Document:

Third Amended and Restated Stock Restriction, First Refusal and Co-Sale Agmt

 Exhibit 4.4 
 THIRD AMENDED AND RESTATED 
 STOCK RESTRICTION, FIRST REFUSAL AND CO-SALE
AGREEMENT 
 This THIRD AMENDED AND RESTATED STOCK RESTRICTION, FIRST REFUSAL AND CO-SALE AGREEMENT (the
“Agreement”) is made and entered into as of October 19, 2006, by and among Synacor, Inc., a Delaware corporation (the “Company”), the holders of Series C Preferred Stock of the Company (the “Series C
Preferred Stock”) listed on the Schedule of Series C Investors attached as Schedule A hereto (the “Series C Investors”), the holders of Series B Preferred Stock of the Company (the “Series B Preferred
Stock”) listed on the Schedule of Series B Investors attached as Schedule B hereto (the “Series B Investors”), the holders of Series A-1 Preferred Stock of the Company (the “Series A-1 Preferred
Stock”) listed on the Schedule of Series A-1 Investors attached as Schedule C hereto (the “Series A-1 Investors”), the holders of Series A Preferred Stock of the Company (the “Series A Preferred
Stock” and, together with the Series C Preferred Stock, the Series B Preferred Stock and the Series A-1 Preferred Stock, the “Preferred Stock”) listed on the Schedule of Series A Investors attached as Schedule D
hereto (the “Series A Investors” and, together with the Series C Investors, the Series B Investors and the Series A-1 Investors, the “Investors”) and the holders of Common Stock of the Company (the “Common
Stock”) or warrants to purchase Common Stock of the Company (collectively, the “Common Holders”) listed on the Schedule of Common Holders attached as Schedule E hereto. The Company, the Common Holders and the
Investors are individually each referred to herein as a “Party” and are collectively referred to herein as the “Parties.” The Company’s Board of Directors is referred to herein as the “Board.”

 WITNESSETH: 
 WHEREAS, the Company and the Series C Investors have entered into that certain Series C Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”), which provides
for, among other things, the purchase by the Series C Investors of shares of Series C Preferred Stock; 
 WHEREAS, the execution
and delivery of this Agreement is a condition to the closing of the transactions contemplated by the Purchase Agreement; 

WHEREAS, the Company, certain of the Investors and the Common Holders are parties to that certain Second Amended and Restated Stock
Restriction, First Refusal and Co-Sale Agreement dated as of October 1, 2004 (the “Prior Agreement”); 

WHEREAS, Section 10 of the Prior Agreement provides that the Prior Agreement may be amended only with the written consent of the
Company and Investors (as defined therein) holding at least two thirds of the Common Stock (as defined therein) issued or issuable upon conversion of the Preferred Stock (as defined therein), such majority to include the consent of Intel Capital
Corporation; and 
 WHEREAS, the parties to the Prior Agreement necessary to amend such Prior Agreement have resolved to do so,
and such parties hereby agree that this Agreement shall 

 
amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant hereto in lieu of the rights created under the Prior Agreement; 

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

(a) Affiliate. For purposes of this Agreement, the terms “Affiliate” and “Affiliated” shall
have the meanings set forth in the Purchase Agreement. 
 (b) Delivery. For purposes of this Agreement, the term
“Delivery” shall have the meaning set forth in Section 6 below. 
 (c) Equity Securities. For
purposes of this Agreement, the term “Equity Securities” shall mean (i) any shares of Common Stock, or options or warrants exercisable for Common Stock, now or hereafter owned or held by a Common Holder or an Investor (or a
transferee in accordance with Section 2.4 herein), (ii) any shares of Preferred Stock now or hereafter owned or held by a Common Holder or an Investor (or a transferee in accordance with Section 2.4 herein) or (iii) shares of any
series of preferred stock created after the date hereof and securities of any type whatsoever that are, or may become, convertible into or exchangeable into or exercisable for shares of Common Stock or Preferred Stock. 

(d) Holders. For purposes of this Agreement, the term “Holders” shall mean the Investors or persons who have
acquired shares from any of such persons or their transferees or assignees in accordance with the provisions of this Agreement. 
 (e) Transfer. For purposes of this Agreement, the term “Transfer” shall include any sale, assignment, encumbrance, hypothecation, pledge, conveyance in trust, gift, transfer by
bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or
general assignees for the benefit of creditors, whether voluntary, involuntarily or by operation of law, directly or indirectly, of any of the Equity Securities. 
 (f) Release Date. For the purposes of this Agreement, the term “Release Date” shall mean November 18, 2007. 

2. Agreements Among the Company, the Investors and the Common Holders. 

2.1 Rights of First Refusal. 
 (a) Transfer Notice. If at any time a Common Holder or Investor proposes to Transfer Equity Securities (a “Selling Stockholder”), then the Selling Stockholder shall promptly give
the Company written notice of the Selling Stockholder’s intention to make the Transfer (the “Transfer Notice”). The Transfer Notice shall include (i) a description of the

  
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Equity Securities to be transferred (the “Offered Shares”), (ii) the name(s) and address(es) of the prospective transferee(s), (iii) the consideration to be paid and
(iv) the material terms and conditions upon which the proposed Transfer is to be made. The Company shall promptly forward the Transfer Notice to each Holder. The Transfer Notice shall certify that the Selling Stockholder has received a firm
offer from the prospective transferee(s) and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet
or letter of intent or other agreement relating to the proposed Transfer. In the event that the Transfer is being made pursuant to the provisions of Section 2.4, the Transfer Notice shall state under which specific subsection the Transfer is
being made. 
 (b) Company’s Right of First Refusal. The Company shall have an option for a period of ten
(10) days from Delivery of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as described in the Transfer Notice. The Company may exercise such purchase option
and purchase all or any portion of the Offered Shares by notifying the Selling Stockholder in writing before expiration of such ten (10) day period as to the number of such shares that it wishes to purchase. If the Company gives the Selling
Stockholder notice that it desires to purchase such shares, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of
the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or
unless the value of the purchase price has not yet been established pursuant to Section 2.1(e). If the Company fails to purchase any or all of the Offered Shares by exercising the option granted in this Section 2.1(b) within the period
provided, the remaining Offered Shares shall be subject to the options granted to the Holders pursuant to subsection 2.1(d). 

(c) Additional Transfer Notice. Subject to the Company’s option set forth in Section 2.1(b), if at any time the Selling
Stockholder proposes a Transfer, then, within five (5) days after the Company has declined to purchase all, or a portion, of the Offered Shares or the Company’s option to so purchase the Offered Shares has expired, the Selling Stockholder
shall give each Holder an “Additional Transfer Notice” that shall include all of the information and certifications required in a Transfer Notice and shall additionally identify the Offered Shares that the Company has declined to
purchase (the “Remaining Shares”) and briefly describe the Holders’ rights of first refusal and co-sale rights with respect to the proposed Transfer. 
 (d) Holder’s Right of First Refusal. 
 (i) Each Holder shall have an
option for a period of fifteen (15) days from Delivery of the Additional Transfer Notice from the Selling Stockholder set forth in Section 2.1(c) to elect to purchase its pro rata share of the Remaining Shares at the same price and subject
to the same material terms and conditions as described in the Additional Transfer Notice. Each Holder may exercise such purchase option and thereby purchase all or any portion of his, her or its respective pro rata shares (with any re-allotments as
provided below) of the Remaining Shares (a “Participating Holder”) by notifying the Selling Stockholder in writing, before the expiration of the fifteen (15) day period, as to the number of such shares which he, she

