Exhibit 10.54


 


EMPLOYMENT
AGREEMENT


 





EMPLOYMENT AGREEMENT, dated March
14, 2017 (this “Agreement”), between Wecast Network, Inc., a Nevada corporation (the “Company”),
and Mr. Simon Wang, an individual having the address specified on the signature page hereto (the “Executive”).




 


BACKGROUND


 


The
Company wishes to secure the services of the Executive as Chief Financial Officer of the Company upon the terms and conditions
hereinafter set forth, and the Executive wishes to render such services to the Company upon the terms and conditions hereinafter
set forth.


 


AGREEMENT


 


NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:


 


		1.	Employment
                                         by the Company. The Company agrees to employ the Executive in the position of Chief
                                         Financial Officer of the Company and the Executive accepts such employment. The Executive
                                         shall have such responsibilities and duties as are consistent with his position, including
                                         as specified on Annex I hereto, and such other duties as assigned by the Chief
                                         Executive Officer (the “CEO”). During the term of this Agreement,
                                         the Executive will serve the Company faithfully, diligently and to the best of his ability,
                                         and will devote a majority of his business time and efforts to the business and affairs
                                         of the Company (including its Subsidiaries and Affiliates) and the promotion of its interests.
                                         Executive shall work primarily from the Company’s offices in Shanghai, China.



 


		2.	Term
                                         of Employment. The term of this Agreement (the “Term”) shall be
                                         for the initial period commencing on March 14, 2017 (the “Effective Date”)
                                         and ending on the second anniversary of the Effective Date, at which point it shall be
                                         automatically renewed for additional one year periods unless (a) either party hereto
                                         provides written notice to the other party that it elects not to renew the Term at least
                                         ninety (90) days before the end of the then-current term or (b) the Executive is earlier
                                         terminated as provided in Section 4 hereof (provided that the provisions of Section
                                         6 hereof shall survive any such termination).



 


		3.	Compensation
and Benefits. As full compensation for all services to be rendered by the Executive to the Company and/or its Subsidiaries
and/or Affiliates in all capacities during the Term, the Executive shall receive the following compensation and benefits:



 


		3.1	Salary.



 


		3.1.1	The
                                         Company will pay an annual base salary of ¥ 960,000.00 (RMB) (the “Base
                                         Salary”). The Executive’s Base Salary will be reviewed no less frequently
                                         than annually by the CEO and Compensation Committee of the Board of Directors to determine
                                         whether or not such Base Salary should be adjusted in light of the Executive’s
                                         duties, responsibilities and performance.



 


		 	The Executive’s Base Salary will be payable not less
frequently than monthly or at more frequent intervals in accordance with applicable law and the then customary payroll practices
of the Company.



 


		3.2	Restricted
Stock Awards. Provided he remains employed hereunder and provided he achieves annual performance objectives to be set each
year by the Company’s CEO, the Executive will receive grants of Restricted Stock from the Company as described in this section
3.2. Executive shall not be entitled to additional grants even if this Agreement is renewed. The Company may, in its discretion,
award additional grants or provide for additional incentives. Any grant of Restricted Stock made pursuant to this section 3.2
shall be subject to the terms of the Company’s 2010 Equity Incentive Plan.



 



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		3.3	Participation
in Employee Benefit Plans Other Benefits. The Executive shall be permitted during the Term to participate in all employee
benefit plans, policies and practices now or hereafter maintained by or on behalf of the Company commensurate with the Executive’s
position with the Company. Nothing in this Agreement shall preclude the Company from terminating or amending any such plans or
coverage so as to eliminate, reduce or otherwise change any benefit payable thereunder, so long as such change similarly affects
all Company employees.



 


		3.4	Expenses.
The Company shall pay or reimburse the Executive for all reasonable and necessary expenses actually incurred or paid by the Executive
during the Term in the performance of the Executive’s duties under this Agreement, upon submission and approval of expense
statements, vouchers or other supporting information in accordance with the then customary practices of the Company.



 


		3.5	Withholding
of Taxes. The Company may withhold from any benefits payable under this Agreement all federal, state, city and other taxes
as shall be required pursuant to any law or governmental regulation or ruling.



