Document:

Exhibit
10.29

 

Lock-Up
Agreement

 

 

[•],
2015

 

Axiom Capital
Management, Inc.

780 Third
Avenue, 43rd Floor

New York,
New York 10017

 

Ladies
and Gentlemen:

 

The
undersigned understands that Axiom Capital Management, Inc., as representative of the several underwriters named on Schedule 1
of the Underwriting Agreement (as defined below) (the “Representative”), proposes to enter into an Underwriting
Agreement (the “Underwriting Agreement”) with Yulong Eco-Materials Limited, an exempted company with limited
liability under the laws of Cayman Islands (the “Company”), providing for the public offering (the “Public
Offering”) of ordinary shares, par value $0.001 per share, of the Company (the “Shares”).

 

To
induce the Representative to continue its efforts in connection with the Public Offering, the undersigned hereby agrees that,
without the prior written consent of the Representative, the undersigned will not, during the period commencing on the date hereof
and ending [•] days after the date of the final prospectus (the “Prospectus”) relating to the Public Offering
(the “Lock-Up Period”), (1) offer, pledge, sell, contract to sell, grant, lend, or otherwise transfer or dispose
of, directly or indirectly, any Shares or any securities convertible into or exercisable or exchangeable for Shares, whether now
owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of
disposition (collectively, the “Lock-Up Securities”); (2) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the Lock-Up Securities, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of Lock-Up Securities, in cash or otherwise; (3) make any demand
for or exercise any right with respect to the registration of any Lock-Up Securities; or (4) publicly disclose the intention to
make any offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement relating to any
Lock-Up Securities. Notwithstanding the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities
without the prior written consent of the Representative in connection with (a) transactions relating to Lock-Up Securities acquired
in open market transactions after the completion of the Public Offering; provided that no filing under Section 16(a)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shall be required or shall be voluntarily
made in connection with subsequent sales of Lock-Up Securities acquired in such open market transactions; (b) transfers of Lock-Up
Securities as a bona fide gift, by will or intestacy or to a family member or trust for the benefit of a family member
(for purposes of this lock-up agreement, “family member” means any relationship by blood, marriage or adoption, not
more remote than first cousin); (c) transfers of Lock-Up Securities to a charity or educational institution; or (d) if the undersigned,
directly or indirectly, controls a corporation, partnership, limited liability company or other business entity that holds Lock-Up
Securities, any transfers of such Lock-Up Securities to any shareholder, partner or member of, or owner of similar equity interests
in, the undersigned, as the case may be; provided that in the case of any transfer pursuant to the foregoing clauses (b),
(c) or (d), (i) any such transfer shall not involve a disposition for value, (ii) each transferee shall sign and deliver to the
Representative a lock-up agreement substantially in the form of this lock-up agreement and (iii) no filing under Section 16(a)
of the Exchange Act shall be required or shall be voluntarily made. The undersigned also agrees and consents to the entry of stop
transfer instructions with the Company’s transfer agent and registrar against the transfer of the undersigned’s Lock-Up
Securities except in compliance with this lock-up agreement.

 

    	 

    	 

    

 

If
the undersigned is an officer or director of the Company, (i) the undersigned agrees that the foregoing restrictions shall be
equally applicable to any issuer-directed or “friends and family” Shares that the undersigned may purchase in the
Public Offering; (ii) the Representative agrees that, at least three (3) business days before the effective date of any release
or waiver of the foregoing restrictions in connection with a transfer of Lock-Up Securities, the Representative will notify the
Company of the impending release or waiver; and (iii) the Company has agreed in the Underwriting Agreement to announce the impending
release or waiver by press release through a major news service at least two (2) business days before the effective date of the
release or waiver. Any release or waiver granted by the Representative hereunder to any such officer or director shall only be
effective two (2) business days after the publication date of such press release. The provisions of this paragraph will not apply
if (a) the release or waiver is effected solely to permit a transfer of Lock-Up Securities not for consideration and (b) the transferee
has agreed in writing to be bound by the same terms described in this lock-up agreement to the extent and for the duration that
such terms remain in effect at the time of such transfer.

 

No
provision in this agreement shall be deemed to restrict or prohibit the exercise, exchange or conversion by the undersigned of
any securities exercisable or exchangeable for or convertible into Shares, as applicable; provided that the undersigned
does not transfer the Shares acquired on such exercise, exchange or conversion during the Lock-Up Period, unless otherwise permitted
pursuant to the terms of this lock-up agreement. In addition, no provision herein shall be deemed to restrict or prohibit the
entry into or modification of a so-called “10b5-1” plan at any time (other than the entry into or modification of
such a plan in such a manner as to cause the sale of any Lock-Up Securities within the Lock-Up Period).

