Document:

Exhibit 4.1

 

Warrant Agreement

 

The
registered Holder of this Warrant agrees by his, her or its acceptance hereof, that such Holder will not for a period of One Hundred
Eighty (180) days following the EFFECTIVE date (as defined below) of the registration Statement: (a) sell, transfer, assign, pledge
or hypothecate this WarranT to anyone other than officers or partners of NETWORK 1 FINANCIAL SECURITIES, INC., each of whom shall
have agreed to the restrictions contained herein, in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Warrant or
the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the effective economic disposition of this Warrant or the securities hereunder, except as provided for in FINRA Rule
5110(g)(2).

 

THIS WARRANT IS NOT
EXERCISABLE PRIOR TO [●], 2020. VOID AFTER 5:00 P.M., EASTERN TIME, [●], 20251.

 

WARRANT

 

For the Purchase
of [●]2 Ordinary Shares

 

of

 

China Eco-Materials Group Co. Limited

 

Warrant No.: [●]

Date of Issuance: [●] (“Issuance
Date”)3

 

1.
Warrant. THIS CERTIFIES THAT, pursuant to that certain Underwriting Agreement by and between China Eco-Materials
Group Co. Limited, a Cayman Islands company (the “Company”) and Network 1 Financial Securities, Inc. (“Network
1”), as representative (the “Representative”) of the several underwriters listed in Schedule A
thereto (the “Underwriters”), dated [●], 2020 (the “Underwriting Agreement”), Network
1 (in such capacity with its permitted successors or assigns, the “Holder”), as registered owner of this Warrant,
is entitled, at any time or from time to time from the Issuance Date, and at or before 5:00 p.m., Eastern time, [●], 2025
(the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up
to [●] ordinary shares, $0.0001 par value, of the Company (the “Ordinary Shares”), subject to adjustment
as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law or
executive order to close, then this Warrant may be exercised on the next succeeding business day which is not such a day in accordance
with the terms herein. During the period commencing on the date hereof and ending on the Expiration Date, the Company agrees not
to take any action that would terminate this Warrant. This Warrant is initially exercisable at $[●] per Ordinary Share (the
“Exercise Price”); provided, however, that upon the occurrence of any of the events
specified in Section 6 hereof, the rights granted by this Warrant, including the Exercise Price per Ordinary Share and the
number of Ordinary Shares to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise
Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context. Any term not defined
herein shall have the meaning ascribed thereto in the Underwriting Agreement.

 

 

 

1
5th year anniversary of the Effective Date (as hereinafter defined).

2
warrants to purchase an amount equal to ten percent (10%) of the Ordinary Shares sold in the offering

3
The issuance date should be the Closing Date or the Option Closing Date, as defined in the Underwriting Agreement.

 

    1

     

    

 

2. Exercise.

 

2.1. Exercise
Form. In order to exercise this Warrant, the exercise form attached hereto as Exhibit A (the “Exercise Form”)
must be duly executed and completed and delivered to the Company, together with this Warrant and payment of the Exercise Price
for the Shares (payable in cash by wire transfer of immediately available funds to an account designated by the Company or by certified
check or official bank check to the order of the Company). If the rights represented hereby shall not be exercised at or before
5:00 p.m., Eastern time, on the Expiration Date, this Warrant shall become and be void without further force or effect, and all
rights represented hereby shall cease and expire.

 

2.2. Cashless
Exercise. In lieu of exercising this Warrant by payment of cash or check payable to the order of the Company pursuant to Section
2.1 above, Holder may elect to receive the number of Ordinary Shares equal to the value of this Warrant (or the portion thereof
being exercised), by surrender of this Warrant to the Company, together with the Exercise Form, in which event the Company shall
issue to Holder, Ordinary Shares in accordance with the following formula:

 

		Y (A-B)	 
	X=	________	 
	 	A	 

 

	Where,	 	X	=	The number of Ordinary Shares to be issued to Holder;
	 	 	Y	=	The number of Ordinary Shares for which the Warrant is being exercised;
	 	 	A	=	The fair market value of one Ordinary Share; and
	 	 	B	=	The Exercise Price.

 

For purposes
of this Section 2.2, the fair market value of an Ordinary Share is defined as follows:

 

(i) if
the Ordinary Shares are traded on a securities exchange, the value shall be deemed to be the average closing price of the Ordinary
Shares on such exchange for the five consecutive trading days ending on the day immediately prior to the Exercise Form being submitted
in connection with the exercise of this Warrant; or

 

(ii) if
the Ordinary Shares are actively traded over-the-counter, the value shall be deemed to be the average closing price of the Ordinary
Shares for the five consecutive trading days ending on the trading day immediately prior to the Exercise Form being submitted in
connection with the exercise of the Warrant; or

 

(iii) if
there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s
Board of Directors.

 

2.3. Legend.
Each certificate for the Ordinary Shares purchased under this Warrant shall bear the following legends unless such securities have
been registered under the Securities Act of 1933, as amended (the “Act”):

 

(i) “The securities represented
by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”), or applicable
state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant
to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable
state law which, in the opinion of counsel to the Company, is available”; or

 

(ii) Any legend required by the
securities laws of any state to the extent such laws are applicable to the Shares represented by a certificate, instrument, or
book entry so legended.

 

    2

     

    

 

3. Transfer.

 

3.1. General
Restrictions. The registered Holder of this Warrant agrees by his, her or its acceptance hereof, that such Holder will not:
(a) sell, transfer, assign, pledge or hypothecate this Warrant or the securities issuable hereunder to anyone other than: (i) Network
1 or an underwriter or selected dealer participating in the offering (the “Offering”) contemplated by the Underwriting
Agreement, or (ii) other persons set forth in FINRA Rule 5110(g)(2)(A), each of whom shall have agreed to the restrictions contained
herein, in accordance with FINRA Rule 5110(g)(1), or (b) cause this Warrant or the securities issuable hereunder to be the subject
of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this
Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2), until the 181st day following
the effective date of the Registration Statement (“Effective Date”). On and after that date that is 180 days
after the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws.
In order to make any permitted assignment, the Holder must deliver to the Company the assignment form, attached hereto as Exhibit
B, duly executed and completed, together with this Warrant and payment of all transfer taxes, if any, payable in connection
therewith. The Company shall within five business days transfer this Warrant on the books of the Company and shall execute and
deliver a new Warrant or Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate
number of Ordinary Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.
For the avoidance of doubt, the restricted activities mentioned above do not include the rights of the registered Holder of this
Warrant to exercise this Warrant and receive the securities issuable hereunder at any time after the Issuance Date.

 

3.2. Restrictions
Imposed by the Act. The securities evidenced by this Warrant shall not be transferred unless and until: (i) the Company has
received the opinion of counsel for the Holder that the securities may be transferred pursuant to an exemption from registration
under the Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of
the Company, (ii) a registration statement relating to the offer and sale of such securities that includes a current prospectus
with respect to which the Holder has exercised its registration rights pursuant to Section 4.2 herein, has been filed and
declared effective by the Securities and Exchange Commission (the “Commission”) and compliance with applicable
state securities law has been established.

