Document:

<PAGE>
                                                                   EXHIBIT 10.39

                                PROMISSORY NOTE

                                   $125,000.00

                             FOSTER CITY, CALIFORNIA
                                  MAY 14, 2002

      WHEREAS, it is the intention of Inktomi Corporation to encourage and
provide its Chief Executive Officer with an incentive to retain his investments
in its stock and to focus on growing the company. Under the current environment,
by extending credit to its Chief Executive Officer, Inktomi Corporation can
limit any negative inferences or impact to the company that may arise from its
Chief Executive Officer's sale of a significant amount of its stock to meet his
short-term cash needs due to factors beyond his individual control including his
personal lock-up on sale of stock for an extended period of time. This paragraph
is not intended to create any binding obligation.

      FOR VALUE RECEIVED, David C. Peterschmidt (the "Borrower"), hereby
promises to pay to the order of Inktomi Corporation, a Delaware corporation (or
its successor upon any sale, merger, acquisition or reorganization) (the
"Lender"), the principal sum of One Hundred Twenty Five Thousand Dollars
($125,000.00), in lawful money of the United States of America, on May 14, 2004
or when earlier required pursuant to Sections 7, 8, 9 or 10 hereof (the
"Repayment Date").

      1.    Interest Rate. The outstanding principal amount of this Note,
together with all accrued and unpaid interest thereon, shall bear interest at a
rate per annum equal to six percent (6%).

      2.    Interest Payments. Interest payments on the Note shall be payable in
cash on the Repayment Date. Interest shall be calculated on the basis of a year
comprised of twelve (12) thirty (30) day months.

      3.    No Usury. This Note is hereby expressly limited so that in no event
whatsoever, whether by reason of deferment or advancement of loan proceeds,
acceleration of maturity of the loan evidenced hereby, or otherwise, shall the
amount paid or agreed to be paid to the Lender hereunder for the loan, use,
forbearance or detention of money exceed the maximum interest rate permitted by
the laws of the State of California. If at any time the performance of any
provision involves a payment exceeding the limit of the price that may be
validly charged for the loan, use, forbearance or detention of money under
applicable law, then automatically and retroactively, ipso facto, the obligation
to be performed shall be reduced to such limit, it being the specific intent of
the Company and the Borrower that all payments under this Note are to be
credited first to interest as permitted by law, but not in excess of (i) the
agreed rate of interest hereunder, or (ii) that permitted by law, whichever is
the lesser, and the balance toward the reduction of principal.

      4.    Method of Payment. All payments hereunder shall be made by cash or
check to Lender, Inktomi Corporation, 4100 East 3rd Avenue, Foster City, CA
94404, or at such other place, or by such other means, as the Lender shall
designate to the Borrower in writing. If

<PAGE>
any payment of principal or interest on this Note is due on a day which is not a
Business Day, such payment shall be due on the next succeeding Business Day.
"Business Day" means any day other than a Saturday, Sunday or legal holiday in
the State of California.

      5.    Prepayment. The Borrower shall have the right to prepay the
principal amount hereof in full or in part, together with all accrued interest
on the amount prepaid to the date of such prepayment, at any time without
penalty.

      6.    Reserved.

      7.    Events of Default.

            (a)   The occurrence of one or more of the following shall
constitute an event of default ("Event of Default") hereunder:

                  (i)   The Borrower's failure to pay any payment of principal
or interest on the Note when due;

                  (ii)  If, pursuant to or within the meaning of the United
States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors ("Bankruptcy Law"), the Borrower shall (a) commence a
voluntary case or proceeding, (b) consent to the entry of an order for relief
against the Borrower, in an involuntary case, (c) consent to the appointment of
a trustee, receiver, assignee, liquidator or similar official, (d) make an
assignment for the benefit of the Borrower's creditors, or (e) admit in writing
the Borrower's inability to pay Borrower's debts as they become due;

                  (iii) If a court of competent jurisdiction enters an order or
decree under any Bankruptcy Law that (a) is for relief against the Borrower in
an involuntary case, (b) appoints a trustee, receiver, assignee, liquidator or
similar official for the Borrower or substantially all of the Borrower's
properties, (c) orders the liquidation of the Borrower, and in each case the
order or decree is not dismissed within 30 days; or

