Document:

f20f0310ex4xx_djsp.htm

    Exhibit 4.20

     

    
      AMENDMENT
TO

      AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

       

      This
Amendment to Amended and Restated Limited Liability Company Agreement of DAL
Group, LLC (the “Amendment”) is made
as of January 15, 2010 by DAL Group, LLC (the “Company”).

       

      Background

       

      
        	
                 
      

              	
                A.

              	
                The
      Company adopted a limited liability company agreement on March 20, 2007,
      and amended and restated it on May 1, 2009.  The Company
      adopted, and is now subject to, an Amended and Restated Limited Liability
      Company Agreement as of January 15, 2010 (the “Operating
      Agreement”).

              

      

       

      
        	
                 
      

              	
                B.

              	
                The
      Company desires to amend Appendix C of
      the Operating Agreement to reflect changes to the names and addresses,
      Membership Percentages and Capital Contributions of the
      Members.

              

      

       

      
        	
                 
      

              	
                C.

              	
                Pursuant
      to Section 12.1 of the Operating Agreement, amendments to Appendix C
      following any issuance, redemption, repurchase, reallocation or Transfer
      of Units in accordance with the Operating Agreement may be made by the
      Company with the consent of the Members holding a majority of the
      outstanding Series A Preferred Units (the “Series A Preferred
      Members”).

              

      

       

      Now,
therefore, the Company and the Series A Preferred Members hereby agree as
follows.

       

      Amendment

       

      1.           Amendment.  Appendix C of the
Operating Agreement is hereby deleted in its entirety, and the appendix set
forth on Exhibit
A to this Amendment is adopted as Appendix
C.

       

      2.           Miscellaneous.

       

      (a)           Except
as specifically amended by this Amendment, the Operating Agreement shall remain
in full force and effect and is hereby ratified and confirmed.

       

      (b)           This
Amendment shall be construed as one with the Operating Agreement, and the
Operating Agreement shall, where the context requires, be read and construed
throughout so as to incorporate this Amendment.

       

      

      [Signature
Page Follows.]

       

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

      The
Company and the sole Series A Preferred Member have executed this Amendment
to  Amended and Restated Limited Liability Company Agreement of DAL
Group, LLC as of the date first above written.

       

      

       

      
        	 
      	
                THE
      COMPANY:

              
	 
      	 
      
	 
      	
                DAL GROUP,
  LLC

              
	 
      	 
      
	 
      	
                By:       ______________________________

                David J. Stern,
      President

              
	 
      	 
      
	 
      	
                SERIES
      A PREFERRED MEMBER:

              
	 
      	 
      
	 
      	
                PROFESSIONAL TITLE AND
      ABSTRACT

                COMPANY OF FLORIDA,
      INC.

              
	 
      	 
      
	 
      	
                By:       ______________________________

                David J. Stern,
      President

              

      

      

       

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      Exhibit A

       

      APPENDIX
C

       

      DAL
GROUP, LLC

       

      Membership
Interests

       

      
        	
                Name and Addresses

              	 	
                Common Units

              	 	 	
                Series A

                Preferred

                Units

              	 	 	
                B1

                Interests

              	 	 	
                B2

                Interests

              	 	 	
                B3

                Interests

              	 	 	
                B4

                Interests

              	 	 	
                B5

                Interests

              	 	 	
                Capital

                Contribution

              	 	
                Initial Capital Account 1

              
	
                DJSP
      Enterprises, Inc.(formerly
      Chardan 2008 China Acquisition
      Corp.) (“DJSP”)

                c/o
      Chardan Capital LLC

                474
      Three Mile Road

                Glastonbury,
      CT 06033

                Attn:  Dan
      Beharry

                Facsimile:  (281)
      644 5751

                email:  dbeharry@chardancapital.com

              	 	 	10,663,866	2	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	$52,477,047	 	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Professional
      Title and Abstract Company of Florida, Inc.

