Document:

Form of Indemnification Agreement

 Exhibit 10.6 
 YELP INC. 
 INDEMNITY AGREEMENT 

THIS AGREEMENT is made and entered into this
                     , 2012 by and between YELP INC., a Delaware corporation (the
“Corporation”), and
                                 (“Agent”). 

RECITALS 

A. Agent performs a valuable service to the Corporation in the capacity as a director, officer, employee or agent of the
Corporation. 
 B. The stockholders of the Corporation have adopted bylaws (the “Bylaws”) and the
Amended and Restated Certificate of Incorporation of the Corporation (the “Certificate”) providing for the indemnification of the directors, officers, employees and other agents of the Corporation, including persons serving
at the request of the Corporation in such capacities with other corporations or enterprises, as authorized by the Delaware General Corporation Law, as amended (the “Code”). 

C. The Bylaws, the Certificate and the Code, by their non-exclusive nature, permit contracts between the Corporation and its
directors, officers, employees and other agents with respect to indemnification of such persons. 
 D. The Corporation
and Agent intend that this Agreement would replace any existing agreement between the Corporation and Agent with respect to the subject matter of this Agreement. 
 E. In order to induce Agent to serve or to continue to serve as a director, officer, or employee of the Corporation, the Corporation has determined and agreed to enter into this Agreement with
Agent. 
 In consideration of Agent’s continued service as a director, officer, employee or agent of the Corporation, the
parties hereto agree as follows: 
 AGREEMENT 
 1. DEFINITIONS. For purposes of this Agreement the following terms shall have the following meanings: 
 (a) “Expenses” shall be broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without
limitation, judgments, fines or penalties and all attorneys’, witness, or other professional fees and related disbursements, and other out-of-pocket costs of whatever nature), actually and reasonably incurred by Agent in connection with the
investigation, defense or appeal of a Proceeding, participation in a Proceeding as a witness or establishing or enforcing a right to indemnification under this Agreement, the Code or otherwise, and amounts paid in settlement by or on behalf of
Agent, but shall not include any judgments, fines or penalties actually levied against Agent for such individual’s violations of law. 
 (b) “Change in Control” shall mean the occurrence of any of the following events: (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934 (the “Act”)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Corporation or a corporation owned directly or indirectly by the stockholders of
the Corporation in substantially the same proportions as their ownership of stock of the Corporation, becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Corporation

  
 1. 

 
representing more than 20% of the total voting power represented by the Corporation’s then outstanding Voting Securities; or (ii) there is consummated a merger, consolidation or similar
transaction involving (directly or indirectly) the Corporation if, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Corporation immediately prior thereto do not own, directly or
indirectly, either (A) outstanding Voting Securities representing more than 50% of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined
outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction. 
 (c) “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section 5 hereof, who shall not have
otherwise performed services for the Corporation (or for any entity that as of the time of selection of the attorney or firm of attorneys is controlled by, controlling or under common control with the Corporation) or Agent within the last three
years (other than with respect to matters concerning the rights of Agent under this Agreement, or of other indemnitees under similar indemnity agreements). 
 (d) “Proceeding” shall mean and shall include, without limitation, any threatened, pending, or completed action, suit, arbitration, alternate dispute resolution mechanism,
investigation, inquiry, administrative hearing, whether brought in the right of or by the Corporation or otherwise and whether of a civil, criminal, administrative or investigative nature, and whether formal or informal in any case, in which Agent
was, is or will be involved as a party or otherwise by reason of the fact that: (i) Agent is or was a director, officer, employee or agent of the Corporation; (ii) Agent took an action while acting as director, officer, employee or agent
of the Corporation; or (iii) Agent is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, and in any
such case described above, whether or not serving in any such capacity at the time any Expense is incurred for which indemnification, reimbursement, or advancement of Expenses may be provided under this Agreement. For the avoidance of doubt, an
action by Agent to enforce Agent’s rights to indemnification under this Agreement shall be a “Proceeding” for purposes of this Agreement. 
 (e) “Voting Securities” shall mean any securities of the Corporation that vote generally in the election of directors. 

