SEC Contract Filing

Filing Date: 2017-02-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.02
<SEQUENCE>3
<FILENAME>s105239_ex10-02.htm
<DESCRIPTION>EXHIBIT 10.02
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.02</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ESCROW AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS ESCROW AGREEMENT
(this &ldquo;<U>Agreement</U>&rdquo;) is made as of January 31, 2017, by and among H/Cell Energy Corporation, a Nevada corporation
(the &ldquo;<U>Purchaser</U>&rdquo;), Turquino Equity LLC, a Delaware limited liability company (&ldquo;<U>Turquino</U>&rdquo;),
Stephen Paul Mullane and Marie Louise Mullane as Trustees of the Mullane Family Trust (the &ldquo;<U>Mullane Trust</U>&rdquo;,
and together with Turquino, the &ldquo;<U>Sellers</U>&rdquo;) and Sichenzia Ross Ference Kesner LLP, with an address at 61 Broadway,
New York, New York 10006 (the &ldquo;<U>Escrow Agent</U>&rdquo;). Capitalized terms used but not defined herein shall have the
meanings set forth in the Share Exchange Agreement dated January 31, 2017 by and among the Purchaser, the Sellers and The Pride
Group (Qld) Pty Ltd., an Australian corporation (&ldquo;<U>Pride</U>&rdquo;), as amended or supplemented from time-to-time, including
all attachments, schedules and exhibits thereto (the &ldquo;<U>Purchase Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">WITNESSETH:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, pursuant to
the Purchase Agreement, the Sellers shall receive an aggregate of 3,800,000 shares of the Purchaser&rsquo;s common stock, of which
an aggregate of 380,000 shares shall be held in escrow (the &ldquo;<U>Escrowed Shares</U>&rdquo;) pending the determination of
the NTAV of Pride as of the Closing Date shall be determined; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Purchaser
and Sellers have requested that the Escrow Agent hold the Escrowed Shares in escrow and disburse them in accordance with the terms
of this Agreement and the Purchase Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Escrow Agent
is willing to hold the Escrowed Shares in escrow subject to the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the covenants and mutual promises contained herein and other good and valuable consideration, the receipt and legal sufficiency
of which are hereby acknowledged and intending to be legally bound hereby, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TERMS OF THE ESCROW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser and the Sellers hereby appoint Escrow Agent as escrow agent in accordance with the terms and conditions set forth herein
and the Escrow Agent hereby accepts such appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Purchaser shall deliver the Escrowed Shares to the Escrow Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Escrow Agent shall retain the Escrowed Shares until the NTAV of Pride as of the Closing Date shall be determined.</P>

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

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