Document:

Exhibit 10.32

 

UK EMPLOYEES

 

MAJESCO

2015 EQUITY INCENTIVE PLAN

NOTICE OF STOCK OPTION GRANT

 

Unless otherwise defined herein, the terms defined in the Majesco
(the “Company”) 2015 Equity Incentive Plan (the “Plan”) shall have the same meanings in this
Notice of Stock Option Grant (the “Notice”).

 

Name:

 

Address:

 

You (the “Participant”) have been granted an
option to purchase Shares (the “Option”), subject to the terms and conditions of the Plan, this Notice and the
attached Stock Option Award Agreement (the “Award Agreement”).

 

	Grant Number:	 	 
	 	 
	Date of Grant:	 	 
	 	 
	Vesting Commencement Date:	 	 
	 	 
	Exercise Price per Share:	 	 
	 	 
	Total Number of Shares:	 	 
	 	 
	Type of Option:	 	 
	 	 
	Expiration Date:	 	 
	 	 
	Vesting Schedule:	 	
        Subject to the limitations set forth in this Notice, the Plan and
        the Award Agreement, the Option will vest and may be exercised, in whole or in part, in accordance with the following schedule:

         

        [Insert vesting schedule]

 

By accepting (whether in writing, electronically or otherwise) the
Option, Participant acknowledges and agrees to the following:

 

    	 

    	 

    

  

UK EMPLOYEES

 

Participant understands that this Notice is subject to the terms
and conditions of both the Award Agreement and the Plan, both of which are incorporated herein by reference. Participant has read
both the Award Agreement and the Plan. By accepting this Option, Participant consents to the electronic delivery as set forth in
the Award Agreement.

 

    	 

    	 

    

  

UK EMPLOYEES

 

MAJESCO

2015 EQUITY INCENTIVE PLAN

STOCK OPTION AWARD AGREEMENT

 

THIS STOCK OPTION AWARD AGREEMENT (the “Award Agreement”)
is made as of [INSERT DATE] by and between Majesco [INSERT FULL COMPANY NAME AND DETAILS] and the Participant whose name is set
forth on the signature page hereto.

 

The Company has adopted the Majesco 2015 Equity
Incentive Plan (the “Plan”), a copy of which is attached hereto as Exhibit A.

 

Participant has been granted an option to purchase
Shares (the “Option”), subject to the terms and conditions of the Plan, the Notice of Stock Option Grant (the
“Notice”) and this Award Agreement.

 

1.  Definitions. Unless otherwise
defined in this Award Agreement, any capitalized terms used herein shall have the meaning ascribed to them in the Plan. In addition
to the terms defined in the Plan, the terms below shall have the following respective meanings:

 

“Employer NICs” means any secondary
class 1 (employer) NICs (or any similar liability for social security contribution in any jurisdiction) that the Company or any
employer (or former employer) of Participant is liable to pay as a result of any Taxable Event (or which that person would be liable
to pay in the absence of an election of the type referred to in Section 9(c) and that may be lawfully recovered from Participant.

 

“ITEPA
2003” means the UK Income Tax (Earnings and Pensions) Act 2003.

 

“NICs”
means UK National Insurance contributions.

 

“Personal
Data” means any personal information that could identify Participant, including details of this Option.

 

“Sufficient Shares”
means the smallest number of Shares that, when sold, produce an amount at least equal to the relevant Tax Liability (after deduction
of brokerage and any other charges or taxes on the sale).

 

“Taxable Event”
means any event or circumstance that gives rise to a liability for Participant to pay income tax and NICs or either of them (or
their equivalents in any jurisdiction) in respect of (a) this Option, including its exercise, its assignment or surrender for consideration,
or the receipt of any benefit in connection with it; (b) any shares (or other securities or assets) earmarked or held to satisfy
this Option, acquired on exercise of this Option, acquired as a result of holding this Option, or acquired in consideration of
this Option's assignment or surrender; (c) any securities (or other assets) acquired or earmarked as a result of holding shares
(or other securities or assets) mentioned in (b); or (d) any amount due under PAYE in respect of assets within (a) to (c) above
and not made good by Participant within the time limit specified in section 222 of ITEPA 2003.

 

“Tax Liability”
means the total of any income tax and primary class 1 (employee) NICs (or their equivalents in any jurisdiction) that any employer
(or former employer) of Participant is liable to account for (or reasonably believes it is liable to account for) as a result of
any Taxable Event; and any Employer NICs (or the equivalent in any jurisdiction) that any employer (or former employer) of Participant
is liable to pay (or reasonably believes it is liable to pay) as a result of any Taxable Event and that can be recovered lawfully
from Participant.

 

2.  Vesting Rights. Subject to
the applicable provisions of the Plan and this Award Agreement, this Option may be exercised, in whole or in part, in accordance
with the schedule set forth in the Notice.

 

3.  Exercise Period. Except as
provided below, and subject to the Plan, any vested portion of this Option may be exercised during the Participant’s service
with the Company or as provided in Section 5.6 of the Plan upon Termination. Notwithstanding the foregoing, in no event shall this
Option be exercised later than the expiration date set forth in the Notice (the “Expiration Date”).

