Exhibit 10.3


 


THIS
AMENDED AND RESTATED MANAGEMENT SERVICE AGREEMENT entered into as of the 28th day of August 2014 (the “Agreement”)


 


BETWEEN:


 


			Xcelmobility
                                         Inc., a corporation incorporated under the laws of Nevada, USA, and having an
                                         executive office at 2225 East Bayshore Road, Suite 200, Palo Alto, CA 94303.



 


			(the “Company”)



 


AND:


 


			Renyan
                                         Ge, Businessman of 3F, West Block, M-8, Maqueling Industrial Park, Nanshan District,
                                         Shenzhen, China 518057



.


			(“Executive”)



 


WHEREAS:


 


	 	A.	The Company and Executive had previously
    entered into a Management Services Agreement, dated as of August 1, 2011 (the “Original Agreement”);
	 	 	 
	 	B.	The Company and Executive wish to amend and restate
    certain provisions of the Original Agreement to reflect the parties’ mutual agreement.  


 


NOW
THEREFORE in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:


 


		1.0	MANAGEMENT
SERVICES



 


1.1                        Executive
represents and warrants to the Company that Executive has the required skills and experience to perform the duties and exercise
the responsibilities required of Executive in the position of Chief Executive Officer CEO.


 


1.2                        Executive
and the Company agree to comply with and to be bound by the terms and conditions of this Agreement.


 


1.3                        During
the term of employment, Executive shall well and faithfully serve and devote himself exclusively to the Company.


 




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1.4                        In
carrying out these duties and responsibilities, Executive undertakes to comply with all lawful instructions and directions which
he may receive from the Company. The duties and responsibilities to be carried out by Executive will be commensurate with the
duties of a CEO. Executive shall report to the Board of Directors of the Company (the “Board”) as a whole as requested.


 


1.5                        Executive
agrees and understands that the effective performance of Executive’s duties requires the highest level of integrity and
the Company’s complete confidence in Executive’s relationship with other employees of the Company, and with all persons
dealt with by Executive in the course of his employment. Executive is required to ensure that he conducts himself in a professional,
business-like manner at all times.


 


1.6                        Executive
acknowledges and agrees to familiarize himself with and to comply with all of the Company’s policies, practices and procedures
as adopted from time to time.


 


1.7                        Executive
shall be subject to an annual performance review.


 




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		2.0	DUTIES



 


2.1                        Job
descriptions specific to the position will be developed by the Compensation Committee of the Board, but in general terms Executive
shall be responsible for the following:


Job descriptions
specific to the position will be developed by the Compensation Committee of the Board, but in general terms Ge shall be responsible
for the following:


 


	(a)	Oversees the operations of organization
    and manages its compliance with legal and regulatory requirements
	(b)	Creates and maintains procedures for implementing
    plans approved by the board of directors
	(c)	Promotes a culture that reflects the organization’s
    values, encourages good performance, and rewards productivity
	(d)	Hires, manages, and fires the human resources
    of the organization according to authorized personnel policies and procedures that fully conform to current laws and regulations
	(e)	Ensures that staff and board have sufficient and
    up-to-date information
	(f)	Evaluates the organization’s and the staff’s
    performance on a regular basis
	(g)	Oversees staff in developing annual budgets that
    support operating plans and submits budgets for board approval 
	(h)	Prudently manages the organization's resources
    within budget guidelines according to current laws and regulations
	(i)	Ensures that staff practices all appropriate accounting
    procedures in compliance with Generally Accepted Accounting Principles (GAAP)
	(j)	Provides prompt, thorough, and accurate information
    to keep the board appropriately informed of the organization’s financial position
	(k)	Develops fund raising strategies with the board
    and supports the board in fund raising activities
	(l)	Oversees staff in the development and implementation
    of fund raising plans that support strategies adopted by the Development Committee
	(m)	Serves as a primary person in donor relationships
    and the person to make one-on-one fund raising solicitations
	(n)	Oversees staff in the timely submission grant
    applications and progress reports for funders
	(o)	Oversees design, delivery, and quality of programs
    and services
	(p)	Stays abreast of current trends related to the
    organization’s products and services and anticipates future trends likely to have an impact on its work
	(q)	Collects and analyzes evaluation information that
    measures the success of the organization’s program efforts; refines or changes programs in response to that information
	(r)	Supports operations and administration of the
    board by advising and informing board members and interfacing between board and staff
	(s)	Advises the board in the development of policies
    and planning recommendations


 




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		3.0	DURATION OF AGREEMENT



 


3.1                        The
term of appointment and engagement of Executive shall commence on July 28, 2011 (the “Commencement Date”) and continue
for an indefinite term.


