Document:

Exhibit
      10.7

     

    EMPLOYMENT
      AGREEMENT 

     

            EMPLOYMENT
      AGREEMENT (this " Agreement
      "),
      made
      and entered into effective as of January 2, 2008 (the " Effective
      Date "),
      by
      and between Subaye.com, Inc. (the " Company
      ")
      and
      Jun Han (the " Executive
      ").
      

     

            WHEREAS,
      the Company desires to employ the Executive and to enter into an agreement
      embodying the terms of such employment and considers it essential to its best
      interests and the best interests of its stockholders to employ the Executive
      during the term of the Agreement; 

     

            WHEREAS,
      the Executive desires to accept such employment and enter into such an
      agreement; 

     

            NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein and
      for
      other good and valuable consideration, the parties hereby agree as follows:
      

     

            1.
          Term
      of Employment.     Subject
      to Section 8 below, the term of the Executive's employment under this
      Agreement shall commence on the Effective Date and shall end on December 31,
      2009 (the " Initial
      Period ");
      provided
      ,
      however
      ,
      that
      such term shall be automatically extended for additional one-year periods (each,
      a " Renewal
      Period ")
      unless, not later than 180 days prior to the expiration of the Initial
      Period or a Renewal Period, as applicable, either party hereto shall provide
      written notice of its or his desire not to extend the term hereof (a "
Non-Renewal
      Notice ")
      to the
      other party hereto (the Initial Period, together with each Renewal Period then
      in effect, shall be referred to hereinafter as the " Employment
      Term ").
      

     

            2.
          Position.
          
      

     

            (a)
          Duties.
          The
      Executive shall serve as the Company's Chief Executive Officer. In such
      position, the Executive shall have such duties and authority as shall be
      determined from time to time by the Board of Directors of the Company (the
      "
Board
      ")
      and as
      shall be consistent with the by-laws of the Company as in effect from time
      to
      time; provided,
      however,
      that,
      at all times, the Executive's duties and responsibilities hereunder shall be
      commensurate in all material respects with his status as the senior-most officer
      of the Company. During the Employment Term, the Executive shall devote his
      full
      time and best efforts to his duties hereunder. The Executive shall report
      directly to the Board (or any committee of the Board designated for this
      purpose). In addition, as of the Effective Date, the Board shall appoint the
      Executive a member of the Board, and the Executive agrees to continue to serve
      during the Employment Term as a member of the Board to the extent he is
      periodically elected or appointed to such position in accordance with the
      by-laws of the Company and applicable law. 

     

            3.
          Annual
      Bonus; Transition Bonus. N/A     
      

     

           4.
          Equity
      Compensation.   The
      Company will issue the
      Executive
      a
stock
      base salary of 170,000 shares
      of the
      Company’s common stock to be restricted under SEC rule 144. Further, it is
      agreed that such shares of common stock will be restricted in that the shares
      of
      common stock are to “vest” over the initial two year term of this Agreement,
      beginning on the date this Agreement
      is
      signed below. Additionally, the
      Executive
      or the
      Company may terminate this Agreement
      or
      the
      Executive
      may
      resign or be terminated by the Company with immediate effect. Upon resignation
      or termination before the end of the two year term, if applicable, the
      Executive
      will
      return the pro-rata unvested shares of common stock which are intended to vest
      over a two year term beginning with the date of this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

           5.
          Employee
      Benefits.     
      

     

            (a)
          Generally.
          During
      the Employment Term, the Company shall provide the Executive with benefits
      on
      the same basis as benefits are generally made available to other senior
      executives of the Company, The Executive shall be entitled to four weeks of
      paid
      vacation; provided
      ,
      however
      ,
      that,
      in the event the Executive's employment ends for any reason, the Executive
      shall
      be paid only for unused vacation that accrued in the calendar year his
      employment terminated and any unused vacation for any prior year shall be
      forfeited. 

     

            6.
          Business
      and Other Expenses.     
      During the Employment Term, the Company shall reimburse the Executive for
      reasonable business expenses incurred by him in the performance of his duties
      hereunder in accordance with the policy established by the Compensation
      Committee. Accordingly, the Company shall reimburse the Executive's expenses
      associated with business travel in accordance with such policy. 

     

            7.
          Termination.
          Notwithstanding
      any other provision of this Agreement, subject to the further provisions of
      this
      Section 8, the Company may terminate the Executive's employment or the
      Executive may resign such employment for any reason or no stated reason at
      any
      time, subject to the notice and other provisions set forth below: 

     

            (a)
          Generally.
          In
      the event of the termination of the Executive's employment for any reason,
      the
      Executive shall be entitled to receive payment of (i) subject to
      Section 5(a) above, any accrued but unpaid vacation through the Date of
      Termination (as defined below) and (ii) any earned but unpaid Annual Bonus
      with respect to the calendar year ended prior to the Date of Termination (the
      "
Base
      Obligations ").
      

     

            For
      purposes of this Agreement, " Date
      of Termination "
      means in the event of a termination of the Executive's employment by the
      Company for Cause or by the Executive for Good Reason, the date specified in
      a
      written notice of termination (or, if not specified therein, the date of
      delivery of such notice),

     

            (b)
          Termination
      by the Company Without Cause or by the Executive for Good Reason.
    
