Document:

Exhibit 10.2

 

 

Revised
Media Advertising Agreement

 

This Revised
Agreement (the “Agreement”) is made this July 1, 2016 (the “Execution Date”), by and between AI &
J Media INC. Located at 48 Wall Street, 11th Floor, New York, New York 10005 hereinafter sometimes referred to as Consultant
and Protea Biosciences Group, Inc. located at 955 Hartman Run Road, Morgantown, WV 26507 hereinafter sometimes referred
to as the Company.

 

WHEREAS, Consultant
is a media company which specializes in assisting companies identify the proper media outlets which allow companies to disseminate
information about their business plan. AI & J Media INC. does not and will not promote said company. The Consultant
is strictly a media agent for advertising.

 

WHEREAS, the
Company, its subsidiaries, affiliates, directors, representatives and clients, collectively referred to as the Company,
desires to have Consultant identify and arrange meeting(s) with advertising sources for Protea Biosciences Group, Inc.

 

WHEREAS,
the Company desires to retain Consultant for the purposes of consulting with the Company for potential sources
of media in addition to making strategic advertising introductions.

 

WHEREAS, Consultant
is willing to accept the Company as a client.

 

NOW THEREFORE,
in consideration of the mutual covenants herein contained, it is agreed:

 

		1.	ENGAGEMENT:
                                         Consulting services (the “Services”) consist of the following: Consultant
                                         will introduce the Company to potential sources of media, marketing agreement(s)
                                         and/or other strategic alliances which may benefit the Company in the performance
                                         of implementing its business plan(s), including but not limited to radio and television
                                         media spots; various media publications; and internet podcasts.

 

		2.	TIME
                                         OF PERFORMANCE: The Services to be performed under this Agreement shall commence upon
                                         execution of this Agreement and shall continue until completion, which is generally expected
                                         to (90) ninety days.

 

		3.	COMPENSATION
                                         TO BE PAID BY THE COMPANY: The Company agrees to pay a fee to Consultant
                                         for the Services described herein and pay for work performed on behalf of the Company
                                         in the form of cash and/or common stock as agreed by the parties. Said fees are payable
                                         as follows:

 

		i.	$29,000
                                         due in cash upon execution of this Agreement, to be paid in equal biweekly payments

 

		ii.	$28,000
                                         due in cash 30 days from the Execution Date, to be paid in equal biweekly payments

 

		iii.	$28,000
                                         due in cash 60 days from the Execution Date, to be paid in equal biweekly payments

 

		iv.	300,000
                                         restricted PRGB shares due at Execution Date,

 

     

     

    

 

All cash
payments shall be made by wire transfer as follows:

Account
Name: AI & J Media, Inc.

Bank:

ABA No.:

Account
No.:

 

		4.	LIMITATION
                                         OF LIABILITY: If Consultant fails to perform its duties under the Agreement, its
                                         entire liability to the Company shall not exceed the amount of compensation Consultant
                                         has received from the Company. The company's entire liability under this contract
                                         shall not exceed the payment in cash.

 

		5.	CONFIDENTIALITY/NONDISCLOSURE/NON-CIRCUMVENTION:

 

		i.	Until
                                         such time as the same may become publicly known, Consultant agrees that any information
                                         of a confidential nature will not be revealed or disclosed to any person or entity, except
                                         in the performance of this Agreement, and upon written request of the Company
                                         all materials provided by the Company will be returned to the Company.

 

		6.	NOTICES:
                                         All notices hereunder shall be in writing and addressed to the party at the address herein
                                         set forth, or at such other address as to which notice pursuant to this section may be
                                         given, and shall be given by personal delivery, by certified mail, express mail, or national
                                         overnight courier services. Notices will be deemed given upon the earlier of the actual
                                         receipt or three (3) business days after being mailed or delivered to such courier service.

 

Notices
shall be addressed to Consultant at:

AI
& J Media INC.

48
Wall Street, 11th Floor

New
York, NY 10005

 

Notices
shall be addressed to Company at:

Protea
Biosciences Group, Inc.

