Document:

Exhibit 10.3

 

LIMITED GUARANTY

 

This Limited Guaranty,
dated as of July 20, 2020 (this “Limited Guaranty”), by Thoma Bravo Discover Fund II, L.P. (“TB II”),
Thoma Bravo Discover Fund II-A, L.P. (“TB II-A”), Thoma Bravo Discover Executive Fund II, L.P. (“TB Exec”),
each a Delaware limited partnership (including its respective Affiliates (as defined in the Merger Agreement) who are permitted
assignees hereunder) (each of the foregoing a “Guarantor” and collectively, the “Guarantors”),
is in favor of Majesco, a California corporation (the “Company”). Reference is hereby made to the Agreement and
Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”),
dated as of the date hereof, among the Company, Magic Intermediate, LLC, a Delaware limited liability company (“Parent”),
and Magic Merger Sub, Inc., a Delaware limited liability company and a direct wholly-owned subsidiary of Parent (“Merger
Sub”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Merger
Agreement.

 

1. Limited Guaranty.
To induce the Company to enter
into the Merger Agreement, the Guarantors, in accordance with their respective Pro Rata Percentages (as hereinafter defined),
hereby expressly, absolutely, irrevocably and unconditionally guarantee to the Company, subject to the terms and conditions hereof,
the due and punctual observance, performance and discharge of payment of (a) the aggregate amount of the Parent Termination Fee
solely if and when any of the Parent Termination Fee is payable pursuant to Section 9.5(c) of the Merger Agreement, (b) the expense
reimbursement obligations of Parent pursuant to Section 7.13(e)(ii) of the Merger Agreement and (c) any amounts due by Parent
pursuant to Section 9.5(d)(ii) (the Parent Termination Fee described in clause (a) hereof and the obligations described in clauses
(b) and (c) hereof, collectively the “Guaranteed
Obligations”); provided, that
this Limited Guaranty will expire and will have no further force or effect, and the Company will have no rights hereunder, upon
termination of the obligations and liabilities of the Guarantor hereunder in accordance with Section 6 hereof. Notwithstanding
anything to the contrary in this Limited Guaranty, the maximum aggregate liability of the Guarantors under this Limited Guaranty
shall not exceed $42,563,701.75 (the “Maximum Amount”); it being
agreed by Parent that this Limited Guaranty may not be enforced against the Guarantors without giving effect to the Maximum Amount.
The Company (on behalf of its controlled Affiliates, directors and officers) hereby agrees that (i) the Guarantors shall in no
event collectively be required to pay more than the Maximum Amount (or, in the case of each Guarantor, its Pro Rata Percentage
(as hereinafter defined) of the Maximum Amount) or make any payment (other than payment of the Guaranteed Obligations) pursuant
to this Limited Guaranty (with it being understood and agreed that, in circumstances where the Parent Termination Fee is due and
payable by Parent, Parent shall have no other payment obligations to the Company, to the extent so provided in the Merger Agreement
and subject to Section 9.5(d)(ii) thereof, and this Limited Guaranty shall be construed accordingly), (ii) that no Guarantor or
any of its Guarantor Affiliates (as hereinafter defined) shall have any obligation or liability to any Person relating to, arising
out of or in connection with, this Limited Guaranty (other than for the Guaranteed Obligations), and (iii) this Limited Guaranty
may not be enforced against the Guarantors without giving effect to these limitations (with it being understood and agreed that
such limitations are an integral part of each Guarantor executing and delivering this Limited Guaranty and no Guarantor would
have delivered this Limited Guaranty if such limitations were not given full force and effect); provided,
that notwithstanding anything to the contrary herein, the foregoing shall not limit the Company’s rights under the Equity
Commitment Letter (subject to the limitations set forth therein). 

 

All payments hereunder
shall be made in lawful money of the United States, in immediately available funds. The Company may not bring a claim against any
Guarantor under or in respect of this Limited Guaranty unless and until the Merger Agreement has been terminated in accordance
with Article IX of the Merger Agreement in the manner set forth therein. If Parent fails to pay all or any portion of the Guaranteed
Obligations when due under the Merger Agreement, then the Guarantor’s liability to the Company hereunder in respect of such applicable
Guaranteed Obligations shall, at the Company’s option, become immediately due and payable, and the Company may at any time and
from time to time, at the Company’s option, take any and all actions available hereunder or under applicable law to collect the
Guaranteed Obligations from the Guarantor.

 

    

     

    

2. Terms of Limited
Guaranty.

 

(a) This
Limited Guaranty is an absolute, unconditional, irrevocable and continuing guaranty of performance and payment, not collection,
and a separate action or actions may be brought and prosecuted against any or all of the Guarantors to enforce this Limited Guaranty
up to an amount equal to the Guaranteed Obligations, irrespective of whether any action is brought against Parent or Merger Sub
or whether Parent or Merger Sub are joined in any such action or actions.