      

     

            (i)  The
      Executive's employment hereunder may be terminated by the Company without Cause
      or by the Executive for Good Reason. Upon the termination of the Executive's
      employment by the Company without Cause or by the Executive for Good Reason,
      the
      Executive shall be entitled to receive, in addition, the following payments
      and
      benefits (the " Severance
      Benefits "):
      

     

            Health
      Care Coverage.  The
      Company shall provide the Executive with continued health care coverage for
      the
      lesser of (I) twelve months or (II) the date that the Executive is
      eligible for coverage under the health care plans of a subsequent employer,
      such
      coverage to be conditioned upon the Executive (X) being covered by the
      Company's health care plans immediately prior to the Date of Termination and
      (Y) paying his share of the applicable health care premiums, deductibles
      and co-payments for such period of coverage. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Receipt
      of the Severance Benefits by the Executive is subject to the execution by him
      of
      a general release of claims substantially in the form attached as Exhibit D
      (the " Release
      ").
      All
      other benefits, if any, due the Executive following termination pursuant to
      this
      Section 7(b) shall be determined in accordance with the plans, policies and
      practices of the Company; provided
      ,
      however
      ,
      that
      the Executive shall not participate in any severance plan, policy or program
      of
      the Company. If, during the Severance Period, the Executive breaches in any
      material respect any of his obligations under Section 9 or 10 below, the
      Company may, upon written notice to the Executive, (x) terminate the
      Severance Period and cease to make any further payments of the Severance Payment
      and (y) cease any health care coverage continuation, except in each case as
      required by applicable law. 

     

            (ii)  For
      purposes of this Agreement, " Cause
      "
      shall
      mean (A) the Executive's conviction of, or pleading nolo
      contend ere to,
      any
      crime, whether a felony or misdemeanor, involving the purchase or sale of any
      security, mail or wire fraud, theft, embezzlement, moral turpitude, or Company
      property (with the exception of minor traffic violations or similar
      misdemeanors); (B) the Executive's repeated neglect of his duties to the
      Company; or (C) the Executive's willful misconduct in connection with the
      performance of his duties or other material breach by the Executive of this
      Agreement; provided
      ,
      however
      ,
      that
      the delivery of a Non-Renewal Notice by the Executive shall not constitute
      Cause
      for purposes of this Agreement; provided
      further that
      the
      Company may not terminate the Executive's employment for Cause unless
      (x) the Company first gives the Executive written notice of its intention
      to terminate and of the grounds for such termination within 90 days
      following the date the Board is informed of such grounds at a meeting of the
      Board and (y) the Executive has not, within 30 days following receipt
      of such notice, cured such Cause (if capable of cure) in a manner that is
      reasonably satisfactory to the Board. 

     

            (iii)  For
      purposes of this Agreement, " Good
      Reason "
      shall
      mean the Company (A) reducing the Executive's position, duties, or
      authority; (B) failing to secure the agreement of any successor entity to
      the Company that the Executive shall continue in his position without reduction
      in position, duties or authority; or (C) committing any other material
      breach of this Agreement; provided
      ,
      however
      ,
      that
      the delivery of a Non-Renewal Notice by the Company shall not constitute Good
      Reason for purposes of this Agreement; provided
      further that
      no
      event or condition shall constitute Good Reason unless (x) the Executive
      gives the Company a Notice of Termination specifying his objection to such
      event
      or condition within 90 days following the occurrence of such event or
      condition, (y) such event or condition is not corrected, in all material
      respects, by the Company in a manner that is reasonably satisfactory to the
      Executive within 30 days following the Company's receipt of such notice and
      (z) the Executive resigns from his employment with the Company not more
      than 30 days following the expiration of the 30-day period described in the
      foregoing clause (y). 

     

            (c)
          Permanent
      Disability.     
      

     

            (i)  The
      Executive's employment hereunder may terminate due to his Permanent Disability.
      Upon termination of the Executive's employment due to Permanent Disability,
      the
      Executive shall be entitled to receive severance benefits as described in
      section 7(b). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

            (ii)  For
      purposes of this Agreement, " Permanent
      Disability "
      means
      the inability of the Executive to perform substantially all of his duties in
      the
      manner required by the Agreement, whether by reason of illness or injury or
      otherwise (whether physical or mental) incapacitating the Executive for a
      continuous period exceeding 120 days (or a period of six months in any
      twelve-month period). Such Permanent Disability shall be certified by a
      physician chosen by the Company and reasonably acceptable to the Executive
      (if
      he is then able to exercise sound judgment). 

     

            (d)
          Death.
          The
      Executive's employment hereunder may terminate due to his death. Upon
      termination of the Executive's employment hereunder due to death, the
      Executive's estate shall be entitled to receive a sum equal to any unpaid and
      unused accrued vacation as of the date of death. 

     

            (e)
          For
      Cause by the Company or Without Good Reason.     The
      Executive's employment hereunder may be terminated by the Company for Cause
      or
      by the Executive without Good Reason. Upon termination of the Executive's
      employment for Cause or without Good Reason pursuant to this Section 7(e),
      the Executive shall have no further rights to any compensation or any other
      benefits under this Agreement other than the Base Obligations. All other
      benefits, if any, due the Executive following the Executive's termination of
      employment pursuant to this Section 8(e) shall be determined in accordance
      with the plans, policies and practices of the Company; provided
      ,
      however
      ,
      that
      the Executive shall not participate in any severance plan, policy, or program
      of
      the Company. 

     

            (f)
          Mitigation;
      Offset.     Following
      the termination of his employment under any of the above clauses of this
      Section 7, the Executive shall have no obligation or duty to seek
      subsequent employment or engagement as an employee (including self-employment)
      or as a consultant or otherwise mitigate the Company's obligations hereunder;
      nor shall the payments provided by this Section 8 be reduced by the
      compensation earned by the Executive as an employee or consultant from such
      subsequent employment or consultancy. 

