Document:

YOU On Demand Holdings, Inc.: Exhibit 10.1 - Filed by newsfilecorp.com

EMPLOYMENT AGREEMENT 

     EMPLOYMENT AGREEMENT, dated March
28, 2016 (this “Agreement”), between YOU ON DEMAND HOLDINGS, INC., a
Nevada corporation (the “Company”), and Ms. Mei Chen, an individual
having the address specified on the signature page hereto (the
“Executive”).

BACKGROUND 

     The Company wishes to secure the
services of the Executive as Chief Financial Officer of the Company upon the
terms and conditions hereinafter set forth, and the Executive wishes to render
such services to the Company upon the terms and conditions hereinafter set
forth.

AGREEMENT 

     NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants herein contained and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

	1. 	
      Employment by the Company. The Company agrees to
      employ the Executive in the position of Chief Financial Officer of the
      Company and the Executive accepts such employment. The Executive shall
      have such responsibilities and duties as are consistent with his position,
      including as specified on Annex I hereto, and such other duties as
      assigned by the Chief Executive Officer (the “CEO”). During the
      term of this Agreement, the Executive will serve the Company faithfully,
      diligently and to the best of his ability, and will devote a majority of
      his business time and efforts to the business and affairs of the Company
      (including its Subsidiaries and Affiliates) and the promotion of its
      interests. Executive shall work primarily from the Company’s offices in
      Beijing, China.

	 	 	 	 	 
	2. 	
      Term of Employment. The term of this Agreement
      (the “Term”) shall be for the initial period commencing on April 1,
      2016 (the “Effective Date”) and ending on the second anniversary of
      the Effective Date, at which point it shall be automatically renewed for
      additional one year periods unless (a) either party hereto provides
      written notice to the other party that it elects not to renew the Term at
      least ninety (90) days before the end of the then-current term or (b) the
      Executive is earlier terminated as provided in Section 4 hereof
      (provided that the provisions of Section 6 hereof shall survive any
      such termination).

	 	 	 	 
	3. 	
      Compensation and Benefits. As full compensation
      for all services to be rendered by the Executive to the Company and/or its
      Subsidiaries and/or Affiliates in all capacities during the Term, the
      Executive shall receive the following compensation and benefits:

	 	 	 	 

		3.1 	
      Salary.

	 	 	 	 
			3.1.1 	
      The Company will pay an annual base salary of
      ¥1,008,000.00 (RMB) (the “Base Salary”). The Executive’s Base
      Salary will be reviewed no less frequently than annually by the CEO and
      Compensation Committee of the Board of Directors to determine whether or
      not such Base Salary should be adjusted in light of the Executive’s
      duties, responsibilities and performance.

	 	 	 	 
				
      The Executive’s Base Salary will be payable not less
      frequently than monthly or at more frequent intervals in accordance with
      applicable law and the then customary payroll practices of the
    Company.

	 	 	 	 
		3.2 	
      Restricted Stock Awards. Provided he remains
      employed hereunder and provided he achieves annual performance objectives
      to be set each year by the Company’s CEO, the Executive will receive
      grants of Restricted Stock from the Company as described in this section
      3.2. in the amount of 25,000 shares of Restricted Stock per year to be
      issued on or around April 1, 2016, April 1, 2017 and April 1, 2018,
      respectively. Executive shall not be entitled to additional grants even if
      this Agreement is renewed. The Company may, in its discretion, award additional grants
      or provide for additional incentives. Any grant of Restricted Stock made
      pursuant to this section 3.2 shall be subject to the terms of the
      Company’s 2010 Equity Incentive Plan.

1 

		3.3 	
      Participation in Employee Benefit Plans; Other
      Benefits. The Executive shall be permitted during the Term to
      participate in all employee benefit plans, policies and practices now or
      hereafter maintained by or on behalf of the Company commensurate with the
      Executive's position with the Company. Nothing in this Agreement shall
      preclude the Company from terminating or amending any such plans or
      coverage so as to eliminate, reduce or otherwise change any benefit
      payable thereunder, so long as such change similarly affects all Company
      employees.

	 	 	 
		3.4 	
      Expenses. The Company shall pay or reimburse the
      Executive for all reasonable and necessary expenses actually incurred or
      paid by the Executive during the Term in the performance of the
      Executive's duties under this Agreement, upon submission and approval of
      expense statements, vouchers or other supporting information in accordance
      with the then customary practices of the Company.

	 	 	 
		3.5 	
      Withholding of Taxes. The Company may withhold
      from any benefits payable under this Agreement all federal, state, city
      and other taxes as shall be required pursuant to any law or governmental
      regulation or ruling.

	 	 	 
	4. 	
      Termination.

	 	 	 
		4.1 	
      Termination upon Death. If the Executive dies
      during the Term, the Executive’s employment shall terminate as of the date
      of his death.

	 	 	 
		4.2 	
      Termination upon Disability. If during the Term
      the Executive becomes physically or mentally disabled, whether totally or
      partially, so that the Executive is unable to perform his essential job
      functions hereunder for a period aggregating 180 days during any
      twelve-month period, , the Company may, by written notice to the
      Executive, terminate the Executive’s employment, in which event the Term
      shall terminate thirty (30) days after the date upon which the Company
      shall have given notice to the Executive of its intention to terminate the
      Executive’s employment because of the disability.

	 	 	 
		4.3 	
      Termination for Cause. The Company may at any time
      by written notice to the Executive terminate his employment for “Cause.”
      For purposes of this Agreement “Cause” shall mean:

	 	 	 	 
		 	4.3.1 	
      the Executive breaches any material term of this
      Agreement and fails to cure such breach (where capable of cure) within 14
      days after the receipt of notice from the Board of such breach, which
      notice shall state in reasonable detail the facts and circumstances
      claimed to be a breach and of the intent of the Company to terminate the
      Executive's employment upon the failure of the Executive to cure such
      breach; or

	 	 	 	 
		 	4.3.2 	
      a good faith determination by the Board that the
      Executive has committed an act of fraud, misappropriation, embezzlement,
      or theft or a breach of fiduciary duty involving; or

	 	 	 	 
		 	4.3.3 	
      the Executive is convicted of, or enters a no contest
      plea to, any criminal offense constituting a felony or a crime involving
      moral turpitude.

	 	 	 	
       

	 	4.4 	
      Termination without Cause. The Company may
      terminate the Executive’s employment at any time, without cause, upon 30
      days' written notice by the Company to the Executive and, except as
      provided in Section 5.1 hereof, the Executive shall have no right
      to receive any compensation or benefit hereunder after such termination.
      The Company, at its sole election, may place Executive on paid leave for
      all or a portion of such 30-day notice period.

	 	 	 	 
	 	4.5 	
      Termination with Good Reason. The Executive may
      terminate his employment with “Good Reason”, by giving 30 days’ prior
      written notice of termination to the Company. The Company, at its sole
      election, may place Executive on paid leave for all or a portion of such
      30-day notice period. For purposes of this Agreement “Good Reason”
      shall mean any of the following, without the Executive’s written consent: 

2 

	 	 	
       
	 	4.5.1 	
      a material reduction in the Executive’s Base Salary
      (unless such reduction is pursuant to a general reduction in salary
      applicable to all similarly situated employees of the Company);

	 	 	 
	 	4.5.2 	
      any material diminution of the Executive’s authority,
      duties or responsibilities;

	 	 	 
	 	4.5.3 	
      a material change in the Executive’s principal place of
      employment to a location more than 50 miles from the Executive’s place of
      employment as of the Effective Date; or

	 	 	 
	 	4.5.4 	
      a material breach by the Company of this
  Agreement

Notwithstanding the above, the
occurrence of any of the events described in Sections 4.5.1,
4.5.2, 4.5.3 or 4.5.4 above will not constitute a Good
Reason unless and until the Executive gives the Company notice, within thirty
(30) calendar days after the occurrence of any of the events described in
Sections 4.5.1, 4.5.2, 4.5.3 or 4.5.4 above,
that such circumstances constitute Good Reason, and the Company thereafter fails
to cure such circumstances within thirty (30) days after receipt of such
notice.

	5. 	
      Severance Payments. 

	 	
       

		5.1 	
      Termination without Cause, with Good Reason, or
      Non-Renewal by the Company. If during the Term (a) the Company
      terminates the Executive’s employment pursuant to Section 4.4
      hereof (Termination without Cause), (b) the Company elects not to
      renew this Agreement pursuant to Section 2 hereof, or (c) the
      Executive terminates his employment pursuant to Section 4.5 hereof
      (Termination with Good Reason), all compensation payable to the Executive
      under Section 3 hereof shall cease as of the date of termination
      specified in the Company's or the Executive’s notice or the expiration of
      the then current term (the “Termination Date”), and the Executive
      shall be entitled to the following:

	 	 	 	 
			
      5.1.1
	
      (i) one month Base Salary for each full year of
      employment with the Company (the applicable period being referred to as
      the “Severance Period), payable in monthly installments; (ii) all unpaid
      expenses described in Section 3.4, paid on or before the
      Termination Date; (iii) any earned but unpaid bonus pursuant to Section
      3.2, paid on or before the Termination Date; and (iv) all previously
      earned, accrued, and unpaid benefits from the Company and its employee
      benefit plans, including any such benefits under the Company's pension,
      disability, and life insurance plans, policies, and programs, if any, paid
      in accordance with the terms of the applicable plan, policy or
    program.

	 	 	 	 
	 		5.1.2 	
      notwithstanding the terms of any option or award
      agreements to the contrary, all outstanding unvested options, warrants or
      restricted stock granted to the Executive shall become fully vested on the
      Termination Date and, with respect to options and warrants, shall
      thereafter be exercisable for the full term of the option or
    warrant.

	 	 	 	 
	 		5.1.3 	
      in the event of Termination for any reason, Executive
      will be entitled to (i) reimbursement for all unpaid business expenses
      pursuant to Company policy; and (ii) any earned but unpaid
      compensation.

