Document:

Exhibit 10.41

 

 

Mastek
Limited, # 106/107, SDF-IV, Seepz, Andheri (E), Mumbai 400 096, India.

 Tel +91 22 6695 2222 / 2824 7999 Fax +91 22 6695 1331 www.mastek.com

 

To,

ICICI
Bank Limited, New York Branch

500,
5th Avenue, 28th Floor,

New
York, New York 10110.

Dated:
November 20, 2015

 

		Re:	Corporate
                                         Guarantee dated June 28, 2012 (the “Corporate Guarantee”) issued by
                                         Mastek Limited, India, being a Company
                                         incorporated in India under the Companies Act, 1956 with its registered office
                                         at 804/805 President House, Near Ambawadi Circle, Ahmedabad 380 006, India (the “Guarantor”)
                                         in favor of ICICI Bank Limited, New York Branch (the “Bank”) in relation
                                         to a United States Dollar (“USD”) Five Million working capital
                                         facilities extended by the Bank to MajescoMastek Inc., USA, a Corporation
                                         incorporated under the laws of the State of California and doing business in the
                                         United States of America with its principle place of business at 105 Fieldcrest Avenue,
                                         Suite # 208, Edison, New Jersey 08837 (the “Borrower”, being a wholly
                                         owned subsidiary of the Guarantor) vide Credit Facility Agreement dated March 25, 2011
                                         as amended from time to time (the “Facility Agreement”) and most recently
                                         amended vide the extension letter dated Nov 20, 2015 (the “Extension Letter”)
                                         (the Extension Letter and the Facility Agreement together to be referred to as the “Agreements”)
                                         (the “Facilities”).

 

Ladies
and Gentlemen:

 

We
understand that vide the Extension Letter, the Borrower has requested and the Bank has agreed, subject to the terms and conditions
of the Facility Agreement, to extend the Facilities provided to the Borrower for a period up to February 11, 2016. One of the conditions
of the extension by the Bank is continuance of the Corporate Guarantee issued by the Guarantor in favor of the Bank.

 

		1.	In light of the above, the Guarantor (as defined above), hereby expressly, undertakes, confirms
and agrees that:

		(i)	We have reviewed a copy of the Extension Letter and the Facility Agreement pursuant to the credit
arrangement letter as executed by and between the Borrower and the Bank.

		(ii)	the Guarantor shall be bound by the terms and conditions of the Corporate Guarantee, Facility Agreement
and the Extension Letter (a copy of which has been received by the Guarantor);

		(iii)	the Corporate Guarantee continues to be in full force and effect, valid, binding and applicable
for the extension of the Facilities extended by the Bank to the Borrower through a credit arrangement letter incorporated in the
Facility Agreement vide the Extension Letter;

		(iv)	it is and shall continue to be
                                         in compliance with applicable laws and regulations including, without limitation, the
                                         ODI Regulations, the Guarantee Requirements or any other Reserve Bank of India (“RBI”)
                                         guidelines and without requiring the prior approval of the RBI, including the
                                         Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations,
                                         2004 read with Master Circular on Direct Investment by Residents in a Joint Venture/
                                         Wholly owned Subsidiary Abroad dated July 1, 2012) as amended from time to time;

 

	 	

 

Regd.
Off.: 804/805, President House, Opp. C. N. Vidyalaya, Near Ambawadi Circle, Ambawadi, Ahmedabad - 380 006, India. Tel No. +91 79
26564337 CIN No. L74140GJ1982PLC005215.

 

    	1 

     

    

 

 

Mastek
Limited, # 106/107, SDF-IV, Seepz, Andheri (E), Mumbai 400 096, India.

 Tel +91 22 6695 2222 / 2824 7999 Fax +91 22 6695 1331 www.mastek.com

 

		(v)	The Guarantor agrees and confirms that RBI /AD would be intimated
through the filing of requisite documents under the automatic route, to extend the Corporate Guarantee as per the terms of this
letter, as may be applicable.

 

		2.	The representations,
warranties, confirmations and undertaking provided by the Guarantor under the Corporate Guarantee and by the Borrower in the Agreements
continue to be in full force and effect.

 

		3.	The Guarantor
further undertakes, confirms and agrees that the board resolution of the Guarantor in relation to the Corporate Guarantee, extends
to the present extension of the Facilities and continues to be in full force and effect, valid, binding and applicable for the
extension of the Facilities and has not been cancelled or rescinded.

 

All
provisions of the Corporate Guarantee not specifically amended hereby shall remain in full force and effect. Capitalized terms
used in this letter but not defined shall have the meanings given to them as in the Corporate Guarantee.

 

We,
the Guarantor, understand that the Bank is relying on the undertakings and commitments expressed hereinabove for extending the
Facilities to the Borrower (and as expressed in the Corporate Guarantee), and we hereby agree and confirm that we shall faithfully
comply with our obligations and commitments expressed in the Corporate Guarantee and this letter. We also understand that any breach
of the provisions of the Corporate Guarantee or this letter will be deemed to be an Event of Default under the Corporate Guarantee
and the Facility Agreement.

