Document:

EX-10.1

Exhibit 10.1

SECURITIES SUBSCRIPTION AGREEMENT

     This Securities Subscription Agreement (this “Agreement”) dated as of July 28, 2008,
is by and among Marshall Edwards, Inc., a Delaware corporation (the “Company”) and each
purchaser identified on the signature page hereto (each, a “Purchaser” and, collectively,
the “Purchasers”).

     WHEREAS, the Company desires to issue and sell to each Purchaser, and each Purchaser,
severally and not jointly, desires to purchase from the Company shares of the Company’s common
stock, par value $0.00000002 (the “Shares”); and

     WHEREAS, the Company has registered the Shares on a Registration Statement on Form S-3
(Registration No. 333-149807) which was filed with the U.S. Securities and Exchange Commission (the
“SEC”) on March 19, 2008 and declared effective by the SEC on April 3, 2008.

     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 each Purchaser hereby agree as follows:

ARTICLE I

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 each Purchaser agrees to purchase from the Company, the number of Shares set forth
next to such Purchaser’s name on Schedule 1.1 hereto on the Closing Date (as herein
defined) at a purchase price of $2.17 per Share which was the consolidated closing bid price of the
Company’s common stock on July 28, 2008 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 Global Market.

     1.2 Deliveries.

          (a) On the Closing Date, the Purchasers shall deliver or cause to be delivered to the Company
the aggregate purchase price for the Shares set forth on Schedule 1.1 hereto payable by each
Purchaser to the Company by wire transfer of immediately available funds to the bank account
designated by the Company on Schedule 1.2 hereto.

 

 

          (b) On the Closing Date, the Company shall deliver or cause to be delivered to each of the
Purchasers a statement of account from Computershare Investor Services, LLC, the Company’s transfer
agent (the “Transfer Agent”) confirming that the Shares purchased by each Purchaser
pursuant to this Agreement are held in book entry form by the Transfer Agent in the name of each
Purchaser.

     1.3 Closing Conditions.

          (a) The obligations of the Company hereunder in connection with the Closing with each
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 respective Purchasers contained herein;
and

               (ii) the delivery by the respective Purchaser of payment to the Company for the Shares as set
forth in Section 1.2(a) of this Agreement.

          (b) The obligations of the respective 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 by the Company contained herein; and

               (ii) the delivery by the Company of the items set forth in Section 1.2(b) of this Agreement.

ARTICLE II

REPRESENTATIONS AND WARRANTIES

     2.1 Representations and Warranties by the Company.

          (a) The Company hereby represents and warrants to each of the Purchasers 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.

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               (ii) Authorization. All corporate action on the part of Company, its officers,
directors and stockholders necessary for the authorization, execution and delivery of this
Agreement and the performance of all obligations of Company hereunder and the authorization,
issuance and delivery of the Shares has been taken or will be taken prior to the Closing.

               (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) Registration Statement. The Registration Statement is effective on the date
hereof and the Company has not received notice that the SEC has issued or intends to issue a stop
order with respect to the Registration Statement or that the SEC otherwise has suspended or
withdrawn the effectiveness of the Registration Statement, either temporarily or permanently.

               (vi) 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 authority to which the Company is subject (including federal and state securities laws
and regulations, and the rules and regulations of the Nasdaq Global 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.

               (vii) 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 of 1933, as amended (the “Securities Act”) and the Securities Exchange
Act of 1934,

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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.

               (viii) 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, (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
(a) a warrant to purchase shares of the Company’s common stock issued to John O’Connor, for
investor services relations rendered by Mr. O’Connor to the Company and (b) pursuant to existing
Company share option plans. The Company does not have pending before the SEC any request for
confidential treatment of information. “Person” under this Agreement means an 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. With
respect to a Purchaser, any investment fund or managed account that is managed on a discretionary
basis by the same investment manager as such Purchaser will be deemed to be an Affiliate of such
Purchaser.

