Document:

Exhibit 10.3

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON 

CONSUMMATION OF THE SPIN-OFF

 

TAX
SEPARATION AGREEMENT

 

This
TAX SEPARATION AGREEMENT (this “Agreement”) is dated as of [___________], 2016, by and between IDT Corporation, a
Delaware corporation (“IDT”), and Zedge, Inc., a Delaware corporation (“Zedge”; and together with IDT,
the “Parties, and each individually, a “Party”).

 

WHEREAS,
as of the date hereof, IDT is the common parent of an affiliated group of domestic corporations within the meaning of Section
1504(a) of the Code, and the members of the affiliated group have heretofore joined in filing consolidated federal income Tax
returns (the “Affiliated Group”);

 

WHEREAS,
IDT intends to effect a spinoff of Zedge whereby IDT will distribute to the holders of IDT Common Stock of all of the outstanding
shares of Zedge Common Stock held by IDT at the rate of (i) one (1) share of Zedge Class A Common Stock for every three (3) shares
of IDT Class A Common Stock and (ii) one (1) share of Zedge Class B Common Stock for every three (3) shares of IDT Class B Common
Stock, each outstanding as of the Record Date (the “Spinoff “);

 

WHEREAS,
for United States federal income tax purposes, it is intended that the Spinoff will qualify as tax-free under Section 355 of the
Code; and

 

WHEREAS,
as a result of the Spinoff, the Parties desire to enter into this Tax Separation Agreement to provide for certain Tax matters,
including the assignment of responsibility for the preparation and filing of Tax Returns, the payment of and indemnification for
Taxes, entitlement to refunds of Taxes, and the prosecution and defense of any Tax controversies.

 

NOW,
THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, the Parties hereby
agree as follows:

 

ARTICLE
I. DEFINITIONS

 

SECTION
1.1. General. Capitalized terms used in this Agreement and not defined herein shall have the meanings that such terms have in
the Separation and Distribution Agreement between the Parties of even date herewith. As used in this Agreement, the following
terms shall have the following meanings:

 

“Affiliated
Group” shall have the meaning specified in the preamble.

 

“Agreement”
shall have the meaning specified in the preamble.

 

“Business
Day” shall mean a day which is not a Saturday, Sunday or a day on which banks in New York City are authorized or required
by law to close.

 

     

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON 

CONSUMMATION OF THE SPIN-OFF

 

“Closing
of the Books Method” shall mean the apportionment of items between portions of a taxable period based on a closing of the
books and records on the Distribution Date (as if the Distribution Date was the end of the taxable period), provided that any
items not susceptible to such apportionment (such as real or personal property taxes imposed on a periodic basis) shall be apportioned
on the basis of elapsed days during the relevant portion of the taxable period.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Combined
Group” shall mean a combined, unitary, or consolidated tax group that includes IDT or any of its subsidiaries, not including
Zedge or any of its subsidiaries.

 

“Consolidated
Return” shall mean any Tax Return relating to Income Taxes filed pursuant to Section 1502 of the Code, or any comparable
combined, consolidated, or unitary group Tax Return relating to Income Taxes filed under state or local tax law which, in each
case, includes IDT and at least one subsidiary.

 

“Final
Determination” shall mean the final resolution of liability for any Tax for any taxable period, including any related interest
or penalties, by or as a result of: (i) a final and unappealable decision, judgment, decree or other order by any court of competent
jurisdiction; (ii) a closing agreement or accepted offer in compromise under Section 7121 or 7122 of the Code, or comparable agreement
under the laws of other jurisdictions which resolves the entire Tax liability for any taxable period; or (iii) any allowance of
a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which such refund
may be recovered by the jurisdiction imposing the Tax.

 

“IDT”
shall have the meaning specified in the preamble.

 

“IDT
Class A Common Stock” means the outstanding shares of Class A common stock, $0.01 par value per share, of IDT.

 

“IDT
Class B Common Stock” means the outstanding shares of Class B common stock, $0.01 par value per share, of IDT.

 

“IDT
Common Stock” means the IDT Class A Common Stock and the IDT Class B Common Stock.

 

“Income
Tax” shall mean any income, franchise or similar Taxes imposed on (or measured by) net income or net profits.

 

“Income
Tax Returns” shall mean all Tax Returns relating to Income Taxes.

 

“Indemnification
Tax Benefit” shall have the meaning specified in Section 2.4(b).

 

    2

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

“Indemnified
Tax” shall have the meaning specified in Section 2.4(b).

 

“IRS”
shall mean the Internal Revenue Service.

 

“Other
Tax” shall mean any Tax other than an Income Tax.

 

“Payment
Period” shall have the meaning specified in Section 2.4(c).

 

“Proceeding”
shall mean any audit, examination or other proceeding brought by a Taxing Authority with respect to Taxes.

 

“Refund”
shall have the meaning specified in Section 2.2.

 

“Retained
Liabilities” shall have the meaning specified in the Separation Agreement.

 

“Retained
Liability Payment” shall have the meaning specified in Section 2.5.

 

“Retained
Liability Tax Benefit” shall have the meaning specified in Section 2.5.

 

“Spin-Off
Taxes” shall mean all Taxes attributable to the failure of the Spinoff to have tax free status.

 

“Straddle
Period” shall mean any taxable period commencing prior to, and ending after, the Distribution Date.

 

“Tax”
or “Taxes” shall mean any federal, state, local or foreign income, gross receipts, property, sales, use, license,
excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any
other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest
or penalty, imposed by any Taxing Authority.

 

“Taxing
Authority” shall mean any governmental authority (whether United States or non-United States, and including, any state,
municipality, political subdivision or governmental agency) responsible for the imposition of any Tax.

 

“Tax
Returns” shall mean all reports or returns (including information returns and amended returns) required to be filed or that
may be filed for any period with any Taxing Authority in connection with any Tax or Taxes (whether domestic or foreign).

 

“Zedge”
shall have the meaning set forth in the preamble.

 

“Zedge
Class A Common Stock” means the outstanding shares of Class A common stock, $0.01 par value per share, of Zedge.

 

    3

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON 

CONSUMMATION OF THE SPIN-OFF

 

“Zedge
Class B Common Stock” means the outstanding shares of Class B common stock, $0.01 par value per share, of SCPI.

 

“Zedge
Common Stock” means the Zedge Class A Common Stock and the Zedge Class B Common Stock.

