Document:

Exhibit
10.2

 

PROMISSORY NOTE

 

	$10,000,000.00	 	Date: March 23, 2016

 

PROMISE TO PAY.
For value received, MAJESCO, a California corporation (“Borrower”), promises to pay to the order of HSBC BANK
USA, NATIONAL ASSOCIATION, a national banking association (“Lender”), Ten Million and 00/100 Dollars ($10,000,000.00)
or so much of said sum as has been advanced and is then outstanding under this Note, together with interest thereon as hereinafter
set forth. Subject to the terms and conditions set forth in this Note and the Loan Agreement (as hereinafter defined), principal
advances under this Note shall be available and repayments may be made from the date hereof until May 23, 2016 (hereinafter, the
“Draw Period”).

 

Interest shall be payable
as set forth hereinafter in this Note. In addition, commencing January 1, 2018, and on each January 1 and July 1 thereafter, installments
of principal in the amount of One Million Six Hundred Sixty Six Thousand Six Hundred Sixty Six and 67/100 Dollars shall be due
and payable semi-annually, and all principal and interest outstanding under this Note shall be due and payable on March 1, 2021
(“Due Date”). PRINCIPAL AMOUNTS ADVANCED UNDER THIS NOTE AND REPAID MAY NOT BE REBORROWED.

 

All payments under this Note
shall be made, without setoff, deduction, or counterclaim, at Lender’s office at 4th Floor, 452 Fifth Ave., New
York, New York 10018, or at such other address as Lender may designate in writing. Payments due and payable on a day on which Lender
is not open for business are due on the next succeeding business day. Payments will be applied (at Lender’s option) first
to any unpaid fees or charges under this Note, then to accrued interest, and then to principal. Lender’s acceptance of a
payment that is less than the amount then due does not waive Lender’s right to receive the full amount due.

 

INTEREST. The
outstanding principal balance of this Note will bear interest until the Due Date (whether by acceleration or otherwise) during
each Interest Period under this Note at the LIBOR Rate in effect for that Interest Period plus the Applicable Margin in effect
on the first day of the relevant Interest Period (the “LIBOR-based Rate”), except at any time when interest
shall be determined at the Prime-based Rate as further provided herein.

 

Subject to the provisions
herein regarding Interest Periods and the prior notice required for the selection of a LIBOR interest rate, (i) at any time any
portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Interest
Period applicable thereto so that all or a portion thereof bears interest determined in relation to LIBOR for a new Interest Period
designated by Borrower, and (ii) at the time an advance is made hereunder, Borrower may choose to have all or a portion thereof
bear interest determined in relation to LIBOR for an Interest Period designated by Borrower.

 

To select a LIBOR interest
rate option hereunder, Borrower shall give Lender notice thereof that is received by Lender prior to 11:00 a.m. New York time on
a New York Banking Day at least two (2) New York Banking Days prior to the first day of the Interest Period, or at a later time
during such New York Banking Day if Lender, at its sole discretion, accepts Borrower’s notice and quotes a fixed rate to
Borrower. Such notice shall specify: (A) the interest rate option selected by Borrower, (B) the principal amount subject thereto,
and (C) for each LIBOR selection, the length of the applicable Interest Period. If Lender has not received such notice in accordance
with the foregoing before an advance is made hereunder or before the end of any Interest Period, Borrower shall be deemed to have
selected an Interest Period of one (1) month for such advance or the principal amount to which such Interest Period applied. Any
such notice may be given by telephone (or such other electronic method as Lender may permit) so long as it is given in accordance
with the foregoing and, with respect to each LIBOR selection, if requested by Lender, Borrower provides to Lender written confirmation
thereof not later than three (3) New York Banking Days after such notice is given. Borrower shall reimburse Lender immediately
upon demand for any loss or expense (including any loss or expense incurred by reason of the liquidation or redeployment of funds
obtained to fund or maintain a LIBOR borrowing) incurred by Lender as a result of the failure of Borrower to accept or complete
a LIBOR borrowing hereunder after making a request therefor. Any reasonable determination of such amounts by Lender shall be conclusive
and binding upon Borrower.

 

Interest accrued on this
Note shall be payable on the last day of each Interest Period and, in the case of Interest Periods of six (6) months, three (3)
months after the beginning of each such Interest Period.

 

Interest will be computed
on the basis of the actual number of days elapsed and a year consisting of 360 days. On the Due Date or, if earlier, when an Event
of Default occurs, whether or not Lender has demanded payment in full, the interest rate shall be two percent (2.00%) per annum
above the rate otherwise in effect.  In no event shall the interest rate exceed the maximum rate allowed by law. Any interest
payment which would be deemed unlawful for any reason under applicable law shall be applied to the outstanding principal balance
of this Note.

 

LATE PAYMENT CHARGE.
If any payment under this Note is not received by Lender within ten (10) days of the date when due, a late charge of five percent
(5.00%) of the payment amount (and any related escrow payment) will be due. Borrower agrees that the late charge is a reasonable
estimate of the administrative costs which Lender will incur in processing the delinquency. Lender’s acceptance of a late
payment and/or of the late charge will not waive any default under this Note or affect the acceleration of this Note (if this Note
has been accelerated).

