Document:

Prepared by MerrillDirect

Exhibit 10.40

STOCK PURCHASE AGREEMENT

 

by
and between

 

Yahoo!
Inc.

 

and

 

Terry
S. Semel

 

 

 

 

Dated
as of April 16, 2001

STOCK PURCHASE AGREEMENT

             THIS
STOCK PURCHASE AGREEMENT is made and entered into as of April 16, 2001, by
and between Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Terry S. Semel, an individual residing in Los
Angeles, California (“Purchaser”).

             THE
PARTIES AGREE AS FOLLOWS:

ARTICLE
I

SALE OF STOCK

             Section
1.1       Sale of Stock.  Subject to the terms and conditions of this
Agreement, on the Purchase Date (as defined below) Yahoo! will issue and sell
to Purchaser, and Purchaser agrees to purchase from Yahoo!, 1,000,000 (One
Million) shares of Yahoo!’s Common Stock (the “Shares”) at a purchase price of
U.S.$17.62 per Share for a total purchase price of U.S.$17,620,000.00.

             Section
1.2       Purchase.  The purchase and sale of the Shares under
this Agreement shall occur at the principal office of Yahoo! simultaneously
with the execution of this Agreement by the parties or on such other date as
the Company and Purchaser shall agree (the “Purchase
Date”).  On the Purchase
Date, Yahoo! will deliver to Purchaser a certificate representing the Shares to
be purchased by Purchaser (which shall be issued in Purchaser’s name) against
payment of the purchase price therefor by Purchaser by check made payable to
Yahoo! or wire transfer of immediately available funds.

ARTICLE
II

REPRESENTATIONS AND WARRANTIES OF YAHOO!

             Yahoo!
hereby represents and warrants to Purchaser as follows:

             Section
2.1       Organization  Yahoo! is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware.

             Section
2.2       Valid Issuance of Common
Stock. The Shares, when issued and paid for in accordance with this
Agreement, will be duly authorized, validly issued, fully paid, and
non-assessable.

             Section
2.3       Authority.  Yahoo! has all requisite corporate power and
authority to enter into this Agreement and to consummate the transactions
contemplated by this Agreement.  The
execution and delivery of this Agreement and the consummation of the
transactions contemplated by this Agreement have been duly authorized by all
necessary corporate action on the part of Yahoo!  This Agreement has been duly executed and delivered by Yahoo!,
and constitutes the valid and binding obligation of Yahoo!, enforceable in
accordance with its terms, except to the extent that enforceability may be
limited by applicable bankruptcy, reorganization, insolvency, moratorium or
other laws affecting the enforcement of creditors’ rights generally and by
general principles of equity.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF PURCHASER

             Purchaser
hereby represents and warrants to Yahoo! as follows:

             Section
3.1       Authority.  Purchaser has all requisite power and
authority to enter into this Agreement and to consummate the transactions
contemplated by this Agreement, including the acquisition of the Shares.  The execution and delivery of this Agreement
and the consummation of the transactions contemplated by this Agreement have
been duly authorized by all necessary action on the part of Purchaser.  This Agreement has been duly executed and
delivered by Purchaser, and constitutes the valid and binding obligation of
Purchaser, enforceable in accordance with its terms, except to the extent that
enforceability may be limited by applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting the enforcement of creditors’
rights generally and by general principles of equity.

             Section
3.2       Purchase Entirely for Own Account.  The Shares to be acquired by Purchaser will
be acquired for investment for Purchaser’s own account, not as a nominee or
agent, and not with a view to the resale or distribution of any part thereof,
and Purchaser has no present intention of selling, granting any participation
in, or otherwise distributing the same. 
Purchaser further represents that he does not presently have any
contract, undertaking, agreement or arrangement with any person to sell, transfer
or grant participation to such person or to any third person, with respect to
any of the Shares.

             Section
3.3       Investment Experience.  Purchaser is an “accredited investor” as
defined in Rule 501(a) under the Securities Act of 1933, as amended (the
“Securities Act”).  Purchaser is aware
of Yahoo!’s business affairs and financial condition and has had access to and
has acquired sufficient information about Yahoo! to reach an informed and
knowledgeable decision to acquire the Shares. 
Purchaser has such business and financial experience as is required to
give him the capacity to protect his own interests in connection with the
purchase of the Shares.

             Section
3.4       Restricted Securities.
Purchaser understands that the Shares are characterized as “restricted
securities” under applicable U.S. federal and state securities laws inasmuch as
they are being acquired from Yahoo! in a transaction not involving a public
offering and that, pursuant to these laws and applicable regulations, Purchaser
must hold the Shares indefinitely unless they are registered with the
Securities and Exchange Commission (the “SEC”), and qualified by state
authorities, or an exemption from such registration and qualification
requirements is available.  Purchaser
further acknowledges that if an exemption from registration or qualification is
available, it may be conditioned on various requirements including, but not
limited to, the time and manner of sale, the holding period for the Shares, and
on requirements relating to Yahoo! which are outside of Purchaser’s control,
and which Yahoo! is under no obligation and may not be able to satisfy.  In this connection, Purchaser represents
that he is familiar with SEC Rule 144, as presently in effect, and understands
the resale limitations imposed thereby and by the Securities Act.

 

             Section
3.5       Legends.  Purchaser understands that the Shares, and
any securities issued in respect thereof or exchange therefor, may bear one or
all of the following legends:

                           (a)         “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE
SALE OR DISTRIBUTION THEREOF.  THESE
SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY
APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE.”