 

4. Registration
Rights.

 

4.1. Demand
Registration.

 

4.1.1. Grant
of Right. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus
or a qualified offering statement with a current registration statement, the Company, upon written demand (a “Demand Notice”)
of the Holder(s) of at least fifty-one percent (51%) of the Warrants and/or the underlying Ordinary Shares (“Majority
Holders”), agrees to register, on one occasion, all or any portion of the Ordinary Shares underlying the Warrant that
are permitted to be registered under the Act (collectively, the “Registrable Securities”). On such occasion,
the Company will file a registration statement with the Commission (a “Demand Registration Statement”) covering
the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its best efforts to have the registration
statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided, however,
that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration statement with respect
to which the Holder is entitled to piggyback pursuant to Section 4.2 hereof and either: (i) the Holder has elected to participate
in the offering covered by such registration statement; or (ii) if such registration statement relates to an underwritten primary
offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty
days after such offering is consummated. The demand for registration may be made at any time during a period of five years beginning
on the Effective Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any Holder(s)
to all other registered Holders of the Warrants and/or the Registrable Securities within ten days after the date of the receipt
of any such Demand Notice.

 

    3

     

    

 

4.1.2. Terms.
The Company shall bear all fees and expenses attendant to the Demand Registration Statement pursuant to Section 4.1.1, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its best efforts to cause the filing
of a Demand Registration Statement required herein to become effective promptly and to qualify or register the Registrable Securities
in such states as are reasonably requested by the Holder(s); provided, however, that in no event shall the Company
be required to register the Registrable Securities in a state in which such registration would cause: (i) the Company to be obligated
to register or license to do business in such State or submit to general service of process in such State, or (ii) the principal
stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any
registration statement filed pursuant to the demand right granted under Section 4.1.1 to remain effective for a period of
at least 12 consecutive months after the date that the Holders of the Registrable Securities covered by such registration statement
are first given the opportunity to sell all of such securities. The Holders shall only use the prospectuses provided by the Company
to sell the shares covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company
if the Company advises the Holder that such prospectus may no longer be used due to a material misstatement or omission. Notwithstanding
the provisions of this Section 4.1.2, the Holder shall be entitled to a Demand Registration Statement under this Section
4.1.2 on only one occasion and such demand registration right shall terminate on the fifth anniversary of the Effective Date
in accordance with FINRA 5110(f)(2)(G)(iv).

 

4.2. “Piggy-Back”
Registration.

 

4.2.1. Grant
of Right. Unless all of the Registrable Securities are included in an effective registration statement with a current prospectus
or a qualified offering statement with a current offering circular, the Holder shall have the right, for a period of five years
commencing on the Effective Date, to include the remaining Registrable Securities as part of any other registration of securities
filed by the Company (other than in connection with a transaction contemplated by Rule 145 promulgated under the Act or pursuant
to Form F-3 or any equivalent form).

 

4.2.2. Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.2.1 hereof,
but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to
represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company
shall furnish the then Holders of outstanding Registrable Securities with not less than 30 days written notice prior to the proposed
date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement
filed by the Company until such time as all of the Registrable Securities have been registered under an effective registration
statement. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by
giving written notice, within ten days of the receipt of the Company’s notice of its intention to file a registration statement.
Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration
under this Section 4.2.2. Notwithstanding the provisions of this Section 4.2.2, such piggyback registration rights
shall terminate on the fifth anniversary of the Effective Date in accordance with FINRA 5110(f)(2)(G)(v).

 

    4

     

    

 

4.3. General
Terms.

 

4.3.1. Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities
Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify
the Underwriters contained in Section 7.1 of the Underwriting Agreement. The Holder(s) of the Registrable Securities to be sold
pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company,
against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably
incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act,
the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns,
in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions
contained in Section 7.2 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

4.3.2. Exercise
of Warrant. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise this Warrant prior
to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.3.3. Documents
Delivered to Holders. If the registration statement includes an underwritten public offering of the Company, the Company shall
furnish to each underwriter of any such offering, a signed counterpart, addressed to such underwriter, of: (i) an opinion of counsel
to the Company, dated as of the date on which the Registrable Securities are delivered to the underwriter for sale pursuant to
such registration, and (ii) a “comfort letter” dated the effective date of such registration statement and the date
of the closing under the underwriting agreement signed by the independent registered public accounting firm which has issued a
report on the Company’s financial statements included in such registration statement, in each case covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’
letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s
counsel and in accountants’ letters delivered to underwriter(s) in underwritten public offerings of securities. The Company
shall also deliver promptly to each Holder participating in the offering requesting the correspondence and memoranda described
below and to the managing underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel
or auditors and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement
and permit each Holder and underwriter(s) to do such investigation, upon reasonable advance notice, with respect to information
contained in or omitted from the registration statement as it deems reasonably necessary to comply with applicable securities laws
or rules of FINRA. Such investigation shall include access to books, records and properties and opportunities to discuss the business
of the Company with its officers and independent auditors, all to such reasonable extent and at such reasonable times as any such
Holder shall reasonably request.

 

4.3.4. Underwriting
Agreement. If the registration statement includes an underwritten public offering of the Company, the Company shall enter into
an underwriting agreement with the managing underwriter(s), if any. Such agreement shall be reasonably satisfactory in form and
substance to the Company, each Holder and such managing underwriter, and shall contain such representations, warranties and covenants
by the Company and such other terms as are customarily contained in agreements of that type used by the managing underwriter. The
Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may,
at their option, require that any or all the representations, warranties and covenants of the Company to or for the benefit of
such underwriter(s) shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations
or warranties to or agreements with the Company or the underwriter(s) except as they may relate to such Holders, their Shares and
their intended methods of distribution.

 

    5

     

    

 

4.3.5. Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company
a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

4.3.6. Damages.
Should the registration or the effectiveness thereof required by Section 4.3 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to
the Holder(s), be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened
breach of such provisions or the continuation of any such breach, without the necessity of proving actual damages and without the
necessity of posting bond or other security.

 

4.3.7. Rule
144 Registration. The provisions of this Section 4 shall be inapplicable to the extent the Registrable Securities become
eligible for sale by the Holder without the need for current pubic information or other restriction pursuant to Rule 144 under
the Act.

 

5. New
Warrants to be Issued.

 

5.1. Partial
Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Warrant may be exercised or assigned in
whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Warrant for cancellation,
together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax
if exercised pursuant to Section 2.1 hereof, the Company shall cause to be delivered to the Holder without charge a new
Warrant of like tenor to this Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares
purchasable hereunder as to which this Warrant has not been exercised or assigned.

 

5.2. Lost
Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Warrant
of like tenor and date. Any such new Warrant executed and delivered as a result of such loss, theft, mutilation or destruction
shall constitute a substitute contractual obligation on the part of the Company.

 

6. Adjustments.

 

6.1. Adjustments
to Exercise Price and Number of Ordinary Shares. The Exercise Price and the number of Ordinary Shares underlying this Warrant
shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1. Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is increased by a stock dividend payable in Ordinary Shares or by a split up of Ordinary Shares or other similar
event, then, on the effective day thereof, the number of Ordinary Shares purchasable hereunder shall be increased in proportion
to such increase in outstanding Ordinary Shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2. Aggregation
of Ordinary Shares. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Ordinary Shares is decreased by a consolidation, combination or reclassification of Ordinary Shares or other similar event, then,
on the effective date thereof, the number of Ordinary Shares purchasable hereunder shall be decreased in proportion to such decrease
in outstanding Ordinary Shares, and the Exercise Price shall be proportionately increased.

