diff --git a/edxsearch/__init__.py b/edxsearch/__init__.py
index 0f5cc993..2432599e 100644
--- a/edxsearch/__init__.py
+++ b/edxsearch/__init__.py
@@ -1,3 +1,3 @@
 """ Container module for testing / demoing search """
 
-__version__ = '3.3.0'
+__version__ = '3.4.0'
diff --git a/search/result_processor.py b/search/result_processor.py
index cc5961ed..6674cca1 100644
--- a/search/result_processor.py
+++ b/search/result_processor.py
@@ -131,7 +131,12 @@ def excerpt(self):
             return None
 
         match_phrases = [self._match_phrase]
-        separate_phrases = list(shlex.split(self._match_phrase))
+        try:
+            separate_phrases = list(shlex.split(self._match_phrase))
+        # This can happen when the phrase contains an apostrophe - the POSIX mode does not allow unclosed quotations.
+        except ValueError:
+            separate_phrases = list(shlex.split(self._match_phrase, posix=False))
+
         if len(separate_phrases) > 1:
             match_phrases.extend(separate_phrases)
         else:
diff --git a/search/tests/test_search_result_processor.py b/search/tests/test_search_result_processor.py
index 3dbcce65..a144a3dc 100644
--- a/search/tests/test_search_result_processor.py
+++ b/search/tests/test_search_result_processor.py
@@ -267,6 +267,30 @@ def test_excerpt_ellipsis_undecorated(self):
         srp = SearchResultProcessor(test_result, 'Just a line')
         self.assertIn(ELLIPSIS, srp.excerpt)
 
+    @ddt.data(
+        ("shouldn't", "This <b>shouldn't</b> have failed."),
+        ("shouldn\'t", " This <b>shouldn't</b> have failed."),
+        ('"shouldn\'t have"', "This <b>shouldn't have</b> failed."),
+        ("shouldn\\'t\\'ve", "<b>shouldn't've</b> failed."),  # An even number of apostrophes needs to be escaped.
+        ('"shouldn\'t\'ve failed"', "<b>shouldn't've failed</b>."),
+        ("shou\'dn\'t\'ve", "This <b>shou'dn't've</b> failed."),
+        ('"shou\'dn\'t\'ve failed"', "This <b>shou'dn't've failed</b>."),
+    )
+    @ddt.unpack
+    def test_excerpt_apostrophe(self, search_phrase, expected_excerpt):
+        test_result = {
+            "content": {
+                "notes": (
+                    "This should not have failed. "
+                    "This shouldn't have failed. "
+                    "This shouldn't've failed. "
+                    "This shou'dn't've failed."
+                )
+            }
+        }
+        srp = SearchResultProcessor(test_result, search_phrase)
+        self.assertIn(expected_excerpt, srp.excerpt)
+
 
 class TestSearchResultProcessor(SearchResultProcessor):
     """