 

(b) Except
as otherwise provided herein and without amending or limiting the other provisions of this Limited Guaranty, the liability of the
Guarantors under this Limited Guaranty shall, to the fullest extent permitted under applicable law, be absolute and unconditional
irrespective of:

 

(i) the
value, genuineness, regularity, illegality or enforceability of the Merger Agreement, any financing commitment letters or any other
agreement or instrument referred to herein or in the Merger Agreement;

 

(ii) any
change in the corporate existence, structure or ownership of Parent or Merger Sub or any Guarantor or any other Person, or any
insolvency, bankruptcy, reorganization, moratorium or other similar proceeding affecting Parent or Merger Sub or the Guarantors
or any other Person or any of their respective assets;

 

(iii) any
waiver, amendment or modification of the Merger Agreement, the Equity Commitment Letter or any financing commitment letters or
any other agreement evidencing, securing or otherwise executed in connection with any of the Guaranteed Obligations, in each case,
in accordance with its terms, or change in the time, manner, place or terms of payment or performance, or any change or extension
of the time of payment or performance of, renewal or alteration of, any Guaranteed Obligation, any escrow arrangement or other
security therefor, any liability incurred directly or indirectly in respect thereof, or any agreement entered into by the Company
or any of its Affiliates, on the one hand, and Parent and/or Merger Sub or any of their Affiliates, on the other hand, in connection
therewith;

 

(iv) except
as specified in Section 2(e), the existence of any claim, set off or other right that any Guarantor may have at any time against
Parent, Merger Sub, the Company, or any of their Affiliates, whether in connection with any Guaranteed Obligation or otherwise;

 

(v) the
failure or delay on the part of the Company to assert any claim or demand or to enforce any right or remedy against Parent or Merger
Sub or any Guarantor or any other Person;

 

(vi) the
addition, substitution or release of any Person now or hereafter liable with respect to the Guaranteed Obligations or otherwise
interested in the transactions contemplated by the Merger Agreement, any financing commitment letters, this Limited Guaranty or
any related agreement or document;

 

(vii) the
adequacy of any other means the Company may have of obtaining repayment of any of the Guaranteed Obligations; and

 

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(viii) any
other defense that might operate as a legal or equitable discharge of a guarantor or surety.

 

(c) The
Guarantors hereby waive any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations
and notice of or proof of reliance by the Company upon this Limited Guaranty or acceptance of this Limited Guaranty. All of the
Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred in reliance
upon this Limited Guaranty, and all dealings between Parent, Merger Sub or the Guarantors, on the one hand, and the Company, on
the other, shall likewise be conclusively presumed to have been had or consummated in reliance upon this Limited Guaranty. This
Limited Guaranty is a primary obligation of the Guarantors and is not merely the creation of a surety relationship. When pursuing
its rights and remedies hereunder against any Guarantor, the Company shall be under no obligation to pursue such rights and remedies
it may have against Parent or Merger Sub or any other Person for the Guaranteed Obligations or any right of offset with respect
thereto, and any failure by the Company to pursue such other rights or remedies or to collect any payments from Parent or Merger
Sub or any such other Person or to realize upon or to exercise any such right of offset shall not relieve any Guarantor of any
liability hereunder.

 

(d) The
Company shall not be obligated to file any claim relating to any Guaranteed Obligation in the event that Parent or Merger Sub becomes
subject to a bankruptcy, reorganization or similar proceeding, and the failure of the Company to so file such claim shall not affect
any Guarantor’s obligations hereunder (and notwithstanding anything herein to the contrary, any bar to the payment, or collection,
of any Guaranteed Obligations as a result of any such proceeding shall not discharge the obligations of such Guarantor hereunder).
In the event that any payment to the Company in respect of any Guaranteed Obligation is rescinded or must otherwise be returned
for any reason whatsoever, the Guarantors shall remain liable hereunder with respect to the Guaranteed Obligation as if such payment
had not been made.

 

(e) Notwithstanding
any other provision of this Limited Guaranty, the Company hereby agrees on its own behalf and on behalf of its controlled Affiliates,
directors and officers, that (i) each Guarantor may assert, as a defense to, or release or discharge of, any payment or performance
by such Guarantor under this Limited Guaranty or any claim, set-off, deduction, defense or release that Parent could assert against
the Company under the terms of, or with respect to, the Merger Agreement and (ii) any failure by the Company to comply with the
terms of the Merger Agreement, including, without limitation, any breach by the Company or the Principal Stockholder of any representation,
warranty or covenant contained therein or in any of the agreements, certificates and other documents required to be delivered by
the Company pursuant to the terms of the Merger Agreement (whether such breach results from willful misconduct, fraud, intentional
misrepresentation or otherwise), that would relieve Parent of its obligations under the Merger Agreement shall likewise automatically
and without any further action on the part of any Person relieve the Guarantors of their obligations under this Limited Guaranty.

 

3. Waiver of Acceptance,
Presentment; Etc.. Without amending or limiting the other provisions of this Limited Guaranty,
each Guarantor expressly and irrevocably waives any and all rights and defenses arising under any applicable law that would otherwise
require any election of remedies by the Company, promptness, diligence, notice of the acceptance of this Limited Guaranty and
of any Guaranteed Obligations, presentment, demand and protest, any defenses that might be available under any valuation, stay,
moratorium or similar applicable law, and any notice of any kind not provided for herein or not required to be provided to Parent
or Merger Sub under or in connection with the Merger Agreement, any right to require the marshalling of assets of Parent, Merger
Sub or any other Person interested in the transactions contemplated by the Merger Agreement, and all suretyship defenses generally,
other than defenses that are available to Parent or Merger Sub (a) under the Merger Agreement, (b) in respect of a breach by the
Company of this Limited Guaranty and (c) in respect of fraud or Willful Breach by the Company or any of its Subsidiaries in connection
with the Merger Agreement, this Limited Guaranty or the transactions contemplated hereby or thereby. Each Guarantor acknowledges
that it will receive substantial direct and indirect benefits from the transactions contemplated by the Merger Agreement and that
the waivers set forth in this Limited Guaranty are knowingly made in contemplation of such benefits.