 


		4.	Termination.



 


		4.1	Termination upon Death. If the
                                                                                                     Executive dies during the Term, the Executive’s employment shall terminate as of the date of his death.



 


		4.2	Termination
upon Disability. If during the Term the Executive becomes physically or mentally disabled, whether totally or partially, so
that the Executive is unable to perform his essential job functions hereunder for a period aggregating 180 days during any twelve-month
period, the Company may, by written notice to the Executive, terminate the Executive’s employment, in which event the Term
shall terminate thirty (30) days after the date upon which the Company shall have given notice to the Executive of its intention
to terminate the Executive’s employment because of the disability.



 


		4.3	Termination
                                         for Cause. The Company may at any time by written notice to the Executive terminate
                                         his employment for “Cause.” For purposes of this Agreement “Cause”
                                         shall mean:



 


		4.3.1	the
Executive breaches any material term of this Agreement and fails to cure such breach (where capable of cure) within 14 days after
the receipt of notice from the Board of such breach, which notice shall state in reasonable detail the facts and circumstances
claimed to be a breach and of the intent of the Company to terminate the Executive’s employment upon the failure of the
Executive to cure such breach; or



 


		4.3.2	a
good faith determination by the Board that the Executive has committed an act of fraud, misappropriation, embezzlement, or theft
or a breach of fiduciary duty involving; or



 


		4.3.3	the
Executive is convicted of, or enters a no contest plea to, any criminal offense constituting a felony or a crime involving moral
turpitude.



 


		4.4	Termination without Cause. The Company may terminate
the Executive’s employment at any time, without cause, upon 30 days’ written notice by the Company to the Executive
and, except as provided in Section 5.1 hereof, the Executive shall have no right to receive any compensation or benefit
hereunder after such termination. The Company, at its sole election, may place Executive on paid leave for all or a portion of
such 30-day notice period.



 


		4.5	Termination
                                         with Good Reason. The Executive may terminate his employment with “Good Reason”,
                                         by giving 30 days’ prior written notice of termination to the Company. The Company,
                                         at its sole election, may place Executive on paid leave for all or a portion of such
                                         30-day notice period. For purposes of this Agreement “Good Reason”
                                         shall mean any of the following, without the Executive’s written consent:



 






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		4.5.1	a
                                         material reduction in the Executive’s Base Salary (unless such reduction is pursuant
                                         to a general reduction in salary applicable to all similarly situated employees of the
                                         Company);



 


		4.5.2	any
material diminution of the Executive’s authority, duties or responsibilities;



 


		4.5.3	a material change in the Executive’s principal place
of employment to a location more than 50 miles from the Executive’s place of employment as of the Effective Date; or



 


		4.5.4	a
material breach by the Company of this Agreement



 


		 	Notwithstanding
                                         the above, the occurrence of any of the events described in Sections 4.5.1, 4.5.2,
                                         4.5.3 or 4.5.4 above will not constitute a Good Reason unless and until
                                         the Executive gives the Company notice, within thirty (30) calendar days after the occurrence
                                         of any of the events described in Sections 4.5.1, 4.5.2, 4.5.3 or
                                         4.5.4 above, that such circumstances constitute Good Reason, and the Company thereafter
                                         fails to cure such circumstances within thirty (30) days after receipt of such notice.



 


Severance
Payments.


 


		5.1	Termination
                                         without Cause, with Good Reason, or Non-Renewal by the Company. If during the Term
                                         (a) the Company terminates the Executive’s employment pursuant to Section 4.4
                                         hereof (Termination without Cause), (b) the Company elects not to renew this Agreement
                                         pursuant to Section 2 hereof, or (c) the Executive terminates his employment pursuant
                                         to Section 4.5 hereof (Termination with Good Reason), all compensation payable
                                         to the Executive under Section 3 hereof shall cease as of the date of termination
                                         specified in the Company’s or the Executive’s notice or the expiration of
                                         the then current term (the “Termination Date”), and the Executive
                                         shall be entitled to the following:



 


		5.1.1	(i)
one month Base Salary for each full year of employment with the Company (the applicable period being referred to as the “Severance
Period), payable in monthly installments; (ii) all unpaid expenses described in Section 3.4, paid on or before the Termination
Date; (iii) any earned but unpaid bonus pursuant to Section 3.2, paid on or before the Termination Date; and (iv) all previously
earned, accrued, and unpaid benefits from the Company and its employee benefit plans, including any such benefits under the Company’s
pension, disability, and life insurance plans, policies, and programs, if any, paid in accordance with the terms of the applicable
plan, policy or program.



