Document:

Exhibit
10.20(b)

 

YULONG
ECO-MATERIALS LIMITED

 

RESTRICTED
STOCK AWARD AGREEMENT

 

	Grantee:	Zan
    Wu

 

	Grant
    Date:	January
    27, 2015

 

	Number
    of Shares:	20,000
    shares

 

	Original
    Value:	$      per
    share

 

Pursuant
to that certain Employment Agreement dated as of July 28, 2014 (the “Employment Agreement”), between Yulong
Eco-Materials Limited, a Cayman Islands company (the “Company”), and Zan Wu (“Grantee”),
an individual, the Company hereby grants a Restricted Stock Award (“Award”) to Grantee.  Upon acceptance
of this Award, Grantee shall receive the number of shares of ordinary shares of the Company, par value $0.001 per share, specified
above (the “Shares”) having a fair value per share (“Original Value”) equal to the amount
specified above, subject to the restrictions and conditions set forth herein.  The Company acknowledges the receipt
from Grantee of consideration with respect to the Original Value of the Shares in the form of cash, past or future services rendered
to the Company by Grantee, or such other form of consideration as is acceptable to the Company’s board of directors (the
“Board”).

 

1.Acceptance
of Award.  Grantee shall have no rights with respect to this Award unless he or she shall have accepted this
Award by signing and delivering to the Company a copy of this Award Agreement.  Upon acceptance of this Award by Grantee,
the Shares so accepted shall be issued by the Company’s transfer agent in certificate form, subject to Section
3, and Grantee’s name shall be entered as the stockholder of record on the books of the Company.  Thereupon,
Grantee shall have all the rights of a shareholder with respect to such Shares, including voting and dividend rights, subject,
however, to the terms hereof, including the restrictions and conditions specified in Section 2 below.

 

2.Restrictions
and Conditions.

 

2.1The
Award granted herein may not be sold, assigned, transferred, pledged, or otherwise encumbered or disposed of by Grantee prior
to vesting.

 

2.2In
the event the Employment Agreement is terminated by the Company “for cause” (as defined in the Agreement) or by Grantee,
any portion of the Award not vested at the time of such termination shall be automatically forfeited by Grantee as of the date
of such termination.

 

2.3In
the event the Employment Agreement is terminated other than “for cause”, the Award shall fully vest on the date of
such termination and be free of any restrictions.

 

    	 

    	 

    

 

3.Vesting.  The
Shares shall vest in one installment concurrently with the closing of the Company’s initial public offering of its ordinary
shares in the United States. The restrictions and conditions of Section 2 shall lapse as to each amount of Shares vested
according to the schedule above.  The Board may at any time accelerate the vesting schedule specified in this Section 3.

 

4.Dividends.  Dividends
on the ordinary shares, if any are declared, shall be paid currently to Grantee and shall be subject to the same restrictions
as the Shares as provided herein.

 

5.Adjustments.  The
Shares shall be subject to adjustment in the case of any stock split, reverse stock split, combination or similar events.

 

6.Post-Vesting
Transfer.  The certificate(s) representing the Shares shall be held in escrow by the Company’s outside
counsel and distributed to Grantee on the ninetieth (90th) day from the termination of the Employment Agreement.  In
the event Grantee desires to transfer any Shares prior to the ninety-first (91st) day from the termination of the Employment Agreement,
Grantee shall first offer to sell such Shares to the Company.  Grantee shall deliver to the Company written notice of
the intended sale, such notice to specify the number of Shares to be sold, the proposed purchase price and terms of payment, and
grant the Company an option for a period of thirty (30) days following receipt of such notice to purchase the offered Shares upon
the same terms and conditions.  To exercise such option, the Company shall give notice of that fact to Grantee within
the 30-day notice period and agree to pay the purchase price in the manner provided in the notice.  If the Company does
not purchase all of the Shares so offered during foregoing option period, Grantee shall be under no obligation to sell any of
the offered Shares to the Company, but may dispose of such Shares in any lawful manner during a period of one hundred and eighty
(180) days following the end of such notice period, except that Grantee shall not sell any such Shares to any other person at
a lower price or upon more favorable terms than those offered to the Company. In connection therewith, Grantee agrees that all
certificates representing any of the Shares subject to the provisions of this Agreement shall have endorsed thereon the following
legend:

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER IN FAVOR OF THE COMPANY OR ITS ASSIGNEE
SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY
OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THIS COMPANY.

