| 1. | Separation      From Employment and SeveranceRights. |
|----|------------------------------------------------------|

| 1.1. | Employee      resigned as Chief Financial Officer and from any and all other offices or      positions Employee may have had with Employer or any of its subsidiaries      or affiliated companies effective April 27, 2010 (“Separation Date”), with      Employee’s Base Salary continuing through April 30, 2010 pursuant to the      Employment Agreement defined below. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2. | Employee’s      separation from employment with Employer was effective on the Separation      Date. Employee will be reimbursed the sum of $1,000 for business expenses      incurred by Employee, including the costs of her China and U.S. based      cellular phone bill for the period from January 2010 through April 2010      for use of such phone for work on behalf of  Employer. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3. | In      exchange for the covenants, warranties and promises which Employee makes      in this Agreement below and the Employee’s compliance with this Agreement,      Section 5(B) of the Employment Agreement, dated June 30, 2009 (the      “Employment Agreement”) is hereby amended such that the options to      purchase 10,000 shares of the Employer’s common stock (the “Shares”) at      the exercise price $6.15 per share granted to Employee shall vest      immediately upon the execution of this Agreement.. [and the options to      purchase 20,000 shares that were to vest on June 30, 2011 and the options      to purchase 20,000 shares which were to vest on June 30, 2012 shall be      cancelled and be of no further force or effect]. Once vested, the      foregoing options to purchase 10,000 shares of the Employer’s common stock      which may be exercised until August 12, 2013. None of the options referred      to in this Section 1.3 may be exercised on a cashless    basis. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4. | In      connection with Employee’s receipt of the Shares, Employee represents      to the Company as follows |
|------|-------------------------------------------------------------------------------------------------------------------------|

----

| 1.5. | Employer      agrees that if Employee is made a party, is threatened to be made a party,      to any action, suit or proceeding, whether civil, criminal,      administrative, or investigative (a “Proceeding”), by reason of the fact      that Employee is or was an employee of Employer, or is or was serving at      the request of Employer as an employee or agent of another corporation,      partnership, joint venture, trust, or other enterprise, including service      with respect to clients of Employer, whether or not the basis of such      Proceeding is Employee’s alleged action in an official capacity while      serving as an employee, agent or consultant, Employee shall be indemnified      and held harmless by Employer, to the same extent as the officers and      directors of the Employer to the fullest extent permitted by law and to      the extent such proceeding is eligible for coverage under Employer’s      officer and director liability insurance policy then in effect, against      all cost, expense, liability, and loss (including, without limitation,      attorney’s fees, judgments, fines, ERISA excise taxes or other liabilities      or penalties and amounts paid or to be paid in settlement) reasonably      incurred or suffered by Employee in connection therewith, and such      indemnification shall continue as to Employee even if she has ceased to be      an employee or agent of the Employer and shall inure to the benefit of      Employee’s heirs, executors and administrators. Employer shall pay in      cash, as and when due, any and all attorneys’ fees and costs incurred by      Employee in connection with any dispute or settlement arising from a      Proceeding covered under this Section  1.5.   |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6. | Employer      shall pay in cash, as and when due, any and all attorneys’ fees and costs      incurred by Employee in connection with any dispute or settlement arising      from her affiliation with Employer , as an employee or as a consultant, or      as an employee or agent of another corporation, partnership, joint      venture, trust, or other enterprise, including service with respect to      clients of Employer, whether or not the basis of such proceeding is      Employee’s alleged action, Employee shall be indemnified and held harmless      by Employer, to the same extent as the officers and directors of the      Company, to the fullest extent legally  permitted. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Covenants      of Employee. |
|----|-----------------------------|