 

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4. Sole Remedy.

 

(a) The
Company acknowledges and agrees on its own behalf and on behalf of its directors, officers, Affiliates and Subsidiaries that Parent
does not have any assets, other than its rights under the Merger Agreement and the Equity Commitment Letter, and that no funds
are expected to be contributed to Parent unless the Closing occurs, and that, except for rights against Parent and Merger Sub to
the extent expressly provided in the Section 6 of the Equity Commitment Letter and Section 10.6 of the Merger Agreement and subject
to all of the terms, conditions and limitations herein and therein, the Company shall not have any right to cause any assets to
be contributed to Parent by the Guarantor, any Guarantor Affiliate (as defined below) or any other Person.

 

(b) The
Company further agrees and acknowledges that no Person other than the Guarantors have any obligations hereunder and that, notwithstanding
that the Guarantors may be limited partnerships, the Company has no remedy, recourse or right of recovery under this Limited Guaranty
against, or contribution from, any former, current or future general or limited partner, stockholder, holder of any equity, partnership
or limited liability company interest, officer, member, manager, director, employee, agent, controlling person, any lender or prospective
lender, lead arranger, arranger, agent or Representative of or to Parent, assignee or Affiliates (other than any assignee under
Section 18 hereof) of such Guarantor (collectively, the “Guarantor Affiliates”; it being understood that
the term Guarantor Affiliates shall not include the Guarantors, Parent or Merger Sub or any Person to which (x) Parent of Merger
Sub have assigned their respective rights or obligations under the Merger Agreement or (y) any Guarantor has validly assigned all
or any portion of its Commitment (as defined in the Equity Commitment Letter) or the obligations of such Guarantor under this Limited
Guaranty), through any Guarantor, Parent or Merger Sub or otherwise, whether by or through attempted piercing of the corporate,
limited partnership or limited liability company veil or similar action, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute, regulation or applicable law, by or through a claim by or on behalf of the Guarantors,
Parent or Merger Sub against the Guarantors or any Guarantor Affiliate, or otherwise, except for Retained Claims (as defined below).

 

(c) The
Company hereby covenants and agrees that it shall not institute, and the Company shall cause each of its controlled Affiliates
and Subsidiaries and use its reasonable best efforts to cause their respective Representatives not to institute, directly or indirectly,
any action or bring any other claim arising under, or in connection with, this Limited Guaranty, the Merger Agreement, the Equity
Commitment Letter or the transactions contemplated thereby, against (i) any Guarantor Affiliate or against (ii) any Guarantor,
Parent or Merger Sub, except for (A) following a valid termination of the Merger Agreement in accordance with the terms thereof,
claims by the Company against the Guarantor under and in accordance with this Limited Guaranty (the “Retained Guaranty
Claims”), (B) claims by the Company against Parent or Merger Sub under and in accordance with the Merger Agreement (the
“Retained Merger Agreement Claims”), (C) to the extent (but only to the extent) the Company is expressly entitled
to cause Parent to enforce the Equity Commitment Letter in accordance with Section 6 of the Equity Commitment Letter and Section
10.6 of the Merger Agreement, subject to all the terms, conditions and limitations herein and therein, claims by the Company against
Parent seeking to cause Parent to enforce the Equity Commitment Letter in accordance with its terms (the “Retained Equity
Commitment Claims”), and (D) against the parties to the Confidentiality Agreement, subject to the terms and conditions
therein (the “Retained Confidentiality Agreement Claims” and together with the Retained Equity Commitment Claims,
the Retained Guaranty Claims and Retained Merger Agreement Claims, the “Retained Claims”).

 

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(d) Recourse
(i) against each Guarantor solely with respect to the Retained Guaranty Claims, (ii) against the parties to the Confidentiality
Agreement solely with respect to the Retained Confidentiality Agreement Claims and (iii) against Parent and Merger Sub, as applicable,
solely with respect to the Retained Merger Agreement Claims and the Retained Equity Commitment Claims, shall be the sole and exclusive
remedy of the Company and all of its Affiliates against the Guarantors, any of their respective Guarantor Affiliates, Parent or
Merger Sub in respect of any liabilities or obligations arising under, or in connection with, the Merger Agreement, the Confidentiality
Agreement, the Equity Commitment Letter, this Limited Guaranty or the transactions contemplated hereby or thereby, and such recourse
shall be subject to the limitations described herein and therein.