     

            8.
          Non-Competition;
      Non-Solicitation; Confidentiality.     The
      Executive acknowledges and recognizes the highly competitive nature of the
      businesses of the Company and accordingly agrees as follows: 

     

            (a)
          Non-Competition.
          For
      a period of one year following the Date of Termination (the " Restricted
      Period "),
      regardless of the circumstances surrounding such termination of employment,
      the
      Executive will not, directly or indirectly, (i) engage in any "Competitive
      Business" (as defined below) for the Executive's own account, (ii) enter
      the employ of, or render any services to, any person engaged in a Competitive
      Business, (iii) acquire a financial interest in, or otherwise become
      actively involved with, any person engaged in a Competitive Business, directly
      or indirectly, as an individual, partner, shareholder, officer, director,
      principal, agent, trustee or consultant, or (iv) interfere with business
      relationships (whether formed before or after the date of this Agreement)
      between the Company and customers or suppliers of the Company. For purposes
      of
      this Agreement, " Competitive
      Business "
      shall
      mean (x) any national securities exchange registered with the Securities
      and Exchange Commission, (y) any electronic commerce or communications
      network or (z) any other entity that engages in substantially the same
      business as the Company, in each case in North America or Asia or in any other
      location in which the Company operated as of the date of termination. For
      purposes of this Agreement, " person
      "
      shall
      mean an individual, corporation, partnership, limited partnership, limited
      liability company, syndicate, person (including, without limitation, a "person"
      as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
      amended), trust, association or entity or government, political subdivision,
      agency or instrumentality of a government. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

            (b)
          Non-Solicitation.
          During
      the Restricted Period, the Executive will not, directly or indirectly,
      (i) interfere with any relationship between the Company and any of its
      employees, consultants, agents or representatives; (ii) employ or otherwise
      engage, or attempt to employ or otherwise engage, any current or former
      employee, consultant, agent or representative of the Company in any Competitive
      Business; (iii) solicit the business or account of the Company or any
      affiliate; or (iv) divert or attempt to divert from the Company any
      business or interfere with any relationship between the Company and any of
      its
      clients or customers. 

     

            (c)
          Confidentiality.
          The
      Executive hereby agrees that he will comply with the Company's general policies
      regarding confidentiality of information and processes. Without in any way
      limiting the foregoing sentence, the Executive further agrees that he will
      not,
      at any time during or after the Employment Term, make use of or divulge to
      any
      other person, firm or corporation any trade or business secret, process, method
      or means, or any other confidential information concerning the business or
      policies of the Company, which he may have learned in connection with his
      employment. For purposes of this Agreement, a "trade or business secret,
      process, method or means, or any other confidential information" shall mean
      and
      include written information treated as confidential or as a trade secret by
      the
      Company. The Executive's obligation under this Section 8(c) shall not apply
      to any information which (i) is known publicly; (ii) is in the public
      domain or hereafter enters the public domain without the fault of the Executive;
      (iii) is known to the Executive prior to his receipt of such information
      from the Company; or (iv) is hereafter disclosed to the Executive by a
      third party not under an obligation of confidence to the Company. The Executive
      agrees not to remove from the premises of the Company, except as an employee
      of
      the Company in pursuit of the business of the Company or except as specifically
      permitted in writing by the Board, any document or other object containing
      or
      reflecting any such confidential information. The Executive recognizes that
      all
      such documents and objects, whether developed by him or by someone else, will
      be
      the sole exclusive property of the Company. Except as specifically authorized
      by
      the Board upon termination of his employment hereunder, the Executive shall
      forthwith deliver to the Company all such confidential information, including,
      without limitation, all lists of customers, correspondence, accounts, records
      and any other documents (whether or not electronically or digitally produced)
      or
      property made or held by him or under his control in relation to the business
      or
      affairs of the Company, and no copy of any such confidential information shall
      be retained by him. 

     

            (e)
          Severability.
          It
      is expressly understood and agreed that, although the Executive and the Company
      consider the restrictions contained in this Section 8 to be reasonable, if
      a final judicial determination is made by a court of competent jurisdiction
      that
      the time or territory or any other restriction contained in this Agreement
      is an
      unenforceable restriction against the Executive, the provisions of this
      Agreement shall not be rendered void, but shall be deemed amended to apply
      as to
      such maximum time and territory and to such maximum extent as such court may
      judicially determine or indicate to be enforceable. Alternatively, if any court
      of competent jurisdiction finds that any restriction contained in this Agreement
      is unenforceable, and such restriction cannot be amended so as to make it
      enforceable, such finding shall not affect the enforceability of any of the
      other restrictions contained herein. 

     

            9.
          Nondisparagement.
          The
      Executive agrees (whether during or after the Executive's employment with the
      Company) not to issue, circulate, publish or utter any false or disparaging
      statements, remarks or rumors about the Company or its shareholders unless
      giving truthful testimony under subpoena. The Company agrees (whether during
      or
      after the Executive's employment with the Company) not to issue, circulate,
      publish or utter any false or disparaging statements, remarks or rumors about
      the Executive unless giving truthful testimony under subpoena. Notwithstanding
      the foregoing, nothing in this Section 9 shall preclude either party from
      responding to correct false or disparaging statements, remarks or rumors.

     

            10.
          Specific
      Performance.     The
      Executive acknowledges and agrees that the Company's remedies at law for a
      breach or threatened breach of any of the provisions of Section 8 or
      Section 9 above would be inadequate and, in recognition of this fact, the
      Executive agrees that, in the event of such a breach or threatened breach,
      in
      addition to any remedies at law, the Company, without posting any bond, shall
      be
      entitled to obtain equitable relief in the form of specific performance,
      temporary restraining order, temporary or permanent injunction or any other
      equitable remedy which may then be available. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

            11.
          Disputes.
          Except
      as provided in Section 10 above, any future dispute, controversy or claim
      between the parties arising from or relating to this Agreement, its breach
      or
      any matter addressed by this Agreement shall be resolved through binding,
      confidential arbitration to be conducted by a panel of three arbitrators that
      is
      mutually agreeable to both the Executive and the Company, all in accordance
      with
      the arbitration rules of the American Arbitration Association set forth in
      its
      National Rules for the Resolution of Employment Disputes then in effect (the
      "
AAA's
      Arbitration Rules ").
      If
      the Executive and the Company cannot agree upon the panel of arbitrators, the
      arbitration shall be settled before a panel of three arbitrators, one to be
      selected by the Company, one by the Executive and the third to be selected
      by
      the two persons so selected, all in accordance with the AAA's Arbitration Rules.
      The arbitration proceeding shall be held in a location as is mutually agreed
      in
      writing by the parties. The arbitrators shall base their award on the terms
      of
      this Agreement, and the arbitrators shall strictly follow the law and judicial
      precedents that are deemed to apply in the event the dispute were litigated
      in
      such court. The arbitration shall be governed by the substantive laws of the
      jurisdiction applicable to contracts made and to be performed therein, and
      by
      the arbitration law chosen by the arbitrators, and the arbitrators shall have
      no
      power or authority to order or grant any remedy or relief that a court could
      not
      order or grant under applicable law. Judgment upon the award rendered by the
      arbitrators may be entered in any court having jurisdiction thereof. The Company
      shall bear the cost of the arbitrators. Costs and expenses associated with
      the
      arbitration that are not otherwise assignable to one of the parties shall be
      allocated equally between the parties. In every other respect, the parties
      shall
      each pay their own costs and expenses, including, without limitation, attorneys'
      fees and costs. Nothing contained in this Section 12 shall be construed to
      preclude the Company from exercising its rights under Section 11 above.

