Document:

EX-4.5

 

EXHIBIT
4.5

THIRD AMENDED AND RESTATED VOTING AGREEMENT

          THIS THIRD AMENDED AND RESTATED VOTING AGREEMENT (the “Agreement”) is made and entered
into as of October 19, 2006, by and among Synacor, Inc., a Delaware corporation (the
“Company”), the holders of the Company’s Series C Preferred Stock (sometimes referred to
herein as the “Series C Preferred Stock”) listed on the Schedule of Series C Investors
attached as Schedule A hereto (the “Series C Investors”), the holders of the
Company’s Series B Preferred Stock (sometimes referred to herein as the “Series B Preferred
Stock”) listed on the Schedule of Series B Investors attached as Schedule B hereto (the
“Series B Investors”), the holders of the Company’s Series A-1 Preferred Stock (sometimes
referred to herein as the “Series A-1 Preferred Stock”) listed on the Schedule of Series
A-1 Investors attached as Schedule C hereto (the “Series A-1 Investors”), the
holders of the Company’s Series A Preferred Stock (sometimes referred to herein as the “Series
A Preferred Stock” and, together with the Series C Preferred Stock, Series B Preferred Stock
and Series A-1 Preferred Stock, the “Preferred Stock”) listed on the Schedule of Series A
Investors attached as Schedule D hereto (the “Series A Investors” and, together
with the Series C Investors, Series B Investors and Series A-1 Investors, the “Investors”),
the lenders of the Company (the “Lenders”) listed on the Schedule of Lenders attached as
Schedule E hereto and the holders of Common Stock of the Company (the “Common
Stock”) or warrants to purchase Common Stock of the Company (the “Common Holders”)
listed on the Schedule of Common Holders attached as Schedule F hereto. The Company, the
Lenders, the Common Holders and the Investors are individually each referred to herein as a
“Party” and are collectively referred to herein as the “Parties.” The Company’s
Board of Directors is referred to herein as the “Board.”

WITNESSETH:

          WHEREAS, the Company and the Series C Investors have entered into that certain Series C
Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”), which
provides for, among other things, the purchase by the Series C Investors of shares of Series C
Preferred Stock;

          WHEREAS, the execution and delivery of this Agreement is a condition to the closing of the
transactions contemplated by the Purchase Agreement;

          WHEREAS, the Company’s Fourth Amended and Restated Certificate of Incorporation, as may be
amended from time to time (the “Certificate of Incorporation”), provides that (a) holders
of shares of Common Stock, voting together as a single class, shall elect one (1) member of the
Board (the “Common Director”), (b) holders of shares of Series A Preferred Stock, voting
together as a single class, shall elect two (2) members of the Board (the “Series A
Directors”), (c) the holders of shares of Series B Preferred Stock, voting together as a single
class, shall elect one (1) member of the Board (the “Series B Director”), (d) the holders
of shares of Series C Preferred Stock, voting together as a single class, shall elect one (1)
member of the Board (the “Series C Director” and, together with the Series A Directors and
Series B Director, the “Preferred Directors”) and (e) the holders of shares of Common Stock
and the

 

 

holders of shares of Preferred Stock, voting together as a single class on an as-converted
basis, shall be entitled to elect any remaining members of the Board;

          WHEREAS, the Company, certain of the Investors, the Common Holders and the Lenders are parties
to that certain Second Amended and Restated Voting Agreement dated as of October 1, 2004 (the
“Prior Agreement”);

          WHEREAS, Section 17 of the Prior Agreement provides that generally the Prior Agreement may be
amended with the written consent of the holders of two thirds of the then outstanding Preferred
Stock (as defined therein);

          WHEREAS, the parties to the Prior Agreement necessary to amend the Prior Agreement have
resolved to do so, and such parties hereby agree that this Agreement shall amend and restate the
Prior Agreement in its entirety and to accept the rights created pursuant hereto in lieu of the
rights created under the Prior Agreement; and

          WHEREAS, to induce the Series C Investors to enter into the Purchase Agreement and purchase
shares of Series C Preferred Stock thereunder, the Company and the other Parties hereto desire to
enter into this Agreement with such Series C Investors;

          NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as
follows:

          1. Agreement to Vote. Each Investor, as a holder of Preferred Stock, hereby agrees on
behalf of itself and any transferee or assignee of any such shares of the Preferred Stock, to hold
all of the shares of Preferred Stock registered in its name and any other voting securities of the
Company subsequently acquired by such Investor (and any securities of the Company issued with
respect to, upon conversion of, or in exchange or substitution for such securities) (hereinafter
collectively referred to as the “Investor Shares”) subject to, and to vote the Investor
Shares at a regular or special meeting of stockholders (or by written consent) in accordance with,
the provisions of this Agreement. Each Common Holder, as a holder of Common Stock of the Company,
hereby agrees on behalf of itself and any transferee or assignee of any such shares of Common
Stock, to hold all of such shares of Common Stock and any other securities of the Company acquired
by such Common Holder in the future (and any securities of the Company issued with respect to, upon
conversion of, or in exchange or substitution for such securities) (the “Common Shares”)
subject to, and to vote the Common Shares at a regular or special meeting of stockholders (or by
written consent) in accordance with, the provisions of this Agreement.

          2. Board Size. The holders of Investor Shares and Common Shares shall vote at a
regular or special meeting of stockholders (or by written consent) such shares that they own (or as
to which they have voting power) to ensure that the size of the Board shall be set and remain at
seven (7) directors; provided, however, that such Board size may be subsequently

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increased or decreased upon the approval of a majority of the Board and that such majority
must include all of the Preferred Directors.

          3. Election of Directors.

               (a) In any election of directors of the Company to elect the Common Director, the Parties
holding shares of Common Stock shall each vote at any regular or special meeting of stockholders
(or by written consent) such number of shares of Common Stock then owned by them (or as to which
they then have voting power) as may be necessary to elect one (1) director nominated by the holders
of a majority of the then outstanding shares of Common Stock, who shall be the Company’s then
current chief executive officer.

               (b) In any election of directors of the Company to elect the Series A Directors, the Parties
holding shares of Series A Preferred Stock shall each vote at any regular or special meeting of
stockholders (or by written consent) such number of shares of Series A Preferred Stock then owned
by them (or as to which they then have voting power) as may be necessary to elect (i) one (1)
director nominated by Crystal Internet Venture Fund II (BVI), L.P. and Crystal Internet Venture
Fund II (BVI), Crystal Vision, L.P. (collectively, “Crystal”), voting together, (the
“Crystal Nominee”) and (ii) one (1) director nominated by Pacven Walden Ventures IV, L.P.
(“Walden”) (the “Walden Nominee”) for so long as any shares of Series A Preferred
Stock remain outstanding. If the foregoing condition has not been met, one or more replacement
directors shall be appointed by the majority consent of the remaining directors.