 

SECTION
1.2. References; Interpretation. References in this Agreement to any gender include references to all genders, and references
to the singular include references to the plural and vice versa. The words “include,” “includes” and “including”
when used in this Agreement shall be deemed to be followed by the phrase “without limitation.” Unless the context
otherwise requires, references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles
and Sections of, and Exhibits and Schedules to, such Agreement. Unless the context otherwise requires, the words “hereof,”
“hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement
in its entirety and not to any particular Article, Section or provision of this Agreement.

 

ARTICLE
II. ALLOCATION OF TAX ASSETS AND LIABILITIES

 

SECTION
2.1. Indemnity.

 

(a) Without
duplication, IDT shall indemnify Zedge from all liability for (i) Taxes of Zedge or any of its subsidiaries or relating to the
Zedge Business with respect to taxable periods ending on or before the Distribution Date, (ii) Taxes of Zedge or any of its subsidiaries
or relating to the Zedge Business for any Straddle Period, but only to the extent attributable to the portion of the Straddle
Period ending on the Distribution Date, (iii) Taxes of any member of the Affiliated Group or any Combined Group, other than Zedge
or any of its subsidiaries, for any taxable period, and (iv) Spin-Off Taxes. Taxes for a Straddle Period shall be apportioned
in accordance with the Closing of the Books Method. Notwithstanding the foregoing, Zedge shall be responsible for, and IDT shall
have no obligation to indemnify Zedge for any Tax liability of Zedge resulting from a Proceeding related to any Tax Returns that
relate solely to Zedge and its subsidiaries (i.e. not a consolidated return with other members of the IDT Consolidated Group)
regardless of whether such Tax Return relates to a period prior to or following the Distribution Date or a Straddle Period.

 

(b) Zedge
shall indemnify IDT from all liability for Taxes of Zedge or its subsidiaries or relating to the Zedge Business accruing after
the Distribution Date under the Closing of the Books Method, including the portion of any Straddle Period beginning after the
Distribution Date.

 

    4

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
2.2. Refunds.

 

(a) Subject
to Section 3.5, if a Party receives a refund, offset, credit, or other benefit (including interest received thereon) (a “Refund”)
of Tax which the other Party would have been obligated to indemnify had the Refund been a payment, then the Party receiving the
Refund shall promptly pay the amount of the Refund to the other Party, less reasonable costs and expenses incurred in connection
with such Refund, including any Taxes on such Refund or interest thereon (net of any tax benefit actually realized for paying
over such Refund).

 

(b) Each
Party shall, if reasonably requested by the other Party, cause the relevant entity to file for and use its reasonable best efforts
to obtain and expedite the receipt of any Refund to which such requesting Party is entitled under this Section 2.2.

 

SECTION
2.3. Contests.

 

(a) In
the case of any Proceeding that relates to Taxes for which IDT is responsible under Section 2.1, IDT shall have the right to control,
in its sole discretion, the conduct of such Proceeding. Subject to the foregoing, Zedge shall have the right to participate jointly,
at its own expense, in any Proceeding if the consequences of the resolution of such Proceeding could reasonably be expected to
affect the tax liability of Zedge for any tax period to the extent such tax liability of Zedge is not subject to an indemnification
by IDT hereunder.

 

(b) In
the case of any Proceeding that relates to Taxes for which Zedge is responsible under Section 2.1, Zedge shall have the sole right
to control the conduct of such Proceeding. Subject to the foregoing, IDT shall have the right to participate jointly, at its own
expense, in any Proceeding if the consequences of the resolution of such Proceeding could reasonably be expected to affect the
tax liability of IDT for any tax period to the extent such tax liability of IDT is not subject to an indemnification by Zedge
hereunder.

 

(c) In
the case of any Proceeding that relates to a Straddle Period of Zedge or the Zedge Business, the parties shall use reasonable
efforts to cause such Proceeding to be bifurcated between the period ending on the Distribution Date and the period beginning
after the Distribution Date. If the parties are able to cause the audit to be so bifurcated, then Sections 2.3(a) and (b) shall
govern the control of such Proceedings. To the extent that the parties are unable to cause such bifurcation, IDT and Zedge shall
jointly control such Proceeding.

 

(d) After
the Distribution Date, each Party shall within 15 days notify the other Party in writing upon receipt of written notice of the
commencement of any Proceeding or of any demand or claim upon it, which, if determined adversely, would be grounds for indemnification
from such other Party pursuant to Section 2.1 or could reasonably be expected to have an adverse Tax effect on the other Party.
The failure of one Party to forward such notification in accordance with the immediately preceding sentence shall not relieve
the other Party of any obligation under this Agreement, except to the extent that the failure to forward such notification within
the time frame prescribed herein actually prejudices the ability of the other Party to contest such Proceeding. Each Party shall,
on a timely basis, keep the other Party informed of all developments in the Proceeding and provide such other Party with copies
of all pleadings, briefs, orders, and other correspondence pertaining thereto.

 

    5

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
2.4. Treatment of Payments; After Tax Basis.

 

(a) IDT
and Zedge agree to treat any indemnification payments (other than payments of interest pursuant to Section 2.4(c)) pursuant to
this Agreement, including any payments made pursuant to Section 2.5, as either a capital contribution or a distribution, as the
case may be, between IDT and Zedge occurring immediately prior to the Distribution, and to challenge in good faith any other characterization
of such payments by any Taxing Authority. If, notwithstanding such good faith efforts, the receipt or accrual of any such payment
(other than payments of interest pursuant to Section 2.4(c)) results in taxable income to the indemnified Party, such payment
shall be increased so that, after the payment of any Taxes with respect to the payment, the indemnified Party shall have realized
the same net amount it would have realized had the payment not resulted in taxable income.

 

(b) To
the extent that any liability for Taxes that is subject to indemnification under Section 2.1 (an “Indemnified Tax”)
gives rise to an Indemnification Tax Benefit to the indemnified Party in any taxable period, the indemnified Party will promptly
remit to the indemnifying Party the amount of any such Indemnification Tax Benefit actually realized. For purposes of this Agreement,
“ Indemnification Tax Benefit “ means a reduction in the amount of Taxes that are required to be paid or increase
in refund due, whether resulting from a deduction, from reduced gain or increased loss from disposition of an asset, or otherwise.
For purposes of this Agreement, an indemnified Party will be deemed to have actually realized an Indemnification Tax Benefit at
the time the amount of Taxes such indemnified Party is required to pay is reduced or the amount of any refund due is increased.
The amount of any Indemnification Tax Benefit in this Section 2.4(b) shall be calculated by comparing (i) the indemnified Party’s
actual Tax liability taking into account any Indemnified Tax with (ii) what the indemnified Party’s Tax liability would
have been without taking into account any Indemnified Tax. If, pursuant to this Agreement, the indemnified Party makes a remittance
to the indemnifying Party of any Indemnification Tax Benefit and all or part of such Indemnification Tax Benefit is subsequently
disallowed, the indemnifying Party will promptly pay to the indemnified Party that portion of such remittance equal to the portion
of the Indemnification Tax Benefit that is disallowed.

