Document:

Amended and Restated Voting Agreement

 Exhibit 10.3 
 AMENDED AND RESTATED VOTING AGREEMENT 
 AMENDED AND RESTATED VOTING
AGREEMENT, dated as of May 16, 2011 (this “Agreement”), by and among Marshall Edwards, Inc., a Delaware corporation (the “Company”), and Novogen Limited, as majority stockholder of the Company (the
“Stockholder”). 
 WHEREAS, the Company and certain investors (each, an “Investor”, and
collectively, the “Investors”) have entered into an Amended and Restated Securities Purchase Agreement, dated as of May 16, 2011 (the “Amended Purchase Agreement”), pursuant to which, among other things, the
Company has agreed to issue and sell to the Investors and the Investors have agreed to purchase, (i) shares (the “Common Shares”) of the common stock of the Company, par value $0.00000002 per share (the “Common
Stock”), and (ii) two (2) series of warrants which will be exercisable to purchase shares of Common Stock. 

WHEREAS, as of the date hereof, the Stockholder owns 5,240,829 shares of Common Stock, which represent in the aggregate approximately
65.1 % of the total issued and outstanding capital stock of the Company; and 
 WHEREAS, as a condition to the willingness
of the Investors to enter into the Amended Purchase Agreement and to consummate the transactions contemplated thereby (collectively, the “Transaction”), the Investors have required that the Stockholder agrees, and in order to induce
the Investors to enter into the Amended Purchase Agreement, the Stockholder has agreed, to enter into this Agreement with respect to all the Common Stock now owned and which may hereafter be acquired by the Stockholders and any other securities, if
any, which such Stockholder is currently entitled to vote, or after the date hereof, becomes entitled to vote, including but not limited to the Common Stock issuable upon conversion of the Company’s Series A Convertible Preferred Stock, par
value $0.01 per share (the “Series A Convertible Preferred Stock”), at any meeting of stockholders of the Company (the “Other Securities”). 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 ARTICLE I 
 VOTING AGREEMENT OF THE STOCKHOLDER 
 SECTION 1.01. Voting
Agreement. Subject to the last sentence of this Section 1.01, the Stockholder hereby agrees that at any meeting of the stockholders of the Company, however called, and in any action by written consent of the Company’s stockholders, the
Stockholder shall vote the Common Stock and the Other Securities: (a) in favor of the Stockholder Approval (as defined in the Amended Purchase Agreement) as described in Section 4(p) of the Amended Purchase Agreement; and (b) against
any proposal or any other corporate action or agreement that would result in a breach of any covenant, representation or warranty or any other obligation or agreement of the Company under the Amended Purchase Agreement or which could result in any
of the conditions to the Company’s obligations under the Amended Purchase Agreement not being fulfilled. The Stockholder acknowledges receipt and review of a copy of the Amended Purchase Agreement and the other Transaction Documents (as

 
defined in the Amended Purchase Agreement). The obligations of the Stockholder under this Section 1.01 shall terminate immediately following the occurrence of the Stockholder Approval.

 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER 
 The Stockholder hereby
represents and warrants to each of the Investors as follows: 
 SECTION 2.01. Authority Relative to this Agreement. The
Stockholder has all necessary legal capacity, power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered
by the Stockholder and constitutes a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except (a) as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance, moratorium or similar laws now or hereafter in effect relating to, or affecting generally the enforcement of creditors’ and other obligees’ rights, (b) where the remedy of specific
performance or other forms of equitable relief may be subject to certain equitable defenses and principles and to the discretion of the court before which the proceeding may be brought, and (c) where rights to indemnity and contribution
thereunder may be limited by applicable law and public policy. 
 SECTION 2.02. No Conflict. (a) The execution and
delivery of this Agreement by the Stockholder does not, and the performance of this Agreement by the Stockholder shall not, (i) conflict with or violate any federal, state or local law, statute, ordinance, rule, regulation, order, judgment or
decree applicable to the Stockholder or by which the Common Stock or the Other Securities owned by the Stockholder are bound or affected or (ii) result in any breach of or constitute a default (or an event that with notice or lapse of time or
both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a lien or encumbrance on any of the Common Stock or the Other Securities owned by the
Stockholder pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit, franchise or other instrument or obligation to which the Stockholder is a party or by which the Stockholder or the Common Stock or Other
Securities owned by the Stockholder are bound. 
 (b) The execution and delivery of this Agreement by the Stockholder does not,
and the performance of this Agreement by the Stockholder shall not, require any consent, approval, authorization or permit of, or filing with or notification to, any governmental entity by the Stockholder. 