               (c) In any election of directors of the Company to elect the Series B Director, the Parties
holding shares of Series B Preferred Stock shall each vote at any regular or special meeting of
stockholders (or by written consent) such number of shares of Series B Preferred Stock then owned
by them (or as to which they then have voting power) as may be necessary to elect one (1) director
nominated by Advantage Capital New York Partners I, L.P. and Advantage Capital New York Partners
II, L.P. (collectively, “Advantage”) (the “Advantage Nominee”) for so long as any
shares of Series B Preferred Stock remain outstanding. If the foregoing condition has not been
met, one or more replacement directors shall be appointed by the majority consent of the remaining
directors.

               (d) In any election of directors of the Company to elect the Series C Director, the Parties
holding shares of Series C Preferred Stock shall each vote at any regular or special meeting of
stockholders (or by written consent) such number of Shares of Series C Preferred Stock then owned
by them (or as to which they then have voting power) as may be necessary to elect one (1) director
nominated by North Atlantic Venture Fund III and North Atlantic SBIC IV, L.P. (collectively,
“North Atlantic”), voting together, (the “North Atlantic Nominee”) for so long as
(x) any shares of the Series C Preferred Stock remain outstanding and (y) North Atlantic and its
Affiliates are the record holder, in aggregate, of at least 20% of the outstanding Series C
Preferred Stock. If the foregoing condition has not been met, one or more replacement directors
shall be appointed by the majority consent of the remaining directors. For purposes of this
Agreement, the terms “Affiliate” and “Affiliated” shall have the meanings set forth
in the Purchase Agreement.

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               (e) In any election of any remaining members of the Board, the Investors and the Common
Holders shall each vote at any regular or special meeting of stockholders (or by written consent)
such number of voting securities of the Company then owned by them (or as to which they then have
voting power) as may be necessary to elect directors nominated by the Common Director and approved
by a majority of the Preferred Directors (the “Industry Directors”).

          4. Observer Rights. For so long as George Chamoun is an employee of the Company, Mr.
Chamoun shall be entitled to attend each meeting of the Board in a nonvoting, observer capacity.
For so long as they hold shares of Common Stock or Preferred Stock, each of Buffalo and Erie County
Industrial Land Development Corporation (“BECILDC”), Rand Capital SBIC, L.P.
(“Rand”), Access Technology Capital, LLC (“Access”) and Mitsui Incubase Corporation
(“Mitsui”) shall be entitled to designate one (1) representative (the “BECILDC
Observer”, the “Rand Observer”, the “Access Observer” and the “Mitsui
Observer”, respectively, and together with Mr. Chamoun, the “Observers”) to attend each
meeting of the Board in a nonvoting, observer capacity. The Company shall send to the Observers
the notice of the time and place of such meeting in the same manner and at the same time as it
shall send such notice to the Board. The Company shall also provide the Observers with copies of
all reports, minutes and consents at the time and in the manner as they are provided to the Board
and the Observers shall have access to the same information as members of the Board,
provided that the Observers shall hold in confidence and trust all information provided to,
or obtained by, him or her pursuant to this Section 4; and provided further, that
the Company reserves the right to withhold any information and to exclude any or all of the
Observers from any meeting or portion thereof if (i) access to such information or attendance at
such meeting (A) could adversely affect the attorney-client privilege between the Company and its
counsel or (B) would result in disclosure of trade secrets to any of the Observers or (ii) any of
the Observers is a direct competitor to the Company.

          5. Removal. Any director of the Company may be removed from the board in the manner
allowed by law and the Certificate of Incorporation, as amended, and the Company’s Bylaws, but with
respect to a director designated pursuant to subsections 3(a), 3(b), 3(c) or 3(d) above, only upon
the vote or written consent of the stockholders or directors, as applicable, entitled to nominate
such director.

          6. Majority Electing. In the event that (a)(i) an acquisition of the Company by
another entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger or consolidation) that would result in the transfer of fifty
percent (50%) or more of the outstanding voting power of the Company or in which the stockholders
of the Company immediately prior to such transaction would own, as a result of such transaction,
less than a majority of the voting securities, in the same relative proportions, of the successor
or surviving corporation immediately thereafter; or (ii) a sale of all or substantially all of the
assets of this corporation (such events described in subsections (i) and (ii) are referred to
herein as a “Sale of the Company”) is approved by a majority of the Board and the holders
of at least sixty percent (60%) of the outstanding shares of Preferred Stock (voting together as a
single class on an as-converted basis) and (b) the net proceeds of such Sale of the Company are

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to be distributed to stockholders of the Company in accordance with the Certificate of
Incorporation, as amended, then each Investor, Common Holder and Lender hereby agrees with respect
to all options, warrants or securities of the Company, which it owns or with respect to which it
otherwise exercises voting or dispositive authority; provided, however, that (i)
the requirements of this Section 6 shall not apply to any securities of the Company owned by Intel
Capital Corporation (“Intel Capital”) or its Affiliates (including all securities over
which Intel Capital otherwise exercises voting or dispositive authority) and (ii) the requirements
of this Section 6 shall apply to any transferee of Shares (defined below) that is not a partner or
Affiliate of Intel Capital:

               (a) in the event such transaction is to be brought to a vote at a stockholder meeting, after
receiving proper notice of any meeting of stockholders of the Company to vote on the approval of a
Sale of the Company, to be present, in person or by proxy, as a holder of shares of voting
securities, at all such meetings and be counted for the purposes of determining the presence of a
quorum at such meetings;

               (b) to vote (in person, by proxy or by action by written consent, as applicable) all shares of
the capital stock of the Company as to which it has beneficial ownership in favor of such Sale of
the Company and in opposition of any and all other proposals that could reasonably be expected to
delay or impair the ability of the Company to consummate such Sale of the Company;

               (c) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable
law at any time with respect to such Sale of the Company;

               (d) to execute and deliver all related documentation and take such other action in support of
the Sale of the Company as shall reasonably be requested by the Company;

               (e) if the Sale of the Company is structured as a sale of equity securities by the
stockholders of the Company, to sell the Investor Shares and Common Shares then owned by it on the
terms and conditions of such Sale of the Company; and

               (f) except for this Agreement, neither any of the parties hereto nor any Affiliates thereof
shall deposit any shares of capital stock beneficially owned by such person in a voting trust or
subject any such shares of capital stock to any arrangement or agreement with respect to the voting
of such shares of capital stock.

     “Shares” is defined as any shares of, or securities convertible into or exchangeable for any
shares of, any class of the capital stock of the Company.

