Document:

Employment Offer Letter

 Exhibit 10.1 
 Execution Copy 
 Yahoo! Inc. 

701 First Avenue 
 Sunnyvale, California 
 July 16, 2012 

Marissa Mayer 
 Dear Marissa: 

On behalf of Yahoo! Inc. (“Yahoo!” or the “Company”), I am pleased to offer you the position of President and Chief Executive
Officer, reporting to the Company’s Board of Directors (the “Board”), working at the Company’s headquarters at 701 First Avenue in Sunnyvale, California. You will be appointed to the Board upon your commencement of
employment. Your appointments are subject to approval by the Board and your compensation package as outlined herein is subject to approval of the Compensation Committee of the Board (“Compensation Committee”). For purposes of this
letter, your first day of work at Yahoo! will be considered your “Employment Start Date.” Your Employment Start Date will be July 17, 2012. 
 Base Salary. Your starting annual base salary will be $83,333.33 per month ($1,000,000.00 annually), less applicable taxes, deductions and withholdings, paid semi-monthly and subject to annual
review. Yahoo!’s regularly scheduled pay days are currently on the 10th and 25th of
every month. 
 Incentive Compensation. You also will be eligible to participate in the annual Executive Incentive Plan
(“EIP”), with a target incentive of 200% of your annual base salary (the “Target Award”), and a 2012 maximum of 400% of your annual base salary if you exceed your targets, pro-rated based on the period of time you are
employed at Yahoo! in an EIP eligible position during the relevant Company fiscal year, less applicable taxes, deductions, and withholdings. Target incentives do not constitute a promise of payment. To qualify for the EIP

 
incentive bonus, you must remain employed with the Company through the date that the incentive bonus is paid (as specified in the EIP). Your actual EIP payout will depend on Yahoo! financial
performance and, to the extent applicable, the Compensation Committee’s assessment of your individual performance, and any EIP payout is subject to, and governed by, the terms and requirements of the EIP document. EIP bonuses are
usually paid in March or April of the year after the fiscal year for which they are earned. 
 Annual Equity Awards. Subject to approval
by the Compensation Committee, as a senior leader of Yahoo!, with respect to the 2012 performance year, you will be entitled to receive equity awards under the Yahoo! Inc. 1995 Stock Plan (the “Stock Plan”) with an aggregate award value of
$12 million (the “2012 Annual Grant”), with fifty percent (50%) of such 2012 Annual Grant in the form of Restricted Stock Units (the “2012 RSUs”) and the remaining fifty percent (50%) of such 2012 Annual Grant in the
form of options to purchase the Company’s common stock (the “2012 Stock Options”). The 2012 RSUs shall be awarded to you on Yahoo!’s first regularly scheduled grant date after your Employment Start Date, which is July 26,
2012 (the “Next Grant Date”). The number of 2012 Stock Options shall be calculated on the Next Grant Date in accordance with the Company’s option valuation practices, and subject to applicable adjustments in the event of stock splits,
stock dividends or other similar capital transactions between calculation and grant. The 2012 Stock Options shall be granted on one of the Company’s regularly scheduled grant dates in 2012, currently contemplated to be in November, 2012. The
2012 RSUs shall vest equally on the first, second and third anniversaries of the Next Grant Date, and the 2012 Stock Options shall vest in three equal tranches on the twelve-month, eighteen-month and thirty-month anniversaries of the Next Grant
Date, provided that, in each case, you are employed by the Company on the applicable vesting date or as otherwise provided herein, and provided that you satisfy the financial and other performance criteria established at the time of grant by the
Compensation Committee after consultation with you. In the event your 

  
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employment is terminated by the Company without Cause, due to disability (as defined under the Company’s applicable long term disability plan), by you with Good Reason or as a result of your
death, any 2012 RSUs which would have vested within the six months after such termination shall immediately vest, and any 2012 Stock Options that would have vested in the six months following termination of employment if the applicable performance
criteria was satisfied, shall remain subject to satisfaction of such performance criteria and, if such criteria is satisfied, vest as if you were employed on such vesting date. All other 2012 RSUs and 2012 Stock Options shall be immediately
forfeited, as shall all unvested 2012 RSUs and 2012 Stock Options in the case of a Cause termination by the Company or a voluntary resignation by you without Good Reason. The 2012 RSUs will provide for automatic use of a portion of the 2012 RSUs to
cover minimum tax withholding so that you will not need to make any cash payments to cover such tax withholding. 

Make-Whole Restricted Stock Units. You will also receive a make-whole grant of restricted stock units under the Stock Plan
with an aggregate award value of $14 million (“Make-Whole RSUs”), such grant to be made to you on the Next Grant Date. The Make-Whole RSUs will vest as follows: (a) one fifth of four million dollars of Make-Whole RSUs will vest on the
17th day of each month of 2012 starting in August and be
paid out by the end of such month; (b) one twelfth of seven million dollars of Make-Whole RSUs will vest on the
17th day of each month in 2013 and be paid out by the end
of the month in which they vest; and (c) one twelfth of three million dollars of Make-Whole RSUs will vest on the
17th day of each month in 2014 and be paid out by the end
of the month in which they vest; provided in each case that you are employed by the Company on the applicable vesting date or, if earlier, will vest (and be paid out) (i) upon the termination of your employment by the Company without
Cause,1 (ii) due to your resignation for 

 

