Document:

Exhibit

Exhibit 10.1

FORM OF CHIEF EXECUTIVE OFFICER RESTRICTED STOCK AGREEMENT 
PURSUANT TO THE KOHL'S CORPORATION 2010 LONG TERM COMPENSATION PLAN

RESTRICTED STOCK AGREEMENT

Executive                    Employee ID                Grant Date             Number of Restricted Shares    

RECITALS:
The Company and Executive have previously entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) setting forth some of the terms of Executive’s employment and post-employment relationships with Company.
The Compensation Committee of the Board of Directors (the “Committee”) has determined to award to the Executive shares of the common stock of the Company (“Common Stock”), subject to the restrictions contained herein, pursuant to the Company’s 2010 Long-Term Compensation Plan (the “Plan”).  All terms used herein and not otherwise defined shall have the same meaning as set forth in the Plan.
NOW, THEREFORE, for good and valuable consideration, including the mutual promises set forth in this agreement and the benefits that the Company expects to derive in connection with the services to be hereafter rendered to it or its subsidiaries by the Executive, the Company and the Executive hereby agree as follows:
ARTICLE I
Restricted Shares
1.1    Award of Restricted Shares.  The Company hereby awards to the Executive the number of shares of Common Stock listed above under the heading “Number of Restricted Shares” (the “Restricted Shares”), subject to the restrictions contained herein and the provisions of the Plan.
1.2    Vesting of the Restricted Shares. Subject to the terms of this Agreement, the Restricted Shares shall vest in accordance with the following schedule:
	
		
	 
	Shares Vesting

	1st Anniversary Date
	25%

	2nd Anniversary Date
	25%

	3rd Anniversary Date
	25%

	4th Anniversary Date
	25%

		
	(a)
	Termination Due to Executive’s Death or Disability.    If Executive’s employment is terminated due to Executive’s death or pursuant to Disability, the Restricted Shares shall, upon such termination, immediately vest. 

		
	(b)
	Termination Other than Due to Executive’s Death or Disability. If Executive’s employment is terminated by Executive or the Company for any reason other than due to Executive’s death or pursuant to Disability (defined in the Employment Agreement), the Restricted Shares that are the subject of this Agreement, as well as the Restricted Shares that were the subject of the March 30, 2015 Restricted Stock Award Agreement between Executive and the Company (the “March 30, 2015 RSA”), shall vest 

only as provided in the Employment Agreement.  For the avoidance of doubt, this Section 1.2(b) shall constitute an amendment to the March 30, 2015 RSA. 
		
	(c)
	Change of Control.  In the event of a Change of Control, any outstanding Restricted Shares shall be subject to the provisions set forth in Paragraph 19 of the Plan, provided, however, an references to “cause” used in Paragraph 19 of the Plan shall be interpreted by applying the definitions of “cause” set forth in the Employment Agreement.