 

    6

     

    

 

6.1.3. Replacement
of Ordinary Shares upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Ordinary
Shares other than a change covered by Section 6.1.1 or Section 6.1.2 hereof or that solely affects the par value
of such Ordinary Shares, or in the case of any share reconstruction or amalgamation or consolidation of the Company with or into
another corporate entity (other than a consolidation or share reconstruction or amalgamation in which the Company is the continuing
entity and that does not result in any reclassification or reorganization of the outstanding Ordinary Shares), or in the case of
any sale or conveyance to another corporate entity of the property of the Company as an entirety or substantially as an entirety
in connection with which the Company is dissolved, the Holder of this Warrant shall have the right thereafter (until the expiration
of the right of exercise of this Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder
immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a dissolution following
any such sale or transfer, by a Holder of the number of Ordinary Shares obtainable upon exercise of this Warrant immediately prior
to such event; and if any reclassification also results in a change in Ordinary Shares covered by Section 6.1.1 or Section
6.1.2, then such adjustment shall be made pursuant to Section 6.1.1, Section 6.1.2 and this Section 6.1.3.
The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share reconstructions
or amalgamations, or consolidations, sales or other transfers.

 

6.1.4. Changes
in Form of Warrant. This form of Warrant need not be changed because of any change pursuant to this Section 6.1, and
any Warrant issued after such change may state the same Exercise Price and the same number of Ordinary Shares as are stated in
the Warrant initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of a new Warrant reflecting
a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the date hereof or the
computation thereof.

 

6.2. Substitute
Warrant. In case of any consolidation of the Company with, or share reconstruction or amalgamation of the Company with or into,
another corporate entity (other than a consolidation or share reconstruction or amalgamation which does not result in any reclassification
or change of the outstanding Ordinary Shares), the entity formed by such consolidation or share reconstruction or amalgamation
shall execute and deliver to the Holder a substitute Warrant providing that the holder of each Warrant then outstanding or to be
outstanding shall have the right thereafter (until the stated expiration of such Warrant) to receive, upon exercise of such Warrant,
the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction
or amalgamation, by a holder of the number of Ordinary Shares of the Company for which such Warrant might have been exercised immediately
prior to such consolidation, share reconstruction or amalgamation, sale or transfer. Such substitute Warrant shall provide for
adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section
6 shall similarly apply to successive consolidations or share reconstructions or amalgamations.

 

6.3. Elimination
of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Ordinary Shares
upon the exercise of the Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being
the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may
be, to the nearest whole number of Shares or other securities, properties or rights.

 

7. Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Ordinary Shares, solely for the
purpose of issuance upon exercise of this Warrant, such number of Ordinary Shares or other securities, properties or rights as
shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of this Warrant and payment of
the Exercise Price therefor, in accordance with the terms hereby, all Ordinary Shares and other securities issuable upon such exercise
shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long
as this Warrant shall be outstanding, the Company shall use its best efforts to cause all Ordinary Shares issuable upon exercise
of this Warrant to be listed (subject to official notice of issuance) on all national securities exchanges (or, if applicable,
on the OTC Bulletin Board or any successor trading market) on which the Ordinary Shares issued to the public in the Offering may
then be listed and/or quoted.

 

    7

     

    

 

8. Certain
Notice Requirements.

 

8.1. Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to
receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder
of the Company. If, however, at any time prior to the expiration of the Warrant and its exercise, any of the events described in
Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least
fifteen days prior to the date fixed as a record date or the date of closing the transfer books (the “Notice Date”)
for the determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record
date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver
to each Holder a copy of each notice given to the other shareholders of the Company at the same time and in the same manner that
such notice is given to the shareholders.

 

8.2. Events
Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the
following events: (i) if the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them
to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than
out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company,
(ii) the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or
securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe
therefor, or (iii) a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or share
reconstruction or amalgamation) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3. Notice
of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to
Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice
shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate
by the Company’s Chief Financial Officer.

 

8.4. Transmittal
of Notices. All notices, requests, consents and other communications under this Warrant shall be in writing and shall be deemed
to have been duly made (1) when hand delivered, (2) when mailed by express mail or private courier service, (3) when the event
requiring notice is disclosed in all material respects and filed in a current report on Form 6-K or in a definitive proxy statement
on Schedule 14A prior to the Notice Date, or (4) if sent by electronic mail, on the day the notice was sent if during regular business
hours and, if sent outside of regular business hours, on the following business day: (i) if to the registered Holder of the Warrant,
to the address of such Holder as shown on the books of the Company, or (ii) if to the Company, to following address or to such
other address as the Company may designate by notice to the Holders:

 

If to the
Holder:

 

Network 1 Financial Securities, Inc.

The Galleria, 2 Bridge Avenue, Suite 241

Red Bank, NJ 07701

Email: adampasholk@netw1.com

Attn: Adam Pasholk, Managing Director

 

    8

     

    

 

With a
copy (which shall not constitute notice) to:

 

Hunter Taubman Fischer & Li LLC

1450 Broadway, 26th Floor New York, NY 10018

Email: ltaubman@htflawyers.com

Attn: Louis Taubman, Esq.

 

If to the
Company:

 

China Eco-Materials Group Co. Limited

No. 200, Liu Gang Tou, Qinglin Community, Tangshan Township,
Nanjing

Jiangsu Province

People’s Republic of China 211131

Attn: Mei Cai, Chief Financial Officer

Email: fcai@zghbxc.com

 

With a copy (which shall not
constitute notice) to:

 

Foster Garvey P.C.

1000 Potomac Street NW, Suite 200

Washington, D.C. 20007-3501

Attn: Jeffrey Li, Esq.

Email: jeffrey.li@foster.com

 

9. Miscellaneous.

 

9.1. Amendments.
The Company and Network 1 may from time to time supplement or amend this Warrant without the approval of any of the Holders in
order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with
any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company
and Network 1 may deem necessary or desirable and that the Company and Network 1 deem shall not adversely affect the interest of
the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against whom
enforcement of the modification or amendment is sought.

 

9.2. Headings.
The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the
meaning or interpretation of any of the terms or provisions of this Warrant.

 

9.3. Entire
Agreement. This Warrant (together with the other agreements and documents being delivered pursuant to or in connection with
this Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes
all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4. Binding
Effect. This Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted
assignees and respective successors and no other person shall have or be construed to have any legal or equitable right, remedy
or claim under or in respect of or by virtue of this Warrant or any provisions herein contained.

 

9.5. Governing
Law; Submission to Jurisdiction. This Warrant shall be governed by and construed and enforced in accordance with the laws of
the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action,
proceeding or claim against it arising out of, or relating in any way to this Warrant shall be brought and enforced in the state
courts located in New York County, or in the United States District Court for the Southern District of New York located in the
City of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives
any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be
served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service
and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing
party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees
and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor.