 

4.  Grant of Option. The Participant
named in the Notice has been granted an Option to

 

    	 

    	 

    

  

UK EMPLOYEES

 

purchase the number of Shares set forth in the Notice at the exercise
price per Share set forth in the Notice (the “Exercise Price”). In the event of a conflict between the terms
and conditions of the Plan and the terms and conditions of this Award Agreement, the terms and conditions of the Plan shall prevail.
This Option is intended to be a nonstatutory stock option. Participant has no right to be granted or to receive more options to
purchase Shares under the Plan or otherwise.

 

5.  Exercise of Option.

 

(a) Method of Exercise. This Option,
to the extent then exercisable, may be exercised, in all or part, by delivery of an exercise notice (the “Exercise Notice”),
which shall state the election to exercise such portion of the Option, the number of Shares in respect of which the Option is being
exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the
Company pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via facsimile or by
other authorized method to the Secretary of the Company or other person designated by the Company. This Option shall only be exercised
upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price for the Exercised
Shares, including any required taxes applicable to such exercise as set forth in Section 9.

 

(b) Prohibition to Exercise. No Shares
shall be issued pursuant to the exercise of this Option unless such issuance and exercise complies with all relevant provisions
of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Participant may not
exercise this Option at any time while disciplinary proceedings by the Company or any Parent or Subsidiary are underway against
Participant; or while the Company or any Parent or Subsidiary is investigating Participant’s conduct and may as a result
begin disciplinary proceedings; or while there is a breach of Participant’s employment contract that is a potentially fair
reason for Participant’s dismissal; or while Participant is in breach of a fiduciary duty owed to the Company or any Parent
or Subsidiary; or after Participant has ceased to be an Employee, if there was a breach of Participant’s employment contract
or fiduciary duties that (in the opinion of the Committee) would have prevented the exercise of the Option had the Company or any
Parent or Subsidiary been aware (or fully aware) of that breach, and of which the Company or any Parent or Subsidiary was not aware
(or not fully aware) until after both Participant’s ceasing to be an Employee and the time (if any) when the Committee decided
to permit Participant to exercise this Option. Participant may not exercise this Option unless Participant has made any arrangements,
or entered into any agreements, that may be required and are referred to in Section 9.

 

6. Method of Payment. Payment of the
aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Participant:

 

(a) cash;

 

(b) check;

 

(c) a “broker-assisted” or “same-day
sale” (as described in Section 10(d) of the Plan); or

 

(d) other method authorized by the Committee.

 

7. Term of Option. This Option shall
in any event expire on the Expiration Date set forth in the Notice, unless sooner terminated pursuant to Section 5.6 of the Plan.

 

8. Relationship with employment contract.

 

(a) Participant’s rights and obligations
under the terms of Participant’s office or employment with the Company or any Parent or Subsidiary or former Parent or Subsidiary
shall not be affected by the provisions of this Award Agreement. The value of any benefit Participant may realize through this
Option shall not be taken into account in determining any pension or similar entitlements.

 

(b) PARTICIPANT HAS NO RIGHT TO COMPENSATION
OR DAMAGES ON ACCOUNT OF ANY LOSS IN RESPECT OF THIS OPTION WHERE THIS LOSS ARISES (OR IS CLAIMED TO ARISE), IN WHOLE OR IN PART,
FROM TERMINATION OF OFFICE OR EMPLOYMENT WITH, OR NOTICE TO TERMINATE OFFICE OR EMPLOYMENT GIVEN BY OR TO, THE COMPANY OR ANY PARENT
OR SUBSIDIARY OR FORMER PARENT OR SUBSIDIARY. THIS EXCLUSION OF LIABILITY SHALL APPLY

 

    	 

    	 

    

  

UK EMPLOYEES

 

HOWEVER TERMINATION OF OFFICE OR EMPLOYMENT, OR THE GIVING OF NOTICE,
IS CAUSED, AND HOWEVER COMPENSATION OR DAMAGES ARE CLAIMED.

 

(c) PARTICIPANT HAS NO RIGHT TO COMPENSATION
OR DAMAGES FROM THE COMPANY OR ANY PARENT OR SUBSIDIARY OR FORMER PARENT OR SUBSIDIARY ON ACCOUNT OF ANY LOSS IN RESPECT OF THIS
OPTION WHERE THIS LOSS ARISES (OR IS CLAIMED TO ARISE), IN WHOLE OR IN PART, FROM ANY COMPANY CEASING TO BE A PARENT OR SUBSIDIARY,
OR THE TRANSFER OF ANY BUSINESS FROM THE COMPANY OR ANY PARENT OR SUBSIDIARY OR FORMER PARENT OR SUBSIDIARY TO ANY PERSON THAT
IS NOT THE COMPANY OR ANY PARENT OR SUBSIDIARY OR FORMER PARENT OR SUBSIDIARY. THIS EXCLUSION OF LIABILITY SHALL APPLY HOWEVER
THE CHANGE OF STATUS OF THE RELEVANT COMPANY, PARENT OR SUBSIDIARY, OR THE TRANSFER OF THE RELEVANT BUSINESS, IS CAUSED, AND HOWEVER
COMPENSATION OR DAMAGES ARE CLAIMED.

