Document:

EXHIBIT 10.2

EXHIBIT 10.2

REAFFIRMATION OF GUARANTY

     The undersigned, as Guarantors under those certain Guaranties dated December 22, 2006
(collectively, the “Guaranty”) to NATIONAL CITY BANK, a national banking association (the
“Bank”) hereby acknowledges, affirms and agrees as follows:

     1. The Guaranty remains in full force and effect.

     2. CTI GROUP (HOLDINGS), INC. (the “Borrower”) has executed a certain Amended and
Restated Revolving Line of Credit Promissory Note dated November 13, 2007 in the principal amount
of Three Million and No/100 Dollars ($3,000,000) and other documents related thereto (collectively,
the “First Loan Modification Documents”), including a Reaffirmation of Guaranty of even
date therewith.

     3. CTI GROUP (HOLDINGS), INC. (the “Borrower”) has executed a certain Acquisition Loan
Promissory Note dated November 18, 2008 in the principal amount of Five Hundred Thousand and No/100
Dollars ($500,000.00) and other documents related thereto (collectively, the “Second Loan
Modification Documents”).

     3. The Bank has modified the Acquisition Loan described in the Second Loan Modification
Documents in reliance, in part, on the execution of this Reaffirmation of Guaranty and the
continued validity of the Guaranty with respect to the indebtedness of Borrower as evidenced by the
Second Loan Modification Documents.

     4. The Guaranty shall also guarantee and secure all of the obligations of Borrower under the
Second Loan Modification Documents and all of the terms of the Guaranty shall relate thereto. All
of the representations and warranties contained in the Guaranty are still true and accurate, and
the execution of the Second Loan Modification Documents shall not affect, impair, discharge or
release any and all existing obligations of the undersigned under the Guaranty.

     5. The undersigned shall not have and hereby waive(s) any right of subrogation to the rights
of Bank against Borrower, and any right to reimbursement or indemnity from Borrower whatsoever and
all rights of recourse to or with respect to any assets or property of Borrower or any other
guarantor or to any security; provided that such rights are waived if and only to the extent that
the existence of such rights results or would result in a preference in bankruptcy and/or a
disgorgement by Bank of amounts paid by Borrower for or with respect to the indebtedness covered by
the Guaranty and this Reaffirmation. The undersigned further agree that any and all existing
claims, setoffs or counterclaims which they may have against Borrower in connection with this
indebtedness or against any other guarantor of all or any part of this indebtedness or against any
of their respective properties, are hereby waived.

     6. The undersigned hereby represent, warrant and agree that there are no offsets,
counterclaims or defenses to the undersigned’s’ obligations under the Guaranty and expressly waive
any and all such offsets, counterclaims and defenses arising out of any acts, transactions or
omissions on the part of Lender, Borrower or any third party. All documents further evidencing

 

 

and securing the obligations of the undersigned under the Guaranty are hereby reaffirmed and
Guarantors acknowledge and agree that all such loan documents constitute legal, valid and binding
instruments, enforceable against the undersigned according to their respective terms. Any and all
liens and security interests of Bank pursuant to such loan documents are duly perfected.

2

 

     EXECUTED this 18 day of November 2008.

	 	 	 	 	 
	 	 	CTI DATA SOLUTIONS (USA), INC,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	CTI BILLING SOLUTIONS, INC,

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	CTI DELAWARE HOLDINGS, INC.

a Delaware corporation
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	CENTILLION DATA SYSTEMS, L.L.C.,

a Delaware limited liability company
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	CTI DATA SOLUTIONS LTD,

a company registered in England
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	CTI GROUP LTD

(formerly CTI Billing Solutions Ltd)

a company registered in England
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO

3

 

	 	 	 	 	 
	 	 	CTI BILLING SOLUTIONS LTD,

(formerly Ryder Systems Ltd)

a company registered in England
	 
	 	 	 	 
	 