  
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or it wishes to purchase (including any re-allotment). Each Holder’s pro rata share of the Remaining Shares shall be a fraction of the Remaining Shares, of which the number of shares of
Preferred Stock owned by such Holder on the date of the Transfer Notice shall be the numerator and the total number of shares of Preferred Stock held by all Holders on the date of the Transfer Notice shall be the denominator. Each Holder shall have
a right of re-allotment such that, if any other Holder fails to exercise the right to purchase its full pro rata share of the Remaining Shares, the Fully Participating Holders (as defined below) may exercise an additional right to purchase, on a pro
rata basis, the Remaining Shares not previously purchased. 
 (ii) In the event any Holder elects not to purchase its pro rata
share of the Remaining Shares available pursuant to its option under subsection 2.1(d)(i) within the time period set forth therein, then the Selling Stockholder shall promptly give written notice (the “Overallotment Notice”) to each
Participating Holder that has elected to purchase all of its pro rata share of the Remaining Shares (each a “Fully Participating Holder”), which notice shall set forth the number of Remaining Shares not purchased by the other
Holders, and shall offer the Fully Participating Holders the right to acquire such unsubscribed shares. Each Fully Participating Holder shall have five (5) days after Delivery of the Overallotment Notice to deliver a written notice to the
Selling Stockholder (the “Participating Holders Overallotment Notice”) of its election to purchase its pro rata share of the unsubscribed shares on the same terms and conditions as set forth in the Additional Transfer Notice and
indicating the maximum number of the unsubscribed shares that it will purchase in the event that any other Fully Participating Holder elects not to purchase its pro rata share of the unsubscribed shares. For purposes of this subsection 2.1(d)(ii),
the numerator shall be the same as that used in subsection 2.1(d)(i) above and the denominator shall be the total number of shares of Preferred Stock owned by all Fully Participating Holders on the date of the Transfer Notice. Each Participating
Holder shall be entitled to apportion the Remaining Shares to be purchased among its partners and Affiliates (including, in the case of a venture capital fund, other venture capital funds Affiliated with such fund), provided that such Participating
Holder notifies the Selling Stockholder of each such allocation. 
 (e) Payment. 

(i) The Participating Holders shall effect the purchase of the Offered Shares with payment by check or wire transfer, against delivery
of the Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless
the Transfer Notice contemplated a later closing with the prospective third-party transferee(s) or unless the value of the purchase price has not yet been established pursuant to this subsection 2.1(e). 

(ii) Should the purchase price specified in the Transfer Notice or Additional Transfer Notice be payable in property other than cash or
evidences of indebtedness, the Company (and the Participating Holders) shall have the right to pay the purchase price in the form of cash equal in amount to the fair market value of such property. If the Selling Stockholder and the Company (or the
Participating Holders) cannot agree on such fair market value within ten (10) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the Holders), the valuation shall be made by an

  
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appraiser of recognized standing selected by the Selling Stockholder and the Company (or the Participating Holders) or, if they cannot agree on an appraiser within twenty (20) days after
Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the Holders), each shall select an appraiser of recognized standing and those appraisers shall designate a third appraiser of recognized standing,
whose appraisal shall be determinative of such value. The cost of such appraisal shall be shared equally by the Selling Stockholder and the Company (and the Participating Holders), with half of the cost borne by the Company and the Participating
Holders pro rata by each, based on the number of shares such parties have expressed an interest in purchasing pursuant to this Section 2. If the time for the closing of the Company’s purchase or the Participating Holders’ purchase has
expired but the determination of the value of the purchase price offered by the prospective transferee(s) has not been finalized, then such closing shall be held on or prior to the fifth business day after such valuation shall have been made
pursuant to this subsection. 
 2.2 Right of Co-Sale. 

(a) To the extent the Company and the Holders do not exercise their respective rights of first refusal as to all of the Offered Shares
or the Remaining Shares pursuant to Section 2.1, then each Holder (a “Selling Holder” for purposes of this Section 2.2) that notifies the Selling Stockholder in writing within twenty (20) days after Delivery of the
Transfer Notice referred to in subsection 2.1(c), shall have the right to participate in such sale of Equity Securities on the same terms and conditions as specified in the Transfer Notice. Such Selling Holder’s notice to the Selling
Stockholder shall indicate the number of shares of capital stock of the Company that the Selling Holder wishes to sell under his, her or its right to participate. To the extent one or more of the Holders exercise such right of participation in
accordance with the terms and conditions set forth below, the number of shares of Equity Securities that the Selling Stockholder may sell in the Transfer shall be correspondingly reduced. 

(b) Each Selling Holder may sell all or any part of that number of shares of capital stock of the Company equal to the product obtained
by multiplying (i) the aggregate number of shares of Equity Securities covered by the Transfer Notice that have not been subscribed for pursuant to Section 2.1 by (ii) a fraction, the numerator of which is the number of shares of
Preferred Stock owned by the Selling Holder on the date of the Transfer Notice and the denominator of which is the total number of Equity Securities owned by the Selling Stockholder and all of the Selling Holders on the date of the Transfer Notice.

 (c) Each Selling Holder shall effect its participation in the sale by promptly delivering to the Selling Stockholder for
transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 
 (i) the
type and number of shares of capital stock of the Company that such Selling Holder elects to sell; or 
 (ii) that number of
shares of capital stock of the Company that are at such time convertible into the number of shares of Common Stock that such Selling Holder elects to sell; provided, however, that if the prospective third-party purchaser objects to the
delivery of shares of capital stock of the Company in lieu of Common Stock, such Selling Holder 

  
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shall convert such shares of capital stock of the Company into Common Stock and deliver Common Stock as provided in this Section 2.2. The Company agrees to make any such conversion
concurrent with the actual transfer of such shares to the purchaser and contingent on such transfer. 
 (d) The stock
certificate or certificates that the Selling Holder delivers to the Selling Stockholder pursuant to subsection 2.2(c) shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and
conditions specified in the Transfer Notice, and the Selling Stockholder shall concurrently therewith remit to such Selling Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such
sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase shares or other securities from a Selling Holder exercising its rights of co-sale hereunder, the Selling Stockholder shall
not sell to such prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, the Selling Stockholder shall purchase such shares or other securities from such Selling Holder for the same consideration
and on the same terms and conditions as the proposed transfer described in the Transfer Notice. 
 2.3 Non-Exercise of
Rights. To the extent that the Company and the Holders have not exercised their rights to purchase the Offered Shares or the Remaining Shares within the time periods specified in Section 2.1 and the Holders have not exercised their rights
to participate in the sale of the Remaining Shares within the time periods specified in Section 2.2, the Selling Stockholder shall have a period of thirty (30) days from the expiration of such rights in which to sell the Offered Shares or
the Remaining Shares, as the case may be, upon terms and conditions (including the purchase price) no more favorable than those specified in the Transfer Notice, to the third-party transferee(s) identified in the Transfer Notice. The third-party
transferee(s) shall acquire the Offered Shares and the Remaining Shares free and clear of subsequent rights of first refusal and co-sale rights under this Agreement. In the event the Selling Stockholder does not consummate the sale or disposition of
the Offered Shares and Remaining Shares within the thirty (30) day period from the expiration of these rights, the Company’s first refusal rights and the Holders’ first refusal rights and co-sale rights shall continue to be applicable
to any subsequent disposition of the Offered Shares or the Remaining Shares by the Selling Stockholder until such right lapses in accordance with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of the Company and
the Holders under this Section 2 to purchase Equity Securities from the Selling Stockholder or participate in sales of Equity Securities by the Selling Stockholder shall not adversely affect their rights to make subsequent purchases from the
Selling Stockholder of Equity Securities or subsequently participate in sales of Equity Securities by the Selling Stockholder. 

2.4 Limitations of Rights of First Refusal and Co-Sale. Notwithstanding the provisions of Section 2.1 and 2.2 of this
Agreement, the first refusal rights of the Company and the first refusal rights and co-sale rights of the Holders shall not apply to (a) the Transfer of Equity Securities to any spouse or member of the Common Holder’s or Investor’s
immediate family, or to a custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary for the account of the Common Holder’s or Investor’s spouse or members of the Common Holder’s or Investor’s
immediate family, or to a trust for the Common Holder’s or Investor’s own self, or a charitable remainder trust, (b) any Transfer between an entity and its 

  
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partners and Affiliates (including, in the case of a venture capital fund, other venture capital funds Affiliated with such fund), (c) any sale of Equity Securities to the public pursuant to
a registration statement filed with, and declared effective by, the Securities and Exchange Commission under the Securities Act of 1933, as amended or (d) the Transfer of any Equity Securities owned or otherwise held by Intel Capital
Corporation (“Intel Capital”) or its Affiliates; provided, however, that in the event of any transfer made pursuant to one of the exemptions provided by clauses (a), (b), (c) or (d), (i) the Common Holder or
Investor shall inform the Investors of such Transfer prior to effecting it and (ii) each such transferee or assignee, prior to the completion of the Transfer, shall have executed documents assuming the obligations of the Common Holder or
Investor under this Agreement with respect to the transferred Equity Securities. Such transferred Equity Securities shall remain “Equity Securities” hereunder, and such pledgee, transferee or donee shall be treated as the
“Common Holder or Investor” for purposes of this Agreement. 
 2.5 Prohibited Transfers. 

