Document:

Exhibit 10.1

                        SERVICE AND REPURCHASE AGREEMENT

                  This Master Services Agreement (the "Agreement"),  is entered
into as of January 31, 2007, by and between Optionable,Inc., a Delaware
corporation  ("Optionable"),  Opex  International,  Inc., a New York Corporation
("OPEX"),  and Kevin  D'Andrea, a shareholder of OPEX.

                  WHEREAS, Optionable owns and operates an Over-the-Counter
("OTC") derivatives brokerage business;

                  WHEREAS, OPEX operates a Natural Gas and Crude Oil brokerage
business on the floor of the New York Mercantile Exchange (the "Floor Brokerage
Business");

                  WHEREAS, Optionable will provide business development,
support, and administrative services to OPEX for a fee;

                  WHEREAS, Kevin D'Andrea owns 51% of the issued and outstanding
shares of common stock of OPEX for an initial investment of $5,100;

                  WHEREAS, Optionable owns 49% of the issued and outstanding
shares of common stock of OPEX and 100% of the issued and outstanding shares of
preferred stock of OPEX, for a total investment of $494,000;

                  WHEREAS, the parties wish to restrict the share ownership of
OPEX to its current owners;

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereby agree
as follows:

1. Floor Brokerage Services: Optionable will provide business development,
support, and administrative services to OPEX in support of the Floor Brokerage
Business. In consideration for such services, Optionable will charge to OPEX the
following:

o        110% of the business development, support, and administrative services
         expenses incurred directly and indirectly by Optionable in connection
         with the floor brokerage business of OPEX. Such expenses include, but
         are not limited to, fixed and variable compensation of personnel
         associated with the floor brokerage business, business development
         expenses, sales and marketing expenses, seat lease, and a portion of
         the administrative costs incurred by Optionable to support the floor
         business brokerage.

o        This charge is payable monthly in arrears to Optionable, out of
         available working capital of OPEX. Optionable shall send a reasonably
         detailed invoice to OPEX on or before the tenth business day of each
         month, setting forth the charges for the immediately prior month.

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o        All invoices shall be due and payable within 30 calendar days. Unpaid
         amounts shall bear interest at the rate of 9% a month from and after
         such 30th day until paid in full.

2. Kevin D'Andrea hereby grants Optionable an option to purchase his 5,100
shares of OPEX for [confidential treatment request has been submitted]. This
option may be exercised by Optionable at any time during a term (the "Term")
commencing on the date hereof and terminating 10 years from the date hereof.

o        The option may only be exercised for the entire 5,100 shares; partial
         exercises are not permitted.

o        The option shall be exercised by delivery of the Exercise Notice,
         attached hereto as Exhibit A, to Kevin D'Andrea (or to his executor or
         legal representative, in the event he is deceased or disabled),
         together with the full purchase price.

o        Kevin D'Andrea shall deliver to Optionable the certificate(s)
         representing the 5,100 shares within five days after delivery of the
         Exercise Notice. If the certificates are not timely delivered, they
         shall be deemed cancelled, and Optionable shall be entitled to a new
         certificate for the 5,100 shares, and shall be deemed to be the bona
         fide owner thereof for all intents and purposes.

o        In the event Kevin D'Andrea resigns from his position at OPEX,
         Kevin D'Andrea must give 90 days notice to OPEX's board of directors.

3. Kevin D'Andrea may only sell his shares to Optionable. In addition, it is the
intent of the parties that, upon exercise of its option, Optionable will be
transferred ownership of the 5,100 shares free and clear of all liens and
encumbrances. Accordingly, Kevin D'Andrea agrees not to borrow against, permit a
lien to be placed on, or otherwise directly or indirectly encumber his shares.
In addition, during the Term of the option OPEX shall not issue any additional
shares of its capital stock (including instruments exercisable for, or
convertible into, shares of its capital stock), without the prior written
consent of Optionable.

