Document:

EXhibit
10.9

 

Amendment
NO. 2 to SUBORDINATED PROMISSORY NOTE

 

This AMENDMENT NO.
2 TO SUBORDINATED PROMISSORY NOTE (this “Amendment”) is dated as of June 25, 2019 (the “Effective Date”),
and is by and between The OLB Group, Inc., a Delaware Corporation (the “Maker”), and John Herzog, an individual
residing in the State of Connecticut (the “Payee”). Capitalized terms used herein and not otherwise defined
in this Amendment shall have the meanings set forth in that certain Subordinated Promissory Note issued by the Maker to the Payee
on July 26, 2018, as amended by Amendment No. 1 to Subordinated Promissory Note dated as of November 14, 2018 (the “Note”).

 

WHEREAS, the
Maker is contemplating a public offering of its securities on a Registration Statement on Form S-1 (the “Offering”);
and

 

WHEREAS, to
facilitate the Offering, the Maker and the Payee desire to amend the Note to extend the Maturity Date from September 30, 2020 to
September 30, 2022 simultaneously with the successful completion of the Offering.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
Amendment.

 

a.
Maturity Date. Simultaneously with the successful completion of an Offering, the Maturity Date of the Note is hereby
extended from September 30, 2020 to September 30, 2022.

 

2.
No Other Amendment. Except as expressly modified by this Amendment, all terms, conditions and covenants contained
in the Note and the Letter Agreement, as applicable, shall remain in full force and effect.

 

3.
No Third Party Beneficiaries. This Amendment is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

4.
No Strict Construction. The language used in this Amendment will be deemed to be the language chosen by the parties
to express their mutual intent, and no rules of strict construction will be applied against any party.

 

5.
Governing Law. This Amendment shall be governed by and interpreted and enforced in accordance with the laws of the
State of New York, without regard to the conflicts of laws rules
thereof. Any legal suit, action or proceeding arising out of or relating to this Note shall be instituted exclusively in the Specified
Courts. The parties hereto hereby: (i) waive any objection which they may now have or hereafter have to the venue of any such suit,
action or proceeding, and (ii) irrevocably consent to the jurisdiction of the Specified Courts in any such suit, action or proceeding.
The parties further agree to accept and acknowledge service of any and all process which may be served in any such suit, action
or proceeding in the Specified Courts and agree that service of process upon a party mailed by certified mail to such party’s
address shall be deemed in every respect effective service of process upon such party in any such suit, action or proceeding. Each
party hereto hereby irrevocably waives any and all right to trial by jury in any legal proceeding arising out of or related to
this Note or any obligations hereunder.

 

6.
Counterparts. This Amendment may be signed (including electronic signature) in any number of counterparts, all of
which taken together shall constitute one and the same instrument.

 

[SIGNATURE PAGE
FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF,
the parties are signing this Amendment as of the date written in the introductory paragraph of this Amendment.

 

	 	THE
    OLB GROUP, INC.
	 	 
	 	By:	/s/ Ronny
    Yakov
	 		Name:	Ronny Yakov
	 		Title:	Chief Executive Officer
	 	 	 
	 	/s/ John
    Herzog
	 	John
    HerzogExhibit 10.10

 

EMPLOYMENT AGREEMENT

 

AGREEMENT, effective as of October 20, 2017, by and
between The OLB Group, Inc. (the “Company”) and Ronny Yakov (“Executive”).

 

WITNESSETH:

 

WHEREAS, the Company is engaged
in the business of Omnicommerce, Credit card processing, Mobile Commerce and in the FinTech space as well as software for Crowd
Funding (the “Business”);

 

WHEREAS,
Executive is currently employed by the Company in the capacity of Chairman, President and Chief Executive Officer; and

 

WHEREAS, Executive and the Company
wish to enter into this Agreement setting forth the terms and conditions for Executive’s continued employment by the Company;

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements herein contained, the Company and Executive agree as follows:

 

		1.	Employment: The Company hereby agrees to employ Executive,
and Executive hereby agrees to serve, subject to the provisions of this Agreement, as an employee of the Company. Executive agrees
to devote the majority of his business time, attention and energies to the performance of the duties assigned to him hereunder,
and to perform such duties faithfully, diligently and to the best of his abilities and subject to such laws, rules, regulations
and policies as are from time to time applicable to the Company’s employees. Executive agrees to refrain from engaging in any
activity that does or could reasonably be deemed to conflict with the best interests of the Company. Without limiting the generality
of the foregoing, Executive shall perform the duties associated with the positions of President and Chief Executive Officer, and
such other duties and responsibilities as are from time to time assigned to Executive by the Board of Directors of the Company
consistent with such positions.