                9000
      South Pine Island Road

                Suite
      400

                Plantation,
      FL 33324

                Attn:  David
      J. Stern, Esq.

                Facsimile:  (954)
      648-5228

                email:
      djstern@att.blackberry.net

              	 	 	1,200,000	 	 	 	1,666,667	 	 	 	596,666	 	 	 	596,666	 	 	 	646,667	 	 	 	646,667	 	 	 	646,667	 	 	
                Description
      of property

              	 	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Jeffrey
      A. Valenty

                c/o
      FlatWorld Capital LLC

                666
      Third Avenue, 15th
      Floor

                New
      York, New York 10017

                Facsimile:  (212)
      796-4002

                email:
      valenty@flatworldcapital.com

              	 	 	600,000	 	 	 	0	 	 	 	61,334	 	 	 	61,334	 	 	 	61,333	 	 	 	61,333	 	 	 	61,333	 	 	
                Description
      of property

              	 	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Nagina
      Partners LLC

                c/o
      FlatWorld Capital LLC

                666
      Third Avenue, 15th
      Floor

                New
      York, New York 10017

                Attn:  Raj
      Gupta

                Facsimile:  (212)
      796-4002

                email:
      rgupta@flatworldcapital.com

              	 	 	900,000	 	 	 	0	 	 	 	92,000	 	 	 	92,000	 	 	 	92,000	 	 	 	92,000	 	 	 	92,000	 	 	
                Description
      of property

              	 	 
      
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                Totals

              	 	 	13,363,866	 	 	 	1,666,667	 	 	 	750,000	 	 	 	750,000	 	 	 	800,000	 	 	 	800,000	 	 	 	800,000	 	 	 	 	 	 
      

      

       

                             

       

      1 Upon
the admission of the Stern Participants and DJSP (formerly Chardan), the Members
agree that each Member’s initial Capital Account balance shall be equal to the
value of such Member’s Units, computed as follows:  The value of the
DAL Warrants and DAL Options issued to DJSP will be equal to the valuation
determined for fair value accounting purposes, unless otherwise agreed to by the
Members.  The Series A Preferred Units will be valued at $25 million
in the aggregate.  A Common Unit will have a value equal to the cash
capital contribution made by DJSP minus the value of the DAL Warrants and DAL
Options issued to DJSP, divided by the number of Common Units issued to
DJSP.  The value of a Series B Preferred Unit will be the same as a
Common Unit.

       

        2
Equals number of shares of DJSP Ordinary Shares outstanding.

         

         

        C-1f20f0310ex4xxiii_djsp.htm

    Exhibit 4.23

     

    
      DJSP ENTERPRISES,
INC.

      2009 EQUITY INCENTIVE
PLAN

      CONSULTANT NONQUALIFIED
SHARE OPTION AGREEMENT

      

      Dated:
___________

      (Date of
grant)

      

      TO:           _____________________

      

      Pursuant
to the 2009 Equity Incentive Plan (the “Plan”) of DJSP Enterprises, Inc.
(formerly Chardan 2008 China Acquisition Corp.) (the “Corporation”) and with the
approval of the Compensation Committee (“Committee”) of the Corporation’s Board
of Directors in accordance with the Plan, the Corporation grants you an option
(the “Option”) to purchase _______ Ordinary Shares of the Corporation (the
“Shares”) at $______ per Share, upon the terms and conditions contained in this
Share Option Agreement (the “Agreement”) and in the Plan.  The Option
is intended to be a Nonqualified Stock Option.  The Plan, as amended
from time to time, is made a part of this Agreement and is available upon
request.  Capitalized terms used in this Agreement, but not otherwise
defined in this Agreement, shall have the meanings given them in the
Plan.