 

9. Tax Withholding.

 

(a) Participant will not be allowed to exercise
this Option unless Participant makes arrangements acceptable to the Company to pay any withholding taxes that may be due as a result
of the exercise of this Option in such manner as allowed pursuant to Section 12 of the Plan. In this regard, Participant authorizes
the Company to withhold all applicable withholding taxes legally payable by Participant from Participant’s wages or other
cash compensation paid to Participant by the Company. The Company may refuse to honor the exercise and refuse to deliver the Shares
if Participant fails to comply with Participant’s obligations in connection with the tax withholding as described in this
Section 9.

 

(b) Participant irrevocably
agrees to pay to the Company, Participant’s employer or former employer (as appropriate) the amount of any Tax Liability,
or enter into arrangements to the satisfaction of the Company, Participant’s employer or former employer (as appropriate)
for payment of any Tax Liability.

 

(c) Participant irrevocably
agrees that the Company, Participant’s employer or former employer (as appropriate) may recover the whole or any part of
any Employer NICs from Participant and at the request of the Company, Participant’s employer or former employer, Participant
shall elect (using a form approved by HM Revenue & Customs) that the whole or any part of the liability for Employer NICs shall
be transferred to Participant.

 

(d) Participant’s employer
or former employer may decide to release Participant from, or not to enforce, any part of Participant’s obligations in respect
of Employer NICs.

 

(e) If Participant does not
fulfil Participant’s obligations in respect of any Tax Liability arising from the exercise of an Option within seven days
after the date of exercise and Shares are readily saleable at that time, the Company shall withhold Sufficient Shares from the
Shares that would otherwise be delivered to Participant.

 

(f) From the net proceeds
of sale of those withheld Shares, the Company shall retain an amount equal to the Tax Liability and shall pay any balance to Participant
(if the Company is to account for or pay the relevant Tax Liability) or pay to Participant’s employer or former employer
(if that person is liable to account for or pay the relevant Tax Liability) an amount equal to the Tax Liability and shall pay
any balance to Participant.

 

(g) Participant’s obligations
under this Section 9 shall not be affected by any failure of the Company to withhold Shares.

 

(h) Participant irrevocably
agrees to enter into a joint election, under section 431(1) or 431(2) of ITEPA 2003, in respect of the Shares to be acquired on
exercise of this Option, if required to do so by the Company, Participant’s employer or former employer, before, on or within
14 days after any date of exercise of this Option.

 

10. Power of attorney

 

(a) Participant hereby appoints
the Company (acting by any of its directors from time to time) as Participant’s attorney to sell Sufficient Shares, deal
with the proceeds of that sale and execute any joint

 

    	 

    	 

    

  

UK EMPLOYEES

 

election required to be entered into under Section
9 in Participant’s name and on Participant’s behalf and execute any documents that would be required by the Company's
or any Parent’s or Subsidiary’s constitution or organizational documents.

 

(b) The Company may appoint
one or more persons to act as substitute attorney(s) for Participant and to exercise one or more of the powers conferred on the
Company by the power of attorney set out in this Section 10, other than the power to appoint a substitute attorney. The Company
may subsequently revoke any such appointment.

 

(c) The power of attorney
set out in this Section 10 shall be irrevocable, save with the consent of the Company, and is given by way of security to secure
the interest of the Company (for itself and as trustee under this agreement on behalf of any employer or former employer of Participant)
as a person liable to account for or pay any relevant Tax Liability.

 

(d) Participant declares that
a person who deals in good faith with the Company or any substitute attorney as Participant’s attorney appointed under this
Section 10 may accept a written statement signed by that person to the effect that this power of attorney has not been revoked
as conclusive evidence of that fact.

 

11. Data handling consent. Participant
consents to the collection, holding, processing and transfer of Personal Data by the Company or any Parent or Subsidiary for all
purposes connected with this Option, including the holding and maintenance of details of the Option, the transfer of Personal Data
to the trustee of an employee benefit trust, the Company's registrars or brokers, any administrator of the Company’s share
incentive arrangements or any other relevant professional advisers or service providers to the Company or any Parent or Subsidiary
or any former Parent or Subsidiary that is or was Participant’s employer, the transfer of Personal Data to a prospective
buyer of the Company or any Parent or Subsidiary or business unit that employs Participant, and the prospective buyer's professional
advisers, provided that those persons irrevocably agree to use the Personal Data only in connection with the proposed transaction
and in accordance with the data protection principles set out in the UK Data Protection Act 1998, and the transfer of Personal
Data to a person who is resident in a country or territory outside the European Economic Area that may not provide equivalent statutory
protections for personal data.

 

12. Acknowledgement. The Company and
Participant agree that the Option is granted under and governed by the Notice, this Award Agreement and by the provisions of the
Plan (incorporated herein by reference). Participant: (i) acknowledges receipt of a copy of the Plan and the Plan prospectus, (ii)
represents that Participant has carefully read and is familiar with their provisions, and (iii) hereby accepts the Option subject
to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice.

 

13. Entire Agreement; Enforcement of Rights.
This Award Agreement, the Plan and the Notice constitute the entire agreement and understanding of the parties relating to the
subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning
the purchase of the Shares hereunder are superseded. No modification of or amendment to this Award Agreement, nor any waiver of
any rights under this Award Agreement, shall be effective unless in writing and signed by the parties to this Award Agreement.
The failure by either party to enforce any rights under this Award Agreement shall not be construed as a waiver of any rights of
such party.

 

14. Compliance with Laws and Regulations.
The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant with all applicable state
and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which
the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer.