               (ix) Litigation. There is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company or any of its properties before or by any court, arbitrator,
governmental or

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administrative agency or regulatory authority (federal, state, county, local or
foreign) (collectively an “Action”) which adversely affects or challenges the legality,
validity or enforceability of any of this Agreement or the Shares. Neither the Company nor any
director or officer thereof is or has been subject of any Action involving a claim of violation of
or liability under federal or state securities laws or a claim of breach of fiduciary duty. There
has not been, and to the knowledge of the Company, there is not pending or contemplated, any
investigation by the SEC involving the Company or any current or former director or officer of the
Company. The SEC has not issued any stop order or other order suspending the effectiveness of any
registration statement filed by the Company under the Exchange Act or the Securities Act.

               (x) 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.

               (xi) Regulatory Permits. The Company possesses all certificates, authorizations and
permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary
to conduct its business as described in the SEC Reports, except where the failure to possess such
permits could not have or reasonably be expected to result in a Material Adverse Effect
(“Material Permits”), and the Company has not received any notice of proceedings related to
the revocation or modification of any Material Permit which, if the subject of an unfavorable
decision, ruling or finding, could reasonable by expected to results in a Material Adverse Effect.

               (xii) Title to Assets. The Company has good and marketable title to all real and
personal property and assets owned by it that are material to the business of the Company, in each
case free and clear of all Liens, except for Liens, (i) if any, reflected in the SEC Reports, (ii)
as do not materially affect the value of such property, (iii) as do not materially interfere with
the use made and proposed to be made of such property by the Company or (iv) for the payment of
federal, state or other taxes, the payment of which is neither delinquent nor the subject to
penalties. Any real property and facilities held under lease by the Company are held by it under
valid, subsisting and enforceable leases with which the Company is in compliance, with such
exceptions as are not materially significant in relation to its business taken as a whole.

               (xiii) Patents and Trademarks. The Company has, or has rights to use, all patents,
patent applications, trademarks, trademark applications, service markets, trade names, copyrights,
licenses, trade secrets or other similar rights necessary or material for use in connection with
its business and which the failure to so have could have a Material Adverse Effect (collectively,
the “Intellectual Property Rights”). The Company has not received a written notice that
the Intellectual Property Rights used by Company violates or infringes upon the rights of any
Person. To the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property
Rights of others.

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               (xiv) Insurance. The Company is fully insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as are prudent and customary in
the businesses in which the Company is engaged, including but not limited to, directors and
officers insurance coverage. To the best knowledge of the Company, such insurance contracts and
policies are accurate and complete. The Company has no reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business without a significant
increase in cost.

               (xv) Transactions with Affiliates and Employees. Except as set forth in the SEC
Reports, none of the Affiliates, employees officers or directors of the Company is presently a
party to any transaction with the Company (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of
services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any Affiliate, officer, director or employee or, to the knowledge of
the Company, any entity in which any Affiliate, officer, director, or employee has a substantial
interest or is an officer, director, trustee or partner, in each case in excess of $60,000 other
than (i) for payment of salary or consulting fees for services rendered, (ii) for reimbursement of
appropriate expenses incurred on behalf of the Company and (iii) for other employee benefits,
including share option agreements under and share option plan of the Company.

               (xvi) Certain Fees. Any brokerage, finder’s fees or commissions that are or will be
payable by the Company to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transaction contemplated by the this
Agreement will be paid solely by the Company. The Company shall pay all transfer agent fees and
expenses, escrow fees and stamp taxes levied in connection with the delivery of any Shares.

               (xvii) Investment Company. The Company is not, and immediately after receipt of
payment for the Shares, will not be an “investment company” within the meaning of the Investment
Company Act of 1940, as amended.

               (xviii) Registration Rights. Except as set for in the SEC Reports, no Person has any
right to cause the Company to effect the registration under the Securities Act of any securities of
the Company.

               (xix) Listing and Maintenance Requirements. The Company’s Common Stock is registered
pursuant to the Exchange Act and listed on the Trading Market, and the Company has taken no action
designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Stock under the Exchange Act or de-listing or suspending from trading
the Common Stock on the Trading Market nor has the Company received any notification that the SEC
or Trading Market is contemplating terminating such registration or listing, as applicable. The
Company has not, in the 12 months preceding the date hereof, received notice from any Trading
Market on which the Common Stock is or has been listed or quoted to
the effect that the Company is not in compliance with the listing or maintenance requirements of
such Trading Market. The Company is in compliance in all material respects with all such listing
and maintenance requirements.

