Document:

Exhibit 10.20

 

SUBSCRIPTION ESCROW AGREEMENT 

 

THIS SUBSCRIPTION ESCROW AGREEMENT (this “Escrow
Agreement”), dated as of June 8, 2016, is entered into by and among Hebron Technology Co., Ltd. (the “Company”),
Spartan Securities Group Ltd. (the “Placement Agent”) and Wilmington Trust, National Association, as
escrow agent (the “Escrow Agent”).

 

WHEREAS, the Company and the Placement Agent intend to enter into an Placement
Agreement, the form of which is filed with the Securities and Exchange Commission as an exhibit to Amendment No. 3 to the registration
statement on Form F-1 (File No. 333-208583) (as amended, the “Registration Statement”), pursuant to which the Placement
Agent is authorized to solicit and collect subscription funds on behalf of the Company.

 

WHEREAS, the Company intends to
raise cash funds from investors (the “Investors”) pursuant to a best-efforts public offering (the “Offering”)
of not less than 2,500,000 (the “Minimum Amount”) shares of the Company’s common stock, par value $0.001 (“Common
Stock”), nor more than 5,000,000 of shares of Common Stock of the Company (the “Securities”).

 

WHEREAS, the Company and the Placement
Agent desire to deposit funds contributed by the Investors with the Escrow Agent, to be held for the benefit of the Investors and
the Company until such time as subscriptions for no less than the Minimum Amount of the Securities have been deposited into escrow
and the Offering is closed, in accordance with the terms of this Escrow Agreement.

 

WHEREAS, the Escrow Agent is willing to accept appointment
as escrow agent upon the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the premises set
forth above and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as
follows:

 

1.          Escrow
of Investor Funds. 

 

(a)          On
or before the commencement of the Offering, the Company shall establish an escrow account with the Escrow Agent (the “Escrow
Account”). All funds received from Investors in payment for the Securities (“Investor Funds”) will be delivered
by Investors directly to the Escrow Agent and shall, upon receipt of good and collected funds by the Escrow Agent, be retained
in the Escrow Account by the Escrow Agent and left uninvested. During the term of this Escrow Agreement, the Company and the Placement
Agent shall require all investor checks for payment for the Securities to be made payable to Wilmington Trust N.A., as Escrow
Agent and delivered to the Escrow Agent for deposit in the Escrow Account. No investor checks shall be made payable
to the Company, Placement Agent or any other entity until the minimum contingency occurs. All checks shall only be delivered with
a subscription agreement to Wilmington Trust N.A., Attention: Deborah Daniello, Vice President, Senior Relationship Manager global
Capital Markets, 280 Congress Street, Suite 1300, Boston, MA 02210. Upon receipt of any subscription agreement from an Investor
together with Investor Funds, Escrow Agent will, within two (2) business days deliver such subscription agreement to the Placement
Agent. Escrow Agent shall return to any Investor any check not accompanied by a subscription agreement and any subscription agreement
not accompanied by a check. Any checks delivered to the Company or Placement Agent directly shall be returned to the investor
within 24 hours to instead be delivered directly to the Escrow Agent by the Investor to ensure compliance with Rule 15c2-4 to
the time the minimum contingency is met.

 

     

     

    

 

(b)          Escrow Agent
shall have no duty to make any disbursement, investment or other use of Investor Funds until and unless it has good and collected
funds. In the event that any checks deposited in the Escrow Account are returned or prove uncollectible after the funds represented
thereby have been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for any and all costs
incurred for such, upon request, and the Escrow Agent shall deliver the returned checks to the Company. The Escrow Agent shall
be under no duty or responsibility to enforce collection of any check delivered to it hereunder. The Escrow Agent reserves the
right to deny, suspend or terminate participation by an Investor to the extent the Escrow Agent deems it advisable or necessary
to comply with applicable laws or to eliminate practices that are not consistent with the purposes of the Offering.