 

     

     

    

 

PREPAYMENT.
At its option and upon prior written notice to the Lender, Borrower may prepay any portion of the principal amount of this Note
in whole or in part from time to time without premium or penalty, but with accrued interest on the principal being prepaid to the
date of such repayment; provided, however, that such principal portion may be prepaid (i) only on the last Banking Day of the then
current Interest Period when the principal balance of this Note is bearing interest at the LIBOR-based rate, and (ii) at any time
when the principal balance of this Note is bearing interest at the Prime-based Rate.

 

If any prepayment of any
portion of the principal amount of this Note is required or permitted on a date other than the last Banking Day of the then current
Interest Period, then so long as this Note has not become due and payable in accordance with its terms, the Borrower shall have
the right to prepay all, but not less than all, of such principal portion, provided that Borrower shall pay to the Lender concurrently
with such prepayment a Yield Maintenance Fee in an amount computed as follows: The current rate for United States Treasury securities
(bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the maturity date of the
term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds”
component of such principal portion at the time of prepayment. If the result is zero or a negative number, there shall be no Yield
Maintenance Fee payable. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of
the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining
in the term chosen pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present
value calculated by using the number of days remaining in the designated term and using the above-referenced United States Treasury
security rate and the number of days remaining in the designated term chosen pursuant to the Interest Period as to which the prepayment
is made. The resulting amount shall be the Yield Maintenance Fee due to the Lender upon prepayment of such principal portion. If
this Note shall become due and payable for any reason, then any Yield Maintenance Fee with respect to the Note shall become due
and payable in the same manner as though the Borrower had exercised its right of prepayment. Borrower recognizes that the Lender
will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of prepayment
of all or part of this Note and that the Yield Maintenance Fee compensates the Lender for such costs and expenses. Borrower acknowledges
that the Yield Maintenance Fee is bargained-for consideration and not a penalty.

 

All prepayments of any portion
of the principal amount of this Note shall be applied first to fees and expenses then due hereunder, then to interest on the unpaid
principal balance accrued to the date of prepayment and last to the principal balance then due hereunder.

 

CHANGE IN LAW.
If any Change in Law shall make it unlawful or impossible for the Lender to make or maintain the outstanding principal amount of
this Note with interest based upon the LIBOR Rate, Lender shall forthwith give notice thereof to Borrower. Thereafter, until Lender
notifies Borrower that such conditions or circumstances no longer exist, the Prime-based Rate shall be the applicable interest
rate for all Indebtedness hereunder during such period of time.

 

If any Change in Law shall
(a) subject Lender to any tax, duty or other charge with respect to this Note or any Indebtedness hereunder, or shall change the
basis of taxation of payments to Lender of the principal of or interest under this Note or any other amounts due under this Note
in respect thereof (except for changes in the rate of tax on the overall net income of Lender imposed by the jurisdiction in which
Lender’s principal executive office); or (b) impose, modify or deem applicable any reserve (including, without limitation,
any imposed by the Board of Governors of the Federal Reserve System), special deposit or similar requirement against assets of,
deposits with or for the account of, or credit extended by Lender, or shall impose on or the foreign exchange and interbank markets
any other condition affecting this Note or the Indebtedness hereunder; and the result of any of the foregoing is to increase the
cost to Lender of maintaining any part of the Indebtedness hereunder or to reduce the amount of any sum received or receivable
by Lender under this Note by an amount deemed by the Lender to be material, then Borrower shall pay to Lender, within fifteen (15)
days of Borrower’s receipt of written notice from Lender demanding such compensation, such additional amount or amounts as
will compensate Lender for such increased cost or reduction. A certificate of Lender, prepared in good faith and in reasonable
detail by Lender and submitted by Lender to Borrower, setting forth the basis for determining such additional amount or amounts
necessary to compensate Lender shall be conclusive and binding for all purposes, absent manifest error.

 

In the event that any Change
in Law affects or would affect the amount of capital required or expected to be maintained by Lender (or any corporation controlling
Lender), and Lender determines that the amount of such capital is increased by or based upon the existence of any obligations of
Lender hereunder or the maintaining of any Indebtedness hereunder, and such increase has the effect of reducing the rate of return
on Lender’s (or such controlling corporation’s) capital as a consequence of such obligations or the maintaining of
such Indebtedness hereunder to a level below that which Lender (or such controlling corporation) could have achieved but for such
circumstances (taking into consideration its policies with respect to capital adequacy), then Borrower shall pay to Lender, within
fifteen (15) days of Borrower’s receipt of written notice from Lender demanding such compensation, additional amounts as
are sufficient to compensate Lender (or such controlling corporation) for any increase in the amount of capital and reduced rate
of return which Lender reasonably determines to be allocable to the existence of any obligations of the Lender hereunder or to
maintaining any Indebtedness hereunder. A certificate of Lender as to the amount of such compensation, prepared in good faith and
in reasonable detail by the Lender and submitted by Lender to Borrower, shall be conclusive and binding for all purposes absent
manifest error.