     

            13.
          Miscellaneous.
          
      

     

            (a)
          Acceptance.
          
      

     

            (i)  The
      Executive hereby represents and warrants, as a material inducement to the
      Company's agreement to enter into this Agreement, other than the Subaye.com
      Covenants (as defined below), that there are no legal, contractual or other
      impediments, including, without limitation, restrictive covenants with a current
      or former employer, precluding the Executive from entering into this Agreement
      or from performing the services with the Company contemplated hereby. Any
      violation of this representation and warranty by the Executive shall render
      all
      of the obligations of the Company under this Agreement void ab
      initio and
      of no
      force and effect. 

     

    (a)
          Entire
      Agreement; Amendments.     This
      Agreement contains the entire understanding of the parties with respect to
      the
      employment of the Executive by the Company and shall supersede any and all
      previous contracts, arrangements or understandings between the Company and
      the
      Executive with respect to the subject matter set forth herein. There are no
      restrictions, agreements, promises, warranties, or covenants by and between
      the
      Company and the Executive and undertakings between the parties with respect
      to
      the subject matter herein other than those expressly set forth herein. This
      Agreement may not be altered, modified or amended except by written instrument
      signed by the parties hereto. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
          No
      Waiver.     The
      failure of a party to insist upon strict adherence to any term of this Agreement
      on any occasion shall not be considered a waiver of such party's rights or
      deprive such party of the right thereafter to insist upon strict adherence
      to
      that term or any other term of this Agreement. 

     

    (c)
          Severability.
          In
      the event that any one or more of the provisions of this Agreement shall be
      or
      become invalid, illegal or unenforceable in any respect, the validity, legality
      and enforceability of the remaining provisions of this Agreement shall not
      be
      affected thereby. 

     

    (d)
          Successor;
      Assignment.     This
      Agreement is confidential and personal and neither of the parties hereto shall,
      without the consent of the other, assign or transfer this Agreement or any
      rights or obligations hereunder. Without limiting the foregoing, the Executive's
      right to receive payments hereunder shall not be assignable or transferable
      whether by pledge, creation of a security interest or otherwise, other than
      a
      transfer by the Executive's will or by the laws of descent and distribution.
      In
      the event of any attempted assignment or transfer contrary to this
      Section 12(e), the Company shall have no liability to pay the assignee or
      transferee any amount so attempted to be assigned or transferred. The Company
      shall cause this Agreement to be assumed by any entity that succeeds to all
      or
      substantially all of the Company's business or assets and this Agreement shall
      be binding upon any successor to all or substantially all of the Company's
      business or assets; provided
      ,
      however
      ,
      that no
      such assumption shall release the Company of its obligations hereunder, to
      the
      extent not satisfied by such successor, without the Executive's prior written
      consent. 

     

    (e)
          Confidentiality
      of Tax Treatment and Structure.     Notwithstanding
      anything herein to the contrary, each party and its representatives may consult
      any tax advisor regarding the tax treatment and tax structure of this Agreement
      and may disclose to any person, without limitation of any kind, the tax
      treatment and tax structure of this Agreement and all materials (including
      opinions or other tax analyses) that are provided relating to such treatment
      or
      structure. 

     

    (f)
          Notice.
          For
      the purpose of this Agreement, notices and all other communications provided
      for
      in this Agreement shall be in writing and shall be deemed to have been duly
      given when delivered or mailed by United States registered mail, return receipt
      requested, postage prepaid, addressed to the respective addresses set forth
      on
      the execution page of this Agreement, provided
      that
      all
      notices to the Company shall be directed to the attention of the General Counsel
      or to such other address as either party may have furnished to the other in
      writing in accordance herewith, except that notice of change of address shall
      be
      effective only upon receipt: 

     

    
      	
            	(1)	
              if
                to the Company: 

            

    

    Subaye.com,
      Inc. 

    9th
      Floor, Beijing Business World Bldg.,56 Dongxinglong St., Chongwen
      Dist.,

    Beijing
      100062,China

    
      	
            	(2)	
              if
                to the Executive:

            

    

    c/o
      Subaye.com, Inc.

    9th
      Floor, Beijing Business World Bldg.,56 Dongxinglong St., Chongwen
      Dist.,

    Beijing
      100062,China 

    Attention:
      Jun Han

    

    This
      address as shown in the records of the Company 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

            (h)
          Withholding
      Taxes.     The
      Company may withhold from any amounts payable under this Agreement such federal,
      state and local taxes as may be required to be withheld pursuant to any
      applicable law or regulation. 

            (i)
          Counterparts.
          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. 

            (j)
          Governing
      Law.     This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      People’s Republic of China. 

     

    *            *            *
      

    

            IN
      WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
      the
      day and year first above written. 

     

    
      	
               
                

            	
               
                

            	
              EXECUTIVE
                

            
	
               

               
                

            	
               

               
                

            	
               

              /s/_________________________________

              Jun
                Han

            
	
               

               
                

            	
               

               
                

            	
               

              SUBAYE.COM, INC.
                