SECTION 2.03. Title to the Stock. As of the date hereof, the Stockholder is the owner of the number of shares of Common Stock set
forth opposite its name on Appendix A attached hereto, entitled to vote, without restriction, on all matters brought before holders of capital stock of the Company, which Common Stock represent on the date hereof the percentage of the
outstanding stock and voting power of the Company set forth on such Appendix. Such Common Stock, together with 1,000 shares of the Company’s Series A Convertible Preferred Stock, are all the securities of the Company owned, either of record or
beneficially, by the Stockholder. Such Common Stock are owned free and clear of all security interests, liens, 

  
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claims, pledges, options, rights of first refusal, agreements, limitations on the Stockholder’s voting rights, charges and other encumbrances of any nature whatsoever. The Stockholder has
not appointed or granted any proxy, which appointment or grant is still effective, with respect to the Common Stock or Other Securities owned by the Stockholder. 
 SECTION 2.04. No Voting Rights. Holders of the Series A Convertible Preferred Stock are not entitled to vote any shares of such Series A Convertible Preferred Stock. 

ARTICLE III 

COVENANTS 

SECTION 3.01. No Disposition or Encumbrance of Stock. The Stockholder hereby covenants and agrees that, until the Stockholder
Approval has been obtained, except as contemplated by this Agreement, the Stockholder shall not offer or agree to sell, transfer, tender, assign, hypothecate or otherwise dispose of, grant a proxy or power of attorney with respect to, or create or
permit to exist any security interest, lien, claim, pledge, option, right of first refusal, agreement, limitation on such Stockholder’s voting rights, charge or other encumbrance of any nature whatsoever (“Encumbrance”) with
respect to the Common Stock or Other Securities, directly or indirectly, initiate, solicit or encourage any person to take actions which could reasonably be expected to lead to the occurrence of any of the foregoing; provided, however,
that the Stockholder may assign, sell or transfer any Common Stock or Other Securities provided that any such recipient of the Common Stock or Other Securities has delivered to the Company and each Investor a written agreement in a form reasonably
satisfactory to the Investors that the recipient shall be bound by, and the Common Stock and/or Other Securities so transferred, assigned or sold shall remain subject to this Agreement. 

SECTION 3.02. Company Cooperation. The Company hereby covenants and agrees that it will not, and the Stockholder irrevocably and
unconditionally acknowledges and agrees that the Company will not (and waives any rights against the Company in relation thereto), recognize any Encumbrance or agreement on any of the Common Stock or Other Securities subject to this Agreement unless
the provisions of Section 3.01 have been complied with. The Company agrees to use its reasonable best efforts to ensure that at any time in which any Stockholder Approval is required pursuant to Section 3.1(a) of the Amended Purchase
Agreement, it will cause holders of Common Stock or Other Securities representing the percentage of outstanding capital stock required to vote in favor of the Transaction in order for the Company to comply with its obligations under
Section 3.1(a) of the Amended Purchase Agreement to become party to and bound by the terms and conditions of this Agreement and the Common Stock and Other Securities held by such holders to be subject to the terms and conditions of this
Agreement. 
 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.01. Further Assurances. The Stockholder
will execute and deliver such further documents and instruments and take all further action as may be reasonably necessary in order to consummate the transactions contemplated hereby. 

  
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 SECTION 4.02. Specific Performance. The parties hereto agree that irreparable damage
would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that any Investor (without being joined by any other Investor) shall be entitled to specific performance of the terms hereof, in
addition to any other remedy at law or in equity. Any Investor shall be entitled to its reasonable attorneys’ fees in any action brought to enforce this Agreement in which it is the prevailing party. 