 

The
undersigned understands that the Company and the Representative are relying upon this lock-up agreement in proceeding toward consummation
of the Public Offering. The undersigned further understands that this lock-up agreement is irrevocable and shall be binding upon
the undersigned’s heirs, legal representatives, successors and assigns.

 

The
undersigned understands that, if the Underwriting Agreement is not executed by March 31, 2015, or if the Underwriting Agreement
(other than the provisions thereof which survive termination) shall terminate or be terminated prior to the initial closing date
of the Shares to be sold thereunder, then this lock-up agreement shall be void and of no further force or effect.

 

    	- 2 -

    	 

    

 

Whether
or not the Public Offering actually occurs depends on a number of factors, including market conditions. Any Public Offering will
only be made pursuant to an Underwriting Agreement, the terms of which are subject to negotiation between the Company and the
Representative.

 

	 	Very
    truly yours,
	 	 
	 	 
	 	(Name
    - Please Print)
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name
    of Signatory, in the case of entities - Please Print)
	 	 
	 	 
	 	(Title
    of Signatory, in the case of entities - Please Print)
	 	 
	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	 

 

 

 -
3 -Exhibit 10.30

 

YULONG ECO-MATERIALS LIMITED

Eastern End of Xiwuzhuang Village

Jiaodian Town, Xinhua Area

Pingdingshan, Henan Province

People’s Republic of China

 

January 15, 2015

 

Alice Io Wai Wu

3936 Tipperary Ct.

Yorba Linda, CA 92886

 

Re:         Director Offer Letter

 

Dear Ms. Wu:

 

Yulong Eco-Materials
Limited, a Cayman Islands exempted company (the “Company”), is pleased to offer you a position as of member
of its Board of Directors (the “Board”).  We believe your background and experience will be a significant
asset to the Company and we look forward to your participation on the Board.  Should you choose to accept this position
as a member of the Board, this letter agreement (the “Agreement”) shall constitute an agreement between you
and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company.

 

1.   Term.  This
Agreement is effective as of the closing of the Company’s initial public offering; provided that you consent to be
named in the Registration Statement on Form S-1 of the Company filed in connection therewith, and any amendments thereto, as a
person about to become a director of the Company. Your term as director shall continue subject to the provisions in Section
9 below or until your successor is duly elected and qualified.  The position shall be up for re-election each year
at the annual shareholder’s meeting and upon re-election, the terms and provisions of this Agreement shall remain in full
force and effect.

 

2.   Services.  You
shall render services as a member of the Board and the Board’s committees set forth on Schedule A attached hereto
(hereinafter your “Duties”). During the term of this Agreement, you shall attend and participate in such number
of meetings of the Board and of the committee(s) of which you are a member as regularly or specially called. You may attend and
participate at each such meeting, via teleconference, video conference or in person. You shall consult with the other members of
the Board and committee(s) as necessary via telephone, electronic mail or other forms of correspondence.

 

3.   Compensation.  As
compensation for your services to the Company, you will receive (a) $15,000 in cash per year for serving on the Board; and
(b) $5,000 in cash per year for serving as the chairman of any of the committees. The compensation shall be paid to you
quarterly in arrears as determined by the Company.

 

You shall be reimbursed
for reasonable and approved expenses incurred by you in connection with the performance of your Duties.

 

    	 

    	 

    

 

4.   D&O
Insurance Policy. During the term under this Agreement, the Company shall include you as an insured under its officers
and directors insurance policy, which the Company shall use its best effort to maintain at a minimum coverage of US$1 million.

 

5.   No Assignment.  Because
of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written
consent of the Company.

 

6.   Confidential
Information; Non-Disclosure.  In consideration of your access to certain Confidential Information (as defined
below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

 

a.     Definition.  For
purposes of this Agreement the term “Confidential Information” means:

 

i.   Any
information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or
could have commercial value or utility in the business in which the Company is engaged; or

 

ii.  Any
information which is related to the business of the Company and is generally not known by non-Company personnel.

 

iii.  Confidential
Information includes, without limitation, trade secrets and any information concerning services provided by the Company, concepts,
ideas, improvements, techniques, methods, research, data, know-how, software, formats, marketing plans, and analyses, business
plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

 

b.   Exclusions.  Notwithstanding
the foregoing, Confidential Information shall not include:

 

i.   Any
information which becomes generally available to the public other than as a result of a breach of the confidentiality portions
of this Agreement, or any other agreement requiring confidentiality between the Company and you;

 

ii.  Information
received from a third party in rightful possession of such information who is not restricted from disclosing such information;
and

 

iii.  Information
known by you prior to receipt of such information from the Company, which prior knowledge can be documented.

