Form of Restricted Stock Unit Award Agreement (CEO Annual Grant)



 Exhibit 10.20(D) 

YAHOO! INC. 

1995 STOCK PLAN 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 CEO ANNUAL GRANT 

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”), dated as of
            , 20     (the “Date of Grant”), is made by and between Yahoo! Inc., a Delaware corporation (the “Company”), and Scott Thompson (the
“Grantee”). 
 WHEREAS, the Company has adopted the Yahoo! Inc. 1995 Stock Plan, as amended (the “Plan”),
pursuant to which the Company may grant Restricted Stock Units (“RSUs”); 
 WHEREAS, the Company desires to grant to
the Grantee the number of RSUs provided for herein; 
 NOW, THEREFORE, in consideration of the recitals and the mutual
agreements herein contained, the parties hereto agree as follows: 
 Section 1. Grant of Restricted Stock Unit Award 

(a) Grant of RSUs. The Company hereby grants to the Grantee
                     RSUs (the “Award”) on the terms and conditions set forth in this Agreement and as otherwise provided in the Plan. The
Award represents the portion of the “2012 Annual Grant” provided in the Grantee’s offer letter from the Company dated January 3, 2012 (the “Offer Letter”) that is granted in the form of time-based RSUs. 

 (b) Incorporation of Plan; Capitalized Terms. The provisions of the Plan are hereby incorporated herein by
reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the
Plan. The Administrator shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his/her legal
representative in respect of any questions arising under the Plan or this Agreement. 
 Section 2. Terms and Conditions of Award

 The grant of RSUs provided in Section 1(a) shall be subject to the following terms, conditions and restrictions:

 (a) Limitations on Rights Associated with Units. The RSUs are bookkeeping entries only. The Grantee shall have no
rights as a stockholder of the Company, no dividend rights 

  
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(except as expressly provided in Section 2(d) with respect to dividend equivalent rights) and no voting rights with respect to the RSUs. 

(b) Restrictions. The RSUs and any interest therein, may not be sold, assigned, transferred, pledged, hypothecated or otherwise
disposed of, except by will or the laws of descent and distribution. Any attempt to dispose of any RSUs in contravention of the above restriction shall be null and void and without effect. 

(c) Lapse of Restrictions. Subject to Sections 2(f) through 2(h) below, one-third (1/3) of the RSUs shall vest and become
non-forfeitable upon each of the first, second and third anniversaries of the Date of Grant. 
 (d) Dividend Equivalent
Rights. As of any date that the Company pays a cash dividend on its Common Stock, the Company shall credit the Grantee with an additional number of RSUs equal to (i) the per-share cash dividend paid by the Company on its Common Stock on
such date, multiplied by (ii) the total number of RSUs (including any dividend equivalents previously credited hereunder, with such total number subject to adjustment under Section 15(a) of the Plan) subject to the Award as of the related
dividend payment record date, divided by (iii) the Fair Market Value of a Share on the date of payment of such dividend. Any RSUs credited pursuant to the foregoing provisions of this Section 2(d) shall be subject to the same vesting,
payment and other terms, conditions and restrictions as the original RSUs to which they relate. No crediting of Stock Units shall be made pursuant to this Section 2(d) with respect to any RSUs which, as of such record date, have either been
paid pursuant to Section 2(e) or terminated pursuant to Section 2(f). 
 (e) Timing and
Manner of Payment of RSUs. As soon as practicable after (and in no case more than seventy-four days after) the date any RSUs subject to the Award become non-forfeitable (the “Payment Date”), such RSUs shall be paid by the
Company delivering to the Grantee a number of Shares equal to the number of RSUs that become non-forfeitable upon that Payment Date (rounded down to the nearest whole share). The Company shall issue the Shares either (i) in certificate form or
(ii) in book entry form, registered in the name of the Grantee. Delivery of any certificates will be made to the Grantee’s last address reflected on the books of the Company and its Subsidiaries unless the Company is otherwise instructed
in writing. The Grantee shall not be required to pay any cash consideration for the RSUs or for any Shares received pursuant to the Award. Neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall
have any further rights or interests in any RSUs that are so paid. Notwithstanding anything herein to the contrary, the Company shall have no obligation to issue Shares in payment of the RSUs unless such issuance and such payment shall comply with
all relevant provisions of law and the requirements of any Stock Exchange.  
 (f)
Termination of Employment. 
 (i) Except as expressly provided in Section 2(f)(ii) or
Section 2(h), in the event of the termination of the Grantee’s employment or service with the Company, Parent or any Subsidiary for any reason prior to the lapsing of the restrictions in accordance with Section 2(c) hereof with
respect to any of the RSUs granted hereunder, such portion of the RSUs held by the Grantee shall be automatically forfeited by the 