	1 	For purposes of the Make-Whole RSUs, the One-Time Retention Award (as provided herein with regard to severance benefits) and the 2012 Annual Grant, “Cause”
shall mean termination of your employment with the Company based upon the occurrence of one or more of the following which, with respect to clauses (1), (2) and (3) below, if curable, and clause (5) below (but only if cure is
permitted under its proviso), you have not cured within fourteen (14) days after you receive written notice from the Company specifying with reasonable particularity such occurrence: (1) your refusal or material failure to perform your job
duties and responsibilities (other than by reason of your serious physical or mental illness, injury, or medical condition), (2) your failure or refusal to comply in any material respect with material Company policies or lawful directives of
the Board, (3) your material breach of any contract or agreement between you and the Company (including but not limited to this letter agreement and any Employee Confidentiality and Assignment of Inventions Agreement or similar agreement
between you and the Company), or your material breach of any statutory duty, fiduciary duty or any other obligation that you owe to the Company, (4) your commission of an act of fraud, theft, embezzlement or other unlawful act against the
Company or involving its property or assets, (5) your engaging in unprofessional, unethical or other intentional acts that materially discredit the Company or are materially detrimental to the reputation, character or standing of the Company,
provided that, if such act or engagement is not willful misconduct and curable (as determined in the good faith discretion of the Board), you will be given the opportunity to cure as provided above, or (6) your indictment or conviction or plea
of nolo contendre or guilty plea with respect to any felony or crime of moral turpitude. 

  
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Good Reason,2 (iii) upon your death while employed with the Company or (iv) upon the termination of your employment by the Company due to disability (as defined under the Company’s long term disability
plan). Following the vesting of the Make-Whole RSUs, you will receive one share of Yahoo! Inc. common stock for each vested RSU (subject to any applicable tax withholdings or deductions). The grant will provide for automatic use of a portion of the
Make-Whole RSUs to cover minimum tax withholding so that you will not need to make any cash payments to cover such minimum tax withholding. The Company reserves the right to utilize restricted stock instead of restricted stock units for this grant.

 One-Time Retention Equity Award. You will also receive a retention equity award under the Stock Plan with an
aggregate award value of $30 million (the “Retention Equity Award”), such grant to be made to you at the same time, in the same forms (including the utilization of performance criteria), in the same manner, in the same proportions as the
2012 Annual Grant and subject to the same conditions, except that the Retention Equity Award restricted stock units will vest 1/5th on the anniversary of the Next Grant Date in each year from 2013 to 2017, and the Retention Equity Award options will
be 1/5th (rather than 1/3rd) vesting in equal installments at 

 

	2 	For purposes of the Make-Whole RSUs, the One-Time Retention Award, the 2012 Annual Grant and as provided herein with regard to severance, “Good Reason” shall
be deemed to exist only if the Company shall fail to correct within 30 days after receipt of written notice from you specifying in reasonable detail the reasons you believe one of the following events or conditions has occurred (provided such notice
is delivered by you no later than 30 days after the initial existence of the occurrence): (1) a material diminution of your then current aggregate base salary and target bonus amount (other than pro rata reductions that also affect
substantially all other similarly situated employees) without your prior written agreement; (2) the material diminution of your authority, duties or responsibilities as an employee of the Company without your prior written agreement; or
(3) the relocation of your position with the Company to a location that is greater than 50 miles from Sunnyvale, California and that is also further from your principal place of residence, without your prior written agreement, provided that in
all events the termination of your service with the Company shall not be treated as a termination for “Good Reason” unless such termination occurs not more than six (6) months following the initial existence of the occurrence of the
event or condition claimed to constitute “Good Reason”. 

  
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the 12-month, 18-month, 30-month, 42-month and 54-month anniversaries of the Next Grant Date. The RSUs granted under the Retention Equity Award will provide for automatic use of a portion of the
Retention Equity Award to cover minimum tax withholding so that you will not need to make any cash payments to cover such tax withholding. 

Subsequent Long-Term Equity Grants. Commencing in 2013, during your employment with the Company, you will be eligible to be granted annual equity
awards under the Stock Plan (“Annual Grants”). The actual grant date value of all such Annual Grants made during your employment with Yahoo! shall be determined in the discretion of the Compensation Committee after taking into account the
Company’s and your performance and other relevant factors. While any grant and the size of it are in the discretion of the Compensation Committee, it is contemplated that the annual long term equity grants in 2013 and subsequent years will be
in the same amount or greater than the 2012 Annual Grant (i.e., $12,000,000), subject to the Board’s evaluation of your performance and then current market compensatory levels and practices. It is further contemplated that the terms and
conditions of your 2013 and future Annual Grants (including, without limitation, the form of award(s), vesting schedule, performance objectives, restrictive provisions, etc.) granted to you shall be the same as such terms and conditions applicable
to the annual long-term incentive awards granted to other senior executive officers of the Company at the time of such grants. All of such Annual Grants shall be subject to any applicable tax withholding or deductions. 

General Terms. Subject to any specific provisions herein, all grants will be on such terms and conditions as determined by the Compensation
Committee. All grants hereunder shall be made pursuant to the Stock Plan and shall be subject to the terms and conditions of the Stock Plan, including, without limitation, Section 8 thereof (which provides that the number of shares underlying
an option award granted to any one person during a calendar year shall not exceed 15,000,000). 