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               (xx) Tax Status. Except for matters that would not individually or in the aggregate
have or could reasonably be expected to result in a Material Adverse Effect, the Company has filed
all necessary federal, state and foreign income and franchise tax returns and have paid or accrued
all taxes shown as due thereon, and the Company has no knowledge of a tax deficiency which has been
asserted or threatened against the Company.

               (xxi) Foreign Corrupt Practices. Neither the Company nor to the knowledge of the
Company, any director, officer, employee, agent or other Person acting on behalf of the Company,
has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or
other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful
payment to foreign or domestic government officials or employees or to any foreign or domestic
political parties or campaigns from corporate funds, (iii) failed to disclose fully any
contribution made by the Company (or made by any Person acting on its behalf of which the Company
is aware) which is in violation of law, or (iv) violated in any material respect any provision of
the Foreign Corrupt Practices Act of 1977, as amended.

               (xxii) 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 Acknowledgments of the Purchasers.

          (a) Each Purchaser hereby represents and warrants to the Company as follows:

               (i) Organization, Good Standing and Qualification. Each 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. Each 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.

               (ii) Authorization; Enforcement. Each 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 each Purchaser enforceable against each 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.

7

 

               (iii) Legal Proceedings and Orders. There is no action, suit, proceeding or
investigation pending or threatened against either Purchaser 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 either Purchaser aware of any basis for any of the
forgoing. Each 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.

               (ii) Residency. Each Purchaser has its principal executive office in the jurisdiction
set forth immediately below such Purchaser’s name on the signature page hereto.

ARTICLE III

INDEMNIFICATION

     3.1 Indemnification of Purchasers. The Company will indemnify and hold the Purchasers
and their directors, officers, shareholders, members, partners, employees and agents (each a
“Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims,
contingencies, damages, costs and reasonable attorney’s fees and costs of investigation that any
such Purchaser Party may suffer or incur as a result of, or relating to, any breach of any of the
representations, warranties, covenants or agreements made by the Company in this Agreement (unless
such action is based upon a breach of such Purchaser’s representations, warranties or other
covenants under this Agreement or any violation by the Purchaser of state or federal securities
laws or any conduct by such Purchaser which constitutes fraud, gross negligence, willful misconduct
or malfeasance).

ARTICLE IV

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.

140 Wicks Road

North Ryde NSW 2113

Australia

Facsimile: + 61 2 9878 8474

Attn: David. R. Seaton

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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.

If to the Purchasers at: The addresses and facsimile numbers set forth on
Schedule 1.1 and in the case of OppenheimerFunds, Inc, with an additional
copy to:

General Counsel

OppenheimerFunds, Inc.

Two World Financial Center

225 Liberty Street, 16th Floor

New York, NY 10281

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 each Purchaser; provided,
however, that each 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.

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     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
pertaining to the Shares and supersedes all prior and contemporaneous agreements, representations,
and understandings of the parties with respect thereto.

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     IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 28th day of July,
2008

					
	 
	 	COMPANY:

MARSHALL EDWARDS, INC.
	 
	 
	 	By:  	/s/ David R. Seaton
 	 
	 	Name:  	David. R. Seaton 	 
	 	Title:  	Chief Financial Officer & Secretary 	 

					
	 
	 	PURCHASERS:

NOVOGEN LIMITED

 	 
	 	By:  	/s/ Christopher Naughton
 	 
	 	Name:  	Christopher Naughton 	 
	 	Title:  	Managing Director 	 

					
	 
	 	Address : 140 Wicks Road
North Ryde, NSW 2113
Fax No. + 61 2 9878-0055
Tax Identification No. N/A