 

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c.   Documents.
You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes,
formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential
Information, nor will you make reproductions or copies of same.  You shall promptly return any such documents or items,
along with any reproductions or copies, to the Company upon the earliest of Company's demand, termination of this Agreement, or
your termination or Resignation, as defined in Section 9 herein.

 

d.   Confidentiality.  You
agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly,
any Confidential Information or anything relating to such information without the prior written consent of the Company, except
as maybe necessary in the course of your business relationship with the Company.  You further agree that you will not
use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of
your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of
this Agreement.

 

e.   Ownership.  You
agree that Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work
rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating
to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas
and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that
arise out of your Duties (collectively,  “Inventions”)  and you will promptly disclose and
provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect
such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

 

7.   Non-Competition.
You agree and undertake that you will not, so long as you are a member of the Board and for a period of 12 months following
termination of this Agreement for whatever reason, directly or indirectly as owner, partner, joint venturer, shareholder, employee,
broker, agent principal, corporate officer, director, licensor or in any other capacity whatsoever, engage in, become financially
interested in, be employed by, or have any connection with any business or venture that is engaged in any activities involving
services or products which compete, directly or indirectly, with the services or products provided or proposed to be provided
by the Company or its subsidiaries or affiliates; provided, however, that you may own securities of
any public corporation which is engaged in such business but in an amount not to exceed at any one time, one percent of any class
of stock or securities of such company, so long as you has no active role in the publicly owned company as director, employee,
consultant or otherwise.

 

8.   Non-Solicitation.  
So long as you are a member of the Board and for a period of 12 months thereafter, you shall not directly or indirectly solicit
for employment any individual who was an employee of the Company during your tenure.

 

    	3

    	 

    

 

9.   Termination
and Resignation.  Your membership on the Board may be terminated for any or no reason by a vote of the shareholders
holding at least a majority of the shares of the Company’s issued and outstanding ordinary shares entitled to vote. Your
membership on the Board or on a Board committee may be terminated for any or no reason by a majority of the Board at any time,
if you have been declared incompetent by an order of a court of competent jurisdiction or convicted of a felony. You may also terminate
your membership on the Board or on a committee for any or no reason by delivering your written notice of resignation to the Company
(“Resignation”), and such Resignation shall be effective upon the time specified therein or, if no time is specified,
upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right
to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already
earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the
effective date of such termination or Resignation.  

 

10.   Governing
Law.  All questions with respect to the construction and/or enforcement of this Agreement, and the rights and
obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements
made and to be performed entirely in the State of New York.

 

11.   Entire
Agreement; Amendment; Waiver; Counterparts.  This Agreement expresses the entire understanding with respect to
the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter
hereof.  Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with
the written consent of the parties hereto.  Waiver of any term or condition of this Agreement by any party shall not
be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition
of this Agreement.  The failure of any party at any time to require performance by any other party of any provision of
this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision
of this Agreement.  This Agreement may be executed in separate counterparts each of which will be an original and all
of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile
of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

 

12.   Indemnification.  The
Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses,
including reasonable attorney’s fees, judgments, fines, settlements and other legally permissible amounts (“Losses”),
incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such
Losses incurred as a result of your negligence or willful misconduct.  The Company shall advance to you any expenses,
including reasonable attorneys’ fees and costs of settlement, incurred in defending any such proceeding to the maximum extent
permitted by applicable law.  Such costs and expenses incurred by you in defense of any such proceeding shall be paid
by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request
for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment
is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced
if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified
by the Company.

 

    	4

    	 

    

 

13.   Not
an Employment Agreement.   This Agreement is not an employment agreement, and shall not be construed or interpreted
to create any right for you to continue employment with the Company.

 

14.   Acknowledgement.  
You accept this Agreement subject to all the terms and provisions of this Agreement.  You agree to accept as binding,
conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under
this Agreement.

 

[Signature page follows]

 

    	5

    	 

    

 

The Agreement has
been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

 

	 	Sincerely,
	 	 
	 	YULONG ECO-MATERIALS LIMITED
	 	 	 
	 	By:	/s/ Yulong Zhu
	 	Name:	Yulong Zhu
	 	Title:	Chief Executive Officer

 

	AGREED AND ACCEPTED:	 
	 	 
	/s/ Alice Io Wai Wu	 
	Alice Io Wai Wu	 

 

    	6

    	 

    

 

SCHEDULE A

 

The director is offered to serve on the following Board committee(s):

 

Audit Committee (Chairman)

Compensation Committee

Nominating and Corporate Governance Committee

 

 

7

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