Document:

Exhibit 10.2

 

July 28, 2021

 

Cai Energy Blockchain Inc.

240 W 37th St #303

New York, NY 10018

Phone: (212) 401-9973

Attention: Yifei “Bessie” Cai

 

		RE:	Grant of Stock Options

 

Dear Bessie:

 

1. In
connection with the Exclusive Agreement effective July 28, 2021 (the “Agreement”) by and between The OLB Group, Inc. (the
“Company”) and Cai Energy Blockchain Inc. (the “Grantee”), the Company hereby grants to the Grantee, as a matter
of compensation for the Grantee’s services under the Agreement, the right and option to purchase, in accordance with the terms and
conditions set forth herein, but subject to the limitations set forth herein and in the Plan, the number of shares of Common Stock of
the Company listed below (the “Option Shares”), at the exercise price per share listed below (the “Option”).

 

Type of Grant:  Non-Qualified
Stock Option

 

Date of Grant:  July
28, 2021

 

Commencement Date for Vesting: July
28, 2021 

 

Total Number of Shares Granted: 767,918

 

Exercise Price per Share:  $0.0001

 

The Option will be designated
as a Non-Qualified Stock Option (“NSO”). In no event will the Company, the Board of Directors, or any of their respective
employees or directors have any liability to the Grantee (or any other person) in connection with the tax obligations which may be associated
with the grant of the options or upon the exercise of the options.

 

The Grantee may elect to exercise
this Option, or a portion hereof, and to pay for the Option Shares by way of a cashless exercise in which event the Company shall issue
to the Grantee the number of incremental Option Shares to which the Grantee is entitled upon exercise of the Option computed according
to the following equation:

 

 

; where

 

		X	= 	the number of Option Shares to be issued to the Grantee.

 

		Y	=	the Option Shares purchasable under this Option or, if only a portion of this Option is being exercised, the portion of the Option Shares
being exercised.

 

     

     

    

 

		A	=	the Fair Market Value (as determined by the Board of Directors of the Company) of one share of Common Stock on the exercise date.

		 	 

		B	=	the Exercise Price.

 

Notwithstanding the foregoing,
it is specifically understood by the Grantee that no warranty is made to the Grantee with respect to the value of such shares.

 

In order to exercise an Option,
the Option must be vested and the Grantee must file with the Company a completed notice of exercise in the form attached hereto as Exhibit
A (a “Notice of Exercise”). In addition, regardless of whether the option is fully vested, in order to exercise an Option,
there shall be no ongoing breach of the Agreement by Grantee. The Exercise Price of each Option in respect of each Share purchased under
such Option must be paid in full at the time of exercise by (i) bank draft or certified check at the time of exercise, (ii) a cashless
exercise method whereby the Company shall retain such number of Shares otherwise issuable in connection with the exercise of the Option
as shall have a Fair Market Value on the date of such exercise equal to the aggregate Exercise Price, or (iii) such other methods as the
Company may permit from time to time in its sole discretion. Upon receipt of payment in full of the Exercise Price in respect of each
Option, the number of Shares in respect of which the subject Option is exercised less, to the extent the withholding and income tax obligations
are satisfied by surrendering Shares in accordance with below, Shares required to satisfy any applicable deductions and withholdings,
will be duly issued to the Grantee as fully paid and non-assessable.

 

2. Subject
to the provisions and limitations hereof, the Option shall immediately vest and may be exercised by the Grantee at any time after the
Date of Grant.

 

3. In
no event shall the Grantee exercise the Option for a fraction of a share or for less than one hundred (100) shares (unless the number
purchased is the total balance for which the Option is then exercisable).

 

4. The
unexercised portion of the Option granted herein will automatically and without notice terminate and become null and void upon the expiration
of ten (10) years from the date of the grant of the Option. In the event the Agreement is terminated prior to the expiration of ten (10)
years from the date hereof, the Option shall, to the extent not theretofore exercised, terminate and become null and void, except to the
extent described below.

 

5. The
Option is not transferable. Without the prior consent of the Company, the Option may not be pledged or hypothecated in any way (whether
by operation of law or otherwise) and shall not be subject to execution, attachment or similar proceeding. Any attempted assignment, pledge,
hypothecation or other disposition of the Option contrary to the provisions hereof, and the levy of any attachment or similar proceeding
upon the Option, shall be null and void and without effect.

 

6. If
the Company, in its sole discretion, shall determine that it is necessary, to comply with applicable securities laws, the certificate
or certificates representing the shares purchased pursuant to the exercise of the Option shall bear an appropriate legend in form and
substance, as determined by the Company, giving notice of applicable restrictions on transfer under or in respect of such laws.