  
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 Stock Ownership. You recognize that you are subject to the Yahoo! requirements for stock ownership by
officers. 
 Benefits. Yahoo! provides a very competitive benefits package for its eligible full- and part-time employees. Eligible
Yahoos may participate in Yahoo!’s health insurance benefits (medical, dental and vision), life insurance, short term and long term disability, the Employee Stock Purchase Plan, 401(k) Plan, and Yahoo!’s Flexible Spending Plan (Healthcare
Reimbursement Account and/or Dependent Care Reimbursement Account). Please refer to benefit plan documents for eligibility. Of course, Yahoo! may change its benefits at any time. 
 The Company will reimburse you for reasonable legal fees incurred in connection with negotiating and reviewing this letter up to a maximum of twenty five thousand dollars ($25,000) (based on your
attorney’s normal charges and upon providing Yahoo! with documentation of the charges). This will be a taxable benefit to you. Additionally, the Company will reimburse you for up to $50,000 of security expenses per year in the event that
situations arise where you, in your good faith estimation, determine that such security measures are required or prudent, upon presentation of appropriate documentation of expenditures in accordance with the Company’s expense reimbursement
policies. 
 You will be expected to travel in connection with your employment. Yahoo! will reimburse you for reasonable business expenses
incurred in connection with your employment, upon presentation of appropriate documentation in accordance with the Company’s expense reimbursement policies and you will be eligible to participate in the travel policy established by the Company
generally for its senior management. 
 Clawbacks. All bonuses and equity grants are subject to Yahoo! “clawback” policies as
in effect from time to time, including any established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

  
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 Paid Time Off. You will accrue vacation at a rate of twenty (20) days (up to the maximum
vacation accrual cap for others accruing at that same rate as specified in the Vacation Policy) for the first four (4) years of your employment at Yahoo!. Thereafter, you will accrue vacation at the regular Yahoo! vacation accrual rate (up to a
maximum as specified in our Vacation Policy). Vacation is accrued based on hours worked, therefore Yahoos who work less than 40 hours per week accrue vacation on a pro-rata basis. In addition, Yahoo! currently provides eligible
employees with designated company paid holidays each year. 
 Proprietary Agreement and No Conflict with Prior Agreements. As an employee
of Yahoo!, it is likely that you will become knowledgeable about confidential and/or proprietary information related to the operations, products and services of Yahoo! and its clients. Similarly, you may have confidential or proprietary information
from prior employers that should not be used or disclosed to anyone at Yahoo!. Therefore, you will be required to read, complete and sign Yahoo!’s standard Employee Confidentiality and Assignment of Inventions Agreement (“Proprietary
Agreement”) and the Proprietary Information Obligations Checklist and return it to Yahoo! on or prior to your Employment Start Date. In addition, Yahoo! requests that you comply with any existing and/or continuing contractual obligations that
you may have with your former employers. By signing this offer letter, you represent that your employment with Yahoo! shall not breach any agreement you have with any third party. 
 Obligations. During your employment, you shall devote your full business efforts and time to Yahoo!. This obligation, however, shall not preclude you from engaging in appropriate civic, charitable
or religious activities or, with the consent of the Board, from serving on the boards of directors of companies that are not competitors to Yahoo!, as long as the activities do not materially interfere or conflict with your responsibilities to or
your ability to perform your duties of employment at Yahoo!. Nevertheless, your current status as a member of the Board of Directors of Wal-Mart, Inc. is expressly permitted by this Agreement so long as it does not create competitive or fiduciary
conflicts. Any outside activities must be in compliance with and approved if required by Yahoo!’s Code of Ethics or Corporate Governance Guidelines. 

  
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 Non-competition. In addition to the obligations specified in the Proprietary Agreement, you agree
that, during your employment with Yahoo! you will not engage in, or have any direct or indirect interest in any person, firm, corporation or business (whether as an employee, officer, director, agent, security holder, creditor, consultant, partner
or otherwise) that is competitive with the business of Yahoo!, including, without limitation, any then-current activities relating to providing Internet navigational products or services and any then-current activities providing search, e-mail,
chat, e-commerce, instant messaging, content (e.g., music, video), ISP (e.g., connectivity, bandwidth or storage) or other Internet-based delivery or functionality. Notwithstanding the preceding sentence, you may own not more than 1% of the
securities of any company whose securities are publicly traded. 
 Employment At-Will. Please understand that this letter does not
constitute a contract of employment for any specific period of time, but will create an employment at-will relationship that may be terminated at any time by you or Yahoo!, with or without cause and with or without advance notice. The at-will nature
of the employment relationship may not be modified or amended except by written agreement signed by Yahoo!’s Chief Human Resources Officer and you. Notwithstanding the foregoing, if your employment is terminated by Yahoo! without Cause or you
resign for Good Reason, then, in addition to any specific termination benefits set forth herein with regard to the equity grants (other than to the extent duplicative), Yahoo! will offer you severance benefits pursuant to its normal practice at the
time of your termination and similar to what is offered to other senior executives. Cause and Good Reason will be as defined herein. All severance benefits are conditioned on you signing a full release of any and all claims against Yahoo! in a
release form acceptable to Yahoo! (within the period specified in it by the Company) after the termination of your employment and your not revoking such release pursuant to any 

  
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revocation rights afforded by applicable law. Upon a termination of your employment, you hereby resign as of the date of such termination as a director and officer of Yahoo! and its affiliates
and subsidiaries and as a fiduciary of any of its or their benefit plans, and you agree to promptly execute and deliver upon such termination any document reasonably required by Yahoo! to evidence the foregoing. 

Code of Ethics and Yahoo! Policies. Yahoo! is committed to creating a positive work environment and conducting business ethically. As an employee
of Yahoo!, you will be expected to abide by the Company’s policies and procedures including, but not limited to, Yahoo!’s Guide2Working@Y!, Yahoo!’s Code of Ethics and Yahoo!’s Corporate Governance Guidelines. Yahoo! requests
that you review, sign and bring with you on your Employment Start Date, the enclosed Code of Ethics Acknowledgment Form. 