SECTION 4.03. Entire Agreement. This Agreement constitutes the entire agreement among the Company and the Stockholder with respect
to the subject matter hereof and supersedes all prior agreements and understandings, both written and oral, among the Company and the Stockholder with respect to the subject matter hereof. 

SECTION 4.04. Amendment. The provisions of this Agreement may not be amended or waived, nor may this Agreement be terminated by
the Company other than pursuant to the provisions of Section 4.07. 
 SECTION 4.05. Severability. If any provision
of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified continues to
express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or
unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s). 
 SECTION 4.06. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York. The
parties hereby agree that all actions or proceedings arising directly or indirectly from or in connection with this Agreement shall be litigated only in the Supreme Court of the State of New York or the United States District Court for the Southern
District of New York located in New York County, New York. The parties consent to the jurisdiction and venue of the foregoing courts and consent that any process or notice of motion or other application to any of said courts or a judge thereof may
be served inside or outside the State of New York or the Southern District of New York by registered mail, return receipt requested, directed to the party being served at its address set forth on the signature ages to this Agreement (and service so
made shall be deemed complete three (3) days after the same has been posted as aforesaid) or by personal service or in such other manner as may be permissible under the rules of said courts. Each of the Company and the Stockholder irrevocably
waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been
brought in an inconvenient forum. Each Stockholder hereby appoints Morgan, Lewis & Bockius LLP, with offices at 101 Park 

  
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Avenue, New York, NY 10178, as its agent for service of process in the United States. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR
THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 4.07. Termination. This Agreement shall terminate immediately following the occurrence of the Stockholder Approval. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Stockholder and the Company have duly executed this Agreement.

  

							
		 	THE COMPANY:
		
		 	MARSHALL EDWARDS, INC.
			
		 	By:	 	 /s/ Daniel P. Gold

		 		 	  Name:	 	Daniel P. Gold
		 		 	  Title:	 	Chief Executive Officer
				
	Dated: May 16, 2011	 		 		 	
			
		 	Address:	 	 Marshall Edwards Inc.
 11975
El Camino Real
 Suite 101
 San Diego,
CA 92130

							
		 	STOCKHOLDER:
		
		 	NOVOGEN LIMITED
			
		 	By:	 	 /s/ William D. Rueckert

		 		 	  Name:	 	William D. Rueckert
		 		 	  Title:	 	Chairman
				
	Dated: May 16, 2011	 		 		 	
			
		 	Address:	 	 140 Wicks Road
 North Ryde,
New South Wales
 Australia

 APPENDIX A 

 

													
	 Stockholder
	  	Common Stock
Owned	 	  	Percentage of Stock
Outstanding	 	 	Voting Percentage
of Stock
Outstanding	 
	 Novogen Limited
	  	 	5,240,829	  	  	 	65.1	% 	 	 	65.1	%Form of Amended and Restated Lock-up Agreement

 Exhibit 10.4 
 MARSHALL EDWARDS, INC. 
 Form of Amended and Restated Lock-Up Agreement

 May 16, 2011 
 Marshall Edwards, Inc. 
 11975 El Camino Real 

Suite 101 
 San Diego, CA 92130 

Re: Marshall Edwards, Inc. – Lock-Up Agreement 
 Dear Sirs: 
 This Amended and Restated Lock-Up Agreement is being delivered to you
in connection with the Amended and Restated Securities Purchase Agreement (the “Amended Purchase Agreement”), dated as of May 16, 2011 by and among Marshall Edwards, Inc. (the “Company”) and the investors party
thereto (the “Buyers”), with respect to the issuance of (i) common stock, par value $0.00000002 per share (the “Common Stock”) and (ii) warrants (the “Warrants”) which Warrants will be
exercisable to purchase Common Stock in accordance with their terms. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Amended Purchase Agreement. 