 

		2.	Term: This Agreement shall commence on January 1, 2018, and shall expire on December 31,
                                                                                  2024, unless sooner terminated in accordance with Section 8 hereof (the “Term”). There shall be no extension of
                                                                                  this Agreement except by an agreement in writing, signed by the parties hereto.
	 	 	 

		3.	Compensation:

 

(a) Salary:
Executive’s salary shall be at the annual rate of Three Hundred Seventy Five Thousand Dollars ($375,000) (the “Annual Salary”),
payable in accordance with the Company’s regular payroll practices. All applicable withholding taxes shall be deducted from such
payments.

 

(b) Incentive
Bonus: In addition to the Annual Salary, Executive shall receive an annual bonus (the “Bonus”) of Two Hundred Thousand
Dollars ($200,000), based upon the achievement of performance criteria established by Executive and the Board. The Bonus shall
be prorated (based on full fiscal quarters of employment) for years in which Executive was not employed by the Company for a full
fiscal year, and Executive shall not be entitled to receive any portion of the Bonus for any year in which his employment is terminated
pursuant to Sections 8(a)(iii) hereof. All applicable withholding taxes shall be deducted from such payments.

 

(c)
Acquisition Bonus: In addition to the Annual Salary and Incentive Bonus, Executive shall receive an acquisition bonus (the
“Acquisition Bonus”) equal to two (2%) percent of the gross purchase price paid in connection therewith upon the
closing of any acquisition directly or indirectly by the Company or its subsidiaries during the Employment Period of any
company or business (including purchases of all or substantially all of the assets of any such entity) having then existing
sales of not less than three million five hundred thousand dollars ($3,500,000), the acquisition of which is identified and
substantially negotiated by the Executive. The bonus shall be paid within thirty (30) days following the closing of such
acquisition. All applicable withholding taxes shall be deducted from such payments.

 

    

     

    

 

(d) Stock
Options: Effective as of January 1, 2018, and on each anniversary thereof during the Term, provided that Executive is employed
by the Company on such date(s), the Company shall grant to Executive, subject to the terms and conditions of a stock option agreement
effective as of January 1, 2018, options to acquire Twenty Thousand (200,000) shares of the Company’s common stock, with a per
share exercise price equal to One Tenth of a Cent ($0.001) (each a “Stock Option”). Each Stock Option shall become exercisable
in increments of one-third (i.e., with regard to 66,667 shares of common stock) upon each anniversary of the date on which it is
granted.

 

(e) Automobile
Allowance: During the Term, the Company shall provide Executive with an automobile allowance of Two Thousand Five Hundred Dollars
($2,500) per month.

 

		4.	Benefits: Executive shall be eligible to participate
in such benefit plans as are, or from time-to-time hereafter may be, provided by the Company for its senior executive officers.
All benefits shall be provided to Executive in accordance with the terms and conditions of such benefit plans and programs as
are maintained by the Company, as such plans are amended from time to time.

 

		5.	Vacation: Executive shall be entitled to paid vacation of four (4) weeks annually, in accordance
with the Company’s policies and procedures.

 

		6.	Reimbursement of Expenses: The Company will reimburse Executive for reasonable
and necessary business expenses of Executive for travel, meals and similar items incurred in connection with the performance of
Executive’s duties, and which are consistent with such guidelines as the Company may from time to time establish. All payments
for reimbursement of such expenses shall be made to the Executive only upon the presentation to the Company of appropriate vouchers
or receipts.

 

		7.	Confidentiality; Non Competition; Ownership of Works:

 

(a) Executive
acknowledges that: (i) the Business is intensely competitive and that Executive’s employment by the Company will require that Executive
have access to and knowledge of confidential information of the Company, including, but not limited to, the identity of the Company’s
customers, the identity of the representatives of customers with whom the Company has dealt, the kinds of services provided by
the Company to customers and offered to be performed for potential customers, the manner in which such services are performed or
offered to be performed, the service needs of actual or prospective customers, pricing information, information concerning the
creation, acquisition or disposition of products and services, creative ideas and concepts, computer software applications and
other programs, research data, personnel information and other trade secrets (the “Confidential Information”), provided
that, Confidential Information shall not include any information that is or becomes publicly available other than as a result of
a disclosure by Executive in violation of this Section 7; (ii) the direct or indirect disclosure of any such Confidential Information
would place the Company at a competitive disadvantage and would do damage, monetary or otherwise, to the Company’s business; and
(iii) the engaging by Executive in any of the activities prohibited by this Section 7 may constitute improper appropriation and/or
use of such Confidential Information. Executive expressly acknowledges the trade secret status of the Confidential Information
and that the Confidential Information constitutes a protectible business interest of the Company. Accordingly, the Company and
Executive agree as follows:

 

(b) For
purposes of this Section 7, the Company shall be construed to include the Company and its parents and subsidiaries engaged in the
Business, including any divisions managed by Executive.

