Document:

SEVERANCE
AGREEMENT

This Agreement is between Carl Yankowski
("Employee") and Majesco Entertainment
Company (formerly named Majesco Holdings, Inc.), a Delaware
corporation, (the "Company"), hereinafter
collectively known as "parties."

WHEREAS, Employee was employed by Company as Chairman and Chief
Executive Officer and served as a Director of the Company, pursuant to
the Employment Agreement dated as of August 24, 2004 (the
"Employment Agreement");

WHEREAS,
Employee has resigned, by mutual agreement of the parties, as an
officer, employee and director of the Company and all its subsidiaries
and affiliates, effective July 8, 2005;

WHEREAS, the parties
desire to settle fully and finally, in the manner set forth herein, all
matters, contractual or otherwise, between them which have arisen, or
which may arise, prior to, or at the time of, the execution of this
Agreement, including, but in no way limited to, any and all claims and
other matters arising out of the relationship between Employee and the
Company pursuant to the Employment Agreement, and the termination of
such relationship and agreement;

In consideration of these
recitals and the promises and agreements set forth in this Agreement,
the parties agree as follows:

1.    General
Release:    Employee, individually and on behalf of his heirs,
assigns, successors, executors, and administrators (collectively,
"Employee Releasees") IRREVOCABLY AND
UNCONDITIONALLY RELEASES, ACQUITS AND FOREVER DISCHARGES the Company
and its current and former affiliated, including or related
corporations, firms, associations, partnerships, and entities, their
successors and assigns, shareholders who are directors, officers or
employees of the Company, directors, officers, employees, agents,
attorneys, representatives, and insurers of said corporations, firms,
associations, partnerships, and entities, and their guardians,
successors, assigns, heirs, executors, and administrators (hereinafter
"Company Releasees") from any and all claims,
liabilities, obligations, agreements, damages, causes of action, costs,
losses, damages, and attorneys' fees and expenses whatsoever,
whether known or unknown or whether or not arising out of or connected
with Employee's employment by Company or the Employment
Agreement, or any stock options or other agreements with regard to
equity in the Company, whether vested or unvested, and including, but
not limited to, the right to benefits under the Employment Agreement,
any dispute, claim, charge, or cause of action arising under the Age
Discrimination in Employment Act, 29 U.S.C. § 621, et seq.,
Title VII of the Civil Rights Act of 1964, as amended, 42
U.S.C. § 2000e, et seq., Employment and Housing Act,
Cal. Gov't Code § 12940, the Americans with
Disabilities Act of 1990, 42 U.S.C. 12101, et seq., the
Employee Retirement Income Security Act of 1974, as amended 29
U.S.C. § 1001, et seq., and any other municipal, local,
state, or federal law, common or statutory, which may have arisen, or
which may arise, prior to, or at the time of, the Employee's
execution of this Agreement. Notwithstanding the preceding sentence,
this release does not apply to the Employee's rights under this
Agreement or to COBRA continuation benefits for the remainder of his
COBRA continuation period to the extent he pays or has paid the
applicable premium therefor. Employee further promises never to contact
or seek any damages, remedies, or other relief (any right to which he
hereby waives) by filing or prosecuting a charge or pursuing any other
action with any governmental entity or administrative agency with
respect to any claim purportedly released by this Agreement or any
other matter arising out of the relationship between the parties.

The Company Releasees IRREVOCABLY AND UNCONDITIONALLY RELEASE,
ACQUIT AND FOREVER DISCHARGE the Employee Releasees from any and all
claims, liabilities, obligations, agreements, damages, causes of
action, costs, losses, damages and attorneys' fees and expenses
whatsoever, whether known or unknown or whether or not arising out of
or connected with Employee's employment by Company or the
Employment Agreement, including, but not limited to, any municipal,
local, state, or federal law, common or statutory, which may have
arisen, or which may arise, prior to, or at the time of, the
Company's execution of this Agreement. Notwithstanding the
preceding sentence, this release does not apply to the
Company's rights under this Agreement. The Company
Releasees further promise never to contact or seek any damages,
remedies, or other relief 

1

(any right to which they hereby waive) by
filing or prosecuting a charge or pursuing any other action with any
governmental entity or administrative agency with respect to any claim
purportedly released by this Agreement or any other matter arising out
of the relationship between the parties.

