Document:

Exhibit
10.02

 

SEPARATION
AGREEMENT

 

THIS
SEPARATION AGREEMENT (“Agreement”) is made as of this 26th day of July, 2018 (the “Execution
Date”) and entered into by and between Shamyl Malik, an individual (“Employee”), on the one hand,
and Long Blockchain Corp., a Delaware corporation (the “Company”), on the other hand. The Employee and the
Company may be collectively referred to herein as the “Parties” or each individually as a “Party.”

 

WHEREAS,
the Employee has been employed by the Company and in connection with such employment has served as Chief Executive Officer of
the Company;

 

WHEREAS,
the Employee has tendered his resignation to the Company and the Company has determined to accept such resignation;

 

WHEREAS,
by and through this Agreement, the Parties desire to address fully, finally, and forever all matters between them arising up to
and through the Execution Date, including, but not limited to, any matters arising out of the Employee’s employment with
the Company and any subsidiary thereof and/or the termination of the foregoing and his service as a member of the Company’s
board of directors;

 

NOW
THEREFORE, in consideration of the agreements contained herein as well as other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

1. Termination
of Employment. The Employee’s employment as Chief Executive Officer of the Company and his service as a member
of the Company’s board of directors shall each terminate effective as of July 26, 2018 (the “End
Date”). In addition, effective as of the End Date, to the extent not previously terminated, the Employee hereby
resigns from any and all offices and directorships he may hold with each of the Company’s subsidiaries and affiliates,
and agrees to take any other actions reasonably required to effectuate the foregoing. The Employee hereby covenants and
agrees that from and after the End Date, he will not hold himself out as an employee, officer, agent, or representative of
the Company or any of its subsidiaries or affiliates.

 

2.
Termination of Prior Agreements. Except as otherwise provided herein, the Employment Agreement by and between the
Company and the Employee, dated as of February 20, 2018 (the “Employment Agreement”), is hereby terminated
in its entirety effective as of the End Date, along with all rights, obligations and responsibilities of the parties thereunder.
Each other agreement between the Employee and any of the Company and its subsidiaries and affiliates, other than this Agreement
and the Indemnification Agreement (as defined in Section 8 below), are hereby terminated in all respects effective as of the End
Date.

 

    	 

     

    

 

3.
Forfeiture of Unvested Stock. All shares of the Company’s common stock issued or issuable to the Employee
under the Employment Agreement are unvested as of the End Date and shall be immediately forfeited.

 

4.
Payments. The Parties agree that the Employee shall be entitled to receive the following, subject to the following
terms and conditions:

 

(a)
Accrued Obligations. In accordance with its normal payroll practices, the Company shall reimburse to the Employee all reasonable
outstanding reimbursable expenses incurred by the Employee and submitted to the Company prior to the End Date in accordance with
the Company’s applicable policies and practices, to the extent not reimbursed prior to the End Date. The Employee hereby
acknowledges and agrees that (i) no unpaid salary, benefits, vacation, or sick days are accrued and payable to him through the
End Date, pursuant to Section 3 of the Employment Agreement or otherwise, and (ii) no bonus has been earned or is payable pursuant
to Section 3.2 of the Employment Agreement.

 

(b)
Severance. In consideration of, and subject to and conditioned upon (x) the Employee’s execution of the release of
claims attached hereto as Exhibit A (the “Release”) and (y) the Employee’s continued compliance
with Sections 5, 6, 10, and 11 of this Agreement, the Company shall release the Employee from the non-competition covenant set
forth in Section 5.4 of the Employment Agreement. The Employee understands, acknowledges, and agrees that the benefits set forth
in this Section 4(b) exceed what the Employee is otherwise entitled to receive on separation from employment.

 

(c)
Exclusivity of Benefits. Except as expressly provided in this Section 4 and the Indemnification Agreement, after the End
Date the Employee shall not be entitled to any additional payments or benefits in connection with his employment with the Company
or any of its subsidiaries or affiliates, or the resignation and termination thereof, or under or in connection with any contract,
agreement, or understanding between the Employee and any of the foregoing. Except as expressly provided herein, all employee benefits
and perquisites provided or funded in whole or in part by the Company or any of its subsidiaries or affiliates shall cease as
of the End Date.

 

5.
Confidential Information and Trade Secrets. As consideration for and to induce the Company to enter into this Agreement,
the Employee hereby covenants and agrees to the provisions set forth below:

 

(a)
Except as the Board of Directors of the Company may expressly authorize or direct in writing, the Employee agrees that he will
not at any time for any reason, either directly or indirectly, (i) copy, reproduce, divulge, disclose or communicate to any person
or entity, in any manner whatsoever, any Confidential Information (as defined below), (ii) remove from the custody and control
of the Company any physical or electronic manifestation of the Confidential Information, or (iii) utilize, or permit others to
utilize, any Confidential Information for any reason. All Confidential Information, including all physical or electronic manifestations
thereof, shall be the exclusive property of the Company, whether or not prepared, compiled, or obtained by the Employee or by
the Company prior to the Employee’s employment.