 

15. Third party rights. A person who
is not a party to this Option shall not have any rights under or in connection with it as a result of the UK Contracts (Rights
of Third Parties) Act 1999 except where such rights arise under any provision of this Award Agreement or except where such rights
arise for any employer or former employer of Participant which is not a party. This does not affect any right or remedy of a third
party which exists, or is available, apart from that Act. The rights of the parties to this Option to surrender, terminate or rescind
it, or agree any variation, waiver or settlement of it, are not subject to the consent of any person that is not a party to this
Option as a result of the UK Contracts (Rights of Third Parties) Act 1999.

 

    	 

    	 

    

  

UK EMPLOYEES

 

16. Governing Law; Severability. If
one or more provisions of this Award Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Award Agreement, (ii) the balance of this Award Agreement shall
be interpreted as if such provision were so excluded and (iii) the balance of this Award Agreement shall be enforceable in accordance
with its terms. This Award Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties
hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect
to principles of conflicts of law.

 

17. No Rights as Employee, Director or
Consultant. Nothing in this Award Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent
or Subsidiary of the Company, to terminate Participant’s service, for any reason, with or without cause.

 

By Participant’s acceptance (whether in
writing, electronically or otherwise) of the Notice, Participant accepts this Option and Participant and the Company agree that
this Option is granted under and governed by the terms and conditions of the Plan, the Notice and this Award Agreement and Participant
agrees to be bound by such terms and conditions. By acceptance of this Option, Participant consents to the electronic delivery
of the Notice, this Award Agreement, the Plan, account statements, Plan prospectuses required by the Securities and Exchange Commission,
U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders
(including, without limitation, annual reports and proxy statements) or other communications or information related to the Option.
Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in
administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s discretion.

 

    	 

    	 

    

  

UK EMPLOYEES

 

IN WITNESS WHEREOF, the Company and Participant
have executed this Award Agreement as of the day and year first written above.

 

COMPANY:

 

	By:	 
	Name:	 
	Title:	 

 

PARTICIPANT:

 

	Signature:	 
	Name:	 
	Address:Exhibit
10.33

 

 

YBL/MUM/FL/231/2015-2016 

June 30, 2015

 

Majesco Software
& Solutions India Private Limited

805 President
House,

Near Ambawadi
Circle,

Ahmedabad 380
015

 

Dear Sirs,

 

Re: Credit Facilities.

 

We
YES Bank Limited (the “Lender” or “YBL”) have pleasure in offering you Majesco
Software & Solutions India Pvt. Ltd. (the “Borrower”) the following facilities (the “Facilities”)
on the terms and conditions set out below:

 

		1	Facility Details

 

	S
    N	 	Facility Description	 	Interest/

    Commission	 	Security
	1	 	Facility:

        Pre
        Shipment in Foreign Currency (PCFC)

        (New Facility)

         

        Amount:

        INR 360,000,000/-

        (Indian
        Rupees Three Hundred and Sixty Million Only)

         

        Purpose:

        Working
        capital

         

        Tenor:

        Maximum
        of 3 months

         

        Nature:
        Redrawal permitted within availability period

         

        Availability
        period:

        12 months
        subject to annual review
	 	Pricing:

        To be
        decided at the time of disbursement.
	 	First
        Pari Pasu charge over the current assets of the Borrower.

         

        Margin:
        Disbursement to be done up to 90% of the export order value as evidenced by the CA certificate

 

YES
BANK Limited, Indiabulls Finance Centre, Tower 2, 23rd Floor, Senapati Bapat Marg,
Elphinstone (W), Mumbai- 400 013, India

Tel:
+91(22) 3366 9000 Fax: +91(22) 2421 4500

 

Regd.
& Corporate Office: Nehru Centre, 9th Floor, Discovery of India, Dr. A. B. Road, Worli, Mumbai 400 018, India.

Tel:
+91(22) 6669 9000/2490 0650 Fax: +91(22) 2490 0314 Website: www.yesbank.in

 

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	1a	 	Facility:	 	Pricing:	 	First Pari Pasu charge
	 	 	Post
        Shipment Credit in Foreign

        Currency
        (PSCFC) (Sublimit of facility 1 above)

        (New Facility)

         

        Amount:

        INR 360,000,000/-

        (Indian
        Rupees Three Hundred and Sixty Million Only)

         

        Purpose:

        Working
        capital

         

        Tenor:

        Maximum
        of 3 months

         

        Nature:
        Redrawal permitted within availability period

         

        Availability
        period:

        12
        months subject to annual review
	 	To be decided
    at the time of disbursement.	 	over the current
    assets of the Borrower.

 

Special
Terms & Conditions for facility 1

		•	PCFC will be on running account basis.

		•	Counter parties for PCFC :

a)
Majesco UK Ltd

b)
Majesco, USA

d)
Majesco Software and Solutions Inc (MSSI)

e)
Majesco Canada Ltd (MCAN)

f)
Majesco Thailand Co. Ltd.

g)
Majesco Sdn Bhd (Malaysia)

		•	Transactions will be for group companies of MSSIPL.

 

Special
Terms & Conditions for facility 1a

		•	LC & Non LC backed Orders

		•	Discounting of Group/associate entities permitted

 

		2	Utilization:

 

		2.1	Pre-Export
                                         Advances

 

		2.1.1	You may on any Business Day
                                         during the Availability Period request for a Pre-Export Advance. Each such Pre-Export
                                         Advance shall be on our then prevailing terms and conditions or if applicable, in accordance
                                         with the then applicable domestic Scheme for Pre-Export Advances. The
                                         Pre-Export Advance tenor shall be maximum 3 months.