Employee and the
Company understand and agree that this is a full and final settlement
applying not only to all claims that are presently known, anticipated
or disclosed to Employee or the Company, but also to all claims
presently unknown, unanticipated, and undisclosed to Employee or the
Company. Employee and the Company hereby waive any and all rights or
benefits which either party may now have, or may in the future have,
against the other party, under any state or federal statute or common
law principle of similar effect.

2.    Covenant Not to
Sue:    Employee and the Company (and all of its subsidiaries,
affiliates, directors and officers) COVENANT NOT TO SUE, OR OTHERWISE
PARTICIPATE IN ANY ACTION OR CLASS ACTION against, any of the Company
Releasees or the Employee Releasees, based on any of the claims
released in paragraph 1 of this Agreement.

3.    Waiver of
Reemployment:    Employee waives and releases forever any right
or rights he might have to seek or obtain employment, reemployment, or
reinstatement with the Company.

4.    Non-disparagement:    Employee expressly
acknowledges, agrees, and covenants that he will not make any public or
private statements, comments, or communication in any form, oral,
written, or electronic, which in any way could constitute libel,
slander, or disparagement of the Company, its employees, officers,
and/or directors, or which may be considered to be derogatory or
detrimental to the good name or business reputation of the Company;
provided, however, that the terms of this paragraph shall not apply to
communications between Employee and his spouse, clergy, or attorneys,
which are subject to a claim of privilege existing under common law,
statute, or rule of procedure, nor shall it apply to truthful
statements made by him in response to a subpoena or during the course
of any investigation by any law enforcement authority. Company (and the
Company's subsidiaries and affiliates) expressly acknowledges,
agrees, and covenants that it will not make (and the Company will
instruct its current and future officers and/or current and future
directors to not make) any public or private statements, comments, or
communication in any form, oral, written, or electronic, which in any
way could constitute libel, slander, or disparagement of Employee, or
which may be considered to be derogatory or detrimental to the good
name or business reputation of Employee; provided, however, that the
terms of this paragraph shall not apply to truthful statements made by
the Company or any of its officers or directors in response to a
subpoena or during the course of any investigation by any law
enforcement authority or as required by any applicable federal or state
securities laws or as required by any applicable regulatory body or
agency.

5.    Settlement Terms:    Upon the
execution of this Agreement by Employee, the Company shall deposit
$223,312 ($375,000, minus applicable tax or other withholding),
("Payment1") in an escrow account managed by
a mutually agreed-upon third party. Upon the expiration of seven days
after Employee's execution of this Agreement, and conditioned
that this Agreement has not been revoked by Employee prior thereto (any
such revocation must be by written notice actually delivered to the
Company prior to such time and such revocation would invalidate this
entire Agreement and all of its provisions (the
"Cancellation of Agreement")), Payment1 shall
be fully released from the escrow account to Employee on the eighth day
after Employee's execution of this Agreement. As of the day after
his execution of the Agreement, the escrow trustee shall notify
Employee that Payment1 is in such escrow account. In addition, the
Company will pay the Employee on the date of Employee's execution
of this Agreement an amount equal to the sum of: Employee's
accrued base salary, accrued and unused vacation, accrued and unpaid
expense reimbursement, and any other unpaid payments (other then any
bonus) or benefits due to Employee under the Employment Agreement, in
all cases as accrued through July 8, 2005, minus applicable tax or
withholding, ("Payment2"), which aggregate
amount is $30,251 before applicable withholding and $18,175.09 after
such withholding. If Payment1 and Payment2 are not tendered to Employee
within three business days after the due dates specified herein then it
will be a material breach of this Agreement by Company and Employee may
elect to treat such breach as a Cancellation of Agreement or he may
elect to pursue other legal remedies. The Company will also continue
its current practice of paying the monthly premiums for
Employee's (and 