 

5. Merger Subrogation.
The Guarantors will not exercise any rights of subrogation or contribution against Parent or Merger Sub, whether arising by contract
or operation of Law (including, without limitation, any such right arising under bankruptcy or insolvency Laws) or otherwise,
by reason of any payment by any of them pursuant to the provisions of Section 1 hereof
unless and until the Guaranteed Obligation has been paid in full

 

6. Termination.
The Guarantor shall have no further liability or obligation under this Limited Guaranty from and after the earliest to occur of:
(i) funding of the Commitment (as defined in the Equity Commitment Letter) under the Equity Commitment Letter; (ii) the Effective
Time; (iii) (a) the payment and discharge of any expense reimbursement obligations of Parent pursuant to Section 7.13(e)(ii) of
the Merger Agreement which the Company has requested reimbursement for within 90 days following the valid termination of the Merger
Agreement and (b) the termination of the Merger Agreement in accordance with its terms, other than a termination pursuant to which
the Company would be entitled to the Parent Termination Fee pursuant to Section 9.5 of the Merger Agreement, in which case the
Limited Guaranty shall terminate 90 days after such termination unless the Company shall have delivered a written notice with
respect to the Guaranteed Obligations prior to such 90th day; provided that
if the Merger Agreement has been so terminated and such notice has been provided, the Guarantors shall have no further liability
or obligation under this Limited Guaranty from and after the earliest to occur of (x) the consummation of the Closing in accordance
with the terms of the Merger Agreement, including payment of the Merger Consideration (as defined in the Equity Commitment Letter)
in accordance with the Merger Agreement, (y) a final, non-appealable order of a court of competent jurisdiction in accordance
with Section 15 hereof determining that the Guarantor does not owe any amount
under this Limited Guaranty and (z) a written agreement among the Guarantors and the Company terminating the obligations and liabilities
of the each Guarantor pursuant to this Limited Guaranty; and (iv) payment of the Guaranteed Obligations by or on behalf of the
Guarantors, Parent and/or Merger Sub. Notwithstanding anything to the contrary in this Limited Guaranty, the provisions of this
Limited Guaranty that are for the benefit of any Guarantor Affiliate (including the provisions of Sections 4,
6, 8 and 10)
shall survive indefinitely any termination of this Limited Guaranty and shall be enforceable by the Guarantor Affiliates. In the
event that the Company or any of its Subsidiaries or any of their respective controlled Affiliates, directors or officers institutes
any suit, action or other proceeding or makes any claim (A) asserting that the provisions of this Section 6 or
Sections 1, 2, 4,
7, 10, 14,
19, 20, 22 or
23 hereof are illegal, invalid or unenforceable in whole or in part, that any
Guarantor is liable in excess of or to a greater extent than its Pro Rata Percentage of the Maximum Amount, (B) arising under,
or in connection with, this Limited Guaranty, the Merger Agreement, the Equity Commitment Letter or the transactions contemplated
hereby or thereby, other than a Retained Claim, or (C) in respect of a Retained Claim in any court other than a Chosen Court (as
defined below), then (w) all of the obligations of the Guarantors under this Limited Guaranty shall terminate ab initio and be
null and void, (x) if the Guarantor has previously made any payments under this Limited Guaranty, the Guarantors shall be entitled
to recover such payments from the Company, and (y) none of the Guarantors, Parent nor any Guarantor Affiliate shall have any liability
to the Company, its securityholders or any of their respective Representatives under this Limited Guaranty or with respect to
the Merger Agreement, the Equity Commitment Letter or the transactions contemplated hereby or thereby.

 

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7. Continuing Guaranty.
Except to the extent that the obligations and liabilities of any Guarantor are terminated pursuant to the provisions of Section
6 hereof, this Limited Guaranty is a continuing one and shall remain in full force and
effect until the indefeasible payment and satisfaction in full of the Guaranteed Obligations, shall be binding upon each Guarantor,
its successors and assigns, and shall inure to the benefit of, and be enforceable by, the Company and its respective successors
and permitted transferees and assigns. All obligations to which this Limited Guaranty applies or may apply under the terms hereof
shall be conclusively presumed to have been created in reliance hereon. Notwithstanding anything to the contrary contained in
this Limited Guaranty, the Company hereby agrees that to the extent that Parent and Merger Sub are relieved of any of their representations,
warranties, covenants or agreements contained in the Merger Agreement so as to render any continuing liability or obligations
arising in connection with the Merger Agreement inapplicable, each Guarantor shall be similarly relieved of its applicable Guaranteed
Obligation under this Limited Guaranty solely to the extent that Parent or Merger Sub are relieved of such obligations.

 

8. Entire
Agreement. This Limited Guaranty, together with the Merger Agreement
and the agreements and instruments described therein, the Confidentiality Agreement and the Equity Commitment Letter,
constitutes the entire agreement between the Guarantors and the Company with respect to the subject matter hereof and
supersedes all prior discussions, negotiations, proposals, undertakings, agreements and understandings, both written and
oral, between the parties with respect to the subject matter hereof.

 

9. Amendments and
Waivers. No amendment or waiver of any provision of this Limited Guaranty
will be valid and binding unless it is in writing and signed, in the case of an amendment, by the Guarantors and the Company,
or in the case of waiver, by the party against whom the waiver is to be effective. No waiver by any party of any breach or violation
of, or default under, this Limited Guaranty, whether intentional or not, will be deemed to extend to any prior or subsequent breach,
violation or default hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. No
delay or omission on the part of any party in exercising any right, power or remedy under this Limited Guaranty will operate as
a waiver thereof. The Company shall not have any obligation to proceed at any time or in any manner against, or exhaust any or
all of the Company’s rights against, Parent or Merger Sub prior to proceeding against any Guarantor hereunder.