955
Hartman Run Road

Morgantown,
WV 26507

 

Any
notices to be given hereunder will be effective if executed by and sent by the attorneys for the parties giving such notice, and
in connection therewith the parties and their respective counsel agree that in giving such notice such counsel may communicate
directly in writing with such parties to the extent necessary to giving such notice.

 

		7.	SEPARABILITY:
                                         If one or more of the provisions of this Agreement shall be held invalid, illegal or
                                         unenforceable in any respect, such provision, to the extent invalid, illegal or unenforceable,
                                         and provided that such provision is not essential to the transaction provided for by
                                         this Agreement, shall not affect other provisions hereof, and the Agreement shall be
                                         construed as if such provision had been contained herein.

 

		8.	MISCELLANEOUS:

 

		i.	Governing
                                         Law: This Agreement shall be governed by the laws of the State of New York, New York
                                         County, and of the United States District Court for the Southern District of New York
                                         for any lawsuits, actions or other proceedings arising out of or relating to this Agreement
                                         and agree not to commence any such lawsuit, action or other proceeding except in such
                                         courts. The Company and the Consultant further agree that service of any
                                         process, summons, notice or document by mail, return receipt requested, to the address
                                         of such party set forth above shall be effective service of process for any lawsuit,
                                         action or other proceeding brought against such party in any such court. The Company
                                         and the Consultant hereby irrevocably and unconditionally waive any objection
                                         to the laying of venue of any lawsuit, action or other proceeding arising out of or relating
                                         to this Agreement in the courts of the State of New York, New York County, and of the
                                         United States District Court for the Southern District of New York, and hereby further
                                         irrevocably and unconditionally waive and agree not to plead or claim in any such court
                                         that any such lawsuit, action or other proceeding brought in any such court has been
                                         brought in an inconvenient forum;

 

     

     

    

 

		ii.	Currency:
                                         In all instances, references to dollars shall be deemed to be United States dollars;

 

		ii.	Multiple
                                         Counterparts: This Agreement may be executed in multiple counterparts, each of which
                                         shall be deemed an original. It shall be necessary that each part execute each counterpart.

 

		iv.	Amendment.
                                         This Agreement may only be amended or modified in a writing signed by both of the parties
                                         and referring to this Agreement.

 

Entire Agreement.
This Agreement constitutes the entire agreement and final understanding of the parties with respect to the subject matter of this
Agreement and supersedes and terminates all prior and/or contemporaneous understandings and/or discussions between the parties,
whether written or verbal, express or implied, relating in any way to the subject matter of this Agreement. 

 

Executed as
a sealed instrument as of the day and year first above written.

 

	AI & J Media INC.	 
	 	 	 
	 	 	 
	By:	/s/ Alexander Antonopoulos	 
	 	Alexander Antonopoulos, Duly Authorized Signatory	 
	 	 	 
	Protea Biosciences Group, Inc.	 
	 	 	 
	By:	/s/ Stephen Turner	 
	 	Stephen Turner, Chief Executive OfficerYOU On Demand Holdings, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

Internet Joint Venture Agreement 

Party A (Shareholder): YOU on Demand (Asia) Limit 

Address: Unit A, 21stFloor, 128 Welington Street,
Central, Hong Kong 

Legal Representative: Pao-Yun Wang 

Contact: Zhu Yun 

Tel: 13801119910 

Party B (Shareholder): MEGTRON HONGKONG INVESTMENT GROUP
CO., LIMITED 

Address: FLAT/RM 1605A HO KING COMMERCIAL CENTRE 2-16 FA YUEN
STREET MONGKOK KL HONGKONG 

Legal Representative: Yang Liyuan 

Contact: Yang Liyuan 

Tel: 0086-13809477567 

In accordance with the provisions of relevant laws of Hong Kong
Special Administrative Region of the People’s Republic of China, the Parties
enter into this Agreement on the principle of mutual benefit with respect to the
matter of cooperating to jointly invest in the establishment of a joint venture
in Hong Kong (hereinafter referred to as the “Company”) on and subject to the
following terms and conditions: 

Chapter I Basic Company Information 

Article 1 Company name: [ ] (subject to approval by the
Company’s business registration authority). 

Article 2 Place of incorporation: Hong Kong. 

Article 3 Registered capital: US$10,000,000 (TEN MILLION
DOLLARS). 