2

his dependents) Blue Cross medical insurance
for the 12 months ending June 30, 2006. Employee will be permitted to
retain his Company personal computer equipment which is of de minimis
value, provided however that the Employee shall deliver to the Company
such computer's hard disk (drive) within five days of the date of
execution of this Agreement and the Company shall deliver to Employee
an identical replacement hard disk (drive) within five days of its
receipt. The Company shall also deliver, at Company expense, all of
Employee's personal effects to Employee's residence in
Massachusetts within seven days of the Employee's execution of
this Agreement. None of the payments or benefits due Employee under
this Agreement will be subject to mitigation or offset. Neither the
Employee nor the Company believe that any payments under this Agreement
are subject to the excise taxes imposed by Internal Revenue Code
Section 409A and the parties will take tax positions consistent with
this view.

6.    Acknowledgement:    Employee
hereby acknowledges and agrees that he has resigned as an officer and
director of the Company and all of its affiliates and subsidiaries
effective as of July 8, 2005 and that all stock options and other
rights, if any, to purchase equity in the Company have been terminated.
The Company hereby agrees (i) to continue to include Employee as a
named insured under the Company's existing Directors &
Officers insurance policy ("D&O Policy")
through the end of the current policy period (which ends in December
2005); (ii) to continue to comply with its existing obligations to
indemnify Employee for his entire period of service as an officer
and/or director of the Company; (iii) to specify in any applicable
Company Form 8-K filing with the Securities and Exchange Commission,
any other applicable public filing, press release and/or other public
disclosure or communication by the Company that Employee's
resignation of employment was by mutual agreement of the parties; and
(iv) that the Company will adhere to its internal policy of limiting
any Company response to inquiries from (and Company communications to)
third parties about the circumstances of Employee's employment
and resignation to statements that Employee served as Chairman and
Chief Executive Officer from August 24, 2004 through July 8, 2005 until
his resignation by mutual agreement and that it is Company policy to
only provide this information. The Company further represents and
warrants that no change in control of the Company has occurred or is
currently being discussed or contemplated by the Board of Directors of
the Company, or has been initiated by any member of the Board of
Directors,

7.    Severability:    If any provision
of this Agreement is held to be illegal, invalid, or unenforceable,
such provision shall be fully severable and/or construed in remaining
part to the full extent allowed by law, with the remaining provisions
of this Agreement continuing in full force and effect.

8.    Entire Agreement:    This Agreement constitutes
the entire agreement between the parties, and supersedes all prior and
contemporaneous negotiations and agreements, oral or written. This
Agreement cannot be changed or terminated except pursuant to a written
agreement executed by the parties.

9.    Governing
Law:    This Agreement shall be governed by and construed in
accordance with the laws of the State of New Jersey, except where
preempted by federal law.

10.    Statement of
Understanding:    By executing this Agreement, Employee
acknowledges that (a) he has had at least 21 days to consider the terms
of this Agreement and has considered its terms for that period of time
or has knowingly and voluntarily waived his right to do so; (b) he has
been advised by Company to consult with an attorney regarding the terms
of this Agreement; (c) he has consulted with, or has had sufficient
opportunity to consult with, an attorney of his own choosing regarding
the terms of this Agreement; (d) he has read this Agreement and fully
understand its terms and their import; (e) except as provided by this
Agreement, he now has no other contractual right or claim to the
benefits described herein; and (f) the consideration provided for
herein is good and valuable. The parties also understand that each
is entering into this Agreement voluntarily, of their own free will,
and without any coercion, undue influence, threat, or intimidation of
any kind or type whatsoever.

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EXECUTED as of this 11th day of July
2005.