 

    9

     

    

 

9.6. Waiver,
etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Warrant shall not be deemed
or construed to be a waiver of any such provision, nor to in any way affect the validity of this Warrant or any provision hereof
or the right of the Company or any Holder to thereafter enforce each and every provision of this Warrant. No waiver of any breach,
non-compliance or non-fulfillment of any of the provisions of this Warrant shall be effective unless set forth in a written instrument
executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach,
non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance
or non-fulfillment.

 

9.7. Exchange
Agreement. As a condition of the Holder’s receipt and acceptance of this Warrant, Holder agrees that, at any time prior
to the complete exercise of this Warrant by Holder, if the Company and Network 1 enter into an agreement (“Exchange Agreement”)
pursuant to which they agree that all outstanding Warrants will be exchanged for securities or cash or a combination of both, then
Holder shall agree to such exchange and become a party to the Exchange Agreement.

 

9.8. Execution
in Counterparts. This Warrant may be executed in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered
to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

[SIGNATURE PAGE FOLLOWS]

 

    10

     

    

 

IN WITNESS WHEREOF, the Company
has caused this Warrant Agreement to be signed by its duly authorized officer as of the ____ day of _______, 2020.

 

CHINA ECO-MATERIALS GROUP CO. LIMITED

 

	By:	 	 
	Name:	 	 
	Title:	 	 

  

     

     

    

 

EXHIBIT A

TO

WARRANT AGREEMENT

 

Form to be used to exercise Warrant Agreement:

 

Date: __________, 20___

 

The undersigned hereby
elects irrevocably to exercise the Warrant for ____ ordinary shares, $0.0001 par value per share (“Ordinary Shares”)
of China Eco-Materials Group Co. Limited, a Cayman Islands company (the “Company”) and hereby makes payment
of $____ (at the rate of $____ per Ordinary Share) in payment of the Exercise Price pursuant thereto. Please issue the Ordinary
Shares as to which this Warrant is exercised in accordance with the instructions given below and, if applicable, a new Warrant
representing the number of Ordinary Shares for which this Warrant has not been exercised.

 

or

 

The undersigned hereby
elects irrevocably to convert its right to purchase ____ Ordinary Shares under the Warrant Agreement for ____ Ordinary Shares,
as determined in accordance with the following formula:

 

		Y (A-B)	 
	X=	________	 
	 	A	 

 

	Where,	 	X	=	The number of Ordinary Shares to be issued to Holder;
	 	 	Y	=	The number of Ordinary Shares for which the Warrant is being exercised;
	 	 	A	=	The fair market value of one Ordinary Share; and
	 	 	B	=	The Exercise Price.

 

The undersigned agrees
and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect
to the calculation shall be resolved by the Company in its sole discretion.

 

Please issue the Ordinary
Shares as to which this Warrant is exercised in accordance with the instructions given below and, if applicable, a new Warrant
Agreement representing the number of Ordinary Shares for which this Warrant has not been exercised.

 

Signature

 

Signature Guaranteed

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

Name: (Print in Block Letters)

Address:

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Warrant Agreement without alteration or enlargement
or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by a firm having
membership on a registered national securities exchange.

 

    Ex A-1

     

    

 

EXHIBIT B

TO

WARRANT AGREEMENT

 

Form to be used to
assign Warrant Agreement:

 

(To be executed by
the registered Holder to effect a transfer of the Warrant Agreement):

 

FOR VALUE RECEIVED,
___________________________ does hereby sell, assign and transfer unto the right to purchase ordinary shares, $0.0001 par value
per share, of China Eco-Materials Group Co. Limited, a Cayman Islands company (the “Company”), evidenced by
the Warrant Agreement and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:     ____________,
20__

 

Signature

 

NOTICE: The signature
to this form must correspond with the name as written upon the face of the Warrant Agreement without alteration or enlargement
or any change whatsoever.

 

 

Ex B-1Exhibit 10.1

 

EXECUTIVE AGREEMENT

 

This EXECUTIVE AGREEMENT
(this “Agreement”) is entered into on this 22nd day of January, 2020 and shall be effective as of January
27, 2020 (the “Effective Date”), by Penn National Gaming, Inc., a Pennsylvania corporation (the “Company”),
and the senior executive who has executed this Agreement below (“Executive”).

 

WHEREAS, each of the
parties wishes to enter into this Agreement, the terms of which are intended to be in compliance with the requirements of Section
409A of the Internal Revenue Code of 1986, as amended (“Section 409A”, see also Section 21 hereof).

 

NOW, THEREFORE, the
parties, in exchange for the mutual promises described herein and other good and valuable consideration and intending to be legally
bound, agree as follows:

 

1.
        Term and Compensation.

 

(a)       The
Company hereby agrees to employ Executive and Executive hereby accepts such employment, in accordance with the terms, conditions
and provisions hereinafter set forth in this Agreement, at the following compensation: (a) annual salary of $650,000, (b) eligible
for annual incentive targeted at 100% of annual salary and (c) eligible for an annual equity grant targeted at 240% of annual salary,
which will be reviewed periodically in the same manner as peer executives.

 

(b)       The
term of this Agreement shall begin on the Effective Date and shall terminate on the earlier of the third anniversary of the Effective
Date (“Term”) or the termination of Executive’s employment with the Company; provided, however, notwithstanding
anything in this Agreement to the contrary, Sections 5 through 23 shall survive until the expiration of any applicable time periods
set forth in Sections 6, 7 and 8.

 

(c)       Executive’s
role on the Effective Date shall be Executive Advisor until March 3, 2020, at which time Executive will become Executive Vice President
and Chief Financial Officer.

 

2.
        Termination by the Company.

 

(a)       Termination.
The Company may terminate Executive’s employment at any time without Cause (as such term is defined in subsection (c) below),
with Cause, or at the end of the Term by non-renewal of this Agreement.

 

(b)       Without
Cause. The Company may terminate Executive’s employment at any time without Cause (as such term is defined in subsection
(c) below) effective immediately upon delivery of written notice to Executive, which notice shall set forth the effective date
of such termination.

 

(c)       With
Cause. The Company may terminate Executive’s employment at any time for Cause effective immediately upon delivery of
written notice to Executive. As used herein, the term “Cause” shall mean:

 

(i)       Executive
shall have been convicted of, or pled guilty or nolo contendere to, a criminal offense involving allegations of fraud, dishonesty
or physical harm during the term of this Agreement;

 

(ii)       Executive
is found (or is reasonably likely to be found) disqualified or not suitable to hold a casino or other gaming license by a governmental
gaming authority in any jurisdiction where Executive is required to be found qualified, suitable or licensed;

 

    	 	1	 

     

    

 

(iii)       Executive
breaches any significant Company policy (such as the Business Code of Conduct or the Harassment Policy) or term of this Agreement,
including, without limitation, Sections 5 through 8 of this Agreement and, in each case, fails to cure such breach within 15 days
after receipt of written notice thereof (to the extent curable);

 

(iv)       Executive
misappropriates corporate funds or resources as determined in good faith by the Audit Committee of the Board;

 

(v)        the
Company determines in its reasonable discretion that Executive has failed to perform Executive’s duties with the Company
(other than any such failure resulting from incapacity due to physical disability or mental illness) or in the case of repeated
insubordination;

 

(vi)       the
Company determines in its reasonable discretion that Executive has engaged in illegal conduct or gross misconduct which is or is
reasonably expected to be materially injurious to the Company or one of its affiliates;

 

(vii)      Executive's
death (this Agreement and Executive’s employment will terminate automatically upon Executive’s death); or

 

(viii)     Executive's
inability to perform the essential functions of Executive's job (with or without reasonable accommodation) by reason of disability,
where such inability continues for a period of ninety (90) days continuously.