 


		5.1.2	notwithstanding
the terms of any option or award agreements to the contrary, all outstanding unvested options, warrants or restricted stock granted
to the Executive shall become fully vested on the Termination Date and, with respect to options and warrants, shall thereafter
be exercisable for the full term of the option or warrant.



 


		5.1.3	in
the event of Termination for any reason, Executive will be entitled to (i) reimbursement for all unpaid business expenses pursuant
to Company policy; and (ii) any earned but unpaid compensation.



 


If,
prior to the expiration of the Severance Period, the Executive violates Section 6 hereof, then the Company shall have no
obligation to make any of the payments that remain payable by the Company under clause (i) and (ii) of this Section 5.1.1
on or after the date of such violation. Notwithstanding the foregoing, payments of the amounts described in clauses (i) and (ii)
of this Section 5.1 shall be conditioned on the delivery by the Executive, within forty-five (45) days following
the Termination Date, and effectiveness of a release of any and all claims that the Executive may have against the Company through
the date of termination, which release shall be in substantially the form attached as Annex II.


 


		5.2	Termination
for Cause, Death or Disability. If this Agreement is terminated by the Company pursuant to Sections 4.1 (Termination
upon Death), 4.2 (Termination upon Disability) or 4.3 (Termination for Cause) hereof or in the event the Executive
elects not to renew this Agreement pursuant to Section 2, the Executive shall receive only the amounts specified in clauses
(iii), (iv) and (v) of Section 5.1 hereof.



 









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		6.	Certain Covenants of the Executive.



 


		6.1	Covenants
                                         Against Competition. The Executive acknowledges that: (i) he is one of the limited
                                         number of persons who will develop the paid media distribution, video and e-commerce
                                         business of the Company (the “Company’s Current Lines of Business”);
                                         (ii) the Company conducts such business in the People’s Republic of China; (iii)
                                         his work for the Company and its Subsidiaries and Affiliates, will bring him into close
                                         contact with many confidential affairs not readily available to the public; and (iv)
                                         the covenants contained in this Section 6 will not involve a substantial hardship
                                         upon his future livelihood. In order to induce the Company to enter into this Agreement,
                                         the Executive covenants and agrees that:



 


		6.1.1	Non-Compete.
                                         During the Term and for a period of one year following the Executive’s termination
                                         of employment with the Company for any reason (the “Restricted Period”),
                                         the Executive shall not, in the People’s Republic of China (including all Special
                                         Administrative Regions thereof), (i) in any manner whatsoever engage in any capacity
                                         with any business competitive with the Company’s Current Lines of Business for
                                         the Executive’s own benefit or for the benefit of any person or entity other than
                                         the Company or any Subsidiary or Affiliate of the Company; or (ii) have any interest
                                         as owner, sole proprietor, shareholder, partner, lender, director, officer, manager,
                                         employee, consultant, agent or otherwise in any business competitive with the Company’s
                                         Current Lines of  Business; provided, however, that the Executive may bold, directly
                                         or indirectly, solely as an investment, not more than two percent (2%) of the outstanding
                                         securities of any person or entity which are listed on any national securities exchange
                                         or regularly traded in the over-the-counter market notwithstanding the fact that such
                                         person or entity is engaged in a business competitive with the Company’s Current
                                         Lines of Business. In addition, during the Restricted Period, the Executive shall not
                                         develop any property for use in the Company’s Current Lines of Business on behalf
                                         of any person or entity other than the Company, its Subsidiaries and Affiliates.