		/s/ Carl
Yankowski                                    

Carl
Yankowski

		MAJESCO ENTERTAINMENT
COMPANY

			
		By: 	/s/ Jesse
Sutton                                        

Jesse
Sutton

4August 8, 2005

Lester
Greenman
 210 Riverside Drive #11A
 New York, NY 10025

Dear Lester:

The purpose of this letter
agreement (the "Agreement") is to set forth
the terms of your separation from Majesco Entertainment Company (the
"Company"). Payment of the Separation Pay
described below is contingent on your agreement to and compliance with
the terms of this Agreement. Neither this offer to you nor the
Company's entering into this Agreement shall constitute an
admission by the Company or you and this letter shall be construed as
an offer of compromise.

1.    Separation of
Employment.    Your employment with the Company will
terminate as of July 19, 2005 (the "Separation
Date"). You acknowledge that from and after the Separation
Date, you shall have no authority to, and shall not, represent yourself
as an employee of the Company.

2.    Separation
Pay.

As provided for in the agreement between you and
the Company dated February 2, 2005, and in exchange for the mutual
promises set forth in this Agreement, and if you do not revoke this
Agreement as you are entitled to do as set forth below, the Company
shall pay you, after the Separation Date, severance of one year's
pay of $200,000.00 less all applicable federal, state, local and other
employment-related deductions ("Separation
Pay"). This payment will be made to you in bi weekly
installments on Majesco's regular pay days thru the date of July
15, 2006.

By law, and regardless of whether you sign
this Agreement, you will have the right to continue your medical
insurance pursuant to the provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985 (COBRA). You will receive your COBRA notice
under separate cover. Further, pursuant to the provisions of your
employment agreement, dated February 2, 2005 (the
"Employment Agreement"), the Company shall
pay for any applicable premiums you are required to pay to continue
coverage for you and your dependents under the Company's group
health benefit plans under COBRA for a period of eighteen months, or,
if earlier, until you are eligible for similar benefits from another
employer. In addition, the Company will (i) promptly reimburse you on
demand for any reasonable business-related expenses incurred by you
prior to or on the Separation Date, (ii) within 10 days of the
Effective Date pay you the additional amount of $5,385.80  in
payment of accrued but unused vacation pay, less all applicable
federal, state, local and other employment-related deductions and (iii)
within 10 days of the Effective Date pay you all other accrued and
unpaid base salary since the date you were last paid an installment
thereof through the Separation Date.

You acknowledge and agree that the
Separation Pay is not otherwise due or owing to you under any Company
policy or practice. You also agree that the Separation Pay to be
provided to you is not intended to and does not constitute a severance
plan and does not confer a benefit on anyone other than the parties.
You further acknowledge that, except for the specific financial
consideration set forth in this Agreement, you are not now and shall
not in the future be entitled to any compensation from the Company
including, without limitation, other wages, commissions, bonuses,
vacation pay, holiday pay, paid time off or any other form of
compensation or benefit.

3.    Equity.    As
outlined in the Company's 2004 Employee, Director and Consultant
Stock Plan you will have twelve months from the Separation Date to
exercise any options to purchase the Company's stock that you
have been awarded, [23,809] of which are vested on the
Separation Date and provided that the vesting of any unvested options
shall cease as of the Separation Date; and provided further that after
such twelve month period any unexercised options shall terminate. At
such time as the Company shall establish a cashless exercise program
with a securities brokerage firm, you shall be entitled to exercise
such options on a cashless basis in accordance with such program. Other
than as imposed by the securities laws, you shall be free from any sale
restrictions on the underlying shares of Company stock.

4.    Confidentiality.     You expressly
acknowledge and agree to the following:

(i)   that you promptly will return to the
Company all Company documents (and any copies thereof) and property,
and that you shall abide by the provisions of any confidentiality
agreements previously signed by you, the terms of which shall survive
the signing of this Agreement. Further, you agree that you will abide
by any and all common law and/or statutory obligations relating to
protection and non-disclosure of the Company's trade secrets
and/or confidential and proprietary documents and information;