 

7.Restricted
Securities. Grantee acknowledges that the Shares shall be “restricted” and cannot be resold without their
prior registration or compliance with the terms of Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), or an exemption therefrom. In connection therewith, Grantee agrees that all certificates representing any of
the Shares subject to the provisions of this Agreement shall have endorsed thereon the following legend:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES,
THE SALE IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER
OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT.

 

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8.Representations
and Warranties of Grantee. In connection with the grant of the Award, Grantee hereby agrees, represents and warrants as
follows:

 

(a)Grantee
is acquiring the Shares solely for Grantee’s own account for investment and not with a view to, or for resale in connection
with, any distribution thereof within the meaning of the Securities Act.

 

(b)Grantee
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Shares. Grantee further represents and warrants that Grantee has
discussed the Company and its plans, operations and financial condition with its officers, has received all such information as
Grantee deems necessary and appropriate to enable Grantee to evaluate the financial risk inherent in making an investment in the
Shares and has received satisfactory and complete information concerning the business and financial condition of the Company in
response to all inquiries in respect thereof.

 

(c)Grantee
understands that the Shares will be a highly speculative investment, and Grantee is able, without impairing Grantee’s financial
condition, to hold the Shares for an indefinite period of time and to suffer a complete loss of Grantee’s investment.

 

9.Notices.  Notices
hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to Grantee
at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the
other party in writing.

 

10.Invalid
Provision. The invalidity or unenforceability of any particular provision thereof shall not affect the other provisions
hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted.

 

11.Modifications. No
change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the
parties hereto.

 

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12.Entire
Agreement. This Agreement contain the entire agreement and understanding of the parties hereto with respect to the
subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto.

 

13.Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

[Remainder
of page intentionally blank; Signature page follows]

 

    	4

    	 

    

 

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of January 27, 2015.

 

	YULONG
    ECO-MATERIALS LIMITED 	 	GRANTEE
	 	 	 	 
	By:	/s/
    Yulong Zhu	 	/s/
    Zan Wu
	 	Yulong
    Zhu	 	Zan
    Wu
	 	Chief
    Executive Officer	 	 

 

 

5Exhibit 10.21

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT
AGREEMENT (the “Agreement”) is entered into as of January 27, 2015, by and between Yulong Eco-Materials Limited,
a company incorporated and existing under the laws of the Cayman Islands (the “Company”) and Yulong Zhu, an
individual (“Executive”). The term “Company” as used herein with respect to all obligations of Executive
hereunder shall be deemed to include the Company and all of its direct or indirect subsidiaries and affiliates (collectively, the
“Group”).

 

RECITALS

 

A.Executive
has been acting as Chief Executive Officer of the Company without any written agreement.

 

B.The Company
desires that Executive continues as its Chief Executive Officer pursuant to the terms and conditions of this Agreement, which terms
and conditions are acceptable to Executive.

 

AGREEMENT

 

The parties hereto agree as follows:

 

1.POSITION.

 

Executive hereby
accepts a position of Chief Executive Officer (the “Employment”) of the Company.

 

2.TERM. 

 

Subject to the terms
and conditions of this Agreement, the initial term of the Employment shall be from January 1, 2015 (the “Effective Date”),
until December 31, 2015, unless terminated earlier pursuant to the terms of this Agreement. The Company and Executive can
determine to extend the Employment through mutual agreement.

 

3.DUTIES
AND RESPONSIBILITIES

 

Executive’s
duties at the Company will include all jobs assigned by the Board of Directors of the Company (the “Board”)
or, if authorized by the Board, by the Company’s Chief Executive Officer.

 

Executive shall
devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully
and diligently serve the Company in accordance with this Agreement and the guidelines, policies and procedures of the Company approved
from time to time by the Board.

 

    	 

    	 

    

 

Executive shall
use his/her best efforts to perform his/her duties hereunder.  Executive shall not, without the prior written consent of the
Board, become an employee or consultant of any entity other than the Company and/or any member of the Group, and shall not carry
on or be interested in the business or entity that competes with that carried on by the Group (any such business or entity, a “Competitor”),
provided that nothing in this clause shall preclude Executive from holding any shares or other securities of any Competitor that
is listed on any securities exchange or recognized securities market anywhere.  Executive shall notify the Company in writing
of his/her interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably
require.