      

      1. Right to
Exercise Option.  Unless otherwise indicated in this Agreement,
you may purchase from the Corporation on and after the first anniversary of the
date of grant, one-third (1/3rd) of
the shares covered by the Option, and on each succeeding one year anniversary
thereof may exercise an additional one-third (1/3rd) of
the shares covered by the Option, and on the third anniversary of the date of
grant the Option shall be fully exercisable.  To the extent not
exercised, installments shall accumulate and you may exercise them in whole or
in part in any subsequent period.

      

      2. Expiration.  The
Option will expire (to the extent not previously exercised) on _________________
(the “Expiration Date”), unless terminated earlier in accordance with the Plan
or Section 5.

      

      3. Non-Transferable.  The
Option may not be transferred by you other than by will or by the laws of
descent and distribution or as otherwise provided in the Plan and, during your
lifetime, the Option is exercisable only by you.

      

      4. Change in
Control.  In the event of a
Change in Control, any portion of this Option that is then not exercisable shall
become immediately exercisable.

      

      5. Termination
of Services.  If, prior to the date that this Option first
becomes exercisable, your service with the Corporation or any of its
Subsidiaries shall be terminated for any reason, your right to exercise this
Option shall terminate and all rights hereunder shall cease.  If, on
or after the date that this Option shall first become exercisable, your services
shall be terminated for any reason other than death or Disability, then you
shall have the right to exercise this Option to the extent that it shall have
been exercisable and unexercised on the date of such termination of services, at
any time on or before the earlier of: (i) the expiration date of the Option, or
(ii) three (3) months after the date of such termination of your services,
subject to any other limitation on the exercise of such Option in effect at the
date of exercise.  If, on or after the date that this Option first
becomes exercisable, your services are terminated due to death or Disability,
you or the executor or administrator of your estate (as the case may be) or the
person or persons to whom the Option shall have been transferred by will or by
the laws of descent and distribution, shall have the right to exercise this
Option, at any time on or before the earlier of: (i) the expiration date of the
Option, or (ii) one (1) year from the date of your death or Disability, to the
extent that it was exercisable and unexercised on the date of your death or
Disability, subject to any other limitation on exercise in effect at the date of
exercise.  Your transfer from one corporation to another among the
Corporation and any of its Subsidiaries shall not be a termination of your
services for purposes of this Option.  If you become an employee of
the Corporation or any of its Subsidiaries, then the later of your termination
of services as an employee or consultant to the Corporation or any of its
Subsidiaries shall be treated as a termination of services for purposes of this
Option.

       

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

       

       

      
 

      6. Manner of
Exercise.  The exercise price for Shares upon exercise of the
Option shall be paid in full in cash or by personal check, bank draft or money
order at the time of exercise; provided, however, that in lieu of such form of
payment, subject to the limitations set forth in Section 2.4 of the Plan,
payment may be made by (a) delivery and transfer, in a manner acceptable to the
Corporation's President or his designee in their sole discretion, of Shares
already owned by you; (b) by delivery to the Corporation’s President or his
designee of a properly executed exercise notice, acceptable to the Corporation,
together with irrevocable instructions to your broker to deliver to the
Corporation sufficient cash to pay the exercise price and any applicable income
and employment withholding taxes, in accordance with a written agreement between
the Corporation and the brokerage firm; or (c) any other method permitted in
Section 2.4 of the Plan.  Ordinary Shares surrendered upon exercise
shall be valued at the Stock Exchange closing price for the Ordinary Share on
the day prior to exercise.

      

      7. Rights as
Shareholder.  As the holder of the Option you shall not be, nor
have any of the rights or privileges of, a shareholder of the Corporation in
respect of any Shares unless a certificate or certificates representing such
Shares shall have been issued by the Corporation to you or a book entry
representing such Shares has been made and such Shares have been deposited with
the appropriate registered book-entry custodian.  The Corporation
shall not be liable to you for damages relating to any delay in issuing shares
or a share certificate to you, any loss of a certificate, or any mistakes or
errors in the issuance of Shares or a certificate to you.