 

    - 2 -

     

    

 

DEFAULT. Any of the following
events shall, for purposes of this Note, constitute an “Event of Default”: (a) Borrower fails to pay any amount
owing on the present or future indebtedness or liability of Borrower to Lender, whether joint or several, contingent or absolute
(collectively, “Indebtedness”) when due, whether by maturity, acceleration, mandatory prepayment or otherwise;
(b) Borrower or any guarantor of all or any part of the Indebtedness fails to comply with, or violates any of the terms, provisions,
warranties or covenants of this Note or any other agreement or commitment between Borrower or that guarantor and Lender beyond
any grace period applicable thereto; (c) any guarantor, pledgor, or subordinating creditor terminates or violates any agreement
made with respect to the Indebtedness; (d) the holder of any lien on the Collateral institutes foreclosure or other proceedings
or exercises any remedial rights against the Collateral; (e)  Borrower or any guarantor becomes insolvent or unable to pay
its debts as they come due, ceases doing business or commences liquidation, dissolution or winding up of its business; (f) any
representation, certificate, financial statement or other information made or furnished to Lender by Borrower or any other party
proves to be incorrect in any material respect or materially misleading when made or furnished; (g) bankruptcy, reorganization,
arrangement, insolvency, assignment for the benefit of creditors, or other similar proceedings (“Insolvency Proceedings”)
are instituted by or against Borrower or any guarantor; or a receiver, custodian or trustee is appointed for Borrower or any guarantor,
or over any substantial portion of either’s assets or any of the Collateral; (h) there is any loss, theft, damage or
destruction to any substantial portion of the Collateral, unless insured as required under any other agreement with Lender; (i)
any judgment in excess of $100,000 is entered against Borrower or any guarantor, unless action on the judgment is validly stayed,
or any attachment, execution, seizure, sequestration, levy, garnishment, distress warrant, or similar judicial process is issued
or filed against Borrower or any guarantor or over any substantial portion of either’s assets or any of the Collateral unless
action on such process is validly stayed; provided however, that any such judgment or similar judicial process issued, shall not
give rise to an Event of Default under this subsection if and for so long as (a) the amount of such judgment or similar judicial
process issued is covered by a valid and binding policy of insurance between the defendant and the insurer covering payment thereof
and (b) such insurer has been notified, and has not disputed the claim made for payment, of the amount of such judgment or similar
judicial process issued; (j)  Borrower or any guarantor (1) sells, leases, or otherwise disposes of all or any substantial
portion of its assets or property to any entity other than a guarantor of the Indebtedness, (2) if a natural person, dies or becomes
incompetent, or (3) if an entity, dissolves, merges, consolidates, or otherwise terminates its existence; (k) Borrower or any guarantor
fails to pay when due any indebtedness (other than to Lender) or to perform or materially comply with any term, covenant or condition
in any document evidencing, securing or relating to such indebtedness; (l) HSBC India (as defined in the Loan Agreement) requests
cancellation of the HSBC India L/C (as defined in the Loan Agreement); (m) Majesco Ltd. fails to pay when due any indebtedness
to Lender, HSBC India or any other affiliate of Lender or to perform or comply with any term, covenant or condition in any document
evidencing, securing or relating to such indebtedness; or (n) there is a material adverse change in the existing or prospective
business, assets, financial condition or worth of Borrower, any guarantor or the Collateral.

 

REMEDIES. If an Insolvency Proceeding
occurs, all of the Indebtedness (including this Note) shall be immediately due and payable. If any other Event of Default occurs,
Lender may declare all or any part of the Indebtedness (including this Note) immediately due and payable. If this Note is not paid
at the Due Date (whether by acceleration or otherwise), Lender shall have all of the rights and remedies provided at law or equity
or by agreement, including, without limit, the right to sell or liquidate all or any part of the Collateral or offset or apply
against the Indebtedness any account balance or other deposit. The remedies of Lender are cumulative and not exclusive. No delay
by Lender in the exercise of any right or remedy shall operate as a waiver. No single or partial exercise by Lender of any right
or remedy shall preclude any future exercise of such right or remedy or the exercise of any other right or remedy. No waiver or
indulgence by Lender of any default or Event of Default shall be effective unless in writing and signed by Lender, nor shall a
waiver on one occasion be construed as a bar to any right or remedy, or waiver of any default or Event of Default on any future
occasion.

 

WAIVER. Borrower, and all guarantors
and endorsers, and any other party liable for the Indebtedness evidenced by this Note: (i) severally waive presentment, demand,
protest, notice of dishonor, notice of non-payment and notice of acceleration of this Note, and (ii) agree that no extension
or postponement of the time for payment, or waiver, indulgence or forbearance granted to Borrower, without limit as to number or
period, or any modification of this Note, or any substitution, exchange or release of any part of the Collateral, or addition of
any party to this Note, or release or discharge of, or suspension of any rights and remedies against, any party liable on this
Note, shall reduce or affect the obligation of any other party liable for the payment of this Note.

 

REIMBURSEMENT OF EXPENSES. Borrower
shall reimburse Lender for all costs and expenses, including reasonable attorneys’ fees, incurred by Lender in enforcing
its rights under this Note, including without limitation, those incurred in any bankruptcy, reorganization, insolvency or other
similar proceeding. Any reference in this Note to attorneys’ fees shall mean reasonable fees, charges, costs and expenses
of both in-house and outside counsel and paralegals, whether or not a suit or proceeding is instituted, and whether incurred at
the trial court level, on appeal, in a bankruptcy, administrative or probate proceeding, in consultation with counsel, or otherwise.

 

REINSTATEMENT. If at any time
Lender is required, for any reason, to repay or transfer all or any part of any payment or transfer received by Lender in connection
with the Indebtedness to any trustee, receiver or other person, then this Note shall continue to be effective or shall be reinstated,
as the case may be, regardless of any cancellation of this Note or any other

 

    - 3 -

     

    

 

document, and to the extent of any such repayment
or transfer, the Indebtedness shall be correspondingly revived and continuing as if no payment or transfer had been received by
Lender.