 


		6.1.2	Confidential
                                         Information. During the Term, and for a three year period following the Executive’s
                                         termination of employment, the Executive shall not, directly or indirectly, disclose
                                         to any person or entity who is not authorized by the Company or any Subsidiary or Affiliate
                                         of the Company to receive such information, or use or appropriate for his own benefit
                                         or for the benefit of any person or entity other than the Company or any Subsidiary
                                         or Affiliate of the Company, any documents or other papers relating to the Company’s
                                         Current Lines of Business or the customers of the Company or any Subsidiary or Affiliate
                                         of the Company, including, without limitation, files, business relationships and accounts,
                                         pricing policies, customer lists, computer software and hardware, or any other materials
                                         relating to the Company’s Current Lines of Business or the customers of the Company
                                         or any Subsidiary or Affiliate of the Company or any trade secrets or confidential information,
                                         including, without limitation, any business or operational methods, drawings, sketches,
                                         designs or product concepts, know-how, marketing plans or strategies, product
                                         development techniques or plans, business acquisition plans, financial or other performance
                                         data, personnel and other policies of the Company or any Subsidiary or Affiliate of the
                                         Company, whether generated by the Executive or by any other person, except as required
                                         in the course of performing his duties hereunder or with the express written consent
                                         of the Company; provided, however, that the confidential information shall not include
                                         any information readily ascertainable from public or published information, or trade
                                         sources (other than as a direct or indirect result of unauthorized disclosure by the
                                         Executive).



 


		6.1.3	Employess of and Consultants to the Company. During
the Term and for the Restricted Period, the Executive shall not, directly or indirectly (other than in furtherance of the business
of the Company), initiate communications with, solicit, persuade or attempt to persuade, entice, induce or encourage any individual
who is then or who has been within the preceding 12-month period, an employee of or consultant to the Company or any of its Subsidiaries
or Affiliates to terminate employment with, or a consulting relationship with, the Company or such Subsidiary or Affiliate, as
the case may be, or to become employed by or enter into a contract or other agreement with any other
person, and the Executive shall not approach any such employee or consultant for any such purpose or authorize or knowingly approve
the taking of any such actions by any other person.



 






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		6.1.4	Solicitation
of Customers. During the Term and for the Restricted Period, the Executive shall not, directly or indirectly, initiate communications
with, solicit, persuade, entice, induce, encourage (or assist in connection with any of the foregoing) any person who is then
or has been within the preceding 12-month period a customer or account of the Company or its Subsidiaries or Affiliates, or any
actual customer leads whose identity the Executive learned during the course of his employment with the Company, to terminate
or to adversely alter its contractual or other relationship with the Company or its Subsidiaries or Affiliates.



 


		6.1.5	Business
Opportunities. During the Term the Executive shall promptly disclose to the Company any business idea or opportunity which
falls within the meaning of the Company’s Current Lines of Business, which business idea or opportunity shall become the
sole property of the Company.



 


		6.1.6	Intellectual
                                         Property. The Executive agrees that all Intellectual Property (as defined below)
                                         made or conceived by the Executive, either solely or jointly with others, during the
                                         Executive’s employment with the Company whether or not such Intellectual Property
                                         is made or conceived during the hours of the Executive’s employment or with the
                                         use of the Company’s facilities, materials, or personnel, will be the property
                                         of the Company or its nominees. “Intellectual Property” means
                                         discoveries, concepts, and ideas, whether patentable or not, including apparatus, processes,
                                         methods techniques, and formulae, as well as improvements thereof or know-how related
                                         thereto, any “works made for hire” or other copyrighted or copyrightable
                                         material, and any notes, drawings, memoranda, correspondence, documents, records, notebooks,
                                         flow charts, computer programs and source and object codes, related or relating to any
                                         present or prospective activities of the Company or its affiliates. The Executive will,
                                         without royalty or any other additional consideration: (i) inform the Company promptly
                                         and fully in writing of such Intellectual Property; (ii) assign to the Company all the
                                         Executive’s right, title, and interest in and to such Intellectual Property; (iii)
                                         assist the Company or its nominees to obtain, maintain and enforce the Company’s
                                         rights with respect to such Intellectual Property; and (iv) execute, acknowledge, and
                                         deliver to the Company such written documents and instruments, and do such other acts,
                                         as may be necessary in the opinion of the Company to obtain, maintain or enforce the
                                         Company’s rights with respect to such Intellectual Property. Notwithstanding the
                                         foregoing, Intellectual Property made or conceived by the Executive during the Executive’s
                                         employment that is made, developed or conceived solely on non-Company time without use
                                         of any of the Company’s facilities, materials, or personnel, and which does not
                                         relate to the business of the Company or the reasonably anticipated business of the Company
                                         shall not be required to be assigned to the Company pursuant to this section 6.1.



