Document:

Exhibit
10.22

 

YAHOO!
INC.

1995
STOCK PLAN

(AS AMENDED AND RESTATED MAY 19, 2005)

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

THIS RESTRICTED STOCK
UNIT AWARD AGREEMENT (the “Agreement”), dated as of ______________, 2005 (the “Date
of Grant”), is made by and between Yahoo! Inc., a Delaware corporation (the “Company”),
and ___________________ (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;

 

WHEREAS, the Company
desires to grant to the Grantee the number of Restricted Stock Units 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 Restricted Stock Units. The
Company hereby grants to the Grantee ___________ Restricted Stock Units (the “Award”)
on the terms and conditions set forth in this Agreement and as otherwise
provided in the Plan.

 

(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 Restricted
Stock Units provided in Section 1(a) shall be subject to the following terms,
conditions and restrictions:

 

(a)           Limitations on Rights Associated with Units. The
Restricted Stock Units are bookkeeping entries only. The Grantee shall have no
rights as a stockholder of the Company, no dividend rights and no voting rights
with respect to the Restricted Stock Units.

 

(b)           Restrictions. Restricted Stock Units and
any interest therein, may not be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of, except by will or the laws

 

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of descent and distribution, during the Restricted Unit Period. Any
attempt to dispose of any Restricted Stock Units in contravention of the above
restriction shall be null and void and without effect.

 

(c)           Lapse of Restrictions  [Time-based vesting:
Except as may be otherwise provided herein, the Restricted Stock Units subject
to the Award shall become non-forfeitable on the third anniversary of the Date
of Grant.]

 

[Performance-based
vesting: Except as may otherwise be provided herein, the
Restricted Stock Units subject to the Award shall become non-forfeitable upon
the satisfaction of the performance-based objectives and conditions set forth
on Exhibit A hereto. Notwithstanding anything to the contrary in this Section
2(c), in no event shall any such restrictions lapse prior to the first
anniversary of the Date of Grant.]

 

(d)           Timing and Manner of Payment of Restricted Stock
Units.

 

[Award
paid in cash: As soon as practicable after the date any
Restricted Stock Units subject to the Award become non-forfeitable (the “Payment
Date”), such Restricted Stock Units shall be paid in a lump sum cash payment
equal in the aggregate to the Fair Market Value of a Share on the Payment Date
multiplied by the number of such Restricted Stock Units that become
non-forfeitable upon that Payment Date. Neither the Grantee nor any of the
Grantee’s successors, heirs, assigns or personal representatives shall have any
further rights or interests in any Restricted Stock Units that are so paid.]

 

[Award
paid in Stock: As soon as practicable after the date any
Restricted Stock Units subject to the Award become non-forfeitable (the “Payment
Date”), such Restricted Stock Units shall be paid by the Company delivering to
the Grantee, a number of Shares equal to the number of Restricted Stock Units
that become non-forfeitable upon that Payment Date. 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 Affiliates
unless the Company is otherwise instructed in writing. Neither the Grantee nor
any of the Grantee’s successors, heirs, assigns or personal representatives
shall have any further rights or interests in any Restricted Stock Units that
are so paid. Notwithstanding the foregoing, the Company shall have no
obligation to issue Shares in payment of the Restricted Stock Units unless such
issuance and such payment shall comply with all relevant provisions of law and
the requirements of any Stock Exchange.]

 

[Award
paid in Cash or Stock at Company’s Option: 
As soon as practicable after the date any Restricted
Stock Units subject to the Award become non-forfeitable (the “Payment Date”),
such Restricted Stock Units shall be paid, at the Company’s option, (i) in a
lump sum cash payment equal in the aggregate to the Fair Market Value of a
Share on the Payment Date multiplied by the number of such Restricted Stock
Units that become non-forfeitable upon that Payment Date or (ii) by the Company
delivering to the Grantee a number of Shares equal to the number of Restricted
Stock Units that become non-forfeitable upon that Payment Date. If the
Restricted Stock Units are paid in Shares, the Company shall issue the Shares
either (i) in

 

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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 Affiliates unless the
Company is otherwise instructed in writing. Neither the Grantee nor any of the
Grantee’s successors, heirs, assigns or personal representatives shall have any
further rights or interests in any Restricted Stock Units that are so paid. Notwithstanding
anything herein to the contrary, the Company shall have no obligation to issue
Shares in payment of the Restricted Stock Units unless such issuance and such
payment shall comply with all relevant provisions of law and the requirements
of any Stock Exchange.]

 

(e)           Termination of Employment. In the event of
the termination of Grantee’s employment or service with the Company, Parent,
Subsidiary or any Affiliate for any reason prior to the lapsing of the
restrictions in accordance with Section 2(c) hereof with respect to any of the
Restricted Stock Units granted hereunder , such portion of the Restricted Stock
Units held by Grantee shall be automatically forfeited by the Grantee as of the
date of termination.1  Neither
the Grantee nor any of the Grantee’s successors, heirs, assigns or personal
representatives shall have any rights or interests in any Restricted Stock
Units that are so forfeited.