 

2.          Identity of Investors. A
copy of the Offering document is attached as Exhibit A to this Escrow Agreement. The Company or the Placement Agent shall
furnish to the Escrow Agent with each delivery of Investor Funds, a list of the Investors who have paid for the Securities showing
the name, address, tax identification number (if a U.S. citizen), amount of Securities subscribed for and the amount paid and deposited
with the Escrow Agent. This information comprising the identity of Investors shall be provided to the Escrow Agent in the format
set forth on Exhibit B to this Escrow Agreement (the “List of Investors”). Within one (1) business day after
delivery of subscription agreements to the Placement Agent by the Escrow Agent, the Placement Agent shall update the List of Investors
with information of any such Investors and deliver the updated List of Investors to the Company and the Escrow Agent. All Investor
Funds so deposited shall not be subject to any liens or charges by the Company, the Placement Agent or the Escrow Agent, or judgments
or creditors’ claims against the Company, until released to the Company as hereinafter provided. The Company understands
and agrees that the Company shall not be entitled to any Investor Funds on deposit in the Escrow Account and no such funds shall
become the property of the Company except when released to the Company pursuant to Section 3 of this Escrow Agreement. The Company,
the Placement Agent and the Escrow Agent will treat all Investor information as confidential. The Escrow Agent shall not be required
to accept any Investor Funds provided by the Company or Placement Agent which are not accompanied by the information on the List
of Investors.

 

3.          Disbursement
of Funds. 

 

(a)          In
the event the Escrow Agent receives written notice from the Company or the Placement Agent that the Company or Placement
Agent has rejected an Investor’s subscription, the Escrow Agent shall pay to the applicable Investor, within ten (10)
business days after receiving notice of the rejection, by first class United States Mail at the address appearing on the List
of Investors, or at such other address or fed wire instructions as are furnished to the Escrow Agent by the Investor or
Placement Agent in writing, all collected sums paid by the Investor for Securities and received by the Escrow Agent.

 

(b)          Once the Escrow
Agent is in receipt of good and collected Investor Funds totaling at least the Minimum Amount, the Escrow Agent shall notify the
Company and Placement Agent of the same in writing. If the Minimum Amount or more is received into the Escrow Account at any time
before the Offering Termination Date, then the Escrow Agent shall pay out the Investor Funds when and as directed in writing by
the Company and Placement Agent. The “Offering Termination Date” means August 31, 2016.

 

(c)          If (i) the
Minimum Amount has not been received by the Escrow Agent before the Offering Termination Date, (ii) the Escrow Agent receives written
notice from the Company and the Placement Agent stating that the Offering has been abandoned, or (iii) the Escrow Agent receives
written notice from the Securities and Exchange Commission or any other federal or state regulatory authority that a stop or similar
order has been issued with respect to the Offering, the Escrow Agent shall promptly refund to each Investor by first class United
States mail at the address appearing on the List of Investors, or at such other address or fed wire instructions as are furnished
to the Escrow Agent by the Investor or Placement Agent in writing within three business, all sums paid by the Investor for Securities
and received by the Escrow Agent, and shall then notify the Company and Placement Agent in writing of such refunds.

 

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4.          Term of Escrow. This Escrow
Agreement shall terminate upon the disbursement of all funds in the Escrow Account pursuant to Section 3(b) or Section 3(c) above
(except with respect to provisions hereof which are specifically intended to survive such termination).

 

5.          Duty
and Limitation on Liability of the Escrow Agent. 

 

(a)          The Escrow
Agent’s rights and responsibilities shall be governed solely by this Escrow Agreement. Neither the Offering document, nor
any other agreement or document shall govern the Escrow Agent even if such other agreement or document is referred to herein, is
deposited with, or is otherwise known to, the Escrow Agent.

 

(b)          The Escrow
Agent shall be under no duty to determine whether the Company or the Placement Agent is complying with the requirements of the
Offering or applicable securities or other laws in tendering the Investor Funds to the Escrow Agent. The Escrow Agent shall not
be responsible for, or be required to enforce, any of the terms or conditions of any Offering document or other agreement between
the Company or the Placement Agent and any other party.

 

(c)          The Escrow
Agent may conclusively rely upon and shall be fully protected in acting upon any statement, certificate, notice, request, consent,
order or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Escrow
Agent shall have no duty or liability to verify any such statement, certificate, notice, request, consent, order or other document.
Upon or before the execution of this Escrow Agreement, the Company and the Placement Agent shall deliver to the Escrow Agent authorized
signers’ lists in the form of Exhibit C-1 and Exhibit C-2 to this Escrow Agreement.