 

    	2

     

    

 

(b)
“Confidential Information” means all information and trade secrets relating to or used in the business and
operations of the Company and its subsidiaries and affiliates (including, but not limited to, marketing methods and procedures,
customer lists, sources of supplies and materials, business systems and procedures, information regarding its financial matters,
or any other information concerning the personnel, operations, trade secrets, know how, or business or planned business of the
Company and its subsidiaries and affiliates), whether prepared, compiled, developed or obtained by the Employee or by the Company
and its subsidiaries and affiliates prior to or during the Employee’s employment with the Company or any of its subsidiaries
or affiliates, that is treated by the Company as confidential or proprietary or is reasonably considered by the Company to be
confidential or proprietary. Notwithstanding the foregoing, “Confidential Information” shall not include information
independently developed by the Employee prior to his initial engagement as a consultant to the Company.

 

(c)
The provisions of Section 5(a) shall not apply to: (i) Confidential Information that is public knowledge other than as a result
of a breach of the Employee’s obligation of confidence; or (ii) Confidential Information required to be disclosed by court
order, subpoena, or other government process, provided that the Employee shall promptly, but in no event more than 48 hours after
learning of such court order, subpoena, or other government process, deliver written notice to the Company, confirmed by mail,
of such required disclosure and afford the Company the opportunity to legally curtail such disclosure within the time period required
for disclosure.

 

6.
Non-Disparagement. The Employee and the Company hereby covenant and agree that at no time will either party make
any statement, publicly or privately, to any individual or entity, including, without limitation, clients, customers, employees,
financial or credit institutions or news agencies, in any case, which could reasonably be expected to disparage, defame, libel,
or slander the other party or any of its subsidiaries or affiliates or any of their respective employees, officers or directors,
as applicable.

 

7.
Remedies Upon Breach. The Employee acknowledges that the Company may suffer substantial damage which will be difficult
to compute and that the remedies at law will be inadequate if the Employee should violate any of the covenants or other obligations
contained in Sections 5 or 6 hereof, and that the restrictions in Sections 5 and 6 of this Agreement are reasonable and necessary
for the protection of the legitimate business interests of the Company and its subsidiaries and affiliates. Accordingly, the Parties
agree that the Company shall be entitled to the remedies of injunction and/or specific performance (in addition to any other remedies,
at law or in equity, as may be available), and the Company shall not be required to post a bond in connection therewith. All protections
in Section 5, 6, and 7 for the benefit of the Company shall be deemed to include the following, each of whom shall be a third
party beneficiary of Sections 5, 6, and 7: (A) any subsidiaries and affiliates of the Company and (B) Long Island Brand Beverages
LLC (“LIBB”) and any subsidiaries or affiliates of LIBB.

 

8.
Indemnification. Nothing herein shall impair or affect any indemnification rights provided in the Company’s
certificate of incorporation or bylaws, nor shall the Company take any actions to limit or modify the indemnification rights provided
to the Employee thereunder without the prior written consent of the Employee. Further, the Parties acknowledge and agree that
the Company’s duties and obligations under the indemnification agreement between the parties, dated as of February 20, 2018
(the “Indemnification Agreement”), shall continue in full force and effect following the End Date pursuant
to the terms and conditions contained therein.

 

    	3

     

    

 

9.
No Admission. This Agreement shall not in any way be construed as an admission by the Company or any of its subsidiaries
or affiliates of any liability whatsoever or as an admission by any of the foregoing of any acts of wrongdoing or discrimination
against the Employee or any other persons. Each of the foregoing entities specifically disclaims, on behalf of itself and its
subsidiaries and affiliates, any liability to and wrongdoing or discrimination against the Employee or any other persons.

 

10.
Confidentiality. Except as otherwise required by law, the Employee and the Company agree not to disclose the terms
of this Agreement or the substance of the discussions preceding this Agreement to any other person; provided, however, that this
Section 10 shall not apply to:

 

(a)
the Employee’s communications to his attorneys, accountants and/or financial advisors,

 

(b)
the Company’s communications to any third party with a legitimate business need to know, as determined in the Company’s
reasonable and good faith discretion (such as its attorneys, accountants, auditors and/or financial advisors),

 

(c)
disclosure by the Company, to the extent required by applicable U.S. federal securities laws, and

 

(d)
the Employee’s disclosure of the facts and circumstances of any alleged sexual harassment claims as long as the recipients
of the disclosure, prior to disclosure (except in situations to which Sections 10(c) or 10(d) applies), first agree not to disclose
such information to anyone else. In addition, if the Employee is required by law to disclose any of the terms of this Agreement
or the substance of the discussions preceding this Agreement to any other person, the Employee will provide written notice to
the Company in advance of such disclosure, and will cooperate with the Company to prevent or limit such disclosure.

 

11.
Cooperation. The Employee agrees to reasonably cooperate with the Company with respect to all matters arising during
or related to his employment about which he has personal knowledge because of his employment with the Company, including but not
limited to all matters (formal or informal) in connection with any government investigation, internal investigations, litigation
(potential or ongoing), administrative, regulatory, or other proceeding which currently exists, or which may have arisen prior
to or arises following the signing of the Agreement. Such cooperation will include, but not be limited to, the Employee’s
willingness to be interviewed by representatives of the Company, and to participate in such proceedings by deposition or testimony.
The Employee understands that the Company will reimburse him for his reasonable out-of-pocket expenses (including attorney’s
fees and legal costs) incurred in connection with such cooperation.

 

    	4

     

    

 

12.
Binding Effect. This Agreement shall be binding upon the Employee, his heirs, representatives, executors, administrators,
successors, and assigns, and upon the Company and its successors, parents, affiliated companies, and assigns. If either Party
violates any provision of this Agreement, the other Party may present this Agreement to any court of competent jurisdiction for
the purpose of obtaining legal and equitable relief.