ON BEHALF OF 

OPPENHEIMERFUNDS, INC. AS 
ADVISER
TO EACH OF THE PARTIES 

SEVERALLY AND NOT
JOINTLY 

LISTED ON PART B OF SCHEDULE 1.1
	 
	 
	 	By:  	/s/ George Evans
 	 
	 	Name:  	George Evans 	 
	 	Title:  	Senior Vice President 	 
	 
	 	Address: Two World Financial Center
225 Liberty Street, 11th Floor
New York, NY 10281
Fax No. (212) 323-4070

 	 
	 	 	 
	 	 	 
	 	 	 

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Schedule 1.1

Purchasers and Subscription Amounts

Part A

	 	 	 	 	 	 	 	 	 
	Purchaser	 	Shares	 	Aggregate Purchase Price
	Novogen Limited

	 	 	2,908,295	 	 	$	6,311,000	 

Part B

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Purchaser	 	Shares	 	Aggregate Purchase Price	 	Tax Identification No.
	Oppenheimer International
Growth Fund
	 	 	1,042,600	 	 	$	2,262,442	 	 	 	13-3867060	 
	Mass Mutual International
Equity Fund
	 	 	380,100	 	 	$	824,817	 	 	 	84-0885458	 
	Oppenheimer International
Growth Fund/VA
	 	 	167,500	 	 	$	363,475	 	 	 	06-1342574	 
	AZL Oppenheimer
International Growth Fund
	 	 	83,800	 	 	$	181,846	 	 	 	31-1797028	 
	OFITC International Growth
Fund
	 	 	17,000	 	 	$	36,890	 	 	 	13-4128140	 
	OFI International Equity Fund
	 	 	9,000	 	 	$	19,530	 	 	 	02-0568055	 

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Schedule 1.2

Wire Instructions for Company

	 	 	 
	Primary Bank:

	 	JPMorgan Chase Bank

	Swift#:

	 	CHASUS33

	ABA#

	 	021000021
	Account Name:

	 	Marshall Edwards, Inc.

	Account Number:

	 	821-5010735-65

13EX-10.4

    Exhibit 10.4

 

    CENTENNIAL
    COMMUNICATIONS CORP.

 

    Non-Qualified
    Stock Option Agreement

 

    [Date]
    

 

    Employee/Optionee:               [Name]
    

 

    Number of shares
    of               [Number]

    Common Stock subject

    to this Agreement:

 

    Pursuant to the Centennial Communications Corp. and its
    Subsidiaries 1999 Stock Option and Restricted Stock Purchase
    Plan (the “Plan”), the Board of Directors of
    Centennial Communications Corp. (the “Company”)
    has granted to you on this date an option (the
    “Option”) to purchase in the aggregate, on the
    terms and subject to the conditions set forth herein,
    [Number] shares of the Company’s Common Stock,
    $.01 par value (“Common Stock”). Such
    shares (as the same may be adjusted as described in
    Section 10 below) are herein referred to as the
    “Option Shares”. The Option shall constitute
    and be treated at all times by you and the Company as a
    “non-qualified stock option” for Federal income tax
    purposes and shall not constitute and shall not be treated as an
    “incentive stock option” as defined under
    Section 422(b) of the Internal Revenue Code of 1986, as
    amended (the “Code”). The terms and conditions
    of the Option are set out below.

 

    1. Date of Grant.  The Option is granted
    to you on [Date] (the “Grant Date”).

 

    2. Termination of Option.  Your right to
    exercise the Option (and to purchase the Option Shares) shall
    expire and terminate in all events on the earlier of
    (i) ten years from the Grant Date or (ii) the date
    provided in Section 8 below in the event you cease to be
    employed by the Company or any “Subsidiary” or
    “Parent” thereof (“Subsidiary” and
    “Parent” are defined herein as defined in the
    Plan).

 

    3. Option Price.  The purchase price to be
    paid upon the exercise of the Option is [Exercise Price] per
    share, the fair market value of a share of Common Stock (as
    determined by the Board of Directors of the Company) on the
    Grant Date (subject to adjustment as provided in Section 10
    hereof).