 

(d)          The
Escrow Agent shall be under no obligation to institute and/or defend any action, suit or proceeding in connection with this
Escrow Agreement unless first indemnified to its satisfaction.

 

(e)          The Escrow
Agent may consult appropriate counsel of its own choice with respect to any question arising under this Escrow Agreement and the
Escrow Agent shall not be liable for any action taken or omitted in good faith upon the advice of such counsel.

 

(f)          The Escrow
Agent shall not be liable for any action taken or omitted by it except to the extent that a court of competent jurisdiction determines
that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of loss.

 

(g)          The Escrow
Agent is acting solely as escrow agent hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any person
by reason of this Escrow Agreement, except as otherwise explicitly set forth in this Escrow Agreement, and no implied duties, covenants
or obligations, fiduciary or otherwise, shall be read into this Escrow Agreement against the Escrow Agent.

 

(h)          In the event
of any disagreement between any of the parties to this Escrow Agreement, or between any of them and any other person, including
any Investor, resulting in adverse or conflicting claims or demands being made in connection with the matters covered by this Escrow
Agreement, or in the event that the Escrow Agent is in doubt as to what action it should take hereunder, the Escrow Agent may,
at its option, refuse to comply with any claims or demands on it, or refuse to take any other action hereunder, so long as such
disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be or become liable in any way or
to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue so to refrain from acting until
(i) the rights of all interested parties shall have been fully and finally adjudicated by a court of competent jurisdiction, or
(ii) all differences shall have been adjudged and all doubt resolved by agreement among all of the interested persons, and the
Escrow Agent shall have been notified thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow
Agent may in its discretion obey the order, judgment, decree or levy of any court, whether with or without jurisdiction and the
Escrow Agent is hereby authorized in its sole discretion to comply with and obey any such orders, judgments, decrees or levies.

 

    	 	3

     

    

 

(i)          In the event
that any controversy should arise with respect to this Escrow Agreement, the Escrow Agent shall have the right, at its option,
to institute an interpleader action in any court of competent jurisdiction to determine the rights of the parties.

 

(j)          IN NO EVENT
SHALL THE ESCROW AGENT BE LIABLE, DIRECTLY OR INDIRECTLY, FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL LOSSES OR DAMAGES OF ANY KIND
WHATSOEVER (INCLUDING WITHOUT LIMITATION LOST PROFITS), EVEN IF THE ESCROW AGENT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES
OR DAMAGES AND REGARDLESS OF THE FORM OF ACTION.

 

(k)          The parties
agree that the Escrow Agent had no role in the preparation of the Offering documents, has not reviewed any such documents, and
makes no representations or warranties with respect to the information contained therein or omitted therefrom.

 

(l)          The Escrow
Agent shall have no obligation, duty or liability with respect to compliance with any federal or state securities, disclosure or
tax laws concerning the Offering documents or the issuance, offering or sale of the Securities.

 

(m)          The Escrow Agent
shall have no duty or obligation to monitor the application and use of the Investor Funds once transferred to the Company, that
being the sole obligation and responsibility of the Company.

 

(n)          The Escrow
Agent shall not be responsible or liable for any failure or delay in the performance of its obligation under this Escrow Agreement
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; wars; acts of terrorism; civil or military disturbances; sabotage; epidemic; riots; interruptions,
loss or malfunctions of utilities, computer (hardware or software) or communications services; accidents; labor disputes; acts
of civil or military authority or governmental action; it being understood that the Escrow Agent shall use commercially reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable
under the circumstances.

 

6.          Escrow Agent’s Fee. The
Escrow Agent shall be entitled to compensation for its services as stated in the fee schedule attached hereto as Exhibit D,
which compensation shall be paid by the Company. The fee agreed upon for the services rendered hereunder is intended as full compensation
for the Escrow Agent’s services as contemplated by this Escrow Agreement; provided, however, that in the event that the conditions
for the disbursement of funds under this Escrow Agreement are not fulfilled, or the Escrow Agent renders any material service not
contemplated in this Escrow Agreement, or there is any assignment of interest in the subject matter of this Escrow Agreement, or
any material modification hereof, or if any material controversy arises hereunder, or the Escrow Agent is made a party to any litigation
relating to this Escrow Agreement, or the subject matter hereof, then the Escrow Agent shall be reasonably compensated for such
extraordinary services and reimbursed for all costs and expenses, including attorney’s fees and expenses, occasioned by any
delay, controversy, litigation or event, and the same shall be paid by the Company. The Company’s obligations under this
Section 6 shall survive the resignation or removal of the Escrow Agent and the assignment or termination of this Escrow Agreement.

