On March 30, 2020, InsPro Technologies Corporation held a special meeting of its stockholders to adopt the previously disclosed Agreement and Plan of Merger, by and among the Company, Majesco (the “Buyer”), and Majesco Merger Sub Inc. On March 30, 2020, the Merger Agreement was approved by the requisite vote of the Company's stockholders at the Special Meeting. Pursuant to the terms of the Merger Agreement, the merger of Merger Sub with and into the Company, with the Company continuing as the surviving entity after the merger, was consummated (the “Merger”) on April 1, 2020. As a result of the Merger, the Company is now a wholly-owned subsidiary of the Buyer.

Capitalized terms used but not otherwise defined herein have the meaning set forth in the Merger Agreement. The Merger became effective upon the filing of the Certificate of Merger with the Secretary of State of the State of Delaware (the “Effective Time”). In connection with completion of the Merger, at the Effective Time, each of Anthony R. Verdi, Donald R. Caldwell, Michael Azeez, Kenneth Harvey, Alan Krigstein, Sanford Rich, Frederick Tecce and Edmond Walters resigned from his respective position as a member of the Company's board of directors (the “Board”), and any committee thereof.

These departures were in connection with the Merger and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices, the Company's management or Board. Also on April 1, 2020, following the Effective Time, Wayne Locke, James Miller and Mallinath Sengupta were appointed to the Board. In connection with completion of the Merger, at the Effective Time, Anthony R. Verdi resigned from his position as President, Chief Executive Officer and Chief Financial Officer of the Company.

This departure was in connection with the Merger and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices, the Company's management or Board. Also, on April 1, 2020, following the Effective Time, Manish Shah was appointed as President of the Company, Bithin Bhattacharya was appointed as Treasurer of the Company and Lori Stanly was appointed as Secretary of the Company.