          7. Legend on Share Certificates. Each certificate representing any Common Shares and
Investor Shares shall be endorsed by the Company with a legend reading substantially as follows:

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“THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT
(A COPY OF WHICH MAY BE OBTAINED UPON WRITTEN REQUEST FROM THE
ISSUER), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON
ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME
BOUND BY ALL THE PROVISIONS OF SAID VOTING AGREEMENT.”

          8. Covenants of the Company. The Company will not, by any voluntary action, avoid or
seek to avoid the observance or performance of any of the terms to be performed hereunder by the
Company, but will at all times in good faith assist in the carrying out of all of the provisions of
this Agreement and in the taking of all such actions as may be necessary, appropriate or reasonably
requested by the holders of a majority of the outstanding voting securities held by the Parties
hereto assuming conversion of all outstanding securities in order to protect the rights of the
Parties hereunder against impairment.

          9. No Liability for Election of Recommended Directors. None of the Company, the
Common Holders, the Lenders, the Investors, nor any officer, director, stockholder, partner,
employee or agent of such Party, makes any representation or warranty as to the fitness or
competence of the nominee of any Party hereunder to serve on the Company’s Board by virtue of such
Party’s execution of this Agreement or by the act of such Party in voting for such nominee pursuant
to this Agreement.

          10. Grant of Proxy. Each Party except Intel Capital with respect to Section 6 only
hereby grants to the Board a proxy coupled with an interest in all Investor Shares and Common
Shares owned by such Party which proxy is irrevocable until (i) this Agreement terminates pursuant
to its terms or (ii) this Section 10 is amended to remove such grant of proxy in accordance with
Section 17 hereof, to vote all such Investor Shares and Common Shares in the manner provided in
Sections 2, 3 and 6 hereof.

          11. Specific Enforcement. It is agreed and understood that monetary damages would not
adequately compensate an injured Party for the breach of this Agreement by any Party, that this
Agreement shall be specifically enforceable, and that any breach or threatened breach of this
Agreement shall be the proper subject of a temporary or permanent injunction or restraining order.
Further, each Party hereto waives any claim or defense that there is an adequate remedy at law for
such breach or threatened breach.

          12. Execution by the Company. The Company, by its execution in the space provided
below, agrees that it will cause the certificates issued after the date hereof evidencing the
shares of Common Stock and Preferred Stock to bear the legend required by Section 7 herein, and it
shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing
shares of capital stock of the Company upon written request from such holder to the Company at its
principal office. The Parties hereto do hereby agree that the failure to cause the certificates
evidencing the shares of Common Stock and Preferred Stock to bear the legend required by Section 7
herein and/or failure of the Company to supply, free of charge, a copy of this Agreement as
provided under this Section 12 shall not affect the validity or enforcement of this Agreement.

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          13. Captions. The captions, headings and arrangements used in this Agreement are for
convenience only and do not in any way limit or amplify the terms and provisions hereof.

          14. Notices. All notices and other communications given or made pursuant hereto shall
be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be
notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business
hours of the recipient; if not, then on the next business day, (iii) five (5) days after having
been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one
(1) business day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective
parties at the addresses set forth on the signature pages attached hereto (or at such other
addresses as shall be specified by notice given in accordance with this Section 14).

          15. Term. This Agreement shall terminate and be of no further force or effect upon
(a) the consummation of a Qualified Public Offering (as such term is defined in the Certificate of
Incorporation, as amended), (b) the consummation of a Liquidation Event (as defined in the
Certificate of Incorporation), or (c) the written consent of the holders of a majority of the then
outstanding Common Shares, the majority in interest of the Lenders and the holders of two-thirds of
the then outstanding Investor Shares.

          16. Manner of Voting. The voting of shares pursuant to this Agreement may be effected
in person, by proxy, by written consent, or in any other manner permitted by applicable law.

          17. Amendments and Waivers. Any term hereof may be amended and the observance of any
term hereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) with the written consent of (i) the Company and (ii) the holders of two thirds of
the then outstanding Preferred Stock (voting as a single class and on an as converted to Common
Stock basis); provided, however, that in the event such amendment or waiver would
adversely affect the rights and/or obligations of the Common Holders in a different manner than the
Investors and Lenders, such amendment or waiver shall also require the written consent of the
holders of at least a majority of the Common Stock then held by the Common Holders; provided
further, however, that in the event any amendment or waiver of Section 4, Section 15 or
Section 17 adversely affects the rights and/or obligations of BECILDC, Rand, Access or Mitsui, such
amendment or waiver shall also require the written consent of such stockholder so adversely
affected (as applicable). Notwithstanding the foregoing, (a) the provisions of Section 3(a),
Section 15 and Section 17 may be amended and the observance of any term thereof may be waived
(either generally or in a particular instance and either retroactively or prospectively) only with
the written consent of the holders of a majority of the Common Shares, (b) the provisions of
Section 2, Section 3(b)(i), Section 15 and Section 17 may be amended and the observance of any term
thereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of Crystal; (c) the provisions of Section 2, Section
3(b)(ii), Section 15 and Section 17 may be amended and the observance of any term thereof may be
waived (either generally or in a

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particular instance and either retroactively or prospectively) only with the written consent
of Walden, (d) the provisions of Section 2, Section 3(c), Section 15 and Section 17 may be amended
and the observance of any term thereof may be waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of Advantage, (e) the
provisions of Section 2, Section 3(d), Section 15 and Section 17 may be amended and the observance
of any term thereof may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of North Atlantic and (f) the
provisions of Section 3(e), Section 15 and Section 17 may be amended and the observance of any term
thereof may be waived (either generally or in a particular instance and either retroactively or
prospectively) only with the written consent of the holders of a majority of the shares of
Preferred Stock and Common Stock held by the Investors and the Common Holders, respectively, voting
as a single class and on an as converted to Common Stock basis. Any amendment or waiver so
effected shall be binding upon the Parties hereto. Notwithstanding the foregoing, the provisions
of Section 6 may not be amended (either generally or in a particular instance and either
retroactively or prospectively) to affect any securities of the Company owned by Intel Capital
(including all securities over which Intel Capital otherwise exercises voting or dispositive
authority) without the written consent of Intel Capital; provided, however, that
such consent shall not be required following the transfer by Intel Capital of its Shares to a
transferee that is not a partner or Affiliate of Intel Capital.

          18. Stock Splits, Stock Dividends, etc. In the event of any issuance of shares of the
Company’s voting securities hereafter to any of the Parties hereto (including, without limitation,
in connection with any stock split, stock dividend, recapitalization, reorganization, or the like),
such shares shall become subject to this Agreement and shall be endorsed with the legend set forth
in Section 7.

          19. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision
of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.