Non-Disparagement. You agree, other than with regard to employees in the good faith performance of your duties with the Company while
employed by the Company, both during and for five (5) years after your employment with the Company terminates, not to knowingly disparage the Company or its officers, directors, employees or agents in any manner likely to be harmful to it or
them or its or their business, business reputation or personal reputation. The Company will instruct its Chairman, the Chief Yahoos and the named executive officers of the Company, other than in the good faith performance of their duties to the
Company or in connection with their fiduciary duties to the Company and applicable law, both during and for five (5) years after your employment with the Company terminates, not to knowingly disparage you in any manner likely to be harmful to
you or your business reputation or personal reputation. This paragraph shall not be violated by statements from either party which are truthful, complete and made in good faith in required response to legal process or governmental inquiry. You also
agree that any breach of this non-disparagement provision by you shall be deemed a material breach of this offer letter. 

  
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 Entire Agreement. This offer letter and the referenced documents and agreements constitute the entire
agreement between you and Yahoo! with respect to the subject matter hereof and supersede any and all prior or contemporaneous oral or written representations, understandings, agreements or communications between you and Yahoo! concerning those
subject matters. 
 Eligibility to Work in the United States. In order for Yahoo! to comply with United States law, we ask that on your
Employment Start Date you bring to Yahoo! appropriate documentation to verify your authorization to work in the United States. Yahoo! may not employ anyone who cannot provide documentation showing that they are legally authorized to work in the
United States. 
 IRC 409A. This letter agreement is intended to comply with the short-term deferral rule under Treasury Regulation
Section 1.409A-1(b)(4) and be exempt from Section 409A of the Code, and shall be construed and interpreted in accordance with such intent, provided that, if any severance provided at any time hereunder involves non-qualified deferred
compensation within the meaning of Section 409A of the Code, it is intended to comply with the applicable rules with regard thereto and shall be interpreted accordingly. A termination of employment shall not be deemed to have occurred for
purposes of any provision of this letter agreement providing for the payment of any amounts or benefits upon or following a termination of employment that are considered “nonqualified deferred compensation” under Section 409A of the
Code unless such termination is also a “separation from service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this letter agreement, references to a “termination,”
“termination of employment” or like terms shall mean “separation from service.” If you are deemed on the date of termination to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B)
of the Code, then with regard to any payment that is considered non-qualified deferred compensation under Section 409A of the Code payable on account of a “separation from service,” such payment or benefit shall be made or provided at
the date which is 

  
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the earlier of (A) the date that is immediately following the expiration of the six (6)-month period measured from the date of such “separation from service” of you, and
(B) the date of your death (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this paragraph (whether they would have otherwise been payable in a single sum or in installments
in the absence of such delay) shall be paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under this letter agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.
With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, (i) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject
to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following the taxable year in which the expense occurred. For purposes of Section 409A of
the Code, your right to receive any installment payments pursuant to this letter agreement shall be treated as a right to receive a series of separate and distinct payments. In no event may you, directly or indirectly, designate the calendar year of
any payment to be made under the letter agreement that is considered non-qualified deferred compensation. In the event the time period for considering any release and it becoming effective as a condition of receiving severance shall overlap two
calendar years, no amount of such severance shall be paid in the earlier calendar year. 
 Background Check. You represent that all
information provided to Yahoo! or its agents with regard to your background is true and correct. 

  
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 We look forward to you joining Yahoo!. Please indicate your acceptance of this offer by signing where
indicated below and returning an executed copy of this offer to me at your earliest convenience. 
  

	
	Sincerely,
	
	/s/ Alfred J. Amoroso
	Alfred J. Amoroso
	Chairman of the Board

 I accept this offer of employment with Yahoo! Inc. and agree to the terms and conditions outlined in this letter.

  

							
	 /s/ Marissa A. Mayer
	 	 	 	 July 16, 2012
	 	 
	Marissa Mayer	 		 	Date	 	
				
		 		 	 July 17, 2012
	 	
		 		 	Planned Employment Start Date	 	

 Enclosures 

Cc: HR file 

  
 12Articles of Incorporation of StanCorp Financial Group, Inc., as amended

 Exhibit 4.1 
 ARTICLES OF INCORPORATION 
 OF 

STANCORP FINANCIAL GROUP, INC. 
 (as amended as of October 10, 2011) 
 The following version of the Articles
of Incorporation has been prepared for filing with the Securities and Exchange Commission, and includes all amendments reflected in Articles of Amendment filed with the Oregon Secretary of State through October 10, 2011. 

ARTICLE 1 

Name 
 The
name of the Corporation is StanCorp Financial Group, Inc. 
 ARTICLE 2 

Capital Stock 
 A. The Corporation is authorized to issue a total of Four Hundred Million (400,000,000) shares, consisting of Three Hundred Million (300,000,000) shares of Common Stock and One Hundred Million
(100,000,000) shares of Preferred Stock. 
 B. Holders of Common Stock are entitled to one vote per share. On dissolution
of the Corporation, after any preferential amount with respect to the Preferred Stock has been paid or set aside, the holders of Common Stock and the holders of any series of Preferred Stock entitled to participate in the distribution of assets are
entitled to receive the net assets of the Corporation. 
 C. The Board of Directors is authorized, subject to limitations
prescribed by the Oregon Business Corporation Act, as amended from time to time (the “Act”), and by the provisions of this Article, to provide for the issuance of shares of Preferred Stock in series, to establish from time to time the
number of shares to be included in each series and to determine the designations, relative rights, preferences and limitations of the shares of each series. The authority of the Board of Directors with respect to each series includes determination
of the following: 
 (1) The number of shares in and the distinguishing designation of that series; 

(2) Whether shares of that series shall have full, special, conditional, limited or no voting rights, except to the extent otherwise
provided by the Act; 
 (3) Whether shares of that series shall be convertible and the terms and conditions of the conversion,
including provision for adjustment of the conversion rate in circumstances determined by the Board of Directors; 
 (4) Whether
shares of that series shall be redeemable and the terms and conditions of redemption, including the date or dates upon or after which they shall be redeemable and the amount per share payable in case of redemption, which amount may vary under
different conditions or at different redemption dates; 
 (5) The dividend rate, if any, on shares of that series, the manner of
calculating any dividends and the preferences of any dividends; 
 (6) The rights of shares of that series in the event of
voluntary or involuntary dissolution of the Corporation and the rights of priority of that series relative to the Common Stock and any other series of Preferred Stock on the distribution of assets on dissolution; and 

 (7) Any other rights, preferences and limitations of that series that are permitted by law
to vary. 
 D. Series A Preferred Stock. 
 (1) Designation and Amount. The shares of such series shall be designated as “Series A Preferred Shares” and the number of shares constituting such series shall be 500,000. 