Article 4 Business term: [30 years]. 

Article 5 Responsibility sharing: Party A and Party B shall
take the responsibility for the Company to the extent of the amount of their
respective capital contribution, and the Company shall take the responsibility
for its debts with all of its assets. 

1

Chapter II Names of Shareholders and Their Representations
and Warranties 

Article 6 Names of the shareholders: 

Shareholder 1: YOU on Demand (Asia) Limit 

Address: Unit A, 21stFloor, 128 Welington Street,
Central, Hong Kong 

Legal representative: 

Shareholder 2: MEGTRON HONGKONG INVESTMENT GROUP CO., LIMITED

Address: FLAT/RM 1605A HO KING COMMERCIAL CENTRE 2-16 FA YUEN
STREET MONGKOK KL HONGKONG 

Legal representative: Yang Liyuan 

Article 7 Each Party hereby represents and warrants that: 

	
      (I) it is a legal person that is duly organized and
      validly existing under the laws of Hong Kong Special Administrative Region
      of the People’s Republic of China and has full right to operate, manage
      and dispose of all of its assets independently; 

	 
	
      (II) it has all rights, authorizations and approvals
      required to fully perform all of its obligations hereunder; 

	 
	
      (III) The execution of this Agreement and performance of
      obligations hereunder does not violate the stipulations of it business
      license or other similar constitutional documents; does not violate any
      law, regulation, ordinance or any government authorization or approval,
      and does not violate any other agreement or contract to which it is a
      party; 

	 
	
      (IV) it has known and understood the possible risks of
      its equity participation in the Company and has the capability to bear
      such risks; 

	 
	
      (V) it has carefully read this Agreement and understood
      the exact meaning of all clauses hereof, and it rules out the possibility
      of any serious misunderstanding; 

	 
	
      (VI) the source of capital contribution paid by it to the
      Company is legal and free of any infringement upon others’ interest; and
      

	 
	
      (VII) any data or information submitted by it concerning
      its subject qualification and legal position is authentic and accurate,
      and it will immediately notify the other party in case of change in such
      data or information. 

Chapter III Capital Contributions by Shareholders and Date of
Incorporation of Company 

Article 8 The method of capital contribution by the Parties,
amount of their capital contributions and time of capital contribution are as
follows: Party A shall make capital contribution totaling USD5.00mn in cash,
which accounts for 50% of registered capital; time limit of capital
contribution: it is agreed that such capital contribution will be made in a
number of installments, and that the first installment of RMB5.00mn shall be
paid within one month of the date of incorporation. Party B shall make capital
contribution totaling USD5.00mn in cash, which accounts for 50% of registered
capital; time limit of capital contribution: it is agreed that such capital
contribution will be made in a number of installments, and that the first
installment of RMB5.00mn shall be paid within one month of the date of
incorporation. Article 9 Any and all expenses necessary for preparation for the
Company shall be borne by the Parties according to the ratio of their respective
subscriptions to the Company’s registered capital. 

2

Chapter IV Shareholders’ Rights and Obligations 

Article 10 Each Party is vested with the following rights: 

	
      (I) have the right to consult and replicate the Company’s
      articles of association, register of shareholders, minutes of
      shareholders’ meetings, resolutions of the meetings of the board of
      directors, supervisors’ decisions and financial statements, and may
      request a review of the Company’s account books; 

	 
	
      (II) propose, convene, preside over, attend or designate
      shareholder proxy to attend shareholders’ meetings according to law;
    

	 
	
      (III) supervise, offer suggestions on or address
      inquiries to the Company’s operations; 

	 
	
      (IV) transfer, make a gift of or pledge the equity held
      by it according to the stipulations of laws, administrative regulations,
      the Company’s articles of association and this Agreement; 

	 
	
      (V) designate director(s) or supervisor(s) according to
      the stipulations of this Agreement; 

	 
	
      (VI) obtain dividends and other forms of benefit
      distribution in proportion to its actual contribution to the Company’s
      registered capital; 

	 
	
      (VII) in case of increase in the Company’s registered
      capital, exercise the preemption in proportion to its actual contribution
      to the Company’s registered capital; 

	 
	
      (VIII) exercise the voting power in proportion to its
      actual contribution to the Company’s registered capital; 

	 
	
      (IX) in case of termination or liquidation of the
      Company, participate in the distribution of the Company’s residual
      properties in proportion to its actual capital contribution; 

	 
	
      (X) address inquiries to resolutions of shareholders’
      meetings of the Company and the resolutions of the board of directors that
      violate laws and/or regulations, or bring a lawsuit to people’s court
      requesting a halt of such illegal acts and tort;

3

	(XI) exercise other shareholder rights required by laws,
      administrative regulations and the Company’s articles of association.
  