          20. Binding Effect. In addition to any restriction or transfer that may be imposed by
any other agreement by which any Party hereto may be bound, this Agreement shall be binding upon
the Parties, their respective heirs, successors, transferees and assigns and to such additional
individuals or entities that may become stockholders of the Company and that desire to become
Parties hereto; provided that for any such transfer to be deemed effective, the transferee
shall have executed and delivered an Adoption Agreement substantially in the form attached hereto
as Exhibit A. Upon the execution and delivery of an Adoption Agreement by any transferee
reasonably acceptable to the Company, such transferee shall be deemed to be a Party hereto as if
such transferee’s signature appeared on the signature pages hereto. By their execution hereof or
any Adoption Agreement, each of the Parties hereto appoints the Company as its attorney-in-fact for
the purpose of executing any Adoption Agreement which may be required to be delivered hereunder.

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          21. Additional Investors. Notwithstanding Section 17, no consent or amendment shall be
necessary to (i) add additional Investors as signatories to this Agreement, provided that
such Investors have purchased Series C Preferred Stock pursuant to the Purchase Agreement or (ii)
add additional Common Holders as signatories to this Agreement. Except for issuances of Common
Stock upon the exercise of options and warrants outstanding on the date hereof, the Company shall
not issue Common Stock to any Person unless such Person becomes a signatory to this Agreement or
unless Investors holding at least a majority of the Common Stock issued or issuable upon conversion
of the Preferred Stock otherwise consent in writing. The schedules to this Agreement shall be
updated to reflect such additional Investors and Common Holders.

          22. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to conflicts of law principles thereof.

          23. Entire Agreement. This Agreement is intended to be the sole agreement of the
Parties as it relates to this subject matter and does hereby supersede all other agreements of the
Parties relating to the subject matter hereof. The Prior Agreement is hereby amended and restated
its entirety and shall be of no further force or effect.

          24. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same
instrument.

          25. Arbitration. Any controversy between the Parties hereto involving any claim
arising out of or relating to the termination of this Agreement, will be submitted to and be
settled by final and binding arbitration in New York, New York, in accordance with the then current
Commercial Arbitration Rules of the American Arbitration Association (the “AAA”), and
judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction
thereof; provided, however, that (i) this Section 25 shall not apply to Intel
Capital and its Affiliates and (ii) this Section 25 shall be binding upon any transferee of Shares
that is not a partner or Affiliate of Intel Capital. Such arbitration shall be conducted by three
(3) arbitrators chosen by the Company, the Investors, and the Common Holders, or failing such
agreement, an arbitrator experienced in the sale of similarly sized companies appointed by the AAA.
There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of
witness lists and copies of documentary evidence and documents relating to or arising out of the
issues to be arbitrated, (b) depositions of all party witnesses, and (c) such other depositions as
may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in
accordance with the New York Code of Civil Procedure, the arbitrator(s) shall be required to
provide in writing to the Parties the basis for the award or order of such arbitrator(s), and a
court reporter shall record all hearings, with such record constituting the official transcript of
such proceedings.

(Remainder of page intentionally left blank)

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          IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	SYNACOR, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Ron Frankel
 

Ron Frankel
	 	 
	 

	 	 	 	President	 	 

	 	 	 
	Address:

	 	40 La Riviere Drive, Suite 300
	 

	 	Buffalo, NY 14202

	 	 	 	 	 	 	 
	 	 	INVESTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	INTEL CAPITAL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ James W. McCall
 

	 	 
	 	 	Name: James W. McCall	 	 
	 	 	Title: Assistant Treasurer	 	 

	 	 	 
	Address:

	 	c/o Intel Corporation
	 

	 	Attn: Intel Capital Portfolio Manager
	 

	 	2200 Mission College Blvd., M/S RN6-46
	 

	 	Santa Clara, CA 95052
	 

	 	Facsimile: (408) 765-6038
	 
	 	 
	 

	 	With a copy by e-mail to:
	 

	 	portfolio.manager@intel.com
	 
	 	 
	 

	 	SIGNATURE PAGE TO THE THIRD
AMENDED AND RESTATED VOTING AGREEMENT BY AND AMONG SYNACOR, INC. AND THE INVESTORS LISTED ON THE SIGNATURE PAGES HERETO.

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	NORTH ATLANTIC VENTURE FUND III,

a Limited Partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	North Atlantic Investors III, LLC,	 	 
	 

	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark J. Morrissette
 

	 	 
	 	 	Name: Mark J. Morrissette	 	 
	 	 	Title: General Partner	 	 

	 	 	 	 	 	 	 
	 

	 	Address:
	 	2 City Center
 

	 	 
	 

	 	 	 	Portland, ME 04101
 

	 	 

	 	 	 	 	 	 	 
	 	 	NORTH ATLANTIC SBIC IV, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	North Atlantic Investors SBIC IV, LLC,	 	 
	 

	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark J. Morrissette
 

	 	 
	 	 	Name: Mark J. Morrissette	 	 
	 	 	Title: General Partner	 	 

	 	 	 	 	 	 	 
	 

	 	Address:
	 	2 City Center
 

	 	 
	 

	 	 	 	Portland, ME 04101
 

	 	 

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	MITSUI INCUBASE CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Yoshiaki Baba
 

	 	 
	 	 	Name: Yoshiaki Baba	 	 
	 	 	Title: President & CEO	 	 
	 
	 	 	 	 	 	 
	 

	 	Address:
	 	 20400 Stevens Creek Blvd. Suite 300
 

	 	 
	 

	 	 	 	Cupertino CA 95014
 

	 	 

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	ADVANTAGE CAPITAL NEW YORK 

PARTNERS I, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Advantage Capital New York GP-I,
LLC,	 	 
	 

	 	 	 	Its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ M. Scott Murphy
 

M. Scott Murphy
	 	 
	 

	 	 	 	Vice President	 	 

	 	 	 
	Address:

	 	5 Warren Street, Suite 204
	 

	 	Glens Falls, NY 12801

	 	 	 	 	 	 	 
	 	 	ADVANTAGE CAPITAL NEW YORK

PARTNERS II, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Advantage Capital New York GP-II,
LLC, Its 	 	 
	 

	 	 	 	General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ M. Scott Murphy
 

M. Scott Murphy
	 	 
	 

	 	 	 	Vice President	 	 

	 	 	 
	Address:

	 	5 Warren Street, Suite 204
	 

	 	Glens Falls, NY 12801

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	ACCESS TECHNOLOGY CAPITAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Peter L. Thoren
 

	 	 
	 	 	Name: Peter Thoren	 	 
	 	 	Title: Executive Vice President	 	 

	 	 	 
	Address:

	 	730 Fifth Avenue, 20th Floor
	 

	 	New York, NY 10019

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS AND LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	RAND CAPITAL SBIC, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Rand Capital Management, LLC,	 	 
	 

	 	 	 	its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Dan Penberthy
 

	 	 
	 	 	Name: Dan Penberthy	 	 
	 	 	Title: Manager	 	 

	 	 	 
	Address:

	 	2200 Rand Building
	 

	 	Buffalo, NY 14203

	 	 	 	 	 	 	 
	 	 	BUFFALO AND ERIE COUNTY INDUSTRIAL

LAND DEVELOPMENT CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Alfred D. Culliton
 

	 	 
	 	 	Name: Alfred D. Culliton	 	 
	 	 	Title: CFO/CLO	 	 

	 	 	 
	Address:

	 	275 Oak Street
	 

	 	Buffalo, NY 14203

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS AND COMMON HOLDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	CRYSTAL INTERNET VENTURE FUND II

(BVI), L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	CRYSTAL INTERNET VENTURE FUND II

(BVI), CRYSTAL VISION, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Crystal Venture II, Ltd.	 	 
	 	 	Their: General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Joseph Tzeng
 

	 	 
	 	 	Name: Joseph Tzeng	 	 
	 	 	Title: President	 	 

	 	 	 
	Address:

	 	1120 Chester Avenue, Suite 418
	 

	 	Cleveland, OH 44114

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 
	 

	 	INVESTORS AND COMMON HOLDERS:	 	 
	 
	 	 	 	 
	 

	 	/s/ Jeremy M. Jacobs, Jr.
 

Jeremy M. Jacobs, Jr.
	 	 
	 
	 	 	 	 
	Address:

	 	c/o Delaware North Co.	 	 
	 

	 	40 Fountain Plaza	 	 
	 

	 	Buffalo, NY 14202	 	 
	 

	 	Attn: Mike Gallagher	 	 
	 
	 	 	 	 
	 

	 	/s/ Jordan Levy
 

JoRon Management LLC
	 	 
	 
	 	 	 	 
	Address:

	 	50 Fountain Plaza	 	 
	 

	 	Suite 1320	 	 
	 

	 	Buffalo, NY 14202	 	 

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

	 	 	 	 	 	 	 
	 	 	INVESTORS AND COMMON HOLDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	PACVEN WALDEN VENTURES IV 

ASSOCIATES FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Lip-Bu Tan
 

	 	 
	 	 	Name: Lip-Bu Tan	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	of Pacven Walden Management Co., Ltd.	 	 
	 	 	as General Partner of Pacven Walden Management II, L.P.	 	 
	 	 	as General Partner of Pacven Walden Ventures IV	 	 
	 	 	Associates Fund, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	PACVEN WALDEN VENTURES IV, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Lip-Bu Tan
 

	 	 
	 	 	Name: Lip-Bu Tan	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	of Pacven Walden Management Co., Ltd.	 	 
	 	 	as General Partner of Pacven Walden Management II, L.P.	 	 
	 	 	as General Partner of Pacven Walden Ventures IV, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	WIIG-TDF PARTNERS LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Lip-Bu Tan
 

	 	 
	 	 	Name: Lip-Bu Tan	 	 
	 	 	Title: Director	 	 
	 
	 	 	 	 	 	 
	 	 	of WIIG Management Co., Ltd.	 	 
	 	 	for and on behalf of the Fund Managers	 	 
	 
	 	 	 	 	 	 
	 	 	WALDEN EDB PARTNERS II, L.P.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Lip-Bu Tan
 

	 	 
	 	 	Name: Lip-Bu Tan	 	 
	 	 	Title: Director	 	 

	 	 	 	 	 	 	 
	 

	 	Address:
	 	One California Street, Suite 2800
	 	 
	 

	 	 	 	San Francisco, CA 94111	 	 

Signature Page to Synacor, inc.

Third Amended and Restated Voting Agreement

 

 

SCHEDULE A

LIST OF SERIES C INVESTORS

Access Technology Capital, LLC

Advantage Capital New York Partners I, L.P.

Advantage Capital New York Partners II, L.P.

Crystal Internet Venture Fund II (BVI), L.P.

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P.

Intel Capital Corporation

JoRon Management LLC

Jeremy M. Jacobs, Jr.

Mitsui Incubase Corporation

North Atlantic SBIC IV, L.P.

North Atlantic Venture Fund III

Rand Capital SBIC, L.P.

Pacven Walden Ventures IV Associates Fund, L.P.

Pacven Walden Ventures IV, L.P.

Walden EDB Partners II, L.P.

WIIG-TDF Partners LLC

 

 

SCHEDULE A

LIST OF SERIES B INVESTORS

Access Technology Capital, LLC

Advantage Capital New York Partners I, L.P.

Crystal Internet Venture Fund II (BVI), L.P.

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P.

Intel Capital Corporation

Jeremy M. Jacobs, Jr.

JoRon Management LLC

Rand Capital SBIC, L.P.

Pacven Walden Ventures IV Associates Fund, L.P.

Pacven Walden Ventures IV, L.P.

        .

 

 

SCHEDULE C

LIST OF SERIES A-1 INVESTORS

Advantage Capital New York Partners I, L.P.

 

 

SCHEDULE D

LIST OF SERIES A INVESTORS

Crystal Internet Venture Fund II (BVI), Ltd.

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P.

JoRon Management LLC

Jeremy M. Jacobs, Jr.

Joseph J. Castiglia

Robert G. Weber

Fors Family Limited Partnership

Paul J. Harder

Stephen A. Nappo

Steven R. Kieffer

David M. Carroll

John Lally

Kevin Cornacchio

Charles Kelkenberg

David T. Hore

Robert Santa Maria

Herbert J. Heimerl, Jr.

Guy Berberich

Thomas F. Hanlon III

Paul Wiepert

Scott M. McCarthy

Samuel LaNasa

Chek Ventures LLC

Chek Ventures II LLC

Chek Ventures III LLC

Intel Capital Corporation

Pacven Walden Ventures IV Associates Fund, L.P.

Pacven Walden Ventures IV, L.P.

WIIG-TDF Partners LLC

Walden EDB Partners II, L.P.

Access Technology Capital, LLC

Mike Nappo

Don Wehrung

Sean Hus Var

Richard Lally

Kenneth Lally

Rand Capital SBIC, L.P.

Buffalo and Erie County Industrial Land Development Corporation

 

 

SCHEDULE E

LIST OF LENDERS

Rand Capital SBIC, L.P.