 

Clause
24 and 25 of the Corporate Guarantee shall apply to this letter mutatis mutandis.

 

This
document shall be designated as a Credit Document under the Credit Facility Agreement.

 

	
        Very
        truly yours,

         

        For and
        on behalf of MASTEK LIMITED

         

        /s/
        Sudhakar Ram

        (Signature of the authorized signatory)

        Name:
        Sudhakar Ram

        Designation:
        Managing Director & Group CEO

        Place:
        Mumbai
	

 

Regd.
Off.: 804/805, President House, Opp. C. N. Vidyalaya, Near Ambawadi Circle, Ambawadi, Ahmedabad - 380 006, India. Tel No. +91 79
26564337 CIN No. L74140GJ1982PLC005215.

 

    	2Exhibit

Exhibit 10.17

2016 Executive Performance Incentive Plan

On September 16, 2015, the Compensation Committee of the Board of Directors of Analog Devices, Inc. (the “Company”) approved the extension of the existing Executive Performance Incentive Plan (the “Existing Plan”) for fiscal 2016 (the “Executive Performance Incentive Plan”) on the same terms as the Existing Plan, as set forth below. All executive officers and other senior management selected by the Chief Executive Officer will participate in the Executive Performance Incentive Plan. Bonus payments under the Executive Performance Incentive Plan are calculated and paid as follows:

1. Each participant’s Fiscal 2016 Bonus Target is obtained by multiplying his or her Base Salary by his or her Individual Target Bonus Percentage:

		
	•
	Base Salary – the individual’s base pay during the applicable bonus period.

		
	•
	Individual Target Bonus Percentage — a percentage of the individual’s Base Salary, determined individually for each participant by the Compensation Committee and ranging from 50% to 160%.

2. Each participant’s Fiscal 2016 Bonus Target is then multiplied by the Bonus Payout Factor. The Bonus Payout Factor is equal to (A) 50% of the Bonus Payout Factor (as shown in the table below) based on the Company’s operating profit before tax (OPBT) as a percentage of revenue for the applicable quarter plus (B) 50% of the Bonus Payout Factor (as shown in the table below) based on the Company’s revenue growth for the applicable quarter compared to the same quarter in the prior fiscal year.1  The calculations of revenue growth and OPBT as a percentage of revenue are adjustable by the Compensation Committee in its sole discretion to take account of special items, including but not limited to: restructuring-related expense, acquisition- or disposition-related items, non-recurring royalty payments or receipts, and other similar non-cash or non-recurring items. If OPBT is equal to or less than 20% of revenue for the applicable quarter, the Bonus Payout Factor shall be zero for that quarter, even if the Company has revenue growth for that quarter. The Bonus Payout Factor can range from 0% to 300%.

The following Bonus Payout Factor tables apply under the 2016 Executive Performance Incentive Plan:
	
							
	 
	50% of Bonus
Based on
OPBT/Revenue
	 
	Bonus Payout Factor
	 

	 
	20%
	 
	0%
	 

	 
	30%
	 
	100%
	 

	 
	35%
	 
	200%
	 

	 
	40%
	 
	300%
	 

	
							
	 
	50% of Bonus
Based on
Revenue Growth
	 
	Bonus Payout Factor
	 

	 
	0%
	 
	0%
	 

	 
	8%
	 
	100%
	 

	 
	18%
	 
	200%
	 

	 
	28%
	 
	300%
	 

1 In order to facilitate a comparison of fiscal quarters for purposes of the revenue growth element of the plan, all 14-week quarters will be normalized to a 13-week quarter.

The Bonus Payout Factor is determined quarterly and will be linearly interpolated between the values specified in the tables above. For example, if OPBT for a quarter is 32% of revenue (which would result in a Bonus Payout Factor of 140% for that element) and revenue growth for the quarter compared to the same quarter in the prior fiscal year was 11% (which would result in a Bonus Payout Factor of 130% for that element), then the Bonus Payout Factor for the quarter would be 135% which is the sum of 50% of the OPBT factor of 140% and 50% of the revenue growth factor of 130%. The Bonus Payout Factor is also used to determine the bonuses paid to all other employees of the Company under the Company’s 2016 Bonus Plan for Employees.

A participant’s bonus for a quarter shall be equal to the product obtained by multiplying a participant’s Fiscal 2016 Bonus Target for the quarter by the Bonus Payout Factor for that quarter. Each participant’s Fiscal 2016 Bonus Payment can range from zero to three times his or her Fiscal 2016 Bonus Target.

3. Fiscal 2016 bonus payments, if any, under the Executive Performance Incentive Plan will be calculated at the end of each fiscal quarter and distributed after the first half and second half of fiscal year 2016. The bonus payment for the first half of Fiscal 2016 will be paid on or before June 30, 2016 and the bonus payment for the second half of Fiscal 2016 will be paid on or before December 31, 2016.

4. Executives are eligible for a bonus payment with respect to their first full fiscal quarter of employment, so long as they remain actively employed by the Company on the applicable bonus payment date in June or December. For example, an executive hired during the first quarter would only be eligible for a bonus payment with respect to the second quarter, so long as he or she was still actively employed on the June payment date.

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