      

      8. No
Guarantee of Continued Service. Nothing contained in this Agreement or in
the Plan, nor any action taken by the Corporation or the Committee, shall confer
upon you any right with respect to continuation of your services by or to the
Corporation or any Subsidiary, nor interfere in any way with the right of the
Corporation or any Subsidiary to terminate your services at any
time.

      

      9. Personal
Data.  By entering into this Agreement, you consent to the
disclosure, transfer and/or processing of any relevant personal data in relation
to the administration of the Plan by the Corporation or any third party
authorized by the Corporation to administer the Plan on its behalf, and in
particular such processing as is necessary in relation to your holding and
exercising the Option.

      

      10. Plan
Terms Control.  In the event of a conflict between the Plan and
this Agreement, the terms of the Plan shall control, it being understood that
variations in this Agreement from terms set forth in the Plan shall not be
considered to be in conflict if the Plan permits such variations.

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

      
 

      11. Notices.  Any
notices to be given to the Corporation under the terms of this Agreement shall
be addressed to the Corporation in care of its President, and any notices to you
shall be addressed to you at the address stated in the Corporation’s
records.

      

      12. Compliance
with Securities Laws.  Anything to the contrary herein
notwithstanding, the Corporation's obligation to sell and deliver stock under
the Option is subject to such compliance with federal and state laws, rules and
regulations applying to the authorization, issuance or sale of securities, and
applicable stock exchange requirements, as the Corporation deems necessary or
advisable.

      

      13. Governing
Law.  Except
to the extent governed by applicable federal law, the validity, interpretation,
construction and performance of this Agreement, shall be governed by the laws of
the State of Florida without regard to its conflicts of law rules.

      

      14. Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

      

      15. Complete
Agreement.  This Agreement shall constitute the entire
agreement between the parties hereto and shall supersede all proposals, oral or
written, and all other communications between the parties relating to the
subject matter of this Agreement.

       

      16. Modifications.  The terms of this
Agreement cannot be modified except in writing and signed by each of the parties
hereto.

      

      Very truly yours,

      

      DJSP ENTERPRISES, INC.

      

      By:                                              
 

      Name: David J. Stern

      Its:      President

       

      The above
is agreed to and accepted by:

       

                                                   
                          
Dated: ________________, 2010

      Optionee’s
Signature

      

                                                       

      Optionee’s
Name

     

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      

      NOTICE
OF EXERCISE OF NONQUALIFIED SHARE OPTION

      UNDER
THE

      2009
EQUITY INCENTIVE PLAN

      

      [INSERT
COMPANY ADDRESS]

      Attention:
[Insert Officer]

      

      Dear Sir
or Madam:

      

      A
nonqualified share option was granted to me on               ,             
to purchase            
, Ordinary Shares of DJSP Enterprises, Inc. at a price of $             
 per share.

      

      I hereby
elect to exercise my nonqualified share option with respect to                 
 shares for an aggregate purchase price of $         
.  I hereby elect to pay for such shares as
follows:

      

      Personal
Check                                                                 
$_______

      Cash                                                                                   
$_______

      Bank
Draft                                                                       
  $_______

      Money
Order                                                                     $_______

      Cashless
Exercise                                                             
$_______

      DJSP
Enterprises, Inc. Ordinary
Shares                        
$_______

      

      Total                                                                                 
  $_______

      

      [A
personal check [or cash, bank draft or money order] for the purchase price is
enclosed herewith.]

      

      [Documents
as are required to effect a cashless exercise are enclosed.]

      

      [I hereby
elect to exercise my option with respect to             
 shares through a combination of cash payments and Ordinary Shares
of DJSP Enterprises, Inc.  A personal check for the purchase price to
be paid in cash is enclosed herewith.  Certificates for             
 Ordinary Shares of DJSP Enterprises, Inc. are enclosed herewith,
along with a duly executed stock power in proper form for transfer, with all
signatures properly guaranteed.

      

      

      Optionee                                                                                      
             Dated                                                                          
                          

      
 

       

       4

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