Document:

Exhibit

Exhibit 10.1

BUCKEYE PARTNERS, L.P.
UNIT DEFERRAL AND INCENTIVE PLAN

(As Amended and Restated, effective as of April 1, 2018)

 

        

BUCKEYE PARTNERS, L.P.
UNIT DEFERRAL AND INCENTIVE PLAN
 
(As Amended and Restated, effective as of April 1, 2018)

ARTICLE I 
ESTABLISHMENT AND PURPOSE
The Buckeye Partners, L.P. Unit Deferral and Incentive Plan is intended to provide a select group of management and highly compensated employees of the Company and its Affiliates with the opportunity to exchange annual bonus compensation for Deferral and Matching Units that are all subject to a substantial, additional vesting requirement.  The purposes of the Plan are to attract and retain selected officers and key employees of the Company and its Affiliates and to enable such individuals to acquire or increase ownership interests in the Partnership.  The Plan is intended to provide benefits that are excluded from the definition of “deferred compensation” under Code section 409A pursuant to the exclusion for certain short-term deferral amounts applicable thereunder or solely with respect to Section 5.7(f), are structured to comply with Code section 409A.  Capitalized terms, unless otherwise defined herein, shall have the meanings provided in Article II.
ARTICLE II     
DEFINITIONS
Whenever used in this Plan, the following terms will have the respective meanings set forth below, unless the context clearly indicates otherwise:
“Administrator” shall mean the Committee.  
“Affiliate” will have the meaning ascribed to such term in Rule 12b-2 of the General Rules under the Exchange Act.  Notwithstanding the foregoing, Buckeye Pipe Line Services Company shall be considered an Affiliate of the Company and any reference to an Affiliate in this Plan shall include an Affiliate of the Company or the Partnership, as applicable.
“Annual Bonus” shall mean any amounts payable to the Participant under the Buckeye Partners, L.P. Annual Incentive Compensation Plan or any similar incentive plan.
“Beneficiary” or “Beneficiaries” means the beneficiary or beneficiaries last designated in writing by a Participant in accordance with procedures established by the Administrator to receive distributions under the Plan following the Participant’s death. 
“Board” means the Company’s Board of Directors as constituted from time to time. 
“Cause” shall mean, except to the extent specified otherwise by the Administrator, a finding by the Administrator that the Participant (i) has materially breached his or her employment, severance or service contract with the Company, Partnership or Affiliate, (ii) has engaged in disloyalty to the Company, Partnership or Affiliate, including, without limitation, fraud, 

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embezzlement, theft, commission of a felony or proven dishonesty, (iii) has disclosed trade secrets or confidential information of the Company, Partnership or Affiliate to persons not entitled to receive such information, or (iv) has breached any written non-competition, non-solicitation, invention assignment or confidentiality agreement between the Participant and the Company, Partnership or Affiliate.
“Change of Control” shall mean the occurrence of one or more of the following transactions:  
(a)    the sale or disposal by the Partnership of all or substantially all of its assets; or
(b)    the merger or consolidation of the Partnership with or into another partnership, corporation, or other entity, other than a merger or consolidation in which the Unit holders immediately prior to such transaction retain at least a fifty percent (50%) equity interest in the surviving entity; or
(c)    the Company ceases to be the sole general partner of the Partnership; 
(d)    the Partnership ceases to own, directly or indirectly, 100% of the outstanding equity interests of the Company; or
(e)    any person or “group” (within the meaning of the Exchange Act) collectively shall beneficially own and control, directly or indirectly, a number of Units that would entitle such person or group to vote Units representing, in the aggregate, more than fifty percent (50%) of the total number of outstanding Units that are entitled to vote and be counted for purposes of calculating the required votes and that are deemed to be outstanding for purposes of determining a quorum at any annual meeting of the limited partners of the Partnership or otherwise in the election of the Company’s Board.
"Change of Control Period" shall mean the period commencing on the date of a Change of Control and ending eighteen (18) calendar months following a Change of Control. 
“Code” means the Internal Revenue Code of 1986, as it may be amended from time to time.
“Committee” means the Compensation Committee of the Board, or such other committee as determined by the Board.  
“Company” means Buckeye GP LLC, a Delaware limited liability company, and any successor thereto. 
“Deferral Amount” or “Deferral” shall mean that portion of a Participant’s Annual Bonus that is deferred in the form of Deferral Units that a Participant irrevocably elects to have, and is deferred, for any one Plan Year.
“Deferral Election” shall mean an Eligible Employee’s election to defer a portion of his or her Annual Bonus in the form of Deferral Units under the Plan on the form and in the manner prescribed by the Administrator and required by the terms of the Plan.  

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“Deferral Unit” means a unit of measurement, which is deemed solely for bookkeeping purposes under this Plan to be equivalent to one Unit.  
“Disability” or “Disabled” means a long-term disability as determined under the long-term disability plan of the Company, the Partnership or an Affiliate, which is applicable to the Participant.  Notwithstanding the foregoing, no payment shall be made to a Participant on account of Disability unless a Participant becomes disabled within the meaning of such term under Code section 409A(a)(2)(C).
“Distribution Equivalent Rights” means an amount determined by multiplying the number of Deferral Units and Matching Units credited to a Participant's Unit Account, subject to adjustment under Section 8.2, by the per-Unit cash distribution, or the per-Unit fair market value (as determined by the Administrator) of any distribution in consideration other than cash, paid by the Partnership on its Units. 
“Eligible Employee” shall mean any Employee who (1) was an Eligible Employee for Plan Years prior to January 1, 2013, selected by the Administrator to participate in the Plan for any Plan Year prior to January 1, 2013, is employed by the Company on December 31, 2012 and had a base salary equal to or in excess of $150,000 for any Plan Year, or (2) for Plan Years on or after January 1, 2013 and prior to January 1, 2017, had a base salary equal to or in excess of $175,000 and is in Salary Grade 22 – Director Level or higher (or such other amount or Salary Grade level set from time to time by the Administrator) or (3) for Plan Years on or after January 1, 2017, has a base salary equal to or in excess of $250,000 and is at Salary Grade 24 – Vice President Level or higher (or such other amount or Salary Grade level set from time to time by the Administrator), and, in the case of either (1), (2) or (3), such Employee is selected by the Administrator to participate in the Plan in the Administrator’s sole and absolute discretion for the relevant Plan Year.  The Administrator may also designate any Employee who does not meet the foregoing eligibility requirements as an Eligible Employee in its sole and absolute discretion.  Notwithstanding the foregoing, in the case of (1) or (2), any Eligible Employee who terminates employment on or after January 1, 2017 and is later rehired by the Company must meet the eligibility requirements in (3).  Notwithstanding the foregoing eligibility requirements in (3) above, for Plan Years on or after January 1, 2017, any Employee that (x) was a Participant and made a Deferral Election of his or her Annual Bonus during the 2016 Plan Year, (y) was an Eligible Employee but elected not to make a Deferral Election for the 2016 Plan Year, or (z) was an Employee who otherwise would be an Eligible Employee for the 2016 Plan Year but was not eligible to make a Deferral Election for the 2016 Plan Year because such Employee was hired on or after January 1, 2016, will remain an Eligible Employee, so long as the Employee makes a Deferral Election for the 2017 Plan Year and continues to make a Deferral Election in later Plan Years, in each case, equal to minimum deferral percentage set by the Administrator for the relevant Plan Year.
“Employee” means a regular full-time salaried employee of the Company or an Affiliate who performs services directly or indirectly for the benefit of the Partnership.
“Employer(s)” shall mean the Company and any Affiliate (now in existence or hereafter formed or acquired) that have been selected by the Administrator to participate in the Plan.