Buffalo and Erie County Industrial Land Development Corporation

 

 

SCHEDULE F

LIST OF COMMON HOLDERS

(updated April 19, 2007)

@Visory LLC

Charles A. Anken & Sandra S. Olivieri

Gabriel Adiv

Darren Ascone

Frederick G. Attea

Dennis Ball

Eric Blachno

Ed Bujanowski

Malcolm Burnett

Ronald B. Cadby

Angelo J. Cammilleri

Rebecca Cammilleri

Michael Campanella

Barak Carmon

Blake Carver

George Chamoun

Chek Ventures LLC

Chek Ventures II LLC

Henry Cole

Kari Cole

Mike Collins

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P.

Crystal Internet Venture Fund II (BVI), Ltd.

Larry Decker

Deeridge Investment Partnership

Anthony Diina

Tracy Fernandez

First Albany Corporation

Douglas Fish

Garage.com Investments I, L.P.

Garage Securities, Inc.

Michael Garofalo

Keith Gizzi

Drew Graham

Leota Knapp Hair

George Harris

Jesper Henriksen

Sean Hus Var

ICE Family Partnership

Janet Ingalsbe

Innovasia Venture Partners I Limited (BVI)

 

 

Jeremy M. Jacobs, Sr.

Jeremy M. Jacobs, Jr.

Craig W. Johnson

JoRon Management LLC

Rick Keisic

Rachel K. King

Kyle Kokanovich

Kandice Kraus

Ted Leiser

Brian Lipke

Brad Loftin

Mary K. Mahley

Randolph Marks

Kenneth McCreadie

John F. McMahon

Mary G. McMahon

Daniel J. Neaverth, Jr.

David Michael Neaverth

Darren Anthony Neaverth

Dean James Neaverth

Rory B. O’Connor

Pacven Walden Ventures IV Associates Fund, L.P.

Pacven Walden Ventures IV, L.P.

Sunita S. Pandit

Virginia R. Piotrowski

Ron Poole

Michael Prince

Brad Pritchard

ProSeed Capital Holdings CVA

Santi Rao

Redwood Management III LP

Redwood Ventures III LP

Danielle Restaino

Aimee Richardson

Howard Schomer

Cindy Schwartz

Phil Seibel

Francine Seifert

Gur Shomron

The Sidne J. Long Trust u/a/d 4-26-84

SMB Investment Partnership

Mike Snusz

Sarah Sorensen

Joseph Spychalski

Tom Stanton

 

 

David Stempkowski

The Sternheim Trust

Dave Tucker

Patti Strauss

VLG Investments 1998

Walden EDB Partners II LP

Linda Wancyzk

Robert Weiner

Alison Wentker

WIIG-TDF Partners LLC

Raymond Young

Gregory Zaepfel

Common Stock Warrant Holders

Rand Capital SBIC, L.P.

Buffalo and Erie County Industrial Land Development CorporationEX-10.1

 

EXHIBIT 10.1

SYNACOR, INC.

INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (“Agreement”) is made as of ___, 2007 by and
between Synacor, Inc., a Delaware corporation (the “Company”), and ___
(“Indemnitee”).

RECITALS

     WHEREAS, highly competent persons have become more reluctant to serve publicly held
corporations as directors or in other capacities unless they are provided with adequate protection
through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation;

     WHEREAS, the Amended and Restated Certificate of Incorporation of the Company (the
“Charter”) and the Amended and Restated Bylaws of the Company (the “Bylaws”)
authorize indemnification of the officers, directors and employees of the Company. Indemnitee may
also be entitled to indemnification pursuant to the General Corporation Law of the State of
Delaware (“DGCL”). The Charter, Bylaws and DGCL provide that the indemnification
provisions set forth therein are not exclusive, and thereby contemplate that contracts may be
entered into between the Company and members of the board of directors, officers and other persons
with respect to indemnification;

     WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the
increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s stockholders and that the Company should act to assure such persons that there
will be increased certainty of such protection in the future;

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
permitted by applicable law so that they will serve or continue to serve the Company free from
undue concern that they will not be so indemnified;

     WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification provided
in the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed a
substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

     WHEREAS, Indemnitee is concerned that the protection available under the Charter, Bylaws and
DGCL and any insurance may not be adequate to protect Indemnitee, and in consideration of serving
as a director, officer or employee (as applicable), desires to be assured of adequate protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve,
continue to serve and to take on additional service for or on behalf of the Company on the
condition that Indemnitee be so indemnified.

 

 

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     Section 1. Services to the Company. Indemnitee agrees to serve as a director,
officer or employee (as applicable) of the Company. Indemnitee may at any time and for any reason
resign from such position (subject to any other contractual obligation or any obligation imposed by
operation of law), in which event the Company shall have no obligation under this Agreement to
continue Indemnitee in such position. This Agreement shall not be deemed an employment contract
between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. The foregoing
notwithstanding, this Agreement shall continue in force after Indemnitee’s services to the Company
have ceased.

     Section 2. Definitions

     As used in this Agreement:

          (a) “Corporate Status” describes the status of a person who is or was a director,
officer, employee, trustee or agent of the Company or of any other corporation, partnership or
joint venture, trust, employee benefit plan or other enterprise which such person is or was serving
at the request of the Company.

          (b) “Enterprise” shall mean the Company and any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at
the request of the Company as a director, officer, employee, trustee, agent or fiduciary.

          (c) “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and
binding costs, telephone charges, postage, delivery service fees, and all other disbursements or
expenses of the types customarily incurred in connection with prosecuting, defending, preparing to
prosecute or defend, investigating, being or preparing to be a witness in, or otherwise
participating in, a Proceeding. Expenses also shall include Expenses incurred in connection with
any appeal resulting from any Proceeding, including without limitation the premium, security for,
and other costs relating to any cost bond, supersedes bond, or other appeal bond or its equivalent.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

          (d) “Independent Counsel” means a law firm, or a partner (or, if applicable, member)
of such a law firm, that is experienced in matters of corporation law and neither presently is, nor
in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning the Indemnitee under
this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any
other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement. The Company agrees to pay

- 2 -

 

the reasonable fees and expenses of the Independent Counsel referred to above and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of
or relating to this Agreement or its engagement pursuant hereto.

          (e) The term “Proceeding” shall include any threatened, pending or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative
hearing or any other actual, threatened or completed proceeding, whether brought in the right of
the Company or otherwise and whether of a civil, criminal, administrative or investigative nature,
in which Indemnitee was, is or will be involved as a party or otherwise by reason of Indemnitee’s
Corporate Status, by reason of any action taken by him or of any action on his part while acting in
such capacity, or by reason of the fact that he is or was serving at the request of the Company as
a director, officer, employee, trustee or agent of another corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise, in each case whether or not serving in such
capacity at the time any liability or expense is incurred for which indemnification, reimbursement,
or advancement of expenses can be provided under this Agreement; provided, however, that, other
than a Proceeding initiated by Indemnitee to enforce his or her rights under this Agreement, the
term “Proceeding” shall include a Proceeding (or part thereof) initiated by Indemnitee only if such
Proceeding (or part thereof) was authorized by the Board of Directors.

