EX-4.35



 Exhibit 4.35 

FORM OF EXECUTIVE EMPLOYMENT AGREEMENT 

EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement’), effective as of
                , 2018, by and between Changyou.com Limited, a Cayman Islands company (the “Company”), and
            , an individual (the “Employee”). 

1.    Definitions. Capitalized terms used herein and not otherwise defined in the text below will have the meanings
ascribed thereto on Annex 1. 
 2.     Employment; Duties. 

(a)    The Company agrees to employ the Employee in the capacity and with such responsibilities as are generally set forth
on Annex 2. 
 (b)    The Employee hereby agrees to devote his full time and best efforts in such capacities as
are set forth on Annex 2 on the terms and conditions set forth herein. Notwithstanding the foregoing, the Employee may engage in other activities, such as activities involving professional, charitable, educational, religious and similar types
of organizations, provided that the Employee complies with the Executive Employee Non-competition, Non-solicitation, Confidential Information and Work Product Agreement
effective as of January 1, 2018, in the form attached hereto as Annex 3 (the “Employee Obligations Agreement”) and such other activities do not interfere with or prohibit the performance of the Employee’s duties under this
Agreement, or conflict in any material way with the business of the Company or of its subsidiaries and affiliates, including the Company’s variable interest entities. The provisions of the Executive Employee Obligations Agreement between the
Company and the Employee as in effect prior to January 1, 2018 will continue with full force and effect with respect to all matters arising with respect to periods through December 31, 2017. The Employee Obligations Agreement will be
effective as of January 1, 2018 and will have full force and effect on and after such date. 
 (c)    The Employee
will use best efforts during the Term to ensure that the Company’s business and those of its subsidiaries and variable interest entities are conducted in accordance with all applicable laws and regulations of all jurisdictions in which such
businesses are conducted. 
 3.    Compensation. 

(a)    Base Annual Income. During the Term, the Company will pay the Employee an annual base salary as set forth on
Annex 2, payable monthly pursuant to the Company’s normal payroll practices. 
 (b)    Discretionary
Bonus. During the Term, the Company, in its sole discretion, may award to the Employee an annual bonus based on the Employee’s performance and other factors deemed relevant by the Company’s Board of Directors. 

(c)    Share Incentive Awards. The Employee will be eligible to participate in any share incentive programs
available to officers or employees of the Company. 

  
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 (d)    Reimbursement of Expenses. The Company will reimburse the
Employee for reasonable expenses incurred by the Employee in the course of, and necessary in connection with, the performance by the Employee of his or her duties to the Company, provided that such expenses are substantiated in accordance with the
Company’s policies. 
 4.     Other Employee Benefits. 

(a)    Vacation; Sick Leave. The Employee will be entitled to such number of weeks of paid vacation each year as are
set forth on Annex 2, the taking of which must be coordinated with the Employee’s supervisor in accordance with the Company’s standard vacation policy. Unless otherwise approved by the Company’s Board of Directors, vacation
that is not used in a particular year may only be carried forward to subsequent years in accordance with the Company’s policies in effect from time to time. The Employee will be eligible for sick leave in accordance with the Company’s
policies in effect from time to time. 
 (b)    Healthcare Plan. The Company will arrange for membership in the
Company’s group healthcare plan for the Employee and the Employee’s spouse, in accordance with the Company’s standard policies from time to time with respect to health insurance and in accordance with the rules established for
individual participation in such plan and under applicable law. 
 (c)    Life and Disability Insurance. The
Company will provide term life and disability insurance payable to the Employee, in each case in an amount up to a maximum of one times the Employee’s base salary in effect from time to time, provided however, that such amount will be reduced
by the amount of any life insurance or death or disability benefit coverage, as applicable, that is provided to the Employee under any other benefit plans or arrangements of the Company. Such policies will be in accordance with the Company’s
standard policies from time to time with respect to such insurance and the rules established for individual participation in such plans and under applicable law. 

(d)    Other Benefits. Pursuant to the Company’s policies in effect from time to time and the applicable plan
rules, the Employee will be eligible to participate in the other employee benefit plans of general application, which may include, without limitation, housing allowance or reimbursement and in which, in any event, will include the benefits at the
levels set forth on Annex 2. 
  