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“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Fair Market Value” of a Unit means the average, rounded to one cent ($0.01), of the highest and lowest sales prices thereof on the New York Stock Exchange on the day on which Fair Market Value is being determined, as reported on the Composite Tape for transactions on the New York Stock Exchange. In the event that there are no Unit transactions on the New York Stock Exchange on such day, the Fair Market Value will be determined as of the immediately preceding day on which there were Unit transactions on that exchange.  If a Unit is not publicly traded or, if publicly traded, is not subject to reported transactions as set forth above, the Fair Market Value per share shall be as determined by the Administrator through any reasonable valuation method.
“Good Reason” shall mean the occurrence, without the Participant’s express written consent, of any of the following events during the Change of Control Period:
(a)    a substantial adverse change in the Participant's duties or responsibilities from those in effect on the date immediately preceding the first day of the Change of Control Period;
(b)    a material reduction in Participant’s annual rate of Base Salary or annual bonus opportunity as in effect immediately prior to commencement of a Change of Control Period; or
(c)    requiring Participant to be based at a location more than 100 miles from the Participant’s primary work location as it existed on the date immediately preceding the first day of the Change of Control Period, except for required travel substantially consistent with the Participant's present business obligations.
Notwithstanding the foregoing, Participant shall not have Good Reason for termination unless (i) Participant gives written notice of termination for Good Reason within 30 days after the event giving rise to Good Reason occurs, (ii) the Company does not cure the action or failure to act that constitutes the grounds for Good Reason, as set forth in Participant’s notice of termination, within 30 days after the date on which Participant gives written notice of termination and (iii) Participant actually resigns within 60 days following the expiration of the Company’s 30-day cure period.
“LTIP” shall mean the Buckeye Partners, L.P. 2013 Long-Term Incentive Plan, including any amendments, modifications, or successors thereto.
“Matching Unit” means a notional Unit credited to a Participant’s Unit Account that is subject to service-based vesting restrictions.  
“Participant” shall mean an Eligible Employee who has commenced participation in the Plan and whose Unit Account has not been fully distributed.
“Partnership” means Buckeye Partners, L.P., a Delaware limited partnership or any successor thereto.
“Plan” shall mean the Buckeye Partners, L.P. Unit Deferral and Incentive Plan set forth herein, as amended from time to time.

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“Plan Year” shall mean a calendar year.
“Unit” means a unit representing a limited partnership interest in the Partnership.
“Unit Account” shall mean the unfunded bookkeeping account established and maintained by the Administrator for each Participant that is credited with Deferral Units and Matching Units.  
“Vesting Date” shall mean the date a Participant’s Deferral Units and Vesting Units become vested in accordance with Section 5.7 of the Plan.
ARTICLE III     
ADMINISTRATION
The Administrator shall have sole discretionary responsibility for the operation, interpretation, and administration of the Plan.  Any action taken on any matter within the discretion of the Administrator shall be final, conclusive, and binding on all parties.  In order to discharge its duties hereunder, the Administrator shall have the power and authority to remedy any errors, inconsistencies or omissions, to resolve any ambiguities, to adopt, interpret, alter, amend or revoke rules necessary to administer the Plan, to delegate its duties and to employ such outside professionals as may be required for prudent administration of the Plan.  The records of the Administrator with respect to the Plan shall be conclusive on all Participants, all Beneficiaries, and all other persons whomsoever.  The Administrator shall also have the right within the scope of his authority (if a designee of the Company) to enter into agreements on behalf of the Company necessary to administer the Plan.  Any Participant who is acting as Administrator shall not be entitled to vote or act on any matter relating solely to himself or herself.  
ARTICLE IV     
ELIGIBILITY AND PARTICIPATION
4.1.    Eligibility.  Only Eligible Employees may become Participants.  Prior to each Plan Year, each Eligible Employee shall be notified as to eligibility to defer a portion of his or her Annual Bonus for that Plan Year in the form of Deferral Units.  For the avoidance of doubt, eligibility to defer Annual Bonus for one Plan Year shall not imply eligibility to defer Annual Bonus for a subsequent Plan Year.
4.2.    Participation.  An Eligible Employee shall become a Participant by completing an election form and delivering it to the Company as specified in the Plan.  If the Administrator determines in good faith that a Participant is no longer an Eligible Employee, the Participant shall cease active participation in the Plan immediately and the terms of the Plan shall continue to govern the Participant’s Unit Account until his or her Unit Account has been paid in full.
ARTICLE V     
DEFERRAL UNITS AND MATCHING UNITS
5.1.    Deferral Elections.  Each Plan Year an Eligible Employee may, in accordance with procedures established by the Administrator in its sole discretion, elect to defer up to 50% of his or 