                  (iv)  The occurrence of an event described in Section 8
hereof, or the Borrower's failure to observe or perform any covenant or
agreement contained in this Note including, but not limited to, Sections 9 and
10 hereof;

            (b)   Upon the occurrence of an Event of Default, the principal of
this Note, together with all unpaid interest and all other amounts payable
hereunder, shall become due and payable forthwith, without presentment, demand,
notice, protest or other requirement of any kind, all of which are expressly
waived by Borrower. Upon the occurrence of an Event of Default (unless all
Events of Default have been cured or waived by Lender), Lender may, at its
option, by written notice of Borrower, declare the entire unpaid principal
balance of this Note, together with all accrued interest thereon, immediately
due and payable regardless of any prior forbearance. In either such case, Lender
may exercise any and all rights and remedies available to it under applicable
law, including, without limitation, the right to collect from Borrower all sums
due under this Note. Borrower shall pay all reasonable costs and expenses of
collection

                                       2
<PAGE>
incurred by or on behalf of Lender as a result of an Event of Default including,
without limitation, reasonable attorneys' fees.

      8.    Termination of Employment. Upon the termination of the Borrower's
employment with the Lender for any reason, including, without limitation, with
or without cause, or by reason of death or disability, the entire unpaid
principal balance plus all accrued and unpaid interest of this Note, and any
other charges owing to the Lender, shall become due and payable one hundred and
twenty (120) days after the date of such termination of such employment,
irrespective of the maturity date of this Note. Nothing in this Note shall
create any employment right or entitlement in favor of the Borrower, which
employment with the Lender shall remain "at-will."

      9.    Mandatory Prepayment on Receipt of Bonus. If at any time, or from
time to time, Borrower shall receive any compensatory bonus from the Company
(including, but not limited to, cash payments, cash dividends or other
distributions), but not including payments or distributions in the form of
Lender capital stock, then the after-tax proceeds (the "Net Proceeds") from such
compensatory bonus shall be applied to the prepayment of the unpaid principal
balance plus all accrued and unpaid interest of this Note within seven (7)
calendar days after receipt thereof (the "Mandatory Prepayment Period"). If the
Lender does not receive such Net Proceeds within the Mandatory Prepayment
Period, the entire principal balance plus all accrued and unpaid interest of
this Note shall become immediately due and payable pursuant to Section 7 hereof.

      10.   Mandatory Prepayment on Sale of Stock. If at any time, or from time
to time, Borrower shall receive any proceeds from the sale or other disposition
of shares of Lender capital stock now owned or hereinafter acquired by Borrower
("Borrower Stock"), then 50% of the after-tax proceeds (the "Borrower Stock
Proceeds") of such sale or other disposition shall be applied to the prepayment
of the unpaid principal balance plus all accrued and unpaid interest of this
Note within the Mandatory Prepayment Period. If the Lender does not receive such
Borrower Stock Proceeds within the Mandatory Prepayment Period, the entire
principal balance plus all accrued and unpaid interest of this Note shall become
immediately due and payable pursuant to Section 7 hereof.

      11.   Recourse. The Lender shall be entitled to recourse against the
Borrower for the payment of any principal and accrued interest of the Note or
for any claim based hereon (including costs of collection).

      12.   Costs of Collection. Upon the failure of the Borrower to pay any
amount due hereunder as and when due, the Borrower shall pay on demand any
reasonable costs and expenses incurred by the holder hereof in connection with
the collection of any outstanding principal and in connection with the
enforcement of any rights or remedies provided for pursuant to this Note. If not
paid on demand, all such costs and expenses automatically shall be added to the
remaining principal balance hereunder as of the date immediately following the
date of such demand.