If, prior to the expiration of the
Severance Period, the Executive violates Section 6 hereof, then the
Company shall have no obligation to make any of the payments that remain payable
by the Company under clause (i) and (ii) of this Section 5.1.1 on or
after the date of such violation. Notwithstanding the foregoing, payments of the
amounts described in clauses (i) and (ii) of this Section 5.1 shall be
conditioned on the delivery by the Executive, within forty-five (45) days
following the Termination Date, and effectiveness of a release of any and all
claims that the Executive may have against the Company through the date of
termination, which release shall be in substantially the form attached as
Annex II. 

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	 	5.2 	
      Termination for Cause, Death or Disability. If
      this Agreement is terminated by the Company pursuant to Sections 4.1
      (Termination upon Death), 4.2 (Termination upon Disability) or
      4.3 (Termination for Cause) hereof or in the event the Executive
      elects not to renew this Agreement pursuant to Section 2, the
      Executive shall receive only the amounts specified in clauses (iii), (iv)
      and (v) of Section 5.1 hereof.

	6. 	
      Certain Covenants of the Executive.

	 	 	 	 
		6.1 	
      Covenants Against Competition. The Executive
      acknowledges that: (i) he is one of the limited number of persons who will
      develop the paid media distribution, video and e-commerce business of the
      Company (the “Company's Current Lines of Business”); (ii) the
      Company conducts such business in the People’s Republic of China; (iii)
      his work for the Company and its Subsidiaries and Affiliates, will bring
      him into close contact with many confidential affairs not readily
      available to the public; and (iv) the covenants contained in this
      Section 6 will not involve a substantial hardship upon his future
      livelihood. In order to induce the Company to enter into this Agreement,
      the Executive covenants and agrees that:

	 	 	 	 
			6.1.1 	
      Non-Compete. During the Term and for a period of
      one year following the Executive’s termination of employment with the
      Company for any reason (the “Restricted Period”), the Executive
      shall not, in the People’s Republic of China (including all Special
      Administrative Regions thereof), (i) in any manner whatsoever engage in
      any capacity with any business competitive with the Company's Current
      Lines of Business for the Executive's own benefit or for the benefit of
      any person or entity other than the Company or any Subsidiary or Affiliate
      of the Company; or (ii) have any interest as owner, sole proprietor,
      shareholder, partner, lender, director, officer, manager, employee,
      consultant, agent or otherwise in any business competitive with the
      Company's Current Lines of Business; provided, however, that the Executive
      may hold, directly or indirectly, solely as an investment, not more than
      two percent (2%) of the outstanding securities of any person or entity
      which are listed on any national securities exchange or regularly traded
      in the over-the-counter market notwithstanding the fact that such person
      or entity is engaged in a business competitive with the Company's Current
      Lines of Business. In addition, during the Restricted Period, the
      Executive shall not develop any property for use in the Company's Current
      Lines of Business on behalf of any person or entity other than the
      Company, its Subsidiaries and Affiliates.

	 	 	 	 
			6.1.2 	
      Confidential Information. During the Term, and for
      a three year period following the Executive’s termination of employment,
      the Executive shall not, directly or indirectly, disclose to any person or
      entity who is not authorized by the Company or any Subsidiary or Affiliate
      of the Company to receive such information, or use or appropriate for his
      own benefit or for the benefit of any person or entity other than the
      Company or any Subsidiary or Affiliate of the Company, any documents or
      other papers relating to the Company's Current Lines of Business or the
      customers of the Company or any Subsidiary or Affiliate of the Company,
      including, without limitation, files, business relationships and accounts,
      pricing policies, customer lists, computer software and hardware, or any
      other materials relating to the Company's Current Lines of Business or the
      customers of the Company or any Subsidiary or Affiliate of the Company or
      any trade secrets or confidential information, including, without
      limitation, any business or operational methods, drawings, sketches,
      designs or product concepts, know-how, marketing plans or strategies,
      product development techniques or plans, business acquisition plans,
      financial or other performance data, personnel and other policies of the
      Company or any Subsidiary or Affiliate of the Company, whether generated
      by the Executive or by any other person, except as required in the course
      of performing his duties hereunder or with the express written consent of
      the Company; provided, however, that the confidential information shall
      not include any information readily ascertainable from public or published
      information, or trade sources (other than as a direct or indirect result
      of unauthorized disclosure by the Executive).

	 	 	 	 
			6.1.3 	
      Employees of and Consultants to the Company.
      During the Term and for the Restricted Period, the Executive shall not,
      directly or indirectly (other than in furtherance of the business of the
      Company), initiate communications with, solicit, persuade or attempt to
      persuade, entice, induce or encourage any individual who is then or who
      has been within the preceding 12-month period, an employee of or
      consultant to the Company or any of its Subsidiaries or Affiliates to
      terminate employment with, or a consulting relationship with, the
      Company or such Subsidiary or Affiliate, as the case may be, or to become
      employed by or enter into a contract or other agreement with any other
      person, and the Executive shall not approach any such employee or
      consultant for any such purpose or authorize or knowingly approve the
      taking of any such actions by any other person.

4 

	 		6.1.4 	
      Solicitation of Customers. During the Term and for
      the Restricted Period, the Executive shall not, directly or indirectly,
      initiate communications with, solicit, persuade, entice, induce, encourage
      (or assist in connection with any of the foregoing) any person who is then
      or has been within the preceding 12-month period a customer or account of
      the Company or its Subsidiaries or Affiliates, or any actual customer
      leads whose identity the Executive learned during the course of his
      employment with the Company, to terminate or to adversely alter its
      contractual or other relationship with the Company or its Subsidiaries or
      Affiliates.

	 	 	 	 
	 		6.1.5 	
      Business Opportunities. During the Term the
      Executive shall promptly disclose to the Company any business idea or
      opportunity which falls within the meaning of the Company's Current Lines
      of Business, which business idea or opportunity shall become the sole
      property of the Company.

	 	 	 	 
	 		6.1.6 	
      Intellectual Property. The Executive agrees that
      all Intellectual Property (as defined below) made or conceived by the
      Executive, either solely or jointly with others, during the Executive’s
      employment with the Company whether or not such Intellectual Property is
      made or conceived during the hours of the Executive’s employment or with
      the use of the Company’s facilities, materials, or personnel, will be the
      property of the Company or its nominees. “Intellectual Property”
      means discoveries, concepts, and ideas, whether patentable or not,
      including apparatus, processes, methods techniques, and formulae, as well
      as improvements thereof or know-how related thereto, any “works made for
      hire” or other copyrighted or copyrightable material, and any notes,
      drawings, memoranda, correspondence, documents, records, notebooks, flow
      charts, computer programs and source and object codes, related or relating
      to any present or prospective activities of the Company or its affiliates.
      The Executive will, without royalty or any other additional consideration:
      (i) inform the Company promptly and fully in writing of such Intellectual
      Property; (ii) assign to the Company all the Executive’s right, title, and
      interest in and to such Intellectual Property; (iii) assist the Company or
      its nominees to obtain, maintain and enforce the Company’s rights with
      respect to such Intellectual Property; and (iv) execute, acknowledge, and
      deliver to the Company such written documents and instruments, and do such
      other acts, as may be necessary in the opinion of the Company to obtain,
      maintain or enforce the Company’s rights with respect to such Intellectual
      Property. Notwithstanding the foregoing, Intellectual Property made or
      conceived by the Executive during the Executive’s employment that is made,
      developed or conceived solely on non-Company time without use of any of
      the Company’s facilities, materials, or personnel, and which does not
      relate to the business of the Company or the reasonably anticipated
      business of the Company shall not be required to be assigned to the
      Company pursuant to this section 6.1.

	 	 	 	 
	 	6.2 	
      Rights and Remedies Upon Breach. If the Executive
      breaches, or threatens to commit a breach of, any of the provisions of
      Section 6.1 hereof (collectively, the “Restrictive
      Covenants”), the Company and its Subsidiaries and Affiliates shall, in
      addition to the rights set forth in Section 5.1 hereof, have the
      right and remedy to seek from any court of competent jurisdiction specific
      performance of the Restrictive Covenants or injunctive relief against any
      act which would violate any of the Restrictive Covenants, it being
      acknowledged and agreed that any such breach or threatened breach will
      cause irreparable injury to the Company and its Subsidiaries and
      Affiliates and that money damages will not provide an adequate remedy to
      the Company and its Subsidiaries and Affiliates. To the extent permitted
      by applicable law, each of the Company and the Executive waives any
      requirement for the posting of a bond or other security.

	 	 	 	 
	 	6.3 	
      Severability of Covenants. If any of the
      Restrictive Covenants, or any part thereof, is held by a court of
      competent jurisdiction or any foreign, federal, state, county or local
      government or other governmental, regulatory or administrative agency or
      authority to be invalid, void, unenforceable or against public policy for
      any reason, the remainder of the Restrictive Covenants shall remain in
      full force and effect and shall in no way be affected,
impaired or invalidated, and such court, government, agency or authority shall
be empowered to substitute, to the extent enforceable, provisions similar
thereto or other provisions so as to provide to the Company and its Subsidiaries
and Affiliates, to the fullest extent permitted by applicable law, the benefits
intended by such provisions. 

5 

	 	
       
	7. 	
      No Conflicts. The Executive agrees and
      acknowledges that his employment by the Company and compliance with this
      Agreement do not and will not breach any agreement made by the Executive
      to keep in confidence information acquired by him prior to or outside of
      his employment with the Company. The Executive will comply with any and
      all valid obligations which he may now have to prior employers or to
      others relating to confidential information, inventions or discoveries
      which are the property of those prior employers or others, as the case may
      be. The Executive has supplied or will promptly supply to the Company upon
      its request a copy of each written agreement setting forth any
      obligations. The Executive hereby agrees and acknowledges that he has not
      brought and will not bring with him for use in the performance of his
      duties at the Company any materials, documents or information of a former
      employer or any third party that are not generally available to the
      public, unless he has express written authorization from the owner thereof
      for possession and use of the Executive otherwise has undisputed
      proprietary rights to such material, documents or information.