 


		6.2	Rights
                                         and Remedies Upon Breach. If the Executive breaches, or threatens to commit a breach
                                         of, any of the provisions of Section 6.1 hereof (collectively, the “Restrictive
                                         Covenants”), the Company and its Subsidiaries and Affiliates shall, in addition
                                         to the rights set forth in Section 5.1 hereof, have the right and remedy to seek
                                         from any court of competent jurisdiction specific performance of the Restrictive Covenants
                                         or injunctive relief against any act which would violate any of the Restrictive Covenants,
                                         it being acknowledged and agreed that any such breach or threatened breach will cause
                                         irreparable injury to the Company and its Subsidiaries and Affiliates and that money
                                         damages will not provide an adequate remedy to the Company and its Subsidiaries and Affiliates.
                                         To the extent permitted by applicable law, each of the Company and the Executive waives
                                         any requirement for the posting of a bond or other security.



 


		6.3	Severability of Covenants. If any of the Restrictive
Covenants, or any part thereof, is held by a court of competent jurisdiction or any foreign, federal, state, county or local government
or other governmental, regulatory or administrative agency or authority to be invalid, void, unenforceable or against public policy
for any reason, the remainder of the Restrictive Covenants shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and such court, government, agency or authority shall be empowered to substitute, to the extent enforceable,
provisions similar thereto or other provisions
so as to provide to the Company and its Subsidiaries and Affiliates, to the fullest extent permitted by applicable law, the benefits
intended by such provisions.



 






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		7.	No Conflicts. The Executive agrees and acknowledges
that his employment by the Company and compliance with this Agreement do not and will not breach any agreement made by the Executive
to keep in confidence information acquired by him prior to or outside of his employment with the Company. The Executive will comply
with any and all valid obligations which he may now have to prior employers or to others relating to confidential information,
inventions or discoveries which are the property of those prior employers or others, as the case may be. The Executive has supplied
or will promptly supply to the Company upon its request a copy of each written agreement setting forth any obligations. The Executive
hereby agrees and acknowledges that he has not brought and will not bring with him for use in the performance of his duties at
the Company any materials, documents or information of a former employer or any third party that are not generally available to
the public, unless he has express written authorization from the owner thereof for possession and use of the Executive otherwise
has undisputed proprietary rights to such material, documents or information.



 


		8.	Other Provisions.



 


		8.1	Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally,
telecopied, telegraphed or telexed, or sent by certified, registered or express mail, postage prepaid, to the parties at the addresses
of the respective parties as specified on the signature pages hereto or at such other addresses as shall be specified by the parties
by like notice, and shall be deemed given when so delivered personally, telecopied, telegraphed or telexed, if delivered during
regular business hours (or the next business day, if after regular business hours) or if mailed, three days after the date of
mailing, as follows.



 


		8.2	Entire
Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and
supersedes all prior contracts and other agreements, written or oral, with respect thereto.



 


		8.3	Waivers
and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions
hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.
No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any right power or privilege hereunder, nor any single or partial exercise of any
right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege hereunder.



 


		8.4	Governing Law, Consent to Jurisdiction, etc. All
questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof (except Section 5-1401 of New York’s General Obligations Law). Each party agrees that all legal proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, employees or agents) shall be commenced exclusively in
the state and federal courts sitting in the City of New York. Each party hereto hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, New York for the adjudication of any dispute hereunder, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is improper.



 






