Document:

Securities Subscription Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 SECURITIES SUBSCRIPTION AGREEMENT 

This Securities Subscription Agreement (this “Agreement”) dated as of December 28, 2011, is by and among Marshall
Edwards, Inc., a Delaware corporation (the “Company”), and Novogen Limited (the “Purchaser”). 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act
of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to the Purchaser, and the Purchaser desires to subscribe to and purchase from the Company, shares of the
Company’s common stock, par value $0.00000002 per share (the “Common Stock”). 
 NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows: 

ARTICLE 1 - PURCHASE AND SALE 
 1.1 Closing. 
 (a) Upon the terms and subject to the conditions set forth
herein, the Company agrees to issue and sell, and the Purchaser agrees to purchase from the Company, one million nine-hundred forty-one thousand seven-hundred forty-seven (1,941,747) shares (the “Shares”) of Common Stock on the
Closing Date (as herein defined) at a purchase price of $1.03 per Share, which was the consolidated closing bid price of the Company’s common stock on December 28, 2011 as quoted by the Nasdaq Stock Market’s Market Intelligence Desk.

 (b) The closing (the “Closing”) of the transactions contemplated by this Agreement shall occur at the
offices of Morgan, Lewis & Bockius, LLP, New York, New York, or such other location as the parties shall mutually agree; provided, however, that the parties may agree to close by facsimile with originally executed copies of
the Agreement to follow by overnight courier. 
 (c) The “Closing Date” means the date that is the third
Trading Day (as defined herein) after the date hereof. For purposes of this Agreement, “Trading Day” means a day on which the Company’s common stock is trading on the Nasdaq Capital Market. 

1.2 Deliveries. 
 (a) On the date hereof, the Purchaser shall deliver or cause to be delivered to the Company the Accredited Investor Questionnaire attached hereto as Exhibit A, completed and executed by the
Purchaser. 
 (b) On the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the sum of two
million dollars ($2,000,000) (the “Purchase Price”) payable to the Company by wire transfer of immediately available funds to the bank account designated by the Company on Schedule 1 hereto. 

 (c) On the Closing Date, the Company shall deliver or cause to be delivered to the Purchaser
the following: 
 (i) a statement of account from Computershare Inc., the Company’s transfer agent (the “Transfer
Agent”) confirming that the Shares purchased by the Purchaser pursuant to this Agreement are held in book entry form by the Transfer Agent in the name of the Purchaser; 

(ii) a legal opinion of counsel for the Company, substantially in the form attached as Exhibit B hereto; and 

(iii) a certificate of an officer of the Company confirming the satisfaction of the conditions contained in
Section 1.3(b)(i). 
 1.3 Closing Conditions. 

(a) The obligations of the Company hereunder in connection with the Closing with the Purchaser are subject to the following conditions
being met: 
 (i) the accuracy in all material respects when made and on the Closing Date (as if made on the Closing Date,
except to the extent that a representation or warranty specifically references an earlier date) of the representations and warranties by the Purchaser contained herein; and 
 (ii) the delivery by the Purchaser to the Company of the items set forth in Sections 1.2(a) and 1.2(b) of this Agreement. 

(b) The obligations of the Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

 (i) the accuracy in all material respects when made and on the Closing Date (as if made on the Closing Date, except to the
extent that a representation or warranty specifically references an earlier date) of the representations and warranties of the Company contained herein; 
 (ii) the delivery by the Company to the Purchaser of the items set forth in Section 1.2(c) of this Agreement; and 
 (iii) there shall have been no Material Adverse Effect (as defined below) with respect to the Company since the date hereof. 

  
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 ARTICLE 2 - REPRESENTATIONS AND WARRANTIES 

2.1 Representations and Warranties by the Company. 
 (a) The Company hereby represents and warrants to the Purchaser as follows: 
 (i)
Organization, Good Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its
business as now conducted and as presently proposed to be conducted. The Company is duly qualified to transact business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted makes such
qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in a material adverse effect on its business, financial condition or properties (a
“Material Adverse Effect”), and, to the Company’s knowledge, no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or
qualification. 
 (ii) Authorization; Enforcement. The Company has full right, power, authority and capacity to enter
into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. Upon execution and delivery, this Agreement will constitute a valid
and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, applicable
securities laws or regulations, liquidation or similar laws relating to, or affecting generally, the enforcement of creditor’s rights and remedies or by other equitable principles of general application from time to time in effect. 

(iii) Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms hereof for the
consideration expressed herein, will be duly and validly authorized and issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under this Agreement and applicable state and federal securities
laws. 
 (iv) Legal Proceedings and Orders. There is no action, suit, proceeding or investigation pending or threatened
against the Company that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby, nor is the Company aware of any basis for any of the forgoing. The
Company is neither a party nor subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality that would affect the ability of the Company to enter into this Agreement or to
consummate the transactions contemplated hereby. 
 (v) No Conflicts. The execution, delivery and performance of this
Agreement by the Company, the issuance and sale of the Shares and the consummation by the Company of the transactions contemplated hereby do not and will not (i) violate any provision of the Company’s certificate of incorporation or
bylaws, or (ii) breach or result in a default under, result in the creation of any Lien (“Lien” under this Agreement means a lien, charge, security interest, encumbrance, right of first refusal, preemptive right or other restriction)
upon any of the properties or assets of the Company or give to others any right of termination, amendment, acceleration or cancellation of any agreement, credit facility, debt or other instrument to which the Company is a party or by which any
property or asset of the Company is bound or affected, or (iii) violate any law, rule, regulation, order, judgment, injunction, or decree of any court or government 

  
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authority to which the Company is subject (including federal and state securities laws and regulations, and the rules and regulations of the Nasdaq Capital Market (“Trading
Market”), or by which any property or asset of the Company is bound or affected; except in the cases of each of clauses (ii) and (iii) such as could not have or reasonably be expected to result in a Material Adverse Effect.

 (vi) SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other
documents required to be filed by it under the Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for the two years preceding the date hereof (or such shorter period as the Company was required
by law to file such material). The foregoing materials filed through the date hereof, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports.” As of their
respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The
historical financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of the filing.
Such financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved, except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit statements. 