	 	 	 
	8. 	
      Other Provisions.

	 	 	 
		8.1 	
      Notices. Any notice or other communication
      required or which may be given hereunder shall be in writing and shall be
      delivered personally, telecopied, telegraphed or telexed, or sent by
      certified, registered or express mail, postage prepaid, to the parties at
      the addresses of the respective parties as specified on the signature
      pages hereto or at such other addresses as shall be specified by the
      parties by like notice, and shall be deemed given when so delivered
      personally, telecopied, telegraphed or telexed, if delivered during
      regular business hours (or the next business day, if after regular
      business hours) or if mailed, three days after the date of mailing, as
      follows.

	 	 	 
		8.2 	
      Entire Agreement. This Agreement contains the
      entire agreement between the parties with respect to the subject matter
      hereof and supersedes all prior contracts and other agreements, written or
      oral, with respect thereto.

	 	 	 
		8.3 	
      Waivers and Amendments. This Agreement may be
      amended, modified, superseded, cancelled, renewed or extended, and the
      terms and conditions hereof may be waived, only by a written instrument
      signed by the parties or, in the case of a waiver, by the party waiving
      compliance. No delay on the part of any party in exercising any right,
      power or privilege hereunder shall operate as a waiver thereof, nor shall
      any waiver on the part of any party of any right, power or privilege
      hereunder, nor any single or partial exercise of any right, power or
      privilege hereunder preclude any other or further exercise thereof or the
      exercise of any other right, power or privilege hereunder.

	 	 	 
		8.4 	
      Governing Law, Consent to Jurisdiction, etc. All
      questions concerning the construction, validity, enforcement and
      interpretation of this Agreement shall be governed by and construed and
      enforced in accordance with the internal laws of the State of New York,
      without regard to the principles of conflicts of law thereof (except
      Section 5-1401 of New York’s General Obligations Law). Each party agrees
      that all legal proceedings concerning the interpretations, enforcement and
      defense of the transactions contemplated by this Agreement (whether
      brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced
      exclusively in the state and federal courts sitting in the City of New
      York. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the City of New
      York, New York for the adjudication of any dispute hereunder, and hereby
      irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the
      jurisdiction of any such court, that such suit, action or proceeding is
      improper.

	 	 	 
		8.5 	
      Compliance with Section 409A. The parties to this
      Agreement intend that the Agreement complies with Section 409A of the
      Code, where applicable, and this Agreement will be interpreted in a manner
      consistent with that intention. Notwithstanding any other provisions of
      this Agreement to the contrary, and solely to the extent necessary for
      compliance with Section 409A of the Code, if as of the date
  of Executive’s “separation from service” (within the meaning
      of Section 409A of the Code and the applicable regulations) from the
      Company, (i) Executive is deemed to be a “specified employee” (within the
      meaning of Section 409A of the Code), and (ii) the Company or any member
      of a controlled group including the Company is publicly traded on an
      established securities market or otherwise, no payment or other
      distribution required to be made to Executive hereunder (including any
      payment of cash, any transfer of property and any provision of taxable
      benefits) solely as a result of Executive’s separation from service will
      be made earlier than the first day of the seventh month following the date
      on which the Executive separates from service with the Company, or if
      earlier within thirty (30) days of the Executive’s date of death following
      the date of such separation. Notwithstanding the foregoing, this provision
      will not apply to (a) all payments on separation from service that satisfy
      the short-term deferral rule of Treas. Reg. §1.409A-1(b)(4), (b) to the
      portion of the payments on separation from service that satisfy the
      requirements for separation pay due to an involuntary separation from
      service under Treas. Reg. §1.409A-1(b)(9)(iii), and (c) to any payments
      that are otherwise exempt from the six month delay requirement of the
      Treasury Regulations under Code Section 409A. Notwithstanding anything to
      the contrary herein, a termination of employment will not be deemed to
      have occurred for purposes of any provision of this Agreement providing
      for the payment of amounts or benefits upon or following a termination of
      employment unless such termination is also a “separation from service”
      within the meaning of Section 409A of the Code and, for purposes of any
      such provision of this Agreement, references to a “resignation,”
      “termination,” “termination of employment,” or like terms will mean a
      separation from service. For purposes of Section 409A of the Code, each
      payment made under this Agreement will be designated as a “separate
      payment” within the meaning of the Section 409A of the Code.
      Notwithstanding anything to the contrary herein, except to the extent any
      expense, reimbursement or in-kind benefit provided pursuant to this
      Agreement does not constitute a “deferral of compensation” within the
      meaning of Section 409A of the Code: (x) the amount of expenses eligible
      for reimbursement or in-kind benefits provided to Executive during any
      calendar year will not affect the amount of expenses eligible for
      reimbursement or in-kind benefits provided to Executive in any other
      calendar year, (y) the reimbursements for expenses for which Executive is
      entitled to be reimbursed will be made on or before the last day of the
      calendar year following the calendar year in which the applicable expense
      is incurred, and (z) the right to payment or reimbursement or in-kind
      benefits hereunder may not be liquidated or exchanged for any other
      benefit.

6 

	 	8.6 	
      Binding Effect; Benefit. This Agreement shall
      inure to the benefit of and be binding upon the parties hereto and any
      successors and assigns permitted or required by Section 8.7 hereof.
      Nothing in this Agreement, expressed or implied, is intended to confer on
      any person other than the parties hereto or such successors and assigns,
      any rights, remedies, obligations or liabilities under or by reason of
      this Agreement.

	 	 	 
	 	8.7 	
      Assignment. This Agreement, and the Executive's
      rights and obligations hereunder, may not be assigned by the Executive.
      The Company may not assign this Agreement and its rights, together with
      its obligations, hereunder without the Executive’s prior written consent,
      except in connection with any sale, transfer or other disposition of all
      or substantially all of the Company’s assets or business, whether by
      merger, consolidation or otherwise.

	 	 	 
	 	8.8 	
      Further Assurances. The Executive will executive
      and deliver all instruments and other documents which the Company
      reasonably determines to be necessary or appropriate to carry out the
      terms of this Agreement.

	 	 	 
	 	8.9 	
      Indemnification. The Executive will be entitled to
      indemnification to the fullest extent provided under applicable law and
      the terms of the Company’s Articles of Incorporation and By-laws, and any
      other indemnity agreement to which he is a party or beneficiary. Further,
      the Executive shall be covered under any applicable insurance coverage
      maintained by the Company with respect to its executive officers. Without
      limiting any other provision of this Agreement, this Section 8.9
      will survive the termination or expiration of this Agreement for any
      reason.

	 	 	 
	 	8.10 	
      Definitions. For purposes of this
  Agreement:

7 

	 		 8.10.1	
      “Affiliate” means a person that, directly or
      indirectly, controls or is controlled by, or is under common control with
      the Company;

	 	 	 	 
	 		 8.10.2	
      “control” (including, with correlative meaning,
      the terms “controlled by” and “under common control with”) as used with
      respect to any person or entity, means the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management and policies of such person or entity, whether through
      ownership of voting securities or by contract or other agreement or
      otherwise; and

	 	 	 	 
	 		 8.10.3	
      “Subsidiary” means any person or entity as to
      which the Company, directly or indirectly, owns or has the power to vote,
      or to exercise a controlling influence with respect to, fifty percent
      (50%) or more of the securities of any class of such person, the holders
      of which class are entitled to vote for the election of directors (or
      persons performing similar functions) of such person and shall
      specifically include any variable interest entity of the Company whose
      financial results are consolidated with those of the Company under U.S.
      generally accepted accounting principles.

	 	 	 	 
	 	8.11 	
      Counterparts. This Agreement may be executed in
      two or more counterparts, each of which shall be deemed an original but
      all of which together shall constitute one and the same
  instrument.

	 	 	 
	 	8.12 	
      Headings. The headings in this Agreement are for
      reference purposes only and shall not in any way affect the meaning or
      interpretation of this Agreement.

[Signature page follows]

8 

IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first above written.

	 	COMPANY: 
	 	YOU ON DEMAND HOLDINGS, INC. 
	 	By: 	 
           /s/ Mingcheng Tao 
	 	Name: Mingcheng Tao 
	 	Title: Chief Executive Officer 
	 	  	  
	 	  	  
	 	  	  
	 	  	EXECUTIVE: 
	 	  	  
	 	  	/s/
      Mei Chen 
	 	  	MEI CHEN 
	 	 	 
	 	  	Address: 
	 	 	 
	 	 	 

9 

Annex I 

Duties and Responsibilities 

The Chief Financial Officer shall have general supervision and
day-to-day managerial responsibility of the finances of the Corporation and
shall see that all orders and resolutions of the Board of Directors are carried
into effect. The Chief Financial Officer shall regularly communicate with the
Chairman of the Board and shall perform all duties which from time to time may
be requested of him by the Chairman and the Board of Directors.

10 

Annex II 

GENERAL RELEASE 

I, Mei Chen, in consideration of and subject to the performance
by the Company, of its obligations under Section 5.1 of the
Employment Agreement, dated as of March, 2016 (the “Agreement”), do
hereby release and forever discharge as of the date hereof the Company and its
respective affiliates and subsidiaries and all present, former and future
directors, officers, agents, representatives, employees, successors and assigns
of the Company and/or its respective affiliates and subsidiaries and direct or
indirect owners (collectively, the “Released Parties”) to
the extent provided herein (this “General Release”). The Released Parties
are intended third-party beneficiaries of this General Release, and this General
Release may be enforced by each of them in accordance with the terms hereof in
respect of the rights granted to such Released Parties hereunder. Terms used
herein but not otherwise defined shall have the meanings given to them in the
Agreement.