(2) Dividends and Distributions. 
 (i) The holders of shares of Series A Preferred Shares shall be entitled to receive, when and as declared by the Board of Directors, out of funds legally available for the purpose, dividends in an amount
per share equal to 100 (the “Adjustment Number”) multiplied by the aggregate per share amount of all cash dividends, and the Adjustment Number multiplied by the aggregate per share amount (payable in kind) of all non-cash dividends or
other distributions other than a dividend payable in Common Stock or a subdivision of the outstanding Common Stock (by reclassification or otherwise), declared on the Common Stock of the Corporation (the “Common Stock”) after the first
issuance of any share or fraction of a share of Series A Preferred Shares. 
 (ii) The Corporation shall declare a dividend or
distribution on the Series A Preferred Shares as provided in subparagraph 2(i) at the same time that it declares a dividend or distribution on the Common Stock (other than a dividend payable in Common Stock). 

(iii) Dividends shall not be cumulative. Unpaid dividends shall not bear interest. Dividends paid on the Series A Preferred Shares in an
amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. 

(3) Voting Rights. The holders of Series A Preferred Shares shall have the following voting rights: 

(i) Each Series A Preferred Share shall entitle the holder thereof to the number of votes equal to the Adjustment Number then in effect
on all matters submitted to a vote of the shareholders of the Corporation. 
 (ii) Except as otherwise provided herein or by
law, the holders of Series A Preferred Shares and the holders of Common Stock shall vote together as one class on all matters submitted to a vote of shareholders of the Corporation. 

(4) Certain Restrictions. 
 (i) Whenever dividends or distributions payable on the Series A Preferred Shares as provided in subparagraph 2 have not been declared or paid for any fiscal year, until all such dividends and
distributions for such fiscal year on Series A Preferred Shares outstanding shall have been declared and paid in full, the Corporation shall not in such fiscal year: 
 (a) declare or pay dividends on or make any other distributions on any shares of stock ranking junior or on a parity (either as to dividends or upon liquidation, dissolution or winding up) to the Series A
Preferred Shares except dividends paid ratably on the Series A Preferred Shares and all such parity stock on which dividends are payable in proportion to the total amounts to which the holders of all such shares are then entitled and, dividends or
distributions payable in Common Stock; 
 (b) purchase or otherwise acquire for consideration any Series A Preferred Shares or
any shares of stock ranking on a parity with the Series A Preferred Shares, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the
Board of Directors, after consideration of the respective dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective
series or classes. 

  
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 (ii) The Corporation shall not permit any subsidiary of the Corporation to purchase or
otherwise acquire for consideration any shares of stock of the Corporation unless the Corporation could, under subparagraph 4(i), purchase or otherwise acquire such shares at such time and in such manner. 

(5) Restriction on Issuance of Shares; Reacquired Shares. The Corporation shall not issue any Series A Preferred Shares except
upon exercise of rights (the “Rights”) issued pursuant to the Rights Agreement dated as of April 20, 2009, between the Corporation and Mellon Investor Services, LLC, (the “Rights Agreement”), a copy of which is on file with
the secretary of the Corporation at its principal executive office and shall be made available to shareholders of record without charge upon written request. Any Series A Preferred Shares purchased or otherwise acquired by the Corporation in any
manner whatsoever may be restored to the status of authorized but unissued shares after the acquisition thereof. All such shares shall upon any such restoration become authorized but unissued shares of Preferred Shares and may be reissued as part of
a new series of Preferred Shares to be created by the Board of Directors, subject to the conditions and restrictions on issuance set forth herein. 
 (6) Liquidation, Dissolution or Winding Up. 
 (i) Upon any liquidation
(voluntary or otherwise), dissolution or winding up of the Corporation, no distribution shall be made to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred
Shares unless, prior thereto, the holders of shares of Series A Preferred Shares shall have received the Adjustment Number multiplied by the per share amount to be distributed to holders of Common Stock, plus an amount equal to declared and unpaid
dividends and distributions thereon to the date of such payment (the “Series A Liquidation Preference”). Following the payment of the full amount of the Series A Liquidation Preference, no additional distributions shall be made to the
holders of shares of Series A Preferred Shares. 
 (ii) In the event that there are not sufficient assets available to permit
payment in full of the Series A Liquidation Preference and the liquidation preferences of all other series of Preferred Shares, if any, which rank senior to or on a parity with the Series A Preferred Shares, then assets shall be distributed first to
holders of any series of Preferred Shares ranking senior to the Series A Preferred Shares to the extent of their liquidation preferences and such remaining assets shall be distributed ratably to the holders of Series A Preferred Shares and such
parity shares in proportion to their respective liquidation preferences. 
 (7) Consolidation, Merger, etc. In case the
Corporation shall enter into any consolidation, merger, combination or other transaction in which the Common Stock is exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the Series A
Preferred Shares shall at the same time be similarly exchanged or changed in an amount per share equal to the Adjustment Number multiplied by the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case
may be, into which or for which each common Share is changed or exchanged. 
 (8) Anti-Dilution Adjustments to Adjustment
Number. In the event the Corporation shall at any time after April 20, 2009 (the “Rights Declaration Date”) (i) declare any dividend on Common Stock payable in shares of Common Stock, (ii) subdivide the outstanding
Common Stock, or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the Adjustment Number for all purposes of this Article 2 shall be adjusted by multiplying the Adjustment Number then in effect
by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. In the
event the Corporation shall at any time after the Rights Declaration Date, fix a record date for the issuance of rights, options or warrants to all holders of Common Stock entitling them (for a period expiring within 45 calendar days after such
record date) to subscribe for or purchase Common Stock or securities convertible into Common Stock at a price per Common Stock (or having a conversion price per share, if a security convertible into Common Stock) less than the then Current Per Share
Market Price of the Common 