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her Annual Bonus for that Plan Year to the Participant’s Unit Account in the form of Deferral Units.  Deferral Elections are effective on a Plan Year basis, and become irrevocable no later than the date specified by the Administrator but in any event before the beginning of the Plan Year that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election.  For the avoidance of doubt, Deferral Elections generally must be completed on or before December 31 of the Plan Year prior to the scheduled payment date for the Annual Bonus.  For example, a Deferral Election with respect to an Annual Bonus amount payable for the 2014 Plan Year (otherwise payable in 2015) generally would need to be completed no later than December 31, 2014.   A Participant’s Deferral Election will become effective only if the forms required by the Administrator have been properly completed and signed by the Participant, timely delivered to the Administrator, and accepted by the Administrator.  A Participant who fails to file a Deferral Election before the required date will be treated as having elected not to defer any amounts for the Plan Year.  Deferrals are subject to the vesting and forfeiture conditions of Sections 5.7 and 5.8.
5.2.    Deferral Limits.  The Administrator may change the maximum deferral percentage and establish minimum deferral percentages from time to time in its sole discretion.  Any such limits shall be communicated by the Administrator prior to the commencement of any election period.  
5.3.    Deferral Units.  The Administrator shall credit a Participant’s Unit Account with Deferral Units equal to the portion of his or her Annual Bonus that the Participant elected to defer.  The number of Deferral Units shall be determined by dividing the amount of Annual Bonus deferred by the Participant to his Unit Account by the Fair Market Value of a Unit on the date that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election or such other date as determined by the Administrator in accordance with procedures governing grants under the LTIP. 
5.4.    Matching Units.  An Eligible Employee who elects to defer a portion of his or her Annual Bonus under the Plan shall be entitled to receive a Matching Unit for each Deferral Unit that is credited to a Participant’s Unit Account during a Plan Year.  
5.5.    Distribution Equivalent Rights.  Participants shall be entitled to Distribution Equivalent Rights with respect to the Deferral Units and Matching Units allocated to a Participant’s Unit Account as if each such Deferral Unit and Matching Unit had been a Unit.  Except as otherwise determined by the Administrator, Distribution Equivalent Rights shall be paid as soon as practicable following the payment of a distribution by the Partnership on its Units.  A Participant will receive the aggregate amount of the Participant's Distribution Equivalent Rights in cash or Units as determined by the Administrator in its discretion.  
5.6.    Unit Accounts.
(a)    Establishment of Unit Account.  The Administrator will establish a Unit Account for each Participant who has elected to defer a portion of his or her Annual Bonus in Deferral Units.  Unit Accounts shall be credited as appropriate for Deferral Units and Matching Units, and debited for distributions from the Unit Account.  

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(b)    Timing of Credits.  The Administrator shall credit Deferrals to the Participant’s Unit Account not later than the end of the calendar year that the Employer would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election.  The Administrator shall credit Matching Units to a Participant’s Unit Account at such times and in such amounts as the Administrator determines.  
5.7.    Vesting.  Except as otherwise specified by the Administrator in its discretion, a Participant shall become vested as follows:
(a)    General.  A Participant shall become 100% vested in Deferral Units and Matching Units credited to his or her Unit Account during a Plan Year on December 15th of the second Plan Year that is after the Plan Year that the Deferral Units and Matching Units are credited to his or her Unit Account; provided that the Participant is continuously employed by, or continuously provides services to, the Company, Partnership or Affiliate through that date.  For example, Deferral Units and Matching Units that are credited to a Participant’s Unit Account in 2014 will vest on December 15, 2016, provided that the Participant is continuously employed by, or continuously provides services to, the Company, Partnership or Affiliate from the date that such Deferral Units and Matching Units are credited to his or her Unit Account until December 15, 2016. 
(b)    Termination without Cause.  If a Participant’s employment is terminated by the Company, Partnership or Affiliate without Cause, such Participant’s unvested Deferral Units will immediately vest in full and unvested Matching Units will vest on a prorated basis, based on the portion of the vesting period during which the Participant was employed by the Company, Partnership or Affiliate.  For purposes of determining the number of Matching Units that become vested pursuant to this section, the vesting period commences on the January 1 of the Plan Year that the Company would otherwise have paid the Annual Bonus to the Participant but for the Participant’s Deferral Election and ends three years later.  
(c)    Disability.  If a Participant is determined to be Disabled, such Participant’s unvested Deferral Units and Matching Units will immediately vest in full.
(d)    Death.  In the event of the death of a Participant while employed by the Company, Partnership or Affiliate, such Participant’s unvested Deferral units and Matching Units will immediately vest in full.  
(e)    Change of Control.  In the event a Change of Control occurs while the Participant is employed by, or providing services to the Company, Partnership or Affiliate, and (i) the Participant is terminated without Cause during the Change of Control Period or (ii) the Participant resigns for Good Reason during the Change of Control Period, such Participant’s unvested Deferral Units and Matching Units will immediately vest in full. 
(f)    Retirement.  In the event a Participant terminates employment or service on account of retirement (as determined by the Administrator), the Administrator may, in its sole discretion, provide that such Participant’s unvested Deferral Units and Matching Units will immediately vest in full.  The vesting of Deferral Units and Matching Units will be subject to such terms and conditions as the Administrator determines, including the Participant’s agreement to be 

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bound by restrictive covenant obligations, such as non-competition or non-solicitation covenants and/or such other restrictions as the Administrator determines, on a case-by-case basis at the time of the Participant’s retirement. 
5.8.    Forfeiture.  
(a)    If a Participant’s employment is terminated for Cause or voluntarily on the part of the Participant, any and all unvested Deferral Units and Matching Units shall be forfeited as of the date the Participant ceases to be employed by, or provide service to the Company, Partnership or Affiliate.  
(b)    If a Participant’s employment is terminated without Cause, all unvested Matching Units that do not vest in accordance with Section 5.7(b) shall be forfeited as of the date the Participant ceases to be employed by, or provide service to the Company, Partnership or Affiliate.  
5.9.    Distribution.  Vested Deferral Units and Matching Units shall be distributed to the Participant (or in the case of a deceased Participant, the Participant’s Beneficiary) in a single lump sum payment as soon as reasonably practicable following the Vesting Date and in no event later than the later of the last day of the calendar year in which the Vesting Date occurs or two and one-half months following the Vesting Date.  Vested Deferral Units and Matching Units will be settled in Units reserved under the LTIP; provided, however, that the Administrator may in its sole discretion specify prior to an affected Deferral Election that with respect to particular Participants or Deferral Units settlement will or may be made by a cash payment in lieu of Units.  The amount of such cash payment shall equal the most recent Fair Market Value of a Unit as of the Vesting Date, multiplied by the number of Deferral Units and Matching Units to be paid in such manner.  Any distribution that complies with this section shall be deemed for all purposes to comply with the Plan requirements regarding the time and form of distributions.
ARTICLE VI     
CLAIMS PROCEDURES
6.1.    Exclusive Procedures.  This article sets forth the exclusive procedures by which claims under the Plan are to be made.  No legal action may be brought by any person claiming entitlement to payment under the Plan until after the claims procedures set forth herein have been exhausted. 
6.2.    Claim.  Any person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan (hereafter referred to as a “Claimant”) may file a written request for such benefit with the Administrator setting forth the basis for the claim.  
6.3.    Determination; Notification.  Except as provided herein, within sixty (60) days of receiving the claim, the Administrator shall determine whether to grant or deny the claim and notify the Claimant in writing of the decision.  If the claim is granted, the Administrator shall commence payment in accordance with the provisions of Section 5.9.  If the claim is denied, in whole or in part, the Administrator’s notice to the Claimant shall:

