
                                                                    Exhibit 10.1

                              EMPLOYMENT AGREEMENT
                              --------------------


                  EMPLOYMENT AGREEMENT, dated as of August 15, 2007 by and
between NeoStem, Inc. (the "Company") and Renee Cohen (the "Executive").

                              W I T N E S S E T H:
                              - - - - - - - - - -


                  WHEREAS, the Executive has substantial experience relating to
small and start-up company operations;

                  WHEREAS, the Company wishes to benefit from this experience by
retaining Executive as its Vice President, Operations and Corporate Strategy and
Executive  desires to serve as the  Company's  Vice  President,  Operations  and
Corporate Strategy, all on the terms and conditions herein set forth;

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

                  Section  1.  Employment.  The  Company  agrees to  employ  the
Executive,  and the  Executive  agrees to be employed by the  Company,  upon the
terms and conditions hereinafter provided, for a period commencing on August 15,
2007 (the "Commencement  Date") and, subject to earlier termination  pursuant to
Section 5 hereof,  continuing until August 14, 2009 (the "Term").  The Executive
hereby  represents  and warrants that she has the legal  capacity to execute and
perform this  Agreement,  and that its execution and performance by her will not
violate the terms of any existing  agreement or understanding to which Executive
is a party.

                  Section 2. Position and Duties. During the Term, the Executive
agrees  to  serve  as an  officer  of  the  Company,  and as an  officer  of any
subsidiary  or  division  of the Company and will have such powers and duties as
may be reasonably conferred upon her by the Chief Executive Officer and Board of
Directors of the Company (the "Board").  The Executive shall report to the Chief
Executive Officer.  During the Term, and except for reasonable  vacation periods
in accordance with the Company's policies, the Executive shall devote all of her
business  time,  attention,  skill and efforts  exclusively  to the business and
affairs of the Company and its subsidiaries and affiliates.

                  Section 3.  Compensation.  For all  services  rendered  by the
Executive in any capacity required hereunder during the Term, including, without
limitation,  services as an officer, director, or member of any committee of the
Company or any subsidiary, affiliate or division thereof, the Executive shall be
compensated as follows:

                         (a) The Company shall pay the Executive a fixed annual
salary equal to $150,000 for the first year of the term and $165,000 for the
second year of the term ("Base Salary") in accordance with the Company's payroll
practices, including the withholding of appropriate payroll taxes.


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                         (b) The Executive shall be entitled to participate in
all compensation and employee benefit plans or programs, and to receive all
benefits and perquisites, which are approved by the Board of Directors of the
Company and are generally made available by the Company to all salaried
employees of the Company and to the extent permissible under the general terms
and provisions of such plans or programs and in accordance with the provisions
thereof. Notwithstanding any of the foregoing, nothing in this Agreement shall
require the Company to establish, maintain or continue any particular plan or
program nor preclude the amendment, rescission or termination of any such plan
or program that may be established from time to time.

                         (c) Executive shall be granted upon the Commencement
Date under the Company's 2003 Equity Participation Plan (the "EPP") (A) a stock
award of 10,000 shares of Common Stock vesting as to 5,000 shares of Common
Stock on the Commencemnet Date and 5,000 shares of Common Stock on the first
year anniversary of the Commencement Date; provided Executive continues to be
employed by the Company; and (B) an option to purchase 15,000 shares of Common
Stock at a per share exercise price equal to the closing price of the Common
Stock on the American Stock Exchange on the date of grant that shall vest and
become exercisable as to one-half of the shares after the first year anniversary
of the Commencement Date and as to the second one-half of the shares after the
second one-year anniversary of the Commencement date; provided that on each
vesting date you shall continue to be employed by the Company. The Award and the
Option shall be governed by the terms and conditions of the EPP.


                  Section 4.   Business  Expenses.  The  Company  shall  pay  or
reimburse the Executive for all reasonable  travel or other reasonable  expenses
incurred by the Executive in connection  with the  performance of his duties and
obligations  under this Agreement,  subject to the  Executive's  presentation of
appropriate  vouchers in  accordance  with such  expense  account  policies  and
approval  procedures as the Company may from time to time establish for officers
(including but not limited to prior approval of  extraordinary  expenses) and to
preserve  any  deductions  for  Federal  income  taxation  purposes to which the
Company may be entitled.

                  Section 5.  Termination of Employment.

                         (a) The Company may terminate Executive's employment
prior to the end of the Term (i) immediately upon written notice to Executive
for cause; and (ii) upon 90 days prior written notice for any other reason.
Executive may terminate Executive's employment upon ninety days' prior written
notice to the Company. In the event that the Executive's employment terminates
prior to expiration of the Term due to any reason, earned but unpaid Base Salary
as of the date of termination of employment shall be payable in full. However,
no other payments shall be made, or benefits provided, by the Company under this
Agreement except as otherwise required by law.


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                  Section 6.  Confidentiality; Covenant Against Competition;
Proprietary Information; Lock-up.

                         (a) Executive acknowledges that she has previously
executed the Company's standard Confidentiality, Non-Compete and Inventions
Assignment Agreement.