	 	By:
	 	/s/ John Birbeck
	 

	 	Its:
	 	CEO
	 
	 	 	 	 
	 	 	FAIRFORD HOLDINGS LTD., BVI

a company registered in the British Virgin Islands
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Bengt Dahl
	 

	 	Its:
	 	Chairman

4<PAGE> 1

             EXHIBIT 10.2: FORM OF RESTRICTED STOCK AWARD AGREEMENT

<PAGE> 2

                                     FORM OF
                        RESTRICTED STOCK AWARD AGREEMENT
            FOR THE DELANCO BANCORP, INC. 2008 EQUITY INCENTIVE PLAN

         This Award Agreement is provided to _______________ (the "Participant")
by Delanco Bancorp, Inc. (the "Company") as of ___________ (the "Grant Date"),
the date the Compensation Committee of the Board of Directors (the "Committee")
awarded the Participant a restricted stock award pursuant to the Delanco
Bancorp, Inc. 2008 Equity Incentive Plan (the "2008 Plan"), subject to the terms
and conditions of the 2008 Plan and this Award Agreement:

         1.       NUMBER OF SHARES SUBJECT
                  TO YOUR RESTRICTED STOCK AWARD:   _________  shares of Common
                                                    Stock  ("Shares"),  subject
                                                    to adjustment as may be
                                                    necessary pursuant to
                                                    Article 10 of the 2008 Plan.

         2.       GRANT DATE:                       _________

         Unless sooner vested in accordance with Section 3 of the Terms and
Conditions (attached hereto) or otherwise in the discretion of the Committee,
the restrictions imposed under Section 2 of the Terms and Conditions will expire
as to the following percentages of the Shares awarded hereunder, on the
following respective dates; provided that the Participant is still employed by
or in service with the Company or any of its subsidiaries:

     Percentage of             Number of Shares
     Shares Vesting               Vesting               Vesting Date
     --------------               -------               ------------
          20%                     _____                     _____
          20%                     _____                     _____
          20%                     _____                     _____
          20%                     _____                     _____
          20%                     _____                     _____

         IN WITNESS WHEREOF, Delanco Bancorp, Inc., acting by and through the
Committee, has caused this Award Agreement to be executed as of the Grant Date
set forth above.

                                     DELANCO BANCORP, INC.

                                     By:
                                         ---------------------------------------
                                         On behalf of the Compensation Committee

ACCEPTED BY PARTICIPANT:

---------------------------
[Name]

---------------------------
Date

<PAGE> 3
TERMS AND CONDITIONS

1.       GRANT OF SHARES. The Grant Date and number of Shares underlying your
         Restricted Stock Award are stated on page 1 of this Award Agreement.
         Capitalized terms used herein and not otherwise defined shall have the
         meanings assigned to such terms in the 2008 Plan.

2.       RESTRICTIONS. The unvested Shares underlying your Restricted Stock
         Award (the "Restricted Shares") are subject to the following
         restrictions until they expire or terminate.

        (a)     Restricted Shares may not be sold, transferred, exchanged,
                assigned, pledged, hypothecated or otherwise encumbered.

        (b)     If your employment or service with the Company or any Affiliate
                terminates for any reason other than as set forth in paragraph
                (b) of Section 3 hereof, then you will forfeit all of your
                rights, title and interest in and to the Restricted Shares as of
                the date of termination, and the Restricted Shares shall revert
                to the Company under the terms of the 2008 Plan.

        (c)     Restricted Shares are subject to the vesting schedule set forth
                on page 1 of this Award Agreement.

3.       EXPIRATION AND TERMINATION OF RESTRICTIONS. The restrictions imposed
         under Section 2 will expire on the earliest to occur of the following
         (the period prior to such expiration being referred to herein as the
         "Restricted Period"):

        (a)     As to the percentages of the Shares specified in the vesting
                schedule on page 1 of this Award Agreement, on the respective
                dates specified in the vesting schedule on page 1; provided you
                are then still employed by or in the service of the Company or
                an Affiliate; or

        (b)     Upon termination of your employment by reason of death or
                Disability; or

        (c)     Upon a Change in Control (as defined in the 2008 Plan).