 

3.         Termination
by Executive. Executive may voluntarily terminate employment for any reason effective upon 60 days’ prior written notice
to the Company, in which case no severance payments or benefits shall be due.

 

4.         Severance Pay and Benefits. Subject to the terms and conditions set forth in this
Agreement, if Executive’s employment is terminated under Section 2(b) or by the Company’s non-renewal of
Executive’s employment under this Agreement or substantially-similar terms, then the Company will provide Executive
with the following severance pay and benefits (except in the event of a breach of the Release, as defined below); provided,
for purposes of Section 409A, each payment of severance pay under this Section 4 shall be considered a separate
payment:

 

(a)
       Amount of Post-Employment Base Salary. Subject to Sections 4(d) and 21, the
Company shall pay to Executive an amount equal to 24 months (the “Severance Period”) of base salary at the rate in
effect on the date of Executive’s separation from service (the “Termination Date”). Such amount shall be paid
over the Severance Period in accordance with the Company’s regular payroll procedures for similarly situated executives
following the Termination Date.

 

(b)       Amount
of Post-Employment Bonus. In addition to the Post-Employment Base Salary provided under Section 4(a) above, and subject
to Section 4(e), the Company shall pay to Executive an amount equal to the product of 1.5 times the amount of the average of the
last two full years bonuses paid to Executive based on the actual performance of the Company. Such amount paid to Executive
under this Section 4(b) shall be paid on the date annual bonuses are paid to similarly-situated executives after the Termination
Date. 

 

(c)        Continued
Medical Benefits Coverage. During the Severance Period, Executive and Executive’s dependents will have the opportunity
under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”) to elect COBRA
continuation coverage. If Employee so elects and pays for COBRA coverage in a timely manner, the Company shall reimburse Executive
for the cost of purchasing COBRA coverage through the end of the Severance Period (or until such earlier date as Executive and
Executive’s dependents cease to receive COBRA coverage).

 

    	 	2	 

     

    

 

(d)       Certain
Other Terms. In the event that the Company announces that it has signed a definitive agreement with respect to a Change of
Control (as defined below) or any potential acquirer has publicly announced its intent to consummate a Change of Control with respect
to the Company, and if, during the period after the public announcement and immediately preceding the date such transaction is
consummated or terminated, the Company terminates Executive’s employment without Cause; subject to Section 4(e), the Company
shall pay to Executive on the sixtieth day following the employment termination date a lump sum equal to the excess, if any of
(i) two times Executive’s targeted amount of annual cash bonus at the rate in effect coincident with the employment termination
date, over (ii) the amount determined in Section 4(b).

 

(e)       Release
Agreement. Executive’s entitlement to any severance pay and benefit entitlements under
this Section 4 is conditioned upon Executive’s first entering into a release substantially in the form attached as Exhibit
A (“Release”) and the Release becoming effective no later than the sixtieth day following the employment termination
date, the Release shall be delivered to Executive within 14 days after the Termination Date. Notwithstanding any other provision
hereof, all severance payments to Executive shall be delayed until after the expiration of any applicable revocation period with
respect to the release, but in the event the applicable revocation period spans two calendar years, the payments shall commence
in the second calendar year. Executive also acknowledges that any severance pay under this Section 4 is subject to the Company’s
then current recoupment policy.

 

5.
        No Conflicts of Interest. Executive agrees that throughout the period of
Executive’s employment hereunder, Executive will not perform any activities or services, or accept other employment, that
would materially interfere with or present a conflict of interest concerning Executive’s employment with the Company. Executive
agrees and acknowledges that Executive’s employment is conditioned upon Executive adhering to and complying with the business
practices and requirements of ethical conduct set forth in writing from time to time by the Company in its employee manual, code
of conduct or similar publication. Executive represents and warrants that no other contract, agreement or understanding to which
Executive is a party or may be subject to will be violated by the execution of this Agreement by Executive. Executive further agrees
to not accept any position on the board of a for-profit company without the written consent of the Penn National Gaming, Inc. Chief
Executive Officer.

 

6.
        Confidentiality.

 

(a)       Definition.
 “Confidential Information” means data and information relating to the business of the Company or its affiliates, (i)
which the Company or its affiliates have disclosed to Executive, or of which Executive became aware as a consequence of or in the
course of Executive’s employment with the Company, (ii) which have value to the Company or its affiliates, and (iii) which
are not generally known to its competitors. Confidential Information will not include any data or information that the Company
or its affiliates have voluntarily disclosed to the public (except where Executive made or caused that public disclosure without
authorization), that others have independently developed and disclosed to the public, or that otherwise enters the public domain
through lawful means.

 

(b)       Restrictions.
Executive agrees to treat as confidential and will not, without the prior written approval of the Company in each instance, directly
or indirectly use (other than in the performance of Executive’s duties of employment with the Company or its affiliates),
publish, disclose, copyright or authorize anyone else to use, publish, disclose or copyright, any Confidential Information obtained
during Employee’s employment with the Company or its affiliates, whether or not the Confidential Information is in written
or other tangible form. This restriction will continue to apply for a period of two (2) years after the Termination Date. Executive
acknowledges and agrees that the prohibitions against disclosure and use of Confidential Information recited in this section are
in addition to, and not in lieu of, any rights or remedies that the Company or its affiliates may have available under applicable
laws.

 

    	 	3	 

     

    

 

(c)       Nothing
in this Agreement or in the Release shall prohibit Executive from reporting possible violations of federal law or regulation to
any governmental agency or entity, or making other disclosures that are protected under the whistleblower provisions of applicable
federal or state law or regulation.

 

7.
        Non-Competition.

 

(a)       As
used in this Section 7, the term “Restriction Period” shall mean a period equal to: (i) the 12-month period immediately
following the Termination Date if Executive’s employment terminates under circumstances where Executive is not entitled to
payments under Section 4 or 9 or (ii) the Severance Period if Executive’s employment terminates under circumstances where
Executive is entitled to payments under Section 4 or 9.

 

(b)       During
the term of this Agreement and for the duration of the Restriction Period thereafter, Executive shall not, except with the prior
written consent of the Company, directly or indirectly, own, manage, operate, join, control, finance or participate in the ownership,
management, operation, control or financing of, or be connected as an officer, director, employee, partner, principal, agent, representative,
consultant or otherwise with, or use or permit Executive’s name to be used in connection with, any Competing Business. A
 “Competing Business” includes any business enterprise which owns or operates, or is publicly seeking to own or operate,
a gaming facility located within 150 miles of any facility in which Company or its affiliates owns or operates or is actively seeking
to own or operate a facility at such time (the “Restricted Area”). Executive acknowledges that any business which offers
gaming, racing, sports wagering or internet real money / social gaming, and which markets to any customers in the Restricted Area,
is a Competing Business.