            
	
               

               
                

            	
               

               
                

            	
               

              By:
                

            	
               

              /s/  Yaofu
                Su                                    
                

            
	
               

               
                

            	
               

               
                

            	
               

              Title:
                

            	
               

              PresidentExhibit
      10.8

     

    EMPLOYMENT
      AGREEMENT 

     

            EMPLOYMENT
      AGREEMENT (this " Agreement
      "),
      made
      and entered into effective as of January 2, 2008 (the " Effective
      Date "),
      by
      and between Subaye.com, Inc. (the " Company
      ")
      and
      Yaofu Su (the " Executive
      ").
      

     

            WHEREAS,
      the Company desires to employ the Executive and to enter into an agreement
      embodying the terms of such employment and considers it essential to its best
      interests and the best interests of its stockholders to employ the Executive
      during the term of the Agreement; 

     

            WHEREAS,
      the Executive desires to accept such employment and enter into such an
      agreement; 

     

            NOW,
      THEREFORE, in consideration of the premises and mutual covenants herein and
      for
      other good and valuable consideration, the parties hereby agree as follows:
      

     

            1.
          Term
      of Employment.     Subject
      to Section 8 below, the term of the Executive's employment under this
      Agreement shall commence on the Effective Date and shall end on December 31,
      2009 (the " Initial
      Period ");
      provided
      ,
      however
      ,
      that
      such term shall be automatically extended for additional one-year periods (each,
      a " Renewal
      Period ")
      unless, not later than 180 days prior to the expiration of the Initial
      Period or a Renewal Period, as applicable, either party hereto shall provide
      written notice of its or his desire not to extend the term hereof (a "
Non-Renewal
      Notice ")
      to the
      other party hereto (the Initial Period, together with each Renewal Period then
      in effect, shall be referred to hereinafter as the " Employment
      Term ").
      

     

            2.
          Position.
          
      

     

            (a)
          Duties.
          The
      Executive shall serve as the Company's President. In such position, the
      Executive shall have such duties and authority as shall be determined from
      time
      to time by the Chief Executive Officer of the Company (the " Board
      ")
      and as
      shall be consistent with the by-laws of the Company as in effect from time
      to
      time; provided,
      however,
      that,
      at all times, the Executive's duties and responsibilities hereunder shall be
      commensurate in all material respects with his status as the senior-most officer
      of the Company. During the Employment Term, the Executive shall devote his
      full
      time and best efforts to his duties hereunder. The Executive shall report
      directly to the Board (or any committee of the Board designated for this
      purpose). In addition, as of the Effective Date, the Board shall appoint the
      Executive a member of the Board, and the Executive agrees to continue to serve
      during the Employment Term as a member of the Board to the extent he is
      periodically elected or appointed to such position in accordance with the
      by-laws of the Company and applicable law. 

     

            3.
          Annual
      Bonus; Transition Bonus. N/A     
      

     

           4.
          Equity
      Compensation.   The
      Company will issue the
      Executive
      a
stock
      award of 70,800 shares
      of the
      Company’s common stock to be restricted under SEC rule 144. Further, it is
      agreed that such shares of common stock will be restricted in that the shares
      of
      common stock are to “vest” over the initial two year term of this Agreement,
      beginning on the date this Agreement
      is
      signed below. Additionally, the
      Executive
      or the
      Company may terminate this Agreement
      or
      the
      Executive
      may
      resign or be terminated by the Company with immediate effect. Upon resignation
      or termination before the end of the two year term, if applicable, the
      Executive
      will
      return the pro-rata unvested shares of common stock which are intended to vest
      over a two year term beginning with the date of this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

           5.
          Employee
      Benefits.     
      

     

            (a)
          Generally.
          During
      the Employment Term, the Company shall provide the Executive with benefits
      on
      the same basis as benefits are generally made available to other senior
      executives of the Company, The Executive shall be entitled to four weeks of
      paid
      vacation; provided
      ,
      however
      ,
      that,
      in the event the Executive's employment ends for any reason, the Executive
      shall
      be paid only for unused vacation that accrued in the calendar year his
      employment terminated and any unused vacation for any prior year shall be
      forfeited. 

     

            6.
          Business
      and Other Expenses.     
      During the Employment Term, the Company shall reimburse the Executive for
      reasonable business expenses incurred by him in the performance of his duties
      hereunder in accordance with the policy established by the Compensation
      Committee. Accordingly, the Company shall reimburse the Executive's expenses
      associated with business travel in accordance with such policy. 

     

            7.
          Termination.
          Notwithstanding
      any other provision of this Agreement, subject to the further provisions of
      this
      Section 8, the Company may terminate the Executive's employment or the
      Executive may resign such employment for any reason or no stated reason at
      any
      time, subject to the notice and other provisions set forth below: 

     

            (a)
          Generally.
          In
      the event of the termination of the Executive's employment for any reason,
      the
      Executive shall be entitled to receive payment of (i) subject to
      Section 5(a) above, any accrued but unpaid vacation through the Date of
      Termination (as defined below) and (ii) any earned but unpaid Annual Bonus
      with respect to the calendar year ended prior to the Date of Termination (the
      "
Base
      Obligations ").
      

     

            For
      purposes of this Agreement, " Date
      of Termination "
      means in the event of a termination of the Executive's employment by the
      Company for Cause or by the Executive for Good Reason, the date specified in
      a
      written notice of termination (or, if not specified therein, the date of
      delivery of such notice),

     

            (b)
          Termination
      by the Company Without Cause or by the Executive for Good Reason.
    