 

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(c) During
Executive’s employment with the Company, and at all times after the termination of Executive’s employment by expiration of
the Term or otherwise, Executive shall not, directly or indirectly, whether individually, as a director, stockholder, owner,
partner, employee, principal or agent of any business, or in any other capacity, make known, disclose, furnish, make
available or utilize any of the Confidential Information, other than in the proper performance of the duties contemplated
herein, or as expressly permitted herein, or as required by a court of competent jurisdiction or other administrative or
legislative body; provided that, prior to disclosing any of the Confidential Information as required by a court or other
administrative or legislative body, Executive shall promptly notify the Company so that the Company may seek a protective
order or other appropriate remedy. Executive agrees to return all documents or other materials containing Confidential
Information, including all photocopies, extracts and summaries thereof, and any such information stored electronically on
tapes, computer disks or in any other manner to the Company at any time upon request by the Company and immediately upon the
termination of his employment for any reason.

 

(d) During Executive’s employment with
the Company, Executive shall not engage in “Competition” with the Company. For purposes of this Agreement, Competition
by Executive shall mean Executive’s engaging in, or otherwise directly or indirectly being employed by or acting as a consultant
or lender to, or being a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or permitting
his name to be used in connection with the activities of any other business or organization anywhere in the United States which
competes directly with the Business of the Company.

 

(e) For a period of one (1) year following
the termination of Executive’s employment, whether upon expiration of the Term or otherwise, but except for any termination of
Executive pursuant to Sections 8(a)(v) or (vi) hereof, Executive shall not engage in Competition, as defined above, with the Company
in any locality or region of the United States in which the Company had operations at the time of, or within six (6) months prior
to, Executive’s termination, or in which, during the six (6) month period prior to Executive’s termination, the Company had made
substantial plans with the intention of establishing operations in such locality or region; provided that, it shall not be a violation
of this sub-paragraph for Executive to become the registered or beneficial owner of up to five percent (5%) of any class of the
capital stock of a competing corporation registered under the Securities Exchange Act of 1934, as amended, provided that Executive
does not actively participate in the business of such corporation until such time as this covenant expires.

 

(f) For a period of one (1) year after
he ceases to be employed hereunder by the Company, whether upon expiration of the Term or otherwise, but except for any termination
of Executive pursuant to Sections 8(a)(v) or (vi) hereof, Executive agrees that he will not, directly or indirectly, for his benefit
or for the benefit of any other person, firm or entity, do any of the following:

 

(i) solicit
from any customer doing business with the Company as of Executive’s termination, business of the same or of a similar nature to
the business of the Company with such customer;

 

(ii) solicit
from any known potential customer of the Company business of the same or of a similar nature to that which has been the subject
of a known written or oral bid, offer or proposal by the Company, or of substantial preparation with a view to making such a bid,
proposal or offer, within six (6) months prior to Executive’s termination;

 

(iii) recruit
or solicit the employment or services of, or hire, any person who was known to be employed by the Company upon termination of Executive’s
employment, or within six (6) months prior thereto; or

 

(iv) otherwise
knowingly interfere with the business or accounts of the Company.

 

(g) The
Executive will make full and prompt disclosure to the Company of all inventions, improvements, formulas, data, programs,
processes, ideas, concepts, discoveries, methods, developments, software, and works of authorship, whether or not
copyrightable, trademarkable or patentable, which are created, made, conceived or reduced to practice by the Executive,
either alone, under his direction or jointly with others during the period of his employment with the Company, whether or not
during normal working hours or on the premises of the Company, which (i) relate to the actual or anticipated business,
activities or research of the Company, or (ii) result from or are suggested by work performed by the Executive for the
Company, or (iii) result, to any extent, from use of the Company’s premises or property (all of which are collectively
referred to in this Agreement as “Works”). All Works shall be the sole property of the Company, and, to the extent
that the Company is not already considered the owner thereof as a matter of law, the Executive hereby assigns to the Company,
without further compensation, all his right, title and interest in and to such Works and any and all related intellectual
property rights (including, but not limited to, patents, patent applications, copyrights, copyright applications, and
trademarks) in the United States and elsewhere.