      13.   Waiver. The Borrower hereby waives any right it might otherwise have
to require notice or acceptance by any other person of its obligations or
liabilities under this Note

                                       3
<PAGE>
which are unconditional and absolute and waives diligence, presentment, demand
of payment, protest and notice with respect to all of the obligations of the
Borrower under this Note and with respect to any action under this Note and all
other notices and demands whatsoever, except as specifically provided for in
this Note. This Note may be amended, and the observance of any term of this Note
may be waived, with (and only with) the written consent of the Lender.

      14.   Governing Law. This Note shall be governed by and construed in
accordance with the laws of the State of California.

      15.   Assignment or Pledge of Note. The Lender shall promptly notify the
Borrower of any endorsement, assignment, pledge or hypothecation of this Note to
a person not affiliated with the Lender. This Note may not be sold, assigned,
hypothecated, delegated or transferred by the Borrower, by operation of law or
otherwise, without prior written consent of the Lender.

      16.   Loss, Mutilation, Etc. Upon notice from the holder of this Note to
the Borrower of the loss, theft, destruction or mutilation of this Note, and
upon receipt of an indemnity reasonably satisfactory to the Borrower from the
holder of this Note or, in the case of mutilation hereof, upon surrender of the
mutilated Note, the Borrower will make and deliver a new note of like tenor in
lieu of this Note.

      17.   Notices. All notices and other communications required or permitted
under this Note shall be in writing and shall be personally delivered or sent by
certified first class United States mail, postage prepaid, return receipt
requested, and if mailed, shall be deemed to have been received on the third
business day after deposit in the mail, addressed to the Lender, Inktomi
Corporation, 4100 East 3rd Avenue, Foster City, California 94404, Attention:
General Counsel, or to the Borrower at the address set forth below the
Borrower's signature. Notice of any change of either party's address shall be
given by written notice in the manner set forth in this paragraph.

      18.   Severability. If any provision in this Note is construed to be
invalid, illegal or unenforceable, then the remaining provisions shall not in
any way be affected thereby and shall be enforced without regard thereto.

                                       4
<PAGE>
      IN WITNESS WHEREOF, the Borrower has executed this Note on the date first
above written.

                                       BORROWER:

                                       /s/ David C. Peterschmidt
                                       -----------------------------------------
                                       Signature of Borrower

                                       -----------------------------------------
                                       Print or Type Name: David C. Peterschmidt

                                       -----------------------------------------
                                       Address

                                       -----------------------------------------
                                       City, State, Zip Code

                                       -----------------------------------------
                                       Telephone Number

AGREED AND ACCEPTED

-------------------------------------
Title:

Inktomi Corporation
4100 East 3rd Avenue
Foster City, CA 94404<PAGE>
                                                                   Exhibit 10.40

                               INKTOMI CORPORATION
                        CONDITIONAL WAIVER AND AMENDMENT

This CONDITIONAL WAIVER AND FIRST AMENDMENT TO DEFEASANCE DEPOSIT AGREEMENT
(this "Agreement") dated as of August 13, 2002, is by and among INKTOMI
CORPORATION, a Delaware corporation, as Lessee (the "Lessee"), WILMINGTON TRUST
COMPANY, a Delaware banking corporation, not in its individual capacity except
as otherwise expressly provided herein, but solely as Owner Trustee of the
Inktomi Trust 2000 and Lessor (the "Lessor"); WILMINGTON TRUST FSB, a federal
savings bank, not in its individual capacity except as otherwise expressly
provided herein, but solely as Co-Owner Trustee of the Inktomi Trust 2000
("Co-Owner Trustee"); DEUTSCHE BANK AG, NEW YORK BRANCH, a duly licensed branch
of Deutsche Bank AG, a German corporation, as an Investor (together with any
permitted successors and assigns, each an "Investor" and collectively the
"Investors"); DEUTSCHE BANK AG, NEW YORK AND/OR CAYMAN ISLANDS BRANCH, as a
Lender (together with the other financial institutions as may from time to time
become lenders, the "Lenders") under the Credit Agreement and as Agent for the
Lenders (in such capacity, the "Agent"); and DEUTSCHE BANK SECURITIES INC. f/k/a
DEUTSCHE BANC ALEX. BROWN INC., as Arranger (the "Arranger"). Capitalized terms
used but not otherwise defined in this Agreement shall have the meanings set
forth in Annex A to the Participation Agreement (as defined below).