4. Representations and Warranties

      a. Optionable hereby represents and warrants that:

            i.  it has all requisite corporate or other power and authority to
                execute and deliver this Agreement and to perform its
                obligations hereunder; and

            ii. this Agreement has been duly executed and delivered by
                Optionable and constitutes the legal, valid and binding
                obligation of Optionable, enforceable against it in accordance
                with its terms, except as enforceability may be limited by
                applicable bankruptcy, insolvency, reorganization, moratorium or
                other laws relating to or affecting the rights and remedies of
                creditors generally and by general principles of equity
                (regardless of whether in equity or at law).

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      b. OPEX hereby represents and warrants that:

            i.  it has all requisite corporate or other power and authority to
                execute and deliver this Agreement and to perform its
                obligations hereunder; and

            ii. this Agreement has been duly executed and delivered by OPEX and
                constitutes the legal, valid and binding obligation of OPEX,
                enforceable against it in accordance with its terms, except as
                enforceability may be limited by applicable bankruptcy,
                insolvency, reorganization, moratorium or other laws relating to
                or affecting the rights and remedies of creditors generally and
                by general principles of equity (regardless of whether in equity
                or at law).

      c. Kevin D'Andrea hereby represents and warrants that:

            i.  he has all requisite power and authority to execute and deliver
                this Agreement and to perform his obligations hereunder;

            ii. this Agreement has been duly executed and delivered by him and
                constitutes the legal, valid and binding obligation of him,
                enforceable against him in accordance with its terms, except
                as enforceability may be limited by applicable bankruptcy,
                insolvency, reorganization, moratorium or other laws relating
                to or affecting the rights and remedies of creditors generally
                and by general principles of equity (regardless of whether in
                equity or at law);

           iii. he is the record and beneficial owner of the 5,100 shares, which
                he owns free and clear of all liens and encumbrances.

5. Board of Directors

      a. The Board of Directors of OPEX shall consist of three members, two of
         whom shall be designees of Optionable (the "Optionable Directors") and
         one of whom shall be a designee of Kevin D'Andrea (the "OPEX
         Director"). The Optionable Directors may not be removed or replaced,
         except (i) by action of Optionable or (ii) upon termination or
         expiration of this Agreement.

      b. The initial Optionable Directors shall be Kevin Cassidy and Edward J.
         O'Connor. The initial OPEX Director shall be Kevin D'Andrea.

      c. OPEX and Kevin D'Andrea shall take all appropriate action to ensure
         that the OPEX charter documents are appropriately modified, if
         necessary, to effectuate the actions required by this Section 5.

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6. Termination

The obligations of the parties under Section 1 of this Agreement shall terminate
upon the occurrence of the following events:
               o Bankruptcy, receivership, or dissolution of OPEX or Optionable;
               o The purchase by Optionable of all the stock of OPEX
               o The death, disability, expulsion, bankruptcy, resignation, or
                 retirement and the payment in full of the purchase price
                 therefore.

Notwithstanding the foregoing, Optionable's rights under its option shall not
terminate until the expiration of the option's Term.

Termination of this Agreement does not affect a party's accrued rights and
obligations at the date of termination.

7. Miscellaneous

   a. Neither party shall make any disclosure relating to this Agreement or its
      terms (collectively, "Confidential Information") to a third party (other
      than the party's employees, agents, affiliates, accountants or
      professional advisors who have a need to know such information and have
      agreed to keep such terms confidential) without the prior approval of the
      other party, except (i) as may be required by law or otherwise in
      connection with discussions with regulators or other governmental
      authorities, including any regulated exchange, or (ii) at such time as
      such Confidential Information becomes known by the general public (or
      generally known within the financial services, trading or commodity
      markets communities) other than through violation of this paragraph.

   b. This Agreement may not be modified or amended except by an instrument or
      instruments in writing signed by each of the parties, and no provision of
      this Agreement may be waived except in a writing signed by the relevant
      party.

   c. This Agreement constitutes the entire agreement and understanding of the
      parties with respect to its subject matter and supersedes all oral
      communication and prior writings with respect thereto.

