Document:

Exhibit
10.2

 

SECOND
AMENDED AND RESTATED MANAGEMENT SERVICE AGREEMENT

 

This
Second Amended and Restated Management Service Agreement (this “Agreement”) is entered into as of the 31st
day of July 2016

 

BETWEEN:

 

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

 

AND:

 

Xili
Wang, Businesswoman of 3F, West Block, M-8, Maqueling Industrial Park, Nanshan District, Shenzhen, China 518057 (the “Executive”).

 

WHEREAS:

 

A.The
Company and Executive previously entered into a Management Service Agreement, dated as of August 1, 2011, and amended and restated
such Management Service Agreement on August 28, 2014 (as amended and restated, the “Original Agreement”); and

 

B.The
Company and Executive wish to amend and restate certain provisions of the Original Agreement to reflect the parties’ mutual
agreement and to provide for the settlement of certain disputes pursuant to the terms set forth on that certain Settlement Agreement
and Mutual Release dated the as of the date hereof, and which is attached hereto as Exhibit A (the “Settlement Agreement”).

 

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

 

	1.	MANAGEMENT
                                         SERVICES

 

1.1.Executive
represents and warrants to the Company that Executive has the required skills and experience to perform the duties and exercise
the responsibilities required of Executive in the position of Chief Financial Officer (“CFO”).

 

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

 

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

 

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

 

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

 

    	 		 

    	 		 

    

 

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

 

1.7.Executive
shall be subject to an annual performance review.

 

	2.	DUTIES

 

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

 

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

 

    	 		 

    	 		 

    

  

	 	(q)	Collects
    and analyzes evaluation information that measures the success of the organization’s program efforts; refines or changes
    programs in response to that information;
	 	 	 
	 	(r)	Supports
    operations and administration of the Board by advising and informing board members and interfacing between board and staff;
    and
	 	 	 
	 	(s)	Advises
    the board in the development of policies and planning recommendations.

 

	3.	DURATION
                                         OF AGREEMENT

 

3.1.The
term of appointment and engagement of Executive shall commence on January 1, 2015, and shall continue through August 31, 2016,
inclusive.

 

	4.	REMUNERATION
                                         

 

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

 

	 	(a)	Beginning
    on January 1, 2015 and continuing through August 31, 2016, the Company shall pay Executive a base salary of $20,000 per year,
    which shall be paid to Executive in bi-monthly installments; and
	 	 	 
	 	(b)	On
    or before July 31, 2016, the Company shall pay to the Executive the Settlement Amount, as defined in and pursuant to the terms
    of the Settlement Agreement.

 

4.2.Expenses.
The Company will reimburse or pay for all reasonable business expenses incurred by Executive in the execution of her duties. This
includes the expenses for airfare, accommodation and other business related expenses.

 

	5.	TERMINATION

 

5.1This
Agreement may be terminated by the Company as follows:

 

	 	(a)	In
    the absence of just cause by the Company, Executive will receive payments in lieu of notice, based upon the length of services
    Executive has provided the Company:

 

	Service
    Period	 	Notice
	Less
    than thirty six (36) months of service	 	Eighteen
    (18) months’ notice
	More
    than thirty-six (36) months of service	 	Thirty
    (30) months’ notice

 

	 	(b)	Where
    the Company elects to give Executive notice of termination of this Agreement, in the absence of just cause, Executive may
    choose to receive payments due in either a lump sum, on a continuance basis or a combination of both. 

 

    	 		 

    	 		 

    

 

	 	(c)	During
    the period of notice, Executive will not be required to perform the responsibilities of her position and will return to the
    Company all property in possession that belongs to the Company. 
	 	 	 
	 	(d)	Where
    there is just cause for termination of the engagement or if Executive is in material breach of her obligations under this
    Agreement, Executive will not be entitled to notice, bonus payments or payment in lieu of notice of the termination of this
    Agreement. The engagement of Executive shall cease upon receipt of notice that her services are being terminated for just
    cause. For the purposes of this Agreement, “just cause” will be defined by the common law.

 

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

 

	 	(a)	A
    lump sum payment equal to eighteen (18) months of base salary, which such sum shall be paid upon Executive’ termination
    date; 
	 	 	 
	 	(b)	A
    bonus of $58,000; and
	 	 	 
	 	(c)	The
    vesting schedule of each outstanding option held by Executive to purchase shares of common stock of the Company held by Executive
    shall be fully accelerated so that the option shall become exercisable for an additional number of shares equal to 100% of
    the shares of common stock subject to the option which are unvested immediately prior to such Change in Control; and the vesting
    schedule of each outstanding restricted stock award held by Executive shall be accelerated so that 100% of the number of unvested
    shares subject to such restricted stock award shall vest in full.