Any Restricted Shares which do not vest shall be forfeited by Executive and revert to the Company.  The period during which the Restricted Shares are unvested is referred to herein as the Restricted Period.
1.3    Shareholder Status.  Prior to the vesting of the Restricted Shares, Executive shall have the right to vote the Restricted Shares and except as expressly provided otherwise herein, all other rights as a holder of outstanding shares of Common Stock.  In lieu of any regular cash dividends, on the declared payment date of each regular cash dividend otherwise payable on the Restricted Shares (“Payment Date”), the Company shall issue Executive a number of additional shares of Restricted Stock with a Payment Date market value equal to: (i) the per-share dollar amount of the declared dividend multiplied by (ii) the number of Executive’s unvested Restricted Shares as of the declared record date for the dividend.  For purposes of calculating the “Payment Date market value” in the preceding sentence, the Company shall use the closing price of a share of the Company’s Common Stock on the New York Stock Exchange on the Payment Date.  Such additional Restricted Shares shall be issued in fractional shares, and shall vest on the same terms and conditions as the underlying Restricted Shares to which dividends would have been attributable.  Any such additional Restricted Shares shall be subject to the terms of this Agreement.  Further, notwithstanding the foregoing, the Executive shall not have the right to vote with respect to the Restricted Shares with respect to record dates occurring after any of the Restricted Shares revert to the Company pursuant to Section 1.2 hereof.  Until the Restricted Shares vest pursuant to Sections 1.2 hereof, the Company shall retain custody of the stock certificates representing the Restricted Shares.  As soon as practicable after the lapse of the restrictions, the Company shall issue or release or cause to be issued or released certificate(s) representing the shares, less any shares used to satisfy the obligation to withhold income and/or employment taxes in connection with the vesting of any Restricted Shares.
1.4    Prohibition Against Transfer.  During the Restricted Period, the Restricted Shares may not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) by the Executive, or be subject to execution, attachment or similar process.  Any transfer in violation of this Section 1.4 shall be void and of no further effect.
ARTICLE II
Miscellaneous
2.1    Provisions of the Plan Control.  This Agreement shall be governed by the provisions of the Plan, the terms and conditions of which are incorporated herein by reference.  The Plan empowers the Committee to make interpretations, rules and regulations thereunder, and, in general, provides that determinations of such Committee with respect to the Plan shall be binding upon the Executive.  A copy of the Plan will be delivered to the Executive upon reasonable request.
2.2    References to Employment Agreement.  All references to the Employment Agreement herein shall refer to the Amended and Restated Employment Agreement between the Company and Executive dated as of November 14, 2014.   
2.3    Taxes.  The Company may require payment of or withhold any income or employment tax which it believes is payable as a result of the grant or vesting of the Restricted Shares or any payments thereon or in connection therewith, and the Company may defer making delivery with respect to the shares until arrangements satisfactory to the Company have been made with regard to any such withholding obligation.  In accordance with the Plan, the Company may withhold shares of Common Stock to satisfy such withholding obligations.
2.4    No Employment Rights.  The award of the Restricted Shares pursuant to this Agreement shall not give the Executive any right to remain employed by the Company or any affiliate thereof.
2.5    Notices.  Any notice to be given to the Company under the terms of this Agreement shall be given in writing to the Company in care of its General Counsel at Kohl’s Department Stores, Inc., N56 W17000 Ridgewood Drive, Menomonee Falls, Wisconsin, 53051.  Any notice to be given to the Executive may be addressed 

to him/her at the address as it appears on the payroll records of the Company or any subsidiary thereof.  Any such notice shall be deemed to have been duly given if and when actually received by the party to whom it is addressed, as evidenced by a written receipt to that effect.
2.6    Governing Law.  This Agreement and all questions arising hereunder or in connection herewith shall be determined in accordance with the laws of the State of Wisconsin without giving effect to its conflicts of law provisions.
IN WITNESS WHEREOF, the parties have caused this Agreement to be effective as of the date first written above.                        
KOHL’S CORPORATION

By: ________________________________
     
Title: _________________________

___________________________________
<@Name                  @>XCELMOBILITY,
INC.

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (this “Agreement”), dated as of September 1st, 2016 (the “Effective Date”),
by and between XcelMobility Inc., a Nevada corporation with an address at 2225 East Bayshore Road, Suite 200, Palo Alto, CA 94303
(the “Company”), and Ying Yang, an individual with an address at 2801 S King Drive, Apt415, Chicago, IL60616 (the
“Employee”).

 

WHEREAS,
the Company and Employee desire to provide for the employment of Employee by the Company on the terms set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained, the Company and Employee hereby agree as follows:

 

1.Employment.

 

1.1Position.
The Company hereby employs the Employee, and the Employee hereby accepts employment, as the Operations and Accounting Officer,
on the terms and conditions hereinafter set forth.

 

1.2Duties.
The Employee shall serve as the Company’s Operations and Accounting Officer, and shall perform the customary duties and
responsibilities (Note 1) implied by such position, subject to the power and authority of the Chief Executive Officer and the
Board of Directors of the Company (the “Board”) to overrule her actions. In such capacities the Employee shall report
directly to the Chief Executive Officer. These positions, duties, and responsibilities can be modified as reasonably required
to suit the specific requirements and needs of the Company.