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(a)    explain the specific reasons for the denial;
(b)    refer to the specific Plan provisions on which the denial is based;
(c)    describe any additional material or information necessary for the Claimant to perfect the claim (if perfection of the claim is possible) and an explanation of why such material or information is necessary; and
(d)    explain the steps and time limit for requesting review of the claim. 
If the Administrator determines that an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to termination of the original 60-day period.  In no event shall such extension exceed sixty (60) days from the end of such initial period.
6.4.    Claim Review.  A Claimant (or his authorized representative) shall have sixty (60) days from the date the Administrator’s notice is mailed in which to file an appeal of the denial of his claim.  Any such appeal must: (a) be in writing; (b) request review of the Claimant’s claim; (c) set forth each ground on which the request for review is based and the facts in support thereof; and (d) provide any other comments the Claimant believes pertinent and helpful to his application.  The Claimant (or the Claimant’s duly authorized representative) may (i) request access to, and copies of, all documents, records, and other information relevant to the claim, which shall be provided to Claimant free of charge and (ii) submit written comments or other documents.  Any Claimant who fails to timely file such a written appeal shall be estopped and barred from any further challenge to the Administrator’s determination to deny his claim.
6.5.    Review of Determination.  The Administrator shall complete its review and decide the appeal within sixty (60) days after the written request for review was received by the Administrator (or within one-hundred twenty (120) days if special circumstances require additional time, and if written notice of such extension and circumstances is given to the Claimant within the initial 60-day period).  In conducting its review, the Administrator may, in its sole discretion, require the Claimant to submit such additional documents or other evidence as the Administrator deems necessary or appropriate.  The Administrator’s decision shall be final and binding on all persons with respect to the Claimant’s appeal.  The Administrator shall notify the Claimant in writing that the claim has been allowed in full or that the claim has been denied, in whole or in part, and any denial notice must set forth:
(a)    Specific reasons for the decision;
(b)    Specific reference(s) to the pertinent Plan provisions upon which the decision was based;
(c)    A statement that Claimant is entitled to reasonable access to, and copies of, all documents, records or other information relevant to the claim upon request and free of charge; and

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(d)    Such other matters as the Administrator deems relevant.
6.6.    Reimbursement of Costs.  If the Company, an Affiliate, the Plan, a Claimant, or a successor in interest to any of the foregoing brings legal action to enforce any of the provisions of this Plan, the prevailing party in such legal action shall be reimbursed by the other party for the prevailing party’s costs, including, without limitation, reasonable fees of attorneys, accountants and similar advisors and expert witnesses.
ARTICLE VII     
AMENDMENT AND TERMINATION
The Plan may be amended, suspended, or terminated at any time (in whole or in part) by action of the Board or the Committee, with or without prior notice; provided, however, that no such amendment, suspension or termination shall reduce any Participant’s Unit Account balances without the written consent of the affected Participant.  In the event of any suspension or termination of the Plan (or any portion thereof), Participants' Unit Accounts shall continue to vest and be distributed in accordance with the Plan.
ARTICLE VIII     
MISCELLANEOUS
8.1.    FICA and Other Taxes. To the extent required by the law in effect at the time benefits are distributed, the Participant’s Employer shall withhold from any benefits to a Participant any employment or other taxes required to be withheld by the federal government or any state or local government in amounts and in a manner to be determined in the sole discretion of the Employer.
8.2.    Adjustment of Number and Price of Units, Etc.  If there is any change in the number or kind of Units outstanding (i) by reason of a Unit distribution, spinoff, recapitalization, Unit split, or combination or exchange of Units, (ii) by reason of a merger, reorganization, consolidation or reclassification, or (iii) by reason of any other extraordinary or unusual event affecting the outstanding Units as a class without the Company’s receipt of consideration, or if the value of outstanding Units is substantially reduced as result of a spinoff or the Company’s payment of any extraordinary distribution, the kind and number of Units covered by Deferral Units and Matching Units to be issued or issuable under the LTIP, and the applicable market value of outstanding Deferral Units and Matching Units shall be required to be equitably adjusted by the Administrator to reflect any increase or decrease in the number of, or change in the kind or value of, issued Units to preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the LTIP and such outstanding Deferral Units and Matching Units; provided, however, than any fractional Units resulting from such adjustment shall be eliminated.  Any adjustments determined by the Administrator shall be final, binding and conclusive.
8.3.    Unsecured General Creditor.  Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of an Employer.  An Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

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8.4.    Unfunded Status of Plan.  The Plan is intended to constitute an “unfunded” plan.  Benefits payable hereunder shall be payable out of the general assets of the Company, and no segregation of any assets whatsoever for such benefits shall be made.  With respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a general creditor of the Company.
8.5.    Designation of Beneficiary.  Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death.  Such designation may be changed or canceled at any time without the consent of any such Beneficiary.  Any such designation, change or cancellation must be made in a form approved by the Administrator and shall not be effective unless and until it is filed with the Administrator during the Participant’s lifetime.  If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate.  If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in equal percentages, unless the Participant has specifically designated otherwise.
8.6.    Nontransferability.  The right of a Participant, Beneficiary, or other person to any payment under this Plan shall not be assigned, alienated, transferred, pledged or encumbered.  
8.7.    No Rights to Employment.  This Plan does not confer nor shall it be construed as creating an express or implied contract of employment between any Participant and the Company, Partnership, or Affiliate or other party. Nothing in the Plan shall interfere with or limit in any way the right of the Company, Partnership, or Affiliate to terminate any Participant’s employment at any time, nor confer upon any Employee any right to continue in the employment of the Company, Partnership, or Affiliate.
8.8.    Employer’s Liability.  An Employer’s liability for the distribution of a Participant’s Unit Account shall be defined only by the Plan.  An Employer shall have no obligation to a Participant except as expressly provided in the Plan.
8.9.    Payments to Minors and Incompetents.  If any person entitled to any payment under this Plan is, in the judgment of the Administrator, incapable of receiving such payment because of minority, illness, infirmity or other incapacity, the Administrator may pay the amount due such person to a duly appointed legal representative, if there is one, or, if none, to the spouse, children, dependents, or such other persons with whom the person entitled to payment resides.  Any such payment shall be a complete discharge of the liability of the Company, Partnership, Affiliate and the Plan with respect to such payment.
8.10.    Furnishing Information.  A Participant or his Beneficiary will cooperate with the Administrator by furnishing any and all information requested by the Administrator and take such other actions as may be requested in order to facilitate the administration of the Plan and the distributions hereunder, including but not limited to taking such physical examinations as the Administrator may deem necessary.