 

EXAMINATION OF RECORDS. Borrower
shall at all times keep full and accurate records of its business and of the Collateral, which records shall be open to inspection
and copying by Lender during normal business hours upon reasonable (but no less than five (5) days) prior written notice to Borrower.

 

BORROWER’S REPRESENTATIONS.
Borrower represents that: (a) execution, delivery and performance of this Note do not violate any law, conflict with any
agreement by which it is bound, or require the consent or approval of any governmental authority or third party; (b) this
Note is valid, binding and enforceable according to its terms; (c) that all financial and other information furnished to Lender
are accurate and fairly reflect the financial condition of the organization and persons to which they apply on their effective
dates, including contingent liabilities of every type, which financial condition has not changed materially or adversely since
those dates, and (d) this Note evidences a loan for a business, commercial, or agricultural enterprise purpose, and no advance
shall be used for any personal, family or household purpose. Borrower, if not a natural person, further represents that (a) it
is duly organized, existing and in good standing pursuant to the laws under which it is organized; and (b) the execution,
delivery and performance of this Note (i) are within its powers and have been duly authorized by all necessary action of its
governing body, and (ii) do not contravene the terms of the documents and instruments governing its organization and affairs.

 

LOAN AGREEMENT. The provisions
of the Loan Agreement, dated March 23, 2016, between Borrower and Lender, and all amendments, restatements and replacements thereof
(“Loan Agreement”), shall apply to the loan evidenced by this Note, to the extent not expressly inconsistent with the
provisions of this Note, the same as if they were fully set forth in this Note.

 

PARTICIPATIONS. Borrower agrees
that Lender has the right to sell, assign, or grant participations or any interest in, any or all of the Indebtedness, and that,
in connection with this right, but without limiting its ability to make other disclosures to the full extent allowable, Lender
may disclose all documents and information which Lender now or later has relating to Borrower or the Indebtedness subject to the
confidentiality provision set forth in the following paragraph of this Note.

 

CONFIDENTIALITY. Lender agrees
(on behalf of itself and each of its affiliates, directors, officers, employees and representatives) to keep confidential, in accordance
with its customary procedures for handling confidential information of this nature and in accordance with safe and sound practices
of comparable commercial finance companies, any non-public information supplied to it by Borrower pursuant to this Agreement or
the other Loan Documents which is identified by Borrower as being confidential at the time the same is delivered to Lender (and
which at the time is not, and does not thereafter become, publicly available or available to Lender from another source not known
to be subject to a confidentiality obligation not to disclose such information), provided that nothing herein shall limit the disclosure
of any such information (i) to the extent required by statute, rule, regulation or judicial process, (ii) to counsel for the Lender,
(iii) to examiners, auditors, accountants, (iv) in connection with any litigation to which the Lender is a party or (v) to any
assignee (or prospective assignee) so long as such assignee (or prospective assignee) first agrees, in writing, to be bound by
confidentiality provisions similar in substance to this Section 10.13. Lender agrees that, upon receipt of a request or identification
of the requirement for disclosure pursuant to clause (iv) hereof, it will make reasonable efforts to keep the Borrowers informed
of such request or identification; provided that Borrower acknowledges that the Lender may make disclosure as required or requested
by any governmental or quasi-governmental authority or body (or any agency, instrumentality or political subdivision thereof) or
representative thereof and that the Lender may be subject to review by regulatory agencies and may be required to provide to, or
otherwise make available for review by, the representatives of such parties or agencies any such non-public information.

 

MISCELLANEOUS. The terms of this
Note may only be changed in writing, executed by Borrower and a duly authorized officer of Lender. Borrower, if more than one,
shall be jointly and severally liable, and the term “Borrower” shall mean any one or more of them. This Note
binds Borrower’s heirs, personal representatives, successors and assigns. This Note, and all matters arising from this Note
including, but not limited to, provisions related to loan charges, are governed by federal law and, to the extent not preempted
by federal law, by the substantive law of the State of New York without regard to conflicts of law principles.

 

For the purposes of this Note, the following
terms have the following meanings:

 

“Applicable Margin”
shall mean, (i) one and twenty-five hundredths percent (1.25%) per annum, (ii) one and fifteen-hundredths percent (1.15%) per annum
beginning on the Banking Day after Lender receives Tax Treaty Documentation (as defined in the Loan Agreement) satisfactory to
Lender until the earlier of (A) September 23, 2016, (B) the Banking Day when all of the cash pledged by Majesco Ltd. to secure
the HSBC India L/C (as defined in the Loan Agreement) is replaced by marketable securities, (C) the Banking Day that Lender determines
that a tax treaty between India and the United States no longer applies or that the applicable withholding rate thereunder is greater
than 15% or (D) the Banking Day that Lender becomes aware that the IRS has objected to or challenged the reduced withholding rate
of 15% and (iii) one and twenty-five hundredths percent (1.25%) per annum thereafter.

 

“Banking Day”
shall mean a New York Banking Day, and, in respect of notices and determinations relating to the LIBOR Rate, also a London Banking
Day.