   d. All notices required or permitted hereunder shall be in writing and shall
      be deemed effectively given: (a) upon personal delivery to the party to be
      notified, (b) when sent by confirmed electronic mail, telex or facsimile
      if sent during normal business hours of the recipient, if not, then on
      the next business day, (c) five days after having been sent by registered
      or certified mail, return receipt requested, postage prepaid, or (d) one
      day after deposit with a nationally recognized overnight courier,
      specifying next day delivery, with written verification of receipt. All
      communications shall be sent:

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                  If to Optionable:

                  Optionable, Inc.
                  465 Columbus Avenue, Suite 280
                  Valhalla, NY 10595
                  Attn:  Kevin P. Cassidy, Chief Executive Officer
                  Fax:  (914) 773-1890

                  If to OPEX:

                  465 Columbus Avenue, Suite 280
                  Valhalla, NY 10595
                  Attn: ______________
                  Fax:  (914) 773-1890

                  If to Kevin D'Andrea:
                  465 Columbus Avenue, Suite 280
                  Valhalla, NY 10595
                  Fax:  (914) 773-1890

or at such other address the Company or the Purchaser may designate by ten days
advance written notice to the other parties hereto.

   e. This Agreement shall be governed by and construed under the laws of the
      State of New York in all respects as such laws are applied to agreements
      among New York residents entered into and performed entirely within
      New York, without giving effect to conflict of law principles thereof.

                    [Signatures appear on the following page]

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                  IN WITNESS  WHEREOF,  this Agreement has been signed by or on
behalf of each of the parties as of the day first above written.

                                              OPTIONABLE, INC.

                                              By: /s/  Kevin P. Cassidy
                                                  Name: Kevin P. Cassidy
                                                  Title: Chief Executive Officer

                                              OPEX INTERNATIONAL, INC.

                                              By:       Kevin D'Andrea
                                                  Name: Kevin D'Andrea

                                              KEVIN D'ANDREA

                                                        Kevin D'Andrea

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                                    Exhibit A

                            OPEX INTERNATIONAL, INC.

                   NOTICE OF EXERCISE OF STOCK PURCHASE OPTION

         The undersigned hereby exercises the Stock Purchase Option granted by
Kevin D'Andrea and hereby purchases 5,100 shares of Common Stock of Opex
International, Inc. pursuant to said Option.

         Enclosed is a check in the sum of $20,400 in full payment for such
shares.

OPTIONABLE, INC.

By:
         Name:
         Title:

Date:Exhibit 10.2

                              TERMINATION AGREEMENT

         THIS TERMINATION AGREEMENT, dated as of the 31st day of January, 2007,
among Optionable, Inc., a Delaware corporation (the "Company"), and Capital
Energy Services, LLC, a New York limited liability company ("CES").

         WHEREAS the Company and CES entered into a Master Services Agreement
(as supplemented, the "Agreement"), effective April 1, 2004 relating to services
performed by the Company to CES, which CES and the Company now wish to
terminate,

         NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereby agree as follows:

1.       The parties hereby terminate the Agreement as of the close of business
         on January 31, 2007 ("Termination Date").

2.       Each party waives the notice requirements set forth in Section 5(a) of
         the Agreement.

3.       Pursuant to Section 5(b) of the Agreement, CES will provide the
         Company, by February 16th, 2007, (i) a final Monthly Statement ( as
         defined in the Agreement), and (ii) a complete list of outstanding
         accounts receivable for services rendered up to and including January
         31, 2007, together with an assignment of rights to the Company to
         collect such accounts receivable.

4.       The parties acknowledge that termination of the Agreement does not
         effect their respective accrued rights and obligations at January 31,
         2007.

         IN WITNESS WHEREOF, this agreement has been executed by or on behalf of
each of the parties on the date first above written.

OPTIONABLE, INC.                                    CAPITAL ENERGY SERVICES, LLC

By:       /s/   Edward O'Connor                  By:       /s/  Kevin P. Cassidy
     Name:     Edward O'Connor                         Name:    Kevin P. Cassidy
     Title:    President                              Title:   Managing Director

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