(vii) Material Changes. Since the date of the latest audited financial statements included within the SEC Reports, except as
specifically disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) other than trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice, and other than the derivative liability incurred in connection with the transactions consummated
pursuant to the Amended and Restated Securities Purchase Agreement (“May 2011 Private Placement Agreement”), dated as of May 16, 2011, between the Company and certain investors party thereto, (iii) the Company has not
altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property (or its securities) to shareholders or purchased, redeemed or made any agreements to purchase or redeem any
shares of its capital shares and (v) the Company has not issued any equity securities or common stock equivalents to any Person (including to any officer, director or Affiliate), except pursuant to (A) existing Company share option plans,
(B) the Securities Subscription Agreement, dated September 27, 2011, between the Company and Purchaser, (C) in connection with the transactions contemplated by the Supplemental Agreements, each dated September 28, 2011, by and
between the Company and the parties to the May 2011 Private Placement Agreement and (D) Adjustment Shares as defined in and pursuant to the May 2011 Private Placement Agreement. The Company does not have pending before the SEC any request for
confidential treatment of information. “Person” under this Agreement means an 

  
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individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision
thereof) or other entity of any kind. “Affiliate” under this Agreement means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person as such terms
are used in and construed under Rule 144 under the Securities Act. 
 (viii) Compliance. The Company is not in default
under or in violation of, nor has it received notice of a claim that it is in default under or that it is in violation of, (i) its certificate of incorporation, articles of association or by-laws, (ii) any indenture, loan or credit
agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound, (iii) any court, arbitrator or governmental body, or (iv) any statute, rule or regulation of any jurisdiction or
regulatory body in which it is conducting its business, except in the case of (ii), (iii) or (iv) as could not reasonably be expected to have a Material Adverse Effect. 

(ix) Private Placement. Assuming the accuracy of the Purchaser’s representations and warranties set forth in
Section 2.2, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the Purchaser as contemplated by this Agreement. The issuance and sale of the Shares hereunder does not contravene
the rules and regulations of the Trading Market. 
 (x) No General Solicitation. Neither the Company nor any person
acting on behalf of the Company has offered or sold any of the Shares by any form of general solicitation or general advertising. The Company has offered the Shares for sale only to the Purchaser and certain other “accredited investors”
within the meaning of Rule 501 under the Securities Act or “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act. 
 (xi) Manipulation of Price. The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the
stabilization or manipulation of the price of any security of the Company and to facilitate the sale or resale of any of the Shares, (ii) sold, bid for, purchased, or, paid any compensation for soliciting purchases of, any of the Shares, or
(iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, except with respect to compensation payable in connection with the transactions contemplated hereby. 

2.2 Representations and Warranties of the Purchaser. 
 (a) The Purchaser hereby represents and warrants to the Company as follows: 
 (i)
Organization, Good Standing and Qualification. The Purchaser is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has all requisite corporate power and authority to
carry on its business as now conducted and as presently proposed to be conducted. The Purchaser is duly qualified to transact business and is in good standing as a foreign entity in each jurisdiction in which the failure to so qualify would have a
Material Adverse Effect on its business or properties. 

  
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 (ii) Authorization; Enforcement. The Purchaser has full right, power, authority and
capacity to enter into this Agreement and to consummate the transactions contemplated hereby and has taken all necessary action to authorize the execution, delivery and performance of this Agreement. Upon execution and delivery, this Agreement will
constitute a valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer, applicable securities laws or regulations, liquidation or similar laws relating to, or affecting generally, the enforcement of creditor’s rights and remedies or by other equitable principles of general application from time to time in
effect. 
 (iii) Own Account. The Purchaser understands that the Shares are “restricted securities” and have
not been registered under the Securities Act or any applicable state securities law and is acquiring the Shares as principal for its own account and not with a view to or for distributing or reselling the Shares or any part thereof in violation of
the Securities Act or any applicable state securities law, has no present intention of distributing any of the Shares in violation of the Securities Act or any applicable state securities law and has no arrangement or understanding with any other
persons regarding the distribution of the Shares (this representation and warranty not limiting such Purchaser’s right to sell the Shares in compliance with applicable federal and state securities laws) in violation of the Securities Act or any
applicable state securities law. The Purchaser is acquiring the Shares hereunder in the ordinary course of its business. The Purchaser does not have any agreement or understanding, directly or indirectly, with any Person to distribute any of the
Shares. 
 (iv) Purchaser Status. At the time the Purchaser was offered the Shares, it was, and at the date hereof it
is, an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act. The Purchaser is not required to be registered as a broker-dealer under Section 15 of the Exchange Act. 

(v) General Solicitation. The Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other
communication regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general solicitation or general advertisement. 

(vi) Legal Proceedings and Orders. There is no action, suit, proceeding or investigation pending or threatened against the
Purchaser that questions the validity of this Agreement or the right of the Purchaser to enter into this Agreement or to consummate the transactions contemplated hereby, nor is the Purchaser aware of any basis for any of the foregoing. The Purchaser
is neither a party nor subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality that would affect the ability of the Purchaser to enter into this Agreement or to consummate the
transactions contemplated hereby. 
 (vii) Residency. The Purchaser has its principal executive office in the
jurisdiction set forth immediately below the Purchaser’s name on the signature page hereto. 
 (viii) No Violation.
The Purchaser further represents and warrants to, and covenants with, the Company that the making and performance of this Agreement by the 

  
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Purchaser and the consummation of the transactions herein contemplated will not violate any provision of the organizational documents of the Purchaser or conflict with, result in the breach or
violation of, or constitute, either by itself or upon notice or the passage of time or both, a default under any agreement, mortgage, deed of trust, lease, franchise, license, indenture, permit or other instrument to which the Purchaser is a party,
or any statute or any authorization, judgment, decree, order, rule or regulation of any court or any regulatory body, administrative agency or other governmental body applicable to the Purchaser. 

ARTICLE 3 – OTHER AGREEMENTS OF THE PARTIES 
 3.1 Transfer Restrictions. 
 (a) The Shares may only be disposed of in
compliance with U.S. state and federal securities laws. In connection with any transfer of Shares other than pursuant to an effective registration statement or Rule 144 or to the Company, the Company may require the transferor thereof to provide to
the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Shares under the Securities Act. As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and shall have the rights of the Purchaser under this Agreement.

 (b) The Purchaser agrees to the imprinting, so long as is required by this Section 3.1, of a legend on any of the
Shares in the following form: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AND IN THE
CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS.

 (c) The Company agrees that it shall remove the restrictive legend set forth in Section 3.1(b) from certificates
representing the Shares (i) following any sale of such Shares pursuant to a registration statement covering the resale of such security that is effective under the Securities Act, or (ii) following any sale of such Shares pursuant to Rule
144 or (iii) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission), provided that the Purchaser shall have delivered to
the Company and its transfer agent a certification of the foregoing and such other documentation as such entities may reasonably require. 