 

1.3
Time and Effort. During the Term, the Employee shall devote such time as necessary to meet the Employee’s obligations
hereunder. The Employee shall not, during the Term of this Agreement (as herein defined), engage in any other business activity
or conduct, whether or not such business activity or conduct is pursued for gain, profit or other pecuniary advantage, which activity
or conduct adversely affects in any material respect the Employee’s ability to perform her obligations hereunder, except
with the prior written consent of the Board. Notwithstanding the foregoing, the parties recognize and agree that Employee may
engage in any other business activity or conduct that is not in competition with the business of the Company and in personal investments
and other business, civic or charitable activities that do not conflict with the business and affairs of the Company or interfere
in any material respect with Employee’s performance of his duties hereunder. The Employee will at all times perform all
of the duties and obligations required of the Employee by the terms of this Agreement in a loyal and conscientious manner and
to the best of the Employee’s ability and experience. Employee agrees to comply in all material respects with (i) the policies
and directives of the Company (including the Company’s code of ethics and insider trading policy), and (ii) with all applicable
laws and regulations of the countries in which the Company operates, all as in effect from time to time.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	1

    	 

    

 

1.4
Travel. Employee will undertake appropriate business travel as reasonably required by the Company.

 

2.Term.
The term (the “Term”) of this Agreement shall commence on the Effective Date and shall continue for a period of two
years. Either party may terminate this Agreement at any time for any reason or no reason, upon thirty (30) days prior written
notice.

 

3.
Compensation.

 

3.1
Base Salary. The Company agrees to pay the Employee, and Employee agrees to accept, a base cash salary (the “Base
Salary”), in accordance with the Company’s normal payroll procedures applicable to Employees, payable at least bi-weekly
after the period worked. The Base Salary shall initially be payable at the rate of $4,500 per month. All compensation payments
to be made to the Employee will be subject to required withholding of federal, state and local income and employment taxes.

 

3.2.Annual
Review. During the month preceding each anniversary of the Effective Date, or at such other time as the Company may establish
in its discretion, the Board will review the Employee’s compensation and the Company’s financial circumstances and
needs and determine in good faith, at the Board’s sole discretion, if any change is merited based upon Employee’s
performance.

 

4.
Expenses. The Company will pay or reimburse Employee for all necessary out-of-pocket transportation, hotel, and other
expenses reasonably incurred by Employee in the conduct of the business of the Company upon submission of such itemized vouchers,
receipts or other documentation with respect to any such expenses as shall be reasonably requested by the Company, and, in any
event, in accordance with the guidelines of the Company, if any, published from time to time.

 

5.
Benefits. During the Term, the Company shall provide the Employee at the Company’s expense, with all benefits
currently in place or subsequently established by the Company for its employees in the United States. Employee shall be entitled
to (i) paid vacation in each calendar year, and (ii) paid days off for illness, religious observance and personal reasons (which
shall, in any event, be at least three days), all in accordance with the Company’s policy in effect from time to time. The
timing of such vacation and personal days shall be scheduled in a reasonable manner by Employee and shall not interfere with the
operations of the Company.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	2

    	 

    

 

6.Termination.

 

6.1Termination
Events. The Term shall terminate on the earliest to occur of the following:

 

(i)upon
the expiration of this Agreement if not renewed;

 

(ii)upon
written notice by either the Company or Employee;

 

(iii)the
death of the Employee;

 

(iv)upon
thirty days’ written notice from the Company in the event of the Employee’s Disability (as used herein, “Disability”
means (A) the physical or mental disability which prevents the Employee from performing her obligations under this Agreement in
substantially the same manner as performed immediately before the applicable event for a period of six consecutive months or an
aggregate of 180 days during any period of 365 consecutive days) or (B) a written determination by a licensed medical doctor selected
by the Company and reasonably acceptable to the Employee that the Employee has incurred a physical or mental disability from which
he will not be able to recover sufficiently to return to full-time active employment hereunder within 365 days of the determination
(a “Permanent Disability”). The Employee shall cooperate with and permit examination by any licensed medical doctor
retained by the Company to evaluate whether he has suffered a Permanent Disability (but in no event shall Employee be required
to submit to any invasive or painful procedures); or