2. SERVICES TO THE CORPORATION. Agent will serve, at the will of the Corporation or under separate contract, if any such contract
exists, as a director, officer, or employee of the Corporation or as a director, officer or other fiduciary of an affiliate of the Corporation (including, but not limited to, any employee benefit plan of the Corporation) faithfully and to the best
of Agent’s ability so long as Agent (a) if an officer or director of the Corporation or an affiliate of the Corporation, is duly elected and qualified in accordance with the provisions of the Bylaws or other applicable charter documents of
the Corporation or such affiliate and (b) if an employee of the Corporation or an affiliate of the Corporation, remains employed by the Corporation or such affiliate, as applicable; provided, however, that Agent may at any time
and for any reason resign from such position (subject to any contractual obligation that Agent may be subject to apart from this Agreement) and that the Corporation or any affiliate of the Corporation shall have no obligation under this Agreement to
continue Agent in any such position. 

  
 2. 

 3. INDEMNITY OF AGENT. The Corporation hereby agrees to hold harmless and indemnify
Agent to the fullest extent authorized or permitted by the provisions of the Bylaws, the Certificate and the Code, as the same may be amended from time to time (but only to the extent that such amendment permits the Corporation to provide broader
indemnification rights than the Bylaws, the Certificate or the Code permitted prior to adoption of such amendment). These obligations and the other obligations of the Corporation in this Agreement apply regardless of whether the conduct giving rise
to the obligations occurred before or occur after the date this Agreement is executed. 
 4. PARTIAL INDEMNIFICATION.
Agent shall be entitled under this Agreement to indemnification by the Corporation for a portion of the Expenses that Agent becomes legally obligated to pay in connection with any Proceeding even if not entitled hereunder to indemnification for the
total amount thereof, and the Corporation shall indemnify Agent for the portion thereof to which Agent is entitled. 
 5.
CHANGE IN CONTROL. The Corporation agrees that if there is a Change in Control of the Corporation then, with respect to all matters thereafter arising concerning the rights of Agent to indemnification (including, but not limited to, any right to
advancement of Expenses) under this Agreement, any other agreement with the Corporation providing for indemnification, the Certificate, Bylaws and applicable law (collectively, the “Indemnification Provisions”) as now or
hereafter in effect, Independent Legal Counsel (as defined in Section 1 hereof) shall be selected by Agent and approved by the Corporation (which approval shall not be unreasonably withheld). Such Independent Legal Counsel shall render its
written opinion to the Corporation and Agent as to whether and to what extent Agent would be permitted to be indemnified under the Indemnification Provisions prior to and after the consummation of such Change in Control and such opinion shall be
binding upon Agent and the Corporation. The Corporation agrees to pay the reasonable fees of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all Expenses arising out of or relating to this
Agreement or its engagement pursuant hereto. 
 6. NOTIFICATION AND DEFENSE OF CLAIM. Not later than thirty
(30) days after receipt by Agent of notice of the commencement of any Proceeding, Agent will, if a claim in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of the commencement thereof, provided
that the failure so to notify the Corporation will not relieve the Corporation from any liability which it may have to Agent under this Agreement or otherwise. With respect to any such Proceeding as to which Agent notifies the Corporation of the
commencement thereof: 
 (a) the Corporation will be entitled to participate therein at its own expense;

 (b) except as otherwise provided below, the Corporation may, at its option and jointly with any other
indemnifying party similarly notified and electing to assume such defense, assume the defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation to Agent of its election to assume the defense thereof, the
Corporation will not be liable to Agent under this Agreement for any Expenses subsequently incurred by Agent in connection with the defense thereof except for reasonable costs of investigation or otherwise as provided below. Agent shall have the
right to employ separate counsel in such Proceeding but the Expenses of such counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Agent; provided, however, that the
Expenses of Agent’s separate counsel shall be borne by the Corporation if (i) the employment of separate counsel by Agent has been authorized by the Corporation and the Corporation has agreed in writing to bear such Expenses,
(ii) Agent reasonably shall have concluded that there may be a conflict of interest between the Corporation and Agent in the conduct of the defense of such Proceeding, or (iii) the Corporation in fact shall not have employed counsel to
assume the defense of such Proceeding or shall at any time have ceased to actively pursue the defense thereof. The Corporation shall not be 