 


		4.0	REMUNERATION AND BENEFITS



 


4.1                        In
consideration of Executive’s undertaking and performance of the obligations contained in this Agreement, the Company will
compensate Executive for his services as follows:


 


	(a)	Base
    Salary:  Executive will receive a base salary of $180,000 per year,
    which shall be paid to Executive in bi-monthly installments.  
	 	 
	(b)	Options:
    For each year that Executive is employed by the Company, he shall receive an option to purchase 500,000 shares of common
    stock of the Company, in accordance with the XcelMobility, Inc. 2013 Equity Incentive Plan, as amended from time to time (the
    “Plan”), and related option documents.  
	 	 
	(c)	Equity
    In Lieu of Unpaid Base Salary: Executive shall be entitled to purchase shares of common stock of the Company at a price
    equal to the lower of (a) the lowest publicly traded share price for the Company’s common stock during the thirty (30)
    days prior to such issuance, or (b) the per share price paid by a third party investor during the past twelve (12) months
    for shares of the Company’s common stock, in lieu of base salary that has accrued and remains unpaid, provided, however,
    that the number of shares to be received by Executive shall equal an amount that is double such accrued and unpaid base salary.
    Additionally, Executive shall be entitled to receive an option to purchase 10 shares of common stock of the Company for each
    share that he receives in lieu of base salary pursuant to this Section 4.1(c) and
    at the same valuation as the shares to be received in lieu of accrued and unpaid base salary.  As
    of the date of this Agreement, the accrued and unpaid base salary for Executive is $292,145.
	 	 
	(d)	Benefits:  Executive
    shall be entitled to receive a monthly cash payment of $3,800 in lieu of any benefits provided by the Company, including retirement
    fund payments.  
	 	 
	(e)	Vacation:  At
    a time or times which are mutually convenient for the Company and Executive, Executive shall be entitled to five (5) weeks’
    vacation during each calendar year of his engagement, of which not more than two weeks shall be taken at one time.  Executive
    will be permitted to carry forward any unused vacation to the next year or receive compensation in kind.


 




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	(f)	Bonus:
	 	(i)	Executive is eligible for an
    annual bonus in an amount to be determined
    by the board of directors
	 	 
	 	(ii)	No bonus shall be payable to
    Executive from the date that he ceases to be actively engaged by the Company.  Specifically, Executive is not entitled
    to a bonus for the year in which Executive terminates his engagement.  In the event Executive’s engagement
    is terminated in the absence of just cause, Executive will receive bonus payments for the entire notice period in the amount
    determined by the average of the last two bonus payments made or $100,000 where no bonus payments have been made.
	 	 
	(g)	Expenses:  The
    Company will reimburse or pay for all reasonable business expenses incurred by Executive in the execution of his duties. This
    includes the expenses for airfare, accommodation and other business related expenses.


 


	5.0	TERMINATION
	 	 
	5.1	This Agreement may be terminated by
    the Company as follows:
	 	 
	(a)	In the absence of
    just cause by the Company, Executive will receive payments in lieu of notice, based upon the length of services Executive
    has provided the Company:
	 	 
	 	Service
    Period	Notice
	 	(i)  less than thirty
    six (36) months of service	Eighteen
    (18) months’ notice
	 	 	 
	 	(ii)  more than thirty-six
    (36) months of service	Thirty
    (30) months’ notice
	 	 	 
	(b)	Where the Company
    elects to give Executive notice of termination of this Agreement, in the absence of just cause, Executive may choose to receive
    payments due in either a lump sum, on a continuance basis or a combination of both. 
	 	 
	(c)	During the period
    of notice, Executive will not be required to perform the responsibilities of his position and will return to the Company all
    property in his possession that belongs to the Company.  
	 	 