  
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 3.2 Furnishing of Information. As long as the Purchaser owns Shares, the Company
covenants to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as the Purchaser owns Shares,
if the Company is not required to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchaser and make publicly available in accordance with Rule 144(c) such information as is required for the Purchaser to sell the Shares
under Rule 144. The Company further covenants that it will take such further action as any holder of Shares may reasonably request, all to the extent required from time to time to enable such Person to sell such Shares without registration under the
Securities Act within the limitation of the exemptions provided by Rule 144 until such time as non-Affiliates of the Company are able to sell in accordance with Rule 144. 
 3.3 Securities Laws Disclosure; Publicity. The Company shall, on or before the fourth Trading Day following the date hereof, issue a Current Report on Form 8-K (the “8-K Filing”)
disclosing the material terms of the transactions contemplated hereby, and shall attach such documents thereto as are required to be filed therewith. The Purchaser shall consult with the Company in issuing any press release with respect to the
transactions contemplated hereby. 
 3.4 Investment Company Act. The Company shall conduct its business in a manner so
that it will not become subject to the Investment Company Act. 
 ARTICLE 4 – MISCELLANEOUS 

4.1 Notices. All notices, requests and other communications hereunder must be in writing and will be deemed to have been duly
given only if delivered personally against written receipt or by facsimile transmission or mailed (by registered or certified mail, return receipt requested) or by reputable overnight courier, fee prepaid to the parties at the following addresses or
facsimile numbers: 
 If to the Company: 
 Marshall Edwards, Inc. 
 11975 El Camino Real, Suite 101 

San Diego, California 92130 
 Facsimile: (858) 792-5406 
 Attention: Secretary 

with copies to: 

Morgan, Lewis & Bockius LLP 
 101 Park Avenue 
 New York, New York 10178-0060 

Facsimile: (212) 309-6001 
 Attention: Steven A. Navarro, Esq. 

  
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 If to the Purchaser: 

Novogen Limited 

140 Wicks Road 

North Ryde NSW 2113 
 Australia 
 Facsimile: + 61 2 9878 8474 

Attention: Mark Hinze 
 All such
notices, requests and other communications will (w) if delivered personally to the address as provided in this Section 4.1 be deemed given upon delivery, (x) if delivered by facsimile transmission to the facsimile number as
provided in this Section 4.1 be deemed given upon receipt, (y) if delivered by mail in the manner described above to the address as provided in this Section 4.1, be deemed given upon receipt and (z) if delivered by
reputable overnight courier to the address as provided in this Section 4.1, be deemed given upon receipt. Any party from time to time may change its address, facsimile number or other information for the purpose of notices to that party
by giving notice specifying such change to the other parties hereto. 
 4.2 Binding Effect. This Agreement shall be
binding upon the heirs, legal representatives and successors of the Company and the Purchaser; provided, however, that the Purchaser may not assign any rights or obligations under this Agreement. 

4.3 Governing Law. All questions concerning the construction, validity and interpretation of this Agreement will be governed by
and construed in accordance with the domestic laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of New York. 
 4.4 Invalid Provisions. In the event
that any provision of this Agreement is found to be invalid or otherwise unenforceable by a court or other tribunal of competent jurisdiction, such invalidity or unenforceability shall not be construed as rendering any other provision contained
herein invalid or unenforceable, and all such other provisions shall be given full force and effect to the same extent as though the invalid and unenforceable provision was not contained herein. 

4.5 Counterparts. This Agreement may be executed in any number of identical counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 4.6 Amendments. This Agreement or
any provision hereof may be changed, waived, or terminated only by a statement in writing signed by the party against whom such change, waiver or termination is sought to be enforced. 

4.7 Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior and contemporaneous agreements, representations and understandings, oral or written, of the parties with respect thereto. 

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

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

	Name:	 	Daniel P. Gold
	Title:	 	President and Chief Executive Officer

  

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

	Name:	 	William D. Rueckert
	Title:	 	Chairman

  

	
	Address : 140 Wicks Road
	Novogen Limited
	140 Wicks Road
	North Ryde NSW 2113
	Australia
	Facsimile: + 61 2 9878 8474

 Schedule 1 
 Wire Instructions for Company 
  

			
	Primary Bank:	  	JPMorgan Chase Bank
	Swift#:	  	CHASUS33
	ABA#	  	021000021
	Account Name:	  	Marshall Edwards, Inc.
	Account Number:	  	821-5010735-65

  
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 Exhibit A 
 MARSHALL EDWARDS, INC. 
 ACCREDITED INVESTOR QUESTIONNAIRE 

In connection with the proposed purchase by the undersigned of shares of common stock of Marshall Edwards, Inc., the undersigned hereby certifies that
it is an “accredited investor” (an “Accredited Investor”) as defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended (the “Act”), with which definition the undersigned is
familiar. The undersigned has checked all of the following definitions of an Accredited Investor which apply to it: 
  ̈ (i) A natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of purchase exceeds $1,000,000, excluding the value of such person’s primary
residence. 
  ̈ (ii) A natural person who had an individual income in excess of $200,000 in
each of 2009 and 2010 or joint income with that person’s spouse in excess of $300,000 in each of those two years and has a reasonable expectation of reaching the same income level in 2011. 

 ̈ (iii) A natural person who is a director or executive officer of the Company. 

 ̈ (iv) An organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as
amended, or a corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. 

 ̈ (v) A “Private Business Development Company” as defined in Section 202(a)(22) of
the Investment Advisers Act of 1940. 
  ̈ (vi) A “Bank” as defined in
Section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity. 

 ̈ (vii) A broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of
1934, as amended. 
  ̈ (viii) An “Insurance Company” as defined in
Section 2(a)(13) of the Act. 
  ̈ (ix) An investment company registered under the
Investment Company Act of 1940, as amended, or a “Business Development Company” as defined in Section 2(a)(48) of such act. 
  ̈ (x) A “Small Business Investment Company” licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958. 

 ̈ (xi) A plan established and maintained by a state, or its political subdivisions, or any agency or
instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000. 

  ̈ (xii) An employee benefit plan within the meaning of
the Employee Retirement Income Security Act of 1974, if (1) the investment decision is made by a “Plan Fiduciary” as defined in Section 3(21) of such act (such as a bank, savings and loan association, insurance company or
registered investment advisor), (2) such plan has total assets in excess of $5,000,000 or (3) a self-directed plan, with investment decisions made solely by persons that are Accredited Investors. 