      

     

            (i)  The
      Executive's employment hereunder may be terminated by the Company without Cause
      or by the Executive for Good Reason. Upon the termination of the Executive's
      employment by the Company without Cause or by the Executive for Good Reason,
      the
      Executive shall be entitled to receive, in addition, the following payments
      and
      benefits (the " Severance
      Benefits "):
      

     

            Health
      Care Coverage.  The
      Company shall provide the Executive with continued health care coverage for
      the
      lesser of (I) twelve months or (II) the date that the Executive is
      eligible for coverage under the health care plans of a subsequent employer,
      such
      coverage to be conditioned upon the Executive (X) being covered by the
      Company's health care plans immediately prior to the Date of Termination and
      (Y) paying his share of the applicable health care premiums, deductibles
      and co-payments for such period of coverage. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Receipt
      of the Severance Benefits by the Executive is subject to the execution by him
      of
      a general release of claims substantially in the form attached as Exhibit D
      (the " Release
      ").
      All
      other benefits, if any, due the Executive following termination pursuant to
      this
      Section 7(b) shall be determined in accordance with the plans, policies and
      practices of the Company; provided
      ,
      however
      ,
      that
      the Executive shall not participate in any severance plan, policy or program
      of
      the Company. If, during the Severance Period, the Executive breaches in any
      material respect any of his obligations under Section 9 or 10 below, the
      Company may, upon written notice to the Executive, (x) terminate the
      Severance Period and cease to make any further payments of the Severance Payment
      and (y) cease any health care coverage continuation, except in each case as
      required by applicable law. 

     

            (ii)  For
      purposes of this Agreement, " Cause
      "
      shall
      mean (A) the Executive's conviction of, or pleading nolo
      contend ere to,
      any
      crime, whether a felony or misdemeanor, involving the purchase or sale of any
      security, mail or wire fraud, theft, embezzlement, moral turpitude, or Company
      property (with the exception of minor traffic violations or similar
      misdemeanors); (B) the Executive's repeated neglect of his duties to the
      Company; or (C) the Executive's willful misconduct in connection with the
      performance of his duties or other material breach by the Executive of this
      Agreement; provided
      ,
      however
      ,
      that
      the delivery of a Non-Renewal Notice by the Executive shall not constitute
      Cause
      for purposes of this Agreement; provided
      further that
      the
      Company may not terminate the Executive's employment for Cause unless
      (x) the Company first gives the Executive written notice of its intention
      to terminate and of the grounds for such termination within 90 days
      following the date the Board is informed of such grounds at a meeting of the
      Board and (y) the Executive has not, within 30 days following receipt
      of such notice, cured such Cause (if capable of cure) in a manner that is
      reasonably satisfactory to the Board. 

     

            (iii)  For
      purposes of this Agreement, " Good
      Reason "
      shall
      mean the Company (A) reducing the Executive's position, duties, or
      authority; (B) failing to secure the agreement of any successor entity to
      the Company that the Executive shall continue in his position without reduction
      in position, duties or authority; or (C) committing any other material
      breach of this Agreement; provided
      ,
      however
      ,
      that
      the delivery of a Non-Renewal Notice by the Company shall not constitute Good
      Reason for purposes of this Agreement; provided
      further that
      no
      event or condition shall constitute Good Reason unless (x) the Executive
      gives the Company a Notice of Termination specifying his objection to such
      event
      or condition within 90 days following the occurrence of such event or
      condition, (y) such event or condition is not corrected, in all material
      respects, by the Company in a manner that is reasonably satisfactory to the
      Executive within 30 days following the Company's receipt of such notice and
      (z) the Executive resigns from his employment with the Company not more
      than 30 days following the expiration of the 30-day period described in the
      foregoing clause (y). 

     

            (c)
          Permanent
      Disability.     
      

     

            (i)  The
      Executive's employment hereunder may terminate due to his Permanent Disability.
      Upon termination of the Executive's employment due to Permanent Disability,
      the
      Executive shall be entitled to receive severance benefits as described in
      section 7(b). 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

            (ii)  For
      purposes of this Agreement, " Permanent
      Disability "
      means
      the inability of the Executive to perform substantially all of his duties in
      the
      manner required by the Agreement, whether by reason of illness or injury or
      otherwise (whether physical or mental) incapacitating the Executive for a
      continuous period exceeding 120 days (or a period of six months in any
      twelve-month period). Such Permanent Disability shall be certified by a
      physician chosen by the Company and reasonably acceptable to the Executive
      (if
      he is then able to exercise sound judgment). 

     

            (d)
          Death.
          The
      Executive's employment hereunder may terminate due to his death. Upon
      termination of the Executive's employment hereunder due to death, the
      Executive's estate shall be entitled to receive a sum equal to any unpaid and
      unused accrued vacation as of the date of death. 

     

            (e)
          For
      Cause by the Company or Without Good Reason.     The
      Executive's employment hereunder may be terminated by the Company for Cause
      or
      by the Executive without Good Reason. Upon termination of the Executive's
      employment for Cause or without Good Reason pursuant to this Section 7(e),
      the Executive shall have no further rights to any compensation or any other
      benefits under this Agreement other than the Base Obligations. All other
      benefits, if any, due the Executive following the Executive's termination of
      employment pursuant to this Section 8(e) shall be determined in accordance
      with the plans, policies and practices of the Company; provided
      ,
      however
      ,
      that
      the Executive shall not participate in any severance plan, policy, or program
      of
      the Company. 

     

            (f)
          Mitigation;
      Offset.     Following
      the termination of his employment under any of the above clauses of this
      Section 7, the Executive shall have no obligation or duty to seek
      subsequent employment or engagement as an employee (including self-employment)
      or as a consultant or otherwise mitigate the Company's obligations hereunder;
      nor shall the payments provided by this Section 8 be reduced by the
      compensation earned by the Executive as an employee or consultant from such
      subsequent employment or consultancy. 