Article 11 Each Party shall perform the following obligations:

	
      (I) comply with the stipulations of laws &
      regulations and normative documents as well as the Company’s articles of
      association; 

	
       

	
      (II) make capital contribution within the required time
      limit according to the amount of capital contribution subscribed to by it
      and the method of capital contribution; 

	
       

	
      (III) it may not abuse shareholder rights to impair the
      interest of the Company or other shareholders; it may not abuse the
      Company’s status as an independent legal person and shareholder’s limited
      liability to impair the interest of the Company’s creditors; 

	
       

	
      (IV) other obligations that it shall bear according to
      the stipulations of laws, administrative regulations and the Company’s
      articles of association. 

Chapter V Company’s Business Operations 

Article 12 The Company’s principal business is operation
(independent server and bandwidth) and market promotion of Internet content and
application APPs in overseas markets, and operation and promotion of Internet
content and application APPs provided by Party A or its affiliates to the
Company, including those preinstalled on smart phones exported by China to
overseas markets that are integrated by Party B. Meanwhile, Party A shall also
authorize the Company to cooperate with Chinese online flow channel, overseas
local channel flow and third-party offline smart phone channel under fee
charging or profit sharing models in respect to Internet content and application
APP, and fully and independently operate and promote in Asian markets Internet
content and application APPs provided by Party A or its affiliates. For specific
markets, Party A may meet the requirement of providing brand and content
customization, and Party A shall support the Company’s operations on overall
product operation resources and technologies. However, in markets other than
Asia, Party A shall operate promoted flows and openly share operational data
with the Company. Article 13 Internet content or application APPs provided by
Party A or its affiliates for the Company include, without limitation, content
APPs with global copyright like film & television, music, game, shopping,
finance and news, and application APPs like Chat TV APP platform (the world’s
strongest mobile social new media client), including but not limited to the
following content APPs and application APPs: 

	 	a) 	
      Content APPs

4

	 	
      i. 
	
      Film & television APPs

	 	
       
	 
	 	
      ii. 
	
      Music APPs

	 	
       
	 
	 	
      iii. 
	
      Sports APPs

	 	
       
	 
	 	
      iv. 
	
      Game APPs

	 	
       
	 
	 	
      v. 
	
      TV/video shopping APPs

	 	
       
	 
	 	
      vi. 
	
      Female APPs

	 	
       
	 
	 	
      vii. 
	
      Financial information and financial product
      point-of-sales APPs

	 	b) 	
      Application APPs

	 	i. 	
      Chat TV APP

	 	 	 
	 	ii. 	
      Frequency platform software

The profit sharing model between Party A or its affiliates and
Joint Venture in respect of profit from operations of the foregoing Internet
content and application APPs provided by Party A or its affiliates will be
determined through case-by-case communication. 

For any legitimacy problem arising out of contents and
applications as agreed in Article 13 that are provided by Party A or its
affiliates, content and application providers shall take the responsibility for
such problem in accordance with relevant Hong Kong laws and regulations. 

Article 14 Party B shall fully leverage its industry resource
advantage to push the Company to conduct intelligent terminal preinstallation,
channel development and specific distribution and product operation in respect
of the foregoing APPs provided by Party A, and make sure that the Company will
realize users’ installation and loading of the foregoing APPs on at least 50
million and preferably 100 million mobile phones and other intelligent terminals
each year through such methods as preinstallation, online & offline
promotion installation, refurbishing or upgrade of users of previously sold
mobile phones. 