 ̈ (xiii) A trust, with total assets in excess of $5,000,000, not formed for the specific purpose of
acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D of the Act. 
  ̈ (xiv) Any entity in which all of the equity owners are Accredited Investors. 

 

	
	 Novogen Limited

	Name of Investor
	
	  

	Signature of investor or authorized signatory
	
	  

	Name of authorized signatory, if applicable
	
	  

	Title of authorized signatory, if applicable
	
	  

	Date

  
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 Exhibit B 
 Form of Opinion of Counsel to the Company 
 [Date] 

Novogen Limited 
 140 Wicks Road 

North Ryde NSW 2113 
 Australia 

Ladies and Gentlemen: 
 We have
acted as counsel for Marshall Edwards, Inc., a Delaware corporation (the “Company”), in connection with the sale by the Company of 1,941,747 shares of the Company’s common stock, par value $0.00000002 per share (“Common
Stock”), pursuant to that certain Securities Subscription Agreement (the “Agreement”), dated as of December 28, 2011, between the Company and Novogen Limited (the “Purchaser”). All capitalized terms not otherwise
defined herein shall have the meanings ascribed to them in the Agreement. This opinion is being delivered to you pursuant to Section 1.2(c) of the Agreement. 
 In connection with the opinions expressed below, we have examined originals or copies (certified or otherwise identified to our satisfaction) of (i) the Restated Certificate of Incorporation, as
amended, of the Company (the “Certificate of Incorporation”), (ii) the Amended and Restated By-laws of the Company (the “Bylaws”), (iii) the Agreement and (iv) such other documents and records as we have deemed
appropriate for the purposes of the opinions set forth herein. 
 We have assumed the genuineness of all signatures, the legal
capacity of natural persons, the authenticity of the documents submitted to us as originals, the conformity to the original documents of all documents submitted to us as certified, facsimile or photostatic copies, and the authenticity of the
originals of all documents submitted to us as copies. We have also assumed that the Agreement constitutes a valid and binding obligation of each party thereto other than the Company. 

As to any facts that are material to the opinions hereinafter expressed that we did not independently establish or verify, we have relied
without investigation upon the representations of the Company contained in the Agreement and upon certificates of officers of the Company. 
 In rendering the opinions set forth herein, whenever a statement or opinion herein is qualified by “to our knowledge,” “known to us” or by words of similar import, it is intended to
indicate that, during the course of our representation of the Company in the subject transaction, no information has come to the attention of those lawyers in our firm who have rendered legal services in connection with the preparation of the
Agreement and related documents that gives us actual knowledge of the inaccuracy of such statement or opinion. Except as specifically set forth herein, we have not undertaken any independent investigation to determine the accuracy of facts material
to any such statement or opinion, and no inference as to such statement or opinion 

 
should be drawn from the fact of our representation of the Company. In making judgments in respect of matters of materiality, we have, to the extent we deemed appropriate, relied upon management
and other representatives of the Company in assessing the possible impact of such items upon the Company. 
 Based upon and
subject to the foregoing and to the limitations and qualifications described below, we are of the opinion that 
 1. The Company
is a corporation validly existing and in good standing under the laws of the State of Delaware. The Company is duly qualified as a foreign corporation to do business and is in good standing in the State of California. 

2. The Company has the requisite corporate power and authority to execute, deliver and perform all of its obligations under the
Agreement, including the issuance of the Shares in accordance with the terms thereof. The execution and delivery of the Agreement by the Company and the performance of its obligations thereunder, including the issuance of the Shares, have been duly
authorized by the Company’s Board of Directors, and no further consent or authorization of the Company, its Board of Directors or its stockholders is required therefor. The Agreement has been duly executed and delivered by the Company. The
Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 
 3. The execution and delivery by the Company of the Agreement and the Company’s performance of its obligations thereunder, including the issuance of the Shares, (a) do not and will not violate,
conflict with or constitute a default (or an event which, with the giving of notice or lapse of time or both, constitutes or would constitute a default) under, give rise to any right of termination, cancellation or acceleration under, (i) the
Certificate of Incorporation or Bylaws of the Company; (ii) any agreement, note, lease, mortgage, deed or other instrument to which the Company is a party that has been publicly filed as an exhibit to the Company’s reports heretofore filed
with the Securities and Exchange Commission (the “Publicly Filed Documents”); or (iii) any law of the State of New York, the General Corporation Law of the State of Delaware and any federal law of the United States of America.

 4. When issued, sold and paid for in accordance with the terms of the Agreement, the Shares will be duly authorized and
validly issued, fully paid and nonassessable and free of any preemptive or similar rights contained in the Company’s Certificate of Incorporation or Bylaws or any agreements or other instruments to which the Company is a party that are Publicly
Filed Documents. 
 5. Assuming the accuracy of the representations and warranties of the Purchaser in the Agreement, the offer
and sale of the Shares in accordance with the Agreement constitutes a transaction exempt from the registration requirements of the Securities Act of 1933, as amended. 

  
 15 

 Our opinions expressed above are subject to the following additional limitations,
exceptions, qualifications and assumptions: 
 A. The opinions expressed in this letter are subject to bankruptcy, insolvency,
fraudulent transfer and other similar laws affecting the rights and remedies of creditors generally and to general principles of equity. 
 B. For purposes of the opinions expressed in this letter, we have considered only such laws and regulations that in our experience are typically applicable to transactions of the nature contemplated by
the Transaction Documents. 
 C. For purposes of our opinions in paragraph 1 above, we have relied solely upon good standing or
similar certificates issued by appropriate authorities in the subject jurisdictions. 
 D. The opinions expressed in this letter
are limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the federal laws of the United States of America, and we express no opinion with respect to the laws of any other state or jurisdiction.
Furthermore, we express no opinion on any matter covered by laws, rules or regulations applicable to patents, copyrights, trademarks and other proprietary rights and licenses. 
 E. We express no opinion as to: 
 1. The enforceability of waivers
in the Agreement that may relate to matters that cannot, as a matter of law, be effectively waived. 
 2. The
enforceability of any provision of the Agreement providing for modification thereof only by means of an agreement in writing signed by the parties thereto. 
 3. The compliance with applicable antifraud statutes, rules or regulations of applicable state and federal laws concerning the offer, issuance or sale of securities, including, without limitation, the
accuracy and completeness of the information provided by the Company to the Purchaser in connection with the offer and sale of the Shares. 
 This opinion letter is effective only as of the date hereof. We do not assume responsibility for updating this opinion letter as of any date subsequent to its date, and we assume no responsibility for
advising you of any changes with respect to any matters described in this opinion letter that may occur, or facts that may come to our attention, subsequent to the date hereof. 