 

4.NO BREACH
OF CONTRACT

 

Executive hereby
represents to the Company that: (i) the execution and delivery of this Agreement by Executive and the performance by Executive
of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement
or policy to which Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between
Executive and any member of the Group pursuant to applicable law of the jurisdiction where Executive is based, if any; (ii) that
Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other
person or entity which would prevent, or be violated by, Executive entering into this Agreement or carrying out his/her duties
hereunder; and (iii) that Executive is not bound by any confidentiality, trade secret or similar agreement with any other
person or entity except for other member(s) of the Group, as the case may be.

 

5.LOCATION

 

Executive will be
based in Pingdingshan, China, until both parties hereto agree to change otherwise.

 

6.COMPENSATION
AND BENEFITS

 

For the duties and
services to be performed by Executive hereunder, the Company shall pay Executive, and Executive agrees to accept, the salary, share
options, bonuses and other benefits described in Schedule A hereto.

 

7.TERMINATION
OF THE AGREEMENT

 

(a)By the
Company.  The Company may terminate the Employment for cause, at any time, without advance notice or remuneration, if
(1) Executive is convicted or pleads guilty to a felony or to an act of fraud, misappropriation or embezzlement, (2) Executive
has been negligent or acted dishonestly to the detriment of the Company, (3) Executive has engaged in actions amounting to
misconduct or failed to perform his/her duties hereunder and such failure continues after Executive is afforded a reasonable opportunity
to cure such failure, (4) Executive has died, or (5) Executive has a disability which shall mean a physical or mental
impairment which, as reasonably determined by the Board, renders Executive unable to perform the essential functions of his/her
employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more
than 180 days in any 12-month period, unless a longer period is required by applicable law, in which case that longer period would
apply.  In addition, the Company may terminate the Employment without cause, at any time, upon three-month prior written notice
to Executive.  Upon termination without cause, the Company shall provide severance payments to Executive as expressly required
by applicable law of the jurisdiction where Executive is based.

 

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(b)By Executive. 
Executive may resign from the Company at any time with a three-month prior written notice to the Company.

 

(c)Notice
of Termination.  Any termination of Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party.

 

8.CONFIDENTIALITY
AND NONDISCLOSURE

 

(a)Confidentiality
and Non-disclosure.  Executive agrees at all times during and after the Employment, to hold in the strictest confidence,
and not to use, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential
Information, except as required in the performance of Executive’s duties in connection with the Employment or pursuant to
applicable law. Executive understands that “Confidential Information” means any proprietary or confidential information
of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data,
trade secrets, research and development information, product plans, services, customer lists and customers, supplier lists and
suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel
information, marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons
with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other
business information disclosed to Executive by or obtained by Executive from the Company, its affiliates, or their respective clients,
customers or partners either directly or indirectly in writing, orally or otherwise, if specifically indicated to be confidential
or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information
that is generally available and known to the public through no breaching the confidential obligations of this agreement by Executive.

 

(b)Trade Secrets. 
During and after the Employment, Executive shall hold the Trade Secrets (as defined below) in strict confidence; Executive shall
not disclose the Trade Secrets to anyone except other employees of the Company who have a need to know the Trade Secrets in connection
with the Company’s business.  Executive shall not use the Trade Secrets other than for his /her duties of the Company
and for the benefits of the Company. “Trade Secrets” means information deemed confidential by the Company, treated
by the Company or which Executive knows or ought reasonably to have known to be confidential, and trade secrets, including without
limitation designs, processes, pricing policies, methods, inventions, conceptions, technology, technical data, financial information,
corporate structure and know-how, relating to the business and affairs of the Company and its subsidiaries, affiliates and business
associates, whether embodied in memoranda, manuals, letters or other documents, computer disks, tapes or other information storage
devices, hardware, or other media or vehicles.  Trade Secrets do not include information generally known or released to public
domain through no breaching the confidential obligations of this agreement by Executive.

 

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(c)Company
Property. Executive understands that all documents (including computer records, facsimile and e-mail) and materials created,
received or transmitted in connection with his or her work or using the facilities of the Company are property of the Company
and subject to inspection by the Company, at any time. Upon termination of the Employment (or at any other time when requested
by the Company), Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work
with the Company and will provide written certification of his or her compliance with this Agreement. Under no circumstances will
Executive have, following his or her termination, in his or her possession any property of the Company, or any documents or materials
or copies thereof containing any Confidential Information.