	 	5.    Certain	Representations, Warranties and Covenants of the Employee. 


(a)    Related Company Positions. The Employee agrees that the Employee and members of the Employee’s immediate
family will not have any financial interest directly or indirectly (including through any entity in which the Employee or any member of the Employee’s immediate family has a position or financial interest) in any transactions with the Company
or any subsidiaries or affiliates (including the Company’s variable interest entities) thereof unless all such transactions, prior to being entered into, have been disclosed to the Board of Directors and approved by a majority of the
independent members of the Board of Directors and comply with all other Company policies and applicable law as may be in effect from time to time. The Employee also agrees that he will inform the Board of Directors of the Company of any transactions
involving the Company or any of its subsidiaries or affiliates, including the Company’s variable interest entities, in which senior officers, including but not limited to the Employee, or their immediate family members have a financial
interest. 

  
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 (b)    Discounts, Rebates or Commissions. Unless expressly permitted
by written policies and procedures of the Company in effect from time to time that may be applicable to the Employee, neither the Employee nor any immediate family member will be entitled to receive or obtain directly or indirectly any discount,
rebate or commission in respect of any sale or purchase of goods or services effected or other business transacted (whether or not by the Employee) by or on behalf of the Company or any of its subsidiaries or affiliates (including the Company’s
variable interest entities), and if the Employee or any immediate family member (or any firm or company in which the Employee or any immediate family member is interested) obtains any such discount, rebate or commission, the Employee will pay to the
Company an amount equal to the amount so received (or the proportionate amount received by any such firm or company to the extent of the Employee’s or family member’s interest therein). 

6.    Term; Termination. 

(a)    Unless sooner terminated pursuant to the provisions of this Section 6, the term of this Agreement (the
“Term”) will commence on the date hereof and end on         , 2020. 

(b)    Voluntary Termination by the Employee. The Employee may voluntarily Terminate this Agreement by providing
the Company with ninety (90) days’ advance written notice (“Voluntary Termination”), in which case the Employee will not be entitled to receive payment of any severance benefits or other amounts by reason of the Termination other
than accrued salary and vacation through the date of the Termination. The Employee’s right to all other benefits will terminate as of the date of Termination, other than any continuation required by applicable law. Without limiting the
foregoing, if, in connection with a Change in Control, the surviving entity or successor to the Company’s business offers the Employee employment on substantially equivalent terms to those set forth in this Agreement and such offer is not
accepted by the Employee, the refusal by the Employee to accept such offer and the subsequent termination of the Employee’s employment by the Company will be deemed to be a voluntary termination of employment by the Employee and will not be
treated as a termination by the Company without Cause. 
 (c)    Termination by the Company for Cause. The
Company may Terminate this Agreement for Cause by written notice to the Employee, effective immediately upon the delivery of such notice. In such case, the Employee will not be entitled to receive payment of any severance benefits or other amounts
by reason of the Termination other than accrued salary and vacation through the date of the Termination. The Employee’s right to all other benefits will terminate, other than any continuation required by applicable law. 

  
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 (d)    Termination by the Employee with Good Reason or Termination by the
Company without Cause. The Employee may Terminate this Agreement for Good Reason, and the Company may Terminate this Agreement without Cause, in either case upon thirty (30) days’ advance written notice by the party Terminating this
Agreement to the other party and the Termination will be effective as of the expiration of such thirty (30) day period. If the Employee Terminates with Good Reason or the Company Terminates without Cause, the Employee will be entitled to
continue to receive payment of severance benefits equal to the Employee’s monthly base salary in effect on the date of Termination for the shorter of (i) six (6) months and (ii) the remainder of the Term of this Agreement (the
“Severance Period”), provided that the Employee complies with the Employee Obligations Agreement during the Severance Period and executes a release agreement in the form requested by the Company at the time of such Termination that
releases the Company from any and all claims arising from or related to the employment relationship and/or such Termination. Such payments will be made ratably over the Severance Period according to the Company’s standard payroll schedule. The
Employee will also receive payment of a bonus for the remainder of the year of the Termination, but only to the extent that a bonus would have been earned had the Employee continued in employment through the end of such year, as determined in good
faith by the Company’s Board of Directors or its Compensation Committee based on the specific corporate and individual performance targets established for such fiscal year, and only to the extent that bonuses are paid for such fiscal year to
other similarly situated employees. Health insurance benefits with the same coverage (i.e., medical, dental, optical and/or mental health coverage) provided to the Employee prior to the Termination and in all other material respects comparable to
those in place immediately prior to the Termination will be provided at the Company’s expense during the Severance Period. The Company will also continue to carry the Employee on its Directors and Officers insurance policy for six
(6) years following the Date of Termination at the Company’s expense with respect to insurable events which occurred during the Employee’s term as a director or officer of the Company, with such coverage being at least comparable to
that in effect immediately prior to the Termination Date; provided, however, that (i) such terms, conditions and exceptions will not be, in the aggregate, materially less favorable to the Employee than those in effect on the Termination Date
and (ii) if the aggregate annual premiums for such insurance at any time during such period exceed two hundred percent (200%) of the per annum rate of premium currently paid by the Company for such insurance, then the Company will provide the
maximum coverage that will then be available at an annual premium equal to two hundred percent (200%) of such rate. 