	1. 	
      I understand that any payments or benefits paid or
      granted to me under Section 5.1 of the Agreement represent, in part,
      consideration for signing this General Release and are not salary, wages
      or benefits to which I was already entitled. I understand and agree that I
      will not receive the payments and benefits specified in Section 5.1 of the
      Agreement unless I execute this General Release and do not revoke this
      General Release within the time period permitted hereafter or breach this
      General Release. Such payments and benefits will not be considered
      compensation for purposes of any employee benefit plan, program, policy or
      arrangement maintained or hereafter established by the Company or its
      respective affiliates.

	 	 	 
	2. 	
      Except as provided in paragraphs 4 and 5 below and except
      for the provisions of the Agreement which expressly survive the
      termination of my employment with the Company, I knowingly and voluntarily
      (for myself, my heirs, executors, administrators and assigns) release and
      forever discharge the Company and the other Released Parties from any and
      all claims, suits, controversies, actions, causes of action, cross-claims,
      counter-claims, demands, debts, compensatory damages, liquidated damages,
      punitive or exemplary damages, other damages, claims for costs and
      attorneys’ fees, or liabilities of any nature whatsoever in law and in
      equity, both past and present (through the date that this General Release
      becomes effective and enforceable) and whether known or unknown,
      suspected, or claimed against the Company and/or any of the Released
      Parties which I, or any of my heirs, executors, administrators or assigns,
      ever had, now have, or hereafter may have (through the date that this
      General Release becomes effective and enforceable), by reason of any
      matter, cause, or thing whatsoever, from the beginning of my initial
      dealings with the Company to the date of this General Release relating
      exclusively to any claims arising from or relating in any way to my
      employment relationship with the Company, the terms and conditions of that
      employment relationship, and the termination of that employment
      relationship (including, but not limited to, any allegation, claim or
      violation, arising under: Title VII of the Civil Rights Act of 1964, as
      amended; the Civil Rights Act of 1991; the Age Discrimination in
      Employment Act of 1967, as amended (including the Older Workers Benefit
      Protection Act); the Equal Pay Act of 1963, as amended; the Americans with
      Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the
      Worker Adjustment Retraining and Notification Act; the Employee Retirement
      Income Security Act of 1974; any applicable Executive Order Programs; the
      Fair Labor Standards Act; or their state or local counterparts; or under
      any other federal, state or local civil or human rights law, or under any
      other local, state, or federal law, regulation or ordinance; or under any
      public policy, contract or tort, or under common law; or arising under any
      policies, practices or procedures of the Company; or any claim for
      wrongful discharge, breach of contract, infliction of emotional distress,
      defamation; or any claim for costs, fees, or other expenses, including
      attorneys’ fees incurred in these matters) (all of the foregoing
      collectively referred to herein as the “Claims”). I understand and
      intend that this General Release constitutes a general release of all
      claims and that no reference herein to a specific form of claim, statute
      or type of relief is intended to limit the scope of this General
      Release.

	 	 	 
	3. 	
      I represent and warrant that I have made no assignment or
      transfer of any right, claim, demand, cause of action, or other matter
      covered by paragraph 2 above.

	 	 	 
	4. 	
      I agree that this General Release does not waive or
      release any rights or claims that I may have under the Age Discrimination
      in Employment Act of 1967 which arise after the date I execute this
      General Release. I acknowledge and agree that my separation from employment
      with the Company in compliance with the terms of the Agreement shall not
      serve as the basis for any claim or action (including, without limitation,
      any claim under the Age Discrimination in Employment Act of
  1967).

11 

	5. 	
      Notwithstanding anything in this General Release to the
      contrary, this General Release shall not relinquish, diminish, or in any
      way affect any rights or Claims (a) arising out of any breach by the
      Company or by any Released Party of the Agreement after the date hereof,
      (b) I have to workers’ compensation benefits or vested benefits under any
      pension plan, employee benefit plan or any other plan or program of the
      Company, or (c) with respect to indemnification for actions brought
      against me in my capacity as an officer, manager or director of the
      Company or any subsidiary or affiliate of the Company, whether pursuant to
      statute, the Company’s articles of incorporation or bylaws, or any
      separate agreement, but excluding any claims which I, or any of my heirs,
      executors, administrators or assigns, ever had, now have, or hereafter may
      have (through the date that this General Release becomes effective and
      enforceable), by reason of any matter, cause, or thing whatsoever, from
      the beginning of my initial dealings with the Company to the date of this
      General Release, relating to any other relationship with the Company,
      including, without limitation, as option holder, stockholder, lender,
      director or otherwise.

	 	 
	6. 	
      I agree that I hereby waive all rights to sue or obtain
      equitable, remedial or punitive relief from any or all Released Parties of
      any kind whatsoever for any Claim, including, without limitation,
      reinstatement, back pay, front pay, and any form of injunctive relief.
      Notwithstanding the foregoing, I acknowledge that I am not waiving and am
      not being required to waive any right that cannot be waived under law,
      including the right to file an administrative charge or participate in an
      administrative investigation or proceeding; provided, however, that I
      disclaim and waive any right to share or participate in any monetary award
      resulting from the prosecution of such charge or investigation or
      proceeding.

	 	 
	7. 	
      In signing this General Release, I acknowledge and intend
      that it shall be effective as a bar to each and every one of the Claims
      hereinabove mentioned or implied. I expressly consent that this General
      Release shall be given full force and effect according to each and all of
      its express terms and provisions, including those relating to unknown and
      unsuspected Claims (notwithstanding any state or local statute that
      expressly limits the effectiveness of a general release of unknown,
      unsuspected and unanticipated Claims), if any, as well as those relating
      to any other Claims hereinabove mentioned or implied. I acknowledge and
      agree that this waiver is an essential and material term of this General
      Release and that without such waiver the Company would not have agreed to
      the terms of the Agreement. I further agree that in the event that I
      should bring a Claim seeking damages against the Company, or in the event
      that I should seek to recover against the Company in any Claim brought by
      a governmental agency on my behalf, this General Release shall serve as a
      complete defense to such Claims to the maximum extent permitted by
    law.

	 	 
	8. 	
      I agree that neither this General Release, nor the
      furnishing of the consideration for this General Release, shall be deemed
      or construed at any time to be an admission by the Company, any Released
      Party or myself of any improper or unlawful conduct.

	 	 
	9. 	
      I agree that this General Release and the Agreement are
      confidential and agree not to disclose any information regarding the terms
      of this General Release or the Agreement, except to my immediate family
      and any tax, legal or other counsel that I have consulted regarding the
      meaning or effect hereof or as required by law, and I will instruct each
      of the foregoing not to disclose the same to anyone. The Company agrees to
      disclose any such information only to any tax, legal or other counsel of
      the Company or as required by law.

	 	 
	10. 	
      Any non-disclosure provision in this General Release does
      not prohibit or restrict me (or my attorney) from responding to any
      inquiry about this General Release or its underlying facts and
      circumstances by the Securities and Exchange Commission (SEC), the
      Financial Industry Regulatory Authority (FINRA), or any other
      self-regulatory organization or governmental entity.

	 	 
	11. 	
      I hereby acknowledge that certain provisions of the
      Agreement, including Section 6 thereof shall survive my execution of this
      General Release.

	 	 
	12. 	
      I acknowledge that I may hereafter discover Claims or
      facts in addition to or different than those which I
now know or believe to exist with respect to the subject
      matter of the release set forth in paragraph 2 above and which, if known
      or suspected at the time of entering into this General Release, may have
      materially affected this General Release and my decision to enter into it.
      Nonetheless, I understand that this General Release applies to and effects
      a release and waiver of any such claim.

12 

	13. 	
      Whenever possible, each provision of this General Release
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this General Release is held to be
      invalid, illegal or unenforceable in any respect under any applicable law
      or rule in any jurisdiction, such invalidity, illegality or
      unenforceability shall not affect any other provision or any other
      jurisdiction, but this General Release shall be reformed, construed and
      enforced in such jurisdiction as if such invalid, illegal or unenforceable
      provision had never been contained herein. This General Release
      constitutes the complete and entire agreement and understanding among the
      parties, and supersedes any and all prior or contemporaneous agreements,
      commitments, understandings or arrangements, whether written or oral,
      between or among any of the parties, in each case concerning the subject
      matter hereof.

13 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE
THAT:

	 	(i) 	
      I HAVE READ IT CAREFULLY;

	 	 	 
	 	(ii) 	
      I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING
      UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE
      DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE
      CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE
      AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT
      INCOME SECURITY ACT OF 1974, AS AMENDED;

	 	 	 
	 	(iii) 	
      I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

	 	 	 
	 	(iv) 	
      I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE
      EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND
      CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

	 	 	 
	 	(v) 	
      I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT
      OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF
      THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT
      RESTART THE REQUIRED 21-DAY PERIOD;

	 	 	 
	 	(vi) 	
      I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE
      EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT
      BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS
      EXPIRED;

	 	 	 
	 	(vii) 	
      I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND
      VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH
      RESPECT TO IT; AND

	 	 	 
	 	(viii) 	
      I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY
      NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN
      WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY
      ME.

	SIGNED:  /s/ Mei
    Chen	 	DATE:
    

- 19 -

[Signature to Employment Agreement]

14YOU On Demand Holdings, Inc.: Exhibit 10.2 - Filed by newsfilecorp.com

EMPLOYMENT AGREEMENT 

     EMPLOYMENT AGREEMENT, dated March
28, 2016 (this “Agreement”), between YOU ON DEMAND HOLDINGS, INC., a
Nevada corporation (the “Company”), and Mr. Bing Yang, an individual
having the address specified on the signature page hereto (the
“Executive”).

BACKGROUND 

     The Company wishes to secure the
services of the Executive as President of the E-commerce Division of the Company
upon the terms and conditions hereinafter set forth, and the Executive wishes to
render such services to the Company upon the terms and conditions hereinafter
set forth.