 

(v)upon
written notice from the Company to Employee that Employee’s employment is being terminated for Cause, as herein defined,
the giving of which notice shall be authorized by majority vote of the Board or by a majority vote of the issued and outstanding
capital stock of the Company. As used herein, “Cause” shall be limited to the Employee’s: (A) embezzlement or
willful misappropriation of funds of the Company, (B) conduct that causes material harm to the Company or willful misconduct by
Employee; (C) conviction or commission of, or plea of nolo contendere by, Employee of any felony, misdemeanor or other illegal
conduct involving an act of moral turpitude or otherwise relating directly or indirectly to the business or reputation of the
Company; (D) habitual drug or other substance abuse that interferes in any material respects with the performance of Employee’s
duties under this Agreement; (E) debarment by any federal agency that would limit or prohibit Employee from serving in her prescribed
capacity for the Company under this Agreement; (F) continuing failure to communicate and fully disclose any and all information
related to the business, operations, management and accounting of the Company, the failure of which would adversely impact the
Company or may result in a violation of state or federal securities laws; (G) continuing willful and intentional failure to perform
her duties as stated herein or as reasonably requested; or (I) dishonesty towards, fraud upon, or deliberate injury or attempted
injury to the Company.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	3

    	 

    

 

6.2
Termination Payments.

 

(a)
Upon termination of Employee’s employment hereunder for any reason, the Company’s obligations to Employee shall
terminate, subject to prompt payment within thirty (30) days of all monies due hereunder up to the date of termination including
unpaid Base Salary and reimbursement of reasonable business expenses as well as continuation of any applicable benefits as required
by laws of the State of Nevada, USA.

 

(b)In
the event this Agreement is terminated by the Company for no Cause, the Company shall also pay the Employee, her Base Salary then
in effect for an additional thirty (30) day period unless Employee has materially breached any restrictive covenant under this
Agreement (the “Severance Payment”). Notwithstanding the foregoing, if Employee’s employment terminates pursuant
to Sections 6.1(i), (iii), (iv) or (v), Employee will not be entitled to the Severance Payment.

 

(c)Upon
termination of this Agreement, the provisions of Sections 6.2, 7, 8, 9, 10 and 11 shall survive the termination of this Agreement
for a period of five (5) years.

 

7.Proprietary
Information; Confidentiality.

 

7.1Confidential
Information. Employee, during the course of her duties, will be handling business, financial, accounting, statistical, marketing
and personnel information of the Company and/or its customers or other third-parties. All such information is confidential and
shall not be disclosed, directly or indirectly, or used by Employee in any way, either during the term of this Agreement or at
any time thereafter except as required in the course of Employee’s employment with the Company. Employee agrees not to disclose
to any others, or take or use for Employee’s own purposes or purposes of any others, during the term of this Agreement,
any of the Company’s Confidential Information (as defined below). Employee agrees that these restrictions shall also apply
to (1) Confidential Information belonging to third parties in the Company’s possession, and (2) Confidential Information
conceived, originated, discovered or developed by Employee during the term of this Agreement. “Confidential Information”
means any Company proprietary information, trade secrets or know-how (of any kind, type or nature, whether written, stored on
magnetic or other media, or oral), including, but not limited to, research and development, plans, services, customer and vendor
lists, computer programs, marketing, finances or other business information that has been compiled, prepared, devised, developed,
designed, discovered, or otherwise learned by Employee during the course of her employment and/or disclosed to Employee by the
Company, either directly or indirectly, in writing, orally, or by observation of any business conduct. Confidential Information
does not include any of the foregoing items that has become publicly known and made generally available through no wrongful act
of Employee. Employee further agrees not to use improperly or disclose or bring onto the premises of the Company any trade secrets
of another person or entity during the term of this Agreement.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	4

    	 

    

 

7.2Return
of Property. Employee agrees that upon termination of employment with the Company, Employee will deliver to the Company all
devices, records, data, disks, computer files, notes, reports, proposals, lists, correspondence, materials, equipment, other documents
or property, or reproductions of any aforementioned items developed by Employee pursuant to employment with the Company or otherwise
belonging to the Company, its successors or assigns.