     

            8.
          Non-Competition;
      Non-Solicitation; Confidentiality.     The
      Executive acknowledges and recognizes the highly competitive nature of the
      businesses of the Company and accordingly agrees as follows: 

     

            (a)
          Non-Competition.
          For
      a period of one year following the Date of Termination (the " Restricted
      Period "),
      regardless of the circumstances surrounding such termination of employment,
      the
      Executive will not, directly or indirectly, (i) engage in any "Competitive
      Business" (as defined below) for the Executive's own account, (ii) enter
      the employ of, or render any services to, any person engaged in a Competitive
      Business, (iii) acquire a financial interest in, or otherwise become
      actively involved with, any person engaged in a Competitive Business, directly
      or indirectly, as an individual, partner, shareholder, officer, director,
      principal, agent, trustee or consultant, or (iv) interfere with business
      relationships (whether formed before or after the date of this Agreement)
      between the Company and customers or suppliers of the Company. For purposes
      of
      this Agreement, " Competitive
      Business "
      shall
      mean (x) any national securities exchange registered with the Securities
      and Exchange Commission, (y) any electronic commerce or communications
      network or (z) any other entity that engages in substantially the same
      business as the Company, in each case in North America or Asia or in any other
      location in which the Company operated as of the date of termination. For
      purposes of this Agreement, " person
      "
      shall
      mean an individual, corporation, partnership, limited partnership, limited
      liability company, syndicate, person (including, without limitation, a "person"
      as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as
      amended), trust, association or entity or government, political subdivision,
      agency or instrumentality of a government. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

            (b)
          Non-Solicitation.
          During
      the Restricted Period, the Executive will not, directly or indirectly,
      (i) interfere with any relationship between the Company and any of its
      employees, consultants, agents or representatives; (ii) employ or otherwise
      engage, or attempt to employ or otherwise engage, any current or former
      employee, consultant, agent or representative of the Company in any Competitive
      Business; (iii) solicit the business or account of the Company or any
      affiliate; or (iv) divert or attempt to divert from the Company any
      business or interfere with any relationship between the Company and any of
      its
      clients or customers. 

     

            (c)
          Confidentiality.
          The
      Executive hereby agrees that he will comply with the Company's general policies
      regarding confidentiality of information and processes. Without in any way
      limiting the foregoing sentence, the Executive further agrees that he will
      not,
      at any time during or after the Employment Term, make use of or divulge to
      any
      other person, firm or corporation any trade or business secret, process, method
      or means, or any other confidential information concerning the business or
      policies of the Company, which he may have learned in connection with his
      employment. For purposes of this Agreement, a "trade or business secret,
      process, method or means, or any other confidential information" shall mean
      and
      include written information treated as confidential or as a trade secret by
      the
      Company. The Executive's obligation under this Section 8(c) shall not apply
      to any information which (i) is known publicly; (ii) is in the public
      domain or hereafter enters the public domain without the fault of the Executive;
      (iii) is known to the Executive prior to his receipt of such information
      from the Company; or (iv) is hereafter disclosed to the Executive by a
      third party not under an obligation of confidence to the Company. The Executive
      agrees not to remove from the premises of the Company, except as an employee
      of
      the Company in pursuit of the business of the Company or except as specifically
      permitted in writing by the Board, any document or other object containing
      or
      reflecting any such confidential information. The Executive recognizes that
      all
      such documents and objects, whether developed by him or by someone else, will
      be
      the sole exclusive property of the Company. Except as specifically authorized
      by
      the Board upon termination of his employment hereunder, the Executive shall
      forthwith deliver to the Company all such confidential information, including,
      without limitation, all lists of customers, correspondence, accounts, records
      and any other documents (whether or not electronically or digitally produced)
      or
      property made or held by him or under his control in relation to the business
      or
      affairs of the Company, and no copy of any such confidential information shall
      be retained by him. 

     

            (e)
          Severability.
          It
      is expressly understood and agreed that, although the Executive and the Company
      consider the restrictions contained in this Section 8 to be reasonable, if
      a final judicial determination is made by a court of competent jurisdiction
      that
      the time or territory or any other restriction contained in this Agreement
      is an
      unenforceable restriction against the Executive, the provisions of this
      Agreement shall not be rendered void, but shall be deemed amended to apply
      as to
      such maximum time and territory and to such maximum extent as such court may
      judicially determine or indicate to be enforceable. Alternatively, if any court
      of competent jurisdiction finds that any restriction contained in this Agreement
      is unenforceable, and such restriction cannot be amended so as to make it
      enforceable, such finding shall not affect the enforceability of any of the
      other restrictions contained herein. 

     

            9.
          Nondisparagement.
          The
      Executive agrees (whether during or after the Executive's employment with the
      Company) not to issue, circulate, publish or utter any false or disparaging
      statements, remarks or rumors about the Company or its shareholders unless
      giving truthful testimony under subpoena. The Company agrees (whether during
      or
      after the Executive's employment with the Company) not to issue, circulate,
      publish or utter any false or disparaging statements, remarks or rumors about
      the Executive unless giving truthful testimony under subpoena. Notwithstanding
      the foregoing, nothing in this Section 9 shall preclude either party from
      responding to correct false or disparaging statements, remarks or rumors.

     

            10.
          Specific
      Performance.     The
      Executive acknowledges and agrees that the Company's remedies at law for a
      breach or threatened breach of any of the provisions of Section 8 or
      Section 9 above would be inadequate and, in recognition of this fact, the
      Executive agrees that, in the event of such a breach or threatened breach,
      in
      addition to any remedies at law, the Company, without posting any bond, shall
      be
      entitled to obtain equitable relief in the form of specific performance,
      temporary restraining order, temporary or permanent injunction or any other
      equitable remedy which may then be available. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

            11.
          Disputes.
          Except
      as provided in Section 10 above, any future dispute, controversy or claim
      between the parties arising from or relating to this Agreement, its breach
      or
      any matter addressed by this Agreement shall be resolved through binding,
      confidential arbitration to be conducted by a panel of three arbitrators that
      is
      mutually agreeable to both the Executive and the Company, all in accordance
      with
      the arbitration rules of the American Arbitration Association set forth in
      its
      National Rules for the Resolution of Employment Disputes then in effect (the
      "
AAA's
      Arbitration Rules ").
      If
      the Executive and the Company cannot agree upon the panel of arbitrators, the
      arbitration shall be settled before a panel of three arbitrators, one to be
      selected by the Company, one by the Executive and the third to be selected
      by
      the two persons so selected, all in accordance with the AAA's Arbitration Rules.
      The arbitration proceeding shall be held in a location as is mutually agreed
      in
      writing by the parties. The arbitrators shall base their award on the terms
      of
      this Agreement, and the arbitrators shall strictly follow the law and judicial
      precedents that are deemed to apply in the event the dispute were litigated
      in
      such court. The arbitration shall be governed by the substantive laws of the
      jurisdiction applicable to contracts made and to be performed therein, and
      by
      the arbitration law chosen by the arbitrators, and the arbitrators shall have
      no
      power or authority to order or grant any remedy or relief that a court could
      not
      order or grant under applicable law. Judgment upon the award rendered by the
      arbitrators may be entered in any court having jurisdiction thereof. The Company
      shall bear the cost of the arbitrators. Costs and expenses associated with
      the
      arbitration that are not otherwise assignable to one of the parties shall be
      allocated equally between the parties. In every other respect, the parties
      shall
      each pay their own costs and expenses, including, without limitation, attorneys'
      fees and costs. Nothing contained in this Section 12 shall be construed to
      preclude the Company from exercising its rights under Section 11 above.