     Section 3. Indemnity in Third-Party Proceedings. The Company shall indemnify
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened
to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified against all Expenses, judgments, fines and amounts paid in settlement actually
and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any
claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the Company and, in the case of a
criminal proceeding, had no reasonable cause to believe that his conduct was unlawful. Indemnitee
shall not enter into any settlement in connection with a Proceeding without 10 days prior notice to
the Company.

     Section 4. Indemnity in Proceedings by or in the Right of the Company. The Company
shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or
is threatened to be made, a party to or a participant in any Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by him or on his behalf in
connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good
faith and in a manner he reasonably believed to be in or not opposed to the best interests of the
Company. No indemnification for Expenses shall be made under this Section 4 in respect of any
claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be
liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the
“Delaware Court”) or any court in which the Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the
case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the
Delaware Court or such other court shall deem proper.

- 3 -

 

     Section 5. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provisions of this Agreement, to the extent that Indemnitee is a party
to, or a participant in, and is successful, on the merits or otherwise, in any Proceeding or in
defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify
Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith.
If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee against (a) all Expenses actually and reasonably incurred by him
or on his behalf in connection with each successfully resolved claim, issue or matter and (b) any
claim, issue or matter related to any such successfully resolved claim, issue or matter. For
purposes of this Section and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

     Section 6. Indemnification For Expenses of a Witness. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a
witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all
Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

     Section 7. Additional Indemnification.

          (a) Notwithstanding any limitation in Sections 3, 4, or 5 hereof, the Company shall indemnify
Indemnitee to the fullest extent permitted by law if Indemnitee is a party to, or threatened to be
made a party to, any Proceeding (including a Proceeding by or in the right of the Company to
procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in
settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding.

          (b) For purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted
by law” shall include, but not be limited to:

               (i) to the fullest extent permitted by the provision of the DGCL that authorizes or
contemplates additional indemnification by agreement, or the corresponding provision of any
amendment to or replacement of the DGCL, and

               (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the
DGCL adopted after the date of this Agreement that increase the extent to which a corporation may
indemnify its officers and directors, employees or agents.

     Section 8. Exclusions. Notwithstanding any provision in this Agreement to the
contrary, the Company shall not be obligated under this Agreement to make any indemnity with
respect to any claim made against Indemnitee:

          (a) for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy or other indemnity provision, except with respect to any excess beyond the amount paid under
any insurance policy or other indemnity provision.

- 4 -

 

          (b) for an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act, as
amended, or similar provisions of state statutory law or common law; or

          (c) for which payment is prohibited by applicable law.

     Section 9. Advances of Expenses. The Company shall advance, to the extent not
prohibited by law, the Expenses incurred by Indemnitee in connection with any Proceeding, and such
advancement shall be made within 10 days after the receipt by the Company of a statement or
statements requesting such advances (which shall include invoices received by Indemnitee in
connection with such Expenses but, in the case of invoices in connection with legal services, any
references to legal work performed or to expenditures made that would cause Indemnitee to waive any
privilege accorded by applicable law shall not be included with the invoice) from time to time,
whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and
interest free. Advances shall be made without regard to Indemnitee’s ability to repay the expenses
and without regard to Indemnitee’s ultimate entitlement to indemnification under the other
provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred
pursuing an action to enforce this right of advancement, including Expenses incurred preparing and
forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify
for advances upon the execution and delivery to the Company of this Agreement which shall
constitute an undertaking providing that the Indemnitee undertakes to the fullest extent required
by law to repay the advance if and to the extent that it is ultimately determined by final judicial
decision from which there is no further right to appeal that Indemnitee is not entitled to be
indemnified by the Company. This Section 9 shall not apply to any claim made by Indemnitee for
which indemnity is excluded pursuant to Section 8. The right to advances under this paragraph
shall in all events continue until final disposition of any Proceeding, including any appeal
therefrom.

     Section 10. Procedure for Notification and Defense of Claim.

          (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request therefor.

          (b) The Company will be entitled to participate in the Proceeding at its own expense.

     Section 11. Procedure Upon Application for Indemnification.

          (a) Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a
determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto
shall be made in the specific case by Independent Counsel chosen in accordance Section 11(b) below
in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, and, if it is
so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
as soon as practicable after such determination. Indemnitee shall cooperate with the Independent
Counsel making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such counsel upon

- 5 -

 

reasonable advance request any documentation or information which is not privileged or
otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably
necessary to such determination. Any costs or expenses (including attorneys’ fees and
disbursements) incurred by Indemnitee in so cooperating with the Independent Counsel shall be borne
by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless
therefrom.

          (b) The Independent Counsel shall be selected by Indemnitee. The Company may, within 10 days
after written notice of such selection, deliver to the Indemnitee a written objection to such
selection; provided, however, that such objection may be asserted only on the
ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person
so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court has determined that such objection is without merit.
If, within 20 days after the later of submission by Indemnitee of a written request for
indemnification pursuant to Section 10(a) hereof, and the final disposition of the Proceeding, no
Independent Counsel shall have been selected and not objected to, the Indemnitee may petition a
court of competent jurisdiction for resolution of any objection which shall have been made by the
Company to the selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person selected by the court or by such other person as the court shall designate, and the
person with respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 11(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 13(a) of this Agreement, Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable
standards of professional conduct then prevailing).

     Section 12. Presumptions and Effect of Certain Proceedings.

          (a) In making a determination with respect to entitlement to indemnification hereunder, the
Independent Counsel making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making by the Independent Counsel of any
determination contrary to that presumption. Neither the failure of the Company or of Independent
Counsel to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the
applicable standard of conduct, nor an actual determination by the Company or by Independent
Counsel that Indemnitee has not met such applicable standard of conduct, shall be a defense to the
action or create a presumption that Indemnitee has not met the applicable standard of conduct.

          (b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of guilty or nolo contendere or its
equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself

- 6 -

 

adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his conduct was unlawful.

          (c) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted
in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including financial statements, or on information supplied to Indemnitee by the officers of the
Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or
the Board or counsel selected by any committee of the Board or on information or records given or
reports made to the Enterprise by an independent certified public accountant or by an appraiser,
investment banker or other expert selected with reasonable care by the Company or the Board or any
committee of the Board. The provisions of this Section 12(c) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met
the applicable standard of conduct set forth in this Agreement.

          (d) The knowledge and/or actions, or failure to act, of any director, officer, agent or
employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right
to indemnification under this Agreement.