In order to induce the Buyers to enter into the Amended Purchase Agreement, the undersigned agrees that, commencing
on the date hereof and ending on [the date that is the earlier of (i) the date ninety (90) days after the date when all Registrable Securities (as defined in the Registration Rights Agreement) and Adjustment Shares (x) have been
registered pursuant to a Registration Statement (as defined in the Registration Rights Agreement) that is available for the resale of all such Registrable Securities and Adjustment Shares or (y) can be sold pursuant to Rule 144 without any
restrictions or limitations and (ii) the date thirteen (13) months after the Closing Date]1 (the “Lock-Up Period”), the undersigned will not, and will cause all affiliates (as defined in Rule 144) of the undersigned or any person in privity with the undersigned or any affiliate
of the undersigned not to, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or otherwise dispose of or agree to dispose of, directly or indirectly, any shares of Common
Stock or Common Stock Equivalents, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities and Exchange Act of 1934, as amended and the rules and
regulations of the Securities and Exchange Commission promulgated thereunder with respect to any shares of Common Stock or Common Stock Equivalents owned directly by the undersigned (including holding as a custodian) or with respect to which the
undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the “Undersigned’s Shares”), or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of any of the Undersigned’s Shares, whether any such 

 

	1 	 For Lock-Up Agreement to be signed by Novogen Limited, replace with “December 24, 2011”. 

 
transaction described in clause (i) or (ii) above is to be settled by delivery of shares of Common Stock or other securities, in cash or otherwise, (iii) make any demand for or
exercise any right or cause to be filed a registration statement, including any amendments thereto, with respect to the registration of any shares of Common Stock or Common Stock Equivalents or (iv)2 publicly disclose the intention to do any of the foregoing.

 The foregoing restriction is expressly agreed to preclude the undersigned, and any affiliate of the undersigned and any
person in privity with the undersigned or any affiliate of the undersigned, from engaging in any hedging or other transaction which is designed to or which reasonably could be expected to lead to or result in a sale or disposition of the
Undersigned’s Shares even if the Undersigned’s Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or
grant of any right (including, without limitation, any put or call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from the
Undersigned’s Shares. 
 Notwithstanding the foregoing, the undersigned may transfer the Undersigned’s Shares as a
bona fide gift or gifts, provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein. The undersigned now has, and, except as contemplated by the immediately preceding sentence, for the duration
of this Lock-Up Agreement will have, good and marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions
with the Company’s transfer agent and registrar (the “Transfer Agent”) against the transfer of the Undersigned’s Shares except in compliance with the foregoing restrictions. 

In order to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions preventing the Transfer Agent from
effecting any actions in violation of this Lock-Up Agreement. 
 The undersigned acknowledges that the execution, delivery and
performance of this Lock-Up Agreement is a material inducement to each Buyer to complete the transactions contemplated by the Amended Purchase Agreement and that the Company shall be entitled to specific performance of the undersigned’s
obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to execute, deliver and perform this Lock-Up Agreement, that the undersigned has received adequate consideration therefor and that the
undersigned will indirectly benefit from the closing of the transactions contemplated by the Amended Purchase Agreement. 
 The
undersigned understands and agrees that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns. 

This Lock-Up Agreement may be executed in two counterparts, each of which shall be deemed an original but both of which shall be
considered one and the same instrument. 
  

	2 	 For Lock-Up Agreement to be signed by Novogen Limited, add: “other than in any filing required to be made with the United States or Australian
regulatory authorities in connection with any applicable shareholder approval requirements in order to effect a distribution of Common Stock by the Undersigned to its shareholders’”. 

  
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 This Lock-Up Agreement will be governed by and construed in accordance with the laws of the
State of New York, without giving effect to any choice of law or conflicting provision or rule (whether of the State of New York, or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of New York to be
applied. In furtherance of the foregoing, the internal laws of the State of New York will control the interpretation and construction of this Lock-Up Agreement, even if under such jurisdiction’s choice of law or conflict of law analysis, the
substantive law of some other jurisdiction would ordinarily apply. 
 [Remainder of page intentionally left blank]

  
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	Very truly yours,
	
	  

	Exact Name of Stockholder
	
	  

	Authorized Signature
	
	  

	Title

 Agreed to and Acknowledged: 

 

			
	MARSHALL EDWARDS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
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