 

7.3Employment
Information. Employee represents and warrants to the Company that information provided by Employee in connection with her
employment, including information regarding her visa and work permit status in the United States, and any supplemental information
provided to the Company is complete, true and materially correct in all respects. Employee has not omitted any information that
is or may reasonably be considered necessary or useful to evaluate the information provided by Employee to the Company. Employee
shall immediately notify the Company in writing of any change in the accuracy or completeness of all such information.

 

7.4Other
Agreements. Employee represents that the performance of all the terms of this Agreement will not breach any agreement to keep
in confidence proprietary information acquired by Employee in confidence or in trust prior to employment with the Company. Employee
has not and shall not: (i) disclose or use in the course of her employment with the Company, any proprietary or trade-secret information
belonging to another; or (ii) enter into any oral or written agreement in conflict with this Agreement.

 

8.Unfair
Competition; Non-Solicitation.

 

8.1Unfair
Competition. During the term of this Agreement, Employee has a duty of loyalty and a fiduciary duty to the Company. Employee
shall not, directly or indirectly, whether as a partner, employee, creditor, stockholder, or otherwise, promote, participate,
or engage in any activity or other business which is directly competitive to the current operations of the Company or the currently
contemplated future operations of the Company. The obligation of Employee not to compete with the Company shall not prohibit Employee
from owning or purchasing more than a five percent (5%) beneficial interest in any securities that are regularly traded on a recognized
stock exchange or on the over-the-counter market subject to relevant federal and state securities laws. To the fullest extent
permitted by law, upon the termination of Employee’s employment with the Company for any reason, Employee shall not use
any of the Company’s confidential, proprietary or trade secrets information to directly or indirectly, either as an employee,
employer, consultant, agent, principal, partner, stockholder, corporate officer, director, or any other individual or representative
capacity, engage or participate in any business, wherever located, that is in direct competition with the business of Employer.
Should any portion of this Section be deemed unenforceable because of the scope, duration or territory encompassed by the undertakings
of the Employee hereunder, and only in such event, then the Employee and the Company consent and agree to such limitation on scope,
duration or territory as may be finally adjudicated as enforceable by a court of competent jurisdiction after the exhaustion of
all appeals.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	5

    	 

    

 

8.2Non-Solicitation
of Customers. While employed by the Company, Employee shall not divert or attempt to divert (by solicitation or other means),
whether directly or indirectly, the Company’s customers for the purpose of inducing or encouraging them to sever their relationship
with the Company or to solicit them in connection with any product or service competing with those products and services offered
and sold by the Company. Also, to the fullest extent permissible under applicable law, following termination of Employee’s
employment with the Company for any reason, Employee agrees not use any of the Company’s confidential, proprietary or trade
secrets information to directly or indirectly divert or attempt to divert (by solicitation or other means) the Company’s
customers for the purpose of inducing or encouraging them to sever their relationship with the Company or to solicit them in connection
with any product or service competing with those products and services offered and sold by the Company.

 

8.3Non-Disparagement.
Upon termination of Employee’s employment with the Company, Employee agrees to not make any disparaging remarks about the
Company, or any officers, directors, employees, consultants or independent contractors of or to any of the foregoing.

 

9.Trade
Secrets. Employee shall not disclose to any others, or take or use for Employee’s own purposes or purposes of any others,
during the Term or at any time thereafter, any of the Company’s trade secrets, including without limitation, Confidential
Information, customer and vendor lists, computer programs, applications or software or intellectual property of the Company. Employee
agrees that these restrictions shall also apply to (i) trade secrets belonging to third parties in Company’s possession
and (ii) trade secrets conceived, originated, discovered or developed by Employee during the Term of this Agreement relating to
the affairs of the Company.