  
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Stock (as defined in Section 11(d) of the Rights Agreement) on such record date, then in each such case the Adjustment Number for all purposes of this Article 2 shall be adjusted by
multiplying the Adjustment Number then in effect by, a fraction, the numerator of which shall be the number of shares of Common Stock outstanding on such record date plus the number of additional shares of Common Stock to be offered for subscription
or purchase (or into which the convertible securities so to be offered are initially convertible) and the denominator of which shall be the number of shares of Common Stock outstanding on such record date plus the number of shares of Common Stock
which the aggregate offering price of the total number of shares of Common Stock so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current Per Share Market Price
(as defined in Section 11(d) of the Rights Agreement). In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith
by the Board of Directors. Common Stock owned by or held for the account of the Corporation shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed. In
the event that such rights, options or warrants are not so issued, the Adjustment Number shall be readjusted as if such record date had not been fixed; and to the extent such rights, options or warrants are issued but not exercised prior to their
expiration, the Adjustment Number shall be readjusted to be the number which would have resulted from the adjustment provided for in this paragraph 8 if only the rights, options or warrants that were exercised had been issued. 

(9) No Redemption. The Series A Preferred Shares shall not be redeemable at the option of the Corporation or any holder thereof.
Notwithstanding the foregoing sentence, the Corporation may acquire Series A Preferred Shares in any other manner permitted by law. 
 (10) Amendment. Subsequent to the Distribution Date (as defined in the Rights Agreement) these Articles of Incorporation shall not be further amended in any manner which would materially alter or
change the preferences, limitations and relative rights of the Series A Preferred Shares so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding Series A Preferred shares, voting separately as a
class. 
 (11) Fractiona1 Shares. Series A Preferred Shares may be issued in fractions of a share in integral multiples
of one one-hundredth of a share, which shall entitle the holder, in proportion to such holders fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of
Series A Preferred Shares. 
 ARTICLE 3 
 Number and Tenure of Directors 
 A. The initial number of directors of the
Corporation shall be not less than three (3). At such time as the Corporation has more than one shareholder the number of directors of the Corporation shall be not less than nine (9) nor more than twenty-one (21), and within such limits the
exact number shall be fixed and increased or decreased from time to time by resolution of the Board of Directors. At such time as the number of directors is first increased to nine or more, the directors shall be divided into three classes, as
nearly equal in number as possible, with the term of office of the first class (“Class I”) to expire at the first annual meeting of shareholders, the term of office of the second class (“Class II”) to expire at the second annual
meeting of shareholders following the classification and the term of office of the third class (“Class III”) to expire at the third annual meeting of shareholders following the classification. At each annual meeting of shareholders
following such initial classification and election, directors elected to succeed those directors whose terms expire shall be elected to serve three-year terms and until their successors are elected and qualified, so that the term of one class of
directors will expire each year. When the number of directors is changed within the limits provided herein, any newly created directorships, or any decrease in directorships, shall be so apportioned among the classes as to make all classes as nearly
equal as possible, provided that no decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. 

  
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 B. Directors of the Company may be removed only for cause at a meeting of shareholders
called expressly for that purpose. 
 C. Any vacancy on the Board of Directors, including a vacancy resulting from an increase
in the number of directors, may be filled by the Board of Directors, the remaining directors if less than a quorum (by the vote of a majority thereof) or by a sole remaining director. If the vacancy is not so filled, it shall be filled by the
shareholders at the next annual meeting of shareholders. A vacancy that will occur at a specified later date, by reason of a resignation or otherwise, may be filled before the vacancy occurs, but the new director may not take office until the
vacancy occurs. 
 D. This Article 3 may not be amended, altered, changed or repealed unless the amendment is approved by the
vote of holders of 70 percent of the shares then entitled to vote at an election of directors. 
 ARTICLE 4 

Amendment of Bylaws 
 Both the Board of Directors and the shareholders shall have the power to alter, amend or repeal the Bylaws of the Corporation. Any repeal or change of the Bylaws by the shareholders shall require the
affirmative vote of not less than 70 percent of the votes entitled to be cast on the matter. This Article 4 may not be amended, altered, changed or repealed unless the amendment is approved by the vote of holders of 70 percent of the shares then
entitled to vote at an election of directors. 
 ARTICLE 5 

No Personal Liability 
 No director of the Corporation shall be personally liable to the Corporation or its shareholders for monetary damages for conduct as a director; provided that this Article shall not eliminate the
liability of a director for any act or omission for which such elimination of liability is not permitted under the Oregon Business Corporation Act. No amendment to the Oregon Business Corporation Act that further limits the acts or omissions for
which elimination of liability is permitted shall affect the liability of a director for any act or omission which occurs prior to the effective date of such amendment. 
 ARTICLE 6 
 Indemnification 

The Corporation may indemnify to the fullest extent permitted by law any person who is made, or threatened to be made, a party to an
action, suit or proceeding, whether civil, criminal, administrative, investigative, or otherwise (including an action, suit or proceeding by or in the right of the Corporation) by reason of the fact that the person is or was a director, officer or
employee of the Corporation or a fiduciary within the meaning of the Employee Retirement Income Security Act of 1974 with respect to any employee benefit plan of the Corporation, or serves or served at the request of the Corporation as a director,
officer or employee, or as a fiduciary of an employee benefit plan, of another Corporation, partnership, joint venture, trust or other enterprise. This Article shall not be deemed exclusive of any other provisions for indemnification of directors,
officers and fiduciaries that may be included in any statute, bylaw, agreement, resolution of shareholders or directors or otherwise, both as to action in any official capacity and action in another capacity while holding office. 

