Document:

Exhibit 10.3

 

AMENDMENT
TO LIMITED GUARANTY

 

THIS
AMENDMENT TO LIMITED GUARANTY (this "Amendment"), effective as of August 8, 2020, is made by and among Thoma
Bravo Discover Fund II, L.P., Thoma Bravo Discover Fund II-A, L.P., Thoma Bravo Discover Executive Fund II, L.P., each a Delaware
limited partnership (each of the foregoing a "Guarantor" and collectively, the “Guarantors”),
and Majesco, a California corporation (the "Company"). Capitalized terms used but not defined herein shall have
the meanings ascribed to such terms in the Limited Guaranty (as defined below).

 

RECITALS

 

WHEREAS,
the Guarantors and the Company have previously entered into a Limited Guaranty dated as of July 20, 2020 (the "Limited
Guaranty");

 

WHEREAS,
the Guarantors and the Company desire to amend the Limited Guaranty as set forth in this Amendment effective as of the date hereof
to reflect the updated Maximum Amount; and

 

WHEREAS,
pursuant to Section 9 of the Limited Guaranty, the Limited Guaranty may be amended with the prior written consent of the Guarantors
and the Company.

 

NOW,
THEREFORE, in consideration of the mutual promises contained in this Amendment, and other good and valuable consideration, and
intending to be legally bound thereby, the parties hereto hereby agree as follows:

 

1. Maximum
Amount. The dollar amount “$42,563,701.75” set forth in Section 1 of the Limited Guaranty is hereby deleted and
replaced with the dollar amount “$52,011,693.24.”

 

2. Ratification
of Binding Provisions. All other paragraphs, provisions, and clauses in the Limited Guaranty not modified by this Amendment
shall remain in full force and effect as originally written.

 

3. Applicable
Law. This Amendment shall be construed and enforced in accordance with the laws of the State of Delaware, without regard to
such state's laws concerning conflicts of laws.

 

4. Electronic
Delivery; Counterparts. This Amendment and any signed agreement or instrument entered into in connection with this Amendment,
and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same
instrument. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .peg or similar
attachment to electronic mail (any such delivery, an "Electronic Delivery") shall be treated in all manner and
respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party hereto, each other party hereto or thereto shall re-execute
the original form of this Amendment and deliver such form to all other parties. No party hereto shall raise the use of Electronic
Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through
the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense,
except to the extent such defense relates to lack of authenticity.

 

*
* * * *

 

     

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the date first written above.

 

	 	THOMA BRAVO DISCOVER FUND II, L.P.
	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 
	 	By: 	/s/ A.J. Rohde
	 	Its: 	Authorized Signatory
	 	 
	 	THOMA BRAVO DISCOVER FUND II-A, L.P.
	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 
	 	By: 	/s/ A.J. Rohde
	 	Its: 	Authorized Signatory
	 	 
	 	THOMA BRAVO DISCOVER EXECUTIVE FUND II, L.P.
	 	 
	 	By: 	Thoma Bravo Discover Partners II, L.P.
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo Discover UGP II, LLC
	 	Its: 	General Partner
	 	 
	 	By: 	Thoma Bravo UGP, LLC
	 	Its: 	Managing Member
	 	 
	 	By: 	/s/ A.J. Rohde
	 	Its: 	Authorized Signatory

 

Signature Page to Limited Guaranty Amendment

 

     

     

    

 

	 	MAGIC INTERMEDIATE, LLC
	 	 
	 	By:	/s/ A.J. Rohde
	 	Name: 	A.J. Rohde
	 	Title: 	President and Assistant Secretary

 

Signature Page to Limited Guaranty Amendment

 

     

     

    

 

	 	MAJESCO
	 	 
	 	By:	/s/ Adam Elster
	 	Name:	Adam Elster
	 	Title:	Chief Executive Officer

 

Signature Page to Limited Guaranty AmendmentExhibit 10.4

 

MAJESCO
LIMITED

MNDC,
MBP-P-136, Mahape,

Navi
Mumbai – 400 710,

Maharashtra,
India

 

August
8, 2020

 

MAJESCO

412
Mount Kemble Ave., Suite 110C

Morristown,
NJ 07960

U.S.A.

 

Re:       Amended
& Restated Letter Agreement.

 

Ladies
and Gentlemen:

 

Reference
is made to the Agreement and Plan of Merger, dated as of August 8, 2020, by and among Majesco Limited, a public limited company
domiciled in India (the “Principal Stockholder”), which is the majority shareholder of Majesco, a California
corporation (the “Company”), the Company, Magic Intermediate, LLC, a Delaware limited liability company (“Parent”),
and Magic Merger Sub, Inc., a Delaware corporation and a wholly owned Subsidiary of Parent (“Merger Sub”) (as
the same may be amended or otherwise modified in accordance with its terms after the date hereof, the “Merger Agreement”),
providing, among other things, for the merger of the Company with and into Merger Sub with the Company being the survivor in the
merger (the “Merger”).

 

To
induce and as a condition to Parent and Merger Sub’s willingness to enter into the Merger Agreement, Principal Stockholder
(in its capacity as such) has agreed to enter into a Support Agreement (as the same may be amended or otherwise modified in accordance
with its terms after the date hereof, the “Support Agreement”), dated as of August 8, 2020, by and among Principal
Stockholder, the Company, Parent and Merger Sub pursuant to which Principal Stockholder is obligated, among other things, to organize
a postal ballot process for the approval by the members of Principal Stockholder of the divestment of Principal Stockholder’s
entire share of the Company common stock pursuant to the Merger.

 

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

 

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

 

    -1-

     

    

 

This
Letter Agreement supersedes and replaces in its entirety that certain Letter Agreement, dated as of July 20, 2020, executed between
the parties hereto.

 

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

 

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

 

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

 

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

 

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

 

    -2-

     

    

 

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

 

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

 

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

 

[SIGNATURES
FOLLOW ON THE NEXT PAGE]

 

    -3-

     

    

 

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

 

    -4-

     

    

 

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

 

-5-

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