AGREEMENT 

     NOW, THEREFORE, in consideration
of the foregoing and the mutual covenants herein contained and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

	1. 	
      Employment by the Company. The Company agrees to
      employ the Executive in the position of President of the E-Commerce
      Division of the Company and the Executive accepts such employment. The
      Executive shall have such responsibilities and duties as are consistent
      with his position, including as specified on Annex I hereto, and
      such other duties as assigned by the Chief Executive Officer (the
      “CEO”) and the Chairman of the Board (the “Chairman”).
      During the term of this Agreement, the Executive will serve the Company
      faithfully, diligently and to the best of his ability, and will devote a
      majority of his business time and efforts to the business and affairs of
      the Company (including its Subsidiaries and Affiliates) and the promotion
      of its interests. Executive shall work primarily from the Company’s
      offices in Shanghai, China.

	 	 	 	 
	2. 	
      Term of Employment. The term of this Agreement
      (the “Term”) shall be for the initial period commencing on April
      26, 2016 (the “Effective Date”) and ending on the second
      anniversary of the Effective Date, at which point it shall be
      automatically renewed for additional one year periods unless (a) either
      party hereto provides written notice to the other party that it elects not
      to renew the Term at least ninety (90) days before the end of the
      then-current term or (b) the Executive is earlier terminated as provided
      in Section 4 hereof (provided that the provisions of Section 6
      hereof shall survive any such termination).

	 	 	 	 
	3. 	
      Compensation and Benefits. As full compensation
      for all services to be rendered by the Executive to the Company and/or its
      Subsidiaries and/or Affiliates in all capacities during the Term, the
      Executive shall receive the following compensation and benefits:

	 	 	 	 
		3.1 	
      Salary.

	 	 	 	 
			3.1.1 	
      The Company will pay an annual base salary of $180,000.00
      (US) (the “Base Salary”). The Executive’s Base Salary will be
      reviewed no less frequently than annually by the CEO and Compensation
      Committee of the Board of Directors to determine whether or not such Base
      Salary should be adjusted in light of the Executive’s duties,
      responsibilities and performance.

	 	 	 	 
				
      The Executive’s Base Salary will be payable not less
      frequently than monthly or at more frequent intervals in accordance with
      applicable law and the then customary payroll practices of the
    Company.

	 	 	 	 
		3.2 	
      Restricted Stock Awards. Provided he remains
      employed hereunder and provided he achieves annual performance objectives
      to be set each year by the Company’s CEO and Chairman, the Executive will
      receive grants of Restricted Stock from the Company as described in this
      section 3.2. in the amount of 100,000 shares of Restricted Stock per year
      to be issued on or around April 26, 2016, April 26, 2017 and April 26,
      2018, respectively. Executive shall not be entitled to additional grants
      even if this Agreement is renewed. The Company may, in its discretion, award
      additional grants or provide for additional incentives. Any grant of
      Restricted Stock made pursuant to this section 3.2 shall be subject to the
      terms of the Company’s 2010 Equity Incentive Plan.

1 

		3.3 	
      Bonus. If the Executive is able to start full time
      work immediately in Shanghai, China on April 26, 2016 as requested by the
      Company, the Executive shall receive a one-time sign-on bonus of
      $20,000.

	 	 	 
		3.4 	
      Participation in Employee Benefit Plans; Other
      Benefits. The Executive shall be permitted during the Term to
      participate in all employee benefit plans, policies and practices now or
      hereafter maintained by or on behalf of the Company commensurate with the
      Executive's position with the Company. Nothing in this Agreement shall
      preclude the Company from terminating or amending any such plans or
      coverage so as to eliminate, reduce or otherwise change any benefit
      payable thereunder, so long as such change similarly affects all Company
      employees.

	 	 	 
		3.5 	
      Expenses. The Company shall pay or reimburse the
      Executive for all reasonable and necessary expenses actually incurred or
      paid by the Executive during the Term in the performance of the
      Executive's duties under this Agreement, upon submission and approval of
      expense statements, vouchers or other supporting information in accordance
      with the then customary practices of the Company.

	 	 	 
		3.6 	
      Withholding of Taxes. The Company may withhold
      from any benefits payable under this Agreement all federal, state, city
      and other taxes as shall be required pursuant to any law or governmental
      regulation or ruling.

	 	 	 
	4. 	
      Termination.

	 	 	 
		4.1 	
      Termination upon Death. If the Executive dies
      during the Term, the Executive’s employment shall terminate as of the date
      of his death.

	 	 	 
		4.2 	
      Termination upon Disability. If during the Term
      the Executive becomes physically or mentally disabled, whether totally or
      partially, so that the Executive is unable to perform his essential job
      functions hereunder for a period aggregating 180 days during any
      twelve-month period, , the Company may, by written notice to the
      Executive, terminate the Executive’s employment, in which event the Term
      shall terminate thirty (30) days after the date upon which the Company
      shall have given notice to the Executive of its intention to terminate the
      Executive’s employment because of the disability.

	 	 	 
		4.3 	
      Termination for Cause. The Company may at any time
      by written notice to the Executive terminate his employment for “Cause.”
      For purposes of this Agreement “Cause” shall mean:

	 	 	 	 
	 		4.3.1 	
      the Executive breaches any material term of this
      Agreement and fails to cure such breach (where capable of cure) within 14
      days after the receipt of notice from the Board of such breach, which
      notice shall state in reasonable detail the facts and circumstances
      claimed to be a breach and of the intent of the Company to terminate the
      Executive's employment upon the failure of the Executive to cure such
      breach; or

	 	 	 	 
	 		4.3.2 	
      a good faith determination by the Board that the
      Executive has committed an act of fraud, misappropriation, embezzlement,
      or theft or a breach of fiduciary duty involving; or

	 	 	 	 
	 		4.3.3 	
      the Executive is convicted of, or enters a no contest
      plea to, any criminal offense constituting a felony or a crime involving
      moral turpitude.

	 	 	 	 
      

	 	4.4 	
      Termination without Cause. The Company may
      terminate the Executive’s employment at any time, without cause, upon 30
      days' written notice by the Company to the Executive and, except as
      provided in Section 5.1 hereof, the Executive shall have no right
      to receive any compensation or benefit hereunder after such termination.
      The Company, at its sole election, may place Executive on paid leave for
      all or a portion of such 30 day notice period.

2 

	 	4.5 	
      Termination with Good Reason. The Executive may
      terminate his employment with “Good Reason”, by giving 30 days’ prior
      written notice of termination to the Company. The Company, at its sole
      election, may place Executive on paid leave for all or a portion of such
      30 day notice period. For purposes of this Agreement “Good Reason”
      shall mean any of the following, without the Executive’s written
      consent:

	 	 	 	 
	 		4.5.1 	
      a material reduction in the Executive’s Base Salary
      (unless such reduction is pursuant to a general reduction in salary
      applicable to all similarly situated employees of the Company);

	 	 	 	 
	 		4.5.2 	
      any material diminution of the Executive’s authority,
      duties or responsibilities;

	 	4.5.3 	
      a material change in the Executive’s principal place of
      employment to a location more than 50 miles from the Executive’s place of
      employment as of the Effective Date; or

	 	 	 
	 	4.5.4 	
      a material breach by the Company of this
  Agreement

Notwithstanding the above, the
occurrence of any of the events described in Sections 4.5.1,
4.5.2, 4.5.3 or 4.5.4 above will not constitute a Good
Reason unless and until the Executive gives the Company notice, within thirty
(30) calendar days after the occurrence of any of the events described in
Sections 4.5.1, 4.5.2, 4.5.3 or 4.5.4 above,
that such circumstances constitute Good Reason, and the Company thereafter fails
to cure such circumstances within thirty (30) days after receipt of such
notice.

	5. 	
      Severance Payments.
	 	 
      

	 	5.1 	
      Termination without Cause, with Good Reason, or
      Non-Renewal by the Company. If during the Term (a) the Company
      terminates the Executive’s employment pursuant to Section 4.4
      hereof (Termination without Cause), (b) the Company elects not to
      renew this Agreement pursuant to Section 2 hereof, or (c) the
      Executive terminates his employment pursuant to Section 4.5 hereof
      (Termination with Good Reason), all compensation payable to the Executive
      under Section 3 hereof shall cease as of the date of termination
      specified in the Company's or the Executive’s notice or the expiration of
      the then current term (the “Termination Date”), and the Executive
      shall be entitled to the following:

	 	5.1.1 	
      (i) one month Base Salary for each full year of
      employment with the Company (the applicable period being referred to as
      the “Severance Period), payable in monthly installments; (ii) all unpaid
      expenses described in Section 3.4, paid on or before the
      Termination Date; (iii) any earned but unpaid bonus pursuant to Section
      3.2, paid on or before the Termination Date; and (iv) all previously
      earned, accrued, and unpaid benefits from the Company and its employee
      benefit plans, including any such benefits under the Company's pension,
      disability, and life insurance plans, policies, and programs, if any, paid
      in accordance with the terms of the applicable plan, policy or
    program.

	 	 	 
	 	5.1.2 	
      notwithstanding the terms of any option or award
      agreements to the contrary, all outstanding unvested options, warrants or
      restricted stock granted to the Executive shall become fully vested on the
      Termination Date and, with respect to options and warrants, shall
      thereafter be exercisable for the full term of the option or
    warrant.

	 	 	 
	 	5.1.3 	
      in the event of Termination for any reason, Executive
      will be entitled to (i) reimbursement for all unpaid business expenses
      pursuant to Company policy; and (ii) any earned but unpaid
      compensation.

If, prior to the expiration of the
Severance Period, the Executive violates Section 6 hereof, then the
Company shall have no obligation to make any of the payments that remain payable
by the Company under clause (i) and (ii) of this Section 5.1.1 on or
after the date of such violation. Notwithstanding the foregoing, payments of the
amounts described in clauses (i) and (ii) of this Section 5.1 shall be
conditioned on the delivery by the Executive, within forty-five (45) days
following the Termination Date, and effectiveness of a release of any and all claims that the Executive may have against the
      Company through the date of termination, which release shall be in
      substantially the form attached as Annex II.