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8.11.    Notice.  Any notice or filing required or permitted under the Plan shall be sufficient if in writing and if (a) hand-delivered or sent by telecopy; (b) sent by registered or certified mail; or (c) sent by nationally-recognized overnight courier.  Such notice shall be deemed given as of (i) the date of delivery if hand-delivered or sent by telecopy; (ii) as of the date shown on the postmark on the receipt for registration or certification, if delivery is by mail; or (iii) on the first business day after dispatch, if sent by nationally-recognized overnight courier.  In the case of the Company, mailed or couriered notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its General Counsel.  In the case of a Participant, mailed or couriered notice to a Participant or Beneficiary shall be directed to the individual’s last known address in the Employer’s records.  
8.12.    Code Section 409A.  Except with respect to any benefits that may become payable under Section 5.7(f), all Plan benefits are intended to constitute short-term deferrals within the meaning of Code section 409A and shall be excepted from the applicable requirements of Code section 409A in accordance with the regulations issued thereunder, and the Plan shall be maintained, interpreted and administered accordingly.  With respect to any benefits that may become payable pursuant to the Administrator’s discretion under Section 5.7(f), to the extent that action by the Administrator results in such Deferral Units and Matching Units being deemed to constitute deferred compensation subject to the requirements of Code section 409A, payment shall only be made under the Plan upon an event and in a manner permitted by Code section 409A.  Notwithstanding anything contained herein to the contrary, all provisions of this Plan shall be construed and interpreted to comply with Code section 409A and applicable regulations thereunder and if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to comply with Code section 409A or regulations thereunder.  In addition, to the extent that deferred compensation subject to the requirements of Code section 409A becomes payable under this Plan to a “specified employee” (within the meaning of Code section 409A) on account of “separation from service” (within the meaning of Code section 409A), any such payments shall be delayed by six months to the extent necessary to comply with the requirements of Code section 409A, but not beyond the death of the Participant.  Nothing herein shall be construed as a guarantee of any particular tax treatment to a Participant.
8.13.    Successors.  This Plan shall be binding upon and inure to the benefit of the Partnership, the Company, and their successors and assigns and the Participant and his or her heirs, executors, administrators and legal representatives.
8.14.    Gender and Number.  Except when otherwise indicated by context, words in the masculine gender shall include the feminine and neuter genders, the singular shall include the plural, and the plural shall include the singular.
8.15.    Headings.  The headings contained in this Plan are for convenience only and will not control or affect the meaning or construction of any of the terms or provisions of this Plan.
8.16.    Invalid or Unenforceable Provisions.  If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Administrator may elect in its sole discretion to construe such invalid or 

12

unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included.
8.17.    Effective Date of Plan.  This Plan was originally effective as of December 16, 2009, was amended and restated, effective as of August 4, 2011, January 1, 2013, July 31, 2013 February 4, 2015, and January 1, 2017 and is hereby amended and restated, effective as of April 1, 2018.  The Plan shall remain in effect until the termination of the Plan by action of the Board or the Committee pursuant to Article VII.  
8.18.    Applicable Law.  The Plan shall be construed and administered in accordance with and governed by the laws of the State of Delaware, other than its laws respecting choice of law.
8.19.    Entire Agreement.  This Plan constitutes the entire understanding and agreement with respect to the subject matter contained herein, and there are no agreements, understandings, restrictions, representations or warranties among any Participant and the Partnership, Company or Affiliates other than those set forth or provided for herein.  

13Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 1 TO LOAN AND SECURITY
AGREEMENT

 

AMENDMENT NO. 1 TO
LOAN AND SECURITY AGREEMENT, dated as of July 30, 2018 (this “Amendment No. 1”), is by and among SECURUS 365,
INC., a Delaware corporation, EVANCE, INC., a Delaware corporation, EVANCE CAPITAL, INC., a Delaware corporation, OMNISOFT, INC.,
a Delaware corporation and CROWDPAY.US, INC., a New York corporation, as borrowers (each a “Borrower” and collectively,
“Borrowers”), THE OLB GROUP, INC., a Delaware corporation, as parent guarantor (“Parent Guarantor”),
the financial institutions or other entities from time to time party hereto, each as a Lender and GACP FINANCE CO., LLC as agent
for the Lenders (in such capacity, the “Agent”).

 

W I T N E S S E T H :

 

WHEREAS, Agent, Lenders,
Borrowers and others have entered into financing arrangements pursuant to which Lenders (or Agent on behalf of Lenders) have made
and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Loan and Security Agreement,
dated as of April 9, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”) and the other Loan Documents;

 

WHEREAS, an Event of
Default has occurred under the Credit Agreement (the “First Prepayment Default”) pursuant to Section 7.1(a)
of the Credit Agreement as a result of Borrowers’ failure to make the First Repayment on July 15, 2018 as required by Section
1.1(b) of the Credit Agreement;

 

WHEREAS, Events of
Default have occurred under the Credit Agreement (the “Reporting Defaults”) pursuant to Section 7.1(c) of the
Credit Agreement as a result of (i) Borrowers’ failure to deliver to Agent all such monthly financial statements, information
and certifications required by Section 5.15(b)(ii) of the Credit Agreement and (ii) Borrowers’ failure to deliver to Agent
a Compliance Certificate signed by an Authorized Officer of Parent Guarantor, confirming compliance with the financial covenants
set forth in Section 5.24 of the Credit Agreement as of the end of May, 2018 and June, 2018 as required by Section 5.15(c)(iv)
of the Credit Agreement (the First Repayment Default and the Reporting Defaults being referred to together as the “Existing
Defaults”);