4.       DELIVERY OF SHARES. Once the Shares are vested (see vesting schedule on
         page 1), the Shares (and accumulated dividends and earnings, if any)
         will be distributed in accordance with your instructions.

5.       VOTING AND DIVIDEND RIGHTS. As beneficial owner of the Shares, you have
         full voting and dividend rights with respect to the Shares during and
         after the Restricted Period. If you forfeit your rights under this
         Award Agreement in accordance with Section 2, you will no longer have
         any rights as a shareholder with respect to the Restricted Shares and
         you will no longer be entitled to receive dividends on the Shares.

6.       CHANGES IN CAPITAL STRUCTURE. Upon the occurrence of a corporate event
         (including, without limitation, any stock dividend, stock split,
         extraordinary cash dividend, recapitalization, reorganization, merger,
         consolidation, split-up, spin-off, combination or exchange of shares),
         your award will be adjusted as necessary to preserve the benefits or
         potential benefits of the award. Without limiting the above, in the
         event of a subdivision of the outstanding Stock (stock-split), a
         declaration of a dividend payable in Stock, or a combination or
         consolidation of the

                                       1
<PAGE> 4
         outstanding Stock into a lesser number of Shares, the Shares subject to
         this Award Agreement will automatically be adjusted proportionately.

7.       NO RIGHT OF CONTINUED EMPLOYMENT. Nothing in this Award Agreement will
         interfere with or limit in any way the right of the Company or any
         Affiliate to terminate your employment or service at any time, nor
         confer upon you any right to continue in the employ or service of the
         Company or any Affiliate.

8.       PAYMENT OF TAXES. You may make an election to be taxed upon your
         Restricted Stock Award under Section 83(b) of the Code within 30 days
         of the Grant Date. If you do not make an 83(b) Election, upon vesting
         of the Restricted Stock Award the Committee is entitled to require as a
         condition of delivery: (i) that you remit an amount sufficient to
         satisfy any and all federal, state and local (if any) tax withholding
         requirements and employment taxes (I.E., FICA and FUTA), (ii) that the
         withholding of such sums come from compensation otherwise due to you or
         from Shares due to you under the 2008 Plan, or (iii) any combination of
         the foregoing. Any withholding shall comply with Rule 16b-3 or any
         amendments or successive rules. OUTSIDE DIRECTORS OF THE COMPANY ARE
         SELF-EMPLOYED AND NOT SUBJECT TO TAX WITHHOLDING.

9.       PLAN CONTROLS. The terms contained in the 2008 Plan are incorporated
         into and made a part of this Award Agreement and this Award Agreement
         shall be governed by and construed in accordance with the 2008 Plan. In
         the event of any actual or alleged conflict between the provisions of
         the Plan and the provisions of this Agreement, the provisions of the
         Plan will control.

10.      SEVERABILITY. If any one or more of the provisions contained in this
         Agreement is deemed to be invalid, illegal or unenforceable, the other
         provisions of this Agreement will be construed and enforced as if the
         invalid, illegal or unenforceable provision had never been included in
         this Agreement.

11.      NOTICE. Notices and communications under this Agreement must be in
         writing and either personally delivered or sent by registered or
         certified United States mail, return receipt requested, postage
         prepaid. Notices to the Company must be addressed to:

                           Delanco Bancorp, Inc.
                           615 Burlington Avenue
                           Delanco, New Jersey 08075

         or any other address designated by the Company in a written notice to
         you. Notices to you will be directed to your address as then currently
         on file with the Company, or at any other address that you provide in a
         written notice to the Company.

12.      SUCCESSORS. This Award Agreement shall be binding upon any successor of
         the Company, in accordance with the terms of this Award Agreement and
         the 2008 Plan.

                                       2

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