3 

	 	5.2 	
      Termination for Cause, Death or Disability. If
      this Agreement is terminated by the Company pursuant to Sections 4.1
      (Termination upon Death), 4.2 (Termination upon Disability) or
      4.3 (Termination for Cause) hereof or in the event the Executive
      elects not to renew this Agreement pursuant to Section 2, the
      Executive shall receive only the amounts specified in clauses (iii), (iv)
      and (v) of Section 5.1 hereof.

	 	 	 	 	 

	6. 	
      Certain Covenants of the Executive.

	 	 	 	 
		6.1 	
      Covenants Against Competition. The Executive
      acknowledges that: (i) he is one of the limited number of persons who will
      develop the paid media distribution, video and e-commerce business of the
      Company (the “Company's Current Lines of Business”); (ii) the
      Company conducts such business in the People’s Republic of China; (iii)
      his work for the Company and its Subsidiaries and Affiliates, will bring
      him into close contact with many confidential affairs not readily
      available to the public; and (iv) the covenants contained in this
      Section 6 will not involve a substantial hardship upon his future
      livelihood. In order to induce the Company to enter into this Agreement,
      the Executive covenants and agrees that:

	 	 	 	 
			6.1.1 	
      Non-Compete. During the Term and for a period of
      one year following the Executive’s termination of employment with the
      Company for any reason (the “Restricted Period”), the Executive
      shall not, in the People’s Republic of China (including all Special
      Administrative Regions thereof), (i) in any manner whatsoever engage in
      any capacity with any business competitive with the Company's Current
      Lines of Business for the Executive's own benefit or for the benefit of
      any person or entity other than the Company or any Subsidiary or Affiliate
      of the Company; or (ii) have any interest as owner, sole proprietor,
      shareholder, partner, lender, director, officer, manager, employee,
      consultant, agent or otherwise in any business competitive with the
      Company's Current Lines of Business; provided, however, that the Executive
      may hold, directly or indirectly, solely as an investment, not more than
      two percent (2%) of the outstanding securities of any person or entity
      which are listed on any national securities exchange or regularly traded
      in the over-the-counter market notwithstanding the fact that such person
      or entity is engaged in a business competitive with the Company's Current
      Lines of Business. In addition, during the Restricted Period, the
      Executive shall not develop any property for use in the Company's Current
      Lines of Business on behalf of any person or entity other than the
      Company, its Subsidiaries and Affiliates.

	 	 	 	 
			6.1.2 	
      Confidential Information. During the Term, and for
      a three year period following the Executive’s termination of employment,
      the Executive shall not, directly or indirectly, disclose to any person or
      entity who is not authorized by the Company or any Subsidiary or Affiliate
      of the Company to receive such information, or use or appropriate for his
      own benefit or for the benefit of any person or entity other than the
      Company or any Subsidiary or Affiliate of the Company, any documents or
      other papers relating to the Company's Current Lines of Business or the
      customers of the Company or any Subsidiary or Affiliate of the Company,
      including, without limitation, files, business relationships and accounts,
      pricing policies, customer lists, computer software and hardware, or any
      other materials relating to the Company's Current Lines of Business or the
      customers of the Company or any Subsidiary or Affiliate of the Company or
      any trade secrets or confidential information, including, without
      limitation, any business or operational methods, drawings, sketches,
      designs or product concepts, know-how, marketing plans or strategies,
      product development techniques or plans, business acquisition plans,
      financial or other performance data, personnel and other policies of the
      Company or any Subsidiary or Affiliate of the Company, whether generated
      by the Executive or by any other person, except as required in the course
      of performing his duties hereunder or with the express written consent of
      the Company; provided, however, that the confidential information shall
      not include any information readily ascertainable from public or published
      information, or trade sources (other than as a direct or indirect result
      of unauthorized disclosure by the Executive).

	 	 	 	 
			6.1.3 	
      Employees of and Consultants to the Company.
      During the Term and for the Restricted Period, the Executive shall not,
      directly or indirectly (other than in furtherance of the business of
      the Company), initiate communications with, solicit, persuade
      or attempt to persuade, entice, induce or encourage any individual who is
      then or who has been within the preceding 12-month period, an employee of
      or consultant to the Company or any of its Subsidiaries or Affiliates to
      terminate employment with, or a consulting relationship with, the Company
      or such Subsidiary or Affiliate, as the case may be, or to become employed
      by or enter into a contract or other agreement with any other person, and
      the Executive shall not approach any such employee or consultant for any
      such purpose or authorize or knowingly approve the taking of any such
      actions by any other person.

4 

	 		6.1.4 	
      Solicitation of Customers. During the Term and for
      the Restricted Period, the Executive shall not, directly or indirectly,
      initiate communications with, solicit, persuade, entice, induce, encourage
      (or assist in connection with any of the foregoing) any person who is then
      or has been within the preceding 12-month period a customer or account of
      the Company or its Subsidiaries or Affiliates, or any actual customer
      leads whose identity the Executive learned during the course of his
      employment with the Company, to terminate or to adversely alter its
      contractual or other relationship with the Company or its Subsidiaries or
      Affiliates.

	 	 	 	 
	 		6.1.5 	
      Business Opportunities. During the Term the
      Executive shall promptly disclose to the Company any business idea or
      opportunity which falls within the meaning of the Company's Current Lines
      of Business, which business idea or opportunity shall become the sole
      property of the Company.

	 	 	 	 
	 		6.1.6 	
      Intellectual Property. The Executive agrees that
      all Intellectual Property (as defined below) made or conceived by the
      Executive, either solely or jointly with others, during the Executive’s
      employment with the Company whether or not such Intellectual Property is
      made or conceived during the hours of the Executive’s employment or with
      the use of the Company’s facilities, materials, or personnel, will be the
      property of the Company or its nominees. “Intellectual Property”
      means discoveries, concepts, and ideas, whether patentable or not,
      including apparatus, processes, methods techniques, and formulae, as well
      as improvements thereof or know-how related thereto, any “works made for
      hire” or other copyrighted or copyrightable material, and any notes,
      drawings, memoranda, correspondence, documents, records, notebooks, flow
      charts, computer programs and source and object codes, related or relating
      to any present or prospective activities of the Company or its affiliates.
      The Executive will, without royalty or any other additional consideration:
      (i) inform the Company promptly and fully in writing of such Intellectual
      Property; (ii) assign to the Company all the Executive’s right, title, and
      interest in and to such Intellectual Property; (iii) assist the Company or
      its nominees to obtain, maintain and enforce the Company’s rights with
      respect to such Intellectual Property; and (iv) execute, acknowledge, and
      deliver to the Company such written documents and instruments, and do such
      other acts, as may be necessary in the opinion of the Company to obtain,
      maintain or enforce the Company’s rights with respect to such Intellectual
      Property. Notwithstanding the foregoing, Intellectual Property made or
      conceived by the Executive during the Executive’s employment that is made,
      developed or conceived solely on non-Company time without use of any of
      the Company’s facilities, materials, or personnel, and which does not
      relate to the business of the Company or the reasonably anticipated
      business of the Company shall not be required to be assigned to the
      Company pursuant to this section 6.1.

	 	 	 	 
	 	6.2 	
      Rights and Remedies Upon Breach. If the Executive
      breaches, or threatens to commit a breach of, any of the provisions of
      Section 6.1 hereof (collectively, the “Restrictive
      Covenants”), the Company and its Subsidiaries and Affiliates shall, in
      addition to the rights set forth in Section 5.1 hereof, have the
      right and remedy to seek from any court of competent jurisdiction specific
      performance of the Restrictive Covenants or injunctive relief against any
      act which would violate any of the Restrictive Covenants, it being
      acknowledged and agreed that any such breach or threatened breach will
      cause irreparable injury to the Company and its Subsidiaries and
      Affiliates and that money damages will not provide an adequate remedy to
      the Company and its Subsidiaries and Affiliates. To the extent permitted
      by applicable law, each of the Company and the Executive waives any
      requirement for the posting of a bond or other security.

	 	 	 	 
	 	6.3 	
      Severability of Covenants. If any of the
      Restrictive Covenants, or any part thereof, is held by a court
  of competent jurisdiction or any foreign, federal, state,
      county or local government or other governmental, regulatory or
      administrative agency or authority to be invalid, void, unenforceable or
      against public policy for any reason, the remainder of the Restrictive
      Covenants shall remain in full force and effect and shall in no way be
      affected, impaired or invalidated, and such court, government, agency or
      authority shall be empowered to substitute, to the extent enforceable,
      provisions similar thereto or other provisions so as to provide to the
      Company and its Subsidiaries and Affiliates, to the fullest extent
      permitted by applicable law, the benefits intended by such
    provisions.

5 

	7. 	
      No Conflicts. The Executive agrees and
      acknowledges that his employment by the Company and compliance with this
      Agreement do not and will not breach any agreement made by the Executive
      to keep in confidence information acquired by him prior to or outside of
      his employment with the Company. The Executive will comply with any and
      all valid obligations which he may now have to prior employers or to
      others relating to confidential information, inventions or discoveries
      which are the property of those prior employers or others, as the case may
      be. The Executive has supplied or will promptly supply to the Company upon
      its request a copy of each written agreement setting forth any
      obligations. The Executive hereby agrees and acknowledges that he has not
      brought and will not bring with him for use in the performance of his
      duties at the Company any materials, documents or information of a former
      employer or any third party that are not generally available to the
      public, unless he has express written authorization from the owner thereof
      for possession and use of the Executive otherwise has undisputed
      proprietary rights to such material, documents or information.