(a) Except as otherwise provided in this Agreement, each Common Holder and Investor will not sell, assign, transfer, pledge, hypothecate
or otherwise encumber or dispose of in any way, all of any part of or any interest in the Equity Securities. Any sale, assignment, transfer, pledge, hypothecation or other encumbrance or disposition of Equity Securities not made in conformance with
this Agreement shall be null and void, shall not be recorded on the books of the Company and shall not be recognized by the Company. 
 (b) In the event the Common Holder or Investor should sell any Equity Securities in contravention of the co-sale rights of the Holders under Section 2.2 (a “Prohibited Transfer”),
the Holders, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below under subsection (c), and the Common Holder and Investor shall be bound by the applicable provisions of such
option. 
 (c) In the event of a Prohibited Transfer, each Holder shall have the right to sell to the Common Holder and
Investor the type and number of shares of Equity Securities equal to the number of shares each Holder would have been entitled to transfer to the third-party transferee(s) under Section 2.2 hereof had the Prohibited Transfer been effected
pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 
 (i) The
price per share at which the shares are to be sold to the Common Holder and Investor shall be equal to the price per share paid by the third-party transferee(s) to the Common Holder and Investor in the Prohibited Transfer. The Common Holder and
Investor shall also reimburse each Holder for any and all fees and expenses, including legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Holder’s rights under Section 2.2. 

(ii) Within ninety (90) days after the later of the date on which the Holder (A) receives notice of the Prohibited Transfer or
(B) otherwise becomes aware of the Prohibited Transfer, each Holder shall, if exercising the option created hereby, deliver to the 

  
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Common Holder and Investor the certificate or certificates representing shares to be sold, each certificate to be properly endorsed for transfer. 

(iii) The Common Holder and Investor shall, upon receipt of the certificate or certificates for the shares to be sold by a Holder
pursuant to this Section 2.5, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in subsection 2.5(c)(i), in cash or by other means acceptable to the Holder. 

(d) Except as provided in Sections 2.4 and 2.6 hereof, no Common Holder or Investor shall transfer shares of Common Stock, or options or
warrants exerciseable for shares of Common Stock, until the Release Date. Following the Release Date all Transfers of shares of Common Stock, or options or warrants exercisable for shares of Common Stock, shall be subject to the first refusal rights
of the Company and the first refusal and co-sale rights of the Holders set forth in Sections 2.1 and 2.2 hereof. 
 2.6
Mandatory Offer to Sell. 
 (a) In the event that any Common Holder (i) dies or otherwise ceases to exist,
(ii) is declared incompetent by a court of competent jurisdiction, (iii) files a petition (or a petition is filed against such Common Holder) for relief under applicable bankruptcy or insolvency law, and such petition is not dismissed
within sixty (60) days of filing, (iv) is dissolved or liquidated, (v) effects a transfer for the benefit of creditors of such Common Holder generally, or (vi) is obligated to transfer any shares of Common Stock of the Company in
connection with a divorce or dissolution, or is party to any property settlement or separation agreement wherein shares of Common Stock of the Company are awarded the former or separated spouse or domestic partner of such Common Holder who is not
already a stockholder of the Company (each of subsections 2.6(a)(i) through (vi) shall be referred to herein as a “Triggering Event”), then all shares of Common Stock held by such Common Holder, or a transferee in accordance
with Section 2.4 herein, shall be deemed to be offered for sale to the Company at a price per share determined pursuant to subsection 2.6(b) below; provided, however, that this Section 2.6 shall not apply to (A) in the
event such Common Holder dies, those shares of Common Stock held by such Common Holder that would otherwise be transferred pursuant to Section 2.4 hereof, (B) in the event that a Common Holder is declared incompetent, those shares of
Common Stock held by such Common Holder that can be voted by a transferee in accordance with Section 2.4 hereof, and (C) in connection with a divorce or separation, those shares of Common Stock not transferred in connection therewith.

 (b) With respect to any shares of Common Stock to be transferred pursuant to Section 2.6(a) above the purchase price
per share shall determined by an appraiser of recognized standing selected by the Board. The Company shall notify such Common Holder, or the permitted transferee thereof, of the purchase price so determined within thirty (30) days after receipt
by the Company of written notice of any Triggering Event. 
 (c) The right of the Company to purchase any shares of Common
Stock pursuant to this Section 2.6 may be assigned by the Board, in whole or in part, to the Investors, on a pro rata basis, or to other stockholders of the Company if no Investor elects to accept such assignment. 

  
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 3. Assignments and Transfers; No Third-Party Beneficiaries. This Agreement and the
rights and obligations of the Parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any third party. The rights of the
Holders hereunder are only assignable (i) to any other Holder or (ii) to a partner or Affiliate of such Holder; provided that except as otherwise provided in Section 2, each Common Holder and Investor will not sell, assign, transfer,
pledge, hypothecate or otherwise encumber or dispose of in any way, all of any part of or any interest in the Equity Securities. 
 4. Legend. Each existing or replacement certificate for the Company’s shares now owned or hereafter acquired shall bear the following legend upon its face: 

“THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS
AND CONDITIONS OF A CERTAIN STOCK RESTRICTION, FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE
SECRETARY OF THE CORPORATION.” 
 5. Effect of Change in Company’s Capital Structure. If, from time to time,
the Company pays a stock dividend or effects a stock split or other change in the character or amount of any of the outstanding stock of the Company, then in such event any and all new, substituted or additional securities to which the Common Holder
and Investor is entitled by reason of such Common Holder’s and Investor’s ownership of Equity Securities shall be immediately subject to the rights and obligations set forth in this Agreement with the same force and effect as the stock
subject to such rights immediately before such event. 
 6. Notices. All notices and other communications given or made
pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the
recipient; if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day after deposit with a nationally
recognized overnight courier, specifying next day delivery, with written verification of receipt. The occurrence of the events set forth in subsections (i) through (iv) above shall constitute “Delivery” of notice. All
communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 6). 

7. Further Instruments and Actions. The Parties agree to execute such further instruments and to take such further action as may
reasonably be necessary to carry out the intent of this Agreement. Each Common Holder and Investor agrees to cooperate affirmatively with the Company, and to the extent reasonably requested by the Company, the Holders, to enforce rights and
obligations pursuant hereto. 

  
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 8. Term. This Agreement shall terminate and be of no further force or effect upon the
earliest to occur of (a) the consummation of the Company’s sale of its Common Stock or other securities pursuant to a registration statement on Form S-1 or Form SB-2 under the Securities Act of 1933, as amended, the aggregate proceeds of
which is not less than $25,000,000 or (b) the consummation of a Liquidation Event, as that term is defined in the Company’s Fourth Amended and Restated Certificate of Incorporation (as amended from time to time). 

9. Entire Agreement. This Agreement contains the entire understanding of the parties hereto with respect to the subject matter
hereof and supersedes all other agreements between or among any of the parties with respect to the subject matter hereof. This Agreement shall be interpreted under the laws of the State of New York without reference to New York conflicts of law
provisions. The Prior Agreement is hereby amended and restated in its entirety and shall be of no further force or effect. 