 

(f)            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)(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 Restricted Stock Units as to which the Award would
not otherwise be non-forfeitable.

 

(g)           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 Restricted Stock Units 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 Restricted Stock Units (with such
withholding obligation determined based on any applicable minimum statutory
withholding rates). In the event the Company cannot (under applicable legal,
regulatory, listing or other requirements, or otherwise)

 

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[In accordance with Section 12(b) of
the Plan, the Administrator may provide, in its sole discretion, that upon the
termination of the Grantee’s Continuous Status as an Employee or Consultant (i)
without Cause, (ii) by the Grantee for Good Reason, or (iii) due to the
Grantee’s death or Total Disability, the Restricted Stock Units shall become
fully or partially non-forfeitable on the date of such termination.]  [Time-based
awards only.]

 

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satisfy such tax withholding obligation in such method or in the event
that the Restricted Stock Units are paid in cash (as opposed to Shares), 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 reducing the amount of any cash otherwise payable to Grantee with respect to
the Restricted Stock Units; (iii) by deducting such amount out of any other
compensation otherwise payable to the Grantee; and/or (iv) by allowing the
Grantee to surrender shares of Common Stock of the Company which (a) either
have been owned by the Grantee for more than six (6) months as of the date of
surrender or were not acquired, directly or indirectly, from the Company, 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.

 

(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, a Subsidiary or any Affiliate
or shall interfere with or restrict in any way the right of the Company,
Parent, Subsidiary or any Affiliate, 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)           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.

 

(e)           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.

 

(f)            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.

 

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(g)           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.

 

(h)           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.

 

(i)            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.

 

(j)            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.

 

IN WITNESS WHEREOF, this
Agreement has been executed and delivered by the parties hereto as of the ____
day of ___________, 2005.

 

	
   

  	
  YAHOO! INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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  [Insert Name]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
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EXHIBIT
A

 

PERFORMANCE-BASED OBJECTIVES AND CONDITIONS

 

1Exhibit 10.1

 

Summary of Officers’ Incentive Plan

(April 1 - December 31, 2006)

 

Purpose

 

The purpose of this plan
is to provide executive officers with a financial incentive to encourage them
to perform in a manner that is aligned with the Company’s objectives and
performance goals, and to contribute to the Company’s ability to hire and
retain quality executives.

 

Eligibility and Participation

 

Eligible employees in
this plan include all corporate officers recommended for participation by the
Chief Executive Officer and approved by the Compensation Committee. Participants
include the following positions:

 

President and Chief
Executive Officer

Executive Vice President
and President, International Division

Senior Vice President and
Chief Financial Officer

Senior Vice President,
Business Development, General Counsel and Secretary

Senior Vice President and
President, N.A. Division

Senior Vice President,
Marketing

 

New officers hired during
the fiscal year are eligible to participate during that plan year on a prorated
basis if participation is recommended by the Chief Executive Officer and
approved by the Compensation Committee. To receive a bonus award, the
participant must be actively employed at the time the awards are paid unless
otherwise recommended by the Chief Executive Officer and approved by the
Compensation Committee. Participation in the plan does not confer a right on
the participant to participate in any subsequent year or the right to continue
in the Company’s employment.

 

Bonus Target Percentages

 

The target percentage
used to calculate the bonus is expressed as a percentage of base salary. The
target percentage varies from 50% to 100% based on the officer’s position. The
target award represents the level of bonus payment the participant may earn
if the plan performance is achieved at target and acceptable organizational
standards are met. Participants may receive bonus awards above or below
the target based on performance levels that exceed or fall below expectations.

 

Bonus Calculation

 

The bonus payment is
based on three measures: Financial Performance, Operational Performance and
Individual Performance. Financial Performance is based upon earnings per share
of the Company and earnings before taxes for the applicable division of the
Company. Operational Performance is based upon the incident rate of recordable
injuries and lost time accidents. Individual Performance is determined based
upon the participant’s individual contribution to the Company’s performance.

 

Under the plan, each
officer’s bonus amount is first calculated based on an objective analysis of
our Financial Performance and Operational Performance, with approximately 90%
of this amount based on the Financial Performance and 10% based on the
Operational Performance. An Individual Performance multiplier, which can range
from 0 to 1.25 times, is then applied to the bonus to account for each
executive officer’s individual performance. The bonuses are calculated after
the end of the plan year for the Compensation Committee’s review and approval. Under
the plan, determination of actual performance awards is the responsibility of
the Compensation Committee, which reserves the right, in its sole discretion,
to increase or decrease awards to participants.

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