 

13.
Governing Law. This Agreement is deemed by the Parties to be made and entered into in the State of New York. It
shall be interpreted, enforced, and governed under the laws of New York, without regard to any provision of the doctrine of conflicts
of laws of such state. Any action or proceeding arising under or with respect to this Agreement shall be brought in a federal
or state court having jurisdiction located in the County of New York, State of New York.

 

14.
Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction
to exceed the limitations permitted by applicable law, as determined by such court in such action, then the provisions will be
deemed reformed to apply to the maximum limitations permitted by applicable law and the Parties hereby expressly acknowledge their
desire that in such event such action be taken. Notwithstanding the foregoing, the Parties further agree that if any term, provision,
covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the provisions shall remain in full force and effect and in no way shall be affected, impaired or invalidated.

 

15.
Section 409A of the Code. If at any time the Company determines that any payment under this Agreement may be or
become subject to the imposition of taxes under Internal Revenue Code Section 409A, the Company shall have the right, in its sole
discretion and upon providing written notice to the Employee, to adopt such amendments to this Agreement or take such other actions
(including amendments and actions with retroactive effect) as the Company determines are necessary or appropriate to (a) exempt
the payments provided hereunder according to Internal Revenue Code Section 409A and/or preserve the intended tax treatment of
such payments, or (b) comply with the requirements of Internal Revenue Code Section 409A. Any such amendments by the Company shall
have no cumulative adverse financial impact upon the Employee. In no event whatsoever shall the Company or any of the other Releasees
(as defined in the Release) be liable for any additional tax, interest or penalties that may be imposed on the Employee by Internal
Revenue Code Section 409A or any damages for failing to comply with Code Section 409A.

 

16.
Withholding. The Company shall withhold from any amounts payable under this Agreement such federal, state, local
or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

 

17.
Reliance. The Employee hereby acknowledges that he has not relied on any information provided or statements made
by the Company, or any of its agents, representatives, or attorneys that are not contained in this Agreement. In return for executing
this Agreement, the Employee is receiving only the consideration described in this Agreement.

 

    	5

     

    

 

18.
Entire Agreement. This Agreement and the Indemnification Agreement contain the entire agreement between the Parties,
and, except as otherwise provided herein, this Agreement and the Indemnification Agreement supersede any other oral or written
agreements or understandings between the Parties, including without limitation the Employment Agreement.

 

19.
Amendments. All modifications and amendments to this Agreement must be made in writing and signed by the Parties.

 

20.
Waiver. No delay or omission by the Parties in exercising any right under this Agreement shall operate as a waiver
of that or any other right. A waiver or consent given by a Party on any one occasion shall be effective only in that instance
and shall not be construed as a bar or waiver of any right on any other occasion.

 

21.
Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define,
limit or affect the scope or substance of any section of this Agreement.

 

22.
Proper Authorization; Due Execution. The Company represents and warrants to the Employee that this Agreement has
been approved by its Board of Directors and that the officer signing on its behalf below has been fully authorized to do so.

 

23.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which together constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile
signature.

 

24.
Further Assurances. From time to time, each of the Parties shall execute, acknowledge, and deliver any instruments
or documents reasonably necessary to carry out the purposes of this Agreement.

 

25.
No Third-Party Beneficiaries. Except as expressly set forth in Section 7, nothing in this Agreement shall confer
on any person, other than the Parties to this Agreement, any right or remedy of any nature whatsoever.

 

26.
Return of Property and Materials. The Employee will, at the Company’s request, promptly deliver to the Company
all Company property and all memoranda, notes, records, reports, customer lists, manuals, drawings and other documents (and all
copies thereof) relating to the business of the Company and its subsidiaries and affiliates and all property associated therewith,
which the Employee may now possess or have under his control.

 

27.
No Future Employment. The Employee agrees not to seek future employment with the Company or its subsidiaries or
affiliates.

 

    	6

     

    

 

28.
Review and Approval. The Parties hereto acknowledge that they have each had adequate and legally sufficient time
to review and seek legal guidance concerning this Agreement. The Employee specifically has been advised to consult with an attorney
concerning this Agreement. The Employee understands the rights that are waived by this Agreement and the Release.

 

29.
Voluntary Execution and Waiver. The Employee further represents and warrants that he freely negotiated the terms
of this Agreement and that he enters into it and executes it and the Release voluntarily. The Employee understands that this is
a voluntary waiver of any claims under the laws and orders stated in the Release that relate in any way to his employment with,
complaints about, compensation due, or separation from the Company or any of its subsidiaries or affiliates.

 

30.
Whistleblower Provision. No clause in the Agreement, including all provisions relating to confidentiality, shall
be interpreted as restricting or prohibiting, in any way, the Employee’s right to voluntarily communicate with the Securities
and Exchange Commission or receiving monetary recovery or a whistleblower award from the Securities and Exchange Commission for
related disclosures.

 

This
Agreement becomes effective as of the date all Parties have executed below.

 

[Signatures
are on Following Page]

 

    	7

     

    

 

[Signature
Page to Separation Agreement]

 

	EMPLOYEE:	 	 	 
	 	 	 	 
	/s/
    Shamyl Malik	 	Date:
    	July
    26, 2018
	SHAMYL
    MALIK	 	 	 

 

	COMPANY:	 	 	 
	 	 	 	 	 
	LONG
    BLOCKCHAIN CORP.	 	 	 
	 	 	 	 	 