10. Amendments and Waivers. This Agreement may be terminated, any term of this Agreement may be amended and the observance of any
term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (i) the Company, and (ii) Investors holding at least two thirds of the Common
Stock issuable or issued upon conversion of the Preferred Stock; provided, however, that such majority shall include the consent of Intel Capital until such time that Intel Capital transfers its Shares to a transferee that is not a
partner or Affiliate of Intel Capital; provided further, however, that in the event such termination, amendment or waiver adversely affects the rights and/or obligations of the Common Holders in a different manner than the Holders,
such termination, amendment or waiver shall also require the written consent of the holders of at least a majority of the Common Stock then held by the Common Holders. Any amendment or waiver effected in accordance with this paragraph shall be
binding upon each Party and their respective successors and assigns. 
 11. Severability. If one or more provisions of
this Agreement is held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance
with its terms. 
 12. Attorney’s Fees. In the event that any dispute among the parties to this Agreement should
result in litigation, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without
limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 
 13. Aggregation of Stock. For the purposes of determining the availability of any rights under this Agreement, the holdings of any transferee and assignee of an individual or a partnership who is a
spouse, ancestor, lineal descendant or siblings of such individual or partners or retired partners of such partnership or Affiliates of such partnership (including spouses and ancestors, lineal descendants and siblings of such partners or spouses
who acquire Common Stock by gift, will or intestate succession) shall be aggregated together with the individual or 

  
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partnership, as the case may be, for the purpose of exercising any rights or taking any action under this Agreement. In addition, all holdings of Affiliates shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement. 
 14. Binding Effect. In addition to any
restriction or transfer that may be imposed by any other agreement by which any Party hereto may be bound, this Agreement shall be binding upon the Parties, their respective heirs, successors, transferees and assigns. 

15. Additional Investors. Notwithstanding Section 10 hereof, no consent shall be necessary to (i) add additional
Investors as signatories to this Agreement, provided that such Investors have purchased shares of Series C Preferred Stock pursuant to the Purchase Agreement or received Equity Securities pursuant to Section 2.4 hereof or (ii) add
additional Common Holders as signatories to this Agreement. The Company shall not issue Common Stock to any Person if, immediately after the issuance of such Common Stock (or if such Common Stock is issued upon conversion or exercise of another
security convertible into, or exercisable for, such Common Stock, immediately after the issuance of such other security), such Person would hold more than one percent (1%) of the Company’s Common Stock (assuming the conversion of all
outstanding Preferred Stock and the exercise of all outstanding warrants and options), unless (a) such Person becomes a signatory to this Agreement, (b) such Common Stock is otherwise subject to a right of first refusal in favor of the
Company (including a right of first refusal under stock option or stock purchase plans or agreements used in connection therewith) or (c) Investors holding at least a majority of the Common Stock issued or issuable upon conversion of the
Preferred Stock otherwise consent in writing. The schedules to this Agreement shall be updated to reflect such additional Investors and Common Holders. 
 16. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 (Remainder of page intentionally left blank) 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated
Stock Restriction, First Refusal and Co-Sale Agreement as of the date first written above. 
  

							
		 		 	COMPANY:
			
		 		 	SYNACOR, INC.
				
		 		 	By	 	  

		 		 		 	Ron Frankel
		 		 		 	President
			
	Address:	 		 	40 La Riviere Drive, Suite 300
		 		 	Buffalo, NY 14202
			
		 		 	INVESTORS:
			
		 		 	INTEL CAPITAL CORPORATION
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	c/o Intel Corporation
		 		 	 Attn: Intel Capital Portfolio Manager
 2200 Mission College Blvd., M/S RN6-46
 Santa Clara, CA 95052

Facsimile: (408) 765-6038
 With a copy by e-mail
to:
 portfolio.manager@intel.com

			
		 		 	SIGNATURE PAGE TO THE THIRD AMENDED AND RESTATED STOCK RESTRICTION, FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG SYNACOR, INC. AND THE INVESTORS LISTED ON THE
SIGNATURE PAGES HERETO.

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS:
			
		 		 	 NORTH ATLANTIC VENTURE FUND III,
 a Limited Partnership

				
		 		 	By:	 	North Atlantic Investors III, LLC,
		 		 		 	its General Partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	  

		 		 	  

			
		 		 	NORTH ATLANTIC SBIC IV, L.P.
				
		 		 	By:	 	 North Atlantic Investors SBIC IV, LLC,
 its General Partner

				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	  

		 		 	  

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS:
			
		 		 	MITSUI INCUBASE CORPORATION
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	  

		 		 	  

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS:
			
		 		 	ADVANTAGE CAPITAL NEW YORK
		 		 	PARTNERS I, L.P.
		 		 	By:	 	 Advantage Capital New York GP-I, LLC,
 Its General Partner

				
		 		 	By	 	  

		 		 		 	M. Scott Murphy
		 		 		 	Vice President
			
	Address:	 		 	5 Warren Street, Suite 204
		 		 	Glens Falls, NY 12801
			
		 		 	ADVANTAGE CAPITAL NEW YORK
		 		 	PARTNERS II, L.P.
				
		 		 	By:	 	Advantage Capital New York GP-II,
		 		 		 	LLC, Its General Partner
				
		 		 	By	 	  

		 		 		 	M. Scott Murphy
		 		 		 	Vice President
			
	Address:	 		 	5 Warren Street, Suite 204
		 		 	Glens Falls, NY 12801

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS:
			
		 		 	ACCESS TECHNOLOGY CAPITAL, LLC
				
		 		 	By	 	  

		 		 	Name:	 	Peter Thoren
		 		 	Title:	 	Vice President
			
	Address:	 		 	730 Fifth Avenue, 20th Floor
		 		 	New York, NY 10019

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	 INVESTORS AND COMMON STOCK
 WARRANT HOLDERS:

			
		 		 	RAND CAPITAL SBIC, L.P.
				
		 		 	By:	 	Rand Capital Management, LLC,
		 		 		 	its General Partner
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	2200 Rand Building
		 		 	Buffalo, NY 14203
			
		 		 	BUFFALO AND ERIE COUNTY
		 		 	INDUSTRIAL LAND DEVELOPMENT
		 		 	CORPORATION
				
		 		 	By	 	  

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	275 Oak Street
		 		 	Buffalo, NY 14203

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS AND COMMON HOLDERS:
			
		 		 	 CRYSTAL INTERNET VENTURE FUND II
 (BVI), L.P.

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

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

		 		 	Name:	 	
		 		 	Title:	 	
			
	Address:	 		 	1120 Chester Avenue, Suite 418
		 		 	Cleveland, OH 44114

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

					
		 		 	INVESTORS AND COMMON HOLDERS:
			
		 		 	  

		 		 	Jeremy M. Jacobs, Jr.
			
	Address:	 		 	c/o Delaware North Co.
		 		 	40 Fountain Plaza
		 		 	Buffalo, NY 14202
		 		 	Attn: Mike Gallagher
			
		 		 	  

		 		 	JoRon Management LLC
			
	Address:	 		 	50 Fountain Plaza
		 		 	Suite 1320
		 		 	Buffalo, NY 14202

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

							
		 		 	INVESTORS AND COMMON HOLDERS:
			
		 		 	PACVEN WALDEN VENTURES IV
		 		 	ASSOCIATES FUND, L.P.
				
		 		 	By	 	  

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

			
		 		 	PACVEN WALDEN VENTURES IV, L.P.
				
		 		 	By	 	  

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

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

		 		 	Name:	 	Lip-Bu Tan
		 		 	Title:	 	Director
			
	Address:	 		 	One California Street, Suite 2800
		 		 	San Francisco, CA 94111

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

 
	
	COMMON HOLDERS:

 
							
		
		 	  

		 	Print name:	 	  
	 	
		
		 	  

		 	Print name:	 	  
	 	
		
		 	  

		 	Print name:	 	  
	 	

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED STOCK RESTRICTION,

 FIRST REFUSAL AND CO-SALE
AGREEMENT 

 Schedule A 

Schedule of Series C Investors 

Access Technology Capital, LLC 
 Advantage
Capital New York Partners I, L.P. 
 Advantage Capital New York Partners II, L.P. 
 Crystal Internet Venture Fund II (BVI), L.P. 
 Crystal Internet Venture Fund II (BVI), Crystal
Vision, L.P. 
 Intel Capital Corporation 
 JoRon Management LLC 
 Jeremy M. Jacobs, Jr. 

