SEC Contract Filing

Filing Date: 2023-04-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>7
<FILENAME>ex10-3.htm
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.3</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Escrow
Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Escrow Agreement (this &ldquo;Agreement&rdquo;) dated as of April 14, 2023 (the Effective Date&rdquo;), is entered into by and among
(i) Christian Guilbaud, Kenneth Charles Grainger, Demin Huang and Rui Zhu (each a &ldquo;Guarantor&rdquo; and collectively, the &ldquo;Guarantors&rdquo;);
(ii) Harmony Energy Technologies Corp., a Delaware corporation (&ldquo;Harmony&rdquo;); (iii) Zircon Corporation, a California corporation
(&ldquo;Zircon&rdquo;); and (iv) Anthony L.G., PLLC (the &ldquo;Escrow Agent&rdquo;). Each Guarantor, Harmony and Zircon may be collectively
referred to herein as the &ldquo;Transaction Parties&rdquo; and each individually as a &ldquo;Transaction Party&rdquo;. The Escrow Agent
and the Transaction Parties may be collectively referred to herein as the &ldquo;Parties&rdquo; and each individually as a &ldquo;Party&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Transaction Parties and ZRCN Inc., a California corporation and a wholly owned subsidiary of Harmony (the &ldquo;Merger Sub&rdquo;)
are parties to that certain Agreement and Plan of Merger, dated as of April 13, 2023 (the &ldquo;Merger Agreement&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the terms of the Merger Agreement, Merger Sub has merged with and into Zircon in accordance with the terms of the Merger
Agreement, the General Corporation Law of the State of Delaware (the &ldquo;DGCL&rdquo;) and the California Corporations Code (the &ldquo;CCC&rdquo;),
as a result of which Zircon has become a wholly owned subsidiary of Harmony;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
pursuant to the Merger Agreement, Guarantors have agreed to place into escrow with the Escrow Agent certain shares of Harmony Common
Stock (as defined in the Merger Agreement&rdquo;) for the purposes of supporting the indemnification obligations of Harmony pursuant
to the Merger Agreement and Escrow Agent is willing to accept said instruments in accordance with the terms hereinafter set forth;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Transaction Parties 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 the Merger Agreement and the transactions as set forth therein;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times