 

10. No Third Party
Beneficiaries. Except for the provisions of this Limited Guaranty which
reference Guarantor Affiliates (each of which shall be for the benefit of and enforceable by each Guarantor Affiliate), the parties
hereby agree that their respective representations, warranties and covenants set forth herein are solely for the benefit of the
other parties hereto, in accordance with and subject to the terms of this Limited Guaranty, and this Limited Guaranty is not intended
to, and does not, confer upon any Person other than the parties hereto and any Guarantor Affiliates any rights or remedies hereunder,
including the right to rely upon the representations and warranties set forth herein.

 

11. Counterparts.
This Limited Guaranty may be executed in any number of counterparts, each of which will be deemed an original, but all of which
together will constitute one and the same instrument. This Limited Guaranty will become effective when duly executed by each party
hereto.

 

12. Delivery by
Electronic Transmission. This Limited Guaranty and any signed agreement
or instrument entered into in connection with this Limited Guaranty, and any amendments or waivers hereto or thereto, to the extent
signed and delivered by means of e-mail delivery of a “.pdf” format data file (or similar electronic delivery), shall
be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding
legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or
instrument shall raise the use of e-mail delivery of a “.pdf” format data file (or similar electronic delivery) to
deliver a signature to this Limited Guaranty or any amendment hereto or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of e-mail delivery of a “.pdf”
format data file (or similar electronic delivery) as a defense to the formation of a contract and each party hereto forever waives
any such defense. All parties hereto acknowledge that each party and its counsel have participated in the drafting and negotiation
of this Limited Guaranty and that any rules of construction to the effect that any ambiguities are to be resolved against the
drafting party shall not be employed in the interpretation of this Limited Guaranty.

 

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13. Notices.
All notices, requests, claims, demands and other communications under this Limited Guaranty shall be in writing and shall be deemed
given (and duly received) if delivered personally, sent by overnight courier (providing proof of delivery and confirmation of
receipt by telephonic notice to the applicable contact person) to the parties or sent by e-mail at the following addresses or
e-mail addresses (or at such other address or e-mail address for a party as shall be specified by like notice):

 

	 	if to any Guarantor, to:
	 	 	 
	 	c/o Thoma Bravo, LLC
	 	600 Montgomery Street, 20th Floor
	 	San Francisco, CA 94111
	 	Attn:	A. J. Rohde
	 	 	Matt LoSardo
	 	E-mail: 	arohde@thomabravo.com; 
	 	 	mlosardo@thomabravo.com
	 	 	 
	 	with a copy (which shall not constitute notice) to:
	 	 	 
	 	Kirkland & Ellis LLP
	 	300 N. LaSalle Street
	 	Chicago, Illinois 60654
	 	Attn:	Gerald T. Nowak. P.C.
	 	 	Theodore A. Peto, P.C.
	 	 	Aisha P. Lavinier
	 	E-mail: 	gerald.nowak@kirkland.com; 
	 	 	theodore.peto@kirkland.com;
	 	 	 aisha.lavinier@kirkland.com

 

if to the Company, to:

 

	 	Majesco
	 	412 Mount Kemble Ave., Suite 110C
	 	Morristown, NJ 07960
	 	Attention:	Lori Stanley, General Counsel
	 	Telephone:	(973) 496-9018
	 	Email:	lori.stanley@majesco.com

 

with a copy (which
shall not constitute notice) to:

 

	 	Sheppard, Mullin, Richter & Hampton LLP
	 	30 Rockefeller Plaza
	 	New York, NY 10112
	 	Attention:	Valérie Demont and John Tishler
	 	Telephone:	(212) 634-3040

        (858) 720-8943

	 	Email:	vdemont@sheppardmullin.com 
	 	 	jtishler@sheppardmullin.com

 

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14. Governing Law.
THIS LIMITED GUARANTY, AND ALL ACTIONS (WHETHER AT LAW, IN CONTRACT OR IN TORT) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE
TO THIS LIMITED GUARANTY, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE HEREOF SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

 

15. Jurisdiction;
Venue; Service of Process. Each of the parties hereto irrevocably submits
to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, only if the Court of Chancery of the State
of Delaware declines to accept or does not have jurisdiction over a particular matter, any state or federal court within the State
of Delaware) for the purpose of any action arising out of or relating to this Limited Guaranty, and each of the parties hereto
irrevocably agrees that all claims in respect to such action shall be heard and determined exclusively in the Court of Chancery
of the State of Delaware (or, only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction
over a particular matter, any state or federal court within the State of Delaware) (together with the appellate courts thereof,
the “Chosen Courts”). Each of the
parties hereto agrees that a final judgment in any action shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by law. Each of the parties hereto agrees (a) that it will not attempt to deny
or defeat such personal jurisdiction by motion or other request for leave from any such court, (b) that it will not bring any
action relating to this Limited Guaranty or the transactions contemplated hereby in any court other than the Court of Chancery
of the State of Delaware (or, only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction
over a particular matter, any state or federal court within the State of Delaware), (c) agrees that each of the other parties
shall have the right to bring any action or proceeding for enforcement of a judgment entered by the Court of Chancery of the State
of Delaware (or, only if the Court of Chancery of the State of Delaware declines to accept or does not have jurisdiction over
a particular matter, any state or federal court within the State of Delaware) and (d) that a final judgment in any action shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each
of the parties hereto irrevocably consents to the service of any summons and complaint and any other process in any other action
relating to this Limited Guaranty, on behalf of itself or its property, by the personal delivery of copies of such process to
such party. Nothing in this Section 15 shall affect the right of any party hereto
to serve legal process in any other manner permitted by applicable law.