 

    - 4 -

     

    

 

“Change in Law”
shall mean the occurrence, after the date hereof, of any of the following: (i) the adoption or introduction of, or any change in
any applicable law, treaty, rule or regulation (whether domestic or foreign) now or hereafter in effect and whether or not applicable
to Lender on such date, or (ii) any change in interpretation, administration or implementation thereof of any such law, treaty,
rule or regulation by any Governmental Authority, or (iii) the issuance, making or implementation by any Governmental Authority
of any interpretation, administration, request, regulation, guideline, or directive (whether or not having the force of law), including
any, risk-based capital guidelines. For purposes of this definition, (x) a change in law, treaty, rule, regulation, interpretation,
administration or implementation shall include, without limitation, any change made or which becomes effective on the basis of
a law, treaty, rule, regulation, interpretation administration or implementation then in force, the effective date of which change
is delayed by the terms of such law, treaty, rule, regulation, interpretation, administration or implementation, and (y) the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Pub. L. 111-203, H.R. 4173) and all requests, rules, regulations, guidelines,
interpretations or directives promulgated thereunder or issued in connection therewith shall be deemed to be a “Change in
Law” , regardless of the date enacted, adopted, issued or promulgated, whether before or after the date hereof, and (z) all
requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking
Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel
III, shall each be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“Governmental Authority”
means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without
limitation, any supranational bodies such as the European Union or the European Central Bank).

 

“Interest Period”
shall mean a period commencing on a New York Banking Day and continuing for one (1), two (2), three (3) or six (6) months, as designated
by Borrower, during which all or a portion of the outstanding principal balance of this Note bears interest determined in relation
to LIBOR; provided however, that (i) no Interest Period may be selected for a principal amount less than Two Hundred Fifty Thousand
and 00/100 Dollars ($250,000.00), (ii) if the day after the end of any Interest Period is not a New York Banking Day (so that a
new Interest Period could not be selected by Borrower to start on such day), then such Interest Period shall continue up to, but
shall not include, the next New York Banking Day after the end of such Interest Period, unless the result of such extension would
be to cause any immediately following Interest Period to begin in the next calendar month in which event the Interest Period shall
continue up to, but shall not include, the New York Banking Day immediately preceding the last day of such Interest Period, and
(iii) no Interest Period shall extend beyond the scheduled maturity date hereof.

 

“LIBOR Rate”
shall mean for each Interest Period, the London interbank offered rate administered by ICE Benchmark Administration Limited (or
any other successor thereto which takes over administration of such rate) appearing on Bloomberg Page BBAM1 screen (or on any successor
or substitute page of such Bloomberg screen providing rate quotations comparable to those currently provided on such page of such
Bloomberg screen, as determined by Lender from time to time for purposes of providing quotations of interest rates applicable to
United States Dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two Banking Days prior
to the first day of such Interest Period, as the rate for the offering of United States Dollar deposits with a maturity comparable
to the Interest Period.

 

“London Banking Day” shall
mean any day on which dealings in dollar deposits are also carried on in the London interbank market and on which banks are open
for business in London, England.

 

“New York Banking Day” shall
mean any day, other than a Saturday, Sunday or any other day designated as a holiday under Federal or applicable State statute
or regulation, on which Lender is open for all or substantially all of its domestic and international business (including dealings
in foreign exchange) in New York, New York.

 

“Prime Rate” shall mean
the per annum interest rate established by Lender as its prime rate for its borrowers, as such rate may vary from time to time,
which rate is not necessarily the lowest rate on loans made by Lender at any such time.

 

“Prime-based Rate” shall
mean a per annum interest rate which is equal to the Prime Rate plus 1.00%.

 

WAIVER OF JURY TRIAL. BORROWER AND
LENDER ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING
(OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT,
WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED
TO, THIS NOTE OR THE INDEBTEDNESS. 

 

THE MAXIMUM INTEREST RATE SHALL NOT EXCEED
THE HIGHEST APPLICABLE USURY CEILING.

 

NOTICE: THIS NOTE CONTAINS PROVISIONS FOR A
VARIABLE INTEREST RATE WHICH MAY RESULT IN INCREASES IN THE INTEREST RATE AND IN THE MONTHLY INSTALLMENTS.

 

    - 5 -

     

    

 

[Signature Page Follows]

 

    - 6 -

     

    

  

[Signature Page to $10,000,000 Promissory Note
dated March 23, 2016, payable to HSBC Bank USA, National Association]

 

	Borrower’s Address:	MAJESCO
	 	 	 
	412 Mt. Kemble Avenue, Suite 110C	By:	/s/ Ketan Mehta
	Morristown, New Jersey 07960	Name:	Ketan Mehta
	 	Title:	President

 

    - 7 -Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (this “Agreement”) is made and entered into as of [DATE] by and between Legacy Education Alliance,
Inc., a Nevada corporation (the “Company”), and the undersigned individual (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly
competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are
provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board
of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified
individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons
serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary
and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more
exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would
have been brought only against the Company or business enterprise itself. The Amended and Restated Certificate of Incorporation
of the Company (the “Certificate”) and the By-laws of the Company (the “By-laws”)
require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant
to Nevada Revised Statutes (“NRS”). The Certificate, the By-laws and the NRS expressly provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company
and members of the Board with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by law so that they will serve or continue to serve the Company free from undue concern
that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Certificate and the By-laws and any resolutions adopted pursuant thereto, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee does
not regard the protection available under the Certificate, the By-laws or insurance as adequate in the present circumstances,
and may not be willing to serve as an officer or director, or in any similar capacity, without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified.