(e)    Termination by Reason of Death or Disability. A Termination of the Employee’s employment by reason of
death or Disability will not be deemed to be a Termination by the Company (for or without Cause) or by the Employee (for or without Good Reason). In the event that the Employee’s employment with the Company Terminates as a result of the
Employee’s death or Disability, the Employee or the Employee’s estate or representative, as applicable, will receive all accrued salary and accrued vacation as of the date of the Employee’s death or Disability and any other benefits
payable under the Company’s then existing benefit plans and policies in accordance with such plans and policies in effect on the date of death or Disability and in accordance with applicable law. In addition, the Employee or the Employee’s
estate or representative, as applicable, will receive a bonus for the year in which the death or Disability occurs to the extent that a bonus would have been earned had the Employee continued in employment through the end of such year, as determined
in good faith by the Company’s Board of Directors or Compensation Committee based on the specific corporate and individual performance targets established for such fiscal year, and only to the extent that bonuses are paid for such fiscal year
to other similarly situated employees. 

  
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 (f)    Misconduct After Termination of Employment. Notwithstanding the
foregoing, if the Employee after the termination of his employment violates or fails to fully comply with the Employee Obligations Agreement, thereafter (i) the Employee will not be entitled to any payments from the Company, (ii) any
insurance or other benefits that have continued will terminate immediately, (iii) the Employee must promptly reimburse to the Company all amounts that have been paid to the Employee pursuant to this Section 6; and (iv) if the Employee
would not, in the absence of such violation or failure to comply, have been entitled to severance payments from the Company equal to at least six (6) months’ base salary, the Employee must pay to the Company an amount equal to the
difference between six (6) months’ base salary and the amount of severance pay measured by base salary reimbursed to the Company by the Employee pursuant to clause (iii) of this sentence. 

7.    Employee Obligations Agreement. By signing this Agreement, the Employee hereby agrees to execute and deliver
to the Company the Employee Obligations Agreement, and such execution and delivery will be a condition to the Employee’s entitlement to his or her rights under this Agreement. 

8.    Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of
New York without regard to the conflicts of law principles thereof. 
 9.    Dispute Resolution. 

(a)    At the option of the party initiating the claim, any dispute, controversy or claim arising out of or relating to
this Agreement may be settled by arbitration to be held in the Hong Kong S.A.R. under the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “Arbitration Rules”) in force when a Notice of Arbitration with
respect thereto is submitted in accordance with the Arbitration Rules. The award rendered in such an arbitration proceeding will be final and binding and judgment on the award rendered may be entered in any court having jurisdiction over the
parties. 
 (b)    The number of arbitrators will be three, one of whom will be appointed by the party asserting a claim
against the other party or parties, one of whom will be appointed by the party or parties (acting together), as the case may be, against whom a claim has been asserted, and the third of whom will be selected by mutual agreement, if possible, within
thirty days after the selection of the second arbitrator. 
 (c)    The language of the arbitration will be Mandarin
Chinese and any foreign language documents presented at such arbitration will be accompanied by a Mandarin Chinese translation thereof, prepared at the expense of the party seeking to present such document.  

(d)    Any award of the arbitrators (i) will be in writing, (ii) will state the reasons upon which such award is
based and (iii) may include an award of costs, including reasonable attorneys’ fees and disbursements. 

  
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 (e)    The arbitrators will have no authority to award punitive damages or
any other damages not measured by the prevailing party’s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the terms and conditions of this Agreement. 