 

    4. Vesting.  (a) Commencing on
    [Vesting Date] (one year anniversary of Grant Date) and
    on each of the three anniversaries of such date, in the event
    that you are employed on a full-time basis by the Company or any
    subsidiary or parent thereof on such date, you shall become
    entitled to exercise the Option with respect to 25% of the
    Option Shares (rounded to the nearest whole share) until the
    Option expires and terminates pursuant to Section 2 hereof.

 

    (b) Notwithstanding Section 4(a) hereof, if a Change
    of Control (as defined below) occurs, then 100% of the Option
    Shares shall become vested and exercisable (until the Option
    expires and terminates pursuant to Section 2 hereof) upon
    the earlier of (i) the date which is six months following
    the date of the Change of Control and (ii) the date of your
    termination of employment (x) by the Company or any
    Subsidiary or Parent thereof, or any successor to the
    Company’s assets or business, other than for Cause (as
    defined below) or (y) by you for Good Reason (as defined
    below). Notwithstanding the foregoing, the provisions of this
    Agreement, including Sections 4(a) and 8, shall continue to
    apply after a Change of Control.

 

    For purposes hereof, “Change of Control” shall
    mean:

 

			
	 	     (i) 
	
    any transaction pursuant to which any person or group (as such
    terms are defined in the Securities Exchange Act of 1934, as
    amended, (the “Exchange Act”)), other than
    Welsh, Carson, Anderson & Stowe VIII, L.P. or any
    affiliate or affiliates of such stockholders, becomes the
    beneficial holder (as defined in the Exchange Act) directly or
    indirectly, of more than 50% of the then-outstanding voting
    equity securities of the Company; or

	 
	 	    (ii) 
	
    any consolidation, merger, reorganization, sale of assets or
    similar transaction (each, a “Business
    Combination”) involving the Company or any of its
    Subsidiaries as a result of which more than 50% of the capital
    stock of the Company outstanding immediately after the effective
    date of such Business

 

			
	 	
	
    Combination is owned of record or beneficially by persons other
    than the holders of the Company’s capital stock immediately
    prior to such Business Combination.

 

    Notwithstanding the foregoing, the following shall not
    constitute a Change of Control: (i) a tax free spin-off
    transaction involving the Company or any of its Subsidiaries or
    (ii) the sale of common stock of the Company, by Welsh,
    Carson, Anderson & Stowe VIII or any affiliate thereof
    in a public offering or through a distribution to limited
    partners.

 

    For purposes hereof, “Cause” shall mean the
    following:

 

			
	 	     (i) 
	
    chronic use of alcohol or drugs materially affecting your
    performance;

 

			
	 	     (ii) 
	
    conviction of, or plea of nolo contendere to, a felony or
    crime involving moral turpitude;

	 
	 	    (iii) 
	
    failure to comply within a period of ten business days with a
    reasonable directive of your direct supervisor
    and/or the
    Chief Executive Officer of the Company relating to your duties
    or your performance and consistent with your position, after
    written notice that such failure will be deemed to be
    “Cause,” to the extent such failure can be cured
    within ten business days and if not so curable, fails to
    commence curing during said
    ten-day
    period and diligently pursue the curing of same until cured;

 

			
	 	    (iv) 
	
    your gross neglect or gross misconduct in carrying out your
    duties as an employee, resulting, in either case, in material
    economic harm to the Company, unless you believed in good faith
    that such act or non-act was in the best interests of the
    Company;

	 
	 	     (v) 
	
    fraud on or misappropriation of corporate assets or corporate
    opportunity; and

	 
	 	    (vi) 
	
    acts of dishonesty or breach of fiduciary obligation to the
    Company or violation of any Company rule, regulation, procedure
    or policy.