 

     

     

    

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as a director of the Company after the date hereof, the parties hereto
agree as follows:

 

1.            Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent not prohibited
by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof:

 

(a)               
Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his Corporate Status
(as hereinafter defined), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter
defined) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified
against all Expenses (as hereinafter defined), liability and loss (including judgments, fines, ERISA excise taxes or penalties,
amounts paid or to be paid in settlement, and any interest, assessments, or other charges imposed on any such amounts, and any
federal, state, local, or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement) (collectively, “Liabilities”) actually and reasonably incurred by him, or on his behalf, in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the interests of the Company and with respect to any criminal Proceeding, had no
reasonable cause to believe Indemnitee’s conduct was unlawful, it being acknowledged that any action taken by the Indemnitee
upon the advice of counsel shall provide a rebuttable presumption that such action was not opposed to the interests of the Company
or that Indemnitee had no reasonable cause to believe his conduct was unlawful.

 

(b)              
Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate
Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the
Company. Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually incurred by Indemnitee,
or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith; provided, however, if applicable
law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding
as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that a court of competent
jurisdiction (the “Court”) shall determine that such indemnification may be made.

 

(c)               
Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party
to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent not prohibited
by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf
in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise,
as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against
all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue
or matter. For purposes of this Section 1 and without limitation, the termination of any claim, issue or matter in such a
Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

(d)              
If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of
Expenses and Liabilities, but not, however, for the total amount thereof, the Company shall nevertheless indemnify the Indemnitee
for the portion thereof to which the Indemnitee is entitled.

 

    	 	2	 

     

    

 

2.            Additional Indemnity.

 

(a)               In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, the Company shall
and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement
actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made,
a party to or participant in any Proceeding (including, without limitation, a Proceeding by or in the right of the Company), including,
without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.

 

(b)               In addition to, and without regard to any limitations on, the indemnification provided for in Section 1, in the event that
the Company provides rights to any person by reason of their Corporate Status or otherwise incurs a similar indemnification obligation
to any individual or entity that provides any greater rights to such indemnified individual or entity than the rights provided
to Indemnitee, then without any further action by any party to this Agreement, the Indemnitee shall be provided such greater rights.

 

(c)               The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Sections 6 and 7) to be unlawful.

 

3.           
Contribution.

 

(a)               Whether or not the indemnification provided in Sections 1 or 2 is available, in respect of any threatened, pending or completed
action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit
or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right
of contribution it may have against Indemnitee. The Company shall not enter into any settlement of any action, suit or proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless (i) such
settlement provides for a full and final release of all claims asserted against Indemnitee, or (ii) the Indemnitee engaged in willful
misconduct that violates applicable law or gross negligence, or (iii) the Indemnity consents to such settlement.

 

(b)              
Without diminishing or impairing the obligations of the Company set forth in Section 3(b), if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action,
suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding),
the Company shall contribute to the amount of expenses (including, without limitation, attorneys’ fees and disbursements),
judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion
to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee,
on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion
determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to
the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly
liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other
hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other
equitable considerations which the Law may require to be considered. The relative fault of the Company and all officers, directors
or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things,
the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability
is primary or secondary and the degree to which their conduct is active or passive.

 

    	 	3	 

     

    

 

(c)               
The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought
by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)              
To the fullest extent not prohibited under law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and
Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of
the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.            Indemnification for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified
against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

5.            Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or
on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status, including without
limitation, any retainers or similar payments or deposits, within thirty (30) days after the receipt by the Company of a
statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and
shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if
it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free.

 

6.            Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure
for Indemnitee rights of indemnity that are as favorable as may be permitted under the NRS and public policy of the State of Nevada.
Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether
Indemnitee is entitled to indemnification under this Agreement:

 

(a)               
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt
of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)              
Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a), a determination, if
required by law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following
four methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors, even though less
than a quorum, (2) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even
though less than a quorum, (3), if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent
Legal Counsel (as defined below) in written advice to the Board, a copy of which shall be delivered to Indemnitee, or (4) if so
directed by the Board, by the stockholders of the Company.

 

    	 	4	 

     

    

 

(c)               
If the determination of entitlement to indemnification is to be made by Independent Legal Counsel pursuant to Section 6(b),
the Independent Legal Counsel shall be selected as provided in this Section 6(c). The Independent Legal Counsel shall be selected
by the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to
the Company, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Legal Counsel so selected does not meet the requirements of “Independent Legal Counsel”
as defined in Section 13, and the objection shall set forth with particularity the factual basis of such assertion. Absent
a proper and timely objection, the person so selected shall act as Independent Legal Counsel. If a written objection is made and
substantiated, the Independent Legal Counsel selected may not serve as Independent Legal Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee
of a written request for indemnification pursuant to Section 6(a), no Independent Legal Counsel shall have been selected and
not objected to, either the Company or Indemnitee may petition the Court or other court of competent jurisdiction for resolution
of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Legal Counsel and/or
for the appointment as Independent Legal Counsel of a person selected by the court or by such other person as the court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Legal Counsel
under Section 6(b). The Company shall pay any and all reasonable fees and expenses of Independent Legal Counsel incurred by
such Independent Legal Counsel in connection with acting pursuant to Section 6(b), and the Company shall pay all reasonable
fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Legal
Counsel was selected or appointed.