 

(c) Payments
made pursuant to this Agreement that are not made within the period prescribed in this Agreement or, if no period is prescribed,
within thirty (30) days after demand for payment is made (the “Payment Period”) shall bear interest for the period
from and including the date immediately following the last date of the Payment Period through and including the date of payment
at a rate equal to the monthly average of the “prime rate” as published in the Wall Street Journal, compounded semi-annually.
Such interest will be payable at the same time as the payment to which it relates and shall be calculated on the basis of a year
of 365 days and the actual number of days for which due; provided, however, that this provision for interest shall not be construed
to give the Party responsible for such payment the right to defer payment beyond the due date hereunder.

 

    6

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
2.5. Retained Liabilities. To the extent that any payments made by IDT in respect of the Retained Liabilities (a “Retained
Liability Payment”) gives rise to a Retained Liability Tax Benefit to Zedge in any taxable period, Zedge will promptly remit
to IDT the amount of any such Retained Liability Tax Benefit actually realized. For purposes of this Agreement, “Retained
Liability Tax Benefit” means a reduction in the amount of Taxes that are required to be paid or increase in refund due,
whether resulting from a deduction, credit, increased basis, or otherwise. For purposes of this Agreement, Zedge will be deemed
to have actually realized a Retained Liability Tax Benefit at the time the amount of Taxes Zedge is required to pay is reduced
or the amount of any refund due is increased. The amount of any Retained Liability Tax Benefit in this Section 2.5 shall be calculated
by comparing (i) Zedge’s actual Tax liability taking into account any Retained Liability Payment with (ii) what Zedge’s
Tax liability would have been without taking into account any Retained Liability Payment. If, pursuant to this Agreement, Zedge
makes a remittance to IDT of any Retained Liability Tax Benefit and all or part of such Retained Liability Tax Benefit is subsequently
disallowed, IDT will promptly pay to Zedge that portion of such remittance equal to the portion of the Retained Liability Tax
Benefit that is disallowed.

 

SECTION
2.6. Transfer Taxes. Notwithstanding anything to the contrary herein, IDT shall bear any and all stamp, duty, transfer, sales
and use or similar Taxes incurred in connection with the Spinoff or the Distribution.

 

SECTION
2.7 Tax Assets. All tax assets, including operating losses, capital losses and credits, attributed to Zedge’s assets or
operations, in existence as of the effective date of the Spinoff shall remain with Zedge for Zedge to utilize in its discretion
and in accordance with the terms hereof. IDT shall not have right or access to any such tax assets, and Zedge shall not have any
right or access to any tax assets of IDT or any other member of IDT’s Affiliated Group (other than Zedge and its subsidiaries.

 

ARTICLE
III. RETURNS AND TAXES ATTRIBUTABLE TO ZEDGE

 

SECTION
3.1. IDT’s Responsibility for the Preparation of Tax Returns and for the Payment of Taxes.

 

(a) IDT
shall prepare and file or cause to be prepared and filed all Tax Returns of Zedge or any of its subsidiaries or relating to the
Zedge Business that are due on or before the Distribution Date (taking into account any valid extensions thereof), all Income
Tax Returns relating to taxable periods ending on or before the Distribution Date and all Income Tax Returns of the Affiliated
Group or any Combined Group.

 

    7

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

(b) To
the extent that Zedge or any of its subsidiaries or the Zedge Business is included in any Consolidated Return for a taxable period
that includes the Distribution Date, IDT shall include in such Consolidated Return the results of Zedge and the Zedge Business
on the basis of the Closing of the Books Method. To the extent permitted by law or administrative practice with respect to other
Income Tax Returns, the taxable period relating to Zedge or the Zedge Business shall be treated as ending on the Distribution
Date, and if the taxable period does not, in fact, end on the Distribution Date, the Parties shall apportion all tax items between
the portions of the taxable period before and after the Distribution Date on the Closing of the Books Method.

 

SECTION
3.2. Zedge’s Responsibility for the Preparation of Tax Returns and for the Payment of Taxes. Zedge shall prepare and file
or cause to be prepared and filed all Tax Returns relating to Other Taxes of Zedge or any of its subsidiaries or the Zedge Business
that have not been filed before the Distribution Date. Zedge shall prepare and file or cause to be prepared and filed all Income
Tax Returns relating to taxable periods of Zedge and its subsidiaries after the Distribution Date, except for Income Tax Returns
of the Affiliated Group or any Combined Group and Income Tax Returns of Zedge for any Straddle Period as described in Sections
3.1 and 3.3.

 

SECTION
3.3. Responsibility for the Preparation of Straddle Period Income Tax Returns and for the Payment of Straddle Period Income Taxes.
IDT shall prepare and file or cause to be prepared and filed all Income Tax Returns of Zedge for any Straddle Period. All such
Income Tax Returns that are to be prepared and filed by IDT pursuant to this paragraph shall be submitted to Zedge not later than
thirty (30) days prior to the due date for filing of such Tax Returns (including extensions of time to file) (or if such due date
is within forty-five (45) days following the Distribution Date, as promptly as practicable following the Distribution Date). Zedge
shall have the right to review such Tax Returns and to review all work papers and procedures used to prepare any such Tax Return.
If Zedge, within ten (10) Business Days after delivery of any such Tax Return, notifies IDT in writing that it objects to any
of the items in such Tax Return, IDT and Zedge shall attempt in good faith to resolve the dispute and, if they are unable to do
so, the disputed items shall be resolved (within a reasonable time, taking into account the deadline for filing such Tax Return)
by an internationally recognized independent accounting firm chosen by both IDT and Zedge. Upon resolution of all such items,
the relevant Straddle Period Tax Return shall be filed on that basis. The costs, fees and expenses of such accounting firm shall
be borne equally by IDT and Zedge.