This opinion letter is furnished by us solely for the benefit of the Purchaser in connection with the transactions contemplated by the
Agreement and may not be relied upon by the Purchaser for any other purpose, nor may it be furnished to or relied upon by any other person or entity for any purpose whatsoever. This opinion letter is not to be quoted in whole or in part or otherwise
referred to or used, nor is it to be filed with any governmental agency or any other person, without our express written consent. 
 Very truly yours, 

  
 16Google Services Agreement

 CONFIDENTIAL TREATMENT REQUESTED 

 
 Exhibit 10.13.1 

 
 GOOGLE SERVICES AGREEMENT 
 COMPANY INFORMATION 
  

									
	COMPANY: Synacor, Inc.
				
	 	 	 	Business Contact:	 	Legal Contact:	 	Technical Contact:
	 	Name:	  	 	Ron Frankel	 	Michelle Webb	 	Matt Leardini
				
	 	Title:	  	 	CEO	 	Corporate Counsel	 	Director Search & Advertising
				
	 	Address, City, State,	  	 	40 La Riviere Drive, Suite 300	 	40 La Riviere Drive, Suite 300	 	40 La Riviere Drive, Suite 300
	 	Postal Code:	  	 	Buffalo, NY 14202	 	Buffalo, NY 14202	 	Buffalo, NY 14202
				
	 	Phone:	  	 		 		 	
				
	 	Fax:	  	 		 		 	
				
	 	Email:	  	 	rfrankel@synacor.com	 	mwebb@synacor.com	 	mlcardini@synacor.com

 TERM 

TERM: Starting on March 1, 2011 (“Effective Date”) and continuing through [*] (inclusive) 

SEARCH SERVICES 
  

			
	 x WEBSEARCH SERVICE (“WS”)
	  	Search Fees
		
	 Sites approved for WS: See Exhibit A
	  	
	 Approved Client Applications for WS: [*]
	  	[*] Requests for Search Results Sets

  

					
	 ADVERTISING SERVICES
	  		  	
			
	 x ADSENSE FOR SEARCH (“AFS”)
	  	AFS Revenue Share Percentage	  	AFS Deduction Percentage

  
 1 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
  

					
	 Sites approved for AFS: See Exhibit A
	  		  	
			
	 Approved Client Applications for AFS: [*]
	  	See Exhibit B	  	 [*]

	 [*]
	  		  	

  

					
	  ̈ ADSENSE FOR CONTENT (“AFC”)
	  	 AFC Revenue Share
 Percentage
	  	AFC Deduction Percentage
	 Sites approved for.APC: See Exhibit A
	  		  	
			
	 Approved Client Applications for AFC: [*]
	  	See Exhibit C	  	 [*]

	 [*]
	  		  	

  

			
	 CURRENCY
	  	
		
	  ̈ AUD
	  	 ̈ JPY
	  ̈ CAD
	  	 ̈ KRW
	  ̈ EUR
	  	x USD
	  ̈ GBP
	  	 ̈ Other

  
 2 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 This Google Services Agreement (“Agreement”)
is entered into by Google Inc. (“Google”) and Synacor, Inc. (“Company”) and is effective as of the Effective Date. 
 1. Definitions. In this Agreement: 
 1.1. “Ad” means 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 each of the Advertising Services, for any period during the Term, revenues that are recognized by Google and attributed to Ads in that period. 

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. “AFC RPM” means AFC Ad Revenues per one thousand AFC Requests. 
 1.7. “Affiliate” of a party means any corporate entity that directly or indirectly controls, is controlled by or is under common control with that party. 

1.8. “Approved Client Application” means any application, plug-in, helper, component or other executable code that runs
on a user’s computer and is approved by Google for the purpose of accessing a Service. 
 1.9. “Brand
Features” means each party’s trade names, trademarks, logos and other distinctive brand features. 
 1.10.
“Company Content” means any content served to End Users that is not provided by Google. 
 1.11.
“Confidential Information” means information disclosed by (or on behalf of) one party to the other party under this Agreement that is marked as confidential or would normally be considered confidential under the circumstances in
which it is presented. 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 without reliance on the confidential information (as
defmed here), or that was lawfully given to the recipient by a third party. 
 1.12. “End Users” means
individual human end users of a Site or Approved Client Application. 
 1.13. “Google Branding Guidelines”
means the brand treatment guidelines applicable to the Services and located at the following URL: http://www.google.com/wssynd/02brand.html (or a different URL Google may provide to Company from time to time). 

1.14. “Google Program Guidelines” means the policy and implementation guidelines applicable to the Services and as
provided by Google to Company from time to time. 
 1.15. “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. 

1.16. “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 for that period. 

  
 3 

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 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
  

 CONFIDENTIAL TREATMENT REQUESTED 

 
 1.17. [*] means [*] consisting of
[*] which are [*] and which generates a [*]. 
 1.18. [*] means a Search Query [*]. 

1.19. “Request” means a request from Company or an End User (as applicable) to Google for a Search Results Set and/or an
Ad Set (as applicable). 
 1.20. “Results” means Search Results Sets, Search Results, Ad Sets or Ads.

 1.21. “Results Page” means any Site page which contains any Results. 

1.22. “Search Box” means a search box (or other means approved by Google) for the purpose of sending search queries to
Google as part of a Request. 
 1.23. “Search Query” means a text query entered and submitted into a Search Box
on the Site or on an Approved Client Application by an End User [*]. 
 1.24. “Search Result” means an
individual search result provided through the applicable Search Service. 
 1.25. “Search Results Set” means a
set of one or more Search Results. 
 1.26. “Search Services” means the search services selected on the front
pages of this Agreement. 
 1.27. “Services” means the Advertising Services and/or Search Services (as
applicable). 
 1.28. “Site(s)” means the Web site(s) [*] located at the URL(s) listed in Exhibit
A, together with the additional URL(s) approved by Google from time to time under subsection 9.3(a) below. Additional definitions and terms and conditions applicable [*] are set forth in Exhibit G. 

2. Launch, Implementation and Maintenance of Services. 
 2.1. Launch. The parties will each use reasonable efforts to launch the Services into live use on new Site(s) within 30 days from approval of new Site(s). Company will not launch its implementation
of the Services into live use on new Site(s), and this implementation will not be payable by Google, until Google has approved the implementation in writing, which approval will not be unreasonably withheld or delayed. 