                           (b)        Any legend required by the Blue Sky laws
of any state to the extent such laws are applicable to the shares represented
by the certificate so legended.

ARTICLE
IV

MISCELLANEOUS

             Section
4.1       Governing Law.  This Agreement shall be governed in all
respects by the laws of the State of Delaware (without reference to its
conflicts of laws principles).

             Section
4.2       Survival.  The representations, warranties, covenants
and agreements made herein shall survive the closing of the transactions
contemplated hereby.

             Section
4.3       Successors and Assigns.  Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto.

             Section
4.4       Entire Agreement; Amendment.  This Agreement constitutes the full and
entire understanding and agreement among the parties with regard to the
subjects hereof and thereof.  The
failure by either party to enforce any rights under this Agreement shall not be
construed as a waiver of any rights of such party.  Any term of this Agreement may be amended and the observance of
any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written
consent of Yahoo! and Purchaser.

             Section
4.5       Notices.  Any notice required or permitted by this
Agreement shall be in writing and shall be deemed sufficient when delivered
personally or sent by telegram or fax or 48 hours after being deposited in the
U.S. mail, as certified or registered mail, with postage prepaid, and addressed
to the party to be notified at such party’s address or fax number as set forth
below or as subsequently modified by written notice.

 

             Section
4.6       Severability.  If one or more provisions of this Agreement
are held to be unenforceable under applicable law, the parties agree to
renegotiate such provision in good faith. 
In the event that the parties cannot reach a mutually agreeable and
enforceable replacement for such provision, then (i) such provision shall
be excluded from this Agreement, (ii) the balance of this Agreement shall
be interpreted as if such provision were so excluded and (iii) the balance
of this Agreement shall be enforceable in accordance with its terms.

             Section
4.7       California Corporate
Securities Law.  THE SALE OF THE
SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH
THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA, AND THE ISSUANCE
OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION
THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES
IS EXEMPT FROM THE QUALIFI­CATION BY SECTION 25100, 25102, OR 25105 OF THE
CALIFORNIA CORPORATIONS CODE.  THE
RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON SUCH
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

             Section
4.8       Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument. 
Execution and delivery of this Agreement by exchange of facsimile copies
bearing the facsimile signature of a party hereto shall constitute a valid and
binding execution and deliv­ery of this Agreement by such party.  Such facsimile copies shall constitute
enforceable original documents.

             Section
4.9       Attorneys’ Fees.  If any action or proceeding shall be
commenced to enforce this Agreement or any right arising in connection with
this Agreement, the prevailing party in such action or proceeding shall be
entitled to recover from the other party, the reason­able attorneys’ fees,
costs and expenses incurred by such prevailing party in connection with such
action or proceeding or negotiation to avoid such action or proceeding.

             IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year set forth in the first paragraph hereof.

	 	YAHOO!
  INC.
	 	 
	 	By:  /s/ Timothy Koogle

	 	Title:
  Chairman and Chief Executive Officer

	 	 	 
	 	Address:
	 	 
	 	3420
  Central Expressway
	 	Santa
  Clara, CA  95051
				

             

	 	PURCHASER:
	 	 
	 	Terry
  S. Semel
	 	             /s/ Terry S. Semel
	 	

	 	(Signature)
	 	 
	 	Address:
	 	 
	 	c/o
  T.A.G. Partners LLC
	 	9460
  Wilshire Blvd.
	 	Suite
  600
	 	Beverly
  Hills, CA  90212Exhibit 10.1 Agreement

Ex. 10.1
                                   11 May 2000

                                    Agreement

                                    Between:

       Side A: Swiftnet Limited and Abraham Keinan (hereinafter Swiftnet)

                                       And

                  Side B: Guy Nissenson (hereinafter Nissenson)

1.   Swiftnet will employ Nissenson for the purpose of business development,
     sales and marketing.

2.   Swiftnet will pay Nissenson one thousand pounds a month.

3.   In case Swiftnet reaches average sales of 175,000 pounds per month (average
     of any following three month), Mr. Nissenson will receive a raise and his
     salary will be 2000 pounds per month.

4.   Nissenson will receive options to buy Swiftnet and other companies that
     will buy or merge into Swiftnet in the future according to the following
     formula:

          50% of the options that Abraham Keinan will receive.  These options
          will have the same price and conditions as Abraham Keinan options.

5.   The options could be taken progressively and are transferable (Nissenson
     decision).

6.   Swiftnet will have the right to cancel the options above when the two
     following conditions occur at the same time: Nissenson does not work with
     Swiftnet and in the time of Nissenson's activities or 12 month afterwards
     Swiftnet and other companies  that will buy or merge into  Swiftnet in the
     future did not reach even once the benchmark of 120,000 UK Pounds revenues
     per month (will be calculated on an average of consecutive three months).
     In the case of Swiftnet and other companies that will buy or merge into
     Swiftnet in the future not reaching the 120,000 benchmark and goes public /
     has an ownership structure change before the end of the 12 month period the
     options will be granted.

7.   Swiftnet and Nissenson could terminate this agreement at any time. A
     one-month written notice must be issued prior to Termination.

8.   In case of termination Sections 4 to 6 will still be valid.

Signatures:

-------------------------                   ----------------------
Swiftnet Limited.                            Guy Nissenson.

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