 

16. Waiver of Jury
Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY
ARISE UNDER THIS LIMITED GUARANTY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS LIMITED GUARANTY, OR THE TRANSACTIONS CONTEMPLATED BY THIS LIMITED GUARANTY.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH
PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH
PARTY HAS BEEN INDUCED TO ENTER INTO THIS LIMITED GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION 16.

 

17. Reserved.

 

 

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18. Representations
and Warranties. Each Guarantor hereby represents and warrants to the
Company with respect to itself that (a) it has all limited partnership power and authority to execute, deliver and perform this
Limited Guaranty; (b) the execution, delivery and performance of this Limited Guaranty by such Guarantor has been duly and validly
authorized and approved by all necessary limited partnership action by it, and no other proceedings or actions on the part of
such Guarantor are necessary therefor; (c) this Limited Guaranty has been duly and validly executed and delivered by it and constitutes
a valid and legally binding obligation of it, enforceable against such Guarantor in accordance with its terms, subject the Enforceability
Limitations; (d) the execution, delivery and performance by such Guarantor of this Limited Guaranty do not and will not (i) violate
the organizational documents of such Guarantor, (ii) violate any applicable law, rule, regulation, decree, order or judgment binding
on such Guarantor or its assets, or (iii) result in any violation of, or default (with or without notice or lapse of time or both)
under, or give rise to a right of termination, cancellation or acceleration of any obligation or to the loss of any benefit under,
any contract or agreement to which such Guarantor is a party; (e) such Guarantor has the financial capacity to pay and perform
its obligations under this Limited Guaranty, and all funds necessary for such Guarantor to fulfill its Guaranteed Obligation under
this Limited Guaranty shall be available to such Guarantor for so long as this Limited Guaranty shall remain in effect in accordance
with the terms hereof; and (f) such Guarantor has uncalled capital commitments or otherwise has available funds in excess of its
Pro Rata Percentage of the Guaranteed Obligations under this Limited Guaranty plus the aggregate amount of all other commitments
and obligations it currently has outstanding, and all funds necessary for such Guarantor to fulfill its Pro Rata Percentage of
the Guaranteed Obligations under this Limited Guaranty shall be available to such Guarantor for so long as this Limited Guaranty
shall remain in effect in accordance with Section 6 hereof.

 

19. No Assignment.
Neither the Guarantors nor the Company may assign their respective rights, interests or obligations hereunder to any other person
(by operation of law or otherwise) without the prior written consent of the Company (in the case of an assignment by the Guarantors)
or the Guarantors (in the case of an assignment by the Company), and any attempted assignment without such required consents shall
be null and void and of no force or effect; provided, however,
that the Guarantors may assign their rights, interests, and obligations hereunder, without the prior written consent of the Company,
to any Affiliate of the Guarantors; provided, further,
that in the case of assignments under the immediately foregoing proviso, notwithstanding any other provision hereof, no such assignment
of any of the Guarantors’ rights, interests, or obligations hereunder will relieve the Guarantors of any of their liability
or obligations hereunder until such obligations are performed in full by the assignee in accordance with the terms of this Limited
Guaranty; provided, further, that no such action shall be taken if reasonably likely to delay, prevent, impair or impede the consummation
of the Transaction. Subject to the foregoing, all of the terms and provisions of this Limited Guaranty shall inure to the benefit
of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

20. Severability.
Any term or provision of this Limited Guaranty (other than terms limiting any Guarantor’s liability hereunder) that is invalid
or unenforceable in any situation in any jurisdiction will not affect the validity or enforceability of the remaining terms and
provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other
jurisdiction; provided, however,
that this Limited Guaranty may not be enforced without giving effect to the limitation of the amount payable hereunder with respect
to the Guaranteed Obligations set forth in Section 1 and the provisions of Section
4 hereof. No party hereto shall assert, and each party shall cause its respective Affiliates
and use its reasonable best efforts to cause its Representatives acting on its behalf not to assert, that this Limited Guaranty
or any part hereof is invalid, illegal or unenforceable.

 

    9

     

    

 

21. Confidentiality.
This Limited Guaranty shall be treated as confidential and is being provided to the Company solely in connection with the execution
and delivery of the Merger Agreement. This Limited Guaranty may not be used, circulated, quoted or otherwise referred to in any
document, except with the written consent of the Guarantor and the Company; provided,
that no such written consent shall be required (and the Guarantor, the Company and their Affiliates shall be free to release such
information) for disclosures to such Person’s respective Representatives, so long as such Persons agree to keep such information
confidential on terms substantially identical to the terms contained in this Section 21;
provided, further, that the
parties and their respective Affiliates may disclose this Limited Guaranty to the extent required by Law, the applicable rules
of any national securities exchange or as required or requested by the SEC in connection with any SEC filings relating to the
Transactions, or in connection with any litigation relating to the Merger, the Merger Agreement, the Equity Commitment Letter
and/or the Transactions.