	By:	/s/
    Shamyl Malik	 	Date:
    	July
    26, 2018
	Name:	Shamyl
    Malik	 	 	 
	Title:	Chief
    Executive Officer	 	 	 

 

    	 

     

    

 

EXHIBIT
A

 

GENERAL
RELEASE

 

For
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever
discharge the “Releasees” hereunder, consisting of Long Blockchain Corp., a Delaware corporation (the “Company”),
and each of its affiliates and subsidiaries, and each of their present and former partners, associates, affiliates, subsidiaries,
successors, heirs, assigns, agents, directors, officers, employees, shareholders, representatives, lawyers, lenders, insurers,
and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or
actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims,
demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent
(hereinafter called “Claims”), which the undersigned now has or may hereafter have against the Releasees, or
any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof.

 

The
Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based
upon, or related to the undersigned’s employment by the Releasees, or any of them, or the termination thereof, including,
without limitation, any claim for wages, salary, commissions, bonuses, incentive payments, profit-sharing payments, expense reimbursements,
leave, vacation, separation pay or other benefits; any claim for monetary or equitable relief, including but not limited to attorneys’
fees, costs, disbursements, back pay, front pay, reinstatement, or expert’s fees; any claim for benefits under any stock
option, restricted stock or other equity-based incentive plan of the Releasees, or any of them (or any related agreement to which
any Releasee is a party); any alleged breach of any express or implied contract of employment; any alleged torts (whether intentional,
negligent, or otherwise); any alleged legal restrictions on any Releasee’s right to terminate the employment of the undersigned;
any claims under federal, state, or local occupational safety and health laws or regulations, all as amended; any alleged violation
of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964,
the Civil Rights Act of 1991, the Civil Rights Act of 1866, Section 1981 of U.S. Code Title 42, the Consolidated Omnibus Budget
Reconciliation Act of 1985, the Equal Pay Act, the Family and Medical Leave Act (regarding existing but not prospective claims),
the Americans with Disabilities Act, Sections 503 and 504 of the Rehabilitation Act of 1973, the Worker Adjustment and Retraining
Notification Act, the Immigration Reform and Control Act, the Employee Retirement Income Security Act (including the Genetic Information
Nondiscrimination Act), and the National Labor Relations Act, each as amended; and any and all claims under the laws of any state,
county, municipality, or other governmental subdivision of the United States or any state, including but not limited to the State
of New York.

 

Notwithstanding
the foregoing, this Release shall not operate to release any Claims which the undersigned may have to payments under Section 4
of that certain Separation Agreement, dated as of July 26, 2018, between the Company and the undersigned (the “Separation
Agreement”), to which this Release is attached, or under the Indemnification Agreement referenced therein. This Release
also excludes, and shall not operate to release any right to file an administrative charge or complaint with, or testify, assist,
or participate in an investigation, hearing, or proceeding conducted by, the Equal Employment Opportunity Commission, the New
York State Division of Human Rights, the New York City Commission on Human Rights, or other similar federal or state administrative
agencies, and claims that cannot be waived by law.

 

    	 

     

    

 

The
undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which he
may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold the Releasees, and each of them,
harmless from any Claims against the Releasees, or any of them, as the result of any such assignment or transfer or any rights
or Claims under any such assignment or transfer. It is the intention of the parties that this indemnity does not require payment
as a condition precedent to recovery by the Releasees against the undersigned under this indemnity.

 

The
undersigned agrees that if he hereafter commences any suit arising out of, based upon, or relating to any of the Claims released
hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned
shall pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys’ fees
incurred by Releasees in defending or otherwise responding to said suit or Claim, to the fullest extent permitted by law.

 

The
undersigned further understands and agrees that neither the payment of any sum of money nor the execution of the Separation Agreement
or this Release shall constitute or be construed as an admission of any liability or wrongdoing whatsoever by the Releasees, or
any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.

 

The
undersigned acknowledges that different or additional facts may be discovered in addition to what is now known or believed to
be true by him with respect to the matters released in this Release, and the undersigned agrees that the Separation Agreement
and this Release shall be and remain in effect in all respects as a complete and final release of the matters released, notwithstanding
any different or additional facts.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed this Release this 26th day of July, 2018.

 

	 	/s/
    Shamyl Malik
	 	SHAMYL
    MALIKExhibit
10.03

 

AGREEMENT

 

This
Agreement (as amended, modified or supplemented from time to time, this “Agreement”) is made and entered into
as of July 26, 2018, between LONG BLOCKCHAIN CORP., a Delaware corporation having an address at 12-1 Dubon Court, Farmingdale,
New York 11735 (“LBCC”), STRAN LOYALTY GROUP INC., a Delaware corporation and wholly-owned subsidiary of LBCC
having an address at 12-1 Dubon Court, Farmingdale, New York 11735 (“SLG”), and STRÄN & COMPANY, INC.,
a Massachusetts corporation having an address at 2 Heritage Drive, Quincy, Massachusetts 02171 (“Stran”).