 

    For purposes hereof “Good Reason” shall mean
    the following: (i) the assignment to you of any duties,
    responsibility or authority, or the material diminishment of
    your duties, responsibility or authority, without your consent,
    which assignment or diminishment is inconsistent with your
    status, position or title immediately prior to such Change of
    Control, (ii) the change of your status, position or title
    without your consent, which change does not represent a
    promotion from your status, position or title immediately prior
    to such Change of Control, (iii) the reduction in the level
    of your reporting responsibility, without your consent, as it
    existed immediately prior to such Change of Control,
    (iv) the reduction in your base salary, without your
    consent, from your base salary as in effect immediately prior to
    the date of such Change of Control, (v) the relocation of
    your normal place of employment, without your consent, to a
    location more than twenty-five miles away from its site
    immediately prior to such Change of Control or (vi) the
    failure by the Company or any Subsidiary or Parent thereof to
    continue in effect, without your consent, any material
    compensation plan or health and welfare plan in which you
    participated immediately prior to such Change of Control, unless
    a substitute or alternative plan arrangement reasonably
    satisfactory to you has been made with respect to such plan,
    and, in each such case, such assignment, diminution, change,
    reduction, relocation or failure to continue a plan shall
    continue unremedied for a period of 15 days after written
    notice thereof from you to the Company. Notwithstanding the
    foregoing, a termination of your employment for retirement,
    Disability or Cause shall not constitute Good Reason.

 

    5. Additional Provisions Relating to
    Exercise.  (a) Once you become entitled to
    exercise the Option (and purchase Option Shares) as provided in
    Section 4 hereof, such right will continue until the date
    on which such Option expires and terminates pursuant to
    Section 2 hereof, unless otherwise stipulated herein.
    Notwithstanding anything contained herein to the contrary, no
    new rights to exercise the Option with respect to any Option
    Shares shall be acquired under Section 4 hereof after the
    date on which you cease to be employed on a full-time basis by
    the Company or any Subsidiary or Parent thereof.

 

    (b) The Compensation Committee of the Board of Directors of
    the Company (the “Committee”), in its sole discretion,
    may at any time accelerate the time set forth in Section 4
    at which the Option may be exercised by you with respect to any
    Option Shares.

 

    6. Exercise of Option.  To exercise the
    Option, you must deliver a completed copy of the attached Option
    Exercise Form to the address indicated on the Form, specifying
    the number of Option Shares being purchased as a result of such
    exercise, together with payment of the full option price for the
    Option Shares being purchased.

 

    Payment of the option price must be made in cash or by check or
    such other consideration acceptable to the Committee in its sole
    discretion. You may also exercise the Option in accordance with
    such other procedures adopted by the Committee from time to time.

 

    7. Transferability of Option.  You may not
    transfer the Option (other than by will or the laws of descent
    and distribution). The Option may be exercised during your
    lifetime only by you.

 

    8. Termination of Employment.  (a) In
    the event that (i) your employment by the Company or any
    Subsidiary or Parent thereof is terminated by such entity for
    “cause” or (ii) you terminate your employment by
    such entity for any reason whatsoever other than as a result of
    your death or disability, then the Option may only be exercised
    within one month after the date on which you ceased to be so
    employed, and only to the extent that you could have otherwise
    exercised the Option as of the date on which you ceased to be so
    employed.

 

    (b) In the event that you cease to be employed on a
    full-time basis by the Company or any Subsidiary or Parent
    thereof for any reason other than a termination specified in
    Section 8(a) above, then the Option may only be exercised
    within three months after the date on which you ceased to be so
    employed, and only to the extent that you could have otherwise
    exercised the Option as of the date on which you ceased to be so
    employed.

 

    (c) In the event that you cease to be employed on a
    full-time basis by the Company or any Subsidiary or Parent
    thereof by reason of a “disability”, then the Option
    may only be exercised within one year after the date you cease
    to be so employed, and only to the same extent that you were
    entitled to exercise the Option on the date you ceased to be so
    employed by reason of such disability and had not previously
    done so.

 

    (d) In the event that you die while employed by the Company
    or any Subsidiary or Parent thereof (or die within a period of
    one month after ceasing to be employed by the Company or any
    Subsidiary or Parent thereof for any reason described in
    Section 8(a) above, within a period of three months after
    ceasing to be so employed for any reason described in
    Section 8(b) above or within a period of one year after
    ceasing to be so employed for any reason described in
    Section 8(c) above), then the Option may only be exercised
    within one year after your death. In such event, the Option may
    be exercised during such one year period by the executor or
    administrator of your estate or by any person who shall have
    acquired the Option through bequest or inheritance, but only to
    the same extent that you were entitled to exercise the Option
    immediately prior to the time of your death and you had not
    previously done so.