 

WHEREAS, Section 10.5
of the Credit Agreement provides that, among other things, the Borrowers, the Agent and the Required Lenders may (i) make certain
amendments to the Credit Agreement and the other Loan Documents for certain purposes and (ii) waive or release an Event of Default;

 

WHEREAS, the Loan Parties
have requested that Agent and the Lenders waive the Existing Defaults and make certain amendments to the Credit Agreement, and
Agent and the Lenders are agreeable to such request only on the terms and conditions set forth herein; and

 

WHEREAS, by this Amendment
No. 1, Agent, Lenders signatory hereto and Loan Parties signatory hereto intend to evidence such amendments;

 

     

     

    

 

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

 

1. Interpretation.
For purposes of this Amendment No. 1, all terms used herein which are not otherwise defined herein, including, but not limited
to, those terms used in the recitals hereto, shall have the respective meanings assigned thereto in the Credit Agreement as amended
by this Amendment No. 1.

 

2. Waiver
of Existing Defaults. In reliance upon the representations and warranties of the Loan Parties set forth in Section 4
below and subject to the conditions to effectiveness set forth in Section 5 below, Agent and the Lenders hereby irrevocably waive
the Existing Defaults. Each Loan Party acknowledges and agrees that (a) the waiver contained herein relates only to the Existing
Defaults and is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed
to (x) waive, release, modify or limit any Loan Party’s obligations to otherwise comply with all terms and conditions of
the Credit Agreement and the other Loan Documents, (y) waive any other existing or future Events of Default, or (z) prejudice any
right or rights that Agent or the Lenders may have or may have in the future under or in connection with the Credit Agreement or
any other Loan Document (all of which rights and remedies are expressly reserved), except as expressly provided herein, and (b)
the granting of the waiver hereunder shall not impose or imply an obligation on Agent or the Lenders to grant a waiver on any future
occasion, whether on a similar matter or otherwise.

 

3. Amendments.

 

(a) Section
1.1(b)(i) of the Credit Agreement is hereby amended by replacing the reference to “July 15, 2018” therein with “July
30, 2018”.

 

(b) Section
1.8(a) of the Credit Agreement is hereby amended by replacing the first sentence thereof in its entirety with the following:

 

“Within
one Business Day of the date of receipt by any Loan Party or any of its Subsidiaries of the Net Cash Proceeds of any voluntary
or involuntary sale or disposition in excess of $100,000 in any calendar year by any Loan Party or any of its Subsidiaries (including
Net Cash Proceeds of insurance or arising from casualty losses or condemnations and payments in lieu thereof) of assets or other
property other than sales of Inventory in the ordinary course of business and the Permitted MOMT Share Sale; provided,
that, in the case of the Permitted MOMT Share Sale no Default or Event of Default has occurred or is continuing at the time such
sale is consummated, then Borrowers shall prepay the outstanding principal amount of the Term Loan, in an amount equal to 100%
of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with
such sales or dispositions.”

 

(c) Section
5.15(a) of the Credit Agreement is hereby amended and restated in its entirety to read:

 

“(a)Annual
Financial Statements. (i) For the Fiscal Years ended December 31, 2016 and December 31, 2017, not later than August 23, 2018
and (ii) not later than ninety days after the close of each Fiscal Year thereafter, audited, consolidated financial statements
of Parent Guarantor and its Subsidiaries as of the end of such Fiscal Year, including balance sheet, income statement, and statement
of cash flow for such Fiscal Year audited (without qualification) by a firm of independent certified public accountants of recognized
standing selected by Parent Guarantor but acceptable to Agent, together with a copy of any management letter issued in connection
therewith. Concurrently with the delivery of such financial statements, Parent Guarantor shall deliver to Agent a Compliance Certificate,
(A) indicating whether Parent Guarantor is in compliance with each of the covenants specified in Section 5.24, and setting forth
a detailed calculation of such covenants, and (B) indicating whether any Default or Event of Default is then in existence.”

 

    	 	2	 

     

    

 

(d) Section
5.15(b)(ii) of the Credit Agreement is hereby amended and restated in its entirety to read:

 

“(ii)(A)
(1) not later than July 30, 2018 for the month ended May, 2018 and (2) not later than forty-five (45) days after the end of each
month thereafter, including the last fiscal month of each Fiscal Year, unaudited interim consolidated financial statements of Parent
Guarantor and its Subsidiaries as of the end of such fiscal month and of the portion of such Fiscal Year then elapsed, including
balance sheet, income statement, statement of cash flow, and results of their respective operations during such fiscal month and
the then-elapsed portion of the Fiscal Year, together with comparative figures for the same periods in the immediately preceding
Fiscal Year, in each case on a consolidated and consolidating basis, certified by an Authorized Officer of Parent Guarantor as
prepared in accordance with GAAP. Concurrently with the delivery of such financial statements, Parent Guarantor shall deliver to
Agent a Compliance Certificate, indicating whether (A) Parent Guarantor is in compliance with each of the covenants specified in
Section 5.24, and setting forth a detailed calculation of such covenants, and (B) any Default or Event of Default is then in existence;”

 

(e) Section
5.15(c)(iv) of the Credit Agreement is hereby deleted in its entirety.

 

(f) Section
5.23(d) of the Credit Agreement is hereby amended and restated in its entirety to read:

 

“(d)sell,
transfer, return, or dispose of any Collateral or other assets with an aggregate value in excess of $100,000 in any calendar year
other than Permitted Investments, the Permitted MOMT Share Sale and sales of Inventory in the ordinary course of business;”

 

(g) Section
5.23(n) of the Credit Agreement is hereby amended and restated in its entirety to read:

 

“(n)make,
or cause or suffer to permit any Loan Party or any of its Subsidiaries to make, any payment or prepayment of principal of, premium,
if any, or interest on, or redemption, purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund
or similar payment with respect to, any Subordinated Indebtedness (except the Permitted Bridge Loan Indebtedness including payments
of monthly interest as set forth in the Bridge Loan Note, or to the extent permitted pursuant to the terms of the definitive documentation
evidencing such subordination, which documentation shall be reasonably acceptable to the Agent in all respects); provided,
that no payment shall be permitted in respect of any Subordinated Indebtedness described in clause (b) of the definition thereof
without the prior written consent of the Agent whether or not any express subordination arrangement exists in respect thereof and
provided further, that, no payment shall be permitted in respect of any principal amount of Permitted Bridge Loan
Indebtedness unless (i) (A) such payment is comprised solely of Net Cash Proceeds from the sale of MOMT Shares or (B) such payment
occurs after the Second Repayment and (ii) no Default or Event of Default has occurred or is continuing at the time such payment
is made;”