2.2. Implementation and Maintenance 
 (a) Throughout the Term, Google will make available and Company will implement and maintain each of the Services on each of the Sites and Approved Client Applications. 

(b) Company will ensure that Company: 
 (i) [*] Company has technical and editorial control in relation to each page, including Results Pages, on which the Services are implemented; and 

  
 4 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (ii) has control over the way in which the Services are
implemented on each of those pages and Approved Client Applications. 
 (iii) Notwithstanding Sections 2.2(b)(i) and 2.2(b)(ii),
Google acknowledges that (a) [*] may have decision making authority in relation to the content on each page and placement of such content on the [*], (b) hardware used to host the Sites may be hosted in data centers
[*] and (c) [*] have decision making authority over portions of the pages that contain the Google Search Box and/or Results on the [*]. Notwithstanding the preceding sentence, in no circumstances do such [*] control
the implementation of the [*]. If any given Site is not in compliance with 2.2(b)(i, ii, or iii), Google shall have the right to suspend the Site that is in violation pursuant to Section 3.2. 

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

(i) the applicable Google Branding Guidelines; 
 (ii) the applicable Google Program Guidelines; 
 (iii) the mock-ups and
specifications for the Services included in the exhibits to this Agreement; and 
 (iv) 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) Company will ensure that (i) every Search Query generates a WS Request, (ii) every Request is generated by a Search Query and (iii) every Request contains the Search Query that
generated that Request. 
 (e) Company will request at least [*] wide format AFS Ads for each AFS Request. 

(f) Google will, upon receiving a Request sent in compliance with this Agreement, provide a Search Results Set and/or an Ad Set (as
applicable) when such Results are available. Company will then display the Search Results Set and/or Ad Set (as applicable) on the applicable Site or Approved Client Application. 

(g) Company will ensure that at all times during the applicable Term, a clearly labeled and easily accessible privacy policy is in place
relating to the Site(s) and Approved Client Application(s) and that such privacy policy: 
 (i) clearly discloses to End Users
that third parties may be placing and reading cookies on End Users’ browsers, or using web beacons or similar technologies to collect information in the course of advertising being served on the Site(s) or Approved Client Application(s); and

 (ii) includes information about End Users’ options for cookie management. 

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) edit, filter, truncate, append terms to or otherwise modify any Search Query; 

  
 5 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (c) implement any click tracking or other monitoring of
Results except as provided in the Google Program Guidelines. 
 (d) display any Results in pop-ups, pop-unders, exit windows,
expanding buttons, animation or other similar methods; 
 (e) interfere with the display of or frame any Results Page or any page
accessed by clicking on any Results; 
 (f) 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; 
 (g) enter into any type
of co-branding, white labeling or sub-syndication arrangement with any third party in connection with any Results or Ad revenue, [*]; 
 (h) directly or indirectly, (i) offer incentives to End Users to generate Requests or clicks on Results, (ii) fraudulendy generate Requests or clicks on Results or (iii) modify Requests or
clicks on Results; 
 (i) “crawl”, “spider”, index or in any non-transitory manner store or cache information
obtained from the Services (including Results); and 
 (j) display on any Site or Approved Client Application, any content that
violates or encourages conduct that would violate the Google Program 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 Site or Approved Client Application which is not in compliance with the applicable 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 commercially 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. 
 [*]

 [*] 
  

  
 6 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 [*] 

[*] 
 6. [*].
Notwithstanding anything to the contrary in the Agreement, End Users may submit queries through the Sites by [*]. Company shall not generate [*] in order to specifically [*]. Each End User [*] on a [*] shall
operate as a [*] and all terms set forth in the Agreement pertaining to Search Queries shall apply. For avoidance of doubt, [*] are considered “Company Content” as set forth in the Agreement and shall be composed solely of
the (i) [*] and (ii) such additional information as is normally required by Google to be provided with a Search Query typed into a search box by an End User [*], but shall not include personally identifiable information).
[*] shall be updated [*], with a frequency of [*]. Except as otherwise approved by Google in writing, each cluster or grouping of [*] shall appear as set forth in Exhibit D and Exhibit E. Upon [*]
written notice and at Google’s reasonable discretion, Google may require Company to [*]. 
 7. Reporting. Google will
continue to provide detailed account reporting through the online Google console. 
 8. Approved Client Applications. Company will, and
will ensure that any Approved Client Application(s) will comply with Google’s Client Application Guidelines, as provided by Google to Company from time to time, except to the extent the parties agree otherwise in writing. Any updates will
provide for the [*] nature of this Agreement as currently set forth in the copy of the Client Application Guidelines attached as Exhibit K 
 9. Changes and Modifications. 
 9.1. By Google. If Google modifies
the Google Branding Guidelines, Google Program Guidelines, 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, Google Program 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. 

9.2. 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. 
 9.3. Site List Changes 

  
 7 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (a) Company may notify Google from time to time (including
via email) that it wishes to add URL(s) to those comprising the Site(s) or provide the Approved Client Applications to a new [*], by sending notice to Google at least [*] days before Company wishes the addition to take effect. Google
may approve or disapprove the request to add URL(s) or client application in its reasonable discretion, this approval or disapproval to be in writing. If Company requests to add a URL, Company will notify Google using the form attached in Exhibit
1. Company may [*] Sites or [*] the implementation of the Approved Client Application for any given [*] at any time upon at least [*] written notice. 

(b) If there is a change in control of any [*] or Approved Client Application such that the conditions set out in
Section 2.2(b)(i), 2.2(b)(ii) or 2.2(b)(iii) are not met: 
 (i) Company will provide notice to Google at least [*]
days before the change, 
 (ii) unless the entire Agreement is assigned to the third party controlling the Site or Approved
Client Application in compliance with Section 18.3 below, from the date of that change in control of the Site or Approved Client Application, that Site or 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 Site or Approved Client Application. For avoidance of doubt, the change in control provision for [*] is set forth in Exhibit G. 

 

	10.	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. 

 

	11.	Brand Features. 

 11.1.
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. With regard to Approved Client Applications, Company [*] as described in Exhibit K (Client Application Guidelines), and [*] of the Approved Client Application, or [*] for the Approved Client
Application, unless otherwise approved by Google in writing. 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, and any goodwill
resulting from use by Google of the Company Brand Features will belong to [*]. 
 11.2. Google may include Company’s
Brand Features in customer lists. Google will provide Company with a sample of this usage if requested by Company. 
 11.3.
Company may include Google’s Brand Features in vendor lists subject to the Google Branding Guidelines and Google’s written consent prior to each usage. 
  