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		8.5	Compliance
with Section 409A. The parties to this Agreement intend that the Agreement complies with Section 409 A of the Code, where
applicable, and this Agreement will be interpreted in a manner consistent with that intention. Notwithstanding any other provisions
of this Agreement to the contrary, and solely to the extent necessary for compliance with Section 409A of the Code, if as of the
date of Executive’s “separation from service” (within the meaning of Section 409A of the Code and the applicable
regulations) from the Company, (i) Executive is deemed to be a “specified employee” (within the meaning of Section
409A of the Code), and (ii) the Company or any member of a controlled group including the Company is publicly traded on an established
securities market or otherwise, no payment or other distribution required to be made to Executive hereunder (including any payment
of cash, any transfer of property and any provision of taxable benefits) solely as a result of Executive’s separation from
service will be made earlier than the first day of the seventh month following the date on which the Executive separates from
service with the Company, or if earlier within thirty (30) days of the Executive’s date of death following the date of such
separation. Notwithstanding the foregoing, this provision will not apply to (a) all payments on separation from service that satisfy
the short-term deferral rule of Treas. Reg. § 1.409A-l (b)(4), (b) to the portion of the payments on separation from service
that satisfy the requirements for separation pay due to an involuntary separation from service under Treas. Reg. §1.409A-l(b)(9)(iii),
and (c) to any payments that are otherwise exempt from the six month delay requirement of the Treasury Regulations under Code
Section 409A. Notwithstanding anything to the contrary herein, a termination of employment will not be deemed to have occurred
for purposes of any provision of this Agreement providing for the payment of amounts or benefits upon or following a termination
of employment unless such termination is also a “separation from service” within the meaning of Section 409A of the
Code and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,”
“termination of employment,” or like terms will mean a separation from service. For purposes of Section 409A
of the Code, each payment made under this Agreement will be designated as a “separate payment” within the meaning
of the Section 409A of the Code. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement
or in-kind benefit provided pursuant to this Agreement does not constitute a “deferral of compensation” within the
meaning of Section 409 A of the Code: (x) the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive
during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to Executive
in any other calendar year, (y) the reimbursements for expenses for which Executive is entitled to be reimbursed will be made
on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred, and (z)
the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.



 


		8.6	Binding
Effect: Benefit. This Agreement shall inure to the benefit of and be binding upon die parties hereto and any successors and
assigns permitted or required by Section 8.7 hereof. Nothing in this Agreement, expressed or implied, is intended to confer
on any person other than the parties hereto or such successors and assigns, any rights, remedies, obligations or liabilities
under or by reason of this Agreement.



 


		8.7	Assignment. This Agreement, and the Executive’s
rights and obligations hereunder, may not be assigned by the Executive. The Company may not assign this Agreement and its rights,
together with its obligations, hereunder without the Executive’s prior written consent, except in connection with any sale,
transfer or other disposition of all or substantially all of the Company’s assets or business, whether by merger, consolidation
or otherwise.



 


		8.8	Further Assurances. The Executive will executive
and deliver all instruments and other documents which the Company reasonably determines to be necessary or appropriate to carry
out the terms of this Agreement.



 


		8.9	Indemnification.
The Executive will be entitled to indemnification to the fullest extent provided under applicable law and the terms of the Company’s
Articles of Incorporation and By-laws, and any other indemnity agreement to which he is a party or beneficiary. Further, the Executive
shall be covered under any applicable insurance coverage maintained by the Company with respect to its executive officers. Without
limiting any other provision of this Agreement, this Section 8.9 will survive the termination or expiration of this Agreement
for any reason.



 


		8.10  	Definitions.
For purposes of this Agreement:



 


		8.10.1 	“Affiliate” means a person that, directly or
indirectly, controls or is controlled by, or is under common control with the Company;



 




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		8.10.2 	“control”
                                         (including, with correlative meaning, the terms “controlled by” and “under
                                         common control with”) as used with respect to any person or entity, means the possession,
                                         directly or indirectly, of the power to direct or cause the direction of the management
                                         and policies of such person or entity, whether through ownership of voting securities
                                         or by contract or other agreement or otherwise; and



 


		8.10.3 	“Subsidiary”
                                         means any person or entity as to which the Company, directly or indirectly, owns or has
                                         the power to vote, or to exercise a controlling influence with respect to, fifty percent
                                         (50%) or more of the securities of any class of such person, the holders of which class
                                         are entitled to vote for the election of directors (or persons performing similar functions)
                                         of such person and shall specifically include any variable interest entity of the Company
                                         whose financial results are consolidated with those of the Company under U.S. generally
                                         accepted accounting principles.



 


		8.11 	Counterparts.
This Agreement may be executed 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.





 


		8.12 	Headings. The headings in this Agreement are for
reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.



 


[Signature
page follows]


 






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


 





	 	COMPANY:
	 	 
	 	WECAST NETWORK, INC.
	 	 