 

    	 	3	 

     

    

 

(h) Section
5.23(o) of the Credit Agreement is hereby amended and restated in its entirety to read:

 

“(o)enter
into any transaction with an Affiliate (other than a Loan Party) other than (i) the Bridge Loan and (ii) on arms-length terms disclosed
to Agent in writing;”

 

(i) Schedule
B to the Credit Agreement is hereby amended as follows:

 

(i) by
adding the following definitions alphabetically:

 

““Bridge Loan Note”
means that certain Subordinated Promissory Note dated as of the date hereof by and among Parent Guarantor, as borrower and John
Herzog, an individual residing in the State of Connecticut, as lender, as in effect on the date hereof.”

 

““MOMT Shares”
means, subject to adjustments for stock splits, stock dividends, recapitalizations, reclassifications or similar changes to such
shares, 100,000 shares of common stock of MoneyOnMobile, Inc. beneficially owned by the Parent Guarantor.”

 

““Permitted Bridge
Loan Indebtedness” means Indebtedness under the Bridge Loan Note; provided, that, all such Indebtedness
is secured only by a Lien on the MOMT Shares and other property not constituting Collateral.”

 

““Permitted MOMT
Share Sale” means the sale of all or substantially all of the MOMT Shares (in one or more transactions) to one or
more Persons that are not Affiliates of any Loan Party, for fair market value.”

 

(ii) by
adding the following new clause (m) to the definition of “Excluded Property” therein:

 

“; and (m) the MOMT Shares and
any dividends or distributions on the MOMT Shares.”

 

(iii) by
replacing the definition of “Permitted Indebtedness” therein in its entirety to read:

 

““Permitted
Indebtedness” means: (i) the Obligations; (ii) the Indebtedness existing on the date hereof described in Section
6 of the Disclosure Schedule; in each case along with extensions, refinancings, modifications, amendments and restatements thereof,
provided, that (a) the principal amount thereof is not increased, and (b) the terms thereof are not modified to impose
more burdensome terms upon any Loan Party; (iii) capitalized leases and purchase money Indebtedness secured by Permitted Liens
in an aggregate amount not exceeding $100,000 at any time outstanding; (iv) Indebtedness incurred as a result of endorsing negotiable
instruments received in the ordinary course of business; (v) deferred compensation to officers, employees and directors existing
as of the Closing Date in the amounts set forth on Section 6 of the Disclosure Schedule; (vi) the Permitted Bridge Loan Indebtedness
and (vii) other Indebtedness in an amount not to exceed $100,000 at any time outstanding.”

 

    	 	4	 

     

    

 

(iv) by
replacing the definition of “Permitted Liens” therein in its entirety to read:

 

““Permitted
Liens” means (a) purchase money security interests in specific items of Equipment securing Permitted Indebtedness
described under clause (iii) of the definition of Permitted Indebtedness; (b) Liens disclosed in Section 7 of the Disclosure Schedule;
provided, however, that to qualify as a Permitted Lien, any such Lien described in Section 7 of the Disclosure Schedule shall only
secure the Indebtedness that it secures on the Closing Date and any permitted refinancing in respect thereof; (c) liens for taxes,
fees, assessments, or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings (which proceedings have the effect of preventing the enforcement of such lien) for which adequate reserves in accordance
with GAAP are being maintained, provided the same have no priority over any of Agent’s security interests; (d) liens of materialmen,
mechanics, carriers, or other similar liens arising in the ordinary course of business and securing obligations which are not delinquent
or are being contested in good faith by appropriate proceedings (which proceedings have the effect of preventing the enforcement
of such lien) for which adequate reserves in accordance with GAAP are being maintained; (e) liens which constitute banker’s
liens, rights of set-off, or similar rights as to deposit accounts or other funds maintained with a bank or other financial institution
(but only to the extent such banker’s liens, rights of set-off or other rights are in respect of customary service charges
relative to such deposit accounts and other funds, and not in respect of any loans or other extensions of credit by such bank or
other financial institution to any Loan Party); (f) cash deposits or pledges of an aggregate amount not to exceed $100,000 to secure
the payment of worker’s compensation, unemployment insurance, or other social security benefits or obligations, public or
statutory obligations, surety or appeal bonds, bid or performance bonds, or other obligations of a like nature incurred in the
ordinary course of business; (g) pledges and deposits of cash in the ordinary course of business securing liability for reimbursement
or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance; (h) Liens on cash advances in favor of the seller of any
property to be acquired in an Investment not prohibited under this Agreement to be applied against the purchase price for such
Investment permitted by this Agreement; (i) purported Liens evidenced by the filing of precautionary UCC (or equivalent statutes)
financing statements or similar public filings; (j) Liens for amounts pledged pursuant to processing agreements in the ordinary
course of business, (k) the Lien in the MOMT Shares securing Permitted Indebtedness described under clause (vi) of the definition
of Permitted Indebtedness and (j) Liens securing Indebtedness or other obligations in an aggregate principal amount at any time
outstanding not to exceed $100,000.”

 

4. Representations
and Warranties. Each Loan Party, jointly and severally, hereby:

 

(a) reaffirms
all representations and warranties made to Agent and Lenders under the Credit Agreement and all of the other Loan Documents and
confirms that each of the representations and warranties made by Loan Parties in or pursuant to the Credit Agreement, the other
Loan Documents and any related agreements to which it is a party, and each of the representations and warranties contained in any
certificate, document or financial or other statement furnished at any time under or in connection with this Agreement, the other
Loan Documents or any related agreement shall be true and correct in all material respects on and as of such date as if made on
and as of such date (or to the extent any representations or warranties are expressly made solely as of an earlier date, such representations
and warranties shall be true and correct in all material respects as of such earlier date); provided that any representation
and warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall
be true and correct (after giving effect to any qualification therein) in all respects on and as of such date;

 

    	 	5	 

     

    

 

(b) reaffirms
all of the covenants contained in the Credit Agreement;

 