 

    (e) Notwithstanding any provision contained in this
    Section 8 to the contrary, in no event may the Option be
    exercised to any extent by anyone after the tenth anniversary of
    the Grant Date.

 

    9. Representations.  (a) You
    acknowledge receipt of a copy of the Information Statement
    Regarding the Centennial Communications Corp. and its
    Subsidiaries 1999 Stock Option and Restricted Stock Purchase
    Plan, prepared and distributed by the Company pursuant to the
    Registration Statements on
    Form S-8
    filed by the Company with the Securities and Exchange Commission
    on or about December 7, 1999 and November 28, 2001.

 

    (b) You further represent and warrant that you understand
    the Federal, state and local income tax consequences of the
    granting of the Option to you, the acquisition of rights to
    exercise the Option with respect to any Option Shares, the
    exercise of the Option and purchase of Option Shares, and the
    subsequent sale or other disposition of any Option Shares. In
    addition, you understand that the Company will be required to
    withhold Federal, state or local taxes (including social
    security and Medicare taxes) in respect of any compensation
    income realized by you as a result of the exercise of the
    Option, which compensation income shall generally equal the
    excess of the fair market value of any Option Shares received
    upon exercise of the Option at the time of exercise over the
    exercise price of the Option. To the extent that the Company is
    required to withhold any such taxes, you hereby agree that the
    Company may deduct from any payments of any kind otherwise due
    to you an amount equal to the total Federal, state and local
    taxes required to be so withheld, or if such payments are
    inadequate to satisfy such Federal, state and local taxes, or if
    no such payments are due or to become due to you, then you agree
    to provide the Company with cash funds or make other
    arrangements satisfactory to the Company regarding such payment.
    It is understood that all matters with respect to the total
    amount of taxes to be withheld in respect of any such
    compensation income shall be determined by the Board of
    Directors in its sole discretion.

 

    10. Adjustment.  (a) In the event
    that the Committee determines that dilution or enlargement of
    benefits under the Plan and the outstanding Awards thereunder
    will occur as a result of any reorganization, merger or
    consolidation, recapitalization, reclassification, stock split,
    split-up,
    combination or exchange of shares, distribution, declaration of
    any dividends (whether payable in Common Stock, cash or other
    property) or other similar

 

    transaction or event, the Committee shall, subject to the
    provisions of Section 10(c) below if the circumstances
    therein specified are applicable, make such equitable changes or
    adjustments as it deems necessary or appropriate in order to
    prevent such dilution or enlargement of benefits under the Plan
    and the outstanding Awards thereunder, to any or all of
    (i) the number of shares of Common Stock (and the option
    price per share) subject to the unexercised portion of any
    outstanding Option (to the nearest possible full share);
    provided, however, that the limitations of Section 424 of
    the Code shall apply with respect to adjustments made to ISOs,
    (ii) the number of shares of Common Stock to be acquired
    pursuant to an Award, and (iii) the number of shares of
    Common Stock for which Options
    and/or
    Awards may be granted under the Plan, as set forth in
    Section 4.1 hereof. All such adjustments shall be
    effective, final, binding and conclusive on all persons.

 

    (b) If any capital reorganization or reclassification of
    the capital stock of the Company or any consolidation or merger
    of the Company with another entity, or the sale of all or
    substantially all its assets to another entity, shall be
    effected in such a way that holders of Common Stock shall be
    entitled to receive stock, securities or assets (including cash)
    with respect to or in exchange for Common Stock, then, subject
    to the provisions of Section 10(c) below if the
    circumstances therein specified are applicable, each holder of
    an Option shall thereafter have the right to purchase, upon the
    exercise of the Option in accordance with the terms and
    conditions specified in the option agreement governing such
    Option and in lieu of the shares of Common Stock immediately
    theretofore receivable upon the exercise of such Option, such
    shares of stock, securities or assets (including, without
    limitation, cash) as may be issued or payable with respect to or
    in exchange for a number of outstanding shares of such Common
    Stock equal to the number of shares of such Common Stock
    immediately theretofore so receivable had such reorganization,
    reclassification, consolidation, merger or sale not taken place.