                                    RECITALS:

        A. The Lessee, the Lessor, the Co-Owner Trustee, the Investors, the
Lenders, the Agent and the Arranger are parties to that certain Participation
Agreement, dated as of August 24, 2000 (as amended, restated, supplemented or
otherwise modified from time to time, the "Participation Agreement").

        B. The Lessee and the Lessor are parties to that certain Lease, dated as
of August 24, 2000 (as amended, restated, supplemented or otherwise modified
from time to time, the "Lease").

        C. The Lessee, the Lessor, the Agent and the Investors are parties to
that certain Defeasance Deposit Agreement, dated as of August 24, 2000 (as
amended, restated, supplemented or otherwise modified from time to time, the
"Defeasance Deposit Agreement").

        D. Section 9.5(h) of the Participation Agreement contains a covenant of
Lessee to maintain at all times a minimum Consolidated EBITDA and Lessee has
notified the Agent that as of June 30, 2002, Lessee is in violation of the
Minimum Consolidated EBITDA covenant.

        E. Section 12.7(c) of the Participation Agreement contains an agreement
by the Lessee to indemnify each Indemnified Person for any loss or expense which
such Indemnified Person may sustain or incur as a consequence of the making of a
prepayment of Loans or Investor Contributions which are Eurodollar Loans or
Eurodollar Investor Contributions on a day which is not the last day of an
Interest Period.

<PAGE>
        F. Section 8 of the Defeasance Deposit Agreement contains a five (5) day
notice requirement before the sale or disposition of any Collateral.

        G. Section 20.1 of the Lease contains a thirty (30) day notice
requirement prior to the day that Lessee may exercise its Purchase Option
thereunder.

        H. The parties desire to waive the breach of the Consolidated EBITDA
covenant contained in Section 9.5(h) of the Participation Agreement and any
resulting covenant or representation breaches related thereto through the second
quarter of 2002, conditioned on Lessee's agreement to exercise its Purchase
Option under the Lease on or prior to August 30, 2002.

        I. The parties desire to waive the requirement of Section 20.1 of the
Lease providing thirty (30) day's notice for Lessee's exercise of its Purchase
Option.

        J. The parties desire to waive until August 30, 2002, the Lessee's
obligation to indemnify each Indemnified Person for any payments Lessee may make
to prepay a Loan or Investor Contribution, in connection with Lessee's exercise
of its Purchase Option as contemplated by this Agreement, that are made on a day
which is not the last day of an Interest Period.

        K. The parties desire to amend Section 8 of the Defeasance Deposit
Agreement to delete the five (5) day notice requirement for the sale or
disposition of any Collateral.

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants hereinafter contained, the parties hereto agree as follows:

               1. Limited Waiver of Default. Subject to satisfaction of the
        conditions set forth in Section 6 below, the parties hereto agree to
        waive the requirement of Section 9.5(h) for the fiscal quarter ending
        June 30, 2002 on the condition that the Lessee terminate the Lease on or
        before August 30, 2002; provided, however, that the waiver of the
        requirement of Section 9.5(h) granted in this Section 1 shall be
        rescinded, null and void and of no further force and effect if Lessee
        has not exercised its Purchase Option on or prior to August 30, 2002.
        Lessee further agrees that failure to exercise its Purchase Option on or
        prior to August 30, 2002 shall constitute an election of the Purchase
        Option as described in Section 20.1 of the Lease, with the payment of
        the Purchase Option Price to occur by offset against the Collateral
        (including the Defeasance Deposit Collateral, as such terms are defined
        in the Defeasance Deposit Agreement) on August 30, 2002, and that
        Lessee's agreement in this sentence shall constitute a direction to
        Collateral Agent and to Defeasance Deposit Depositary Bank (as such
        terms are defined in the Defeasance Deposit Agreement) to transfer into
        Collateral Agent's own name, for the benefit of the Participants, an
        amount of Collateral (including the Defeasance Deposit Collateral, as
        such terms are defined in the Defeasance Deposit Agreement) necessary to
        pay the Purchase Option Price. Lessee further agrees that the parties
        hereto are under no obligation, express or implied to provide any
        additional waiver or forbearance.