Mitsui Incubase Corporation 
 North Atlantic SBIC
IV, L.P. 
 North Atlantic Venture Fund III, a Limited Partnership 
 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 

Rand Capital SBIC, L.P. 
 WIIG-TDF Partners LLC

 Walden EDB Partners II, L.P. 

 Schedule B 

Schedule of Series B Investors 

Access Technology Capital, LLC 
 Advantage
Capital New York Partners I, L.P. 
 Crystal Internet Venture Fund II (BVI), L.P. 
 Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Intel Capital Corporation

 Jeremy M. Jacobs, Jr. 
 JoRon
Management LLC 
 Rand Capital SBIC, L.P. 
 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 

 Schedule C 

Schedule of Series A-1 Investors 

Advantage Capital New York Partners I, L.P. 

 Schedule D 

Schedule of Series A Investors 

Crystal Internet Venture Fund II (BVI), Ltd. 

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 JoRon Management LLC 
 Jeremy M. Jacobs, Jr. 

Joseph J. Castiglia 
 Robert G. Weber 

Fors Family Limited Partnership 
 Paul J. Harder

 Stephen A. Nappo 
 Steven R. Kieffer

 David M. Carroll 
 John Lally

 Kevin Cornacchio 
 Charles Kelkenberg

 David T. Hore 
 Robert Santa Maria

 Herbert J. Heimerl, Jr. 
 Guy
Berberich 
 Thomas F. Hanlon III 
 Paul
Wiepert 
 Scott M. McCarthy 
 Samuel
LaNasa 
 Chek Ventures LLC 
 Chek
Ventures II LLC 
 Chek Ventures III LLC 

Intel Capital Corporation 
 Pacven Walden
Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 WIIG-TDF Partners LLC 
 Walden EDB Partners II, L.P. 

Access Technology Capital, LLC 
 Mike Nappo

 Don Wehrung 
 Sean Hus Var

 Richard Lally 
 Kenneth Lally

 Rand Capital SBIC, L.P. 
 Buffalo and
Erie County Industrial Land Development Corporation 

 Schedule E 

Common Holders 
 @Visory LLC

 Charles A. Anken & Sandra S. Olivieri 
 Gabriel Adiv 
 Darren Ascone 
 Frederick G. Attea 
 Dennis Ball 
 Ed Bujanowski 
 Malcolm Burnett 
 Ronald B. Cadby 
 Angelo J. Cammilleri 
 Rebecca Cammilleri 
 Michael Campanella 
 Barak Carmon 
 Blake Carver 
 George G. Chamoun 
 Chek Ventures LLC 
 Chek Ventures II LLC 
 Henry Cole 
 Kari Cole 
 Mike Collins 
 Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Crystal Internet Venture Fund II
(BVI), Ltd. 
 Larry Decker 
 Deeridge
Investment Partnership 
 Anthony Diina 

Tracy Fernandez 
 First Albany Corporation

 Douglas Fish 
 Garage.com Investments
I, L.P. 
 Garage Securities, Inc. 

Michael Garofalo 
 Keith Gizzi 

Drew Graham 
 Leota Knapp Hair 

George Harris 
 Jesper Henriksen 

Sean Hus Var 
 ICE Family Partnership 

Janet Ingalsbe 
 Innovasia Venture Partners I
Limited (BVI) 
 Jeremy M. Jacobs, Sr. 

Jeremy M. Jacobs, Jr. 

 Craig W. Johnson 
 JoRon Management LLC 
 Rick Keisic 
 Rachel K. King 
 Kyle Kokanovich 
 Kandice Kraus 
 Ted Leiser 
 Brian Lipke 
 Brad Loftin 
 Mary K. Mahley 
 Randolph Marks 
 Kenneth McCreadie 
 John F. McMahon 
 Mary G. McMahon 
 Daniel J. Neaverth, Jr. 
 David Michael Neaverth 
 Darren Anthony Neaverth 

Dean James Neaverth 
 Rory B. O’Connor

 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 Sunita S. Pandit 

Virginia R. Piotrowski 
 Ron Poole 

Michael Prince 
 Brad Pritchard 

ProSeed Capital Holdings CVA 
 Santi Rao

 Redwood Management III LP 
 Redwood
Ventures III LP 
 Danielle Restaino 

Aimee Richardson 
 Howard Schomer 

Cindy Schwartz 
 Phil Seibel 

Francine Seifert 
 Gur Shomron 

The Sidne J. Long Trust u/a/d 4-26-84 
 SMB
Investment Partnership 
 Mike Snusz 

Sarah Sorensen 
 Joseph Spychalski 

Tom Stanton 
 David Stempkowski 

The Sternheim Trust 
 Dave Tucker 

 Patti Strauss 
 VLG Investments 1998 
 Walden EDB Partners II LP 

Linda Wancyzk 
 Robert Weiner 

Alison Wentker 
 WIIG-TDF Partners LLC

 Raymond Young 
 Gregory Zaepfel

 Common Stock Warrant Holders 

Rand Capital SBIC, L.P. 
 Buffalo and Erie
County Industrial Land Development CorporationThird Amended and Restated Voting Agreement

 Exhibit 4.5 
 THIRD AMENDED AND RESTATED VOTING AGREEMENT 
 THIS THIRD AMENDED AND
RESTATED VOTING AGREEMENT (the “Agreement”) is made and entered into as of October 19, 2006, by and among Synacor, Inc., a Delaware corporation (the “Company”), the holders of the Company’s Series C
Preferred Stock (sometimes referred to herein as the “Series C Preferred Stock”) listed on the Schedule of Series C Investors attached as Schedule A hereto (the “Series C Investors”), the
holders of the Company’s Series B Preferred Stock (sometimes referred to herein as the “Series B Preferred Stock”) listed on the Schedule of Series B Investors attached as Schedule B hereto (the “Series B
Investors”), the holders of the Company’s Series A-1 Preferred Stock (sometimes referred to herein as the “Series A-1 Preferred Stock”) listed on the Schedule of Series A-1 Investors attached as
Schedule C hereto (the “Series A-1 Investors”), the holders of the Company’s Series A Preferred Stock (sometimes referred to herein as the “Series A Preferred Stock” and, together with the
Series C Preferred Stock, Series B Preferred Stock and Series A-1 Preferred Stock, the “Preferred Stock”) listed on the Schedule of Series A Investors attached as Schedule D hereto (the “Series A
Investors” and, together with the Series C Investors, Series B Investors and Series A-1 Investors, the “Investors”), the lenders of the Company (the “Lenders”) listed on the Schedule of Lenders
attached as Schedule E hereto and the holders of Common Stock of the Company (the “Common Stock”) or warrants to purchase Common Stock of the Company (the “Common Holders”) listed on the Schedule of
Common Holders attached as Schedule F hereto. The Company, the Lenders, the Common Holders and the Investors are individually each referred to herein as a “Party” and are collectively referred to herein as the
“Parties.” The Company’s Board of Directors is referred to herein as the “Board.” 

