U.S. Department of Treasury. Company and Underwriter represent and warrant to Escrow Agent that (i) no subscriber shall
be located in an OFAC sanctioned country; (ii) no subscriber shall be a person listed on OFAC’s list of Specially Designated
Nationals and Blocked Persons, or other government sanctioned list; and (iii) except as otherwise specifically provided in this
Section, none of the escrow funds shall originate from an OFAC sanctioned country. Company and Underwriter acknowledge and agree
that if Escrow Agent receives a “hit” or “alert” in connection with a subscriber, Company and/or Underwriter
shall provide Escrow Agent with the name, address and date of birth of such subscriber or person within a timely manner. In the
event that the Escrow Agent is unable to clear the “hit” or “alert” using such information, Company and
Underwriter agree to reasonably cooperate with Escrow Agent and provide such additional information as Escrow Agent may reasonably
request in order to evaluate the subject transfer. Additionally, if Escrow Agent receives a funds transfer that originated from
an OFAC sanctioned country, Company and Underwriter shall provide Escrow Agent with evidence of OFAC approval, reasonably satisfactory
to Escrow Agent, appropriate for the specific sanctions program that permits the subject funds transfer (“OFAC Approval”).
Company and Underwriter further acknowledge and agree that Escrow Agent shall “block” or “reject” (as
the case may be) any monies or funds without liability hereunder, unless and until the “hit” or “alert”
is cleared, such subscriber’s or person transferring funds on behalf of subscriber’s identity has been verified to
Escrow Agent’s reasonable satisfaction, or the OFAC Approval has been provided to and verified by Escrow Agent. Funds rejected
by the Escrow Agent are returned to the subscriber and will be rejected if required by the regulation or as Escrow Agent deems
necessary. Escrow Agent shall not be obligated to accept funds that are received from third parties on behalf of, or for the benefit
of, subscriber.

 

    8 

     

    

 

(b)       Company
and Underwriter shall provide to the Escrow Agent such information regarding the Company and Underwriter, any prospective or actual
subscriber, or any person transferring funds on behalf of any prospective or actual subscriber as the Escrow Agent may require
to enable the Escrow Agent to comply with its obligations under the Bank Secrecy Act of 1970, as amended (the “BSA”),
or any regulations enacted pursuant to the BSA or any regulations, guidance, supervisory directive or order of the New York State
Department of Financial Services or Federal Deposit Insurance Corporation. The Escrow Agent shall not make any payment of all
or any portion of the Escrow Funds to any person unless and until such person has provided to the Escrow Agent such documents
as the Escrow Agent may require to enable the Escrow Agent to comply with its obligations under the BSA.

 

(c)       To
help the United States government fight funding of terrorism and money laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information that identifies each person who opens an account. When an account is opened,
and from time to time as may be required by the Escrow Agent’s internal policies and procedures, the Escrow Agent shall
be entitled to ask for information that will allow the Escrow Agent to identify relevant parties. For a non-individual person
such as a business entity, a charity, a trust, or other legal entity, the Escrow Agent may ask for documentation to verify its
formation and existence as a legal entity. The Escrow Agent may also ask to see financial statements, licenses, identification,
and authorization documents from individuals claiming authority to represent the entity or other relevant documentation. Company
and Underwriter acknowledge that a portion of the identifying information set forth herein is being requested by the Escrow Agent
in connection with Title III of the USA Patriot Act, Pub.L. 107-56 (the “Act”), and each party agrees to provide
any additional information requested by the Escrow Agent in its sole discretion in connection with the Act or any other legislation,
regulation, regulatory order or published guidance to which the Escrow Agent is subject, in a timely manner.

 

12.         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.

 

13.
       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.