	(d)	Where there is just
    cause for termination of the engagement or if Executive is in material breach of his obligations under this Agreement, Executive
    will not be entitled to notice, bonus payments or payment in lieu of notice of the termination of his management Services
    Agreement.  The engagement of Executive shall cease upon receipt of notice that his services are being terminated
    for just cause.  For the purposes of this Agreement, “just cause” will be defined by the common law.


 




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5.2                        If
a Change in Control is consummated during the term of this Agreement and within eighteen months immediately
following such Change in Control, Executive is terminated without cause, then Executive shall be entitled to:


 


	(a)	a
    lump sum payment equal to eighteen (18) months of base salary, which such sum shall be paid upon Executive’ termination
    date; 
	 	 
	(b)	a bonus
    of $75,000; and
	 	 
	(c)	the
    vesting schedule of each outstanding option held by Executive to purchase shares of common stock of the Company held by Executive
    shall be fully accelerated so that the option shall become exercisable for an additional number of shares equal to 100% of
    the shares of common stock subject to the option which are unvested immediately prior to such Change in Control; and (b) the
    vesting schedule of each outstanding restricted stock award held by Executive shall be accelerated so that 100% of the number
    of unvested shares subject to such restricted stock award shall vest in full.


 


"Change
In Control" shall mean the consummation of any of the following transactions effecting a change in ownership or control of
the Company:


 


	(a)	 a
    merger, consolidation or reorganization, unless securities representing more than fifty percent (50%) of the total
    combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned,
    directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding
    voting securities immediately prior to such transaction; or
	 	 
	(b)	any
    transfer, sale or other disposition of all or substantially all of the Company's assets; or
	 	 
	(c)	the
    acquisition, directly or indirectly by any person or related group of persons (other than the Company or a person that directly
    or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the
    meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent
    (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made
    directly to the Company's beneficial holders.





 




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5.3                      This
Agreement may be terminated by Executive with two (2) months’ written notice to the Company. The Company may waive this
notice requirement by written notice.


 


		6.0	CONFIDENTIAL INFORMATION
AND PROPERTY



 


6.1                        Executive
acknowledges that as the Chairman of the Board and in any other position the Executive may hold, a relationship of confidence,
trust and fiduciary obligation is created between Executive and the Company, and Executive will acquire information about certain
matters and things which are confidential to the Company, and which information is the exclusive property of the Company including:


 


	(a)	financial statements,
    financial books and records, reserve reports and estimates and other related information;
	 	 
	(b)	information concerning products,
    pricing, sales and marketing policies, techniques and concepts, including costing information, in respect of products and
    services provided or to be provided by Executive;
	 	 
	(c)	lists of present and prospective
    clients and related information, including names and addresses, borrowing habits and preferences of present and prospective
    clients of the Company;
	 	 
	(d)	purchasing information, including
    the names and addresses of present and prospective suppliers of the Company and prices charged by such suppliers;
	 	 
	(e)	computer systems, computer programs,
    data, software, system documentation, designs, manuals, databases;
	 	 
	(f)	trade secrets; and
	 	 
	(g)	any other materials or information
    related to the personnel, business operations, financing or activities of the Company which are not generally known to others
    engaged in similar businesses or activities.
	 	 
	 	(collectively, “Confidential
    Information”)


 




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6.2                        Executive
acknowledges and agrees that the Confidential Information could be used to the detriment of the Company. Accordingly, Executive
agrees and undertakes not to disclose Confidential Information to any third party either during the term of his engagement except
as may be necessary in the proper discharge of his employment, or after the term of his engagement, however caused, except with
the written permission of the Company.


 


6.3                        Executive
understands and agrees that all items of any and every nature or kind created by Executive pursuant to Executive’s employment
under this Agreement or furnished by the Company to Executive, and all equipment, automobiles, credit cards, books, records, reports,
files, manuals and any other documents and confidential information shall remain and be considered the exclusive property of the
Company at all times, and shall be returned and shall be returned to the Company in good condition promptly on the termination
of this Agreement, for any reason.


 


		7.0	NON-COMPETITION



 


7.1                        Executive
also acknowledges that, by reason of employment, Executive will continue to receive the value and advantage of special training,
skills and expert knowledge and experience of and contacts with customers of the Company and other employees of the Company who
are engaged in the business of the Company.