(ii)   that all information relating in any way
to the negotiation of this Agreement, including the terms and amount of
financial consideration provided for in this Agreement, shall be held
confidential by you and shall not be publicized or disclosed to any
person (other than an immediate family member, legal counsel or
financial advisor, provided that any such individual to whom disclosure
is made agrees to be bound by these confidentiality obligations),
business entity or government agency (except as mandated by state or
federal law), except that nothing in this paragraph shall prohibit you
from participating in an investigation with a state or federal agency
if requested by the agency to do so, from testifying under oath
pursuant to judicial process, or from disclosing information that has
previously been publicly disclosed by the Company or otherwise becomes
publicly known other than through a breach by you of this
Agreement;

(iii)   that you will not make any
statements that are professionally or personally disparaging about, or
adverse to, the interests of the Company (including its officers,
directors, employees and consultants) including, but not limited to,
any statements that disparage any person, product, service, finances,
financial condition, capability or any other aspect of the business of
the Company, and that you will not engage in any conduct which could
reasonably be expected to harm professionally or personally the
reputation of the Company (including its officers, directors, employees
and consultants); provided that the following shall not be deemed to be
in violation of this Section: (x) testimony under oath if required by
judicial process; and (y) statements made to current employees or
counsel of the Company and its affiliates in the context of bona fide
discussions where your personal knowledge is sought; and

(iv)   that a breach of this Section shall
constitute a material breach of this Agreement and, shall entitle the
Company to recover damages which, without limitation, may be offset
against amounts payable under this Agreement.

5.    Your Release of Claims.    You hereby
agree and acknowledge that by signing this Agreement and accepting the
Separation Pay, and for other good and valuable consideration, you are
waiving 

2

your right to assert any and all forms of
legal claims against the
Company1 of any kind whatsoever, whether known or unknown, arising
from the beginning of time through the date you execute this Agreement
(the "Execution Date"). Except as set forth
below, your waiver and release herein is intended to bar any form of
legal claim, charge, complaint or any other form of action (jointly
referred to as "Claims") against the Company
seeking any form of relief including, without limitation, equitable
relief (whether declaratory, injunctive or otherwise), the recovery of
any damages, or any other form of monetary recovery whatsoever
(including, without limitation, back pay, front pay, compensatory
damages, emotional distress damages, punitive damages, attorneys fees
and any other costs) against the Company, for any alleged action,
inaction or circumstance existing or arising through the Execution
Date.

Without limiting the foregoing general waiver and release,
you specifically waive and release the Company from any Claim arising
from or related to your prior employment relationship with the Company
or the termination thereof, including, without limitation:

		
	** 	Claims under any state or federal
discrimination, fair employment practices or other employment related
statute, regulation or executive order (as they may have been amended
through the Execution Date) prohibiting discrimination or harassment
based upon any protected status including, without limitation, race,
national origin, age, gender, marital status, disability, veteran
status or sexual orientation. Without limitation, specifically included
in this paragraph are any Claims arising under the Federal Age
Discrimination in Employment Act, the Civil Rights Acts of 1866 and
1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act
of 1991, the Equal Pay Act, the Americans With Disabilities Act and any
similar Connecticut or other state statute.

		
	** 	Claims under any other state or federal
employment related statute, regulation or executive order (as they may
have been amended through the Execution Date) relating to wages, hours
or any other terms and conditions of employment. Without limitation,
specifically included in this paragraph are any Claims arising under
the Fair Labor Standards Act, the Family and Medical Leave Act of 1993,
the Employee Retirement Income Security Act of 1974, the Consolidated
Omnibus Budget Reconciliation Act of 1985
("COBRA") and any similar state statute.

		
	** 	Claims under any state or federal common law
theory including, without limitation, wrongful discharge, breach of
express or implied contract, promissory estoppel, unjust enrichment,
breach of a covenant of good faith and fair dealing, violation of
public policy, defamation, interference with contractual relations,
intentional or negligent infliction of emotional distress, invasion of
privacy, misrepresentation, deceit, fraud or negligence.

		
	** 	Any other Claim arising under state or federal
law.

Notwithstanding the foregoing, this section does not
release the Company from any obligation expressly set forth in this
Agreement. You acknowledge and agree that, but for providing this
waiver and release, you would not be receiving the economic benefits
being provided to you under the terms of this Agreement.