(f)    Notwithstanding the foregoing, any party may apply to any court having jurisdiction over the parties to obtain
injunctive relief in order to maintain the status quo until such time as an arbitration award is rendered or the dispute, controversy or claim is otherwise resolved. 

10.    Notices. All notices, requests and other communications under this Agreement must be in writing (including
email and express mail or courier delivery or in person delivery, but excluding ordinary mail delivery) and given to the address stated below: 
  

	 	(a)	if to the Employee, to the email address or the physical address, as applicable, that is on file with the Company from time to time, as may be updated by the Employee; 


 

	 	(b)	if to the Company: 

 Changyou.com Limited 

Changyou Building, Raycom Creative Industrial Park 

65 Bajiao East Road, Shijingshan District 

Beijing, People’s Republic of China 100043 

Attention: Charles Zhang 

                 Chairman of the Board of Directors 

Email: liwei@sohu-inc.com 

with a copy to: 

Goulston & Storrs PC 

400 Atlantic Avenue 
 Boston, MA
02110, U.S.A. 
 Attention: Timothy B. Bancroft, Esq. 

Email: tbancroft@goulstonstorrs.com 
 or to such
other email address or physical address as either party may hereafter specify for the purpose by written notice to the other party in the manner provided in this Section 10. All such notices, requests and other communications will be deemed
received: (i) if given by email, when transmitted to the email address specified in this Section 10 if confirmation of receipt is received; and (ii) if sent by express courier delivery, or delivered in person, when delivered. 

  
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 11.    Miscellaneous. 

(a)    Entire Agreement. This Agreement, together with the Employee Obligations Agreement, constitutes the entire
understanding between the Company and the Employee relating to the subject matter hereof with respect to periods on and after January 1, 2018 and supersedes and cancels all prior and contemporaneous written and oral agreements and
understandings with respect to the subject matter of this Agreement with respect to periods on and after January 1, 2018. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof with
respect to periods on and after January 1, 2018 have been made by either party which are not set forth expressly in this Agreement. 

(b)    Modification; Waiver. No provision of this Agreement may be modified, waived or discharged unless
modification, waiver or discharge is agreed to in a writing signed by the Employee and such officer of the Company as may be specifically authorized by its Board of Directors. No waiver by either party at any time of any breach by the other party
of, or compliance with, any condition or provision of this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 

(c)    Successors; Binding Agreement. This Agreement will be binding upon and will inure to the benefit of the
Employee, the Employee’s heirs, executors, administrators and beneficiaries, and the Company and its successors (whether direct or indirect, by purchase, merger, consolidation or otherwise), subject to the terms and conditions set forth herein.

 (d)    Withholding Taxes. All amounts payable to the Employee under this Agreement will be subject to
applicable withholding of income, wage and other taxes to the extent required by applicable law. 

(e)    Validity. The invalidity or unenforceability of any provision or provisions of this Agreement will not
affect the validity or enforceability of any other provision of this Agreement, which will remain in full force and effect. 

(f)    Language. This Agreement is written in the English language only. The English language also will be the
controlling language for all future communications between the parties hereto concerning this Agreement. 

(g)    Counterparts. This Agreement may be signed in any number of counterparts, each of which will be deemed an
original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 [Signature page follows]


  
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 IN WITNESS WHEREOF, the parties hereto have executed this Executive Employment Agreement as of
the date first above written. 

 


	
	Employee:
	
	  

	Printed name of employee
	


 




			
	Changyou.com Limited


			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
 


  
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 Annex 1 

Certain Definitions 
 “Cause” means: 

 

	 	(i)	willful misconduct or gross negligence by the Employee, or any willful or grossly negligent omission to perform any act, resulting in injury to the Company or any subsidiaries or affiliates (including the Company’s
variable interest entities) thereof; 

  

	 	(ii)	misconduct or negligence of the Employee that results in gain or personal enrichment of the Employee to the detriment of the Company or any subsidiaries or affiliates (including the Company’s variable interest
entities) thereof; 

  

	 	(iii)	breach of any of the Employee’s agreements with the Company, including those set forth herein and in the Employee Obligations Agreement, and including, but not limited to, the repeated failure to perform
substantially the Employee’s duties to the Company or any subsidiaries or affiliates (including the Company’s variable interest entities) thereof, excessive absenteeism or dishonesty; 


 