 

    9 

     

    

 

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

 

	AGM GROUP HOLDINGS, INC.	 	NETWORK 1 FINANCIAL SECURITIES INC.
	 	 	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	Wenjie Tang	 	 	Name:	Damon D. Testaverde
	 	Title:  	CEO	 	 	Title:	CEO
	 	 	 	 	 	 	 
	SIGNATURE BANK	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Name: 	John Gonzalez	 	 	 	 
	 	Title:	Senior Vice President	 	 	 	 
	 	 	 	 	 	 	 
	By:	 	 	 	 	 
	 	Name:	Stephen Fay	 	 	 	 
	 	Title:	Senior Client Associate Officer	 	 	 	 

 

    

     

    

 

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 Underwriter.

 

AGM
Group Holdings, Inc.

 

	Name	 	True Signature
	 	 	 
	Wenjie Tang 	 	 
	 	 	 
	 	 	 
	Network 1 Financial Securities Inc.
	 	 	 
	Name	 	True Signature
	 	 	 
	Damon D. Testaverde 	 	 
	 	 	 
	 	 	 

 

    

     

    

 

Exhibit
A

 

FORM
OF ESCROW RELEASE NOTICE

 

Date:

 

Signature
Bank

950
Third Ave, 9th Floor

New
York, NY 10022

Attention:
John Gonzalez, Group Director & SVP

 

Dear
Mr. Gonzalez:

 

In
accordance with the terms of Section 2(c) of an Escrow Deposit Agreement dated as of ________ __, 20__ (the "Escrow Agreement"),
by and between AGM Group Holdings, Inc. (the "Company"), Signature Bank (the "Escrow Agent")
and Network 1 Financial Securities, Inc.. ("Underwriter"), the Company and Underwriter 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):

 

________________________:                        $

 

________________________:                        $

 

________________________:                        $

 

Very
truly yours,

 

	AGM Group Holdings, Inc.	 
	 	 	 
	By:	         	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Network 1 Financial Securities, Inc.	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:Blueprint

  

 Exhibit 10.1

 

THE
SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE
EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933.

 

 

 

 

AMENDED
AND RESTATED

 

SUBORDINATED
PROMISSORY NOTE

 

	

$500,000

	

  

	

August
25, 2017

 

For
value received, Novume Solutions, Inc., a Delaware corporation (the
“Company”), as assignee of
KeyStone Solutions, Inc., a Delaware corporation
(“KeyStone”), promises to
pay to Avon Road Partners, L.P. (the “Holder”), the principal
sum of Five Hundred Thousand Dollars ($500,000) or such other
amount as may have been advanced and may be outstanding from time
to time (the “Principal Amount”).
Simple interest shall accrue from the date of this Note on the
unpaid principal amount at a rate equal to the lower of
(i) 9% per annum, or (ii) the highest rate permitted
by applicable law. This Note is one of a series of Subordinated
Promissory Notes containing substantially identical terms and
conditions issued pursuant to that certain Subordinated Note and
Warrant Purchase Agreement, dated March 16, 2016 (the
“Purchase
Agreement”) by and between KeyStone and the other
parties thereto including the Holder. Such Notes are referred to
herein as the “Notes,” and the holders
thereof are referred to herein as the “Holders.” This Note is
subject to the following terms and conditions.

 

1.
Maturity.

 

This
Note will automatically mature and be due and payable on March 16,
2019 (the “Maturity
Date”). Interest shall accrue on this Note and shall
be payable monthly in arrears. Notwithstanding any of the
foregoing, the entire unpaid principal sum of this Note, together
with accrued and unpaid interest thereon, shall become immediately
due and payable upon the insolvency of the Company, the commission
of any act of bankruptcy by the Company, the execution by the
Company of a general assignment for the benefit of creditors, the
filing by or against the Company of a petition in bankruptcy or any
petition for relief under the federal bankruptcy act or the
continuation of such petition without dismissal for a period of
ninety (90) days or more, or the appointment of a receiver or
trustee to take possession of the property or assets of the
Company.

 

2.
Payment;
Prepayment. All
payments shall be made in lawful money of the United States of
America at such place as the Holder hereof may from time to time
designate in writing to the Company. Payment shall be credited
first to the accrued interest then due and payable and the
remainder applied to principal. This Note may be prepaid in whole
or in part from time to time by the Company.