The
Company hereby releases you from your obligations under the Employment
Agreement.

It is the Company's desire and
intent to make certain that you fully understand the provisions and
effects of this Agreement. To that end, you have been encouraged and
given the opportunity to consult with legal counsel for the purpose of
reviewing the terms of this Agreement. Also, because you are over the
age of 40, and consistent with the provisions of the Age Discrimination
in Employment Act ("ADEA"), which prohibits
discrimination on the basis of age, the Company is providing you with
twenty-one (21) days in which to consider and accept the terms of this
Agreement 

	

		
	1	For
purposes of this Agreement, the Company includes the Company and any of
its divisions, affiliates (which means all persons and entities
directly or indirectly controlling, controlled by or under common
control with the Company), subsidiaries and all other related entities,
and its and their directors, officers, employees, trustees, agents,
successors and assigns.

3

by signing below and returning it to Adam
Sultan at the Company. In addition, you may rescind your assent to this
Agreement if, within seven (7) days after you sign this Agreement, you
deliver by hand or send by mail (certified, return receipt and
postmarked within such 7 day period) a notice of rescission to Adam
Sultan at the Company. The eighth day following your signing of this
Agreement is the Effective Date.

Also, consistent with
the provisions of the Federal Discrimination Laws, nothing in this
release shall be deemed to prohibit you from challenging the validity
of this release under the federal age or other discrimination laws (the
"Federal Discrimination Laws") or from filing
a charge or complaint of employment-related discrimination with the
Equal Employment Opportunity Commission
("EEOC"), or from participating in any
investigation or proceeding conducted by the EEOC. Further, nothing in
this release or Agreement shall be deemed to limit the Company's
right to seek immediate dismissal of such charge or complaint on the
basis that your signing of this Agreement constitutes a full release of
any individual rights under the Federal Discrimination Laws, or to seek
restitution to the extent permitted by law of the economic benefits
provided to you under this Agreement in the event that you successfully
challenge the validity of this release and prevail in any claim under
the Federal Discrimination Laws.

6.    Non
Disparagement.    The Company, by its directors and senior
management, will not make any statements that are professionally or
personally disparaging about, or adverse to you including, but not
limited to, any statements that disparage you or your capabilities or
any other aspect of your relationship with the Company which could
reasonably be expected to harm professionally or personally your
reputation.

7.    Entire
Agreement/Modification/Waiver/Choice of
Law/Enforceability.    You acknowledge and agree that,
except as set forth herein, this Agreement supersedes any and all prior
or contemporaneous oral and/or written agreements between you and the
Company, and sets forth the entire agreement between you and the
Company. No variations or modifications hereof shall be deemed valid
unless reduced to writing and signed by the parties hereto. This
Agreement shall be deemed to have been made in the State of New Jersey
and shall be construed in accordance with the laws of New Jersey
without giving effect to conflict of law principles. Both parties
hereby waive and renounce in advance any right to a trial by jury in
connection with such legal action. The provisions of this Agreement are
severable, and if for any reason any part hereof shall be found to be
unenforceable, the remaining provisions shall be enforced in full.

By executing this Agreement, you are acknowledging that you
have been afforded sufficient time to understand the terms and effects
of this Agreement, that your agreements and obligations hereunder are
made voluntarily, knowingly and without duress, and that neither the
Company nor its agents or representatives have made any representations
inconsistent with the provisions of this Agreement. The parties agree
that the last act necessary to render this Agreement effective is for
the Company to sign the Agreement, and that the Agreement may be signed
on one or more copies, each of which when signed will be deemed to be
an original, and all of which together will constitute one and the same
Agreement.

If the foregoing correctly sets forth our
understanding, please sign, date and return the enclosed copy of this
Agreement to Adam Sultan at the Company.

		Sincerely,
Majesco Entertainment
Company

		By:   /s/ Jesse Sutton

Its:   President

		Dated:         August 12,
2005        

Confirmed, Agreed and
Acknowledged:

        /s/ Lester
Greenman            

Dated:         August
11, 2005        

4

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