 

(d)Former
Employer Information.  Executive represents and agrees that, during the term of his/her employment with the Company,
he/she has not improperly used or disclosed, and will not improperly use or disclose, any proprietary information or trade secrets
of any former employer or other person or entity with which Executive has an agreement to keep in confidence information acquired
by Executive, if any.  Executive will indemnify the Company and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

 

(e)Third Party
Information.  Executive recognizes that the Company may have received, and in the future may receive, from third parties
their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of
such information and to use it only for certain limited purposes.  Executive agrees that Executive owes the Company and such
third parties, during Executive’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent with,
and for the limited purposes permitted by, the Company’s agreement with such third party.

 

This Section 8
shall survive the termination of this Agreement for any reason.  In the event Executive breaches this Section 8, the
Company shall have right to seek remedies permissible under applicable law.

 

9.INVENTIONS

 

(a)Inventions
Retained and Licensed.    Executive has attached hereto, as Schedule B, a list describing all inventions,
ideas, improvements, designs and discoveries, whether or not patentable and whether or not reduced to practice, original works
of authorship and trade secrets made or conceived by or belonging to Executive (whether made solely by Executive or jointly with
others) that (i) were developed by Executive prior to Executive’s employment by the Company (collectively, “Prior
Inventions”), (ii) relate to the Company’ actual or proposed business, products or research and development,
and (iii) are not assigned to the Company hereunder; or, if no such list is attached, Executive represents that there are
no such Prior Inventions.  Except to the extent set forth in Schedule B, Executive hereby acknowledges that, if in
the course of his/her service for the Company, Executive incorporates into a Company product, process or machine a Prior Invention
owned by Executive or in which he/she has an interest, the Company is hereby granted and shall have a nonexclusive, royalty-free,
irrevocable, perpetual, worldwide right and license (which may be freely transferred by the Company to any other person or entity)
to make, have made, modify, use, sell, sublicense and otherwise distribute such Prior Invention as part of or in connection with
such product, process or machine.

 

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(b)Disclosure
and Assignment of Inventions.  Executive understands that the Company engages in research and development and other activities
in connection with its business and that, as an essential part of the Employment, Executive is expected to make new contributions
to and create inventions of value for the Company. From and after the Effective Date, Executive shall disclose in confidence to
the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions of matter, computer
software programs, databases, mask works and trade secrets (collectively, the “Inventions”), which Executive
may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice,
during the period of Executive’s Employment at the Company.  Executive acknowledges that copyrightable works prepared
by Executive within the scope of and during the period of Executive’s Employment with the Company are “works for hire”
and that the Company will be considered the author thereof.  Executive agrees that all the Inventions shall be the sole and
exclusive property of the Company and Executive hereby assigns all his/her right, title and interest in and to any and all of the
Inventions to the Company or its successor in interest without further consideration.

 

(c)Patent
and Copyright Registration.  Executive agrees to assist the Company in every proper way to obtain for the Company and
enforce patents, copyrights, mask work rights, trade secret rights, and other legal protection for the Inventions.  Executive
will execute any documents that the Company may reasonably request for use in obtaining or enforcing such patents, copyrights,
mask work rights, trade secrets and other legal protections.  Executive’s obligations under this paragraph will continue
beyond the termination of the Employment with the Company, provided that the Company will reasonably compensate Executive after
such termination for time or expenses actually spent by Executive at the Company’s request on such assistance.

 

(d)Return
of Confidential Materials.  In the event of Executive’s termination of employment with the Company for any reason
whatsoever, Executive agrees promptly to surrender and deliver to the Company all records, materials, equipment, drawings, documents
and data of any nature pertaining to any confidential information or to his/her employment, and Executive will not retain or take
with him/her any tangible materials or electronically stored data, containing or pertaining to any confidential information that
Executive may produce, acquire or obtain access to during the course of his/her employment.

 

This Section 9
shall survive the termination of this Agreement for any reason.  In the event Executive breaches this Section 9, the
Company shall have right to seek remedies permissible under applicable law.

 

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10.NON-COMPETITION
AND NON-SOLICITATION

 

In consideration
of the Employment, Executive agrees that during the term of the Employment and for a period of one (1) year following the
termination of the Employment for whatever reason:

 

(a)Executive
will not approach suppliers, clients, customers or contacts of the Company or other persons or entities introduced to Executive
in Executive’s capacity as a representative of the Company for the purposes of doing business with such persons or entities
which will harm the business relationship between the Company and such persons and/or entities;

 

(b)unless expressly
consented to by the Company, Executive will not assume employment with or provide services as a director or otherwise for any
Competitor, or engage, whether as principal, partner, licensor or otherwise, any Competitor; and

 

(c)unless expressly
consented to by the Company, Executive will not seek directly or indirectly, by the offer of alternative employment or other inducement
whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in
the year preceding such termination.