  
 3. 

 
entitled to assume the defense of any Proceeding brought by or on behalf of the Corporation or as to which Agent shall have made the conclusion provided for in clause (ii) above; and

 (c) the Corporation shall not be liable to indemnify Agent under this Agreement for any amounts paid
in settlement of any Proceeding effected without its written consent, which shall not be unreasonably withheld or delayed. The Corporation shall be permitted to settle any Proceeding except that it shall not settle any Proceeding in any manner that
would impose any penalty or limitation on Agent without Agent’s written consent, which may be given or withheld in Agent’s sole discretion. 
 7. EXPENSES. Promptly following a request by Agent for the advancement of Expenses, the Corporation shall advance, prior to the final disposition of any Proceeding, all Expenses incurred by Agent
in connection with such Proceeding (through the final disposition of any such Proceeding from which all rights of appeal have either been exhausted or have lapsed) upon receipt of an undertaking by or on behalf of Agent to repay such amounts if it
shall ultimately be determined by a final judicial decision from which there is no further right of appeal that Agent is not entitled to be indemnified. Any advances and undertakings to repay pursuant to this Section 7 shall be unsecured and
interest free. 
 8. ENFORCEMENT. Any right to indemnification or advances granted by this Agreement to Agent shall be
enforceable by or on behalf of Agent in any court of competent jurisdiction if (a) the claim for indemnification or advances is denied, in whole or in part, or (b) no disposition of such claim is made within ninety (90) days of
request therefor. Agent, in such enforcement action, if successful in whole or in part, also shall be entitled to be paid the Expense of prosecuting Agent’s claim. Neither the failure of the Corporation (including its Board of Directors or its
stockholders) to have made a determination prior to the commencement of such enforcement action that indemnification of Agent is proper in the circumstances, nor an actual determination by the Corporation (including its Board of Directors or its
stockholders) that such indemnification is improper shall be a defense to the action or create a presumption that Agent is not entitled to indemnification under this Agreement or otherwise. 

9. INSURANCE. 
 (a) Unless otherwise approved by the Board of Directors prior to a Change in Control, the Corporation shall obtain and maintain during the term of this Agreement directors’ and officers’
liability insurance (“D&O Insurance”) with respect to which Agent shall be named as an insured. Notwithstanding any other provision of this Agreement, the Corporation shall not be obligated to indemnify the Agent for
Expenses that have been previously paid directly to the Agent by D&O Insurance. If the Corporation has D&O Insurance in effect at the time the Corporation receives from Agent any notice of the commencement of a Proceeding, the Corporation
shall give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the policy. The Corporation shall thereafter take all reasonably necessary action to cause such insurers to pay, on behalf
of the Agent, all amounts payable as a result of such Proceeding in accordance with the terms of such policy. 

(b) In the event that (i) the D&O Insurance policy is renewed but the renewed policy does not provide for
prior act’s coverage, (ii) the Corporation obtains a new D&O Insurance policy for any period following the termination of the prior D&O Insurance, and such new D&O Insurance policy does not provide for prior act’s
coverage, or (iii) the Corporation does not renew the D&O Insurance policy or obtain a new D&O Insurance policy following the termination of a D&O Insurance policy, then unless otherwise determined by the Board of Directors, the
Corporation shall add to the D&O Insurance policy or the applicable successor D&O Insurance policy a run-off endorsement (the “Endorsement”) on 

  
 4. 

 
the existing D&O Insurance policy (and in the case of (iii) above, do so prior to the termination of the existing D&O Insurance policy if necessary) or the applicable successor
D&O Insurance policy subject to the same terms and conditions in all material respects. Unless otherwise approved by the Board of Directors prior to the date on which the Endorsement is obtained, the Endorsement shall be non-cancelable and shall
provide for at least a six-year extended coverage period for any and all claims covered under the D&O Insurance policy. The Corporation shall pay all premiums, commissions and other costs or charges incurred in obtaining the Endorsement and
shall promptly deliver to Agent a Certificate of Confirmation of Insurance with respect to such Endorsement. 