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

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

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

WHEREAS, the Company, certain of the Investors, the Common Holders and the Lenders are parties to that certain Second Amended and
Restated Voting Agreement dated as of October 1, 2004 (the “Prior Agreement”); 
 WHEREAS, Section 17
of the Prior Agreement provides that generally the Prior Agreement may be amended with the written consent of the holders of two thirds of the then outstanding Preferred Stock (as defined therein); 

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

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

NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties agree as follows: 
 1. Agreement to Vote. Each Investor, as a holder of
Preferred Stock, hereby agrees on behalf of itself and any transferee or assignee of any such shares of the Preferred Stock, to hold all of the shares of Preferred Stock registered in its name and any other voting securities of the Company
subsequently acquired by such Investor (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such securities) (hereinafter collectively referred to as the “Investor
Shares”) subject to, and to vote the Investor Shares at a regular or special meeting of stockholders (or by written consent) in accordance with, the provisions of this Agreement. Each Common Holder, as a holder of Common Stock of the
Company, hereby agrees on behalf of itself and any transferee or assignee of any such shares of Common Stock, to hold all of such shares of Common Stock and any other securities of the Company acquired by such Common Holder in the future (and any
securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such securities) (the “Common Shares”) subject to, and to vote the Common Shares at a regular or special meeting of
stockholders (or by written consent) in accordance with, the provisions of this Agreement. 
 2. Board Size. The holders
of Investor Shares and Common Shares shall vote at a regular or special meeting of stockholders (or by written consent) such shares that they own (or as to which they have voting power) to ensure that the size of the Board shall be set and remain at
seven (7) directors; provided, however, that such Board size may be subsequently 

  
 2 

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

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

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

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

  
 3 

 (e) In any election of any remaining members of the Board, the Investors and the Common
Holders shall each vote at any regular or special meeting of stockholders (or by written consent) such number of voting securities of the Company then owned by them (or as to which they then have voting power) as may be necessary to elect directors
nominated by the Common Director and approved by a majority of the Preferred Directors (the “Industry Directors”). 
 4. Observer Rights. For so long as George G. Chamoun is an employee of the Company, Mr. Chamoun shall be entitled to attend each meeting of the Board in a nonvoting, observer capacity. For so
long as they hold shares of Common Stock or Preferred Stock, each of Buffalo and Erie County Industrial Land Development Corporation (“BECILDC”), Rand Capital SBIC, L.P. (“Rand”), Access Technology Capital, LLC
(“Access”) and Mitsui Incubase Corporation (“Mitsui”) shall be entitled to designate one (1) representative (the “BECILDC Observer”, the “Rand Observer”, the “Access
Observer” and the “Mitsui Observer”, respectively, and together with Mr. Chamoun, the “Observers”) to attend each meeting of the Board in a nonvoting, observer capacity. The Company shall send to the
Observers the notice of the time and place of such meeting in the same manner and at the same time as it shall send such notice to the Board. The Company shall also provide the Observers with copies of all reports, minutes and consents at the time
and in the manner as they are provided to the Board and the Observers shall have access to the same information as members of the Board, provided that the Observers shall hold in confidence and trust all information provided to, or obtained
by, him or her pursuant to this Section 4; and provided further, that the Company reserves the right to withhold any information and to exclude any or all of the Observers from any meeting or portion thereof if (i) access to
such information or attendance at such meeting (A) could adversely affect the attorney-client privilege between the Company and its counsel or (B) would result in disclosure of trade secrets to any of the Observers or (ii) any of the
Observers is a direct competitor to the Company. 
 5. Removal. Any director of the Company may be removed from the board
in the manner allowed by law and the Certificate of Incorporation, as amended, and the Company’s Bylaws, but with respect to a director designated pursuant to subsections 3(a), 3(b), 3(c) or 3(d) above, only upon the vote or written consent of
the stockholders or directors, as applicable, entitled to nominate such director. 
 6. Majority Electing. In the event
that (a)(i) an acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without limitation, any reorganization, merger or consolidation) that would result in the transfer of fifty
percent (50%) or more of the outstanding voting power of the Company or in which the stockholders of the Company immediately prior to such transaction would own, as a result of such transaction, less than a majority of the voting securities, in
the same relative proportions, of the successor or surviving corporation immediately thereafter; or (ii) a sale of all or substantially all of the assets of this corporation (such events described in subsections (i) and (ii) are
referred to herein as a “Sale of the Company”) is approved by a majority of the Board and the holders of at least sixty percent (60%) of the outstanding shares of Preferred Stock (voting together as a single class on an
as-converted basis) and (b) the net proceeds of such Sale of the Company are 

  
 4 

 
to be distributed to stockholders of the Company in accordance with the Certificate of Incorporation, as amended, then each Investor, Common Holder and Lender hereby agrees with respect to all
options, warrants or securities of the Company, which it owns or with respect to which it otherwise exercises voting or dispositive authority; provided, however, that (i) the requirements of this Section 6 shall not apply to
any securities of the Company owned by Intel Capital Corporation (“Intel Capital”) or its Affiliates (including all securities over which Intel Capital otherwise exercises voting or dispositive authority) and (ii) the
requirements of this Section 6 shall apply to any transferee of Shares (defined below) that is not a partner or Affiliate of Intel Capital: 
 (a) in the event such transaction is to be brought to a vote at a stockholder meeting, after receiving proper notice of any meeting of stockholders of the Company to vote on the approval of a Sale of the
Company, to be present, in person or by proxy, as a holder of shares of voting securities, at all such meetings and be counted for the purposes of determining the presence of a quorum at such meetings; 

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

 (c) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with
respect to such Sale of the Company; 
 (d) to execute and deliver all related documentation and take such other action in
support of the Sale of the Company as shall reasonably be requested by the Company; 
 (e) if the Sale of the Company is
structured as a sale of equity securities by the stockholders of the Company, to sell the Investor Shares and Common Shares then owned by it on the terms and conditions of such Sale of the Company; and 

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

“Shares” is defined as any shares of, or securities convertible into or exchangeable for any shares of, any class of the
capital stock of the Company. 
 7. Legend on Share Certificates. Each certificate representing any Common Shares and
Investor Shares shall be endorsed by the Company with a legend reading substantially as follows: 

  
 5 

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

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

 9. No Liability for Election of Recommended Directors. None of the Company, the Common Holders, the Lenders, the
Investors, nor any officer, director, stockholder, partner, employee or agent of such Party, makes any representation or warranty as to the fitness or competence of the nominee of any Party hereunder to serve on the Company’s Board by virtue of
such Party’s execution of this Agreement or by the act of such Party in voting for such nominee pursuant to this Agreement. 
 10. Grant of Proxy. Each Party except Intel Capital with respect to Section 6 only hereby grants to the Board a proxy coupled with an interest in all Investor Shares and Common Shares owned by
such Party which proxy is irrevocable until (i) this Agreement terminates pursuant to its terms or (ii) this Section 10 is amended to remove such grant of proxy in accordance with Section 17 hereof, to vote all such Investor
Shares and Common Shares in the manner provided in Sections 2, 3 and 6 hereof. 
 11. Specific Enforcement. It is agreed
and understood that monetary damages would not adequately compensate an injured Party for the breach of this Agreement by any Party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement
shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

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

  
 6 

 13. Captions. The captions, headings and arrangements used in this Agreement are for
convenience only and do not in any way limit or amplify the terms and provisions hereof. 
 14. Notices. All notices and
other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during
normal business hours of the recipient; if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) business day
after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached
hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 14). 
 15.
Term. This Agreement shall terminate and be of no further force or effect upon (a) the consummation of a Qualified Public Offering (as such term is defined in the Certificate of Incorporation, as amended), (b) the
consummation of a Liquidation Event (as defined in the Certificate of Incorporation), or (c) the written consent of the holders of a majority of the then outstanding Common Shares, the majority in interest of the Lenders and the holders of
two-thirds of the then outstanding Investor Shares. 
 16. Manner of Voting. The voting of shares pursuant to this
Agreement may be effected in person, by proxy, by written consent, or in any other manner permitted by applicable law. 
 17.
Amendments and Waivers. Any term hereof may be amended and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) with the written consent of (i) the
Company and (ii) the holders of two thirds of the then outstanding Preferred Stock (voting as a single class and on an as converted to Common Stock basis); provided, however, that in the event such amendment or waiver would
adversely affect the rights and/or obligations of the Common Holders in a different manner than the Investors and Lenders, such amendment or waiver shall also require the written consent of the holders of at least a majority of the Common Stock then
held by the Common Holders; provided further, however, that in the event any amendment or waiver of Section 4, Section 15 or Section 17 adversely affects the rights and/or obligations of BECILDC, Rand, Access or Mitsui,
such amendment or waiver shall also require the written consent of such stockholder so adversely affected (as applicable). Notwithstanding the foregoing, (a) the provisions of Section 3(a), Section 15 and Section 17 may be
amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the holders of a majority of the Common Shares, (b) the
provisions of Section 2, Section 3(b)(i), Section 15 and Section 17 may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only
with the written consent of Crystal; (c) the provisions of Section 2, Section 3(b)(ii), Section 15 and Section 17 may be amended and the observance of any term thereof may be waived (either generally or in a