 

10.Inventions;
Ownership Rights. Employee agrees that all ideas, techniques, inventions, systems, formulas, designs, discoveries, technical
information, programs, prototypes and similar developments (“Inventions”) developed, created, discovered, made, written
or obtained by Employee in the course of or as a result of performance of her duties hereunder, and all related industrial property,
trademarks, service marks, copyrights, patent rights, moral rights, trade secrets and other forms of protection thereof, shall
be and remain the sole property of the Company and its assigns. Employee shall promptly disclose to Company, or any persons designated
by it, all Inventions, made or conceived or reduced to practice or learned by Employee, either alone or jointly with others, during
the Term which are related to or useful in the business of the Company, or result from tasks assigned to Employee by the Company,
or result from use of premises owned, leased or contracted by the Company. Such disclosure shall continue for one year after termination
of employment with respect to anything that would be an Invention if made, conceived, reduced to practice or learned prior to
termination of employment. Employee agrees to execute or cause to be executed such assignments and applications, registrations
and other documents and to take such other action as may be reasonably requested by the Company to enable the Company to protect
its rights to any such Inventions. If the Company requires Employee’s assistance in executing or causing to be executed
such assignments and applications, registrations and other documents under this Section (all of which shall be prepared at the
expense of the Company) after termination of this Agreement, Employee shall do so at mutually convenient times and places and
be compensated for her time actually spent in providing such assistance at a reasonable hourly rate as agreed upon by the parties
and be reimbursed for any necessary expenses, including reasonable attorney’s fees, reasonably incurred in doing so. In
the event that the Company is unable for any reason whatsoever to secure Employee’s signature to any lawful and necessary
document required to apply for or execute any such documents with respect to Inventions (including renewals, extension, continuations,
divisions or continuations in part thereof), Employee hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents, as Employee’s agents and attorneys-in-fact to act for and in her behalf and instead of him, to execute
and file any such application and document and to do all other lawfully permitted acts with respect thereto with the same legal
force and effect as if executed by Employee. As a matter of record Employee has identified beneath her signature hereto a complete
list of all inventions or improvements relevant to the subject matter of her employment by the Company which have been made or
conceived or first reduced to practice by him alone or jointly with others prior to her employment by the Company (“Prior
Inventions”) which Employee desires to remove from the operation of this Agreement; and Employee covenants that such list
is complete. Employee agrees and acknowledges that in further consideration of her employment under this Agreement, in the absence
of such list of Prior Inventions, all Prior Inventions shall be the sole and exclusive property of the Company and Employee agrees
to execute or cause to be executed such assignments and applications, registrations and other documents and to take such other
action as may be reasonably requested by the Company to enable the Company to protect its rights to any such Prior Inventions.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	6

    	 

    

 

11.
Miscellaneous.

 

11.1Assignment.
It is hereby agreed that Employee’s rights and obligations under this Agreement are personal and may not be delegated or
assigned. No assignment by the Company shall be effective unless the assignee expressly agrees in writing to become bound by the
terms and conditions hereof.

 

11.2Binding
Effect. The obligations of this Agreement shall be binding upon, and the benefits of this Agreement shall inure to, the parties
hereto, their legal representatives, administrators, executors, heirs, legatees, distributees, successors and permitted assigns,
and upon transferees by operation of law, whether or not any such person or entity shall have signed this Agreement.

 

11.3Notices.
Any notice permitted, required or given hereunder shall be in writing and shall be delivered (i) personally, (ii) by any prepaid
overnight courier delivery service then in general use, (iii) mailed, by registered or certified mail, return receipt requested,
or (iv) transmitted by fax and then confirmed within three business days by any other method set forth above, to the addresses
designated on the first page hereof or at such other address as may be designated by notice duly given hereunder. A notice provided
in the manner required herein shall be deemed given: (i) if delivered personally, upon delivery; (ii) if sent by overnight courier,
on the first business day after it is sent; (iii) if mailed, three business days after mailing; and (iv) if sent by fax, upon
actual receipt of the fax or confirmation thereof (whichever is first).