| 2.1. | In      exchange for the promises which Employer makes in this Agreement,      Employee, her heirs, executors, administrators, successors and assigns      (referred to collectively as “Releasors”) hereby waive and release      Employer and any and all of Employer’s past and/or present affiliates,      officers, directors, members, agents, employees, employee benefit plans      and their fiduciaries and administrators, and all of its and their      successors and assigns (referred to collectively as the “Releasees”) from      all causes of action, suits, debts, dues, liabilities, obligations, costs,      expenses, liens, damages, judgments, claims and demands of any kind      whatsoever, at law or in equity, whether or not they are presently known      to exist, that Releasors has against Releasees arising out of, by reason      of, or relating in any way whatsoever to any matter, cause or thing from      any time up to the Effective Date of this  Agreement.. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2. | The      rights and claims which Employee and other Releasors waive and release      against Employer and other Releasees include, to every extent allowed by      law, those arising under the Employee Retirement Income Security Act of      1974, the Civil Rights Acts of 1866, 1871, 1964 and 1991, the      Rehabilitation Act of 1973, the Fair Labor Standards Act, the Equal Pay      Act of 1963, the Vietnam Era Veteran’s Readjustment Assistance Act of      1974, the Occupational safety and Health Act, the Immigration reform and      Control Act of 1986, the Americans with Disabilities Act, the Age      Discrimination in Employment Act of 1967, the Older Worker’s Benefit      Protection Act, the Florida Civil Rights Act, the Americans with      Disabilities Act and the Family and Medical Leave Act of 1993, both as      amended, and the Labor Law of People’s Republic of China, as amended.      Employee and other Releasors also agree to release Employer and other      Releasors from any other claim of discrimination, harassment or      retaliation in employment (whether based on federal, state or local law,      statutory or decisional), any claim sounding in tort or contract (express      or implied) and any claim for attorneys’ fees, costs, disbursements and/or      the like. This is not a complete list, and Employee and other Releasors      waive and release all similar rights and claims under all other federal,      state and local discrimination provisions and all other statutory and      common law causes of action relating in any way to Employee’s employment      or separation from employment with Employer and its subsidiaries and      affiliates. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.3. | Employee      agrees that she has waived any damages and other relief available to her      (including, without limitation, monetary damages, equitable relief and      reinstatement) with respect to any claim or cause of action released in      Sections 2.1. and 2.2. above.  Therefore, Employee and other      Releasors agree and covenant not to file any suit, charge or complaint      against Releasees in any court or administrative agency, with regard to      any claim, demand, liability or obligation released in Sections 2.1. and      2.2. above. Employee further represents that no claims, complaints,      charges, or other proceedings are pending in any court, administrative      agency, commission or other forum relating directly or indirectly to her      engagement with Employer.  Nothing in this Agreement shall be      construed to prohibit Employee from filing a charge with or participating      in any investigation or proceeding conducted by the United States Equal      Employment Opportunity Commission or a comparable state or local      agency.  Further, nothing in this Agreement shall be construed      to prohibit Employee from challenging this Agreement pursuant to the Older      Workers’ Benefit Protection Act |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4. | Except      for the representations and obligations of Employee created by or arising      out of this Agreement effective on the Separation Date, Employer, and      Employer’s subsidiaries and affiliated companies, do hereby release,      acquit, satisfy and forever discharge and covenant not to sue Employee or      Employee's descendants, heirs, successors and assigns, and each of them,      past or present, from any and all manner of action, causes of action,      rights, liens, agreements, contracts, covenants, obligations, suits,      claims, debts, dues, sums of monies, costs, expenses, attorneys' fees,      judgments, orders and liabilities, accounts, covenants, controversies,      promises, damages, of whatever kind and nature in law or equity or      otherwise whether now known or unknown, including specifically but not      limited to, any and all claims arising out of such employment relationship      Employee had with Employer and the transactions and relationships      described herein. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5. | Employee      agrees not to testify for, appear on behalf of, or otherwise assist in any      way any individual, company, or agency in any claim against Employer,      except, unless, and only pursuant to a lawful subpoena issued to      Employee.  If such a subpoena is issued, Employee will      immediately notify Employer and provide it with a copy of the      subpoena. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6. | Employee      understands and agrees that as of the Separation Date, Employee was and is      no longer authorized to incur any expenses or obligations or liabilities      on behalf of Employer. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.7. | Employee      acknowledges and agrees that, during the period of Employee’s employment      by Employer, Employee had access to confidential, proprietary, strategic      and sensitive information relating to Employer's business and affairs and      the business and affairs of its affiliates and clients, including, without      limitation, materials used for identifying clients, client information and      lists, information concerning ongoing and potential assignments, internal      operating procedures, business plans, projections, valuations techniques,      financial models and research data.  Employee also acknowledges      and agrees that such information is special and unique to Employer and its      affiliates and clients and Employee has not and will not disclose to any      other person or entity such information without Employer’s prior written      consent, except: (a) as may be required pursuant to a valid subpoena, at      the request of a government agency in connection with any investigation it      is conducting or as otherwise required by applicable law; and (b) to      Employee’s financial advisor(s) and/or her attorney, provided that      Employee first informs them of the confidentiality of this Agreement and      they agree to maintain its confidentiality. Employee hereby agrees and      covenants that Employee will not, directly or indirectly, publish,      disclose or make accessible to any other person, firm, corporation,      organization or entity, including, without limitation, any member of her      family, any confidential, proprietary, strategic or sensitive information      whatsoever relating, directly or indirectly, to Employer's clients,      including, but not limited to, Employer’s clients’ names, business, or      affairs or the business or affairs of any of Employer's affiliates or      clients, that Employee may learn or initiate and develop a business      relationship with during Employee’s employment by Employer, whether or not      such information is specifically designated as confidential, proprietary,      strategic or sensitive. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.8. | Employee      will not at any time after the Separation Date disclose or use for      Employee’s own benefit or purposes or the benefit or purposes of any other      person, firm, partnership, joint venture, association, corporation or      other business organization, entity or enterprise other than Employer and      any of its subsidiaries or affiliates, any trade secrets, information,      data or other confidential information relating to customers, development      programs, costs, marketing, trading, investment, sales activities,      promotion, credit and financial data, manufacturing processes, financing      methods, plans or the business and affairs of Employer, generally, or of      any subsidiary or affiliate of Employer, however, that the foregoing shall      not apply to information which is not unique to Employer, or which is      generally known to the industry or the public other than as a result of      Employee’s breach of this Agreement.  Employee agrees to return      to Employer all memoranda, books, papers, plans, information, letters and      other data, and all copies thereof or therefrom (including electronic      media containing such information) in any way relating to the business of      Employer and its affiliates, except that Employee may retain personal      notes, notebooks and diaries that do not contain confidential information      of the type described in the preceding sentence. Employee further agrees      that Employee will not retain or use for Employee’s account at any time      any trade names, trademark or other proprietary business designation used      or owned in connection with the business of Employer or its      affiliates. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.9. | Employee      hereby certifies that Employee has returned to Employer, all of Employer’s      property, including computer and office equipment, office keys, supplies,      customer and work files and other related  materials. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.10. | Employee      agrees and acknowledges that this Agreement does not constitute an      admission by Employer of any violation of any federal, state, or local      statute or regulation, or any violation of any of Employee’s rights or of      any duty owed by Employer to Employee. Employer agrees and acknowledges      that this Agreement does not constitute an admission by Employee of any      violation of any federal, state, or local statute or regulation, or any      violation of any of Employer’s rights or of any duty owed by Employee to      Employer. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.11. | Employee      hereby agrees to indemnify Employer and its subsidiaries, its affiliates,      controlling persons, representatives and agents, for any loss, damage,      claim or expense arising out of her breach of the foregoing      representations or warranties and covenants. Employee agrees that the      payments and the benefits provided in Section 1 of this Agreement are in      full discharge of any and all liabilities and obligations of Employer to      Employee. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Miscellaneous. |
|----|----------------|