(c) [For Fund Representatives on the Board only:] [The Corporation hereby acknowledges that Agent has
certain rights to indemnification, advancement of expenses and/or insurance provided by [Name of Fund/Sponsor] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Corporation hereby agrees (i) that
it is the indemnitor of first resort (i.e., its obligations to Agent are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Agent are
secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Agent and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally
permitted and as required by the terms of this Agreement and the Certificate or Bylaws of the Corporation (or any other agreement between the Corporation and Agent), without regard to any rights Agent may have against the Fund Indemnitors, and
(iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Corporation further
agrees that no advancement or payment by the Fund Indemnitors on behalf of Agent with respect to any claim for which Agent has sought indemnification from the Corporation shall affect the foregoing and the Fund Indemnitors shall have a right of
contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Agent against the Corporation. The Corporation and Agent agree that the Fund Indemnitors are express third party beneficiaries of the
terms of this Section 9(c).] 
 10. SUBROGATION. In the event of payment under this Agreement, the Corporation shall
be subrogated to the extent of such payment to all of the rights of recovery of Agent, who shall execute all documents required and shall do all acts that may be reasonably necessary to secure such rights, including the execution of such documents
necessary to enable the Corporation effectively to bring suit to enforce such rights. 
 11. CONTRIBUTION. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Agent, the Corporation, in lieu of indemnifying Agent, shall contribute to the Agent’s Expenses in connection with any claim
relating to any Proceeding, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such proceeding in order to reflect (a) the relative benefits received by the Corporation and Agent as a result of the
events and transactions giving rise to such Proceeding; and (b) the relative fault of Agent and the Corporation (and its other directors, officers, employees and agents) in connection with the circumstances, events or transactions that gave
rise to the Proceeding. 
 12. NON-EXCLUSIVITY AND SURVIVAL OF RIGHTS. 

(a) All agreements and obligations of the Corporation contained herein shall continue during the period Agent is a
director, officer, employee or other agent of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee or other agent of another corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise) and shall continue thereafter so long as Agent shall be subject to any possible Proceeding. The benefits hereunder shall inure to the benefit of the heirs, executors and administrators and assigns of Agent. The rights conferred

  
 5. 

 
on Agent by this Agreement shall not be exclusive of any other right Agent may have or hereafter acquire under any statute, provision of the Certificate or Bylaws, agreement, vote of stockholders
or disinterested directors, or otherwise, both as to action in Agent’s official capacity and as to action in another capacity while holding office. 
 (b) The obligations and duties of the Corporation to Agent under this Agreement shall be binding on the Corporation and its successors and assigns until terminated in accordance with its terms. The
Corporation shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to the Corporation or to all or substantially all of the business or assets of the Corporation, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 
 (c) No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Agent under this Agreement in respect of any action taken or omitted by such
Agent prior to such amendment, alteration or repeal. To the extent that a change in the Code, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Certificate,
Bylaws and this Agreement, it is the intent of the parties hereto that Agent shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, by Agent shall not prevent the concurrent assertion or employment of any other right or remedy by Agent. 
 13.
SEVERABILITY. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid for any reason, such invalidity contained herein or
unenforceability shall not affect the validity or enforceability of the other provisions hereof. Furthermore, if this Agreement shall be invalidated in its entirety on any ground, then the Corporation nevertheless shall indemnify Agent to the
fullest extent provided by the Certificate, Bylaws, the Code or any other applicable law. 
 14. GOVERNING LAW. This
Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. 