 

(c)       The
foregoing restrictions shall not be construed to prohibit Executive’s ownership of less than 5% of any class of securities
of any corporation which is engaged in any of the foregoing businesses and has a class of securities registered pursuant to the
Securities Exchange Act of 1934, provided that such ownership represents a passive investment and that neither Executive nor any
group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation,
guarantees any of its financial obligations, otherwise takes any part in its business, other than exercising Executive’s
rights as a shareholder, or seeks to do any of the foregoing.

 

(d)       Executive
acknowledges that the covenants contained in Sections 6 through 8 hereof are reasonable and necessary to protect the legitimate
interests of the Company and its affiliates and, in particular, that the duration and geographic scope of such covenants are reasonable
given the nature of this Agreement and the position that Executive will hold within the Company. Executive further agrees to disclose
the existence and terms of such covenants to any employer that Executive works for during the Restriction Period.

 

8.
       Non-Solicitation. Executive will not, except with the prior written consent
of the Company, during the term of this Agreement and for a period of 18 months after the Termination Date, directly or indirectly,
solicit or hire, or encourage the solicitation or hiring of, any person who is, or was within a six month period prior to such
solicitation or hiring, an executive or management (or higher) level employee of the Company or any of its affiliates, for any
position as an employee, independent contractor, consultant or otherwise for the benefit of any entity not affiliated with the
Company.

 

    	 	4	 

     

    

 

9.
        Change of Control.

 

(a)       Definition.
The term Change of Control (“COC”) shall have the meaning given to such term in the Company’s then current Long
Term Incentive Compensation Plan.

 

(b)       Payments.
In the event of a Change of Control, and either (A) Executive’s employment is terminated without Cause within 12 months after
the effective date of the Change of Control or (B) Executive resigns from employment for Post-COC Good Reason (as such term is
defined in subsection (f) below) within 12 months after the effective date of the Change of Control (the effective date of such
termination or resignation, the “Activation Date”), subject to Section 9(d), Executive shall be entitled to receive,
on the sixtieth day following the employment termination date, a cash payment in an amount equal to the product of two times the
sum of the Executive’s: (i) base salary and (ii) targeted amount of annual cash bonus, at the rate in effect coincident with
the Change of Control or the Activation Date, whichever is greater; provided, however, that if the Change of Control is not a “change
in control event” for purposes of Code Section 409A, then only those amounts that do not constitute non-qualified deferred
compensation under Section 409A shall be paid in a lump sum and the remaining payments shall be paid over the Severance Period
in accordance with the Company’s regular payroll procedures for similarly-situated executives. Such payment shall be in lieu
of any payment to which Executive would be entitled under Section 4(a)-(b), provided that Executive shall also be entitled to receive
the benefits set forth in Section 4(c).

 

(c)       Restrictive
Provisions. As consideration for the payments under Sections 9(b) or Section 4(c), Executive agrees not to challenge the enforceability
of any of the restrictions contained in Sections 6, 7 or 8 of this Agreement upon or after the occurrence of a Change of Control.

 

(d)       Release
Agreement and Payment Terms. Executive’s entitlement to any severance pay and benefit entitlements under this Section
9 is conditioned upon Executive’s first entering into a Release as provided by the Company to Executive within 14 days after
the Activation Date and the Release becoming effective no later than the sixtieth day following the Activation Date. Notwithstanding
any other provision hereof, all payments to Executive shall be delayed until after the expiration of any applicable revocation
period with respect to the Release, but in the event the applicable revocation period spans two calendar years, the payments shall
commence in the second calendar year.

 

(e)       Post-COC
Good Reason. As used herein, the term “Post-COC Good Reason” shall mean the occurrence of any of the following
events that the Company fails to cure within 10 days after receiving written notice thereof from Executive (which notice must be
delivered within 30 days of Executive becoming aware of the applicable event or circumstance): (i) assignment to Executive of any
duties inconsistent in any material respect with Executive’s position (including status, titles and reporting requirements),
authority, duties or responsibilities or inconsistent with Executive’s legal or fiduciary obligations; (ii) any reduction
in Executive’s compensation or substantial reduction in Executive’s benefits taken as a whole; (iii) any travel requirements
materially greater than Executive’s travel requirements prior to the Change of Control; (iv) an office relocation of greater
than 50 miles from Executive’s then current office or (v) any breach of any material term of this Agreement by the Company.

 

10.       Property
Surrender. Upon termination of Executive’s employment for any reason, Executive shall immediately surrender and deliver
to the Company all property that belongs to the Company, including, but not limited to, any keys, equipment, computers, phones,
credit cards, disk drives and any documents, correspondence and other information, including all Confidential Information, of any
type whatsoever, from the Company or any of its agents, servants, employees, suppliers, and existing or potential customers, that
came into Executive’s possession by any means during the course of employment.

 

    	 	5	 

     

    

 

11.       Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws (and not the law of conflicts)
of the Commonwealth of Pennsylvania.

 

12.       Jurisdiction.
The parties hereby irrevocably consent to the jurisdiction of the courts of the Commonwealth of Pennsylvania for all purposes in
connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted
under this Agreement shall be commenced, prosecuted and continued only in the state or federal courts having jurisdiction for matters
arising in Wyomissing, Pennsylvania, which shall be the exclusive and only proper forum for adjudicating such a claim.

 

13.       Notices.
All notices and other communications required or permitted under this Agreement or necessary or convenient in connection herewith
shall be in writing and shall be deemed to have been given when hand delivered, delivered by guaranteed next-day delivery or shall
be deemed given on the third business day when mailed by registered or certified mail, as follows (provided that notice of change
of address shall be deemed given only when received): 

 

If to the Company,
to:

 

Penn National Gaming, Inc.

825 Berkshire Boulevard, Suite
200

Wyomissing, Pennsylvania 19610

Attention: Chief Executive Officer
(with a copy to the General Counsel)

 

If to Executive, to:

 

Executive’s
then current home address as provided by Executive to the Company.

 

or to such other names or addresses as
the Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the
manner specified in this Section 13.

 

14.       Contents
of Agreement; Amendment and Assignment. This Agreement sets forth the entire understanding between the parties hereto with
respect to the subject matter hereof and supersedes all prior or contemporaneous agreements or understandings with respect to thereto.
This Agreement cannot be changed, modified, extended, waived or terminated except upon a written instrument signed by the party
against which it is to be enforced. Executive may not assign any of Executive’s rights or obligations under this Agreement.
The Company may assign its rights and obligations under this Agreement to any successor to all or substantially all of its assets
or business by means of liquidation, dissolution, merger, consolidation, transfer of assets, stock transfer or otherwise.

 

15.       Severability.
If any provision of this Agreement or application thereof to anyone under any circumstances is adjudicated to be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement
which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable
such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to
particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances. In addition, if any
court determines that any part of Sections 6, 7 or 8 hereof is unenforceable because of its duration, geographical scope or otherwise,
such court will have the power to modify such provision and, in its modified form, such provision will then be enforceable.