 

WHEREAS,
LBCC is engaged in the exploration of, and investment in, opportunities that leverage the benefits of Blockchain technology; and

 

WHEREAS,
Stran provides promotional marketing, branded merchandise, loyalty, incentive and reward solutions to its customers; and

 

WHEREAS,
the parties desire to develop a loyalty program infrastructure based on Blockchain technology, on the terms and conditions set
forth in this Agreement;

 

IT
IS AGREED:

 

1.
The Services.

 

(a)
Stran shall provide to SLG management, sales, accounting, operations, administrative and other services, and access to office
space, equipment, software and utilities for employees of SLG, as necessary for the operation by SLG of the loyalty program described
in Schedule A hereto (the “Program”), including without limitation the services and access described in Schedule
A hereto (the “Services”). Stran shall provide the Services (i) in accordance with the terms and subject to
the conditions set forth in Schedule A hereto; (ii) using personnel of required skill, experience, and qualifications; (iii) in
a timely, workmanlike, and professional manner; and (iv) in accordance with generally recognized industry standards in the applicable
field.

 

(b)
Stran shall pay to SLG all amounts collected by Stran (other than amounts representing loyalty card balances) during the Term
(as defined below) from the loyalty clients of Stran listed on Schedule A as of the date hereof or subsequently added thereto
upon the written consent of the Parties (the “Stran Loyalty Clients”) in connection with the Program (the “Program
Revenue”). Program Revenue collected by Stran in each calendar month or portion thereof during the term of this Agreement
shall be paid to SLG within 15 days after the end of such calendar month or portion thereof.

 

    	 

    	 	 	 

    

 

(c)
Stran hereby grants SLG an option, exercisable at any time during the Term, to purchase from Stran the assets set forth on Schedule
A hereto at a purchase price equal to the cost thereof to Stran, without premium or interest.

 

2.
Compensation. As compensation for the Services:

 

(a)
Upon the execution of this Agreement, LBCC shall issue to Stran 2,500,000 shares of common stock of LBCC, par value $0.0001 per
share (the “LBCC Common Stock”).

 

(b)
Within 30 days after LBCC’s receipt of a statement that has been certified by FCS Financial Services LLC (or another third
party upon the consent of Stran and the independent directors of LBCC) setting forth in reasonable detail the calculation SLG’s
net revenue as calculated in accordance with Schedule B hereto (“Net Revenue”) and SLG’s EBITDA margin
as calculated in accordance with Schedule B hereto (“EBITDA Margin,” and such statement, an “Earnings
Statement”) for the twelve months ending July 31, 2019 (“Year One”), LBCC shall issue to Stran the
number of shares of LBCC Common Stock as calculated by section (i), (ii) or (iii) below, as applicable:

 

	 	(i)	if
    either SLG’s Net Revenue for Year One is less than $1,250,000 or SLG’s EBITDA Margin for Year One is less than
    20%, the number of shares of LBCC Common Stock equal in value to SLG’s Net Revenue for Year One, based on the average
    closing share price of LBCC Common Stock over the last 30 business days of Year One, but in any event not more than 1,750,000
    shares of LBCC Common Stock;
	 	 	 
	 	(ii)	if
    SLG’s Net Revenue for Year One is equal to or greater than $1,250,000 and SLG’s EBITDA Margin for Year One is
    equal to or greater than 20%, 1,750,000 shares of LBCC Common Stock; or
	 	 	 
	 	(iii)	if
    SLG’s Net Revenue for Year One is equal to or greater than $1,500,000 and SLG’s EBITDA Margin for Year One is
    equal to or greater than 25%, 2,250,000 shares of LBCC Common Stock plus the number of shares of LBCC Common Stock equal in
    value to 1.25 times the amount of SLG’s Net Revenue for Year One that is greater than $1,500,000, based on the average
    closing share price of LBCC Common Stock over the last 30 business days of Year One.

 

    	2

    	 	 	 

    

 

(c)
Within 30 days following LBCC’s receipt of an Earnings Statement for the twelve months ending July 31, 2020 (“Year
Two”), LBCC shall issue to Stran the number of shares of LBCC Common Stock as calculated by section (i), (ii) or (iii)
below, as applicable:

 

	 	(i)	if
    SLG’s Net Revenue for Year Two is less than $1,750,000 or SLG’s EBITDA Margin for Year Two is less than 20%, the
    number of shares of LBCC Common Stock equal in value to SLG’s Net Revenue for Year Two, based on the average closing
    share price of LBCC Common Stock over the last 30 business days of Year Two, but in any event not more than 2,000,000 shares
    of LBCC Common Stock;
	 	 	 
	 	(ii)	if
    SLG’s Net Revenue for Year Two is equal to or greater than $1,750,000 and SLG’s EBITDA Margin for Year Two is
    equal to or greater than 20%, 2,000,000 shares of LBCC Common Stock; or
	 	 	 
	 	(iii)	if
    SLG’s Net Revenue for Year Two is equal to or greater than $2,250,000 and SLG’s EBITDA Margin for Year Two is
    equal to or greater than 25%, 2,500,000 shares of LBCC Common Stock plus the number of shares of LBCC Common Stock equal in
    value to 1.25 times the amount of SLG’s Net Revenue for Year Two that is greater than $2,250,000, based on the average
    closing share price of LBCC Common Stock over the last 30 business days of Year Two.