 

The provisions contained
in this Section 10 are considered reasonable by Executive and the Company.  In the event that any such provisions should
be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application
reduced, such provisions shall apply with such modification as may be necessary to make them valid and effective.

 

This Section 10
shall survive the termination of this Agreement for any reason.  In the event Executive breaches this Section 10, Executive
acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree
for specific performance, and such other relief as may be proper (including monetary damages if appropriate).  In any event,
the Company shall have right to seek all remedies permissible under applicable law.

 

11.WITHHOLDING
TAXES

 

Notwithstanding
anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts
otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment,
or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

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12.ASSIGNMENT

 

This Agreement is
personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement
or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any
rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation,
or transfer or sale of all or substantially all of the assets of the Company with or to any other individual or entity, this Agreement
shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge
and perform all the promises, covenants, duties, and obligations of the Company hereunder.

 

13.SEVERABILITY

 

If any provision
of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications
of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this
Agreement are declared to be severable.

 

14.ENTIRE
AGREEMENT

 

This Agreement constitutes
the entire agreement and understanding between Executive and the Company regarding the terms of the Employment and supersedes all
prior or contemporaneous oral or written agreements concerning such subject matter.  Executive acknowledges that he/she has
not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

 

15.GOVERNING
LAW

 

This Agreement shall
be governed by and construed in accordance with the law of the Cayman Islands.

 

16.AMENDMENT

 

This Agreement may
not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring
to this Agreement, which agreement is executed by both of the parties hereto.

 

17.WAIVER

 

Neither the failure
nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. 
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

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18.NOTICES

 

All notices, requests,
demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been
duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt therefor, or (iii) sent by
a recognized courier with next-day or second-day delivery to the last known address of the other party.

 

19.COUNTERPARTS

 

This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears
thereon, and all of which together shall constitute one and the same instrument.  This Agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon
as the signatories.  Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

 

20.NO INTERPRETATION
AGAINST DRAFTER

 

Each party recognizes
that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal
counsel of choice.  In any construction of the terms of this Agreement, the same shall not be construed against either party
on the basis of that party being the drafter of such terms.

 

[Remainder of this page has been
intentionally left blank.]

 

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IN WITNESS WHEREOF, this Agreement has
been executed as of the date first written above.

 

	 	Yulong Eco-Materials Limited
	 	 	 
	 	By:	/s/
WU Zan
	 	Name: WU Zan
	 	Title: Chief Financial Officer
	 	 
	 	Executive
	 	 	 
	 	Signature:	/s/ ZHU Yulong 
	 	Name: ZHU Yulong

 

    	9

    	 

    

 

Schedule A

 

Executive’s Compensation

 

(a)    Base
Salary.  Executive’s initial base salary shall be Three Hundred Thousand Dollars ($300,000) per year commencing
with the closing of the Company’s initial public offering of its ordinary shares in the United States. The foregoing compensation
shall be paid to Executive in periodic installments in accordance with the Company’s regular payroll practices, and such
compensation is subject to annual review and adjustment by the Board.

 

(b)    Bonus.
Executive shall be eligible for bonuses determined by the Board.

 

(c)    Equity
Incentives.  Executive shall be eligible to participate in the Company’s equity incentive plan(s) pursuant
to the terms and conditions thereof as determined by the Board, and any award granted thereunder will be governed by an award agreement
to be entered into separately between the Company and Executive.

 

(d)    Expenses.
Executive shall be entitled to reimbursement by the Company for all reasonable ordinary and necessary travel and other expenses
incurred by Executive in the performance of his duties under this Agreement; provided that he properly accounts for such expenses
in accordance with the Company’s policies and procedures.

 

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 Schedule
B

 

List of Prior Inventions

 

	Title	 	Date	 	Identifying Number

or Brief Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

            
No inventions or improvements

 

            
Additional Sheets Attached

 

	Signature of Executive:	 /s/
ZHU Yulong	 
	 	 	 
	Print Name of Executive:	ZHU Yulong	 
	 	 	 
	Date:	1/27/2015	 

 

 

11

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