 

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7.          Notices. All notices, requests,
demands, and other communications under this Escrow Agreement shall be in writing and shall be deemed to have been duly given (a)
on the date of service if served personally on the party to whom notice is to be given, (b) on the day of transmission if sent
by facsimile to the facsimile number given below, with written confirmation of receipt, (c) on the day after delivery to Federal
Express or similar overnight courier or the Express Mail service maintained by the United States Postal Service, or (d) on the
fifth day after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered or certified, postage
prepaid, and properly addressed, return receipt requested, to the party as follows:

 

If to the Company:

 

Hebron Technology Co., Ltd.

c/o Zhejiang Xibolun Automation Project Technology
Co., Ltd.

No. 587-A 15th Road, 3rd Av.,

Binhai Ind. Park, Economic & Technology Development
Zone

Wenzhou, Zhejiang Province People’s Republic
of China 325000

 

With a copy to:

 

Attn: Anthony W. Basch, Esq.

Kaufman & Canoles, P.C.

Two James Center

1021 East Cary Street, Suite 1400

Richmond, VA 23219-4058

Phone: 804-771-5725

Fax: 888-360-9092

 

If to Placement Agent:

 

Spartan Securities Group, Ltd.

15500 Roosevelt Boulevard, Suite 301

St. Petersburg, FL 33701

Phone. 727-502-0508

Fax No. 727-502-0858

 

If to Escrow Agent:

 

Wilmington Trust, National Association

Institutional Client Services

280 Congress Street, Suite 1300

Boston, MA 02210

Phone: 617-457-2020

Facsimile: 617-457-2001

 

Any party may change its address for purposes of this section
by giving the other party written notice of the new address in the manner set forth above.

 

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8.          Indemnification of Escrow Agent.
The Company and the Placement Agent hereby jointly and severally indemnify, defend and hold harmless the Escrow Agent from
and against, any and all loss, liability, cost, damage and expense, including, without limitation, reasonable counsel fees and
expenses, which the Escrow Agent may suffer or incur by reason of any action, claim or proceeding brought against the Escrow Agent
arising out of or relating in any way to this Escrow Agreement or any transaction to which this Escrow Agreement relates unless
such loss, liability, cost, damage or expense is finally determined by a court of competent jurisdiction to have been primarily
caused by the willful misconduct of the Escrow Agent. The terms of this Section 8 shall survive the assignment or termination of
this Escrow Agreement and the resignation or removal of the Escrow Agent.

 

9.          Resignation. The Escrow Agent
may resign upon thirty (30) days’ advance written notice to the Company and the Placement Agent. If a successor escrow agent
is not appointed within the thirty (30) day period following such notice, the Escrow Agent may petition any court of competent
jurisdiction to name a successor escrow agent or interplead the Investor Funds with such court, whereupon the Escrow Agent’s
duties hereunder shall terminate.

 

10.        Successors and Assigns. Except
as otherwise provided in this Escrow Agreement, no party hereto shall assign this Escrow Agreement or any rights or obligations
hereunder without the prior written consent of the other parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect. This Escrow Agreement shall inure to the benefit of and shall be binding upon
the successors and permitted assigns of the parties hereto. Any corporation or association into which the Escrow Agent may be converted
or merged, or with which it may be consolidated, or to which it may sell or transfer all or substantially all of its corporate
trust business and assets in whole or in part, or any corporation or association resulting from any such conversion, sale, merger,
consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor escrow agent under this Escrow
Agreement and shall have and succeed to the rights, powers, duties, immunities and privileges as its predecessor, without the execution
or filing of any instrument or paper or the performance any further act.