  
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Grantee as of the date of termination. (The date of any such termination of the Grantee’s employment or service is referred to in this Agreement as the “Termination Date.”) Neither
the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall have any rights or interests in any RSUs that are so forfeited. 

(ii) If the Grantee’s employment or service with the Company, Parent or any Subsidiary is terminated by the Company,
Parent or any Subsidiary without Cause (as such term is defined in the Offer Letter) and other than in the period of twelve (12) months following a Change in Control (as such term is defined in Section 2(h)), any installment of the
then-outstanding and unvested portion of the Award that is scheduled to vest within six (6) months following the Termination Date will immediately vest upon the Termination Date. Any portion of the Award that is not vested after giving effect
to the preceding sentence shall be automatically forfeited by the Grantee as of the Termination Date, and neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall have any rights or interests in
any RSUs that are so forfeited. 
 (g) Corporate Transactions. The following provisions shall apply to the corporate
transactions described below: 
 (i) In the event of a proposed dissolution or liquidation of the Company, the
Award will terminate and be forfeited immediately prior to the consummation of such proposed transaction, unless otherwise provided by the Administrator. 
 (ii) In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, the Award shall be assumed or substituted with
an equivalent award by such successor corporation, parent or subsidiary of such successor corporation; provided that the Administrator may determine, in the exercise of its sole discretion in connection with a transaction that constitutes a
permissible distribution event under Section 409A(a)(2)(A)(v) of the Code, that in lieu of such assumption or substitution, the Award shall be vested and non-forfeitable and any conditions or restrictions on the Award shall lapse, as to all or
any part of the Award, including RSUs as to which the Award would not otherwise be non-forfeitable. 
 (h)
Change in Control. The following provisions shall apply in the event of a Change in Control (as such term is defined below) prior to the date the RSUs have either become vested and non-forfeitable or have been
forfeited pursuant to this Agreement:  
 (i) In the event that, during the period of twelve
(12) months following the Change in Control, the Grantee’s employment is terminated by the Company, Parent or any Subsidiary without Cause or by the Grantee for Good Reason (as such terms are defined in the Offer Letter), the RSUs subject
to the Award, to the extent then outstanding and not vested, shall become fully vested and non-forfeitable as of the Termination Date. 

  
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 (ii) For purposes of this Agreement, “Change in Control” shall
mean the first of the following events to occur after the Date of Grant: 
 (A) any person or group of persons
(as defined in Section 13(d) and 14(d) of the Exchange Act) together with its Affiliates (as defined below), but excluding (i) the Company or any of its subsidiaries, (ii) any employee benefit plans of the Company or (iii) a
corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company (individually a “Person” and collectively, “Persons”), is or becomes,
directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 40% or more of the combined voting power of the Company’s then outstanding securities (not
including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates); 
 (B) the consummation of a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation or entity regardless of which entity is the survivor, other
than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving
entity) more than 50% of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 

(C) the stockholders of the Company approve a plan of complete liquidation or winding-up of the Company or there is
consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, provided, however, that a sale of the Company’s search business shall not constitute a Change in Control, regardless
of whether stockholders approve the transaction. 
 (iii) For purposes of this Agreement, “Affiliate”
means, with respect to any individual or entity, any other individual or entity who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such individual or entity. 