 

(d)
Stran shall execute a lockup agreement in the form attached as Exhibit A hereto, pursuant to which Stran will agree not transfer,
assign or sell (subject to the exceptions set forth in the lockup agreement) any of the shares issued or issuable pursuant to
Section 2(a) and 2(b) until July 31, 2019 and January 31, 2020, respectively. If SLG’s Net Revenue for Year One as set forth
in the Earnings Statement for Year One is less than $625,000, Stran shall forfeit the shares issued pursuant to Section 2(a).
The certificates for the shares issuable pursuant to Sections 2(a) and 2(b) shall bear legends reflecting the foregoing restrictions
and the certificates for the shares issuable pursuant to Section 2(a) shall be retained by LBCC until the Earnings Statement for
Year One is received by LBCC.

 

(e)
SLG shall reimburse Stran for the reasonable out-of-pocket costs and expenses incurred by Stran during the Term in connection
with the provision of the Services (the “Reimbursable Expenses”), which may include an equitable portion of
costs and expenses for office space, equipment, software, utilities, salaries, employee benefits and other overhead incurred by
Stran in connection with providing the Services. The Reimbursable Expenses for each calendar month or portion thereof during the
Term shall be paid to Stran within 45 days of receipt by SLG of an invoice from Stran for such month, accompanied by receipts
and supporting documentation reasonably acceptable to SLG.

 

3.
Representations and Warranties of SLG and LBCC. SLG and LBCC represent and warrant that:

 

(a)
Organization. Each of SLG and LBCC is duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization.

 

(b)
Power and Authorization. Each of SLG and LBCC has all requisite power and authority necessary for the execution, delivery
and performance by it of this Agreement. This Agreement has been duly authorized, executed and delivered by each of SLG and LBCC
and is a legal, valid and binding obligation of each of SLG and LBCC in accordance with its terms.

 

    	3

    	 	 	 

    

 

4.
Representations and Warranties of Stran. Stran represents and warrants that:

 

(a)
Organization. Stran is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization.

 

(b)
Power and Authorization. Stran has all requisite power and authority necessary for the execution, delivery and performance
by it of this Agreement. This Agreement has been duly authorized, executed and delivered by Stran and is a legal, valid and binding
obligation of Stran in accordance with its terms.

 

(c)
Intellectual Property. Stran owns, or has a valid and enforceable license or legal right to use, all intellectual property
rights necessary for the performance of the Services without any conflict with, or infringement or misappropriation of, the intellectual
property rights of others. To Stran’s knowledge, (i) the conduct of the business of Stran has not interfered with, infringed
upon, diluted, misappropriated, or violated, and does not interfere with, infringe upon, dilute, misappropriate or violate, any
intellectual property rights of any person, and (ii) Stran has not received any charge, complaint, claim, demand, or notice alleging
interference, infringement, dilution, misappropriation, or violation of the intellectual property rights of any person. To Stran’s
knowledge, no person has interfered with, infringed upon, diluted, misappropriated, or violated, and is not interfering with,
infringing upon, diluting, misappropriating or violating, any Stran intellectual property rights, and Stran has not sent any charge,
complaint, claim, demand or notice alleging thereof to any person.

 

(d)
Compliance. In performing its obligations under this Agreement, Stran will comply with all applicable laws. Stran has and
shall maintain in effect all the licenses, permissions, authorizations, consents, and permits that it needs to carry out its obligations
under this Agreement.

 

(e)
Client Contracts. The contracts between Stran and the Stran Loyalty Clients (the “Client Contracts”)
are enforceable in all material respects, and are in full force and effect in all material respects. Neither Stran nor, to Stran’s
knowledge, any such Stran Loyalty Client is, or as a result of this Agreement will be, in material breach or violation of, or
default under, or has repudiated any material provision of, any Client Contract.

 

(f)
The Services. Stran will perform the Services using personnel of required skill, experience, and qualifications and in
a professional and workmanlike manner in accordance with generally recognized industry standards for similar services and will
devote adequate resources to meet its obligations under this Agreement.

 

    	4

    	 	 	 

    

 

(g)
Securities Matters.

 

	 	(i)	Stran
    is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under the Securities Act of 1933,
    as amended (the “Securities Act”).
	 	 	 
	 	(ii)	Stran
    is aware and acknowledges that the LBCC Common Stock issued pursuant to this Agreement has not been registered under the Securities
    Act and may not be offered or sold unless registered under the Securities Act, or unless offered and sold pursuant to an exemption
    from, or in a transaction not subject to, the registration requirements of the Securities Act.
	 	 	 
	 	(iii)	LBCC
    has made available to Stran a copy of LBCC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017
    and the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed since such date, as well as the
    other filings made by the Company pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, as of the
    execution date of this Agreement (together the “Disclosure Documents”). Stran has read the Disclosure Documents,
    including the “Risk Factors” set forth in the Annual Report on Form 10-K, together with this Agreement, and fully
    understands the information set forth therein and herein.
	 	 	 
	 	(iv)	Stran
    hereby confirms that the LBCC Common Stock to be acquired by Stran under this Agreement will be acquired for investment for
    Stran’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof,
    and that Stran has no present intention of selling, granting any participation in, or otherwise distributing the same. By
    executing this Agreement, Stran further represents that Stran does not presently have any contract, undertaking, agreement
    or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect
    to any of the LBCC Common Stock. Stran has not been formed for the specific purpose of acquiring the LBCC Common Stock.
	 	 	 
	 	(v)	Stran
    has had a reasonable opportunity to discuss LBCC’s business, management, financial affairs and the terms and conditions
    of the offering of the LBCC Common Stock with LBCC’s management and has had an opportunity to review LBCC’s facilities.