 

7. The
Option granted hereunder is intended to be exempt from the definition of a “nonqualified deferred compensation plan” under
Section 409A of Code and the Treasury regulations and other official guidance promulgated thereunder (“Section 409A”). In
the event that the Board determines that the Option may be subject to Section 409A, the Board may adopt such amendments to this letter
or Option or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any
other actions, that the Board determines are necessary or appropriate to (a) exempt the Option from Section 409A and/or preserve the intended
tax treatment of the benefits provided with respect to the Option, or (b) comply with the requirements of Section 409A and thereby avoid
the application of penalty taxes under Section 409A

 

    2

     

    

 

8. The
Grantee hereby covenants and agrees with the Company that if, at the time of exercise of the Option, there does not exist a Registration
Statement on an appropriate form under the Securities Act of 1933, as amended (the “Act”), which Registration Statement shall
have become effective and shall include a prospectus which is current with respect to the shares subject to the Option, the Grantee shall
make the representations (i) that the Grantee is purchasing the shares for its own account and not with a view to the resale or distribution
thereof, (ii) that any subsequent offer for sale or sale of any such shares shall be made either pursuant to (x) a Registration Statement
on an appropriate form under the Act, which Registration Statement shall become effective and shall be current with respect to the shares
being offered and sold, or (y) a specific exemption from the registration requirements of the Act, but in claiming such exemption, the
Grantee shall, prior to any offer for sale or sale of such shares, obtain a favorable written opinion from counsel for or approved by
the Company as to the applicability of such exemption and (iii) that the Grantee agrees that the certificates evidencing such shares shall
bear a legend to the effect of the foregoing.

 

By the Grantee’s acceptance
hereof, it agrees to reimburse the Company in cash at the time and as condition to the exercise of this Option for any taxes required
by any government to be withheld or otherwise deducted and paid by the Company in respect of the issuance or disposition of the shares
subject to the Option. In lieu thereof, the Company shall, in its discretion and at its election, have the right to withhold the amount
of such taxes from any other sums due or to become due from the Company to the Grantee. The Company may, in its discretion, hold the stock
certificate to which the Grantee is entitled upon the exercise of the Option as security for the payment of such withholding tax liability,
until cash sufficient to pay that liability has been accumulated.

 

This agreement is not a contract
of employment nor a promise of future employment with or consideration from the Company.

 

Please indicate your acceptance
of all the terms and conditions of the Option by signing and returning a copy of this letter.

 

		Very truly yours,
	 	The OLB Group, Inc.
	 	 
	 	By: 	/s/Ronny Yakov
	 	Name:  	Ronny Yakov
	 	Title:	Chief Executive Officer

 

	ACCEPTED:	 
		  

	Cai Energy Blockchain, Inc.	 
	 	 
	By:	/s/ Yifei
    “Bessie” Cai	 	 
	Name:	Yifei “Bessie” Cai	 	 
	Title:
    Chief Executive Officer	

 

    3

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

TO: The OLB Group, Inc.

Attention: Secretary

 

The undersigned elects to exercise an Option to
purchase ________ shares of the common stock, $.0001 par vale (“Shares”) of The OLB Group, Inc. (the “Company”)
which are the subject of an Option granted on July 28, 2021 and have an Exercise Price of $0.0001 per Share.

 

In connection with the foregoing, I hereby elect
to exercise cashlessly pursuant to the Option Grant Letter dated July 28, 2021 from the Company.

 

The undersigned requests that the Shares be issued
in the name of ___________________.

 

	DATED 	 	, 	 	.	 
		 
	Signature	 
		 
	Name (please print)	 

 

    4Exhibit 10.1 

 

    

     

    

		available funds. Kiewit shall deliver to NTEC a fully executed original Assignment of Overriding Royalty Interest, and also any other executed governmental fonn assignments, in sufficient counterparts to satisfy applicable regulatory requirements. Effective Date. The effective date of the Assignment shall be June I , 2021 ("Effective Date"). Condition Precedent. The obligations of the parties hereunder are expressly conditioned upon Kiewit receiving Unitholder or Court Ordered approval to complete the sale of the ORR pursuant to the terms and conditions of this Agreement. If Kiewit is unable to obtain the requisite approval, this Agreement shall cease and neither Kiewit nor NTEC shall have any claim against the other party for costs, damages, compensation or otherwise; provided however, Kiewit acknowledges and agrees that NTEC shall not make any further advance royalty payments to Kiewit as of the Execution Date of this Agreement. If Kiewit is not able to obtain approval for the sale of the ORR to NTEC, NTEC shall have thirty (30) days from the date NTEC receives notice from Kiewit that the sale cannot proceed within which to make any additional advanced minimum royalty payments due and payable under the terms of the ORR. Title. Kiewit shall convey to NTEC, at Closing, title to the ORR free and clear of all liens and encumbrances created by, through, or under Kiewit. Representations and Warranties. NTEC and Kiewit represent and warrant to each other, as applicable, that except as otherwise provided herein, as of the Execution Date and the Closing Date: Binding Obligations. This Agreement constitutes the legal, valid, and binding obligation of NTEC and Kiewit enforceable against each in accordance with the terms, except as limited by bankruptcy, insolvency or other laws of general application relating to the enforcement of creditor's rights. Authority. Kiewit is the owner of the ORR and has the right, subject to Section 6 herein, to sell and convey the ORR. NTEC has the right and authority to acquire the ORR pursuant to the terms and conditions of this Agreement. Kiewit and NTEC have the req uisite authority to enter into, deliver, and perform this Agreement. Royalties. As of the Effective Date, all rentals, royalties, and other payment due under the ORR have been fully and promptly paid. Post-Closing. Kiewit and NTEC agree they shall work together as necessary to obtain all required local, state, and federal governmental and/or agency permissions, approvals, and consents as may be required to transfer and assume the obligations and responsibilities attributable to each party under this Agreement. 