 

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		2.2	Advance
                                         against Export Collection Bills

 

		2.2.1	You may on any Business Day during the Availability Period
                                         request us to provide Rupee Advance against Export Collection Bills provided that we
                                         shall have the discretion whether or not to provide Rupee Advance against Export Collection
                                         Bills submitted by you:

 

		2.2.2	Each advance shall for a maximum period of 3 months.

 

		3	Interest: Interest on each advance shall be due and
                                         payable on the last Business Day of the Term or on the last Business Day of every calendar
                                         month or at such intervals as we may stipulate, whichever is earlier.

 

YES
Bank may at its sole discretion make disbursement(s)/allow drawal(s)/utilisation of the Facility or any part thereof pending creation
and perfection of full and final security in favour of YES Bank. In the event disbursement(s)/ drawal(s)/utilisation of the Facility
or any part thereof are made pending creation and perfection of full and final security in favour of YES Bank (unless otherwise
a specific time frame granted by the YES Bank), the Borrower shall pay additional interest at the rate of 2% p.a. over and above
the applicable Interest/Commission, from the date of first disbursement/drawal/utilisation of the Facility till the date the security
is fully and finally created and perfected to the satisfaction of the YES Bank.

 

Interest
shall be computed based on the actual number of days elapsed on (i) a 365 day year for Indian Rupees or (ii) such other day year
that is customary for any other currency.

 

In
addition to above, please note that:

 

		a)	Interest shall be payable at monthly rests.

		b)	Additional interest and default interest at 2%
                                         per annum or such other rate as the Lender deems fit will be levied over and above
                                         applicable rate of interest.

		c)	The rates of interest and periodicity of payment stated above
                                         are valid until further notice and are subject to our internal reviews and / or changes
                                         in externally prevailing directives of regulatory authorities.

		d)	All costs, charges and out of pocket expenses in connection
                                         with preparation, execution and perfection of any security documents and protecting/enforcing
                                         Lender’s rights shall be borne by the Borrower on full indemnity basis. All amounts
                                         payable under this Letter will be paid free and clear of all present and future taxes,
                                         duties, imposts, withholdings or other deductions and Stamp duty charges, other than
                                         those required by any applicable law.

		e)	All charges/fees paid to the Bank pursuant grant of Facilities
                                         hereto are non-refundable.

		f)	The Borrower shall bear all such imposts, duties and taxes
                                         (including interest, stamp duty and other taxes, if any) as may be levied from time to
                                         time by the Government or other authority with the sanction of law, pertaining to or
                                         in respect of the Facility Amount.

 

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		4	Increased
                                         Costs:

 

The
Borrower agrees to pay to the Lender the amount of any Increased Cost incurred by the Lender or any of its Affiliates as a result
of:

		a.	the introduction
                                         of, or any change in, or any change in the interpretation, administration or application
                                         of, any law or regulation; or

		b.	compliance with
                                         any law or regulation made effective after the date of this Facility Letter.

 

The
terms “law” and “regulation” in this clause shall include, without limitation, any law or regulation,
circular or notification concerning capital adequacy, prudential limits, liquidity, reserve assets or tax.

 

Provided
that the Borrower need not make any payment for an Increased Cost to the extent that the Increased Cost is:

		a.	compensated
                                         for under another clause in this Facility Letter or would have been but for an exception
                                         to that clause; or

		b.	attributable
                                         to the Lender or its Affiliates willfully failing to comply with any law or regulation.

 

For
the purpose of this clause “Increased Cost” shall mean:

		(a)	an additional
                                         or increased cost;

		(b)	a reduction
                                         in the rate of return from a Facility or on the Lender’s (or its Affiliate’s)
                                         overall capital (including, without limitation, as a result of any reduction in the rate
                                         of return on capital brought about by more capital being required to be allocated by
                                         the Lender or one of its Affiliates); or

		(c)	a reduction
                                         of an amount due and payable to the Lender, 

 

which is incurred or suffered by the Lender
                                         or any of its Affiliates but only to the extent attributable to the Lender having entered
                                         into any such documents or funding or performing its obligations under any such documents.

 

		5	Conditions
                                         Precedent: You may utilise the Facilities only after receipt by us of the following
                                         in form and substance reasonably satisfactory to us:

 

		a.	Duplicate of
                                         this Facility Letter duly and unconditionally accepted and signed on each page by the
                                         Borrower’s authorised signatory/ies;

		b.	Certified true
                                         copy of the Borrower’s Board Resolution accepting the facilities and authorising
                                         particular persons to deal with us in connection with it and execute required documents;

		c.	A certified true copy of each of your current constitutive
                                         documents (such as the Memorandum and Articles of Association);

		d.	Updated list of directors and shareholders duly certified by
                                         company secretary of the borrower.

		e.	List of those authorized signatories, with their specimen signatures
                                         attested by the Borrower’s Bankers;

		f.	Demand Promissory Note for INR 360,000,000/- to be executed
                                         under the Common Seal, in terms of the Articles of Association of the Company (INR 1/-
                                         revenue stamp to be affixed) in our prescribed format;