 

    (c) Notwithstanding Sections 10(a) and 10(b) hereof,
    in the event of (i) any offer to holders of the
    Company’s Common Stock generally relating to the
    acquisition of all or substantially all of their shares,
    including, without limitation, through purchase, merger or
    otherwise, or (ii) any proposed transaction generally
    relating to the acquisition of substantially all of the assets
    or business of the Company (herein sometimes referred to as an
    “Acquisition”), the Committee may, in its sole
    discretion, cancel any outstanding Options (provided, however,
    that the limitations of Section 424 of the Code shall apply
    with respect to adjustments made to ISO’s) and pay or
    deliver, or cause to be paid or delivered, to the holder thereof
    an amount in cash or securities having a value (as determined by
    the Committee acting in good faith) equal to the product of
    (A) the number of shares of Common Stock (the “Option
    Shares”) subject to the Options so cancelled multiplied by
    (B) the amount, if any, by which (1) the formula or
    fixed price per share paid to holders of shares of Common Stock
    pursuant to such Acquisition exceeds (2) the option price
    applicable to such Option Shares.

 

    11. Continuation of Employment.  Neither
    the Plan nor the Option shall confer upon you any right to
    continue in the employ of the Company or any Subsidiary or
    Parent thereof, or limit in any respect the right of the Company
    or any Subsidiary or Parent thereof to terminate your employment
    or other relationship with the Company or any Subsidiary or
    Parent thereof, as the case may be, at any time.

 

    12. Plan Documents.  This Agreement is
    qualified in its entirety by reference to the provisions of the
    Plan, which are hereby incorporated herein by reference.

 

    13. General Provisions.  (a) This
    Option Agreement shall be governed by and construed in
    accordance with the laws of the State of New York. If any one or
    more provisions of this Agreement shall be found to be illegal
    or unenforceable in any respect, the validity and enforceability
    of the remaining provisions hereof shall not in any way be
    affected or impaired thereby.

 

    (b) This Option Agreement and the Plan contain the entire
    agreement between the Company and you relating to the Option.
    Except as expressly provided in this Agreement or the Plan with
    respect to certain actions permitted to be taken by the Board of
    Directors of the Company or the Committee (as defined in the
    Plan) with respect to this Agreement and the terms of the
    Option, this Agreement may not be amended, modified, changed or
    waived other than by written instrument signed by the parties
    hereto.

 

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

 

    Please acknowledge receipt of this Agreement by signing the
    enclosed copy of this Agreement in the space provided below and
    returning it promptly to the Secretary of the Company.

 

    CENTENNIAL COMMUNICATIONS CORP.

 

			
	 	    By 
	
        

    Accepted and Agreed to

    as of [Date]:

 

        

 

    CENTENNIAL
    COMMUNICATIONS CORP.

    STOCK OPTION AND RESTRICTED STOCK PURCHASE PLAN

 

    OPTION
    EXERCISE FORM

 

    I,
                                              ,
    a Participant under the Centennial Communications Corp. and its
    Subsidiaries 1999 Stock Option and Restricted Stock Purchase
    Plan (the “Plan”), do hereby exercise the right
    to
    purchase           shares
    of Common Stock, $.01 par value, of Centennial
    Communications Corp. pursuant to the Option granted to me on
    June 4, 2008 under the Plan. Enclosed herewith is
    $          ,
    an amount equal to the total exercise price for the shares of
    Common Stock being purchased pursuant to this Option Exercise
    Form.

 

 

	 	 	 
	
 
	
 
	
 

	
    Date:
                   
	
 
	
        

    
Michael
    Small

 

    Send a
    completed copy of this Option Exercise Form to:
    

 

    Centennial Communications Corp.

    Corporate Office

    3349 Route 138, Bldg. A

    Wall, New Jersey 07719

    Attention: Chief Financial Officer

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