 

11.        Governing Law; Jurisdiction. This Escrow Agreement
shall be construed, performed, and enforced in accordance with, and governed by, the internal laws of the State of Delaware, without
giving effect to the principles of conflicts of laws thereof.

 

12.        Severability. In the event that any part of this Escrow
Agreement is declared by any court or other judicial or administrative body to be null, void, or unenforceable, said provision
shall survive to the extent it is not so declared, and all of the other provisions of this Escrow Agreement shall remain in full
force and effect. 

 

13.        Amendments; Waivers. This Escrow Agreement may be amended or modified, and any of the terms, covenants,
representations, warranties, or conditions hereof may be waived, only by a written instrument executed by the parties hereto, or
in the case of a waiver, by the party waiving compliance. Any waiver by any party of any condition, or of the breach of any provision,
term, covenant, representation, or warranty contained in this Escrow Agreement, in any one or more instances, shall not be deemed
to be nor construed as further or continuing waiver of any such condition, or of the breach of any other provision, term, covenant,
representation, or warranty of this Escrow Agreement. The Company and the Placement Agent agree that any requested waiver, modification
or amendment of this Escrow Agreement shall be consistent with the terms of the Offering.

 

14.        Entire Agreement. This Escrow
Agreement contains the entire understanding among the parties hereto with respect to the escrow contemplated hereby and supersedes
and replaces all prior and contemporaneous agreements and understandings, oral or written, with regard to such escrow.

 

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15.        References to Escrow Agent.
No printed or other matter in any language (including, without limitation, the Offering document, any supplement or amendment
relating thereto, notices, reports and promotional material) which mentions the Escrow Agent’s name or the rights, powers,
or duties of the Escrow Agent shall be issued by the Company or the Placement Agent, or on the Company’s or Placement Agent’s
behalf unless the Escrow Agent shall first have given its specific written consent thereto. 

 

16.        Section Headings. The section headings in this
Escrow Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Escrow Agreement.

 

17.        Counterparts. This Escrow Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which shall constitute the same instrument.

 

[REMAINDER OF PAGE INTENTIONALLY BLANK] 

 

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IN WITNESS WHEREOF, the parties hereto have caused this
Escrow Agreement to be executed the day and year first set forth above.

 

	Hebron Technology Co., Ltd.	 
	 	 
	By:	/s/ Anyuan Sun	 
	Its:	CEO	 

 

	Spartan Securities Group, Ltd.	 
	 	 
	By:	/s/ David Lopez	 
	Its:	CCO	 

 

	Wilmington Trust, National Association, as Escrow Agent	 
	 	 
	By:	 	 
	Its:	VICE PRESIDENT	 

 

    	 	8

     

    

 

EXHIBIT A

 

COPY OF OFFERING DOCUMENT

 

     

     

    

 

EXHIBIT B

 

List of Investors 

 

Pursuant to the Escrow
Agreement dated June 8, 2016 by and among Hebron Technology Co., Ltd. (the “Company”), Spartan Securities Group Ltd.,
(the “Placement Agent”) and Wilmington Trust, National Association, as escrow agent (the “Escrow Agent”),
the Company and the Placement Agent hereby certify that the following Investors have paid money for the purchase of _______________
(the “Securities”), and the money has been deposited with the Escrow Agent:

 

		1.	Name of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

 

		2.	Name of Investor

Address

Tax Identification Number

Amount of Securities subscribed for

Amount of money paid and deposited with Escrow Agent

 

	Company:	 	 	 
	By:	 	 
	Its:	 	 
	Date:	 	 
	 	 	 
	Placement Agent:	 	 
	By:	 	 
	Its:	 	 
	Date:	 	 

 

     

     

    

 

EXHIBIT C-1

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as authorized representatives of Hebron Technology Co., Ltd.
and are authorized to initiate and approve transactions of all types for the escrow account or accounts established under the Escrow
Agreement to which this Exhibit C-l is attached, on behalf of Hebron Technology Co., Ltd.