                         (b) Without the prior written consent of the Company,
Executive will not, directly or indirectly, offer, sell, pledge, contract to
sell (including any short sale), grant any option to purchase or otherwise
dispose of any shares of Common Stock or other Company securities (including,
without limitation, shares of Common Stock of the Company which may be deemed to
be beneficially owned by the undersigned on the date hereof in accordance with
the rules and regulations of the Securities and Exchange Commission, shares of
Common Stock which may be issued upon exercise of a stock option or warrant and
any other security convertible into or exchangeable for Common Stock) (each of
the foregoing referred to as a "Disposition") from the date hereof until October
25, 2007. (the "Lock-Up Period"). The foregoing restriction is expressly
intended to preclude the Executive from engaging in any transaction which is
designed to or reasonably expected to lead to or result in a Disposition during
the Lock-Up Period even if the securities would be disposed of by someone other
than the undersigned.


                         Section 7. Withholding Taxes. The Company may directly
or indirectly withhold from any payments made under this Agreement all Federal,
state, city or other taxes and all other deductions as shall be required
pursuant to any law or governmental regulation or ruling or pursuant to any
contributory benefit plan maintained by the Company in which the Executive may
participate.

                         Section 8. Notices. All notices, requests, demands and
other communications required or permitted hereunder shall be given in writing
and shall be deemed to have been duly given if delivered or mailed, postage
prepaid, by certified or registered mail or by use of an independent third party
commercial delivery service for same day or next day delivery and providing a
signed receipt as follows:

                         (a) To the Company: NeoStem, Inc. 420 Lexington Avenue
                             Suite 450 New York, NY 10170 Attention: General
                             Counsel

                         (b) To the Executive: Renee Cohen 201 West 89th Street
                             Apt. #2G New York, NY 10024

or to such other  address as either  party shall have  previously  specified  in
writing to the other.  Notice by mail  shall be deemed  effective  on the second
business day after its deposit with the United States Postal Service,  notice by
same day courier  service  shall be deemed  effective on the day of deposit with
the  delivery  service and notice by next day delivery  service  shall be deemed
effective on the day following the deposit with the delivery service.


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                  Section 9. No Attachment.  Except as required by law, no right
to receive  payments  under  this  Agreement  shall be subject to  anticipation,
commutation,  alienation,  sale,  assignment,  encumbrance,  charge,  pledge, or
hypothecation  or  to  execution,   attachment,  levy,  or  similar  process  or
assignment by operation of law, and any attempt,  voluntary or  involuntary,  to
effect any such action shall be null, void and of no effect; provided,  however,
that nothing in this Section 9 shall  preclude the  assumption of such rights by
executors, administrators or other legal representatives of the Executive or his
estate  and their  conveying  any  rights  hereunder  to the  person or  persons
entitled thereto.

                  Section 10. Source of Payment. All payments provided for under
this Agreement shall be paid in cash from the general funds of the Company.  The
Company  shall not be required to establish a special or separate  fund or other
segregation  of assets to assure such  payments,  and, if the Company shall make
any  investments to aid it in meeting its obligations  hereunder,  the Executive
shall have no right,  title or interest  whatever in or to any such  investments
except as may otherwise be expressly  provided in a separate written  instrument
relating to such investments. Nothing contained in this Agreement, and no action
taken pursuant to its provisions, shall create or be construed to create a trust
of any kind, or a fiduciary relationship,  between the Company and the Executive
or any other person.  To the extent that any person  acquires a right to receive
payments from the Company  hereunder,  such right,  without  prejudice to rights
which  Executive  may have,  shall be no greater  than the right of an unsecured
creditor of the Company.

                  Section 11. Binding Agreement;  No Assignment.  This Agreement
shall be binding upon,  and shall inure to the benefit of, the Executive and the
Company and their respective permitted successors, assigns, heirs, beneficiaries
and representatives.  This Agreement is personal to the Executive and may not be
assigned by him. This Agreement may not be assigned by the Company except (a) in
connection with a sale of all or substantially  all of its assets or a merger or
consolidation  of the  Company,  or (b) to an  entity  that is a  subsidiary  or
affiliate of the Company.  Any attempted assignment in violation of this Section
11 shall be null and void.

                  Section  12.  Governing  Law;  Consent  to  Jurisdiction.  The
validity,  interpretation,  performance, and enforcement of this Agreement shall
be governed by the laws of the State of New York. In addition, the Executive and
the Company irrevocably submit to the jurisdiction of the courts of the State of
New York and the United States District Court sitting in New York County for the
purpose of any suit,  action,  proceeding or judgment relating to or arising out
of this Agreement and the transactions  contemplated hereby.  Service of process
in  connection  with any such suit,  action or  proceeding  may be served on the
Executive  or the  Company  anywhere  in the  world by the same  methods  as are
specified for the giving of notices under this Agreement.  The Executive and the
Company  irrevocably  consent to the  jurisdiction of any such court in any such
suit, action or proceeding and to the laying of venue in such court.

                  Section 13. Entire Agreement.  This Agreement shall constitute
the entire  agreement  among the parties  with  respect to the  matters  covered
hereby and shall supersede all previous written, oral or implied  understandings
among them with respect to such matters.


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                  Section 14. Amendments.  This Agreement may only be amended or
otherwise modified by a writing executed by all of the parties hereto.

                  Section 15.  Counterparts.  This  Agreement may be executed in
any number of counterparts, each of which when executed shall be deemed to be an
original  and all of  which  together  shall  be  deemed  to be one and the same
instrument.

                  IN WITNESS  WHEREOF,  the Company has caused this Agreement to
be executed by its duly  authorized  officer and the  Executive  has signed this
Agreement, all as of the first date above written.

                                                NEOSTEM, INC.


                                                By:
                                                   -----------------------------
                                                   Name:  Robin L. Smith
                                                   Title: CEO

                                                   -----------------------------
                                                   Renee Cohen, Executive


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