	12.	Payment. 

 12.1.
Search Services 
 (a) Google will invoice Company for Search Fees in the month after the Search Services are
rendered. Company will pay the invoice amount, if any, to Google within [*] days of the date of invoice. If Company’s payment for Search Fees is overdue, Google may offset the Search Fees payable by Company under this Agreement against
Google’s payment obligations to Company under this Agreement. 

  
 8 

Google Confidential 
 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
OMITTED AND FILED SEPARATELY WITH THE COMMISSION. 
 CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS.

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (b) The Search Fees owed to Google under this Agreement will
be calculated using the number of Requests for Search Results Sets as reported by Google. 
 12.2. Advertising Services

 (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. This payment will be made in the month following the calendar month in which the applicable Ads were displayed. 

(b) Google’s payments for Advertising Services under this Agreement will be based on Google’s accounting which may be filtered
to exclude invalid queries, impressions, conversions or clicks, [*]. 
 12.3. All Services 

(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 Sites or 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 Google or to Company will be in the currency specified in this Agreement and made by electronic transfer to the
account notified to the paying party by the other party for that purpose. The party receiving payment will be responsible for any bank charges assessed by the recipient’s bank. 

(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 product or service fees owed to Google and not yet paid 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 [*] days of any invoice, any amounts Google may have overpaid to Company within the [*] prior to the date of such withholding, offset, or invoice. 

13. Warranties; Disclaimers. 
 13.1. 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. 
 13.2. 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.

 14. Indemnification. 
 14.1. 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:

  
 9 

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 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
 [*] = CERTAIN INFORMATION HAS BEEN
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 CONFIDENTIAL TREATMENT REQUESTED 

 
 (a) arising from any Company Content, Sites or Company Brand Features
(b) arising from Company’s breach of this Agreement; or (c) arising from any Approved Client Applications. 

14.2. By Google. 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: (a) that Google’s technology used to provide the Services or any Google Brand Features infringes or misappropriates any copyright, trade secret, trademark or US patent of
that third party; or (b) arising from Google’s breach of this Agreement. For purposes of clarity, except for the indemnity obligations described in 14.2 (a) and (b), Google will not have any obligations or liability under this
Section 14 arising from any Search Results or Ads, or content to which Search Results or Ads link. 
 14.3. 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 14.1 and 14.2 ARE THE ONLY REMEDY UNDER THIS AGREEMENT FOR VIOLATION OF A THIRD PARTY’S INTELLECTUAL PROPERTY RIGHTS. 
 15. Limitation of Liability. 
 15.1. 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 NET AMOUNT THAT PARTY HAS RECEIVED AND RETAINED UNDER THIS AGREEMENT DURING THE 12 MONTHS BEFORE THE CLAIM ARISES. 

15.2. Exceptions to Limitations. These limitations of liability do not apply to Company’s breach of Sections 4 and 5, 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. 

16. Confidentiality; PR. 

16.1. Confidentiality. The recipient of any Confidential Information will not disclose that Confidential Information, except to
Affiliates, employees, and/or agents who need to know it and who have agreed in writing 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 and keep the Confidential Information confidential. The recipient may also disclose Confidential Information when required by law after giving the discloser reasonable notice (provided such notice is not prohibited by law) and
the opportunity to seek confidential treatment, a protective order or similar remedies or relief prior to disclosure. 
 16.2.
Exceptions. 
 (a) Notwithstanding Section 16.1, Google may (a) inform advertisers of Company’s
participation in the Google AdSense Program; and (b) share with advertisers Site-specific statistics, the Site URL and related information collected by Google through its provision of the Advertising Service to Company. Disclosure of
information by Google under this subsection 16.2(a) will be subject to the terms of the Google Privacy Policy located at the following URL: 

  
 10 

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 GoogleInc.;GoogleServicesAgreement;v2;July 2010 
  

 CONFIDENTIAL TREATMENT REQUESTED 

 
 http://www.google.com/privacypolicy.html (or a different URL Google may
provide to Company from time to time). 
 16.3. PR. Neither party will issue any public statement regarding this Agreement
without the other party’s prior written approval. 
 17. Term and Termination. 

17.1. 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. 
 17.2. 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 [*] days after receiving notice from the other party; or 
 (iii) more than [*] even if the previous breaches were remedied. 
 (b) On
the [*] of the Effective Date ([*]), either party may [*] this Agreement by providing notice to the other no later than [*] days prior to the [*]. 

(c) Google may, with [*] days prior notice to Company, remove or require Company to remove AFC from any Site or set of pages on a
Site on which the monthly AFC RPM falls below [*] for the previous calendar month, provided the monthly AFC RPM does not meet or exceed [*] during such [*] day notice period. 

(d) 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 17.2(d) continues for more than 6 months, Company may immediately terminate this Agreement upon notice to Google. 

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

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

(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. 
 (f) Google may, with [*] days prior
notice to Company, terminate this Agreement if the monthly gross combined AFS Ad Revenue and AFC Ad Revenue falls below [*] for any [*] month period as a result of Company’s [*]. 

 

	18.	Miscellaneous. 

18.1. Compliance with Laws. Each party will comply with all applicable laws, rules, and regulations in fulfilling its obligations
under this Agreement. 
 18.2. Notices. All notices will be in writing and addressed to the attention of the other
party’s Legal Department and primary point of contact. Notice will be deemed given (a) when verified by 

  
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 CONFIDENTIAL TREATMENT REQUESTED 

 
 written receipt if sent by personal courier, overnight courier, or mail; or
(b) when verified by automated receipt or electronic logs if sent by facsimile or email. 
 18.3. Assignment. Neither
party may assign or transfer any part of this Agreement without the written consent of the other party, except to an Affiliate but only if (a) the assignee agrees in writing to be bound by the terms of this Agreement and (b) the assigning
party remains liable for obligations under this Agreement. Any other attempt to transfer or assign is void. 
 [*]

 18.5. Governing Law. This Agreement is governed by California law, excluding California’s choice of law rules.
FOR ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE PARTIES CONSENT TO PERSONAL JURISDICTION IN, AND THE EXCLUSIVE VENUE OF, THE COURTS IN SANTA CLARA COUNTY, CALIFORNIA. 