| 3.1. | Employee      agrees that Employee has not made, and shall not make or solicit, any      disparaging, denigrating, critical or untrue statements (public or      private) about Employer, its management or about any other employee of      Employer, its products, customers, clients, or prospects.  It is      agreed and understood that any breach of this paragraph by Employee would      be material. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2. | Employer      agrees that it shall not make any disparaging, denigrating, critical or      untrue statements (public or private) about Employee.  It is      agreed and understood that any breach of this Section 3 by Employer would      be material. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3. | This      Agreement shall be interpreted and enforced in accordance with the laws of      the State of New York. Each of the parties submits to the jurisdiction of      any provincial or federal court sitting in New York, in any action or      proceeding arising out of or relating to this Agreement and agrees that      all claims in respect of the action or proceeding may be heard and      determined by any such court. Each party also agrees not to bring any      action or proceeding arising out of or relating to this Agreement in any      other court. Each of the parties waives any defense of inconvenient forum      to the maintenance of any action or proceeding so brought and waives any      bond, surety, or other security that might be required of any other party      with respect thereto. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.4. | If      either party initiates proceedings for the other's breach of this      Agreement, the prevailing party shall recover attorneys' fees and costs,      including such fees and costs on any enforcement or appeal      proceedings. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5. | If      one or more paragraphs of this Agreement are ruled invalid or      unenforceable, such invalidity or unenforceability shall not affect any      other provision of the Agreement, which shall remain in full force and      effect. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6. | This      Agreement may be modified only by a writing signed by both      parties. |
|------|------------------------------------------------------------------------------------|

| 3.7. | Both      parties agree that, unless required by law or by a court of competent      jurisdiction, this Agreement shall remain confidential and will not be      used for any purpose other than enforcing its specific terms in any      proceeding between the parties. If this document must be filed in any      court proceeding, the person seeking to file it will do so only under      seal, unless expressly prohibited by thecourt. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8. | This      Agreement may be executed in two counterparts, each of which shall      constitute an original, but all of which together shall constitute one and      the same document. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| EMPLOYEE:   |                    | EMPLOYER: |                                |
|-------------|-------------------------|-----------|-------------------------------------|
|        |                    |      |                                |   |
|        |                    |      | RINO      INTERNATIONAL CORPORATION |   |
|        |                    |      |                                |   |   |
|        |                    |      |                                |   |   |
| Sign   | /s/      YI (JENNY) LIU |      | By:                            | /s/ Dejun Zou |   |
|        | YI      (JENNY) LIU     |      | Its:                      | President and Chief Executive      Officer |   |
|        |                         |      |                                |  |   |
| Date:  | August 12, 2010         |      | Date:                          | August      12, 2010 |   |

----