Marketing promotion is generally aimed at One Belt and One Road
countries. One Belt and One Road cooperation includes, without limitation: 

	 	a) 	
      Indian companies including MicroMax, Lava and
    Kappon,

	 	 	 
	 	b) 	
      Pakistani company Qmobile

	 	 	 
	 	c) 	
      Bangladeshi company Symphony

	 	 	 
	 	d) 	
      Iranian company GLX

	 	 	 
	 	e) 	
      Turkish company Telpa

	 	 	 
	 	f) 	
      Indonesian company Advan

5

	 	g) 	
      South African company Midcom

	 	 	 
	 	h) 	
      Companies in America including Telcel and Lanix

	 	 	 
	 	i) 	
      other markets to be developed by Party B in the
    future

Party B shall take charge of negotiation with carriers/telecom
companies of the foregoing existing regions and new regions to be developed in
the future and try best to expand the promotion of products and contribute to
the implementation of joint ventures with major customers in some of key
markets. 

In addition to cooperation with overseas branded manufacturers
or operators, the Company shall also expand cooperation with other mobile
phones, including but not limited to Huawei, Lenovo and ZTE by building in or
updating or upgrading the foregoing APPs or intelligent terminals produced or
sold by other mobile phone manufacturers, and marketing promotion of such APPs
will be generally aimed at the US and other countries. 

Party A shall furnish the Company with cooperation resources
like female social celebrities including female stars and female entrepreneurs
to support the Company’s promotion & marketing of its product or cooperation
with third parties. If Party A’s provision of the foregoing cooperation
resources incurs certain cost, such cost shall be borne by the Company. Party A
shall take responsibility for female social celebrity resources provided by it
and make sure that the Company may use such resources in accordance with this
Agreement and the Company’s business scope and model. Otherwise, losses incurred
to the Company and to Party B will be resolved through consultation between the
Parties. 

Article 15 The Parties agree to support the following
arrangement: bandwidth expense and server expense of APPs as defined in Article
13 hereof shall be first paid by Joint Venture, and such expenses may, in the
future, be resolved by Party B and Joint Venture through in-depth cooperation
with operators and be paid or borne by such operators. 

Article 16 The Company shall conduct independent accounting and
pay operating costs in a centralized manner. Revenue resulting from Internet
content or application APPs shall be collected by the Company, and neither Party
may collect payments without authorization. 

Article 17 The Parties agree that contents like user
information and data resulting from or involving the Company’s operation of
Internet content and application APPs shall remain with Joint Venture. 

Article 18 The Parties shall jointly communicate and confirm
specific plans, arrangements and marketing models and profit sharing models on
overseas distribution and promotion, and separately communicate on and confirm
each case in writing. 

Article 19 Party A may assign or transfer all or some of its
rights and obligations hereunder to its subsidiaries or affiliates. 

6

Chapter VI Transfer of Capital Contribution 

Article 20 Unless otherwise specified herein, neither Party A
nor Party B may transfer its equity of the Company to any enterprise other than
its subsidiaries or affiliates within 2 years of the date of incorporation of
the Company. 

Article 21 Once the Parties make capital contributions, such
contribution may not be withdrawn unless otherwise agreed herein. Neither Party
may request guaranteed investment income; all repayments for capital
contribution and returns on investment shall originate from the Company’s
available assets. 

Chapter VII Organization Structure of Company 

Article 22 The Company shall set up a shareholders’ meeting.
The shareholders’ meeting shall comprise all shareholders and be the Company’s
highest organ of power. 

The Company shall set up a board of directors whose membership
is 5 persons, including 3 ones designated by Party A and 2 ones designated by
Party B. Party A shall designate a person as chairperson of the board of
directors. 

The Company will not set up a board of supervisors and instead
will have only 1 supervisor, who will be designated by Party B. 

The Company shall have one CEO, who will be designated by Party
B. The Company shall have one CFO, who will be designated by Party A. 

The Parties agree and warrant that the qualifications of all of
the above designated personnel meet the stipulations of relevant laws and
regulations, and they will vote for the election of the foregoing designated
personnel during relevant voting. If any of the foregoing personnel designated
by each party resigns or is dismissed, the party designating such director,
supervisor or manager shall continue to designate a person for the relevant
vacancy and the Parties shall undertake to vote for the election of the
successor during relevant voting. 