 

SECTION
3.4. Manner of Preparation. All Income Tax Returns filed on or after the Distribution Date shall be prepared and filed on a timely
basis (including extensions of time to file) by the Party responsible for such filing under this Agreement. In the absence of
a Final Determination to the contrary, a controlling change in law or circumstances, or accounting method changes pursuant to
applications that are approved by the Internal Revenue Service, all Income Tax Returns of Zedge for tax periods commencing prior
to the Distribution Date shall be prepared on a basis consistent with the elections, accounting methods, conventions, assumptions
and principles of taxation used with respect to the Zedge Business for the most recent taxable periods for which Tax Returns of
the Affiliated Group have been filed.

 

    8

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
3.5. Carrybacks. Zedge agrees and will cause its subsidiaries not to carry back any net operating losses, capital losses or credits
attributable to an entity that was included in a consolidated or combined group with IDT for any taxable period ending after the
Distribution Date to a taxable period, or portion thereof, ending on or before the Distribution Date. To the extent that Zedge
or any of its subsidiaries is required by applicable law to carry back any such net operating losses, capital losses or credits,
any refund of Taxes attributable to such carryback shall be for Zedge’s account.

 

SECTION
3.6. Retention of Records; Cooperation; Access.

 

(a) IDT
and Zedge shall, and shall cause each of their subsidiaries to retain adequate records, documents, accounting data and other information
(including computer data) necessary for the preparation and filing of all Tax Returns required to be filed by IDT or Zedge and
for any Tax matter covered by this Agreement, including any Proceeding relating to such Tax Returns or to any Taxes payable by
IDT or Zedge or any of their subsidiaries.

 

(b) Subject
to the provisions of Section 3.8, IDT and Zedge shall reasonably cooperate with one another in a timely manner with respect to
any Tax matter covered by this Agreement, including any Proceeding described in Section 2.3. IDT and Zedge shall, and shall cause
each of their subsidiaries to, cooperate and provide reasonable access to (i) all records, documents, accounting data and other
information (including computer data) necessary for the preparation and filing of all Tax Returns required to be filed by IDT
or Zedge and for any Proceeding relating to such Tax Returns or to any Taxes payable by IDT or Zedge and (ii) its personnel and
premises, for the purpose of the preparation, review or audit of such Tax Returns, or in connection with any Tax matter covered
by this Agreement, including any Proceeding described in Section 2.3 as reasonably requested by either IDT or Zedge. The Party
requesting or otherwise entitled to any books, records, information, officers or employees pursuant to this Section 3.6(b) shall
bear all reasonable out-of-pocket costs and expenses (except reimbursement of salaries, employee benefits and general overhead)
incurred in connection with providing such books, records, information, officers or employees; provided, however, that any costs
(including but not limited to attorneys’ fees and expenses) arising from the requested Party’s failure to cooperate
under this Section 3.6(b) shall be payable by such Party.

 

(c) The
obligations set forth above in Sections 3.6(a) and 3.6(b) shall continue until the longer of (i) the time of a Final Determination
or (ii) expiration of all applicable statutes of limitations, to which the records and information relate. For purposes of the
preceding sentence, each Party shall assume that no applicable statute of limitations has expired unless such Party has received
notification or otherwise has actual knowledge that such statute of limitations has expired.

 

    9

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
3.7. Tax Treatment. The Parties intend that:

 

(A) the
Spinoff as a whole, will qualify as (i) a reorganization described in Sections 355(a) and 368(a)(1)(D) of the Code and (ii) a
transaction in which the stock distributed thereby is “qualified property” for purposes of Sections 355(d), 355(e)
and 361(c) of the Code, in which IDT, Zedge and the stockholders of IDT recognize no income or gain for U.S. Federal income tax
purposes pursuant to Sections 355, 361 and 1032 of the Code. For the avoidance of doubt, recognition of income or gain by IDT
or Zedge as a result of taking into account intercompany items or excess loss accounts pursuant to the Treasury Regulations promulgated
pursuant to Section 1502 of the Code shall not mean that the Spinoff does not have tax-free status.

 

SECTION
3.8. Confidentiality; Ownership of Information; Privileged Information. The provisions of Article X of the Separation Agreement
relating to confidentiality of information, ownership of information, privileged information and related matters shall apply with
equal force to any records and information prepared and/or shared by and among the Parties in carrying out the intent of this
Agreement.

 

ARTICLE
IV. MISCELLANEOUS

 

SECTION
4.1. Complete Agreement; Construction. This Agreement shall constitute the entire agreement between the Parties with respect to
the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject
matter, including, without limitation, any tax sharing agreement previously entered into by the Parties.

 

SECTION
4.2. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement, and shall become effective when one or more such counterparts have been signed by both Parties.

 

SECTION
4.3. Survival of Agreements. Except as otherwise contemplated by this Agreement, all covenants and agreements of the Parties contained
in this Agreement shall survive the Distribution Date.

 

SECTION
4.4. Notices. All notices and other communications hereunder shall be in writing and hand delivered or mailed by registered or
certified mail (return receipt requested) or sent by any means of electronic message transmission with delivery confirmed (by
voice or otherwise) to the Parties at the following addresses (or at such other addresses for a Party as shall be specified by
like notice) and will be deemed given on the date on which such notice is received:

 

To
IDT:

 

IDT
Corporation

520
Broad Street

Newark
New Jersey 07102

Fax:
973-438-1010

Attention:
Marcelo Fischer

 

    10

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

With
copies to:

 

IDT
Corporation

520
Broad Street

Newark
New Jersey 07102

Fax:
973-438-1456

Attention:
Legal Department

 

To
Zedge:

 

Zedge,
Inc.

522
Cortlandt Street

14th
Floor, New York, NY 10007

Fax:
[                                       ]

Attention:
Jonathan Reich

 

SECTION
4.5. Waivers. The failure of any Party to require strict performance by the other Party of any provision in this Agreement will
not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof.

 

SECTION
4.6. Amendments. This Agreement may not be modified or amended except by an agreement in writing signed by the Parties hereto.

 

SECTION
4.7. Assignment. This Agreement shall not be assignable, in whole or in part, directly or indirectly, by any Party hereto without
the prior written consent of the other Party hereto, and any attempt to assign any rights or obligations arising under this Agreement
without such consent shall be void.

 

SECTION
4.8. Successors and Assigns. The provisions to this Agreement shall be binding upon, inure to the benefit of and be enforceable
by the Parties and their respective successors and permitted assigns.

 

SECTION
4.9. Additional Members. Any new members of the Affiliated Group shall automatically become a Party to this Agreement upon becoming
members.