 

(d)              
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this
presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of
the Company (including, without limitation, by its directors or Independent Legal Counsel) to have made a determination prior to
the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including, without limitation, by its directors
or Independent Legal Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action
or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)               
Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account
of the Enterprise, including, without limitation, financial statements, or on information supplied to Indemnitee by the officers
of the Enterprise (as hereinafter defined) in the course of their duties, or on the advice of legal counsel for the Enterprise
or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser
or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act,
of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied,
it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of
proof and the burden of persuasion by clear and convincing evidence.

 

    	 	5	 

     

    

 

(f)               
If the person, persons or entity empowered or selected under this Section 6 to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor,
the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled
to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed
an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification
in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification
is to be made by the stockholders pursuant to Section 6(b) and if (A) within fifteen (15) days after receipt by the Company
of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination
to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt
and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after
such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having
been so called and such determination is made thereat.

 

(g)               
Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including, without limitation, providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available
to Indemnitee and reasonably necessary to such determination. Any Independent Legal Counsel, member of the Board or stockholder
of the Company shall act reasonably and in good faith in making a determination regarding Indemnitee’s entitlement to indemnification
under this Agreement. Any costs or expenses (including, without limitation, attorneys’ fees and disbursements) incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective
of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to
hold Indemnitee harmless therefrom.

 

(h)              
The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party
to avoid expense, delay, distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee
is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement
of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee
has been successful on the merits or otherwise in such action, suit or proceeding. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)                
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

    	 	6	 

     

    

 

7.            Remedies of Indemnitee.

 

(a)               
In the event that (i) a determination is made pursuant to Section 6 that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5, (iii) no determination of entitlement
to indemnification is made pursuant to Section 6(b) within ninety (90) days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt
by the Company of a written request therefor or (v) payment of indemnification is not made within ten (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Nevada, or in any other court of competent
jurisdiction, of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication
within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)              
In the event that a determination shall have been made pursuant to Section 6(b) that Indemnitee is not entitled to indemnification,
any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the
merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under Section 6(b).

 

(c)               
If a determination shall have been made pursuant to Section 6(b) that Indemnitee is entitled to indemnification, the Company
shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially
misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under law.

 

(d)              
In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover
damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies
maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the
definition of Expenses in Section 13) actually and reasonably incurred by him in such judicial adjudication, regardless of
whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)               
The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any court having jurisdiction
over such proceeding that the Company is bound by all the provisions of this Agreement. The Company shall indemnify Indemnitee
against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written
request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the
case may be.

 

    	 	7	 

     

    

 

(f)               
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding.

 

8.            Non-Exclusivity; Survival of Rights; Insurance; Subrogation; No Presumption.

 

(a)               
The rights of indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee
may at any time be entitled under law, the Certificate, the By-laws, any agreement, a vote of stockholders, a resolution of directors
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to
such amendment, alteration or repeal. To the extent that a change in the DGCL or other law, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the Certificate, the By-laws and this Agreement, it is the
intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No
right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b)              
The Company hereby covenants and agrees that, so long as the Indemnitee shall continue to serve as an agent of the Company and
thereafter so long as the Indemnitee shall be subject to any possible proceeding by reason of the fact that the Indemnitee was
an agent of the Company, the Company, subject to Section 8(c), shall promptly obtain and maintain in full force and effect directors’
and officers’ liability insurance (“D&O Insurance”) in reasonable amounts, but in no event
less than $5 million, from established and reputable insurers. In all policies of D&O Insurance, the Indemnitee shall be named
as an insured in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors. In connection with any sale of the Company, including any merger, the Company shall use
its reasonable commercial efforts to maintain an insurance policy for a reasonable period or “tail” after the closing
date of such sale or merger.

 

(c)               
Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Board determines
in good faith, by a two-thirds (2/3) majority of its members, that the premium costs for such insurance are substantially disproportionate
to the amount of coverage provided, the coverage provided by such insurance is limited by exclusions so as to provide an insufficient
benefit, or the Indemnitee is covered by similar insurance maintained by a subsidiary of the Company. In making any determination
to eliminate or reduce D&O Insurance coverage, the Board shall seek the advice of Independent Legal Counsel or other advisors
experienced in the review and analysis of D&O Insurance coverage.

 

(d)              
Upon reasonable request, the Company shall provide Indemnitee or his or her counsel with a copy of all D&O Insurance applications,
binders, policies, declarations, endorsements and related materials.

 

(e)               
Promptly after (i) learning of facts and circumstances which may give rise to a proceeding, the Company shall notify its D&O
Insurance carriers, if such notice is required by the applicable insurance policies, and any other insurance carrier providing
applicable insurance coverage to the Company, of such facts and circumstances, or (ii) receiving notice of a proceeding, whether
from Indemnitee, or otherwise, the Company shall give prompt notice to its D&O Insurance carriers, and any other insurance
carriers providing applicable insurance coverage to the Company, in accordance with the requirements of the respective insurance
policies. The Company shall, thereafter, take all appropriate action to cause such insurance carriers to pay on behalf of Indemnitee,
all expenses incurred or to be incurred, and liability incurred, by Indemnitee with respect to such proceeding, in accordance with
the terms of the applicable D&O Insurance policies.

 

    	 	8	 

     

    

 

(f)               
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(g)               The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

(h)              
The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of
the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses
from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

(i)                
For purposes of this Agreement, to the fullest extent permitted by law, the termination of any Proceeding, action, suit or claim,
by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular
belief or that a court has determined that indemnification is not permitted by applicable law.