18.6. Equitable Relief. Nothing in this Agreement will limit either party’s ability to seek equitable relief. 

18.7. Entire Agreement, Amendments. This Agreement is the parties’ entire agreement relating to its subject and supersedes
any prior or contemporaneous agreements on that subject. Any amendment must be in writing signed by both parties and expressly state that it is amending this Agreement. For avoidance of doubt, the parties agree that the Google Services Agreement
dated June 25, 2004 and Google Services Agreement Order Form dated June 25, 2004 between Google Inc. and Synacor, Inc., as amended (“Legacy Agreement”) shall remain in effect until January 31, 2011 unless otherwise
terminated as permitted in the Legacy Agreement. As of the Effective Date, this Agreement shall supersede and replace the Legacy Agreement, except for provisions in the Legacy Agreement that are enumerated as surviving in accordance with the terms
of the Legacy Agreement. 

  
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 18.8. No Waiver. Failure to enforce any provision will
not constitute a waiver. 
 18.9. Severability. If any provision of this Agreement is found unenforceable, the balance of
this Agreement will remain in full force and effect. 
 18.10. Survival. The following sections of this Agreement will
survive any expiration or termination of this Agreement: 10 (Intellectual Property), 14 (Indemnification), 15 (Limitation of Liability), 16 (Confidentiality; PR) and 18 (Miscellaneous). 

18.11. Independent Contractors. The parties are independent contractors and this Agreement does not create an agency, partnership,
or joint venture. 
 18.12. No Third Party Beneficiaries. There are no third-party beneficiaries to this Agreement.

 18.13. Force Majeure. Neither party will be liable for inadequate performance to the extent caused by a condition (for
example, natural disaster, act of war or terrorism, riot, labor condition, governmental action, and Internet disturbance) that was beyond the party’s reasonable control. 
 18.14. Counterparts. The parties may execute this Agreement in counterparts, including facsimile, PDF or other electronic copies, which taken together will constitute one instrument. 

 

  
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 EXHIBIT A 

AFS, AFC and WS Sites 

[*] 

  
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 EXHIBIT B 

AFS Revenue Share Percentage 
 [*] 

  
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 EXHIBIT C 

AFC Revenue Share Percentage 
 [*] 

  
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 Exhibit D 

Mock-up of a Site home page (showing location of Search Box) 

[*] 

  
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 EXHIBIT E 

Mock-up of a Results Page showing Search Results and AFS Ads on a Site 
 [*] 

  
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 EXHIBIT F 

Mock-up of a Results Page showing AFC Ads on a Site 
 [*] 

  
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 EXHIBIT G 

[*] 

  
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 [*] 

  
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 EXHIBIT H 

Additional Terms for [*] 
  

	1.	Company may implement on the Results Pages of the Sites, as illustrated in the attached mock-up (Exhibit E), [*], provided that: 

 

	 	a.	all [*] by End Users on [*] generate Search Queries (containing each of the [*]) which are sent to Google for processing as part of the WS Services
in accordance with the Agreement and such Search Queries are sent to Google without editing, ftltering, truncating, appending terms to or otherwise modifying such Search Queries, either individually or in the aggregate; 

 

	 	b.	implementation of [*] on each Site is in accordance with the mock-ups for that Site; 

 

	 	c.	the [*] are [*] to search terms entered by End Users; and 

  

	 	d.	the [*] are labeled by Company as [*] (or some similar designation shown in the mock-up); and 

 

	 	e.	[*] are [*] generated by [*] that is not [*] in whole towards [*]. 

 

	2.	No Google Brand Features may be used in relation to the [*] or [*]. 

 

	3.	Google may from time to time require that particular [*] or [*] are not used as [*]. 

 

	4.	Google may terminate the [*] functionality or may require Company to cease [*] at anytime, by giving notice to Company. If the reason for Google’s
termination is a Site’s non-compliance with the terms of this Exhibit H, Google will provide Company with notice indicating the nature of the non-compliance. The parties will work in good faith to remedy any concerns within a reasonable
timeframe. If no such remedy is possible, or the issue is not resolved within a timely manner as determined solely by Google, Google may suspend provision of the [*] functionality. 

 

	5.	Google may elect not to return Ads in response to [*] if Google determines that such feature or implementation is detrimental to Google’s advertiser(s).

  

	6.	If Google chooses to use the AFC Service to serve Ads, Company will ensure that each [*] a valid Request in accordance with this Agreement.

  

	7.	Company will assign client IDs and/or channel IDs to Search Queries generated from [*] as directed by Google. In addition, Company will use such IDs and provide
information to Google regarding such IDs as reasonably requested by Google. 

  
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 EXHIBIT I 

Additional Site(s) Request Form 
 for WebSearch / AFS / AFC 
 Company submits this WebSearch/AFS/AFC Additional Site(s) Request Form
pursuant to the Google Services Agreement (“Agreement”) dated March 1, 2011, as amended, between Google Inc. (“Google”), and Synacor, Inc., (“Company”). This Additional Site(s) Request Form is
submitted for the purpose of adding additional Web sites as described in Section 9.3(a) of the Agreement, as amended. Company represents and warrants that each of the web site(s) listed below is in compliance with the terms and conditions of
the Agreement. Company acknowledges and agrees that if Google approves the additional web site(s), upon receipt of Google’s written approval (which may be via email), the applicable additional web site(s) (and any and all successors and assigns
thereto) shall become part of the definition of Site(s) as set forth in Section 1.28 of the Agreement, as amended, and shall be subject to all the terms and conditions of the Agreement. Capitalized terms used but not defined in this Additional
Site(s) Request Form will have the meanings given to such terms in the Agreement. 
 Date of Request:
                                         
                    
 Company Representative
Name and email address:
                                         
                                         
               
 Google Partner Manager:
                                         
                                         
                                         
              
  

															
	 	 	 URL for

Additional

Web site(s):
	 	 Owner of the

Additional

Web site(s):
	 	 General

Content of

Additional

Web site

(subject matter):
	 	 Anticipated

Launch

Date(s):
	 	 Anticipated

Pageviews per

Month:
	 	 Service(s) to

be

Implemented:*
	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
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Mock-up for Approved Client Application 
 [*] 

  
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 EXHIBIT K 

[*] 

  
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 [*] 

  
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 [*] 

  
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 [*] 

  
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 APPENDIX A 

[*] 

  
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 APPENDIX B 

[*] 

  
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 APPENDIX C 

[*] 

  
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 APPENDIX D-1 

[*] 

  
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 APPENDIX D-2 

[*] 

  
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 APPENDIX E 

[*] 

  
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 APPENDIX E (continued) 

[*] 

  
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 APPENDIX F 

[*] 

  
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