 

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		g.	Letter of Continuity to be executed in our prescribed form
                                         under the Common Seal, on the requisite stamp as prescribed under the prevailing Stamp
                                         Act;

		h.	Indemnity for Export Credit to be executed in our prescribed
                                         form under the Common Seal, on the requisite stamp as prescribed under the prevailing
                                         Stamp Act;

		i.	Deed of Hypothecation for creation of Pari passu charge over
                                         the current assets of the borrower, to be executed in our prescribed form under the Common
                                         Seal, on the requisite stamp as prescribed under the prevailing Stamp Act;

		j.	Registered Form
                                         CHG-1 to be submitted for Deed of Hypothecation;

		k.	No objection certificates
                                         / Pari passu Letters from the existing lender , to be submitted;

		1.	ROC Search of
                                         the borrower to be submitted;

		m.	CA Certificate
                                         confirming that the asset being charged/ mortgaged does not constitute substantial undertaking
                                         as defined under Section 180 of companies act 2013;

		n.	Certified true
                                         copy of the resolution of General Body of shareholders under Section 180(1)(a) of Companies
                                         Act 2013, for creation of charge on the All assets of the borrower;

		o.	IT Confirmation
                                         u/s.281 of IT Act for the assets provided as security;

		p.	Fax Indemnity to be executed in our prescribed form, on
the requisite stamp as prescribed under the prevailing Stamp Act;

		q.	CS/CA certification regarding compliance of statutory Prescriptions
in terms of RBI circular on lending under consortium/multiple banking arrangements dated 10th Feb, 2009 on annual basis.

		r.	Certificate from borrower’s auditors that all the
statutory dues including EPF dues, have been paid by the borrower;

		s.	Declaration from borrower stating that none of its subsidiaries
are appearing in the defaulters list;

		t.	Borrower to open
                                         Operative Account with Yes Bank Ltd. prior to disbursement and route proportionate cash
                                         flows from such account

		u.	Such other documents
                                         as we may reasonably consider to be relevant.

 

		6	Covenants: You hereby covenant that so long as the
                                         Facilities or any sum thereunder are outstanding, you shall:-

 

		(i)	from time to time at our reasonable request forthwith deliver to us such information
                                         about your business, assets
                                         and financial condition as we may reasonably require for any purpose in connection with
                                         the Facilities;

		(ii)	furnish us as soon as possible and in any event not later
                                         than 180 days after the close of each financial year an originally signed or certified
                                         true copy of your audited balance sheet together with the profit and loss statements;

		(iii)	ensure that Majesco Software and Solutions Inc USA, will
                                         always hold and own at least 51% of your share capital;

		(iv)	not create or allow to exist any encumbrance or security
                                         over assets specifically charged to us without our prior written consent;

		(v)	not undertake or permit any reorganisation, amalgamation,
                                         reconstruction, takeover or any other schemes of compromise or arrangement, nor amend
                                         any provision of your major constitutive documents in such a manner that will adversely
                                         affect our rights under the Facilities.

 

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		(vi)	not induct a person who is a Director on the Board of a company
                                         which has been identified as a wilful defaulter and that in case, if such a person found
                                         to be on the Board of the Borrower, Borrower would take expeditious and effective steps
                                         for removal of the person from the Board of Directors.

		(vii)	get the Facilities rated by Credit Rating Agency/ies, as
                                         approved by the Bank, within a period of three months from the date of acceptance of
                                         this Letter and further to get Facilities rated annually or at such intervals as may
                                         be decided and intimated by us to you, from time to time failing which additional interest
                                         at 2% per annum on all the outstanding Facilities except facilities in nature of Bank
                                         Guarantees (including Standby Letter of Credit), Letter of Credit and/or Letter of Undertaking
                                         for arranging Buyers Credit on which additional 25% of the documented commission, shall
                                         be payable by the Borrower to the Lender.

“Credit
Rating Agency” shall mean and refer to the domestic credit rating agencies such as Credit Analysis and Research Limited,
CRISIL Limited, FITCH India and ICRA Limited, Brickwork India Private Limited and international credit rating agencies such as
Fitch, Moodys and Standard & Poor’s and such other credit rating agencies identified and/or recognized by the Reserve
Bank of India from time to time.

In
the event you (and/or any of your security provider’s) credit worthiness deteriorates, in our sole opinion, and/or when
your rating (and/or any of your security provider) has been downgraded by the Credit Rating Agency in its report then we shall
be entitled at our sole discretion to unconditionally re-price the Facilities and such revised pricing shall be binding on you
and/or unconditionally cancel the Facilities without any notice to you and upon such cancellation, the outstanding Facilities
shall immediately become due and payable irrespective of any agreed maturity and we shall be entitled to enforce security thereunder.

		(viii)	not, without our prior written consent, use the trade names,
                                         trademarks, service marks, logos, designs, copyright or other similar proprietary designations,
                                         registered or unregistered, owned and/or used by us and/or communicated to you by us.