 

9.            Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated
under this Agreement to make any indemnity in connection with any claim made against Indemnitee:

 

(a)                for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)              
for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory
law or common law; or

 

(c)              
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part
of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless
(i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under law.

 

    	 	9	 

     

    

 

10.          Duration of Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee
is a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise), plus three (3) years thereafter, and shall continue in all
events thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7) by
reason of his Corporate Status, not matter when instituted, whether or not he is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall
be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including
any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or
assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives. Notwithstanding the foregoing,
no legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or any affiliate of the
Company against the Indemnitee, the Indemnitee’s spouse, heirs, executors or personal or legal representatives after the
expiration of two years from the date of accrual of such cause of action, and any claim or cause of action of the Company or its
affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such period;
provided, however, that if any shorter statute of limitations is otherwise applicable to any such cause of action, such shorter
statute of limitations shall govern.

 

11.          Security. To the extent requested by Indemnitee and approved by the Board, the Company may at any time and from time to
time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded
trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
consent of Indemnitee.

 

12.          Enforcement.

 

(a)               
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby
in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as an officer or director of the Company.

 

(b)              
This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter
hereof.

 

13.          Definitions. For purposes of this Agreement

 

(a)               
“Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary
of the Company, a subsidiary of the Company or of any other corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.
For the avoidance of doubt, “Corporate Status” does not include the status of a person described in the foregoing sentence
in his or her role as a representative of any stockholder of the Company.

 

(b)              
“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect
of which indemnification is sought by Indemnitee.

 

(c)               
“Enterprise” shall mean the Company and any other corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company
as a director, officer, employee, agent or fiduciary.

 

    	 	10	 

     

    

 

(d)              
“Expenses” shall include all attorneys’ fees, disbursements, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service
fees and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall
include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium,
security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however,
shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(e)               
“Independent Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any
matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under
the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable
fees of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

(f)               
“Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought
by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee
was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of
the Company, by reason of any action taken by him or of any inaction on his part while acting as an officer or director of the
Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee, agent
or fiduciary of another corporation, partnership, limited liability company, joint venture, trust or other Enterprise; in each
case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification
can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated
by an Indemnitee pursuant Section 7 to enforce his rights under this Agreement.

 

14.          Severability. The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee
indemnification rights to the fullest extent permitted by law. In the event any provision hereof conflicts with any law, such provision
shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.          Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.          Notice By Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which
may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any
obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or
delay materially prejudices the Company.

 

    	 	11	 

     

    

 

17.          Notices. All notices and other communications given or made pursuant to this Agreement 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 or
facsimile if such address is so provided under this Section 17 and sent during normal business hours of the recipient, and if not
so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt
requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent:

 

(a)               
To Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)              
To the Company at:

 

Legacy Education Alliance,
Inc.

1612 E.
Cape Coral Parkway

Cape Coral,
Florida 33904

Attention:
Chairman of the Board

 

or to such other address as may have
been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be; provided, that any notice providing
such other address shall be effective only if such notice expressly references this Agreement and this Section 17.

 

18.          Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile
signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

19.          Headings. The headings of the Sections of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof.

 

20.          Arbitration. Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination,
enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to
arbitrate, shall be determined by arbitration in Honolulu, Hawaii if the Indemnitee commences the action or proceeding or the State
of domicile of the Indemnitee if the Company commences the action or proceeding, in each case, before three arbitrators. The arbitration
shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures and in accordance with the Expedited
Procedures in those Rules. Judgment on the Award may be entered in any court having jurisdiction. This clause shall not preclude
parties from seeking provisional remedies in aid of arbitration from a court of appropriate.

 

21.          Governing Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by,
and construed and enforced in accordance with, the laws of the State of Nevada, without regard to its conflict of laws rules. The
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that, subject to the provisions of Section 20, any
action or proceeding arising out of or in connection with this Agreement shall be brought and maintained only in the state courts
of Nevada, and not in any other state or federal court in the United States of America or any court in any other country, unless
such courts are unable to adjudicate such action or proceeding, whereupon such action or proceeding may be brought and maintained
in any court of competent jurisdiction, (ii) consent to submit to the exclusive jurisdiction of the state courts of Nevada
for purposes of any action or proceeding arising out of or in connection with this Agreement, unless such action or proceeding
is brought or maintained in another court as provided in clause (i) above, (iii) appoint, to the extent such party is not
otherwise subject to service of process in the State of Nevada, irrevocably the the Court as its agent in the State of Nevada as
such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with
the same legal force and validity as if served upon such party personally within the State of Nevada, (iv) waive any objection
to the laying of venue of any such action or proceeding in the Court, unless such action or proceeding is brought or maintained
in another court as provided in clause (i) above, and (v) waive, and agree not to plead or to make, any claim that any such
action or proceeding brought in the Court has been brought in an improper or inconvenient forum, unless such action or proceeding
is brought or maintained in another court as provided in clause (i) above.

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	LEGACY EDUCATION ALLIANCE, INC. 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	INDEMNITEE	 
	 	 	 	 
	 	By:	 
	 	Name:  	 
	 	Address:	 
	 	 
	 	 
	 	 
	 	 

 

	 	Phone:	 
	 	 	 
	 	Fax:	 
	 	 	 
	 	Email:	 

 

 

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]