     

            13.
          Miscellaneous.
          
      

     

            (a)
          Acceptance.
          
      

     

            (i)  The
      Executive hereby represents and warrants, as a material inducement to the
      Company's agreement to enter into this Agreement, other than the Subaye.com
      Covenants (as defined below), that there are no legal, contractual or other
      impediments, including, without limitation, restrictive covenants with a current
      or former employer, precluding the Executive from entering into this Agreement
      or from performing the services with the Company contemplated hereby. Any
      violation of this representation and warranty by the Executive shall render
      all
      of the obligations of the Company under this Agreement void ab
      initio and
      of no
      force and effect. 

     

    (a)
          Entire
      Agreement; Amendments.     This
      Agreement contains the entire understanding of the parties with respect to
      the
      employment of the Executive by the Company and shall supersede any and all
      previous contracts, arrangements or understandings between the Company and
      the
      Executive with respect to the subject matter set forth herein. There are no
      restrictions, agreements, promises, warranties, or covenants by and between
      the
      Company and the Executive and undertakings between the parties with respect
      to
      the subject matter herein other than those expressly set forth herein. This
      Agreement may not be altered, modified or amended except by written instrument
      signed by the parties hereto. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
          No
      Waiver.     The
      failure of a party to insist upon strict adherence to any term of this Agreement
      on any occasion shall not be considered a waiver of such party's rights or
      deprive such party of the right thereafter to insist upon strict adherence
      to
      that term or any other term of this Agreement. 

     

     (c)
          Severability.
          In
      the event that any one or more of the provisions of this Agreement shall be
      or
      become invalid, illegal or unenforceable in any respect, the validity, legality
      and enforceability of the remaining provisions of this Agreement shall not
      be
      affected thereby. 

     

    (d)
          Successor;
      Assignment.     This
      Agreement is confidential and personal and neither of the parties hereto shall,
      without the consent of the other, assign or transfer this Agreement or any
      rights or obligations hereunder. Without limiting the foregoing, the Executive's
      right to receive payments hereunder shall not be assignable or transferable
      whether by pledge, creation of a security interest or otherwise, other than
      a
      transfer by the Executive's will or by the laws of descent and distribution.
      In
      the event of any attempted assignment or transfer contrary to this
      Section 12(e), the Company shall have no liability to pay the assignee or
      transferee any amount so attempted to be assigned or transferred. The Company
      shall cause this Agreement to be assumed by any entity that succeeds to all
      or
      substantially all of the Company's business or assets and this Agreement shall
      be binding upon any successor to all or substantially all of the Company's
      business or assets; provided
      ,
      however
      ,
      that no
      such assumption shall release the Company of its obligations hereunder, to
      the
      extent not satisfied by such successor, without the Executive's prior written
      consent. 

     

    (e)
          Confidentiality
      of Tax Treatment and Structure.     Notwithstanding
      anything herein to the contrary, each party and its representatives may consult
      any tax advisor regarding the tax treatment and tax structure of this Agreement
      and may disclose to any person, without limitation of any kind, the tax
      treatment and tax structure of this Agreement and all materials (including
      opinions or other tax analyses) that are provided relating to such treatment
      or
      structure. 

     

    (f)
          Notice.
          For
      the purpose of this Agreement, notices and all other communications provided
      for
      in this Agreement shall be in writing and shall be deemed to have been duly
      given when delivered or mailed by United States registered mail, return receipt
      requested, postage prepaid, addressed to the respective addresses set forth
      on
      the execution page of this Agreement, provided
      that
      all
      notices to the Company shall be directed to the attention of the General Counsel
      or to such other address as either party may have furnished to the other in
      writing in accordance herewith, except that notice of change of address shall
      be
      effective only upon receipt: 

     

    
      	
            	(1)	
              if
                to the Company: 

            

    

    Subaye.com,
      Inc. 

    9th
      Floor, Beijing Business World Bldg.,56 Dongxinglong St., Chongwen
      Dist.,

    Beijing
      100062,China

    
      	
            	(2)	
              if
                to the Executive:

            

    

    c/o
      Subaye.com, Inc.

    9th
      Floor, Beijing Business World Bldg.,56 Dongxinglong St., Chongwen
      Dist.,

    Beijing
      100062,China 

    Attention:
      Jun Han

    

    This
      address as shown in the records of the Company 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

            (h)
          Withholding
      Taxes.     The
      Company may withhold from any amounts payable under this Agreement such federal,
      state and local taxes as may be required to be withheld pursuant to any
      applicable law or regulation. 

            (i)
          Counterparts.
          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. 

            (j)
          Governing
      Law.     This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of New York, United States of America. 

     

    *            *            *
      

    

            IN
      WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
      the
      day and year first above written. 

     

    
      	
               
                

            	
               
                

            	
              EXECUTIVE
                

            
	
               

               
                

            	
               

               
                

            	
               

              ____________________________________

              Yaofu
                Su

            
	
               

               
                

            	
               

               
                

            	
               

              SUBAYE.COM, INC.
                

            
	
               

               
                

            	
               

               
                

            	
               

              By:
                

            	
               

              
                ____________________________________

              

            
	
               

               
                

            	
               

               
                

            	
              Jun
                Han

              Title:
                

            	
               

              Chief
                Executive
                Officer

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