 

	Name / Title	 	Specimen Signature
	 	 	 
	Anyuan Sun	 	/s/ Anyuan Sun
	Name	 	Signature
	 	 	 
	CEO	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 

 

     

     

    

 

EXHIBIT C-2

 

CERTIFICATE AS TO AUTHORIZED SIGNATURES

 

The specimen signatures shown below are
the specimen signatures of the individuals who have been designated as authorized representatives of Spartan Securities Group Ltd.
and are authorized to initiate and approve transactions of all types for the escrow account or accounts established under the Escrow
Agreement to which this Exhibit C-2 is attached, on behalf of Spartan Securities Group Ltd.

 

	Name / Title	 	Specimen Signature
	 	 	 
	David Lopez	 	/s/ David Lopez
	Name	 	Signature
	 	 	 
	CCO	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 
	 	 	 
	 	 	 
	Name	 	Signature
	 	 	 
	 	 	 
	Title	 	 

 

     

     

    

 

EXHIBIT D

 

FEE SCHEDULE

 

     

     

    

 

 

 

Fee Schedule

 

Escrow Agent Services

Hebron Technology Co., LTD.

 

	Acceptance Fee:	Waived  

 

Initial Fees as they relate to Wilmington Trust acting in
the capacity of Escrow Agent – includes review of the Escrow Agent Agreement; acceptance of the Escrow Agent
appointment; setting up of Escrow Account(s) and accounting records; and coordination of receipt of funds for deposit to the
Escrow Agent Account(s). Acceptance Fee payable at time of Escrow Agreement execution

 

Escrow Agent Administration Fee

 

$7,500, payable at closing

 

For ordinary administrative services by Escrow Agent
– includes daily routine account management; investment transactions; cash transaction processing (including wire and
check processing); monitoring claim notices pursuant to the agreement; disbursement of funds in accordance with the
agreement; and mailing of trust account statements to all applicable parties.  

 

Wilmington Trust’s bid is based on the following
assumptions:

 

		·	Number of Escrow Accounts to be established: One (1) 

		·	Funds will be uninvested 

		·	Estimated term of escrow: 30-90 days 

 

	Out-of-Pocket Expenses:	If any, Billed At Cost 

 

Rob Weiss

Vice President

Wilmington Trust, N.A.

(443) 388-0660

rweiss@wilmingtontrust.com

 

ConfidentialExhibit 10.29

 

Form of Subscription Agreement

 

This subscription (this
“Agreement”) is dated [______], 2016, by and between the investor identified on the signature page hereto (the
“Investor”) and Hebron Technology Co. Ltd., a British Virgin Islands company (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 stock, $0.001 par value per share (the “Common Stock”), 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 Shares have been
registered on a Registration Statement on Form F-1, Registration No. 333-208583 (as amended, the “Registration Statement”)
filed under the Securities Act of 1933, as amended (the “Securities Act”) and by the Company with the U.S. Securities
and Exchange Commission (the “Commission”). A copy of the preliminary prospectus which forms a part of the Registration
Statement is being delivered simultaneously with this form of Agreement. A final prospectus supplement will be delivered to the
Investor as required by law.

 

The Investor shall pay
the Purchase Price by check made out to Wilmington Trust N.A., as Escrow Agent and delivered to the Escrow Agent for deposit in
the Escrow Account. All subscription agreements and checks should be delivered to Wilmington Trust N.A., Attention Deborah Daniello,
Vice President, Senior Relationship Manager Global Capital Markets, 280 Congress Street, Suite 1300, Boston, MA 02210.

 

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 Spartan Securities Group, Ltd. (the “Placement Agent”),
in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
No Closing will occur until the Registration Statement is declared effective. At the Closing, 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 (i) the physical delivery of certificates evidencing the
Shares delivered to the residential or business address indicated thereon; or (ii) book-entry posting on the control book maintained
by the transfer agent evidencing the Shares).

 

The Company may reject
this subscription, in whole or in part, for any reason (regardless of whether any check relating to this subscription is deposited),
and the Company will instruct the Escrow Agent to promptly return your funds without interest, and without deduction of any expenses,
if rejected. The Company will send you a fully executed copy of this Agreement if your subscription is accepted.