 

22. Headings.
The headings contained in this Limited Guaranty are for convenience purposes only and will not in any way affect the meaning or
interpretation hereof.

 

23. Relationship
of the Parties. Each party acknowledges and agrees that (a) this Limited
Guaranty is not intended to, and does not, create any agency, partnership, fiduciary or joint venture relationship between or
among any of the parties hereto and neither this Limited Guaranty nor any other document or agreement entered into by any party
hereto relating to the subject matter hereof shall be construed to suggest otherwise and (b) the obligations of each of each of
the Guarantors under this Limited Guaranty are solely contractual and not fiduciary in nature. In no event shall Parent, Merger
Sub or the Guarantor be considered an “Affiliate”, “security holder” or “representative” of
the Company for any purpose of this Limited Guaranty. Notwithstanding anything to the contrary contained in this Limited Guaranty,
the liability of each Guarantor hereunder shall be several, not joint and several, based upon its respective Pro Rata Percentage
and no Guarantor shall be liable for any amount hereunder in excess of its Pro Rata Percentage of the Maximum Amount. The “Pro
Rata Percentage” for each Guarantor is as set forth below:

 

	TB II	 	 	69.13	%
	TB II-A	 	 	29.34	%
	TB Exec	 	 	1	%

 

24. Equity Financing.
The Company hereby acknowledges that it has received a fully executed copy of the Equity Commitment Letter, and acknowledges and
agrees that, except as expressly and to the extent provided in the second to Section 6 of the Equity Commitment Letter or Section
10.6 of the Merger Agreement and subject to all of the terms, conditions and limitations herein and therein, nothing contained
herein shall entitle the Company or any of its Affiliates to (a) enforce specifically the Equity Commitment Letter or (b) otherwise
have any rights as a third party beneficiary or otherwise against the Guarantor or any other Person under the Equity Commitment
Letter.

 

*****

 

    10

     

    

 

IN WITNESS WHEREOF, the
undersigned have executed and delivered this Limited Guaranty as of the date first written above.

 

	 	GUARANTORS:
	 	 	 
	 	THOMA BRAVO DISCOVER FUND II, L.P.
	 	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 	 
	 	By: 	A.J. Rohde
	 	 	Name: A.J. Rohde
	 	 	Its: Authorized Signatory
	 	 	 
	 	THOMA BRAVO DISCOVER FUND II-A, L.P.
	 	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 	 
	 	By: 	A.J. Rohde
	 	Name: A.J. Rohde
	 	Its: Authorized Signatory
	 	 	 
	 	THOMA BRAVO DISCOVER EXECUTIVE FUND II, L.P.
	 	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 	 
	 	By:	A.J. Rohde
	 	Name: A.J. Rohde
	 	Its: Authorized Signatory
	 	 	 
	 	COMPANY:
	 	 	 
	 	MAJESCO
	 	 	 
	 	By: 	/s/ Adam Elster
	 	Name: Adam Elster
	 	Title: Chief Executive Officer

 

Signature Page to Limited GuarantyExhibit 10.4

 

MAJESCO
LIMITED

MNDC,
MBP-P-136, Mahape, 

Navi
Mumbai – 400 710, 

Maharashtra,
India

 

July
20, 2020

 

MAJESCO

412
Mount Kemble Ave., Suite 110C

Morristown,
NJ 07960

U.S.A.

 

Re:       Letter
Agreement.

 

Ladies
and Gentlemen:

 

Reference
is made to the Agreement and Plan of Merger, dated as of July 20, 2020, by and among Majesco Limited, a public limited company
domiciled in India (the “Principal Stockholder”), which is the majority shareholder of Majesco, a California
corporation (the “Company”), the Company, Magic Intermediate, LLC, a Delaware limited liability company (“Parent”),
and Magic Merger Sub, Inc., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub”)(as
the same may be amended or otherwise modified in accordance with its terms after the date hereof, the “Merger Agreement”),
providing, among other things, for the merger of the Company with and into Merger Sub with the Company being the survivor in the
merger (the “Merger”).

 

To
induce and as a condition to Parent and Merger Sub’s willingness to enter into the Merger Agreement, Principal Stockholder
(in its capacity as such) has agreed to enter into a Support Agreement (as the same may be amended or otherwise modified in accordance
with its terms after the date hereof, the “Support Agreement”), dated as of July 20, 2020, by and among Principal
Stockholder, the Company, Parent and Merger Sub pursuant to which Parent Stockholder is obligated, among other things, to organize
a postal ballot process for the approval by the members of Principal Stockholder of the divestment of Principal Stockholder’s
entire share of the Company common stock pursuant to the Merger.

 

To
induce and as a condition to the Company’s willingness to enter into the Merger Agreement, Principal Stockholder (in its
capacity as such) has agreed to enter into this letter agreement (the “Letter Agreement”).