	 	By:	/s/ Bruno Wu
	 	 
	 	Name:	Bruno Wu
	 	 
	 	Title:	Chairman
	 	 
	 	Address:


 


	 	EXECUTIVE:
	 	 
	 	/s/ Simon Wang
	 	Simon Wang
	 	 
	 	Address:
	 	 
	 	No. 958 Xingsong Road Shanghai
	 	 
	 	 


 








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Annex
I


 


Duties
and Responsibilities


 


The
Chief Financial Officer shall have general supervision and day-to-day managerial responsibility of the finances of the Corporation
and shall see that all orders and resolutions of the Board of Directors are carried into effect. The Chief Financial Officer shall
regularly communicate with the Chairman of the Board and shall perform all duties which from time to time may be requested of
him by the Chairman and the Board of Directors.


 






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Annex
II


 


GENERAL
RELEASE


 





I, Simon Wang, in consideration of and subject to the
performance by the Company, of its obligations under Section 5.1 of the Employment Agreement, dated as of March 14, 2017
(the “Agreement”), do hereby release and forever discharge as of the date hereof the Company and its respective
affiliates and subsidiaries and all present, former and future directors, officers, agents, representatives, employees, successors
and assigns of the Company and/or its respective affiliates and subsidiaries and direct or indirect owners (collectively, the “Released
Parties”) to the extent provided herein (this “General Release”). The Released Parties are intended
third-party beneficiaries of this General Release, and this General Release may be enforced by each of them in accordance with
the terms hereof in respect of the rights granted to such Released Parties hereunder. Terms used herein but not otherwise defined
shall have the meanings given to them in the Agreement.







 


		1.	I
understand that any payments or benefits paid or granted to me under Section 5.1 of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree
that I will not receive the payments and benefits specified in Section 5.1 of the Agreement unless I execute this General Release
and do not revoke this General Release within the time period permitted hereafter or breach this General Release. Such payments
and benefits will not be considered compensation for purposes of any employee benefit plan, program, policy or arrangement maintained
or hereafter established by the Company or its respective affiliates.



 


		2.	Except
as provided in paragraphs 4 and 5 below and except for the provisions of the Agreement which expressly survive the termination
of my employment with the Company, I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release
and forever discharge the Company and the other Released Parties from any and all claims, suits, controversies, actions, causes
of action, cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages,
other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both
past and present (through the date that this General Release becomes effective and enforceable) and whether known or unknown,
suspected, or claimed against the Company and/or any of the Released Parties which I, or any of my heirs, executors, administrators
or assigns, ever had, now have, or hereafter may have (through the date that this General Release becomes effective and enforceable),
by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company to the date of
this General Release relating exclusively to any claims arising from or relating in any way to my employment relationship with
the Company, the terms and conditions of that employment relationship, and the termination of that employment relationship (including,
but not limited to, any allegation, claim or violation, arising under: Title VII of the Civil Rights Act of 1964, as amended;
the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including the Older Workers Benefit
Protection Act); the Equal Pay Act of 1963, as amended: the Americans with Disabilities Act of 1990; the Family and Medical Leave
Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable
Executive Order Programs; the Fair Labor Standards Act; or their state or local counterparts; or under any other federal, state
or local civil or human rights law, or under any other local, state, or federal law, regulation or ordinance; or under any public
policy, contract or tort, or under common law; or arising under any policies, practices or procedures of the Company; or any claim
for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs, fees, or other
expenses, including attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as
the “Claims”). I understand and intend that this General Release constitutes a general release of all claims
and that no reference herein to a specific form of claim, statute or type of relief is intended to limit the scope of this General
Release.



 


		3.	I
represent and warrant that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter
covered by paragraph 2 above.



 






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		4.	I
agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in
Employment Act of 1967 which arise after the date I execute this General Release. I acknowledge
and agree that my separation from employment with the Company in compliance with the terms of the Agreement shall not serve as
the basis for any claim or action (including, without limitation, any claim under the Age Discrimination in Employment Act of
1967).