  
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 ARTICLE 7 
 Fair Price Provision 
 A. Whether or not a vote of stockholders is
otherwise required, the vote of the holders of not less than 70 percent of the outstanding shares of “Voting Stock” (as hereinafter defined) of the Corporation shall be required for the approval or authorization of any “Business
Combination” (as hereinafter defined) with any “Substantial Shareholder” (as hereinafter defined) or any Business Combination in which a Substantial Shareholder has an interest (except proportionately as a stockholder of the
Corporation); provided, however, that the 70 percent voting requirement shall not be applicable if either: 
 (1) The
“Continuing Directors” (as hereinafter defined) of the Corporation by at least a two-thirds vote (a) have expressly approved in advance the acquisition of the outstanding shares of Voting Stock that caused such Substantial Shareholder
to become a Substantial Shareholder, or (b) have expressly approved such Business Combination; or 
 (2) The cash or fair
market value (as determined by at least a majority of the Continuing Directors) of the property, securities or other consideration to be received per share by holders of Voting Stock of the Corporation (other than the Substantial Shareholder) in the
Business Combination is not less than the “Highest Per Share Price” or the “Highest Equivalent Price” (as those terms are hereinafter defined) paid by the Substantial Shareholder involved in the Business Combination in acquiring
any of its holdings of the Corporation’s Voting Stock acquired in the last two years. 
 B. For purposes of this Article 7:

 (1) The term “Business Combination” shall include, without limitation, (a) any merger, exchange or consolidation of
the Corporation, or any entity controlled by or under common control with the Corporation, with or into any Substantial Shareholder, or any entity controlled by or under common control with such Substantial Shareholder, (b) any merger, exchange
or consolidation of a Substantial Shareholder, or any entity controlled by or under common control with such Substantial Shareholder, with or into the Corporation or any entity controlled by or under common control with the Corporation, (c) any
sale, lease, exchange, transfer or other disposition (in one transaction or a series of transactions), including without limitation a mortgage or any other security device, of all or any “Substantial Part” (as hereinafter defined) of the
property and assets of the Corporation, or any entity controlled by or under common control with the Corporation, to a Substantial Shareholder, or any entity controlled by or under common control with such Substantial Shareholder, (d) any
purchase, lease, exchange, transfer or other acquisition (in one transaction or a series of transactions), including without limitation a mortgage or any other security device, of all or any Substantial Part of the property and assets of a
Substantial Shareholder or any entity controlled by or under common control with such Substantial Shareholder, by the Corporation, or any entity controlled by or under common control with the Corporation, (e) any recapitalization of the
Corporation that would have the effect of increasing the voting power of a Substantial Shareholder, (f) the issuance, sale, exchange or other disposition of any securities of the Corporation, or of any entity controlled by or under common
control with the Corporation, by the Corporation or by any entity controlled by or under common control with the Corporation, (g) any liquidation, spinoff, splitoff, splitup or dissolution of the Corporation, and (h) any agreement,
contract or other arrangement providing for any of the transactions described in this definition of Business Combination. 
 (2)
The term “Substantial Shareholder” shall mean and include (a) any “Person” (as that term is defined in Section 2(2) of the Securities Act of 1933, as in effect on the date these Articles of Incorporation become
effective (the “Effective Date”)) which, together with its “Affiliates” (as hereinafter defined) and “Associates” (as hereinafter defined), “Beneficially Owns” (as defined in Rule 13d-3 of the General Rules
and Regulations under the Securities Exchange Act of 1934 as in effect on the Effective Date) in the aggregate 15 percent or more of the outstanding Voting Stock of the Corporation, and (b) any Affiliate or Associate (other than the Corporation
or a wholly owned subsidiary of the Corporation) of any such Person. Two or more Persons acting in concert for the purpose of acquiring, holding or disposing of Voting Stock of the Corporation shall be deemed a “Person.” 

  
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 (3) Without limitation, any share of Voting Stock of the Corporation that any Substantial
Shareholder has the right to acquire at any time (notwithstanding that Rule 13d-3 deems such shares to be beneficially owned if such right may be exercised within 60 days) pursuant to any agreement, contract, arrangement or understanding, or upon
exercise of conversion rights, warrants or options, or otherwise, shall be deemed to be Beneficially Owned by such Substantial Shareholder and to be outstanding for purposes of subparagraph B(2) above. 