	 	 	 
	8. 	
      Other Provisions.

	 	 	 
		8.1 	
      Notices. Any notice or other communication
      required or which may be given hereunder shall be in writing and shall be
      delivered personally, telecopied, telegraphed or telexed, or sent by
      certified, registered or express mail, postage prepaid, to the parties at
      the addresses of the respective parties as specified on the signature
      pages hereto or at such other addresses as shall be specified by the
      parties by like notice, and shall be deemed given when so delivered
      personally, telecopied, telegraphed or telexed, if delivered during
      regular business hours (or the next business day, if after regular
      business hours) or if mailed, three days after the date of mailing, as
      follows.

	 	 	 
		8.2 	
      Entire Agreement. This Agreement contains the
      entire agreement between the parties with respect to the subject matter
      hereof and supersedes all prior contracts and other agreements, written or
      oral, with respect thereto.

	 	 	 
		8.3 	
      Waivers and Amendments. This Agreement may be
      amended, modified, superseded, cancelled, renewed or extended, and the
      terms and conditions hereof may be waived, only by a written instrument
      signed by the parties or, in the case of a waiver, by the party waiving
      compliance. No delay on the part of any party in exercising any right,
      power or privilege hereunder shall operate as a waiver thereof, nor shall
      any waiver on the part of any party of any right, power or privilege
      hereunder, nor any single or partial exercise of any right, power or
      privilege hereunder preclude any other or further exercise thereof or the
      exercise of any other right, power or privilege hereunder.

	 	 	 
		8.4 	
      Governing Law, Consent to Jurisdiction, etc. All
      questions concerning the construction, validity, enforcement and
      interpretation of this Agreement shall be governed by and construed and
      enforced in accordance with the internal laws of the State of New York,
      without regard to the principles of conflicts of law thereof (except
      Section 5-1401 of New York’s General Obligations Law). Each party agrees
      that all legal proceedings concerning the interpretations, enforcement and
      defense of the transactions contemplated by this Agreement (whether
      brought against a party hereto or its respective affiliates, directors,
      officers, shareholders, employees or agents) shall be commenced
      exclusively in the state and federal courts sitting in the City of New
      York. Each party hereto hereby irrevocably submits to the exclusive
      jurisdiction of the state and federal courts sitting in the City of New
      York, New York for the adjudication of any dispute hereunder, and hereby
      irrevocably waives, and agrees not to assert in any suit, action or
      proceeding, any claim that it is not personally subject to the
      jurisdiction of any such court, that such suit, action or proceeding is
      improper.

	 	 	 
		8.5 	
      Compliance with Section 409A. The parties to this
      Agreement intend that the Agreement complies with Section 409A of the Code, where applicable, and this
      Agreement will be interpreted in a manner consistent with that intention.
      Notwithstanding any other provisions of this Agreement to the contrary,
      and solely to the extent necessary for compliance with Section 409A of the
      Code, if as of the date of Executive’s “separation from service” (within
      the meaning of Section 409A of the Code and the applicable regulations)
      from the Company, (i) Executive is deemed to be a “specified employee”
      (within the meaning of Section 409A of the Code), and (ii) the Company or
      any member of a controlled group including the Company is publicly traded
      on an established securities market or otherwise, no payment or other
      distribution required to be made to Executive hereunder (including any
      payment of cash, any transfer of property and any provision of taxable
      benefits) solely as a result of Executive’s separation from service will
      be made earlier than the first day of the seventh month following the date
      on which the Executive separates from service with the Company, or if
      earlier within thirty (30) days of the Executive’s date of death following
      the date of such separation. Notwithstanding the foregoing, this provision
      will not apply to (a) all payments on separation from service that satisfy
      the short-term deferral rule of Treas. Reg. §1.409A-1(b)(4), (b) to the
      portion of the payments on separation from service that satisfy the
      requirements for separation pay due to an involuntary separation from
      service under Treas. Reg. §1.409A-1(b)(9)(iii), and (c) to any payments
      that are otherwise exempt from the six month delay requirement of the
      Treasury Regulations under Code Section 409A. Notwithstanding anything to
      the contrary herein, a termination of employment will not be deemed to
      have occurred for purposes of any provision of this Agreement providing
      for the payment of amounts or benefits upon or following a termination of
      employment unless such termination is also a “separation from service”
      within the meaning of Section 409A of the Code and, for purposes of any
      such provision of this Agreement, references to a “resignation,”
      “termination,” “termination of employment,” or like terms will mean a
      separation from service. For purposes of Section 409A of the Code, each
      payment made under this Agreement will be designated as a “separate
      payment” within the meaning of the Section 409A of the Code.
      Notwithstanding anything to the contrary herein, except to the extent any
      expense, reimbursement or in-kind benefit provided pursuant to this
      Agreement does not constitute a “deferral of compensation” within the
      meaning of Section 409A of the Code: (x) the amount of expenses eligible
      for reimbursement or in-kind benefits provided to Executive during any
      calendar year will not affect the amount of expenses eligible for
      reimbursement or in-kind benefits provided to Executive in any other
      calendar year, (y) the reimbursements for expenses for which Executive is
      entitled to be reimbursed will be made on or before the last day of the
      calendar year following the calendar year in which the applicable expense
      is incurred, and (z) the right to payment or reimbursement or in-kind
      benefits hereunder may not be liquidated or exchanged for any other
      benefit.

6 

	 	8.6 	
      Binding Effect; Benefit. This Agreement shall
      inure to the benefit of and be binding upon the parties hereto and any
      successors and assigns permitted or required by Section 8.7 hereof.
      Nothing in this Agreement, expressed or implied, is intended to confer on
      any person other than the parties hereto or such successors and assigns,
      any rights, remedies, obligations or liabilities under or by reason of
      this Agreement.

	 	 	 
	 	8.7 	
      Assignment. This Agreement, and the Executive's
      rights and obligations hereunder, may not be assigned by the Executive.
      The Company may not assign this Agreement and its rights, together with
      its obligations, hereunder without the Executive’s prior written consent,
      except in connection with any sale, transfer or other disposition of all
      or substantially all of the Company’s assets or business, whether by
      merger, consolidation or otherwise.

	 	 	 
	 	8.8 	
      Further Assurances. The Executive will executive
      and deliver all instruments and other documents which the Company
      reasonably determines to be necessary or appropriate to carry out the
      terms of this Agreement.

	 	 	 
	 	8.9 	
      Indemnification. The Executive will be entitled to
      indemnification to the fullest extent provided under applicable law and
      the terms of the Company’s Articles of Incorporation and By-laws, and any
      other indemnity agreement to which he is a party or beneficiary. Further,
      the Executive shall be covered under any applicable insurance coverage
      maintained by the Company with respect to its executive officers. Without
      limiting any other provision of this Agreement, this Section 8.9
      will survive the termination or expiration of this Agreement for any
      reason.

7 

	 	8.10 	
      Definitions. For purposes of this
  Agreement:

		
      8.10.1 
	
      “Affiliate” means a person that, directly or
      indirectly, controls or is controlled by, or is under common control with
      the Company; 

	 	 	  
		
      8.10.2 
	
      “control” (including, with correlative meaning,
      the terms “controlled by” and “under common control with”) as used with
      respect to any person or entity, means the possession, directly or
      indirectly, of the power to direct or cause the direction of the
      management and policies of such person or entity, whether through
      ownership of voting securities or by contract or other agreement or
      otherwise; and 

	 	 	  
		
      8.10.3 
	
      “Subsidiary” means any person or entity as to
      which the Company, directly or indirectly, owns or has the power to vote,
      or to exercise a controlling influence with respect to, fifty percent
      (50%) or more of the securities of any class of such person, the holders
      of which class are entitled to vote for the election of directors (or
      persons performing similar functions) of such person and shall
      specifically include any variable interest entity of the Company whose
      financial results are consolidated with those of the Company under U.S.
      generally accepted accounting principles. 

	 	8.11 	
      Counterparts. This Agreement may be executed in
      two or more counterparts, each of which shall be deemed an original but
      all of which together shall constitute one and the same
  instrument.

	 	 	 
	 	8.12 	
      Headings. The headings in this Agreement are for
      reference purposes only and shall not in any way affect the meaning or
      interpretation of this Agreement.

[Signature page follows]

8 

IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first above written.

	 	COMPANY: 
	 	 
	 	YOU ON DEMAND HOLDINGS,
      INC. 
	 	 	 
	 	By: 	/s/
      Mingcheng Tao 
	 	Name: 	Mingcheng Tao 
	 	Title: 	Chief Executive Officer 
	 	 	  
	 	 	  
	 	 	  
	 	 	EXECUTIVE: 
	 	 	  
	 	 	/s/
      Bing Yang 
	 	 	BING YANG 
	 	 	 
	 	 	Address: 
	 	 	 
	 	 	 

9 

Annex I 

Duties and Responsibilities 

The President of the E-Commerce Division shall have general
supervision of the E-Commerce Division of the Corporation and shall see that all
orders and resolutions of the Chief Executive Officer with regards to the
E-Commerce Division are carried into effect. The President of the E-Commerce
Division shall regularly communicate with the Chief Executive Officer and
Chairman of the Board and shall perform all duties which from time to time may
be requested of him by the Chairman and the Board of Directors.

10 

Annex II 

GENERAL RELEASE 

I, Bing Yang, in consideration of and subject to the
performance by the Company, of its obligations under Section
5.1 of the Employment Agreement, dated as of March, 2016 (the
“Agreement”), do hereby release and forever discharge as of the date
hereof the Company and its respective affiliates and subsidiaries and all
present, former and future directors, officers, agents, representatives,
employees, successors and assigns of the Company and/or its respective
affiliates and subsidiaries and direct or indirect owners (collectively, the
“Released Parties”) to the extent provided herein (this
“General Release”). The Released Parties are intended third-party
beneficiaries of this General Release, and this General Release may be enforced
by each of them in accordance with the terms hereof in respect of the rights
granted to such Released Parties hereunder. Terms used herein but not otherwise
defined shall have the meanings given to them in the Agreement.