                                       2

<PAGE>
               2. Waiver of Thirty (30) Day Notice Requirement. Subject to
        satisfaction of the conditions set forth in Section 6 below, the parties
        hereto agree to waive Lessee's compliance with the provisions of Section
        20.1 of the Lease requiring delivery of a written notice of Lessee's
        intention to purchase the Property pursuant to the Purchase Option
        thirty (30) days prior to the actual purchase date; provided, however,
        that the Lessor and Lessee shall be afforded a reasonable period of time
        to provide the supporting transfer documentation and to satisfy the
        customary closing requirements of others involved in closing the sale
        and purchase of the Property (including without limitation, title
        insurers and escrow agents), but in no event shall the period of time
        provided to transfer the Property extend beyond August 30, 2002.

               3. Waiver of Eurodollar Break Cost. Subject to satisfaction of
        the conditions set forth in Section 6 below, the parties hereto agree to
        waive until August 30, 2002, Lessee's compliance with the provisions of
        Section 12.7(c) of the Participation Agreement requiring Lessee to
        indemnify each Indemnified Person for any payments Lessee may make to
        prepay a Loan or Investor Contribution made (i) in connection with
        Lessee's requirement to terminate the Lease as described in Section 1
        above, and (ii) on a day which is not the last day of an Interest
        Period.

               4. Amendment to the Defeasance Deposit Agreement. Subject to the
        satisfaction of the conditions set forth in Section 6 below, the
        Defeasance Deposit Agreement is hereby amended as follows:

                The last paragraph in Section 8 of the Defeasance Deposit
                Agreement is hereby amended by deleting the same in its entirety
                and replacing it with the following:

                Collateral Agent shall distribute the proceeds of all Collateral
                received by Collateral Agent after the occurrence of a Lease
                Event of Default or default or breach hereunder to Lessor, the
                Participants and Agent for application to the Obligations owed
                to such Persons pursuant to the Participation Agreement, the
                Lease and the other Operative Documents. If any proceeds of
                Collateral remain after all Obligations have been paid in full,
                Collateral Agent and Defeasance Deposit Depositary Bank shall
                deliver the same to Lessee or other Person entitled thereto.
                Unless otherwise required by Law, in any case where notice of
                any sale or disposition of any Collateral is required, Lessee
                hereby agrees that no notice of such sale or disposition is
                required.

               5. Representation and Warranties. The Lessee hereby represents
        and warrants to the Agent, the Lessor, the Lender and the Investor that
        the following are true and correct on the date of this Agreement and
        that, after giving effect to the waivers set forth in Sections 1, 2 and
        3 and the amendment in Section 4 above, the following will be true and
        correct on the Effective Date (as defined below):

                       (a) The representations and warranties of the Lessee set
               forth in Section 7.3 of the Participation Agreement are true and
               correct in all material respects as if made on such date (except
               for representations and warranties expressly made as

                                       3

<PAGE>
               of a specified date, which shall be true and correct in all
               material respects as of such date);

                       (b) No Default or Event of Default has occurred and is
               continuing; and

                       (c) Each of the Operative Agreements to which the Lessee
               is a party is in full force and effect as to such Person.

               6. Effective Date. The waivers effected by Sections 1, 2 and 3
        and the amendment in Section 4 shall become effective as of the date of
        this Agreement (the "Effective Date"), subject to receipt by
        McGuireWoods LLP, counsel to the Agent, of (a) a copy of this Agreement
        duly executed by the Lessee, the Owner Trustee, the Co-Owner Trustee,
        the Agent and the Required Participants, and (b) a letter of direction
        (a signed copy of which is attached hereto as Exhibit A) to Defeasance
        Deposit Depositary Bank directing Defeasance Deposit Depositary Bank
        under the Control Agreement to transfer an amount of Collateral
        (including Defeasance Deposit Collateral, as such terms are defined in
        the Defeasance Deposit Agreement) equal to the Purchase Option Price on
        August 30, 2002 upon the direction of Collateral Agent (as such term is
        defined in the Defeasance Deposit Agreement) unless directed prior to
        such date to apply such amount in connection with the Lessee's exercise
        of the Purchase Option.