		(ix)	The Borrower shall submit Bank the following in form and
                                         substance reasonably satisfactory to us within stipulated time:

a)    Certified
Declaration (self-certified/internal auditor) of Unhedged Foreign Currency Exposure (UFCE) as on the last quarter to be
submitted before end of ensuing quarter or 30 days from acceptance of FL, whichever is earlier. The certified declaration is
required to be submitted thereafter regularly on a quarterly basis before 15 days of end of subsequent quarter. Additionally
once on an annual basis, the UFCE information would need to be audited and certified by the statutory auditor and a
certificate to this effect signed by the statutory auditor needs to be submitted regularly on an annual basis within 15 days
from the date of closure of the annual audited results. The UFCE information needs to be submitted in lines with the
requirements of the RBI Circular reference DBOD.No.BP.BC.116/21.06.200/2013-14 dated June 3, 2014 and DBOD.No. BP.BC.
85/21.06.200/2013-14 dated January 15, 2014.

b)    In
case of non receipt of certified declaration and the annual certificate signed by the statutory auditor within the above stated
timelines, additional interest upto 2% per annum on all the outstanding facilities except facilities in nature of Bank Guarantees
(including Standby Letter of Credit), Letter of Credit and/or Letter of Undertaking for arranging Buyers Credit on which additional
25% of the documented commission, shall be payable by the Borrower to the Lender.

 

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c)    In
case YBL is required regulatorily to provide for any applicable incremental provision or risk weighted assets on account of unhedged
foreign currency exposure as stated in the declaration, the Borrower agrees that pricing/Interest rate may be revised upwards
by charging additional interest upto 0.25% per annum on all the outstanding facilities except facilities in nature of Bank Guarantees
(including Standby Letter of Credit), Letter of Credit and/or Letter of Undertaking for arranging Buyers Credit on which additional
25% of the documented commission may be charged.

 

		6A.	FINANCIAL/OTHER
                                         COVENANTS	 

		•	Financial
                                         information to be provided half yearly
	 	 	 

		•	100% of
                                         cash flows to be routed through YBL.
	 	 	 

		•	Debt/EBIDTA
                                         <2.0

 

		7	Payment: Each payment
                                         (whether principal, interest or otherwise) under the Facilities will be made when due
                                         without any deduction, in immediately available and good funds and in the currency in
                                         which the Facilities are outstanding. If you are required by law to deduct any payment,
                                         you shall pay us such further sum to ensure that we received the same amount as if no
                                         deduction had been made. If any such payment falls due on a non Business Day, the same
                                         shall be paid on the immediately preceding Business Day.

 

		8	New Circumstances: If
                                         at any time (a) it becomes unlawful for us to make, fund or allow to remain outstanding
                                         any of the Facilities or (b) it is or will become unlawful for you to perform or comply
                                         with any of your obligations under the Facilities, then (i) we shall be entitled to cancel
                                         the Facilities and (ii) if we so reasonably require, you shall on such date as we shall
                                         specify repay all outstandings under the Facilities (together with accrued interest)
                                         and/or pay to us such amount equals to the contingent or future liabilities under the
                                         Facilities.

 

		9	Business Days: Business
                                         days as mentioned in this letter mean any day (excluding Sunday and public holiday) that
                                         banks are open for business.

 

		10	Representations: You
                                         represent to us that (i) you are duly incorporated under the laws of your
                                         country of incorporation with the power to enter into and exercise your rights and perform
                                         your obligations under the Facilities, (ii) all actions internal or external
                                         required to authorise your execution of this letter and your performance of your obligations
                                         under the Facilities have been duly taken and the exercise of your rights and performance
                                         of your obligations under the Facilities will neither contravene any law or regulations
                                         to which you are subject nor cause you to be in breach of or default under any agreement/document
                                         / Memorandum of Association / Articles of Association binding on you or any of your assets,
                                         (iii) your obligations under the Facilities are legal, valid, binding and
                                         enforceable against you, (iv) all governmental or other licenses, consents
                                         and authorisations requisite for such execution, delivery and performance have been obtained
                                         and are in full force and effect, and (v) each of these representations
                                         will remain correct and complied with so long as the Facilities and/or any sum thereunder
                                         remain outstanding, (v) As per RBI Guidelines, all borrowers are required to declare
                                         details as per enclosed Annexure while applying for credit facilities
                                         with from bank and you have already provided such details during discussion with
                                         us and/or in various documents provided to us. By counter signing your are confirming
                                         us that the details declared as per annexure 1 are true and correct, (vi) to create 

 

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			security interest in favour of
                                         the Bank/ security trustee/security agent in a form and manner satisfactory to the Bank.
                                         Further, the Bank as a matter of policy does not accept laminated title /security documents.
                                         The Borrower is therefore advised to upfront inform the Bank as to whether the title/security
                                         documents are laminated or not. The Bank further reserves its right to accept or reject
                                         any title/security documents, with or without assigning any reasons. The decision of
                                         the Bank shall be final and binding on the Borrower in this regard.