  
 7 

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

18. Stock Splits, Stock Dividends, etc. In the event of any issuance of shares of the Company’s voting securities hereafter
to any of the Parties hereto (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), such shares shall become subject to this Agreement and shall be endorsed with the legend
set forth in Section 7. 
 19. Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

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

  
 8 

 21. Additional Investors. Notwithstanding Section 17, no consent or amendment
shall be necessary to (i) add additional Investors as signatories to this Agreement, provided that such Investors have purchased Series C Preferred Stock pursuant to the Purchase Agreement or (ii) add additional Common Holders
as signatories to this Agreement. Except for issuances of Common Stock upon the exercise of options and warrants outstanding on the date hereof, the Company shall not issue Common Stock to any Person unless such Person becomes a signatory to this
Agreement or unless Investors holding at least a majority of the Common Stock issued or issuable upon conversion of the Preferred Stock otherwise consent in writing. The schedules to this Agreement shall be updated to reflect such additional
Investors and Common Holders. 
 22. Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to conflicts of law principles thereof. 
 23. Entire Agreement. This
Agreement is intended to be the sole agreement of the Parties as it relates to this subject matter and does hereby supersede all other agreements of the Parties relating to the subject matter hereof. The Prior Agreement is hereby amended and
restated its entirety and shall be of no further force or effect. 
 24. Counterparts. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 25. Arbitration. Any controversy between the Parties hereto involving any claim arising out of or relating to the termination of this Agreement, will be submitted to and be settled by final and
binding arbitration in New York, New York, in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association (the “AAA”), and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof; provided, however, that (i) this Section 25 shall not apply to Intel Capital and its Affiliates and (ii) this Section 25 shall be binding upon any transferee of Shares that
is not a partner or Affiliate of Intel Capital. Such arbitration shall be conducted by three (3) arbitrators chosen by the Company, the Investors, and the Common Holders, or failing such agreement, an arbitrator experienced in the sale of
similarly sized companies appointed by the AAA. There shall be limited discovery prior to the arbitration hearing as follows: (a) exchange of witness lists and copies of documentary evidence and documents relating to or arising out of the
issues to be arbitrated, (b) depositions of all party witnesses, and (c) such other depositions as may be allowed by the arbitrators upon a showing of good cause. Depositions shall be conducted in accordance with the New York Code of Civil
Procedure, the arbitrator(s) shall be required to provide in writing to the Parties the basis for the award or order of such arbitrator(s), and a court reporter shall record all hearings, with such record constituting the official transcript of such
proceedings. 
 (Remainder of page intentionally left blank) 

  
 9 

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

									
		 		 		 	COMPANY:
				
		 		 		 	SYNACOR, INC.
					
		 		 		 	By	 	  

		 		 		 		 	Ron Frankel
		 		 		 		 	President
				
		 	Address:	 		 	40 La Riviere Drive, Suite 300
		 		 		 	Buffalo, NY 14202
				
		 		 		 	INVESTORS:
				
		 		 		 	INTEL CAPITAL CORPORATION
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	c/o Intel Corporation
		 		 		 	Attn: Intel Capital Portfolio Manager
		 		 		 	2200 Mission College Blvd., M/S RN6-46
		 		 		 	Santa Clara, CA 95052
		 		 		 	Facsimile: (408) 765-6038
				
		 		 		 	With a copy by e-mail to:
		 		 		 	portfolio.manager@intel.com
				
		 		 		 	SIGNATURE PAGE TO THE THIRD AMENDED AND RESTATED VOTING AGREEMENT BY AND AMONG SYNACOR, INC. AND THE INVESTORS LISTED ON THE SIGNATURE PAGES
HERETO.

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

 
			
	INVESTORS:
	
	 NORTH ATLANTIC VENTURE FUND III,
 a Limited Partnership

		
	By:	 	North Atlantic Investors III, LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	Address:	 	  

		 	  

			
	
	NORTH ATLANTIC SBIC IV, L.P.
		
	By:	 	North Atlantic Investors SBIC IV, LLC,
		 	its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	Address:	 	  

		 	  

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

 
			
	INVESTORS:
	
	MITSUI INCUBASE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
		
	Address:	 	  

		 	  

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
		 		 		 	INVESTORS:
				
		 		 		 	ADVANTAGE CAPITAL NEW YORK PARTNERS I, L.P.
					
		 		 		 	By:	 	Advantage Capital New York GP-I, LLC, Its General Partner
					
		 		 		 	By	 	  

		 		 		 		 	M. Scott Murphy
		 		 		 		 	Vice President
				
		 	Address:	 		 	 5 Warren Street, Suite 204
 Glens Falls, NY 12801

				
		 		 		 	ADVANTAGE CAPITAL NEW YORK PARTNERS II, L.P.
					
		 		 		 	By:	 	Advantage Capital New York GP-II, LLC, Its General Partner
		 		 		 	
					
		 		 		 	By	 	  

		 		 		 		 	M. Scott Murphy
		 		 		 		 	Vice President
				
		 	Address:	 		 	 5 Warren Street, Suite 204
 Glens Falls, NY 12801

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
		 		 		 	INVESTORS:
				
		 		 		 	ACCESS TECHNOLOGY CAPITAL, LLC
					
		 		 		 	By	 	  

		 		 		 	Name:	 	Peter Thoren
		 		 		 	Title:	 	Executive Vice President
				
		 	Address:	 		 	730 Fifth Avenue, 20th Floor
		 		 		 	New York, NY 10019

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
		 		 		 	INVESTORS AND LENDERS:
				
		 		 		 	RAND CAPITAL SBIC, L.P.
					
		 		 		 	By:	 	Rand Capital Management, LLC,
		 		 		 		 	its General Partner
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	2200 Rand Building
		 		 		 	Buffalo, NY 14203
				
		 		 		 	BUFFALO AND ERIE COUNTY INDUSTRIAL LAND DEVELOPMENT CORPORATION
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	275 Oak Street
		 		 		 	Buffalo, NY 14203

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
	 	 	 	 	 	 	INVESTORS AND COMMON HOLDERS:
				
		 		 		 	CRYSTAL INTERNET VENTURE FUND II (BVI), L.P.
				
		 		 		 	CRYSTAL INTERNET VENTURE FUND II (BVI), CRYSTAL VISION, L.P.
					
		 		 		 	By:	 	Crystal Venture II, Ltd.
		 		 		 	Their:	 	General Partner
					
		 		 		 	By	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	
				
		 	Address:	 		 	1120 Chester Avenue, Suite 418
		 		 		 	Cleveland, OH 44114

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
	 	 	 	 	 	 	 	 	INVESTORS AND COMMON HOLDERS:
					
		 		 		 		 	  
 Jeremy M. Jacobs,
Jr.

					
		 		 	Address:	 		 	c/o Delaware North Co.
		 		 		 		 	40 Fountain Plaza
		 		 		 		 	Buffalo, NY 14202
		 		 		 		 	Attn: Mike Gallagher
					
		 		 		 		 	  
 JoRon Management
LLC

					
		 		 	Address:	 		 	50 Fountain Plaza
		 		 		 		 	Suite 1320
		 		 		 		 	Buffalo, NY 14202

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

									
		 		 		 	INVESTORS AND COMMON HOLDERS:
				
		 		 		 	PACVEN WALDEN VENTURES IV ASSOCIATES FUND, L.P.
					
		 		 		 	By	 	  

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

				
		 		 		 	PACVEN WALDEN VENTURES IV, L.P.
					
		 		 		 	By	 	  

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

				
		 		 		 	WIIG-TDF PARTNERS LLC
					
		 		 		 	By	 	  

					
		 		 		 	Name:	 	Lip-Bu Tan
		 		 		 	Title:	 	Director
				
		 		 		 	 of WIIG Management Co., Ltd.
 for and on behalf of the Fund Managers

				
		 		 		 	WALDEN EDB PARTNERS II, L.P.
					