 


		5.	Notwithstanding
anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in anyway affect any
rights or Claims (a) arising out of any breach by the Company or by any Released Party of the Agreement after the date hereof,
(b) I have to workers’ compensation benefits or vested benefits under any pension plan, employee benefit plan or any other
plan or program of the Company, or (c) with respect to indemnification for actions brought against me in my capacity as an officer,
manager or director of the Company or any subsidiary or affiliate of the Company, whether pursuant to statute, the Company’s
articles of incorporation or bylaws, or any separate agreement, but excluding any claims which I, or any of my heirs, executors,
administrators or assigns, ever had, now have, or hereafter may have (through the date that this General Release becomes effective
and enforceable), by reason of any matter, cause, or thing whatsoever, from the beginning of my initial dealings with the Company
to the date of this General Release, relating to any other relationship with the Company, including, without limitation, as option
holder, stockholder, lender, director or otherwise.



 


		6.	I
agree that I hereby waive all rights to sue or obtain equitable, remedial or punitive relief from any or all Released Parties
of any kind whatsoever for any Claim, including, without limitation, reinstatement, back pay, front pay, and any form of injunctive
relief. Notwithstanding the foregoing, I acknowledge that I am not waiving and am not being required to waive any right that cannot
be waived under law, including the right to file an administrative charge or participate in an administrative investigation or
proceeding; provided, however, that I disclaim and waive any right to share or participate in any monetary award resulting from
the prosecution of such charge or investigation or proceeding.



 


		7.	In
signing this General Release, I acknowledge and intend that it shall be effective as a bar to each find every one of the Claims
hereinabove mentioned or implied. I expressly consent that this General Release shall be given full force and effect according
to each and all of its express terms and provisions, including those relating to unknown and unsuspected Claims (notwithstanding
any state or local statute that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated
Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied, I acknowledge and agree that
this waiver is an essential and material term of this General Release and that without such waiver the Company would not have
agreed to the terms of the Agreement. I further agree that in the event that I should bring a Claim seeking damages against the
Company, or in the event that I should seek to recover against the Company in any Claim brought by a governmental agency on my
behalf, this General Release shall serve as a complete defense to such Claims to the maximum extent permitted by law.



 


		8.	I agree that neither this General Release, nor the furnishing
of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the Company, any
Released Party or myself of any improper or unlawful conduct.



 


		9.	I
agree that this General Release and the Agreement are confidential and agree not to disclose any information regarding the terms
of this General Release or the Agreement, except to my immediate family and any tax, legal or other counsel that I have consulted
regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same
to anyone. The Company agrees to disclose any such information only to any tax, legal or other counsel of the Company or as required
by law.



 


		10.	Any
non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry
about this General Release or its underlying facts and circumstances by the Securities and Exchange Commission (SEC), the Financial
Industry Regulatory Authority (FINRA), or any other self-regulatory organization or governmental entity.



 


		11.	I
hereby acknowledge that certain provisions of the Agreement, including Section 6 there of shall survive my execution of this
General Release.



 






    	 	12	 



     


    

 


		12.	I
acknowledge that I may hereafter discover Claims or facts in addition to or different than those which I now know
or believe to exist with respect to the subject matter of the release set forth in paragraph 2 above and which, if known or suspected
at the time of entering into this General Release, may have materially affected this General Release and my decision to enter
into it. Nonetheless, I understand that this General Release applies to and effects a release and waiver of any such claim.



 


		13.	Whenever
possible, each provision of this General Release shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this General Release is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision
or any other jurisdiction, but this General Release shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision had never been contained herein. This General Release constitutes the complete and
entire agreement and understanding among the parties, and supersedes any and all prior or contemporaneous agreements, commitments,
understandings or arrangements, whether written or oral, between or among any of the parties, in each case concerning the subject
matter hereof.



 






    	 	13	 



     


    

 





BY
SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT:


 


		(i)	I
HAVE READ IT CAREFULLY:



 


		(ii)	I
UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE
DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT
OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED;



 


		(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT;



 


		(iv)	I
HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION,
I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;



 


		(v)	I
HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF
THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD;



 


		(vi)	I
UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME
EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS EXPIRED;



 


		(vii)	I
HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT
TO IT; AND



 


		(viii)	I
AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING
SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY ME.



 


	SIGNED: 	/s/ Simon Wang	 	DATE:	2017.3.14




 


[Signature
to Employment Agreement]


 






    	 	14