 

SECTION
4.10. Third Party Beneficiaries. This Agreement is solely for the benefit of the Parties hereto and should not be deemed to confer
upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without
reference to this Agreement.

 

SECTION
4.11. Title and Headings. Titles and headings to sections herein are inserted for the convenience of reference only and are not
intended to be a part of or to affect the meaning or interpretation of this Agreement.

 

    11

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED 

INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON

 CONSUMMATION OF THE SPIN-OFF

 

SECTION
4.12. Exhibits. The Exhibits to this Agreement shall be construed with and as an integral part of this Agreement to the same extent
as if the same had been set forth verbatim herein.

 

SECTION
4.13. Governing Law; Jurisdiction. This Agreement shall be construed in accordance with, and governed by, the laws of the State
of New Jersey, without regard to the conflicts of law rules of such state. Each of the Parties (a) consents to submit itself to
the personal jurisdiction of the courts of the State of New Jersey or any federal court with subject matter jurisdiction located
in the District of New Jersey (and any appeals court therefrom) in the event any dispute arises out of this Agreement or any Ancillary
Agreement or any transaction contemplated hereby or thereby, (b) agrees that it will not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, and (c) agrees that it will not bring any action relating
to this Agreement or any Ancillary Agreement or any transaction contemplated hereby or thereby in any court other than such courts.

 

SECTION
4.14. Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to replace the invalid,
illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of
the invalid, illegal or unenforceable provisions.

 

[Remainder
of page intentionally left blank]

 

    12

     

    

 

THIS
IS THE FORM OF TAX SEPARATION AGREEMENT THAT IS INTENDED TO BE ENTERED

 INTO BETWEEN IDT CORPORATION AND ZEDGE, INC., TO BE EFFECTIVE
UPON 

CONSUMMATION OF THE SPIN-OFF

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

 

	 	ZEDGE, INC.
	 	 	 
	 	By:	 
	 	 	Jonathan
    Reich
	 	 	Chief
    Financial Officer
	 	 	 
	 	IDT CORPORATION
	 	 	 
	 	By:	 
	 	 	Marcelo
    Fischer
	 	 	Senior
    Vice President of Finance

 

 

 13Exhibit
10.4 

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

Contract
ID: 228051

 

GOOGLE
SERVICES AGREEMENT

 

COMPANY:
Zedge Holdings, Inc.

 

TERM:
Starting on the first day of the month in which this Agreement is fully executed (“Effective Date”) and
continuing for twelve months through the last day of the twelfth calendar month (inclusive)

 

ADVERTISING
SERVICES: AdMob

 

AdMob
Approved Client Applications: Zedge ringtones and wallpapers (ios / android)

  

AdMob
Impression Ads Revenue Share Percentage: *

 

Admob
Performance Ads Revenue Share Percentage: *

 

AdMob
Deduction Percentage: *

 

This
Google Services Agreement (“Agreement”) is entered into by Google Inc. (“Google”) and Zedge
Holdings, Inc. (“Company”) and is effective as of the Effective Date.

 

1. Definitions.
In this Agreement:

 

1.1.
“Ad” moeans an individual advertisement provided through the applicable Advertising Service.

 

1.2,
“Ad Deduction” means, for each of the Advertising Services, for any period during the Term, the Deduction Percentage
(listed on the front pages of this Agreement) of Ad Revenues.

 

1.3.
“Ad Revenues” means, for any period during the Term, revenues that are recognized by Google in connection with
Company’s use of the applicable Advertising Service and attributed to Ads in that period. Notwithstanding the foregoing,

if advertisers buy Ads at a fixed or aggregated price, then Ad Revenues for those Ads will be calculated as if such advertisers
had paid the final price for the provision of the Ad in accordance with the definition above.

 

1.4.
“Ad Set” means a set of one or more Ads.

 

1.5,
“Advertising Services” means the advertising services selected on the front pages of this Agreement.

 

1.6.
‘‘AdMob Impression Ads” means Ads provided through AdMob sold on a cost-per-impression basis.

 

     

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

1.7.
“AdMob Performance Ads” means Ads provided through AdMob sold on a cost-per-action basis.

 

1.8.
“AdMob Guidelines” means the guidelines applicable to AdMob and located at the following URL: http://support.google.com/admob/answer/1307237?hl=en&ref
topic=1307235 (or a different URL Google may provide to Company from time to time).

 

1.9.
“Affiliate” means any entity that directly or indirectly controls, is controlled by or is under common control
with a party.

 

 1.10. “Approved
Client Application” Client Application approved by Google for the purpose of accessing the Advertising Services.

 

 1.11. “Brand
Features” means each party’s trade names, trademarks, logos and other distinctive brand features.

 

1.12. “Client Applicatitan” means any application, plug-in, helper, component or other executable code
that runs on a mobile device (or any subsequent version of such application).

 

 1.13. “Company
Content” means any content served to End Users that is not provided by Google.

 

 1.14. “Confidential
Information” means information that one party (or an Affiliate) discloses to the other party under this Agreement, and
that is marked as confidential or would normally be considered confidential information under the circumstances. It does not include
information that the recipient already knew, that becomes public through no fault of the recipient, that was independently developed
by the recipient, or that was lawfully given to the recipient by a third party.

 

 1.15. “End
Users” means individual human end users of an Approved Client Application.

 

 1.16. “Google
Branding Guidelines” means the brand treatment guidelines applicable to the Services and located at the following
URL: https://supportgoogle.com/admob/topic/1307235?hi=en&ref_topic=1307209 (or a different URL Google may provide to
Company from time to time).

 

1.17. ‘‘Intellectual
Property Rights” means all copyrights, moral rights, patent rights, trademarks, rights in or relating to Confidential
Information and any other intellectual property or similar rights (registered or unregistered) throughout the world.

 

 1.18. “Net
Ad Revenues” means, for each of the Advertising Services, for any period during the Term, Ad Revenues for that period
minus the Ad Deduction (if any) for that period.

 

    2

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

 1.19. “Request”
means a request from Company or an End User (as applicable) to Google for an Ad Set (as applicable).

 

 1.20. “Results”
means Ad Sets or Ads.

 

 1.21. “Results
Page” means any Approved Client Application page that contains any Results.

 

 1.22. “Services”
means the Advertising Services.

