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YOU ON DEMAND HOLDINGS, INC.

AMENDMENT NO. 1 TO
CONVERTIBLE PROMISSORY NOTE

This AMENDMENT NO. 2 TO CONVERTIBLE PROMISSORY NOTE (the “Amendment”), effective
as of May 12, 2016 (the “Effective Date”), is by and among YOU On Demand
Holdings, Inc., a Nevada corporation (the “Company”) and Beijing Sun Seven Stars
Culture Development Limited, a P.R.C. company (“Purchaser”):

WHEREAS, the Company and Purchaser are parties to that certain Convertible
Promissory Note of the Company, dated as of December 21, 2015, in principal
amount of Seventeen Million Seven Hundred Seventeen Thousand Eight Hundred
Forty-six & 60/100 Dollars ($17,717,846.60) (the “Note”); and

WHEREAS, the Company and Purchaser desire to amend the Note as provided herein;

NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1.

Effective as of the Effective Date, Section 1.1 of the Note shall be deleted in
its entirety and, in lieu thereof, the following new Section 1.1 is inserted:

“Maturity Date. The Principal and any other amounts payable to Purchaser
hereunder, shall be due and payable to Purchaser on July 31, 2016 (the “Maturity
Date”).”

2.

Except as expressly amended by this Amendment, the terms and conditions of the
Note are hereby confirmed and shall remain in full force and effect without
impairment or modification.

    3.

This Amendment shall be governed by and construed in accordance with the laws of
the State of New York without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New York or any other
jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of New York.

    4.

This Amendment may be executed electronically via email or facsimile and in two
or more 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 Left Blank; Signature Page Follows]

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first set forth above.

YOU ON DEMAND HOLDINGS, INC.

By: /s/ Mingcheng Tao                                     
Name: Mingcheng Tao
Title: Chief Executive Officer

BEIJING SUN SEVEN STARS CULTURE
DEVELOPMENT LIMITED:

By: /s/ Bruno Wu                                                 
Name: Bruno Wu
Title: Chairman & CEO

 

 

[Signature Page – Amendment No. 1 to Convertible Promissory Note]

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