     Section 13. Remedies of Indemnitee.

          (a) Subject to Section 13(e), in the event that (i) a determination is made pursuant to
Section 11 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section
11(a) of this Agreement within 30 days after receipt by the Company of the request for
indemnification, (iv) payment of indemnification is not made pursuant to Section 5 or 6 or the last
sentence of Section 11(a) of this Agreement within 10 days after receipt by the Company of a
written request therefor, or (v) payment of indemnification pursuant to Section 3, 4 or 7 of this
Agreement is not made within 10 days after a determination has been made that Indemnitee is
entitled to indemnification, Indemnitee shall be entitled to an adjudication by a court of his
entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his
option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
such proceeding seeking an adjudication or an award in arbitration within 180 days following the
date on which Indemnitee first has the right to commence such proceeding pursuant to this Section
13(a); provided, however, that the foregoing clause shall not apply in respect of a
proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The
Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

          (b) In the event that a determination shall have been made pursuant to Section 11(a) of this
Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or
arbitration commenced pursuant to this Section 13 shall be conducted in all respects as a de novo
trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced

- 7 -

 

pursuant to this Section 13 the Company shall have the burden of proving Indemnitee is not
entitled to indemnification or advancement of Expenses, as the case may be.

          (c) If a determination shall have been made pursuant to Section 11(a) of this Agreement that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 13, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

          (d) The Company shall be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement. The Company shall
indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within 10
days after receipt by the Company of a written request therefor) advance, to the extent not
prohibited by law, such Expenses to Indemnitee, which are incurred by Indemnitee in connection with
any action brought by Indemnitee for indemnification or advance of Expenses from the Company under
this Agreement or under any directors’ and officers’ liability insurance policies maintained by the
Company, regardless of whether Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of Expenses or insurance recovery, as the case may be, in the suit for
which indemnification or advances is being sought.

          (e) Notwithstanding anything in this Agreement to the contrary, no determination as to
entitlement to indemnification under this Agreement shall be required to be made prior to the final
disposition of the Proceeding, including any appeal therein.

     Section 14. Non-exclusivity; Survival of Rights; Insurance; Subrogation.

          (a) The rights of indemnification and to receive advancement of Expenses as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be
entitled under applicable law, the Charter, the Company’s Bylaws, any agreement, a vote of
stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this
Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status
prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether
by statute or judicial decision, permits greater indemnification or advancement of Expenses than
would be afforded currently under the Charter, Bylaws and this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by
such change. No right or remedy herein conferred is intended to be exclusive of any other right or
remedy, and every other right and remedy shall be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The
assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

- 8 -

 

          (b) To the extent that the Company maintains an insurance policy or policies providing
liability insurance for directors, officers, employees, or agents of the Company or of any other
Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any such director, officer, employee or
agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant
to the terms hereof, the Company has director and officer liability insurance in effect, the
Company shall give prompt notice of the commencement of such proceeding to the insurers in
accordance with the procedures set forth in the respective policies. The Company shall thereafter
take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee,
all amounts payable as a result of such proceeding in accordance with the terms of such policies.

          (c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

          (d) The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the
extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise.

          (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is
or was serving at the request of the Company as a director, officer, employee or agent of any other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be
reduced by any amount Indemnitee has actually received as indemnification or advancement of
Expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise.

     Section 15. Duration of Agreement. This Agreement shall continue until and terminate
upon the later of: (a) 10 years after the date that Indemnitee shall have ceased to serve as a
director, officer or employee (as applicable) of the Company or (b) 1 year after the final
termination of any Proceeding then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee
pursuant to Section 13 of this Agreement relating thereto. This Agreement shall be binding upon the
Company and its successors and assigns and shall inure to the benefit of Indemnitee and his spouse,
heirs, executors, administrators, and personal or legal representatives. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all or a substantial part of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform if no such succession had taken place.

     Section 16. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality

- 9 -

 

and enforceability of the remaining provisions of this Agreement (including without
limitation, each portion of any Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the fullest extent
permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary
to conform to applicable law and to give the maximum effect to the intent of the parties hereto;
and (c) to the fullest extent possible, the provisions of this Agreement (including, without
limitation, each portion of any Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be
construed so as to give effect to the intent manifested thereby.

     Section 17. Enforcement.

          (a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director,
officer or employee (as applicable) of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director, officer or employee (as applicable) of the
Company.

          (b) This Agreement constitutes the entire agreement between the parties hereto with respect to
the subject matter hereof and supersedes all prior agreements and understandings, oral, written and
implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Charter of the
Company, the Bylaws of the Company and applicable law, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

     Section 18. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions of this Agreement nor shall any waiver constitute a continuing waiver.

     Section 19. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in
writing upon being served with any summons, citation, subpoena, complaint, indictment, information
or other document relating to any Proceeding or matter which may be subject to indemnification or
advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall
not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement
or otherwise.

     Section 20. Notices. All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by
hand and receipted for by the party to whom said notice or other communication shall have been
directed, (b) mailed by certified or registered mail with postage prepaid, on the third business
day after the date on which it is so mailed, (c) mailed by reputable overnight courier and
receipted for by the party to whom said notice or other communication shall have been directed or
(d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has
been received:

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          (a) If to Indemnitee, at such address as Indemnitee shall provide to the Company.

          (b) If to the Company to:

Synacor, Inc.

40 La Riviere Drive, Suite 300

Buffalo, NY 14202

Attention: Chief Financial Officer

or to any other address as may have been furnished to Indemnitee by the Company.

     Section 21. Contribution. To the fullest extent permissible under applicable law, if
the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason
whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount
incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to
be paid in settlement and/or for Expenses, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in
light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits
received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving
cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors,
officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

     Section 22. Applicable Law and Consent to Jurisdiction. This Agreement and the legal
relations among the parties shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the
Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or
proceeding arising out of or in connection with this Agreement shall be brought only in the
Delaware Court, and not in any other state or federal court in the United States of America or any
court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware
Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) appoint, to the extent such party is not otherwise subject to service of process in the State
of Delaware, Incorporating Services, Ltd., Dover, Delaware as its agent in the State of Delaware as
such party’s agent for acceptance of legal process in connection with any such action or proceeding
against such party with the same legal force and validity as if served upon such party personally
within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or
proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that
any such action or proceeding brought in the Delaware Court has been brought in an improper or
inconvenient forum.

     Section 23. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement.

- 11 -

 

     Section 24. Miscellaneous. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof.

- 12 -

 

     IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year
first above written.

	 	 	 	 	 
	 	SYNACOR, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INDEMNITEE:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	 	 
	 

- 13 -

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