 

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

 

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

 

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

 

    	 		 

    	 		 

    

 

	6.	CONFIDENTIAL
                                         INFORMATION AND PROPERTY

 

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

 

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

 

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

 

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

 

	7.	NON-COMPETITION

 

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

 

    	 		 

    	 		 

    

 

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

 

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

 

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

 

	8.	SUCCESSORS
                                         AND PERSONAL REPRESENTATIVES 

 

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

 

	9.	NOTICE

 

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

 

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

 

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

 

	10.	MODIFICATION/AMENDMENT

 

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

 

    	 		 

    	 		 

    

 

	11.	ENTIRE
                                         AGREEMENT

 

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

 

	12.	GOVERNING
                                         LAW

 

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

 

	13.	VALIDITY

 

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

 

	14.	INDEMNIFICATION

 

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

 

	15.	SIGNATURES
                                         IN COUNTERPARTS

 

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

 

[Signatures
follow on a separate page.]

 

    	 		 

    	 		 

    

 

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

 

	 	XCELMOBILITY
    INC. 	 
	 	 	 
	 	was
    hereunto affixed in the presence of: 	 
	 	 	 	 
	 	By:	 	 
	 	 	Authorized
    Signatory	 

 

	 	SIGNED,
    SEALED AND DELIVERED by	 	 	 
	 	XILI
    WANG in the presence of:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Signature	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	Address	 	 	XILI
    WANG
	 	 	 	 	 

 

    	 		 

    	 		 

    

  

EXHIBIT
A

 

Settlement
Agreement and Mutual ReleaseExhibit
10.3

 

SETTLEMENT
AGREEMENT AND MUTUAL RELEASE

 

This
Settlement Agreement and Mutual Release (this “Settlement Agreement”) dated as of July 31, 2016, is entered into by
and between Xcelmobility Inc. (the “Company”), and Renyan Ge (the “Executive,” and together
with the Company, collectively, jointly and severally, referred to herein as the “Parties” or singularly a “Party”).

 

WHEREAS,
the Company and Executive previously entered into that certain Management Service Agreement, dated as of August 1, 2011, and
amended and restated such Management Service Agreement on August 28, 2014 (as amended and restated, the “Original Management
Service Agreement”);

 

WHEREAS,
as of the date hereof, certain remuneration owed to Executive pursuant to the Original Management Service Agreement remains accrued
and unpaid;

 

WHEREAS,
the Parties have reached an agreement regarding such accrued and unpaid remuneration, and the terms and conditions of such agreement
are set forth herein; and

 

WHEREAS,
to memorialize certain other agreements between the Parties, the Parties have amended and restated the Original Management
Service Agreement on July 31, 2016 (as amended, the “Second Amended and Restated Management Agreement”).

 

NOW,
THEREFORE, in consideration of the foregoing recitals and of the conditions, covenants and agreements set forth below, the
amount and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1. Settlement.
In consideration for Executive’s execution and compliance with this Settlement Agreement, including the waiver and release
of Claims (as defined below) in Sections 2 and 3, respectively, the Company agrees to pay to Executive, on or before July 31,
2016 (the “Payment Date”), the amount of Fifty Thousand Dollars ($50,000), (without interest thereon, and less applicable
tax and other withholdings, the “Settlement Amount”), which reflects the accrued and unpaid base salary owed to Executive
pursuant to Section 4.1(a) of the Original Management Services Agreement, covering the period beginning on January 1, 2015 and
continuing through and including December 31, 2015 (the “Settlement Period”).

 

2. Waiver.
Subject to and effective upon the receipt by Executive of the Settlement Amount on or before the Payment Date, Executive hereby
waives any and all Claims arising out of or related to accrued and unpaid base salary owed to Executive pursuant to Section 4.1(a)
of the Original Management Services Agreement prior to the Settlement Period. Executive acknowledges and agrees that upon timely
receipt of the Settlement Amount, such amount shall be in full satisfaction of all Claims for such accrued and unpaid base salary
arising out of or relating to such accrued and unpaid base salary.

 

3. Mutual
Releases.

 

(a) Subject
to and effective upon the receipt by Executive of the Settlement Amount on or before the Payment Date, each of the Company and
Executive does hereby irrevocably release the other Party, on behalf of themselves, and all persons or entities claiming by, through
or under them, and their respective shareholders, officers, directors, heirs, successors and assigns, hereby fully, completely
and finally waive, release, remise, acquit, and forever discharge and covenant not to sue the other Party (and, with respect to
the Company, its officers, directors, shareholders, trustees, parent companies, sister companies, affiliates, subsidiaries, employers,
attorneys, accountants, predecessors, successors, insurers, representatives, and agents), with respect to any and all claims,
demands, suits, manner of obligation, debt, liability, expenses, or causes of action of any kind whatsoever, whether known or
unknown, at law or in equity (collectively, “Claim(s)”), including without limitation, all claims and causes of action
arising out of or in any way relating to (i) payment of the Settlement Amount, or (ii) accrued and unpaid base salary owed to
Executive pursuant to Section 4.1(a) of the Original Management Services Agreement, covering the Settlement Period and any period
prior thereto. The Parties warrant and represent that they have not assigned or otherwise transferred any Claim released by this
Settlement Agreement.