 

    	5

    	 	 	 

    

 

5.
LBCC Investment.

 

(a)
Upon the execution of this Agreement, Stran, or its affiliates, shall enter into a subscription agreement with LBCC in the form
attached as Exhibit B hereto (a “Subscription Agreement”) to purchase 1,500,000 shares of LBCC Common Stock
in the aggregate, at a price of $0.40 per share, for a total purchase price of $600,000. Upon consummation of such purchase, in
accordance with such Subscription Agreement, Stran shall receive a warrant, with substantially the terms and conditions set forth
in the form of warrant attached as an exhibit to such Subscription Agreement (a “Warrant”), to purchase 450,000
shares of LBCC Common Stock.

 

(b)
Stran and its affiliates shall have the option to purchase, at any time prior to July 31, 2019, up to an additional 1,500,000
shares of LBCC Common Stock in the aggregate, at a price of $0.40 per share, for a total additional purchase price of up to $600,000.
In connection with such additional purchase, Stran or its affiliate shall enter into a Subscription Agreement to purchase the
number of shares of LBCC Common Stock as to which such option is exercised. Upon consummation of such additional purchase, in
accordance with such Subscription Agreement, Stran or its affiliate shall receive a Warrant to purchase 30% of the number of shares
of LBCC Common Stock subscribed for.

 

6.
Employment Agreement. In connection with this Agreement, LBCC shall enter into an employment agreement with Andrew Shape
in the form attached as Exhibit C hereto.

 

7.
Term; Termination.

 

(a)
The term of this Agreement shall commence on the date hereof and shall continue until July 31, 2020, unless terminated earlier
as hereinafter provided in this Agreement, or unless extended, on these or different terms, by mutual written agreement of the
parties hereto (“Term”); provided, however, that the Term shall automatically be extended for additional successive
one-year periods (each, an “Extension Period”), unless either party shall have provided notice to the other
60 days prior to the end of the then-current Term that such party does not desire to extend the Term, in which case no further
extension of the Term shall occur pursuant hereto but all previous Extension Periods of the Term shall continue to be given full
force and effect. For the avoidance of doubt, the “Term” of this Agreement shall include any Extension Periods.

 

(b)
Either party may terminate this Agreement, effective upon written notice to the other party, if the other party materially breaches
this Agreement, and: (i) such breach is incapable of cure; or (ii) such breach is capable of cure but remains uncured 30 days
after the non-breaching party gives the breaching party written notice thereof.

 

(c)
Section 1(b) (to the extent it relates to Program Revenue collected by Stran prior to the expiration or termination of this Agreement),
Section 2(b) and (c) (to the extent Year One and Year Two, respectively, are completed prior to the expiration or termination
of this Agreement) and Section 2(e) (to the extent it relates to Reimbursable Expenses incurred by Stran prior to the expiration
or termination of this Agreement) and Sections 8 to 22 shall survive any expiration or termination of this Agreement.

 

    	6

    	 	 	 

    

 

8.
Audit Right. During the Term and for 6 months after the expiration thereof, Stran shall: (i) keep complete and accurate
books and records regarding its business operations relevant to the calculation of Program Revenue and Reimbursable Expenses;
and (ii) make available during normal business hours such books and records for audit by SLG or its representative to verify all
Program Revenue and Reimbursable Expenses. Stran shall provide cooperation and assistance in connection with all such audits and
make appropriate Stran personnel available for this purpose.

 

9.
Independent Contractor Status. Stran shall provide perform the Services hereunder as an independent contractor and not
as an employee or agent of SLG or LBCC or any affiliate thereof. Stran shall not have authority to act for, represent or bind
SLG or LBCC or any affiliate thereof in any manner, except as may be expressly agreed to by such party in writing from time to
time.

 

10.
Indemnification.

 

(a)
Stran shall indemnify, defend, and hold harmless SLG, LBCC and their respective officers, directors, employees, agents, successors,
and assigns (each, an “Indemnified Party”) from and against all losses, damages, liabilities, deficiencies,
actions, judgments, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys’
fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers, arising
out of or resulting from any claim, suit, action, or proceeding (each, an “Action”) related to or arising out
of:

 

	 	(i)	Stran’s
    breach of any representation, warranty, covenant, or obligation of Stran under this Agreement; or
	 	 	 
	 	(ii)	any
    action or failure to act by Stran in connection with providing the Services under this Agreement.

 

(b)
The Indemnified Party shall promptly notify Stran in writing of any Action for which it believes it is entitled to be indemnified
under this Agreement. Stran shall immediately take control of the defense and investigation of such Action and shall employ counsel
reasonably acceptable to the Indemnified Party to handle and defend the same, at Stran’s sole cost and expense. The Indemnified
Party shall cooperate with Stran at Stran’s sole cost and expense. Stran shall not settle any Action in a manner that adversely
affects the rights of the Indemnified Party without the Indemnified Party’s prior written consent, which shall not be unreasonably
withheld or delayed. The Indemnified Party’s failure to perform any obligations under this Section 9(b) will not relieve
Stran of its obligations under this Section 9 except to the extent that Stran can demonstrate that it has been materially prejudiced
as a result of such failure. The Indemnified Party may participate in and observe the proceedings at its own cost and expense
with counsel of its own choosing.