		 		 		 	By	 	  

		 		 		 	Name:	 	Lip-Bu Tan
		 		 		 	Title:	 	Director
				
		 		 	Address:	 	One California Street, Suite 2800
		 		 		 		 	San Francisco, CA 94111

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

 
					
	COMMON HOLDERS:
	
	  

	Print name:	 	  
	 	
	
	  

	Print name:	 	  
	 	
	
	  

	Print name:	 	  
	 	

  

SIGNATURE PAGE TO SYNACOR, INC. 

THIRD AMENDED AND RESTATED VOTING AGREEMENT

 SCHEDULE A 
 LIST OF SERIES C INVESTORS 
 Access Technology Capital, LLC 

Advantage Capital New York Partners I, L.P. 

Advantage Capital New York Partners II, L.P. 

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

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Intel Capital Corporation 
 JoRon Management LLC 

Jeremy M. Jacobs, Jr. 
 Mitsui Incubase
Corporation 
 North Atlantic SBIC IV, L.P. 
 North Atlantic Venture Fund III 
 Rand Capital SBIC, L.P. 

Pacven Walden Ventures IV Associates Fund, L.P. 

Pacven Walden Ventures IV, L.P. 
 Walden EDB
Partners II, L.P. 
 WIIG-TDF Partners LLC 

 SCHEDULE A 
 LIST OF SERIES B INVESTORS 
 Access Technology Capital, LLC 

Advantage Capital New York Partners I, L.P. 

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

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 Intel Capital Corporation 
 Jeremy M. Jacobs, Jr. 

JoRon Management LLC 
 Rand Capital SBIC, L.P.

 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 

 SCHEDULE C 
 LIST OF SERIES A-1 INVESTORS 
 Advantage Capital New York Partners I, L.P. 

 SCHEDULE D 
 LIST OF SERIES A INVESTORS 
 Crystal Internet Venture Fund II (BVI), Ltd. 

Crystal Internet Venture Fund II (BVI), Crystal Vision, L.P. 
 JoRon Management LLC 
 Jeremy M. Jacobs, Jr. 

Joseph J. Castiglia 
 Robert G. Weber 

Fors Family Limited Partnership 
 Paul J. Harder

 Stephen A. Nappo 
 Steven R. Kieffer

 David M. Carroll 
 John Lally

 Kevin Cornacchio 
 Charles Kelkenberg

 David T. Hore 
 Robert Santa Maria

 Herbert J. Heimerl, Jr. 
 Guy
Berberich 
 Thomas F. Hanlon III 
 Paul
Wiepert 
 Scott M. McCarthy 
 Samuel
LaNasa 
 Chek Ventures LLC 
 Chek
Ventures II LLC 
 Chek Ventures III LLC 

Intel Capital Corporation 
 Pacven Walden
Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 WIIG-TDF Partners LLC 
 Walden EDB Partners II, L.P. 

Access Technology Capital, LLC 
 Mike Nappo

 Don Wehrung 
 Sean Hus Var

 Richard Lally 
 Kenneth Lally

 Rand Capital SBIC, L.P. 
 Buffalo and
Erie County Industrial Land Development Corporation 

 SCHEDULE E 
 LIST OF LENDERS 
 Rand Capital SBIC, L.P. 
 Buffalo and Erie County Industrial Land Development Corporation 

 SCHEDULE F 
 LIST OF COMMON HOLDERS 
 (updated April 19, 2007) 

@Visory LLC 
 Charles A. Anken & Sandra
S. Olivieri 
 Gabriel Adiv 
 Darren
Ascone 
 Frederick G. Attea 
 Dennis
Ball 
 Eric Blachno 
 Ed Bujanowski

 Malcolm Burnett 
 Ronald B. Cadby

 Angelo J. Cammilleri 
 Rebecca
Cammilleri 
 Michael Campanella 
 Barak
Carmon 
 Blake Carver 
 George G.
Chamoun 
 Chek Ventures LLC 
 Chek
Ventures II LLC 
 Henry Cole 
 Kari
Cole 
 Mike Collins 
 Crystal Internet
Venture Fund II (BVI), Crystal Vision, L.P. 
 Crystal Internet Venture Fund II (BVI), Ltd. 

Larry Decker 
 Deeridge Investment Partnership

 Anthony Diina 
 Tracy Fernandez

 First Albany Corporation 
 Douglas
Fish 
 Garage.com Investments I, L.P. 

Garage Securities, Inc. 
 Michael Garofalo

 Keith Gizzi 
 Drew Graham 

Leota Knapp Hair 
 George Harris 

Jesper Henriksen 
 Sean Hus Var 

ICE Family Partnership 
 Janet Ingalsbe

 Innovasia Venture Partners I Limited (BVI) 

 Jeremy M. Jacobs, Sr. 
 Jeremy M. Jacobs, Jr. 
 Craig W. Johnson 
 JoRon Management LLC 
 Rick Keisic 
 Rachel K. King 
 Kyle Kokanovich 
 Kandice Kraus 
 Ted Leiser 
 Brian Lipke 
 Brad Loftin 
 Mary K. Mahley 
 Randolph Marks 
 Kenneth McCreadie 
 John F. McMahon 
 Mary G. McMahon 
 Daniel J. Neaverth, Jr. 
 David Michael Neaverth 
 Darren Anthony Neaverth 

Dean James Neaverth 
 Rory B. O’Connor

 Pacven Walden Ventures IV Associates Fund, L.P. 
 Pacven Walden Ventures IV, L.P. 
 Sunita S. Pandit 

Virginia R. Piotrowski 
 Ron Poole 

Michael Prince 
 Brad Pritchard 

ProSeed Capital Holdings CVA 
 Santi Rao

 Redwood Management III LP 
 Redwood
Ventures III LP 
 Danielle Restaino 

Aimee Richardson 
 Howard Schomer 

Cindy Schwartz 
 Phil Seibel 

Francine Seifert 
 Gur Shomron 

The Sidne J. Long Trust u/a/d 4-26-84 
 SMB
Investment Partnership 
 Mike Snusz 

Sarah Sorensen 
 Joseph Spychalski 

Tom Stanton 
 David Stempkowski 

 The Sternheim Trust 
 Dave Tucker 
 Patti Strauss 
 VLG Investments 1998 
 Walden EDB Partners II LP 

Linda Wancyzk 
 Robert Weiner 

Alison Wentker 
 WIIG-TDF Partners LLC

 Raymond Young 
 Gregory Zaepfel

 Common Stock Warrant Holders 

Rand Capital SBIC, L.P. 
 Buffalo and Erie
County Industrial Land Development Corporation 

 EXHIBIT A 
 ADOPTION AGREEMENT 
 This Adoption Agreement (“Adoption
Agreement”) is executed by the undersigned (the “Transferee”) pursuant to the terms of that certain Third Amended and Retated Voting Agreement dated as of October     , 2006 (the
“Agreement”) by and among the Company and certain of its Stockholders. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the Transferee agrees as follows: 
 (a) Acknowledgment. Transferee acknowledges that Transferee is acquiring
certain shares of the capital stock of the Company (the “Stock”), subject to the terms and conditions of the Agreement. 
 (b) Agreement. Transferee (i) agrees that the Stock acquired by Transferee shall be bound by and subject to the terms of the Agreement, and (ii) hereby adopts the Agreement with the same
force and effect as if Transferee were originally a Party thereto. 
 (c) Notice. Any notice required or permitted by the
Agreement shall be given to Transferee at the address listed beside Transferee’s signature below. 
 EXECUTED AND DATED
this      day of             ,     . 
  

			
	TRANSFEREE:
		
	By	 	  

		 	Name and Title

 
			
		
	Address:	 	  

 
			
	Fax:	 	  

  

			
	Accepted and Agreed:
	
	SYNACOR, INC.
		
	By	 	  

	Name:	 	
	Title:

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