	 	(iv)	any attempt by the Employee to assign or delegate this Agreement or any of the rights, duties, responsibilities, privileges or obligations hereunder without the prior consent of the Company (except in respect of any
delegation by the Employee of his employment duties hereunder to other employees of the Company in accordance with its usual business practice); 

  

	 	(v)	the Employee’s indictment or conviction for, or confession of, a felony or any crime involving moral turpitude under the laws of the United States or any State thereof, or under the laws of China, or Hong Kong;


  

	 	(vi)	declaration by a court that the Employee is insane or incompetent to manage his business affairs; 

  

	 	(vii)	habitual drug or alcohol abuse which materially impairs the Employee’s ability to perform his duties; or 

  

	 	(viii)	filing of any petition or other proceeding seeking to find the Employee bankrupt or insolvent. 

 “Change
in Control” means the occurrence of any of the following events: 
  

	 	(i)	any person (within the meaning of Section 13(d) or Section 14(d)(2) of the Securities Exchange Act of 1934) other than the Company, any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company, becomes the direct or beneficial owner of securities
representing fifty percent (50%) or more of the combined voting power of the Company’s then-outstanding securities; 


  
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	 	(ii)	during any period of two (2) consecutive years after the date of this Agreement, individuals who at the beginning of such period constitute the Board of Directors of the Company, and all new directors (other than
directors designated by a person who has entered into an agreement with the Company to effect a transaction described in (i), (iii), or (iv) of this definition) whose election or nomination to the Board was approved by a vote of at least two-thirds of the directors then in office, cease for any reason to constitute at least a majority of the members of the Board; 

  


	 	(iii)	the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such
merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity
outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity; 


 

	 	(iv)	the complete liquidation of the Company or the sale or disposition by the Company of all or substantially all of the Company’s assets; or 


 

	 	(v)	there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement. 

 “Company”
means Changyou.com Limited and, unless the context suggests to the contrary, all of its subsidiaries and variable interest entities. 

“Disability” means the Employee becomes physically or mentally impaired to an extent which renders him or her unable to perform the essential
functions of his or her job, with or without reasonable accommodation, for a period of six consecutive months, or an aggregate of nine months in any two year period. 

  
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 “Good Reason” means the occurrence of any of the following events without the Employee’s express
written consent, provided that the Employee has given notice to the Company of such event and the Company has not remedied the problem within fifteen (15) days: 
  

	 	(i)	any significant change in the duties and responsibilities of the Employee inconsistent in any material and adverse respect with the Employee’s title and position (including status, officer positions and reporting
requirements), authority, duties or responsibilities as contemplated by Annex 2 to this Agreement. For the purposes of this Agreement, because of the evolving nature of the Employer’s business, the Company’s changing of
Employee’s reporting relationships and department(s) will not be considered a significant change in duties and responsibilities; 

  

	 	(ii)	any material breach by the Company of this Agreement, including without limitation any reduction of the Employee’s base salary or the Company’s failure to pay to the Employee any portion of the Employee’s
compensation; or 

  

	 	(iii)	the failure, in the event of a Change in Control in which the Company is not the surviving entity, of the surviving entity or the successor to the Company’s business to assume this Agreement pursuant to its terms
or to offer the Employee employment on substantially equivalent terms to those set forth in this Agreement. 

 “Termination” (and
any similar, capitalized use of the term, such as “Terminate”) means, according to the context, the termination of this Agreement or the Employee’s ceasing to render employment services. 

  
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 Annex 2 

Particular Terms of Employee’s Employment 

Title(s):    Chief          Officer 

 

			
	Reporting Requirement:	 	The Employee will report to the Company’s Board of Directors and to the Company’s Chief Executive Officer.

  

			
	Responsibilities:	 	Such duties and responsibilities as are ordinarily associated with the Employee’s title(s) in a United States publicly-traded corporation and such other duties as may be specified by the Company’s Board of Directors from
time to time.

  

			
	Job Location:	 	The Employee’s duties will be rendered at the Company’s headquarters located in Beijing, China, or at such other place or places and at such times as the needs of the Company may from
time-to-time dictate.

 Base Salary:            ¥
[    ] per year         
 # of Weeks of Paid Vacation per Year:
                 
 Other Benefits: 

  
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 Annex 3 

EXECUTIVE EMPLOYEE NON-COMPETITION, NON-SOLICITATION,
CONFIDENTIAL INFORMATION AND WORK PRODUCT AGREEMENT 

  
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