	1. 	
      I understand that any payments or benefits paid or
      granted to me under Section 5.1 of the Agreement represent, in part,
      consideration for signing this General Release and are not salary, wages
      or benefits to which I was already entitled. I understand and agree that I
      will not receive the payments and benefits specified in Section 5.1 of the
      Agreement unless I execute this General Release and do not revoke this
      General Release within the time period permitted hereafter or breach this
      General Release. Such payments and benefits will not be considered
      compensation for purposes of any employee benefit plan, program, policy or
      arrangement maintained or hereafter established by the Company or its
      respective affiliates.

	 	 	 
	2. 	
      Except as provided in paragraphs 4 and 5 below and except
      for the provisions of the Agreement which expressly survive the
      termination of my employment with the Company, I knowingly and voluntarily
      (for myself, my heirs, executors, administrators and assigns) release and
      forever discharge the Company and the other Released Parties from any and
      all claims, suits, controversies, actions, causes of action, cross-claims,
      counter-claims, demands, debts, compensatory damages, liquidated damages,
      punitive or exemplary damages, other damages, claims for costs and
      attorneys’ fees, or liabilities of any nature whatsoever in law and in
      equity, both past and present (through the date that this General Release
      becomes effective and enforceable) and whether known or unknown,
      suspected, or claimed against the Company and/or any of the Released
      Parties which I, or any of my heirs, executors, administrators or assigns,
      ever had, now have, or hereafter may have (through the date that this
      General Release becomes effective and enforceable), by reason of any
      matter, cause, or thing whatsoever, from the beginning of my initial
      dealings with the Company to the date of this General Release relating
      exclusively to any claims arising from or relating in any way to my
      employment relationship with the Company, the terms and conditions of that
      employment relationship, and the termination of that employment
      relationship (including, but not limited to, any allegation, claim or
      violation, arising under: Title VII of the Civil Rights Act of 1964, as
      amended; the Civil Rights Act of 1991; the Age Discrimination in
      Employment Act of 1967, as amended (including the Older Workers Benefit
      Protection Act); the Equal Pay Act of 1963, as amended; the Americans with
      Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the
      Worker Adjustment Retraining and Notification Act; the Employee Retirement
      Income Security Act of 1974; any applicable Executive Order Programs; the
      Fair Labor Standards Act; or their state or local counterparts; or under
      any other federal, state or local civil or human rights law, or under any
      other local, state, or federal law, regulation or ordinance; or under any
      public policy, contract or tort, or under common law; or arising under any
      policies, practices or procedures of the Company; or any claim for
      wrongful discharge, breach of contract, infliction of emotional distress,
      defamation; or any claim for costs, fees, or other expenses, including
      attorneys’ fees incurred in these matters) (all of the foregoing
      collectively referred to herein as the “Claims”). I understand and
      intend that this General Release constitutes a general release of all
      claims and that no reference herein to a specific form of claim, statute
      or type of relief is intended to limit the scope of this General
      Release.

	 	 	 
	3. 	
      I represent and warrant that I have made no assignment or
      transfer of any right, claim, demand, cause of action, or other matter
      covered by paragraph 2 above.

	 	 	 
	4. 	
      I agree that this General Release does not waive or
      release any rights or claims that I may have under the Age Discrimination
      in Employment Act of 1967 which arise after the date I execute this
      General Release. I acknowledge and agree that my separation from employment
      with the Company in compliance with the terms of the Agreement shall not
      serve as the basis for any claim or action (including, without limitation,
      any claim under the Age Discrimination in Employment Act of
  1967).

11 

	5. 	
      Notwithstanding anything in this General Release to the
      contrary, this General Release shall not relinquish, diminish, or in any
      way affect any rights or Claims (a) arising out of any breach by the
      Company or by any Released Party of the Agreement after the date hereof,
      (b) I have to workers’ compensation benefits or vested benefits under any
      pension plan, employee benefit plan or any other plan or program of the
      Company, or (c) with respect to indemnification for actions brought
      against me in my capacity as an officer, manager or director of the
      Company or any subsidiary or affiliate of the Company, whether pursuant to
      statute, the Company’s articles of incorporation or bylaws, or any
      separate agreement, but excluding any claims which I, or any of my heirs,
      executors, administrators or assigns, ever had, now have, or hereafter may
      have (through the date that this General Release becomes effective and
      enforceable), by reason of any matter, cause, or thing whatsoever, from
      the beginning of my initial dealings with the Company to the date of this
      General Release, relating to any other relationship with the Company,
      including, without limitation, as option holder, stockholder, lender,
      director or otherwise.

	 	 
	6. 	
      I agree that I hereby waive all rights to sue or obtain
      equitable, remedial or punitive relief from any or all Released Parties of
      any kind whatsoever for any Claim, including, without limitation,
      reinstatement, back pay, front pay, and any form of injunctive relief.
      Notwithstanding the foregoing, I acknowledge that I am not waiving and am
      not being required to waive any right that cannot be waived under law,
      including the right to file an administrative charge or participate in an
      administrative investigation or proceeding; provided, however, that I
      disclaim and waive any right to share or participate in any monetary award
      resulting from the prosecution of such charge or investigation or
      proceeding.

	 	 
	7. 	
      In signing this General Release, I acknowledge and intend
      that it shall be effective as a bar to each and every one of the Claims
      hereinabove mentioned or implied. I expressly consent that this General
      Release shall be given full force and effect according to each and all of
      its express terms and provisions, including those relating to unknown and
      unsuspected Claims (notwithstanding any state or local statute that
      expressly limits the effectiveness of a general release of unknown,
      unsuspected and unanticipated Claims), if any, as well as those relating
      to any other Claims hereinabove mentioned or implied. I acknowledge and
      agree that this waiver is an essential and material term of this General
      Release and that without such waiver the Company would not have agreed to
      the terms of the Agreement. I further agree that in the event that I
      should bring a Claim seeking damages against the Company, or in the event
      that I should seek to recover against the Company in any Claim brought by
      a governmental agency on my behalf, this General Release shall serve as a
      complete defense to such Claims to the maximum extent permitted by
    law.

	 	 
	8. 	
      I agree that neither this General Release, nor the
      furnishing of the consideration for this General Release, shall be deemed
      or construed at any time to be an admission by the Company, any Released
      Party or myself of any improper or unlawful conduct.

	 	 
	9. 	
      I agree that this General Release and the Agreement are
      confidential and agree not to disclose any information regarding the terms
      of this General Release or the Agreement, except to my immediate family
      and any tax, legal or other counsel that I have consulted regarding the
      meaning or effect hereof or as required by law, and I will instruct each
      of the foregoing not to disclose the same to anyone. The Company agrees to
      disclose any such information only to any tax, legal or other counsel of
      the Company or as required by law.

	 	 
	10. 	
      Any non-disclosure provision in this General Release does
      not prohibit or restrict me (or my attorney) from responding to any
      inquiry about this General Release or its underlying facts and
      circumstances by the Securities and Exchange Commission (SEC), the
      Financial Industry Regulatory Authority (FINRA), or any other
      self-regulatory organization or governmental entity.

	 	 
	11. 	
      I hereby acknowledge that certain provisions of the
      Agreement, including Section 6 thereof shall survive my execution of this
      General Release.

	 	 
	12. 	
      I acknowledge that I may hereafter discover Claims or
      facts in addition to or different than those which I
now know or believe to exist with respect to the subject
      matter of the release set forth in paragraph 2 above and which, if known
      or suspected at the time of entering into this General Release, may have
      materially affected this General Release and my decision to enter into it.
      Nonetheless, I understand that this General Release applies to and effects
      a release and waiver of any such claim.

12 

	13. 	
      Whenever possible, each provision of this General Release
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this General Release is held to be
      invalid, illegal or unenforceable in any respect under any applicable law
      or rule in any jurisdiction, such invalidity, illegality or
      unenforceability shall not affect any other provision or any other
      jurisdiction, but this General Release shall be reformed, construed and
      enforced in such jurisdiction as if such invalid, illegal or unenforceable
      provision had never been contained herein. This General Release
      constitutes the complete and entire agreement and understanding among the
      parties, and supersedes any and all prior or contemporaneous agreements,
      commitments, understandings or arrangements, whether written or oral,
      between or among any of the parties, in each case concerning the subject
      matter hereof.

13 

BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE
THAT:

	 	(i) 	
      I HAVE READ IT CAREFULLY;

	 	 	 
	 	(ii) 	
      I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING
      UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE
      DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, TITLE VII OF THE
      CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE EQUAL PAY ACT OF 1963, THE
      AMERICANS WITH DISABILITIES ACT OF 1990, AND THE EMPLOYEE RETIREMENT
      INCOME SECURITY ACT OF 1974, AS AMENDED;

	 	 	 
	 	(iii) 	
      I VOLUNTARILY CONSENT TO EVERYTHING IN IT;

	 	 	 
	 	(iv) 	
      I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE
      EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND
      CONSIDERATION, I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

	 	 	 
	 	(v) 	
      I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT
      OF THIS RELEASE TO CONSIDER IT AND THE CHANGES MADE SINCE MY RECEIPT OF
      THIS RELEASE ARE NOT MATERIAL OR WERE MADE AT MY REQUEST AND WILL NOT
      RESTART THE REQUIRED 21-DAY PERIOD;

	 	 	 
	 	(vi) 	
      I UNDERSTAND THAT I HAVE SEVEN (7) DAYS AFTER THE
      EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT
      BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS
      EXPIRED;

	 	 	 
	 	(vii) 	
      I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND
      VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH
      RESPECT TO IT; AND

	 	 	 
	 	(viii) 	
      I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY
      NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN
      WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE COMPANY AND BY
      ME.

	SIGNED: /s/ Bing Yang 	 	DATE:
    

- 19 -

[Signature to Employment Agreement]

14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]