Article 23 Any of the following matters requires unanimous vote
at the shareholders’ meeting: 

	 	(I) 	
      revising the Company’s articles of association;

	 	 	 
	 	(II) 	
      increasing or reducing the Company’s registered
      capital;

	 	 	 
	 	(III) 	
      merger, division, dissolution, liquidation or change of
      corporation form;

	 	 	 
	 	(IV) 	
      any external investment by the Company;

	 	 	 
	 	(V) 	
      provision of any external guarantee by the Company;
    or

7

	 	(VI) 	other matters that shall be submitted to
      shareholders’ meeting for decision according to legal provisions or the
      Parties’ unanimous agreement. 

In respect of any matter enumerated in the foregoing paragraph,
if the Parties agree to the matter unanimously in writing, it is acceptable to
make a decision directly without holding a shareholders’ meeting and in such
case the Parties shall sign and affix their respective seal to the written
decision. 

Article 24 If this Agreement fails to provide for the
composition and operating rules of any organizational entities of the Company,
the articles of association separately signed by all shareholders shall apply.

Chapter XIII Profit Allocation and Loss Sharing 

Article 25 In respect to the remaining portion of the Company’s
profit after being used to make up for losses, set aside capital reserves and
pay taxes, the Parties shall be entitled to distribute such portion in
proportion to their respective actual contribution to the Company’s registered
capital. 

Article 26 Each Party shall take responsibility for the Company
to the extent of the amount of its capital contribution. 

Chapter IX Confidentiality 

Article 27 Each party hereto shall bear the highest level of
confidentiality obligation in respect of the other party’s business secrets
learned by it as a result of negotiation, execution and performance of this
Agreement. 

Either party shall bear the highest level of confidentiality
obligation in respect of the other party’s business, legal, financial and other
information learned by it through reporting, negotiation or other methods, and
may not disclose the same to any third party or general public without the other
party’s prior written consent. 

Chapter X Miscellaneous 

Article 28 For any matter not covered herein, both parties
shall negotiate separately and sign a supplemental agreement. Such supplemental
agreement shall have the same legal force and effect as this Agreement. 

Article 29 The Parties agree to sign the Company’s articles of
association separately upon execution of this Agreement for the purpose of
business registration. The foregoing articles of association shall be submitted
for business registration after execution thereof, subject to the provisions of
relevant laws and regulations. Article 30 In case that either party fails to pay
off to the Company the amount of capital contribution subscribed to by it
pursuant to the provisions hereof, it will not receive any payment during any
dividend distribution by the Company. It shall be entitled to dividend payment
only after it actually pays off the amount of capital contribution subscribed to
by it. 

8

Article 31 Any matter not covered herein shall be governed by a
supplemental agreement signed by the Parties. In case of any discrepancy between
the foregoing supplemental agreement or articles of association and this
Agreement, the foregoing supplemental agreement shall prevail. 

Article 32 Any and all disputes arising out of or in connection
with this Agreement shall be first resolved through amicable negotiation by the
Parties. If all such efforts fail, either party may bring a suit to the people’s
court with jurisdiction in the locality of Party A. 

Article 33 The mailing addresses and email addresses first
written above herein are the mailing addresses and email addresses to which
letters and correspondence may be mailed or delivered. Either party hereby
warrants that the mailing address and email address provided to the other party
are true and effective. In case of any change to the mailing address and email
address of any party hereto, it shall notify the other party in writing of such
change within three (3) workdays. If the party involved in such change fails to
fulfill the foregoing notification obligation, the addresses and email addresses
of the Parties first written above in this Agreement shall be deemed addresses
for service. 

Article 34 This Agreement shall take effect as soon as the
Parties affix their respective seal hereto. This Agreement shall have four (4)
counterparts and each party shall have two (2) such counterparts. All such
counterparts shall have the same legal force and effect. 

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT
BLANK 

Party A (seal): YOU on Demand (Asia) Limit 

Legal representative or authorized representative (signature):
/s/ Mingcheng Tao 

Date: 5/30/2016 

Party B (seal): MEGTRON HONGKONG INVESTMENT GROUP CO., LIMITED

Legal representative or authorized representative (signature):
/s/ Liyuan Yang 

Date: 5/30/2016 

9

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