 

		2.	Representations and Warranties.

 

The Investor represents
that, except as set forth below, (a) it has had no position, office or other material relationship within the past three years
with the Company or a person known to it to be affiliates of the Company, (b) it is not a member of the Financial Industry Regulation
Authority, Inc. (“FINRA”) or an Associated Person (as such term is defined under the FINRA’s Membership
and Registration Rules Section 1011) as of the Closing, and (c) neither the Investor nor any group of Investors (as identified
in a public filing made with the Commission) of which the Investor is a part in connection with the Offering, acquired, or obtained
the right to acquire, 20% or more of the Common Stock (or securities convertible into or exercisable for Common Stock) or the voting
power of the Company on a post-transaction basis.

 

	Exceptions: 	 

 

    	 	1	 

     

    

 

(If no exceptions, write
“none.” If left blank, the response will be deemed to be none.)

 

Investor hereby represents, warrants, covenants
and agrees as follows:

 

(a)          Investor
is at least eighteen (18) years of age with an address as set forth above.

 

(b)          Investor
is under no legal disability nor is Investor subject to any order which would prevent or interfere with Investor’s execution,
delivery and performance of this Agreement or his or her purchase of the Shares. The Shares are being purchased solely for Investor’s
own account and not for the account of others and for investment purposes only, and are not being purchased with a view to or for
the transfer, assignment, resale or distribution thereof, in whole or part. Investor has no present plans to enter into any contract,
undertaking, agreement or arrangement with respect to the transfer, assignment, resale or distribution of any of the Shares.

 

(c)          Investor
has (i) adequate means of providing for his or her current financial needs and possible personal contingencies, and no present
need for liquidity of the investment in the Shares, and (ii) a liquid net worth (that is, net worth exclusive of a primary residence,
the furniture and furnishings thereof, and automobiles) which is sufficient to enable Investor to hold the Shares indefinitely.

 

(d)          Investor
has such knowledge and experience in financial and business matters that Investor is fully capable of evaluating the risks and
merits of an investment in the Shares.

 

(e)          Investor
has been furnished with the Registration Statement. Investor understands that Investor shall be required to bear all personal expenses
incurred in connection with his or her purchase of the Shares, including without limitation, any fees which may be payable to any
accountants, attorneys or any other persons consulted by Investor in connection with his or her investment in the Shares.

 

		3.	Miscellaneous.

 

This Agreement 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.

 

This Agreement shall
be governed and construed in all respects in accordance with the laws of the State of Delaware without giving effect to any conflict
of laws or choice of law rules.

 

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

 

    	 	2	 

     

    

 

	 	Hebron Technology Co., Ltd.
	 	 
	 	Investor’s Subscription accepted this ___ day of __________________________, 2016
	 	 
	 	By:	 
	 	 	Name:

	 	 	 	 	Title:
	 	 	 	 	 
	Number of Shares:	 	 	 	Address for Notice:
	Purchase Price per Share:	$	 	 	 
	Aggregate Purchase Price:	$	 	 	 
	 	 	 	 	c/o Zhejiang Xibolun Automation Project Technology Co., Ltd., No. 587-A 15th Road, 3rd Av., Binhai Ind. Park, Economic & Technology Development Zone, Wenzhou, Zhejiang Province, People’s Republic of China 325000

 

	INVESTOR:	 	 
	 	 	 
	By:	 	 	 
	Name:	 	 	 

 

	Select method of delivery of Shares:	 	 
	 	 	 
	 ̈ 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:	 	 

 

	******Please ensure your broker-dealer initiates the DWAC on the Closing Date of the offering. Questions concerning the initiation of the DWAC should be addressed to Island Stock Transfer at 727-289-0010.******	 

 

    	 	3	 

     

    

 

	 ̈ PHYSICAL DELIVERY OF CERTIFICATES:	 	 
	Delivery Instructions:	 	 
	 	 	 
	Name in which Shares should be issued(full name no abbreviations):	 	Address for delivery:
	 	 	SS#	 
	 	 	Street:	 
	 	 	City/State/Zip:	 
	 	 	Attention:	 
	 	 	Telephone No:	 

 

	 ̈ HOLD SHARES AS BOOK-ENTRY POSITION:	 	 
	Instructions:	 	 
	 	 	 
	Name in which Shares should be issued (full name no abbreviations):	 	
        Address Information:

         

	 	 	SS#	 
	 	 	Street:	 
	 	 	City/State/Zip:	 
	 	 	Attention:	 
	 	 	Telephone No:	 

 

    	 	4

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