 

		11	Events
                                         of Default: The following are events of default (each, an “Event of Default”):

 

		(i)	you do not pay any sum payable by you under the Facilities
                                         when due, or

		(ii)	you do not perform or comply with any of your obligations
                                         or terms and conditions under the Facilities, or

		(iii)	any representation, warranty or statement made or deemed
                                         to be made or repeated pursuant to this Letter or in any notice, certificate or statement
                                         referred to herein or delivered hereunder is or proved to be incorrect or misleading
                                         in any manner, or

		(iv)	if any event occurs or any circumstance arises which, in the
                                         Lender’s sole opinion, gives reasonable ground for believing that the you may not be able
                                         to perform or comply with any one or more of the obligations hereunder, or in the event
                                         of any change in the applicable laws, it becomes unlawful for you to continue its obligations
                                         hereunder which opinion shall be binding on you, or

		(v)	any of your or any security party/issuer’s indebtedness
                                         towards any creditor exceeding an aggregate amount of INR 10,000,000/- (Indian Rupees
                                         ten million only) or its equivalent as determined by us is not paid when due pursuant
                                         to court order, decree or judgement to which there lies no appeal, or

		(vi)	Any event, notified by the Lender, which is likely to constitute
                                         Material Adverse Change. Material Adverse Change that shall have occurred (i) in the
                                         Condition, financial or otherwise, prospect or operations of the Borrower or any subsidiaries
                                         or affiliates, present or future, or (ii) which may, in the sole opinion of the Lender
                                         adversely affect the repayment of the Facility amount, or

		(vii)	all or substantially all of the undertaking, assets or properties
                                         of the Borrower or its interests therein are seized, nationalised, expropriated or compulsorily
                                         acquired by the authority of Government, or

		(viii)	any step is taken or proceedings started for your or any
                                         security party/issuer’s dissolution or winding-up or for the appointment of a receiver,
                                         judicial manager, trustee or similar officer of you or any security party/issuer or over
                                         all or any of your or any security party/issuer’s assets, or

		(ix)	change in material ownership structure of the Borrower, or

		(x)	cross default to other material agreements and your other indebtedness.

		(xi)	Failure to get our facilities rated by Credit Rating Agency/ies,
                                         as approved by the Bank, within a period of three months from the date of acceptance
                                         of this Letter and to get such rating done annually or at such intervals as may be decided
                                         and intimated by us to you, from time to time.

 

If
any Event of Default has occurred, then at any time thereafter we shall be entitled to terminate or suspend the Facilities with
immediate effect. Thereafter, you shall forthwith upon our demand repay all outstanding under the Facilities to us, and/or pay
to us such amount equals to the total contingent or future liabilities under the Facilities and we shall have the rights to realise
the security. All remedies either under this Facility Letter or otherwise afforded to us shall be cumulative and not alternative.

 

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		12	Cancellation or Termination:
                                         During the Availability period, the Lender may, in its sole discretion, cancel the
                                         Facilities, if any Event of Default or Potential Event of Default has occurred or if
                                         it becomes unlawful for the Lender to disburse or continue the Facilities to the Borrower.

 

The
Borrower unconditionally agrees, undertakes and acknowledges that the Bank has an unconditional right to cancel the un-utilised
portion of the Facility, whether in part or in full, at any time during the currency of the Facility/Loan without any prior intimation
for such cancellation to the Borrower.

 

Provided
always that overdraft and/or other similar types of facility may be terminated by us and shall be repayable to us upon immediate
notice.

 

		13	Assignment:
                                         (a) We have your consent to assign or transfer any of our rights, benefits and obligations
                                         under the Facilities. (b) You may not without our prior written consent assign or transfer
                                         any of your rights, benefits and obligations under the Facilities.

 

		14	Law: This letter shall
                                         be governed by the laws of India, and the courts of Gujarat shall have non-exclusive
                                         jurisdiction over all legal action and proceedings arising under the Facilities.

 

		15	Disclosure of facilities:
                                         We are authorised to disclose information relating to the Facilities and/or you to
                                         any Bank / Financial Institution and / or to the Reserve Bank of India or any other agency
                                         authorised in this behalf by the Reserve Bank of India.

 

		16	Review Date: Notwithstanding
                                         the terms herein and in conformity with normal business practice, we reserve the right
                                         to review this Facility or any of the terms and conditions thereof or any other documents
                                         or security relating thereto. The facilities will be reviewed by June 17, 2016.

 

		17	In the event of there being
                                         any inconsistency between the terms and conditions set out herein and set out in security
                                         documents then in that case the terms and conditions contained in the security documents
                                         shall prevail. The word security documents would mean all the documents, which are executed
                                         in pursuance of the credit facilities granted to you.

 

		18	Supercession: This letter
                                         supercedes all our earlier correspondence in this regard.

 

This
offer shall be valid for acceptance until July 15, 2015. Kindly confirm to us, by signing on the duplicate copy of this letter,
your acceptance of the foregoing terms and conditions and return the same to us so as to be received by us prior to the above
date.

 

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Should you have
any query regarding the above terms and conditions, please do not hesitate to contact the right-hand undersigned.

 

 

Yours faithfully,

YES BANK LIMITED

 

	/s/ Ameya
    Shripad Gundale	 	/s/ Sumeet
    Rajani
	Ameya Shripad Gundale
    (Corp. Bnkg)	 	Sumeet Rajani
	Executive Vice President	 	Assistant Vice President
	Corporate Banking	 	Corporate Banking

 

We, Majesco
Software & Solutions India Pvt. Ltd. confirm acceptance of the above terms and conditions:

 

	 	 	 
	Signature(s)
        / Company's stamp

        *[Please
        sign on the preceding pages as well]

        Title:

        Date:

        Place:

        Enclosed:
        Annexure I
	 	 

                                                                            

 

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ANNEXURE
I

 

Details
of Borrowing Arrangements from Other Banks (INR Million)

 

No
Credit Facilities availed from other Banks/Financial Institution

 

 

 

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