 

2.
Launch, Implementation and Maintenance of Services.

 

2.1.
Launch. The parties will each use reasonable efforts to launch the Services into live use within 30 days from the Effective
Date. Company will not launch any implementation of the Services into live use, and such implementation will not be payable by
Google, until Google has approved such implementation in writing, which approval will not be unreasonably withheld or delayed.

 

2.2.
Implementation and Maintenance.

 

(a)
For the remainder of the Term, Google will make available and Company will implement and maintain each of the Services on each
of the Approved Client Applications. For clarity, Company may not implement the Services on a property that is not an Approved
Client Application.

 

(b)
Company will ensure that Company:

 

(i) is
the technical and editorial decision maker in relation to each page, including Results Pages, and each Approved Client Application
on which the Services are implemented; and

 

(ii) has
control over the way in which the Services are implemented on each of those pages and Approved Client Applications.

 

(c)
Company will ensure that the Services are implemented and maintained in accordance with:

 

(i) the
applicable Google Branding Guidelines;

 

(ii) the
AdMob Guidelines; and

 

(iii) Google
technical protocols (if any) and any other technical requirements and specifications applicable to the Services that are provided
to Company by Google from time to time.

 

(d)
Google will, upon receiving a Request sent in compliance with this Agreement, provide an Ad Set when available. Company will then
display that Ad Set on the applicable Approved Client Application,

 

    3

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

(e)
Company will ensure that at all times during the applicable Term, Company:

 

(i) has
a clearly labeled and easily accessible privacy policy in place relating to the Approved Client Application(s); and

 

(ii) provides
the End User with clear and comprehensive information about cookies and other information stored or accessed on the End User’s
device in connection with the Services, including information about End Users’ options for cookie management.

 

(f)
Company will use commercially reasonable efforts to ensure that an End User gives consent to the storing and accessing of cookies
and other information on the End User’s device in connection with the Services where such consent is required by law.

 

3.
Policy and Compliance Obligations.

 

3.1.
Policy Obligations. Company will not, and will not knowingly or negligently allow any third party to:

 

(a)
modify, obscure or prevent the display of all, or any part of, any Results;

 

(b)
implement any click tracking or other click monitoring of Results;

 

(c)
display any Results in pop-ups, pop-unders, exit windows, expanding buttons, animation or other similar methods;

 

(d)
interfere with the display of or frame any Results Page or any page accessed by clicking on any Results;

 

(e)
display any content between any Results and any page accessed by clicking on those Results or place any interstitial content immediately
before any Results Page containing any Results;

 

(f)
enter into any type of arrangement with a third party where either party receives a financial benefit in connection with the Results
or Ad revenue (*including any co-branding, white labeling or sub-syndication arrangement);

 

(g)
directly or indirectly, (i) offer incentives to End Users to generate impressions, Requests or clicks on Results, (ii) fraudulently
generate impressions, Requests or clicks on Results or (iii) modify impressions, Requests or clicks on Results;

 

    4

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

(h)
‘crawl”, “spider”, index or in any non-transitory manner store or cache information obtained from the
Services (including Results); or

 

(i)
display on any Approved Client Application, any content that violates or encourages conduct that would violate the AdMob Guidelines,
Google technical protocols and any other technical requirements and specifications applicable to the Services that are provided
to Company by Google from time to time.

 

3.2.
Compliance Obligations. Company will not knowingly or negligently allow any use of or access to the Services through any
Approved Client Application that is not in compliance with the terms of this Agreement. Company will use commercially reasonable
efforts to monitor for any such access or use and will, if any such access or use is detected, take all reasonable steps requested
by Google to disable this access or use. If Company is not in compliance with this Agreement at any time, Google may with notice
to Company, suspend provision of all (or any part of) the applicable Services until Company implements adequate corrective modifications
as reasonably required and determined by Google.

 

4.
Conflicting Services. If Company implements the AdMob Service on any screen of an Approved Client Application, Company will
not implement on such screen any advertising service that is the same as or substantially similar in nature to the AdMob Service
made available to Company under this Agreement.

 

5.
Approved Client Applications. Company will, and will ensure that any Approved Client Application(s) will, comply with Google’s
Software Principles located at the following URL: http://www.google.com/about/company/softwareprinciples.html (or a different
URL Google may provide to Company from time to time).

 

6.
Changes and Modifications.

 

6.1.
By Google. If Google modifies the Google Branding Guidelines, AdMob Guidelines, or the Google technical protocols and the
modification requires action by Company, Company will take the necessary action no later than 30 days from receipt of notice from
Google. Any modifications to the Google Branding Guidelines, or AdMob Guidelines will be generally applied to Google’s similarly
situated customers in the same region who are using the specific Service impacted by the modification.

 

6.2.
By Company. Company will provide Google with at least 15 days prior notice of any change in code or serving technology
that could reasonably be expected to affect the delivery or display of any Results.

 

6.3.
Approved Client Application Changes.

 

(a)
Company may notify Google from time to time that it wishes to add or remove Client Applications to those comprising the Approved
Client Applications, and Company will notify Google in writing within 24 hours of any Client Application addition or removal.
Google may approve or disapprove such addition or removal in its reasonable discretion, this approval or disapproval to be in
writing.

 

    5

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

(b)
If there is a change in control of any Approved Client Application (such that the conditions set out in Section 2.2(b)(i) or 2.2(b)(ii)
are not met):

 

(i)
Company will provide notice to Google at least 30 days before the change; and

 

(ii)
unless the entire Agreement is assigned to the third party controlling the Approved Client Application in compliance with Section
15.3 (Assignment) below, from the date of that change in control of the Approved Client Application, that Approved Client Application
will be treated as removed from this Agreement. Company will ensure that from that date, the Services are no longer implemented
on that Approved Client Application.

 

7.
Intellectual Property. Except to the extent expressly stated otherwise in this Agreement, neither party will acquire any
right, title or interest in any Intellectual Property Rights belonging to the other party, or to the other party’s licensors.

 

8.
Brand Features.

 

8.1.
Google grants to Company a non-exclusive and non-sublicensable license during the Term to use the Google Brand Features solely
to fulfill Company’s obligations in connection with the Services in accordance with this Agreement and the Google Branding
Guidelines. Google may revoke this license at any time upon notice to Company. Any goodwill resulting from the use by Company
of the Google Brand Features will belong to Google.

 

8.2.
Google may include Company’s Brand Features in customer lists. Google will provide Company with a sample of this usage if
requested by Company.