 

Pursuant
to this Letter Agreement and applicable foreign exchange which the Principal Stockholder is subject to (but only for so long as
the Principal Stockholder is so subject), the Principal Stockholder hereby agrees to, and shall, reimburse, indemnify and hold
harmless the Company from and against any and all costs or disbursements incurred by the Company under Section 9.5(b)(iv)
or Section 9.6 (but solely as it relates to Section 9.5(b)(iv)) of the Merger Agreement as a result of (A) a termination
of the Merger Agreement by Parent pursuant to Section 9.3(d) [Principal Stockholder Failure to Hold Principal Stockholder
Postal Ballot] of the Merger Agreement and (B) following the execution and delivery of the Merger Agreement and prior to the
termination of the Merger Agreement pursuant to Section 9.3(d) thereof, a bona fide Principal Stockholder Acquisition
Proposal (as defined in the Merger Agreement) has been made to the Principal Stockholder and (C) within twelve (12) months after
such termination, the Principal Stockholder shall have entered into a definitive transaction agreement with respect to such Principal
Stockholder Acquisition Proposal (with “50%” being substituted in lieu of “20%” in each instance thereof
for purposes of Section 9.5(b)(iv) of the Merger Agreement). For avoidance of doubt, it is clarified that the Principal
Stockholder shall be obligated to reimburse, indemnify and hold harmless the Company as above, only if all three conditions set
out at (A), (B) and (C) above are fulfilled. If any regulatory approval is required in connection with any payments required to
be made to the Company under this Agreement, the Principal Stockholder shall use all best efforts to secure any such regulatory
approval that may be required for making any payments under this Agreement.

 

    -1-

     

    

 

This
Letter Agreement is solely for the benefit of the parties hereto, and will not be assignable by any party without the prior written
consent of the other party. This Letter Agreement shall be binding upon and be solely to the benefit of each party hereto.

 

This
Letter Agreement shall terminate automatically and be of no further force and effect upon consummation of the Merger.

 

If
for any reason any of the provisions of this Letter Agreement are not performed in accordance with their specific terms or are
otherwise breached, immediate and irreparable harm or damage would be caused for which money damages would not be an adequate
remedy. Accordingly, each party agrees that, in addition to any other available remedies that a party may have in equity or at
law, each party shall be entitled to enforce specifically the terms and provisions of this Letter Agreement and to obtain an injunction
restraining any breach or violation or threatened breach or violation of the provisions of this Letter Agreement in the courts
of competent jurisdiction without necessity of posting a bond or other form of security. In the event that any proceeding should
be brought in equity to enforce the provisions of this Letter Agreement, no party shall allege, and each party hereby waives the
defense, that there is an adequate remedy at law.

 

THIS
LETTER AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE
WITH THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF (OR ANY OTHER JURISDICTION)
TO THE EXTENT THAT SUCH PRINCIPLES WOULD DIRECT A MATTER TO ANOTHER JURISDICTION.

 

Except
as permitted above, any dispute arising out of or relating to this Letter Agreement shall be exclusively and finally settled by
confidential arbitration in accordance with the rules of the American Arbitration Association (the “AAA”).
Unless otherwise agreed in writing by the parties, the arbitral tribunal shall consist of three arbitrators and the seat of the
arbitration shall be in the State of New Jersey All arbitration proceedings, including all written submissions and evidence provided,
shall be confidential and shall not be disclosed to any third party, except to the extent: (i) required by applicable law, (ii)
required in connection with any court application for interim relief or post-arbitration confirmation or enforcement proceedings,
or (iii) all other parties to the arbitration proceedings consent to the disclosure. The arbitration hearing shall be held as
promptly as possible, and in any event, within twelve months after the filing of the arbitration demand with the AAA. The award
shall be enforceable in any court of competent jurisdiction. The parties undertake to carry out any decision or award of the tribunal
without delay.

 

    -2-

     

    

 

This
Letter Agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than
one party, but all of such counterparts together shall constitute one agreement; provided that, any amendment that is detrimental
to the Company must be approved by a majority of the members of the Company’s board of directors who satisfy all of the
following requirements: (a) are not an executive officer or employee of the Company, (b) satisfy the standards for being considered
an independent director under the rules of the Nasdaq Stock Market, (c) are not a director, officer or employee of the Principal
Stockholder or any of its affiliates (excluding the Company) and (d) do not have, directly or indirectly, a material business
relationship or ownership position with the Principal Stockholder (other than service on the board of directors of the Company).

 

This
Letter Agreement may be amended and the observance of any provision may be waived (either generally or in a particular instance
and either retroactively or prospectively) only with the mutual written consent of the signatories hereto.

 

In
case any one or more of the provisions contained in this Letter Agreement or any application thereof shall be invalid, illegal
or unenforceable in any respect, to the fullest extent permitted by applicable law, the validity, legality and enforceability
of the remaining provisions contained herein and other application thereof shall not in any way be affected or impaired thereby.

 

[SIGNATURES
FOLLOW ON THE NEXT PAGE]

 

    -3-

     

    

 

	 	Sincerely,
	 	 
	 	MAJESCO
    LIMITED
	 	 
	 	By:
    	/s/
    Farid Kazani 
	 	Name: 
    	Farid
    Kazani
	 	Title:
    	Managing
    Director

 

    -4-

     

    

 

	Agreed
                                         and accepted by:
	 
	 	 
	MAJESCO	 
	 	 
	By: 	/s/ Adam Elster	 
	Name:  	Adam Elster	 
	Title: 	Chief Executive Officer	 

 

 

-5-

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