(c) represents
and warrants that, other than the Existing Defaults, no Default or Event of Default has occurred and is continuing;

 

(d) represents
and warrants that the execution, delivery and performance by each Loan Party of this Amendment No. 1 and the other documents, agreements
and instruments executed by any Loan Party in connection herewith (collectively, together with this Amendment No. 1, the “Amendment
Documents”) and the consummation of the transactions contemplated hereby or thereby, are within such Loan Party’s
powers, have been duly authorized by all necessary organizational action, and do not contravene (i) the charter or by-laws
or other organizational or governing documents of such Loan Party or (ii) any law or any contractual restriction binding on
or affecting any Loan Party, except, for purposes of this clause (ii), to the extent such contravention would not reasonably be
expected to have a Material Adverse Effect;

 

(e) represents
and warrants that no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority
or any other third party is required for the due execution, delivery and performance by any Loan Party of any Amendment Document
to which it is a party that has not already been obtained if the failure to obtain such authorization, approval or other action
could reasonably be expected to result in a Material Adverse Effect; and

 

(f) represents
and warrants that each Amendment Document has been duly executed and delivered by each Loan Party thereto. This Amendment No. 1
constitutes, and each other Amendment Document will constitute upon execution, the legal, valid and binding obligation of each
Loan Party thereto enforceable against such Loan Party in accordance with its respective terms subject to the effect of any applicable
bankruptcy, insolvency, reorganization or moratorium or similar laws affecting the rights of creditors generally and subject to
general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

5. Conditions
Precedent. This Amendment No. 1 shall be effective upon the satisfaction of each of the following conditions precedent:

 

(a) Agent
shall have received counterparts of this Amendment No. 1, duly authorized, executed and delivered by Borrowers, Parent Guarantor,
Agent and the Required Lenders;

 

(b) Agent
shall have received counterparts of the Bridge Loan Note, duly authorized, executed and delivered by all parties thereto;

 

(c) Other
than the Existing Defaults, no Default or Event of Default shall have occurred and be continuing; and

 

(d) The
representations and warranties contained in Section 4 and in the Credit Agreement shall be true and correct in all material respects
on and as of such date as if made on and as of such date (except to the extent expressly relating to an earlier date, in which
case such representation and warranty shall be true and correct as of such earlier date).

 

6. General.

 

(a) Effect
of this Amendment No. 1. Except as expressly provided herein, no other consents, waivers, changes or modifications to the Loan
Documents are intended or implied, and in all other respects the Loan Documents are hereby specifically ratified, restated and
confirmed by all parties hereto as of the date hereof.

 

    	 	6	 

     

    

 

(b) Fees.
Borrower agrees to pay on demand all expenses of Agent and Lenders in connection with the preparation, negotiation, execution,
delivery and administration of this Amendment No. 1.

 

(c) Governing
Law. This Amendment No. 1 shall be governed by, and construed in accordance with, the laws of the State of New York, without
regard to conflicts of laws principles thereof.

 

(d) Waiver
of Jury Trial. SECTION 10.16 OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT NO. 1 MUTATIS
MUTANDIS AND SHALL APPLY HERETO AS IF ORIGINALLY MADE A PART HEREOF.

 

(e) Binding
Effect. This Amendment No. 1 shall bind and inure to the benefit of the respective successors and permitted assigns of each
of the parties hereto.

 

(f) Counterparts,
etc. This Amendment No. 1 may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Amendment No. 1 by telecopier or by electronic transmission
of a pdf formatted counterpart shall be effective as delivery of a manually executed counterpart of this Amendment No. 1.

 

(g) Loan
Document. This Amendment No. 1 constitutes a Loan Document.

 

(h) Reaffirmation.
Each of the undersigned Loan Parties acknowledges (i) all of its Obligations under the Credit Agreement and each other Loan Document
to which it is a party are reaffirmed and remain in full force and effect on a continuous basis, (ii) its grant of security interests
pursuant to the Loan Documents are reaffirmed and remain in full force and effect after giving effect to this Amendment No. 1,
(iii) the Obligations include, among other things and without limitation, the due and punctual payment of the principal of, interest
on, and premium (if any) on the Loans and (iv) except as expressly provided herein, the execution of this Amendment No. 1 shall
not operate as a waiver of any right, power or remedy of Agent or any Lender, constitute a waiver of any provision of any of the
Loan Documents or serve to effect a novation of the Obligations.

 

(i) Release.
In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, each Loan Party signatory hereto, on behalf of itself and its respective successors,
assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges
Agent and Lenders, and their successors and assigns, and their present and former shareholders, affiliates, subsidiaries, divisions,
predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent, each Lender and all such other
Persons being hereinafter referred to collectively as the “Releasees” and individually as a “Releasee”),
of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set off, demands and liabilities
whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature,
known as of the date of this Amendment No. 1, both at law and in equity, which each Loan Party signatory hereto, or any of its
respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the
Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time
on or prior to the day and date of this Amendment No. 1, in each case for or on account of, or in relation to, or in any way in
connection with any of the Credit Agreement, or any of the other Loan Documents or transactions thereunder or related thereto.

 

[Remainder of Page Intentionally
Left Blank]

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment No. 3 to be duly executed and delivered by their authorized officers as of the day and year first above written.

 

	 	THE OLB GROUP, INC., 
	 	as Parent Guarantor
	 	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO
	 	 	 
	 	SECURUS365, INC.,
	 	as a Borrower
	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO
	 	 	 
	 	EVANCE, INC.,
	 	as a Borrower
	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO
	 	 	 
	 	EVANCE CAPITAL, INC.,
	 	as a Borrower
	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO
	 	 	 
	 	OMNISOFT, INC.,
	 	as a Borrower
	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO
	 	 	 
	 	CROWDPAY.US, INC.,
	 	as a Borrower
	 	 
	 	By:	/s/ Ronny Yakov
	 	 	Name: Ronny Yakov 
	 	 	Title: CEO

 

Amendment No. 1 to Credit Agreement

 

     

     

    

 

	AGENT:	GACP FINANCE CO., LLC, as Agent
	 	 	 
	 	By:	/s/ John Ahn_
	 	Name:	John Ahn
	 	Title:	President
	 	 	 
	LENDERS: 	GACP I, L.P., as Lender 
	 	 	 
	 	By:	/s/ John Ahn_
	 	Name:	John Ahn
	 	Title:	President

 

Amendment No. 1 to Credit Agreement

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