 

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(h) Executive
acknowledges that the services to be rendered by him to the Company are of a special and unique character, which gives this Agreement
a peculiar value to the Company, the loss of which may not be reasonably or adequately compensated for by damages in an action
at law, and that a breach or threatened breach by him of any of the provisions contained in this Section 7 will cause the Company
irreparable injury. Executive therefore agrees that the Company shall be entitled, in addition to any other right or remedy, to
a temporary, preliminary and permanent injunction, without the necessity of proving the inadequacy of monetary damages or the posting
of any bond or security, enjoining or restraining Executive from any such violation or threatened violations.

 

(i) Executive
further acknowledges and agrees that due to the uniqueness of his services and confidential nature of the information he will possess,
the covenants set forth herein are reasonable and necessary for the protection of the business and goodwill of the Company.

 

		8.	Termination:

 

(a) The employment of Executive hereunder shall terminate
on the first to occur of the following:

 

(i) the
date of Executive’s death, adjudicated incompetency or adjudicated bankruptcy;

 

(ii) the
date on which Executive shall have experienced a Disability (as defined below), and the Company gives Executive notice of termination
on account of Disability;

 

(iii) the
date on which Executive shall have engaged in conduct which constitutes Cause (as defined below), and the Company gives Executive
notice of termination for Cause;

 

(iv) expiration
of the Term;

 

(v) the
date on which the Company shall give Executive notice of termination for any reason other than the reasons set forth in (i) through
(iv) above; or

 

(vi) the
date on which circumstances constituting Good Reason (as defined below) occur, and Executive gives the Company notice of termination
for Good Reason.

 

(b) For purposes of this
Agreement, “Disability” shall mean an illness, injury or other incapacitating condition as a result of which Executive
is unable to perform the services required to be performed under this Agreement for one hundred and twenty (120) consecutive days
during the Term. In any such event, the Company, in its sole discretion, may terminate this Agreement by giving notice to Executive
of termination for Disability. Executive agrees to submit to such medical examinations as may be necessary to determine whether
a Disability exists, pursuant to such reasonable requests made by the Company from time to time.

 

(c) For purposes of this
Agreement, “Cause” shall mean the occurrence of any of the following, as reasonably determined by the Company:

 

(i) intentional
misconduct by Executive that has a material adverse effect on the Company;

 

(ii) any
material misappropriation or embezzlement by Executive of the property of the Company;

 

(iii) Executive’s
conviction of, confession to, or guilty or nolo contendere plea to a felony; or

 

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(iv) Executive’s breach of any material term of this
Agreement;

 

provided that, prior to
making any determination that Cause has occurred, the Company shall provide Executive with written notice describing in detail
the particular conduct at issue, after which time Executive shall have no less than thirty (30) days to cure such conduct, to the
extent cure is possible.

 

(d) For purposes of this Agreement, “Good Reason”
shall mean the occurrence of any of the following:

 

(i) a material reduction by the Company in Executive’s
title, authority, status or responsibilities;

 

(ii) a reduction by the Company in the Annual Salary
or Bonus; or

 

(iii) the Company’s breach of any material term of
this Agreement;

 

provided that, prior to
making any determination that Good Reason has occurred, Executive shall provide the Company with written notice describing in detail
the particular conduct at issue, after which time the Company shall have no less than thirty (30) days to cure such conduct, to
the extent cure is possible.

 

		9.	Compensation in Event of Termination; Survival: Upon
termination of Executive’s employment for any reason, this Agreement shall terminate and the Company shall have no further obligation
to Executive except as set forth in this Section 9; provided that, the provisions set forth in Sections 7 and 11 hereof shall
remain in full force and effect after the termination of Executive’s employment.

 

(a) In
the event Executive’s employment is terminated pursuant to Sections 8(a)(i) or (ii) hereof prior to the expiration of the Term,
Executive or his estate, conservator or designated beneficiary, as the case may be, shall be entitled to payment of (i) any earned
but unpaid Annual Salary, and payment for unused vacation days through the date of termination, (ii) any earned but unpaid Acquisition
Bonus, and (iii) an amount equal to the Annual Bonus Executive would have received hereunder pursuant to Section 3(b) hereof, prorated
to the date of such termination of employment. Following any such termination, neither Executive nor his estate, conservator or
designated beneficiary shall be entitled to receive any salary or other payment provided for hereunder, except as Executive may
otherwise be entitled pursuant to any employee benefit plan.