This grant of RSUs shall not be subject to the acceleration of vesting provisions of Section 2.5 of the Amended and Restated Yahoo!
Inc. Change in Control Employee Severance Plan for Level I and Level II Employees. 
 (i) Income Taxes. Except as
provided in the next sentence, the Company shall withhold and/or reacquire a number of Shares issued in payment of (or otherwise issuable in payment of, as the case may be) the RSUs having a Fair Market Value equal to the taxes that the Company
determines it or the Employer is required to withhold under applicable tax laws with respect to the RSUs (with such withholding obligation determined based on any applicable minimum statutory withholding rates). In the event the Company cannot
(under applicable legal, 

  
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regulatory, listing or other requirements, or otherwise) satisfy such tax withholding obligation in such method, the Company may satisfy such withholding by any one or combination of the
following methods: (i) by requiring the Grantee to pay such amount in cash or check; (ii) by deducting such amount out of any other compensation otherwise payable to the Grantee; and/or (iii) by allowing the Grantee to surrender
shares of Common Stock of the Company which (a) in the case of shares initially acquired from the Company (upon exercise of a stock option or otherwise), have been owned by the Grantee for such period (if any) as may be required to avoid a
charge to the Company’s earnings, and (b) have a Fair Market Value on the date of surrender equal to the amount required to be withheld. For these purposes, the Fair Market Value of the Shares to be withheld or repurchased, as applicable,
shall be determined on the date that the amount of tax to be withheld is to be determined. 
 Section 3. Miscellaneous 

(a) Notices. Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein
shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company to both the Chief Financial Officer and the General Counsel of the Company
at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address appearing on the books of the Company or to the Grantee’s residence or to such other address as may be designated in writing by the Grantee.
Notices may also be delivered to the Grantee, during his or her employment, through the Company’s inter-office or electronic mail systems. 
 (b) No Right to Continued Employment. Nothing in the Plan or in this Agreement shall confer upon the Grantee any right to continue in the employ of the Company, a Parent or any Subsidiary or shall
interfere with or restrict in any way the right of the Company, Parent or any Subsidiary, which is hereby expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason whatsoever, with or without Cause and with or
without advance notice. 
 (c) Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has
received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (d) Imposition of Other Requirements. If the Grantee relocates to another country after the Date of Grant, the Company reserves the right to impose other requirements on the Grantee’s
participation in the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings
that may be necessary to accomplish the foregoing. 
 (e) Successors. The terms of this Agreement shall be binding upon
and inure to the benefit of the Company, its successors and assigns, and of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee. 

  
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 (f) Invalid Provision. The invalidity or unenforceability of any particular provision
thereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision had been omitted. 
 (g) Modifications. No change, modification or waiver of any provision of this Agreement shall be valid unless the same is in writing and signed by the parties hereto. 

(h) Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with
respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations in respect thereto. 
 (i) Governing Law. This Agreement and the rights of the Grantee hereunder shall be construed and determined in accordance with the laws of the State of Delaware. 

(j) Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for
interpretation or construction, and shall not constitute a part, of this Agreement. 
 (k) Recoupment. Notwithstanding
any other provision herein, any recoupment or “clawback” policies adopted by the Administrator and applicable to equity awards shall apply to the Award and any Shares that may be issued in respect of the Award to the extent the
Administrator designates the policy as applicable to the Award at the time the policy is adopted. 
 (l) Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 By Grantee’s signature and the signature of the Company’s representative below, or by Grantee’s acceptance of this Award through the Company’s online acceptance procedure, this
Agreement shall be deemed to have been executed and delivered by the parties hereto as of the Date of Grant. 
  

			
	YAHOO! INC.


 
			
		
	By:	 	  





			
	Its:	 	  





			
	
	GRANTEE
		
	Signature:	 	  





			
		
	Printed Name:	 	  




  
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