 

9.
Payment.

 

9.1.
Google Payments.

 

(a)
For each applicable Advertising Service, Google will pay Company an amount equal to the Revenue Share Percentage (listed on the
front pages of this Agreement) of Net Ad Revenues attributable to a calendar month. With respect to AdMob, the Revenue Share Percentage
will be applied accordingly to AdMob Performance Ads or AdMob Impression Ads, as applicable. This payment will be made in the
month following the calendar month in which the applicable Ads were displayed, provided that, the amount owed to Company in a
given month is above the minimum set forth in the AdMob Guidelines.

 

    6

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

(b)
Google’s payments for Advertising Services under this Agreement will be based on Google’s accounting which may be
filtered to exclude (i) invalid queries, impressions, conversions or clicks, and (ii) any amounts refunded to advertisers in connection
with Company’s failure to comply with this Agreement, as reasonably determined by Google.

 

9.2.
All Payments.

 

(a)
As between Google and Company, Google is responsible for all taxes (if any) associated with the transactions between Google and
advertisers in connection with Ads displayed on the Approved Client Applications. Company is responsible for all taxes (if any)
associated with the Services, other than taxes based on Google’s net income. All payments to Company from Google in relation
to the Services will be treated as inclusive of tax (if applicable) and will not be adjusted. If Google is obligated to withhold
any taxes from its payments to Company, Google will notify Company of this and will make the payments net of the withheld amounts.
Google will provide Company with original or certified copies of tax payments (or other sufficient evidence of tax payments) if
any of these payments are made by Google.

 

(b)
All payments due to Company will be in the currency selected by Google based on the location of Company, and Company will be
responsible for any bank charges assessed by Company’s bank. For the avoidance of doubt, payment in Company’s
local currency may not be available.

 

(c) In addition to other rights and remedies Google may have, Google may offset any payment obligations to Company that Google may
incur under this Agreement against any undisputed, past due product or service fees owed to Google by Company under this Agreement
or any other agreement between Company and Google. Google may also withhold and offset against its payment obligations under this
Agreement, or require Company to pay to Google within 30 days of any invoice, any amounts Google may have overpaid to Company
in prior periods.

 

10.
Warranties; Disclaimers.

 

10.1.
Warranties. Each party warrants that (a) it has full power and authority
to enter into this Agreement; and (b) entering into or performing under this Agreement will not violate any agreement it has with
a third party.

 

10.2.
Disclaimers. Except as expressly provided for in this Agreement and to the maximum extent permitted by applicable law,
NEITHER PARTY MAKES ANY WARRANTY OF ANY KIND, WHETHER IMPLIED, STATUTORY, OR OTHERWISE AND DISCLAIMS, WITHOUT LIMITATION, WARRANTIES
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE, AND NONINFRINGEMENT.

 

    7

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

11.
Indemnification.

 

 11.1. By
Company. Company will indemnify, defend, and hold harmless Google from and against all liabilities, damages, and costs (including
settlement costs) arising out of a third party claim: (a) arising from any Company Content, or Company Brand Features; (b) arising
from Company’s breach of this Agreement; or (c) arising from any Approved Client Applications.

 

 11.2. By
Google.

 

(a)
Google will indemnify, defend, and hold harmless Company from and against all liabilities, damages, and costs (including
settlement costs) arising out of a third party claim: (i) that authorized use of Google’s technology used to provide
the Services or any Google Brand Features infringe or misappropriate any copyright, trade secret, trademark or patent of that
third party; or (ii) arising from Google’s breach of this Agreement.

 

(b)
For purposes of clarity, Google will not have any obligations or liability under this Section 11 (Indemnification) to the
extent arising from any (i) use of the Service or Google Brand Features in a modified form or in combination with services or
software not furnished by Google, (ii) content, information or data provided to Google by Company, End Users or any other
third parties, or (iii) Ads, content appearing in Ads, or content to which Ads link.

 

 11.3. General.
The party seeking indemnification will promptly notify the other party of the claim and cooperate with the other party in
defending the claim. The indemnifying party has full control and authority over the defense, except that any settlement requiring
the party seeking indemnification to admit liability or to pay any money will require that party’s prior written consent,
such consent not to be unreasonably withheld or delayed. The other party may join in the defense with its own counsel at its own
expense. THE INDEMNITIES IN SUBSECTIONS 11.1(a) and 11.2(a)(i) ARE THE ONLY REMEDY UNDER THIS AGREEMENT FOR VIOLATION OF A THIRD
PARTY’S INTELLECTUAL PROPERTY RIGHTS.

 

12.
Limitation of Liability.

 

 12.1. Limitation.

 

(a)
NEITHER PARTY WILL BE LIABLE UNDER THIS AGREEMENT FOR LOST REVENUES OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL,
EXEMPLARY, OR PUNITIVE DAMAGES, EVEN IF THE PARTY KNEW OR SHOULD HAVE KNOWN THAT SUCH DAMAGES WERE POSSIBLE AND EVEN IF
DIRECT DAMAGES DO NOT SATISFY A REMEDY.

 

(b) NEITHER PARTY WILL BE LIABLE UNDER THIS AGREEMENT FOR MORE THAN THE SUM OF FEES PAID TO SUCH PARTY UNDER THIS AGREEMENT AND AD
REVENUES RECEIVED AND RETAINED BY SUCH PARTY DURING THE 12 MONTHS BFFORE THE CLAIM ARISES.

 

    8

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

 12.2. Exceptions
to Limitations. These limitations of liability do not apply to Company’s breach of Section 4 (Conflicting Services),
breaches of confidentiality obligations contained in this Agreement, violations of a party’s Intellectual Property Rights
by the other party, or indemnification obligations contained in this Agreement (except for patent indemnification obligations).

 

13.
Confidentiality; Publicity.

 

 13.1. Confidentiality.
The recipient of any Confidential Information will not disclose that Confidential Information, except to Affiliates, employees,
agents or professional advisors who need to know it and who have agreed in writing (or in the case of professional advisors are
otherwise bound) to keep it confidential. The recipient will ensure that those people and entities use Confidential Information
only to exercise rights and fulfill obligations under this Agreement while using reasonable care to keep the Confidential Information
confidential. The recipient may also disclose Confidential Information when required by law after giving reasonable notice to
the discloser if permitted by law.

 

 13.2. Exceptions.
Notwithstanding Section 13.1 (Confidentiality), Google may (a) inform advertisers of Company’s participation in the
Services; and (b) share with advertisers Approved Client Application-specific statistics, the name and platform of the Approved
Client Application, and related information collected by Google through its provision of the Advertising Service to Company. Disclosure
of information by Google under this subsection 13.2(a) will be subject to the terms of the Google Privacy Policy located at the
following URL: http://www.google.com/privacypolicy.html (or a different URL Google may provide to Company from time to
time).