 

    	7

    	 	 	 

    

 

11.
Confidentiality. Each Party acknowledges that it may have access to certain confidential and proprietary information of
the other Party. No Party, or their directors, officers, employees or agents, will publicize, disclose or use (except as provided
in this Agreement) any such confidential or proprietary information of the other Party that is disclosed to that Party pursuant
to this Agreement. It is agreed that neither Party will be under any obligation not to publicly disclose or use any information
that: (i) was already known to the recipient at the time of its receipt; (ii) was publicly known or becomes so through no fault
of the recipient; (iii) is required to be disclosed by law, including pursuant to the requirements of the securities laws and
the rules and regulations thereunder; (iv) was received from third party not in breach of a confidentiality obligation; or (v)
was independently developed by the recipient without use of the disclosing party’s confidential information. Each Party
may make disclosure to attorneys, agents and accountants of each Party on a need to know basis; provided that such Party shall
remain liable for any breaches of this Section 10 by any such persons. Upon the termination of this Agreement, each Party will
return to the other all confidential materials belonging to the other Party that were delivered during the Contract Period.

 

12.
Intellectual Property. Stran assigns to SLG Stran’s entire right, title, and interest in any invention, technique,
process, device, discovery, improvement, or know-how, whether patentable or not, hereafter made or conceived solely or jointly
by Stran while working for or on behalf of SLG, which results from the Services. Stran shall disclose any such invention, technique,
process, device, discovery, improvement, or know-how promptly to SLG. Stran shall, upon request of SLG, promptly execute a specific
assignment of title to SLG, and do anything else reasonably necessary to enable SLG to secure for itself, patent, trade secret,
or any other proprietary rights in the United States or other countries. All writings or works of authorship, including, without
limitation, program codes or documentation, produced or authored by Stran in the course of performing the Services, together with
any associated copyrights, are works made for hire and the exclusive property of SLG. To the extent that any writings or works
of authorship may not, by operation of law, be works made for hire, this Agreement shall constitute an irrevocable assignment
by Stran to SLG of the ownership of and all rights of copyright in, such items, and SLG shall have the right to obtain and hold
in its own name, rights of copyright, copyright registrations, and similar protections which may be available in the works. Stran
shall give SLG or its designees all assistance reasonably required to perfect such rights. SLG hereby grants to Stran a nonexclusive
license to use such intellectual property rights in connection with performing the Services.

 

13.
Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to
the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective
heirs, personal representatives, executors, administrators, successors and assigns any rights, remedies, obligations or liabilities.

 

14.
Assignment. Stran shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its
obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise,
without SLG’s and LBCC’s prior written consent. Any purported assignment, delegation, or transfer in violation of
this Section 11 is void.

 

15.
Further Acts. Upon the request of any of the parties hereto, the party or parties so requested shall do such further acts
and execute, acknowledge and deliver all such further documents and agreements as may be reasonably necessary or desired to further
evidence or confirm the transactions contemplated herein or any understanding or representation made by any such party hereto.

 

    	8

    	 	 	 

    

 

16.
Modification; Severability. This Agreement may not be modified, altered or changed in any manner except by agreement in
writing, signed by all parties hereto, and supersedes all prior agreements by and among any of the parties hereto with respect
to the subject matter herein contained and all such prior agreements are hereby canceled and of no further force and effect. In
the event that any provision of this Agreement shall be declared invalid or unenforceable, such invalidity or unenforceability
shall not affect the validity or enforceability of the other provisions of this Agreement, it being hereby agreed that such provisions
are severable and that this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

 

17.
Counterparts. This Agreement may be executed simultaneously or in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute but one agreement.

 

18.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware
without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of Laws of any jurisdiction other than those of the State of Delaware.

 

19.
Submission to Jurisdiction. Each of the parties hereto irrevocably agrees that any Action or proceeding with respect to
this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect
of this Agreement and the rights and obligations arising hereunder brought by any other party hereto or its successors or assigns
shall be brought and determined in the Delaware Court of Chancery, or in the event (but only in the event) that such court does
not have subject matter jurisdiction over such action or proceeding, in the United States District Court for the District of Delaware.
Each of the parties hereto agrees that mailing of process or other papers in connection with any such action or proceeding in
the manner provided in Section 17 or in such other manner as may be permitted by applicable Laws, will be valid and sufficient
service thereof. Each of the parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself
and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees
that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any
court or tribunal other than the aforesaid courts.

 

20.
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL
ACTION; (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY; AND (D) SUCH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
16.

 

21.
Notices. Notice given by one party to the other hereunder shall be in writing and deemed to have been properly given or
paid if deposited with the United States Postal Service, registered or certified mail, addressed to either party as set forth
in the recitals of this Agreement.

 

22.
Headings. The paragraph headings are inserted only as a matter of convenience and for reference and in no way define, limit
or describe the scope or intent of this Agreement or in any way affect this Agreement.

 

[Signature
Page Follows]

 

    	9

    	 	 	 

    

 

IN
WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first above written.

 

	 	LONG
    BLOCKCHAIN CORP.
	 	 	 
	 	By:	/s/
    Shamyl Malik
	 	Name:	Shamyl
    Malik
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	STRAN
    LOYALTY GROUP INC.
	 	 	 
	 	By:	/s/
    Shamyl Malik
	 	Name:	Shamyl
    Malik
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	STRÄN
    & COMPANY, INC.
	 	 	 
	 	By:	/s/
    Andrew Stranberg
	 	Name:	Andrew
    Stranberg
	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Agreement]

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