 

 

1

 

 

3.
Nature
of Obligation. This
Note is a general unsecured obligation of the Company.

 

4.
Transfer;
Successors and Assigns. The terms and conditions of this Note
shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Notwithstanding
the foregoing, the Holder may not assign, pledge or otherwise
transfer all or any part of this Note without the prior written
consent of the Company, except to (a) in the case of any
Holder who is an individual, (i) the spouses or former
spouses, parents, siblings or descendants of such Holder,
(ii) all trusts for the benefit of such Holder or the
individuals listed in clause (i), (iii) all persons
principally owned by and/or organized or operating for the benefit
of any of the foregoing and (iv) all Affiliates of such
Holder; and (b) in the case of any Holder that is an entity,
(i) any Affiliate of such Holder, or (ii) any person to
which such Holder shall transfer all or substantially all of its
assets. For purposes hereof, “Affiliate” of a Holder
means (x) solely in the case of Avon Road Partners, LP, any
member, shareholder or partner of such Holder as of the date hereof
and (y) any other person that directly or indirectly
(including through one or more intermediaries) controls, is
controlled by, or is under common control with, such Holder. The
term “control” (including the terms “controlled
by” and “under common control with”) as used in
this defined term means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and
policies of a person, whether through the ownership of voting
securities, by contract or otherwise.

 

5.
Governing
Law. This Note and
all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and
interpreted in accordance with the laws of the State of Delaware,
without giving effect to principles of conflicts of
law.

 

6.
Jurisdiction and
Venue. Each of the Holder
and the Company irrevocably consents to the exclusive jurisdiction
and venue of any court within Fairfax County, Virginia, in
connection with any matter based upon or arising out of this Note
or the matters contemplated herein, and agrees that process may be
served upon them in any manner authorized by the laws of the
Commonwealth of Virginia for such persons.

 

7.
Amendments and
Waivers. The
amendment or waiver of any term in this Note shall be conducted
pursuant to Section 7(h) of the Purchase
Agreement.

 

8.
Subordination.
The Holder acknowledges and agrees, unconditionally, that the
Company’s payment obligations under this Note may, without
the Holder’s consent, be subordinated to the obligations of
the Company to its lenders under the Company’s financing
facility, if at an time the Company enters into any such financing
facility, including any increase in the size of such facility from
time to time (the lenders under any such facility, the
“Lenders”). At any time
that the Company is subject to payments to Lenders, until such
obligations of the Company to any such Lenders have been satisfied
in full and all commitments of the Lenders to loan money to the
Company have terminated, no payments under this Note shall be paid
to Holder, and any payment received by Holder shall be held in
trust for the Lenders and shall be immediately turned over to
Lenders. By accepting this Note, the Holder agrees to execute a
subordination agreement with any Lender or Lenders evidencing
such subordination as requested by the Company and/or its
Lenders. If the terms or conditions of any subordination
agreement with any Lender shall change, the Holder shall execute
and deliver such further documents or instruments as such Lender
may reasonably request in order to give effect to the provisions of
such subordination agreement and the provisions of this
Note.

 

[Signature page follows]

 

 

 

2

 

 

	
 

	
 

	
 

	

COMPANY:

	
 

	

NOVUME SOLUTIONS, INC.

	
 

	
 

	

By:

	
 

	

 /s/
Riaz
Latifullah                               

 

	
 

	
 

	
 

	

Name:

	
 

	

Riaz
Latifullah

 

	
 

	
 

	
 

	

Title:

	
 

	

Chief
Financial Officer

	
 

	

Address:

	
 

	

14420
Albemarle Point Place, Suite 200

	

Chantilly,
VA 20151

	
 

	

Copy
To:

	
 

	

Morris
DeFeo

	

Crowell &
Moring, LLP

	

1001
Pennsylvania Avenue NW

	

Washington,
D.C. 20004

 

 

 

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00274-of-00352.parquet"}]]