(4) For the purposes of subparagraph A(2) of this Article, the term “other consideration to be received” shall include, without
limitation, Common Stock or other capital stock of the Corporation retained by its existing shareholders, other than any Substantial Shareholder or other Person who is a party to such Business Combination, in the event of a Business Combination in
which the Corporation is the survivor. 
 (5) The term “Voting Stock” shall mean all of the outstanding shares of
capital stock of the Corporation entitled to vote generally in the election of directors, considered as one class, and each reference to a proportion of shares of Voting Stock shall refer to such proportion of the votes entitled to be cast by such
shares. 
 (6) The term “Continuing Director” shall mean a director of the Corporation who was a member of the board
of directors of the Corporation immediately prior to the time that the Substantial Shareholder involved in a Business Combination became a Substantial Shareholder. 
 (7) A Substantial Shareholder shall be deemed to have acquired a share of the Voting Stock of the Corporation at the time when such Substantial Shareholder became the Beneficial Owner thereof. With
respect to the shares owned by Affiliates, Associates or other Persons whose ownership is attributed to a Substantial Shareholder under the foregoing definition of Substantial Shareholder, if the price paid by such Substantial Shareholder for such
shares is not determinable by a majority of the Continuing Directors, the price so paid shall be deemed to be the higher of (a) the price paid upon the acquisition thereof by the Affiliate, Associate or other Person or (b) the market price
of the shares in question at the time when such Substantial Shareholder became the Beneficial Owner thereof. 
 (8) The terms
“Highest Per Share Price” and “Highest Equivalent Price” as used in this Article shall mean the following: If there is only one class of capital stock of the Corporation issued and outstanding, the Highest Per Share Price shall
mean the highest price that can be determined to have been paid at any time by the Substantial Shareholder involved in the Business Combination for any share or shares of that class of capital stock. If there is more than one class of capital stock
of the Corporation issued and outstanding, the Highest Equivalent Price shall mean, with respect to each class and series of capital stock of the Corporation, the amount determined by a majority of the Continuing Directors, on whatever basis they
believe is appropriate, to be the highest per share price equivalent to the highest price that can be determined to have been paid at any time by the Substantial Shareholder for any share or shares of any class or series of capital stock of the
Corporation. The Highest Per Share Price and the Highest Equivalent Price shall include any brokerage commissions, transfer taxes and soliciting dealers’ fees paid by a Substantial Shareholder with respect to the shares of capital stock of the
Corporation acquired by such Substantial Shareholder. In the case of any Business Combination with a Substantial Shareholder, the Continuing Directors shall determine the Highest Per Share Price or the Highest Equivalent Price for each class and
series of the capital stock of the Corporation. The Highest Per Share Price and Highest Equivalent Price shall be appropriately adjusted to reflect the occurrence of any reclassification, recapitalization, stock split, reverse stock split or other
readjustment in the number of outstanding shares of capital stock of the Corporation, or the declaration of a stock dividend thereon, between the last date upon which the Substantial Shareholder paid the Highest Per Share Price of Highest Equivalent
Price and the effective date of the merger or consolidation or the date of distribution to stockholders of the Corporation of the proceeds from the sale of all or substantially all of the assets of the Corporation. 

(9) The term “Substantial Part” shall mean 15 percent or more of the fair market value of the total assets of the Person in
question, as reflected on the most recent balance sheet of such Person existing at the time the stockholders of the Corporation would be required to approve or authorize the Business Combination involving the assets constituting any such Substantial
Part. 

  
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 (10) The term” Affiliate,” used to indicate a relationship with a specified
Person, shall mean a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. 

(11) The term “Associate,” used to indicate a relationship with a specified Person, shall mean (a) any entity of which
such specified Person is an officer or partner or is, directly or indirectly, the beneficial owner of 10 percent or more of any class of equity securities, (b) any trust or other estate in which such specified Person has a substantial
beneficial interest or as to which such specified Person serves as trustee or in a similar fiduciary capacity, (c) any relative or spouse of such specified Person, or any relative of such spouse, who has the same home as such specified Person
or who is a director or officer of the Corporation or any of its subsidiaries, and (d) any Person who is a director or officer of such specified entity or any of its parents or subsidiaries (other than the Corporation or an entity controlled by
or under common control with the Corporation). 
 C. For the purposes of this Article, a majority of the Continuing Directors
shall have the power to make a good faith determination, on the basis of information known to them, of: (a) the number of shares of Voting Stock that any Person Beneficially Owns, (b) whether a Person is an Affiliate or Associate of
another, (c) whether a Person has an agreement, contract, arrangement or understanding with another as to the matters referred to in subparagraph B(1)(h) or B(3) hereof, (d) whether the assets subject to any Business Combination constitute
a Substantial Part, (e) whether any Business Combination is one in which a Substantial Shareholder has an interest (except proportionately as a stockholder of the Corporation), and (f) such other matters with respect to which a
determination is required under this Article. 
 D. The provisions set forth in this Article may not be amended, altered,
changed . or repealed in any respect unless such action is approved by the affirmative vote of the holders of not less than a majority of the outstanding shares of Voting Stock of the Corporation at a meeting of the shareholders duly called for the
consideration of such amendment, alteration, change or repeal; provided, however, that if there is a Substantial Shareholder who is not a Continuing Director, such action must also be approved by the affirmative vote of the holders of not less than
70 percent of the outstanding shares of Voting Stock. 
 ARTICLE 8 

The street address and the mailing address of the initial registered office of the Corporation is 1100 SW Sixth Avenue, Portland, OR
97204 and the name of its initial registered agent at that address is J. Greg Ness. 
 ARTICLE 9 

The name of the incorporator is Ruth A. Beyer and the address of the incorporator is 900 SW Fifth Avenue, Suite 2300, Portland OR 97204.

 ARTICLE 10 
 The mailing address for the Corporation for notices is 1100 SW Sixth Avenue, Portland OR 97204. 
 ARTICLE 11 
 Election of Directors 

Except as otherwise required by these Articles, in any election of directors of the Corporation at a meeting of shareholders at which a
quorum is present, each director shall be elected if the number of shares voted “for” the director exceeds the number of votes cast “against” that director, provided that if the number of nominees exceeds the number of directors
to be elected, the directors shall be elected by a vote of the plurality of the shares represented in person or by proxy at any such meeting and entitled to vote on the election of directors. 

  
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