 

(b) In
the event Executive’s employment is terminated pursuant to Section 8(a)(iii) hereof prior to the expiration of the Term, Executive
shall be entitled to payment of any (i) earned but unpaid Annual Salary and payment for unused vacation days, and (ii) any earned
but unpaid Acquisition Bonus, through the date of termination. Following any such termination, neither Executive nor his estate,
conservator or designated beneficiary shall be entitled to receive any salary or other payment provided for hereunder, including
any portion of the Annual Bonus, except as Executive may otherwise be entitled pursuant to any employee benefit plan.

 

(c) In
the event Executive’s employment is terminated pursuant to Section 8(a)(iv) hereof upon expiration of the Term, Executive shall
be entitled to receive, as his sole and exclusive remedy, (i) any earned but unpaid Annual Salary, and payment for unused vacation
days through the date of termination, (ii) any earned but unpaid Acquisition Bonus, and (iii) the Annual Bonus, if not previously
paid, pursuant to Section 3(b) hereof.

 

(d) In
the event Executive’s employment is terminated pursuant to Sections 8(a)(v) or (vi) hereof prior to the expiration of the Term,
Executive shall be entitled to receive, as his sole and exclusive remedy, (i) severance pay equal to the Annual Salary Executive
would have received through the expiration of the Term, (ii) any earned but unpaid Acquisition Bonus, and (iii) an amount equal
to the Annual Bonus Executive would have received hereunder pursuant to Section 3(b) hereof, prorated to the date of such termination
of employment. Executive shall have no duty to mitigate damages by seeking alternative employment following any such termination.

 

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		10.	Successors and Assigns; Binding Agreement: This Agreement
shall be binding upon, and inure to the benefit of, the Company and its successors and assigns and upon any person acquiring,
whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business.

 

		11.	Return of Company Property: Executive agrees that following the termination of his employment for
any reason, he shall return all property of the Company, its subsidiaries, affiliates and any divisions thereof he may have managed
which is then in or thereafter comes into his possession, including, but not limited to, documents, contracts, agreements, plans,
photographs, books, notes, electronically stored data and all copies of the foregoing as well as any other materials or equipment
supplied by the Company to Executive.

 

		12.	Entire Agreement: This Agreement, together with the
Stock Option agreement referenced in Section 3(c) hereof, sets forth the entire agreement between the parties with respect to
its subject matter and merges and supersedes all prior discussions, agreements and understandings of every kind and nature between
them, and neither party shall be bound by any term or condition with respect to the subject matter of this Agreement other than
as expressly set forth or provided for herein. This Agreement may not be changed or modified except by an agreement in writing,
signed by the parties hereto.

 

		13.	Each Party the Drafter: This Agreement and the provisions
contained in it shall not be construed or interpreted for or against any party to this Agreement because that party drafted or
caused that party’s legal representative to draft any of its provisions.

 

		14.	Waiver: The failure of either party to this Agreement
to enforce any of its terms, provisions or covenants shall not be construed as a waiver of the same or of the right of such party
to enforce the same. Waiver by either party hereto of any breach or default by the other party of any term or provision of this
Agreement shall not operate as a waiver of any other breach or default.

 

		15.	Severability: In the event that any one or more of
the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remainder of the Agreement shall not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions
contained in this Agreement shall be held to be excessively broad as to duration, activity or subject, such provisions shall be
construed by limiting and reducing them so as to be enforceable to the maximum extent allowed by applicable law.

 

		16.	Notices: Any notice given hereunder shall be in writing
and shall be deemed to have been given when delivered by messenger or courier service (against appropriate receipt), or mailed
by registered or certified mail (return receipt requested), addressed as follows:

 

If to the Company:

 

The OLB Group, Inc.

200 Park Avenue

Suite 1700

New York, New York 10166

Attn: Board of Directors

 

If to Executive:

 

Ronny Yakov

1623 Third Avenue Apt 31 G

New York, NY 10128-3623

 

    6

     

    

 

or at such other address as shall be indicated
to either party in writing. Notice of change of address shall be effective only upon receipt.

 

		17.	Governing Law: This Agreement shall be governed by
and construed in accordance with the laws of the State of New York, without regard to its conflict of law rules.

 

		18.	Descriptive Headings: The paragraph headings and recitals
contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

		19.	Counterparts: This Agreement may be executed in one
or more counterparts, which, together, shall constitute one and the same agreement.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on the date first written above.

 

	THE OLB GROUP, INC.	 	EXECUTIVE:
	 	 	 
	By:
     	/s/ Ronny Yakov	 	/s/ Ronny
    Yakov
	 	Ronny Yakov, President	 	Ronny Yakov, Individually

 

 

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