               7. Miscellaneous.

                       (a) Except as specifically waived or amended above, the
               Participation Agreement, the Lease and the Defeasance Deposit
               Agreement and each of the Annex, Schedules and Exhibits thereto
               shall remain in full force and effect, and the Participation
               Agreement, the Lease and the Defeasance Deposit Agreement are
               hereby ratified and confirmed in all respects.

                       (b) Section headings in this Agreement are included
               herein for convenience of reference only and shall not constitute
               a part of this Agreement for any other purpose.

                       (c) This Agreement may be executed in any number of
               separate counterparts, each of which shall collectively and
               separately constitute one agreement. Delivery of an executed
               counterpart of a signature page to this Agreement by telecopier
               shall be effective as delivery of a manually executed counterpart
               of this Agreement.

               GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
        THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED, INTERPRETED
        AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                            [Signature Pages Follow]

                                        4

<PAGE>
        IN WITNESS WHEREOF, each party hereto has caused this Agreement to be
duly executed and delivered by its proper and duly authorized officer as of the
date first written above.

                                 INKTOMI CORPORATION,
                                 as Lessee

                                 By:     /s/ Randy Gottfried
                                    --------------------------------
                                 Name:   Randy Gottfried
                                      ------------------------------
                                 Title:  CFO
                                       -----------------------------

                                        5

<PAGE>
                                 WILMINGTON TRUST COMPANY, not in its
                                 individual capacity but solely as Owner
                                 Trustee and Lessor

                                 By:     /s/ Michael G. Offer, Jr.
                                    --------------------------------
                                 Name:   Michael G. Offer, Jr.
                                      ------------------------------
                                 Title:  Senior Financial Services Officer
                                       -----------------------------

                                        6

<PAGE>
                                 WILMINGTON TRUST FSB, not in its individual
                                 capacity but solely as Co-Owner Trustee

                                 By:     /s/ Donald G.   M[illegible]
                                    --------------------------------
                                 Name:   Donald G. M[illegible]
                                      ------------------------------
                                 Title:  Authorized Signer
                                       -----------------------------

                                        7

<PAGE>
                                 DEUTSCHE BANK AG, NEW YORK BRANCH, as
                                 Investor

                                 By:     /s/ Karen Keane
                                    --------------------------------
                                 Name:   Karen Keane
                                      ------------------------------
                                 Title:  Director
                                       -----------------------------

                                 By:     /s/ David G. Dickinson, Jr.
                                    --------------------------------
                                 Name:   David G. Dickinson, Jr.
                                      ------------------------------
                                 Title:  Vice President
                                       -----------------------------

                                        8

<PAGE>
                                 DEUTSCHE BANK AG, NEW YORK
                                 AND/OR CAYMAN ISLANDS BRANCH,
                                 as a Lender and as Agent for
                                 the Lenders

                                 By:     /s/ Karen Keane
                                    --------------------------------
                                 Name:   Karen Keane
                                      ------------------------------
                                 Title:  Director
                                       -----------------------------

                                 By:     /s/ David G. Dickinson, Jr.
                                    --------------------------------
                                 Name:   David G. Dickinson, Jr.
                                      ------------------------------
                                 Title:  Vice President
                                       -----------------------------

                                        9

<PAGE>
                                 DEUTSCHE BANK SECURITIES INC. f/k/a
                                 DEUTSCHE BANC ALEX. BROWN INC., as Arranger

                                 By:     /s/ Robert Manto[illegible]
                                    --------------------------------
                                 Name:   Robert Manto[illegible]
                                      ------------------------------
                                 Title:  MD
                                       -----------------------------

                                 By:     /s/ Gennaro R. D'Agostino
                                    --------------------------------
                                 Name:   Gennaro R. D'Agostino
                                      ------------------------------
                                 Title:  Vice President
                                       -----------------------------

                                       10

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