 

    	 	6	 

     

    

 

16.       Remedies.
No remedy conferred upon a party by this Agreement is intended to be exclusive of any other remedy, and each and every such remedy
shall be cumulative and shall be in addition to any other remedy given under this Agreement or now or hereafter existing at law
or in equity. No delay or omission by a party in exercising any right, remedy or power under this Agreement or existing at law
or in equity shall be construed as a waiver thereof, and any such right, remedy or power may be exercised by such party from time
to time and as often as may be deemed expedient or necessary by such party in its sole discretion. Executive acknowledges that
money damages would not be a sufficient remedy for any breach of this Agreement by Executive and that the Company shall be entitled
to specific performance and injunctive relief as remedies for any such breach, in addition to all other remedies available at law
or equity to the Company.

 

17.       Construction.
This Agreement is the result of thoughtful negotiations and reflects an arms’ length bargain between two sophisticated parties,
each with an opportunity to be represented by counsel. The parties agree that, if this Agreement requires interpretation, neither
party should be considered “the drafter” nor be entitled to any presumption that any ambiguities are to be resolved
in such party’s favor.

 

18.       Beneficiaries/References.
Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries
to receive any compensation or benefit payable under this Agreement following Executive’s death or incapacity by giving the
Company written notice thereof. In the event of Executive’s death or a judicial determination of Executive’s incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to refer to Executive’s beneficiary, estate
or other legal representative. Except as provided in this provision or Company affiliates, no third party beneficiaries are intended.

 

19.       Withholding.
All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any
payments under this Agreement all federal, state and local taxes, as the Company is required to withhold pursuant to any law or
governmental rule or regulation. Executive shall bear all expense of, and be solely responsible for, all federal, state and local
taxes due with respect to any payment received under this Agreement.

 

20.       Regulatory
Compliance. The terms and provisions hereof shall be conditioned on and subject to compliance with all laws, rules, and regulations
of all jurisdictions, or agencies, boards or commissions thereof, having regulatory jurisdiction over the employment or activities
of Executive hereunder.

 

21.       Section
409A. Any amounts that constitute nonqualified deferred compensation as defined in Section 409A that become payable upon a
termination of employment shall be payable only if such termination of employment constitutes a separation from service (as defined
in Section 409A). The payments due under this Agreement are intended to be exempt from Code Section 409A, but to the extent that
such payments are not exempt, this Agreement is intended to comply with the requirements of Section 409A and shall be construed
accordingly. Any payments or distributions to be made to Executive under this Agreement upon a separation from service (as defined
in Section 409A) of amounts classified as “nonqualified deferred compensation” for purposes of Code Section 409A and
do not satisfy an exemption from the time and form of payment requirements of Section 409A, shall in no event be made or commence
until six months after such separation from service if Executive is a specified employee (as defined in Section 409A). Each payment
of nonqualified deferred compensation under this Agreement shall be treated as a separate payment for purposes of Code Section
409A. Any reimbursements made pursuant to this Agreement shall be paid as soon as practicable but no later than 90 days after Executive
submits evidence of such expenses to the Company (which payment date shall in no event be later than the last day of the calendar
year following the calendar year in which the expense was incurred). The amount of such reimbursements during any calendar year
shall not affect the benefits provided in any other calendar year, and the right to any such benefits shall not be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, the Company shall not have any liability to the
Executive or to any other person if the payments and benefits provided in this Agreement that are intended to be exempt from or
compliant with Code Section 409A are not so exempt or compliant.

 

    	 	7	 

     

    

 

22.       Defend
Trade Secrets Act.  Pursuant to the Defend Trade Secrets Act of 2016, Executive acknowledges that Executive will not have
criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that  (A) is
made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and
(ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other
document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, if Executive files a lawsuit
for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s
attorney, and may use the trade secret information in the court proceeding, if Executive (X) files any document containing the
trade secret under seal, and (Y) does not disclose the trade secret, except pursuant to court order.

 

23.       Recoupment
Policy. Executive acknowledges that Executive has received the Company’s recoupment policy and agrees to be bound by
it.

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound, have executed this Agreement as of the date first above written.

 

	 	PENN NATIONAL GAMING, INC.
	 	 
	 	 
	 	By:	/s/ Jay A. Snowden
	 	Name:	Jay A. Snowden
	 	Title:	President and Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	/s/ David Williams
	 	Name:   	David Williams

 

    	 	8	 

     

    

 

Exhibit A

 

SEPARATION AGREEMENT AND GENERAL RELEASE

 

This is a Separation
Agreement and General Release (hereinafter referred to as the "Agreement") between _______________ (hereinafter
referred to as the "Employee") and _____________ and its affiliates (hereinafter referred to as the "Employer").
In consideration of the mutual promises and commitments made in this Agreement, and intending to be legally bound, Employee, on
the one hand, and the Employer on the other hand, agree to the terms set forth in this Agreement.

 

1.       Employee
is party to an Executive Agreement dated [DATE] (the "Executive Agreement"). Employer and Employee hereby acknowledge
that Employee’s employment was terminated on [DATE].

 

2.       (a)       Following the execution
of this Agreement, Employee will be entitled to the post-employment benefits and subject to the post-employment responsibilities
set forth in Employee’s Executive Agreement.

 

(b)        If
Employee accepts any employment with the Employer, or an affiliate or related entity of the Employer, and becomes reemployed during
the Severance Period (as defined in the Executive Agreement), Employee acknowledges and agrees that Employee will forfeit all
future severance payments from the date on which reemployment commences.

 

3.       (a)       When used in this Agreement,
the word "Releasees" means the Employer and all or any of its past and present parent, subsidiary and affiliated corporations,
members, companies, partnerships, joint ventures and other entities and their groups, divisions, departments and units, and their
past and present directors, trustees, officers, managers, partners, supervisors, employees, attorneys, agents and consultants,
and their predecessors, successors and assigns.

 

(b)        When
used in this Agreement, the word "Claims" means each and every claim, complaint, cause of action, and grievance, whether
known or unknown and whether fixed or contingent, and each and every promise, assurance, contract, representation, guarantee, warranty,
right and commitment of any kind, whether known or unknown and whether fixed or contingent.

 

4.       In
consideration of the promises of the Employer set forth in this Agreement and the Executive Agreement, and intending to be legally
bound, Employee hereby irrevocably remises, releases and forever discharges all Releasees of and from any and all Claims that Employee
(on behalf of either Employee or any other person or persons) ever had or now has against any and all of the Releasees, or which
Employee (or Employee’s heirs, executors, administrators or assigns or any of them) hereafter can, shall or may have against
any and all of the Releasees, for or by reason of any cause, matter, thing, occurrence or event whatsoever through the effective
date of this Agreement. Employee acknowledges and agrees that the Claims released in this paragraph include, but are not limited
to, (a) any and all Claims based on any law, statute or constitution or based on contract or in tort on common law, and (b) any
and all Claims based on or arising under any civil rights laws, such as any [STATE] employment laws, or Title VII of the Civil
Rights Act of 1964 (42 U.S.C. § 2000e et seq.), or the Federal Age Discrimination in Employment Act (29 U.S.C. §
621 et seq.) (hereinafter referred to as the "ADEA"), and (c) any and all Claims under any grievance or complaint
procedure of any kind, and (d) any and all Claims based on or arising out of or related to Employee’s recruitment by, employment
with, the termination of Employee’s employment with, Employee’s performance of any services in any capacity for, or
any other arrangement or transaction with, each or any of the Releasees. Employee also understands, that by signing this Agreement,
Employee is waiving all Claims against any and all of the Releasees released by this Agreement; provided, however, that
as set forth in section 7 (f) (1) (c) of the ADEA, as added by the Older Workers Benefit Protection Act of 1990, nothing in this
Agreement constitutes or shall (i) be construed to constitute a waiver by Employee of any rights or claims that may arise after
this Agreement is executed by Employee, or (ii) impair Employee’s right to file a charge with the U.S. Securities and Exchange
Commission (“SEC”), the U.S. Equal Employment Opportunity Commission (“EEOC”), the National Labor Relations
Board (“NLRB”) or any state agency or to participate in an investigation or proceeding conducted by the SEC, EEOC,
NLRB or any state agency or as otherwise required by law. Notwithstanding the foregoing, Employee agrees to waive Employee’s
right to recover individual relief in any charge, complaint, or lawsuit filed by Employee or anyone on Employee’s behalf,
except that this does not waive the Employee’s ability to obtain monetary awards from the SEC’s whistleblower program.