 

    

     

    

		Notice. All notices and communications required or permitted under this Agreement shall be in writing, delivered to or sent by (i) personal delivery or (ii) U.S. Mail, certified or registered mail return receipt requested to the following address: If to NTEC: Navajo Transitional Energy Company, LLC 385 Interlocken Crescent, Suite 400 Broomfield, CO 80021 Attn: Bernard Masters If to Kiewit: Kiewit Royalty Trust c/o Bank of Oklahoma, Tonya Fraley One Williams Center, Suite 1900 Tulsa, Oklahoma 74103 Termination of February 27, 1 965 Agreement as Supplemented. For the avoidance of doubt, at Closing, the conveyance of the ORR pursuant to the terms and conditions provided herein shall terminate all remaining obligations and responsibilities between the parties related to that certain Agreement dated February 27, 1965 as subsequently supplemented. Pu blic Disclosu re. NTEC understands that Kiewit is an SEC repo1iing company and that this letter agreement, together with the assignment, is required to be publicly disclosed in one or more filings with the Securities and Exchange Commission. Further, this letter agreement will be provided to the court in which a petition if filed to approve the letter agreement. Governing Law. This Agreement and the transactions contemplated by this Agreement are governed by the laws of the State of Wyoming. Counterparts. This Agreement may be executed in any number of identical counterparts and shall be binding upon the parties as if each had signed the same document. An email or electronic image of similar reproduction of a writing signed by a person, shall be regarded as an original counterpart signed by that person for purposes of this Agreement. Entire Agreement. This Agreement (including the Exhibit A attached hereto) constitutes the entire understanding between the parties with respect to the subject matter hereof, superseding all negotiations, prior discussions, and prior agreements and understandings between the parties. 

 

    

     

    

		Navajo Transitional Energy Company, LLC Name:L\ oJt Agreed and accepted this 'Jday of J J\ l ,2021. Kiewit Royalty Trust US Bank, N.A., Trustee Name: G. Rosanna Moore. JD Signature:h.R:: Agreed and accepted this ,,ii>--f'A L!r._ Title: Vice President day of -=-o-' 2021. 

 

    

     

    

		 EXHIBIT A Form of Assignment of Overriding Royalty Interest Recording Requested By And When Recorded Mail to: Navajo Transitional Energy Company, LLC c/o Land Department P.O. Box 3001 Gillette, WY 82717-3001 ASSIGNMENT OF OVERRIDING ROYALTY THIS ASSIGNMENT is effective the pt day of June 2021 ("Effective Date"), from KiewitRoyaltyTrust("Assignor"),awhoseaddressis toNAVAJOTRANSITIONALENERGYCOMPANY,LLC ("Assignee"), a Navajo Nation limited liability company, whose address is c/o Land Department, P.O. Box 3001, Gillette, WY 82717-3001. WITNESSETH: WHEREAS, Assignor, as successor in interest to Rosebud Coal Sales Company, is the owner of a ten and three-quarters percent (10.75%) of twelve and one half percent (12.5%) overriding royalty interest in coal produced from those lands included in Federal Leases MTM-069782 and MTM-110692 prior to May 1, 1970; WHEREAS, Assignor and Assignee entered into that certain Letter Agreement for the Purchase and Sale of Overriding Royalty Interest in Federal Coal Lease MTM-069782 and MTM-1 10692 executed as of, 2021. NOW, THEREFORE, for and in consideration of Ten Dollars ($10.00) and other valuable consideration in hand paid, Assignor does hereby assign, transfer and convey unto Assignee, all of Assignor's right, title, and interests in and to the ten and three-quarters percent (10.75%) of twelve and one half percent (12.5%) overriding royalty interest in coal produced from those lands included in Federal Leases MTM-069782 and MTM-110692 prior to May 1, 1970. It is the intent of the Assignor to assign one hundred percent ( 100%) of all Assignor's interest in Federal Leases MTM-069782 and MTM-11 0692. Assignor hereby warrants that the title to the ORR is free from all liens and encumbrances by, through, and under Assignor. [Signature Page Follows] 

 

    

     

    

		 IN WITNESS WHEREOF, Assignor has executed the Assignment of Overriding Royalty on the date listed in the acknowledgements below but effective as of the Effective Date. Kiewit Royalty Trust: By: Its: ACKNOWLEDGEMENTS STATE OF) ) SS. COUNTY OF) The foregoing Assignment of Overriding Royalty was acknowledged before me by , asof Kiewit Royalty Trust thisday of -----2021. Witness my hand and official seal. Notary Public (SEAL) My commission expires:_

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