 


7.2                        Executive
further acknowledges that, in the course of employment, Executive will be assigned duties that will give him knowledge of confidential
and proprietary information which relates to the conduct and details of the Company’s business and which will result in
irreparable harm or injury to the Company which could not be adequately compensated by monetary damages if Executive should enter
into the employment of a business which is the same as, or competitive with, the business of the Company, or should Executive
enter into the business of the Company.


 


7.3                        Executive
shall not commence, engage in, or participate in any business competitive with the business of the Company either directly or
indirectly, either as individual or as a partner or joint venturer or as an employee, principal, consultant, agent, shareholder,
officer, director or representative for any person, association, organization, or in any manner for a period of six months following
the termination of his employment with the Company for any reason.


 


7.4                        Executive
acknowledges and agrees that without prejudice to any and all other rights of the Company, in the event of his violation of any
of the covenants contained in Sections 6 and 7, an injunction or other like remedy, including an interim injunction, will be a
reasonable and effective remedy to protect the Company’s rights and property.


 




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		8.0	SUCCESSORS AND PERSONAL
REPRESENTATIVES



 


8.1                        This
Agreement shall enure to the benefit of and be enforceable by the personal or legal representatives, executors, administrators,
successors, assigns and heirs of the parties hereto.


 


		9.0	NOTICE



 


9.1                        Any
notice or other communication required or contemplated under this Agreement to be given by one party to the other shall be delivered
or mailed by prepared registered post to the party to receive same at the undernoted address, namely:


 


	(a)	To the Company:
	 	Xcelmobility Inc. - 2225
    East Bayshore Road, Suite 200, Palo Alto, CA 94303.
	 	 
	(b)	Renyan Ge:
	 	3F, West Block, M-8, Maqueling
    Industrial Park, Nanshan District, Shenzhen, China 518057 


 


Any notice
delivered shall be delivered personally to Executive and shall be deemed to have been given and received on the business day next
following the date of delivery. Any notice mailed as aforesaid shall be deemed to have been given and received on the fifth business
day following the date it is posted, provided that if between the time of mailing and actual receipt of the notice there shall
be a mail strike, slowdown or other labour dispute which might affect delivery of the notice by mail, then the notice shall be
effective only if actually delivered.


 


		10.0	MODIFICATION/AMENDMENT



 


10.1                      No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by Executive and such officer as may be specifically designated by the Board. No waiver by either party hereto
at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be
performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time.


 


		11.0	ENTIRE AGREEMENT



 


11.1                      No
agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made
by either party which are not expressly set forth in this Agreement.


 




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		12.0	GOVERNING LAW



 


12.1                      The
validity, interpretation, construction and performance of this Agreement shall be governed in accordance with the laws of the
State of Nevada.


 


		13.0	VALIDITY



 


13.1                      The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.


 


		14.0	INDEMNIFICATION



 


14.1                      Executive
agrees to indemnify the Company against any claims made for the collection, withholding and payment of any personal taxes associated
with the work performed by Executive for the Company by any jurisdiction that makes a claim against Executive or the Company.
Furthermore, Executive agrees that if necessary, he will sign additional documents that indemnify the Company against claims for
taxes owed in relation to payments made to Executive based on this Management Services Agreement.


 


		15.0	SIGNATURES IN COUNTERPARTS



 


15.1                      This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument. The parties hereto confirm that any facsimile, scanned or emailed copy of another party's
executed counterpart of this Agreement (or its signature page thereof) will be deemed to be an executed original thereof.


 




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IN
WITNESS WHEREOF the parties hereto have executed these presents the day and year first above written.


 


	The Corporate Seal of the Company,	 
	XCELMOBILITY INC.	 
	was hereunto affixed in the presence of:	C/S
	 	 
	 	 
	Authorized Signatory	 


  


	SIGNED, SEALED AND DELIVERED by	 	 	 
	RENYAN GE in the presence of:	 	 	 
	 	 	 	 
	 	 	 	 
	Signature	 	 	 
	 	 	 	 
	 	 	 	 
	Address	 	 	RENYAN GE
	 	 	 	 


 




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