 

    	 

    	 

    

 

(b) The
Parties acknowledge and agree that these releases are GENERAL RELEASES. The Parties expressly waive and assume the risk of any
and all Claims which exist as of this date, but which they do not know or suspect to exist, whether through ignorance, oversight,
error, negligence, or otherwise, and which, if known, would materially affect his or her or its decision to enter into this Settlement
Agreement. The Parties expressly acknowledge that this waiver of Claims includes any Claims for any alleged fraud, deception,
concealment, misrepresentation or any other misconduct of any kind in procuring this Settlement Agreement. The Parties specifically
do not, however, waive or release any claim that may arise for breach of this Settlement Agreement. Executive specifically waives
the protections of California Civil Code Section 1542, which states that “a general release does not extend to claims which
the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him
or her must have materially affected his or her settlement with the debtor.”

 

(c) The
Parties acknowledge and agree that the Executive does not, by execution of this Settlement Agreement, waive, release or discharge
any Claims arising out of relating to (i) accrued and unpaid compensation under the Original Management Service Agreement or the
Second Amended and Restated Management Agreement that occur after the Settlement Period or after the date hereof; (ii) any right
to file an administrative charge or complaint with the Equal Employment Opportunity Commission or other administrative agency,
although Executive waives any right monetary relief related to or arising during the Settlement Period or any period prior thereto;
and (iii) any rights to benefits other than base salary that may have vested under the Original Management Service Agreement,
or that may vest under the Second Amended and Restated Management Agreement.

 

4. Tax
Withholding. Executive acknowledges and agrees the Company and its counsel have not made any representations to Executive
regarding the tax consequences of any payments or amounts received by Executive pursuant to this Settlement Agreement. In no event
shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by
the Executive on account of payments made under this Settlement Agreement. Executive agrees to indemnify the Company against the
payment of any taxes, interest, penalties, and other liabilities or costs that may be assessed upon the Company arising out of
or relating to the payment of the Settlement Amount pursuant to this Settlement Agreement.

 

5. Authority.
The Parties represent and warrant that they possess full authority to enter into this Settlement Agreement and to lawfully and
effectively release the opposing Party as set forth herein, free of any rights of settlement, approval, subrogation, or other
condition or impediment.

 

6. Entire
Agreement. The Parties represent and agree that no promise, inducement, or agreement other than as expressed herein has been
made to them and that this Settlement Agreement is fully integrated, supersedes all prior agreements and understandings and any
other agreement between the Parties, and contains the entire agreement between the Parties.

 

7. Governing
Law and Jurisdiction. The laws of the State of Nevada shall apply to and control any interpretation, construction, performance
or enforcement of this Settlement Agreement.

 

    	2

    	 

    

 

8. Attorneys’
Fees and Costs for Breach. The prevailing Party in any action to enforce or interpret this Settlement Agreement is entitled
to recover from the other Party its reasonable attorneys’ fees.

 

9. Modification.
No oral agreement, statement, promise, undertaking, understanding, arrangement, act or omission of any Party, occurring subsequent
to the date hereof may be deemed an amendment or modification of this Settlement Agreement unless reduced to writing and signed
by the Parties hereto or their respective successors or assigns.

 

10. Severability.
The Parties agree that if, for any reason, a provision of this Settlement Agreement is held unenforceable by any court of competent
jurisdiction, this Settlement Agreement shall be automatically conformed to the law, and otherwise this Settlement Agreement shall
continue in full force and effect.

 

11. Counterparts.
This Settlement Agreement may be executed in several counterparts and all counterparts so executed shall constitute one agreement
binding on all Parties hereto, notwithstanding that all the Parties are not signatories to the original or the same counterpart.
Facsimile signatures shall be accepted the same as an original signature. A photocopy of this Settlement Agreement may be used
in any action brought to enforce or construe this Settlement Agreement.

 

12. No
Waiver. No failure to exercise and no delay in exercising any right, power or remedy under this Settlement Agreement shall
impair any right, power or remedy which any Party may have, nor shall any such delay be construed to be a waiver of any such rights,
powers or remedies or an acquiescence in any breach or default under this Settlement Agreement, nor shall any waiver of any breach
or default of any Party be deemed a waiver of any default or breach subsequently arising.

 

13. Acknowledgment
of Full Understanding. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS FULLY READ, UNDERSTANDS, AND VOLUNTARILY ENTERS
INTO THIS SETTLEMENT AGREEMENT. EXECUTIVE ACKNOWLEDGES AND AGREES THAT EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT
WITH AN ATTORNEY OF EXECUTIVE’S CHOICE BEFORE SIGNING THIS SETTLEMENT AGREEMENT. EXECUTIVE FURTHER ACKNOWLEDGES THAT EXECUTIVE’S
SIGNATURE BELOW IS AN AGREEMENT TO RELEASE THE COMPANY FROM ANY AND ALL CLAIMS THAT CAN BE RELEASED AS A MATTER OF LAW.

 

[Signatures
follow on a separate page.]

 

    	3

    	 

    

  

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

 

	 	XCELMOBILITY INC. 	 
	 	 	 
	 	was hereunto affixed in the presence of: 	 
	 	 	 	 
	 	By:	 	 
	 	 	Authorized Signatory	 

 

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

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