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	7

    	 

    

 

11.4Further
Assurances. Each of the parties agrees to execute, acknowledge, deliver, file, record and publish such certificates, instruments,
agreements and other documents, and to take all such further action as may be required by law or which either party deems reasonably
necessary or useful in furtherance of the purposes and objectives and intentions underlying this Agreement and not inconsistent
with its terms.

 

11.5Entire
Agreement. This Agreement incorporates the entire agreement between the parties relating to the subject matter hereof and
supersedes all prior agreements and understandings of the parties, whether written or oral, with respect to its subject matter.

 

11.6Amendments;
Waiver. Except as expressly provided herein, neither this Agreement nor any provision hereof may be terminated, modified or
amended unless in writing signed by both parties hereto. No waiver by any party, whether express or implied, of any provision
of this Agreement, or of any breach or default, shall constitute a waiver of a breach of any similar or dissimilar provision or
condition or shall be effective unless in writing signed by the party against whom enforcement is sought.

 

11.7Severability;
Captions. If any provision of this Agreement or the application thereof to any person or circumstances shall be held invalid
or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other parties or circumstances
shall not be affected thereby and shall be enforced to the greatest extent permitted by law. The headings in this Agreement are
inserted for convenience and identification only.

 

11.8Actions
Contrary to Law. Nothing contained in this Agreement shall be construed to require the commission of any act contrary to law,
and whenever there is any conflict between any provision of this Agreement and any statute, law, ordinance, or regulation, contrary
to which the parties have no legal right to contract, then the latter shall prevail; but in such event, the provisions of this
Agreement so affected shall be curtailed and limited only to the extent necessary to bring it within legal requirements.

 

11.9Governing
Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Nevada, USA
without giving effect to its principles of conflicts of law. The parties irrevocably agree to submit to the jurisdiction of the
federal and state courts within the State of Nevada, USA, and waive any defense based on forum non convenes or improper venue
with respect thereto. Each party shall pay their own attorney’s fees and costs. No remedy conferred in this Agreement upon
the Employee or the Company is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative
and shall be in addition to every other remedy conferred herein or now or hereafter existing at law or in equity or by statute
or otherwise.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	8

    	 

    

  

11.10Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be deemed an original and together shall constitute
a single document.

 

11.11
Tax Advice. The Employee acknowledges that the Employee has not relied and will not rely upon the Company or the Company’s
counsel with respect to any tax consequences related to the terms and conditions of this Agreement. The Employee assumes full
responsibility for all such consequences and for the preparation and filing of all tax returns and elections which may or must
be filed in connection with this Agreement.

 

11.12
Representation. The parties to this Agreement, and each of them, acknowledge, agree, and represent that it: (a) has directly
participated in the negotiation and preparation of this Agreement; (b) has read the Agreement and has had the opportunity to discuss
it with counsel of its own choosing; (c) it is fully aware of the contents and legal effect of this Agreement; (d) has authority
to enter into and sign the Agreement; and (e) enters into and signs the same by its own free will.

 

11.13
Drafting. The parties to this Agreement acknowledge that each of them have participated in the drafting and negotiation
of this Agreement. For purposes of interpreting this Agreement, each provision, paragraph, sentence and word herein shall be deemed
to have been jointly drafted by both parties. The parties intend for this Agreement to be construed and interpreted neutrally
in accordance with the plain meaning of the language contained herein, and not presumptively construed against any actual or purported
drafter of any specific language contained herein.

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	9

    	 

    

 

IN
WITNESSETH WHEREOF, the undersigned have executed this Agreement as of the date first above written.

 

	 	XcelMobility, Inc.
	 	 	 
	 	By:
    	 
	 	Name:	 
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	 	 
	 	YING YANG

 

The
accompanying notes are an integral part of this Employment Agreement

 

    	10

    	 

    

 

XCELMOBILITY,
INC.

 

NOTE
TO EMPLOYMENT AGREEMENT

 

NOTE
1- CUSTOMARY DUTIES AND RESPONSIBILITIES

 

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