SEC Contract Filing

Filing Date: 2017-05-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>7
<FILENAME>vibx_ex104.htm
<DESCRIPTION>ESCROW AGREEMENT
<TEXT>
<html><head><title>vibx_ex104.htm</title><!--Document Created by EDGARMaster--></head><BODY spellcheck="true" style="text-align:justify;font:10pt TIMES NEW ROMAN;margin:0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><b>EXHIBIT 10.4</b></p>
<p style="MARGIN: 0px" align="center"><b></b>&nbsp;</p>
<p style="MARGIN: 0px" align="center"><b>ESCROW AGREEMENT</b></p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px" align="justify">This Escrow Agreement (this &#8220;Agreement&#8221;) is entered into as of May 12, 2017 by and among Green Vision Biotechnology Corp., a Nevada corporation (&#8220;GVBT&#8221;), and Booth Udall Fuller, PLC (the &#8220;Escrow Agent&#8221;), and Able Lead Holdings Limited, a limited company incorporated in the British Virgin Islands (&#8220;Able Lead&#8221;). Undefined capitalized terms used in this Agreement shall have the meaning given to them in the Share Exchange Agreement, as defined below. GVBT, Able Lead, and the Escrow Agent are referred to singularly as a "Party" and collectively as the "Parties".</p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b>WHEREAS,</b> GVBT entered into a share exchange agreement on May 12, 2017 with Able Lead (the &#8220;Share Exchange Agreement&#8221;), pursuant to which (i) Able Lead agrees to enter into a series of contractual arrangements with GVBT in which GVBT will assume management of Lutu International Biotechnology Limited, a Cayman limited company (&#8220;Lutu International&#8221;); and (ii) Able Lead will receive 89,000,000 shares of common stock of GVBT in consideration for 89 shares of Lutu International owned by Able Lead (representing 89% of the issued and outstanding capital stock of Lutu International), upon satisfaction of the applicable requirements in the Share Exchange Agreement;</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify"><b>WHEREAS,</b> Able Lead has an outstanding loan of USD $4.43 million denominated in RMB with its maturity date on January 22, 2018 (&#8220;Outstanding Loan&#8221;). There is an equitable mortgage over Able Lead&#8217;s shares in Lutu International and its subsidiaries as security for the Outstanding Loan; </p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px" align="justify"><b>WHEREAS, </b>the Share Exchange Agreement further provides that the 89,000,000 shares of GVBT (the &#8220;Escrow Shares&#8221;) shall be delivered to and in the name of the Escrow Agent on behalf of Able Lead and remain in escrow for up to one year following the execution of the Share Exchange Agreement. If the Outstanding Loan is fully repaid at any time prior to one year following the execution of the Share Exchange Agreement and there are no encumbrances over Able Lead&#8217;s shares in Lutu International, the Escrow Agent shall deliver the Escrow Shares to Able Lead;</p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px" align="justify"><b>WHEREAS, </b>Leung Kwong Tak shall serve as Able Lead Representative on behalf of Able Lead with respect to the Escrow Shares; and</p>
<p style="MARGIN: 0px" align="justify">&nbsp; </p>
<p style="MARGIN: 0px" align="justify"><b>NOW, THEREFORE, </b>the parties hereto hereby agree as follows:</p>
<p style="MARGIN: 0px" align="justify">&nbsp; </p>
<p style="MARGIN: 0px" align="justify">
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<p style="MARGIN: 0px">&nbsp;</p>
<p style="MARGIN: 0px" align="justify"><b>1. Escrow.</b></p>
<p style="MARGIN: 0px" align="justify">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">(a) Escrow of Escrow Shares. </p>
<p style="MARGIN: 0px 0px 0px 0.7pt" align="justify">Simultaneously with the execution of this Agreement, GVBT shall cause to be issued and shall deposit with the Escrow Agent certificates representing an aggregate of 89,000,000 shares of common stock of GVBT, as determined pursuant to Article 2 of the Share Exchange Agreement issued in the name of the Escrow Agent. The Escrow Shares shall remain in escrow for up to one year after the execution of the Share Exchange Agreement subject to the full repayment of the Outstanding Loan and the release of the equitable mortgage over all 89 shares of Lutu International owned by Able Head (the &#8220;Lutu Shares&#8221;). In the event that Able Lead cannot fully repay the Outstanding Loan and cause the release of the equitable mortgage over the Lutu Shares within one year after execution of the Share Exchange Agreement, upon receipt of the Lutu Shares into Escrow, with valid and effective stock powers transferring the Lutu Shares to GVBT, then the amount of Escrow Shares to be issued as the consideration for the purchase of the Lutu Shares shall be cancelled. In the event that Able Lead fully repays the Outstanding Loan and causes the release of the equitable mortgage over the Lutu Shares, then upon receipt of the Lutu Shares into Escrow, with valid and effective stock powers transferring the Lutu Shares to GVBT, the Escrow Agent shall: (i) release the Lutu Shares to GVBT; and (ii) transfer the Escrow Shares into the name of Able Lead and deliver them to Able Lead.</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">&nbsp;</p>
<p style="MARGIN: 0px 0px 0px 0.35pt" align="justify">(b) Escrow Shares Not Subject to Lien or Attachment. The Escrow Shares shall not be subject to any lien, attachment, trustee