 

 13.3. Publicity.
Neither party may make any public statement regarding this Agreement without the other’s written approval.

 

14.
Term and Termination.

 

 14.1. Term.
The term of this Agreement is the Term stated on the front pages of this Agreement, unless earlier terminated as provided
in this Agreement.

 

 14.2. Termination.

 

(a)
Either party may terminate this Agreement with notice if the other party is in material breach of this Agreement:

 

(i)
where the breach is incapable of remedy;

 

(ii)
where the breach is capable of remedy and the party in breach fails to remedy that breach within 30 days after receiving
notice from the other party; or

 

(iii)
more than twice even if the previous breaches were remedied.

 

    9

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

(b)
Google reserves the right to suspend or terminate Company’s use of any Services that are alleged or reasonably
believed by Google to infringe or violate a third party right. If any suspension of a Service under this subsection 14.2(b)
continues for more than 6 months, Company may immediately terminate this Agreement upon notice to Google.

 

(c)
Google may terminate this Agreement, or the provision of any Service, immediately with notice if pornographic content that is
illegal under U.S. law is displayed on any Approved Client Application.

 

(d)
Upon the expiration or termination of this Agreement for any reason:

 

(i)
all rights and licenses granted by each party will cease immediately;

 

(ii)
if requested, each party will use commercially reasonable efforts to promptly return to the other party, or destroy and
certify the destruction of, all Confidential Information disclosed to it by the other party; and

 

(iii)
any continued use of the Service will be subject to Google’s then standard terms and conditions available at www.google.com/adsense/localized-terms, provided
that Google will not be obligated to provide the Service (including Results) to Company or make any payments with respect to
Company’s continued use of the Service following expiration or termination.

 

15.
Miscellaneous.

 

15.1. Compliance
with Laws. Each party will comply with all applicable laws, rules, and regulations in fulfilling its obligations under this
Agreement.

 

 15.2. Notices.
All notices of termination or breach must be in writing and addressed to the attention of the other party’s Legal Department
and primary point of contact. The email address for notices being sent to Google’s Legal Department is legal-notices@google.com.
All other notices must be in English, in writing and addressed to the other party’s primary contact. Notice will be
treated as given (a) receipts, as verified by written or automated receipt or electronic log (as applicable).

 

    10

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

 15.3. Assignment.
Neither party may assign any part of this Agreement without the written consent of the other, except to an Affiliate where
(a) the assignee has agreed in writing to be bound by the terms of this Agreement; (b) the assigning party remains liable for
obligations under the Agreement if the assignee defaults on them; and (c) the assigning party has notified the other party of
the assignment. Any other attempt to assign is void.

 

15.4. Change
of Control. Upon the earlier of (a) entering into an agreement providing for a change of control (for example, through a stock
purchase or sale, merger, asset sale, liquidation or other similar form of corporate transaction), (b) the board of directors
of a party recommending its shareholders approve a change of control, or (c) the occurrence of a change of control (each, a “Change
of Control Event”), the party experiencing the Change of Control Event will provide notice to the other party promptly,
but no later than 3 days, after the occurrence of the Change of Control Event. The other party may terminate this Agreement by
sending notice to the party experiencing the Change of Control Event and the termination will be effective upon the earlier of
delivery of the termination notice or 3 days after the occurrence of the Change of Control Event.

 

15.5. Governing
Law. ALL CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE SERVICES WILL BE GOVERNED BY CALIFORNIA LAW, EXCLUDING
CALIFORNIA’S CONFLICT OF LAW RULES, AND WILL BE LITIGATED EXCLUSIVELY IN THE FEDERAL OR STATE COURT OF SANTA CLARA COUNTY,
CALIFORNIA, USA THE PARTIES CONSENT TO PERSONAL JURISDICTION IN THOSE COURTS.

 

15.6. Equitable
Relief. Nothing in this Agreement will limit either party’s ability to seek equitable relief; except that Company will
not seek, in a proceeding filed during the Term or for one year after the Term, an injunction or an exclusion order of any of
the Services or any portion of the Services based on patent infringement.

 

15.7. Entire
Agreement; Amendments. This Agreement sets out all terms agreed between the parties and supersedes all other agreements between
the parties relating to its subject matter. In entering into this Agreement, neither party has relied on and neither party will
have any right or remedy based on any statement, representation or warranty (whether made negligently or innocently) except those
expressly set out in this Agreement. Any amendment must be in writing signed (including by electronic signature) by both parties
and expressly state that it is amending this Agreement.

 

15.8. No
Waiver. Neither party will be treated as having waived any rights by not exercising (or delaying the exercise of) any rights
under this Agreement.

 

15.9. Severability.
If any term (or part of a term) of this Agreement is invalid, illegal or unenforceable, the rest of the Agreement will remain
in effect.

 

15.10. Survival. The
following sections of this Agreement will survive any expiration or termination of this Agreement: 7 (Intellectual Property),
11 (Indemnification), 12 (Limitation of Liability), 13 (Confidentiality; Publicity) and 15 (Miscellaneous).

 

    11

     

    

 

CONFIDENTIAL
PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES
EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT
IS INDICATED BY AN ASTERISK (*)

 

 15.11. No
Agency. This Agreement does not create an agency, partnership, or joint venture between the parties.

 

 1512. No
Third Party Beneficiaries. This Agreement does not confer any benefits on any third-party unless it expressly states that
it does.

 

 15.13. Force
Majeure. Neither party will be liable for failure or delay in performance to the extent caused by circumstances beyond its
reasonable control.

 

 15.14. Counterparts.
The parties may execute this Agreement in counterparts, including facsimile, PDF or other electronic copies, which taken together
will constitute one instrument.

 

 

	Signed:	 	 
	 	 	 
	Company	 
	 	 	 
	By:	/s/
    Jonathan Reich	 
	   	Jonathan Reich (Jun 18, 2014)	 
	Name:	Jonathan Reich	 
	Title:	COO	 
	Date:	Jun 18, 2014	 

 

	Google 	  

        

	 	 	 
	By:	/s/ Nikesh Arora	 
	Name: 	Nikesh Arora	 
	Title:	President, Global Sales and Business Dev 	 
	Date:	Jun 18, 2014

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00257-of-00352.parquet"}]]