Exhibit 10.3


 


EMPLOYMENT AGREEMENT


 


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


 


RECITALS


 


The Company desires
to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).


 


The Executive
desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.


 


AGREEMENT


 


The parties hereto
agree as follows:


 


		1.	POSITION


 


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


 


		2.	TERM


 


Subject to the terms and
conditions of this Agreement, the initial term of the Employment shall be [            years],
commencing on                                         
(the “Effective Date”), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of
the initial-year term, the Employment shall be automatically extended for successive             -year
terms unless either party gives the other party hereto a three-month prior written notice to terminate the Employment prior to
the expiration of such            -year term or unless terminated earlier
pursuant to the terms of this Agreement.


 


		3.	PROBATION


 


No probationary period.


 


		4.	DUTIES
AND RESPONSIBILITIES


 


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


 


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


 






     


     


    

 


		5.	NO
BREACH OF CONTRACT


 


The Executive shall use
his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become
an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or
interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a “Competitor”),
provided that nothing in this clause shall preclude the Executive from holding up to            
% of shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, provided
however, that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such
shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company
shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board
reasonably determines in writing that the Executive’s service on such board or body interferes with the effective discharge
of the Executive’s duties and responsibilities to the Company or that any business related to such service is then in competition
with any business of the Company or any of its subsidiaries or affiliates.


 


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


 


		6.	LOCATION


 


The Executive will be based
in [Hangzhou, the People’s Republic of China], until both parties hereto agree to change otherwise. The Executive acknowledges
that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.


 


		7.	COMPENSATION
AND BENEFITS


 


		(a)	Compensation. The
Executive’s cash compensation (inclusive of the statutory welfare reserves that the Company is required to set aside for
the Executive under applicable law) shall be provided by the Company in a separate schedule or as specified in a separate agreement
between the executive and the company’s designated subsidiary or affiliated entity, subject to annual review and adjustment
by the Company or the compensation committee of the Board. The cash compensation may be paid by the Company,
a subsidiary or affiliated entity or a combination thereof, as designated by the Company from time to time.


 


		(b)	Equity
Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible to
participate in such plan pursuant to the terms thereof.


 


		(c)	Benefits. The
Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted
by the Company in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and
travel/holiday plan.


 


		(d)	Annual
Leave. Upon the Effective Date, the Executive is entitled to             days
per annum of paid leave, which shall accrue on a pro rata basis each year.


 






     


     


    

 


		8.	TERMINATION
OF THE AGREEMENT


 


		(a)	By
the Company. The Company may terminate the Employment for cause, at any time, without notice or remuneration, if the
Executive (1) commits any serious or persistent breach or non-observance of the terms and conditions of your employment;
(2) is convicted of a criminal offence other than one which in the opinion of the Board does not affect the executive’s
position as an employee of the Company, bearing in mind the nature of your duties and the capacity in which the executive is employed;
(3) willfully disobeys a lawful and reasonable order; (4) misconducts himself/herself and such conduct being inconsistent
with the due and faithful discharge of the Executive’s material duties; (5) is guilty of fraud or dishonesty; or (6) is
habitually neglectful in his/her duties. The Company may terminate the Employment without cause at any time with a three-month
prior written notice to the Executive or by payment of three months’ salary in lieu of notice.


 


		(b)	By
the Executive. The Executive may terminate the Employment at any time with a three-month prior written notice to the
Company or by payment of three months’ salary in lieu of notice. In addition, the Executive may resign prior to the
expiration of the Agreement if such resignation or an alternative arrangement with respect to the Employment is approved by the
Board.


 


		(c)	Notice
of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written
notice of termination from the terminating party to the other party. The notice of termination shall indicate the specific
provision(s) of this Agreement relied upon in effecting the termination.


 


		9.	CONFIDENTIALITY
AND NONDISCLOSURE


 


		(a)	Confidentiality
and Non-disclosure. The Executive hereby agrees at all times during the term of his/her employment and after termination,
to hold in the strictest confidence, and not to use, except for the benefit of the Group, or to disclose to any person, corporation
or other entity without written consent of the Company, any Confidential Information. The Executive understands that “Confidential
Information” means any proprietary or confidential information of the Group, its affiliates, their clients, customers
or partners, and the Group’s licensors, including, without limitation, technical data, trade secrets, research and development
information, product plans, services, customer lists and customers (including, but not limited to, customers of the Group on whom
the Executive called or with whom the Executive became acquainted during the term of his/her employment), supplier lists and suppliers,
software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
personnel information, marketing, finances, information about the suppliers, joint ventures, licensors, licensees, distributors
and other persons with whom the Group does business, information regarding the skills and compensation of other employees of the
Group or other business information disclosed to the Executive by or obtained by the Executive from the Group, its affiliates,
or their clients, customers or partners either directly or indirectly in writing, orally or by drawings or observation of parts
or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing,
Confidential Information shall not include information that is generally available and known to the public through no fault of
the Executive.


 


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


 






     


     


    

 


		(c)	Former
Employer Information. The Executive agrees that he has not and will not, during the term of his/her employment, (i) improperly
use or disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive
has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the premises
of the Group any document or confidential or proprietary information belonging to such former employer, person or entity unless
consented to in writing by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless
from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit,
arising out of or in connection with any violation of the foregoing.


 


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


 


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


 


		10.	WITHHOLDING
TAXES


 


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


 


		11.	NOTIFICATION
OF NEW EMPLOYER


 


In the event that the Executive
leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about
his/her rights and obligations under this Agreement.


 


		12.	ASSIGNMENT


 


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


 


		13.	SEVERABILITY


 


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


 






     


     


    

 


	 	14.	ENTIRE AGREEMENT


 


This Agreement constitutes
the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes
all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any
employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does
not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement
in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this
Agreement must be in writing and signed by the Executive and the Company.


 


		15.	REPRESENTATIONS


 


The Executive hereby agrees
to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby
represents that the Executive’s performance of all the terms of this Agreement will not breach any agreement to keep in confidence
proprietary information acquired by the Executive in confidence or in trust prior to his/her employment by the Company. The Executive
has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 18.
The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company
for any tax advice with respect to this Agreement or any provisions hereunder.


 


		16.	GOVERNING
LAW


 


This Agreement shall be
governed by and construed in accordance with the laws of the State of New York.


 


		17.	ARBITRATION


 


Any dispute arising out
of, in connection with or relating to, this Agreement shall be resolved through arbitration pursuant to this Section 20. The
arbitration shall be conducted in Hong Kong under the auspices of the Hong Kong International Arbitration Centre (the “Centre”)
in accordance with the rules of the United Nations Commission of International Trade Law (“UNCITRAL Rules”) in effect
at the time of the arbitration. There shall be one arbitrator. The award of the arbitration tribunal shall be final and binding
upon the disputing parties, and any party may apply to a court of competent jurisdiction for enforcement of such award.


 


		18.	AMENDMENT


 


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


 


		19.	WAIVER


 


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


 






     


     


    

 


		20.	NOTICES


 


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


 


		21.	COUNTERPARTS


 


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


 


		22.	NO
INTERPRETATION AGAINST DRAFTER


 


Each party recognizes that
this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel
of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the
basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands
this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement
and has ample opportunity to do so.


 


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


 


	Dragon Victory International Limited	 
	 	 	 
	By:	 	 
	Name: 	 	 
	Title:	 	 


 


Executive


 


	Signature: 	 	 
	Name:	 	 


 


[Signature Page to
Employment Agreement]