 

    	 	9	 

     

    

 

5.       Employee further certifies that Employee is not aware of any actual or attempted regulatory, SEC, EEOC or other legal violations
by Employer and that Employee’s separation is not a result of retaliation based on any legal rights or opposition to an illegal
practice.

 

6.        Employee
covenants and agrees not to sue the Releasees and each or any of them for any Claims released by this Agreement and to waive any
recovery related to any Claims covered by this Agreement.

 

7.        Pursuant
to the Defend Trade Secrets Act of 2016, Employee acknowledges that Employee will not have criminal or civil liability under any
Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State,
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition, if Employee files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Employee may disclose the trade secret to Employee’s attorney, and may use the trade secret information
in the court proceeding, if Employee (X) files any document containing the trade secret under seal, and (Y) does not disclose the
trade secret, except pursuant to court order.

 

8.        Employee
agrees to provide reasonable transition assistance to Employer (including without limitation assistance on regulatory matters,
operational matters and in connection with litigation) for a period of one year from the execution of this Agreement at no additional
cost; provided, such assistance shall not unreasonably interfere with Employee’s pursuit of gainful employment or result
in Employee not having a separation from service (as defined in Section 409A of the Internal Revenue Code of 1986). Any assistance
beyond this period will be provided at a mutually agreed cost.

 

9.        Employee
agrees that, except as specifically provided in this Agreement, there is no compensation, benefits, or other payments due or owed
to Employee by each or any of the Releasees, including, without limitation, the Employer, and there are no payments due or owed
to Employee in connection with Employee’s employment by or the termination of Employee’s employment with each or any
of the Releasees, including without limitation, any interest in unvested options, SARs, restricted stock or other equity issued
to, expected by or contemplated by any of the Releasees (which interest is specifically released herein) or any other benefits
(including, without limitation, any other severance benefits). For clarity, Employee acknowledges that upon Employee’s separation
date, Employee has no further rights under any bonus arrangement or option plan of Employer. Employee further acknowledges that
Employee has not experienced or reported any work-related injury or illness.

 

10.      Except
where the Employer has disclosed or is required to disclose the terms of this Agreement pursuant to applicable federal or state
law, rule or regulatory practice, Employer and Employee agree that the terms of this Agreement are confidential. Employee will
not disclose or publicize the terms of this Agreement and the amounts paid or agreed to be paid pursuant to this Agreement to any
person or entity, except to Employee’s spouse, Employee’s attorney, Employee’s accountant, and to a government
agency for the purpose of payment or collection of taxes or application for unemployment compensation benefits. Employee agrees
that Employee’s disclosure of the terms of this Agreement to Employee’s spouse, Employee’s attorney and Employee’s
accountant shall be conditioned upon Employee obtaining agreement from them, for the benefit of the Employer, not to disclose or
publicize to any person or entity the terms of this Agreement and the amounts paid or agreed to be paid under this Agreement. Employee
understands that, notwithstanding any provisions of this Agreement, Employee is not prohibited or in any way restricted from reporting
possible violations of law to a government agency or entity, and Employee is not required to inform Employer if Employee makes
such reports.

 

    	 	10	 

     

    

 

11.       Employee
agrees not to make any false, misleading, defamatory or disparaging statements, including in blogs, posts on Facebook, twitter,
other forms of social media or any such similar communications, about Employer (including without limitation Employer’s products,
services, partners, investors or personnel) and to refrain from taking any action designed to harm the public perception of the
Employer or any of the Releasees. Employee further agrees that Employee has disclosed to Employer all information, if any, in Employee’s
possession, custody or control related to any legal, compliance or regulatory obligations of Employer and any failures to meet
such obligations.

 

12.       The
terms of this Agreement are not to be considered as an admission on behalf of either party. Neither this Agreement nor its terms
shall be admissible as evidence of any liability or wrongdoing by each or any of the Releasees in any judicial, administrative
or other proceeding now pending or hereafter instituted by any person or entity. The Employer is entering into this Agreement solely
for the purpose of effectuating a mutually satisfactory separation of Employee's employment.

 

13.       Sections
11 and 12 (Governing Law, Jurisdiction) of the Executive Agreement shall also apply to this Agreement.

 

14.       Along
with the surviving provisions of the Executive Agreement, including but not limited to Sections 6, 7 and 8, this Agreement constitutes
a complete and final agreement between the parties and supersedes and replaces all prior or contemporaneous agreements, offer letters,
severance policies and plans, negotiations, or discussions relating to the subject matter of this Agreement and no other agreement
shall be binding upon each or any of the Releasees, including, but not limited to, any agreement made hereafter, unless in writing
and signed by an officer of the Employer, and only such agreement shall be binding against the Employer.

 

15.       Employee
is advised, and acknowledges that Employee has been advised, to consult with an attorney before signing this Agreement.

 

16.       Employee
acknowledges that Employee is signing this Agreement voluntarily, with full knowledge of the nature and consequences of its terms.

 

17.       All
executed copies of this Agreement and photocopies thereof shall have the same force and effect and shall be as legally binding
and enforceable as the original.

 

18.       Employee
acknowledges that Employee has been given up to twenty-one (21) days within which to consider this Agreement before signing it.
Subject to paragraph 19 below, this Agreement will become effective on the date of Employee's signature hereof.

 

    	 	11	 

     

    

 

19.       For
a period of seven (7) calendar days following Employee’s signature of this Agreement, Employee may revoke the Agreement,
and the Agreement shall not become effective or enforceable until the seven (7) day revocation period has expired. Employee may
revoke this Agreement at any time within that seven (7) day period, by sending a written notice of revocation to the Human Resources
Department of Employer. Such written notice must be actually received by the Employer within that seven (7) day period in order
to be valid. If a valid revocation is received within that seven (7) day period, this Agreement shall be null and void for all
purposes and no severance shall be paid. If Employee does not revoke this agreement, payment of the severance pay amount set forth
in the Employee’s Executive Agreement will be paid in the manner and at the time(s) described in the Executive Agreement.

 

IN WITNESS WHEREOF,
the Parties have read, understand and do voluntarily execute this Separation Agreement and General Release which consists of [NUMBER]
pages.

 

	EMPLOYER	 	EMPLOYEE
	 	 	 
	By:	                  	 	 
	 	 	 
	Date:	 	 	Date:	                   

 

    	 	12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]