15. AMENDMENT, MODIFICATION, WAIVER AND TERMINATION. No amendment, modification, termination or cancellation of this Agreement
shall be effective unless signed in writing by both parties hereto; provided, however, that the Corporation shall have the right to amend, modify, terminate or replace this Agreement if: (i) there is a change in the Code or any
other applicable law; or (ii) the Corporation amends, modifies, terminates or replaces its form of Indemnification Agreement for directors, officers, employees and other agents of the Corporation; provided, further, that such
amended or modified agreement or such new agreement does not diminish in any material respect the rights of Agent hereunder. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 16. ENTIRE AGREEMENT. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, written and oral, between the parties with respect to the subject matter
of this Agreement; provided, however, that this Agreement is a supplement to and in furtherance of the 

  
 6. 

 
Certificate, Bylaws, the Code and any other applicable law, and shall not be deemed a substitute therefore, nor to diminish or abrogate any rights of Agent thereunder. 

17. INTERPRETATION OF AGREEMENT. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so
as to provide indemnification to Agent to the fullest extent now or hereafter permitted by law. 
 18. IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be deemed for all purposes to be an original but all of which together shall constitute this Agreement. 

19. HEADINGS. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction hereof. 
 20. NOTICES. All notices, requests, demands
and other communications hereunder shall be in writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the party to whom such communication was directed or (ii) upon the third business day after the
date on which such communication was mailed if mailed by certified or registered mail with postage prepaid: 
  

	 	(a)	If to Agent, at the address indicated on the signature page hereof; and 

 

	 	(b)	If to the Corporation, to 

Attn: General Counsel 
 Yelp Inc. 
 706 Mission Street 

San Francisco, CA 94103 
 or to
such other address as may have been furnished to Agent by the Corporation, or to such other address as Agent may direct in writing the Corporation to use. 

  
 7. 

 The parties hereto have executed this Agreement on and as of the day and year first above
written. 
  

			
	YELP INC.
		
	By:	 	 

			
	Name:	 	
	Title:	 	 

  

	
	AGENT
	
	  
	(Signature)

	
	
	Print Name:
	
	 

 Address for Agent: 
 c/o Yelp Inc. 
 706 Mission Street 
 San Francisco, CA 94103 

  
 8.Amended and Restated Offer Letter, between Registrant and Geoff Donaker

 Exhibit 10.7 
 February 3, 2012 
 Mr. Geoff Donaker 

Via email 
 Re: Amended and
Restated Terms of Employment by Yelp Inc. 
 Dear Geoff: 
 I am very pleased to confirm the terms of your continuing employment with Yelp Inc., a Delaware corporation (the “Company” or “Yelp”), in the position of
Chief Operating Officer, reporting to the Company’s Chief Executive Officer. This letter (the “Letter”) amends and restates our original offer letter, dated January 1, 2006 (the “Prior
Letter”), in its entirety. 
 1. Salary. Effective as of January 1, 2012, your annual base salary is $300,000
per year (as adjusted from time to time, your “Salary”), less all applicable deductions required by law, which is payable at the times and in the installments consistent with the Company’s then current payroll practice.
Your Salary is subject to periodic review and adjustment in accordance with the Company’s policies as in effect from time to time. 
 2.
Incentive Compensation & Benefits. You are eligible to participate in the incentive compensation programs, insurance programs and other employee benefit plans established by the Company for its employees from time to time in
accordance with the terms of those programs and plans. The Company reserves the right to change the terms of its programs and plans at any time. 
 3. Equity Compensation. The Company has previously granted certain equity compensation awards to you, including awards under one or more of the Company’s equity incentive plans. This
Letter does not amend any of your outstanding awards, each of which remains subject to its respective current award agreement and plan covering such award. 
 4. Executive Severance Plan. You are eligible to participate in the Yelp Inc. Executive Severance Benefit Plan (the “Severance Plan”), subject to the terms and
conditions thereof. For clarity, nothing in the Severance Plan modifies the vesting or other terms of your existing equity award agreements. 

5. Confidentiality. As an employee of the Company, you have access to certain confidential information of the Company and you may, during
the course of your employment, develop certain information or inventions that will be the property of the Company. To protect the interests of the Company, you signed the Company’s standard Confidentiality Agreement (the
“Confidentiality Agreement,” the terms of which are incorporated by reference herein) as a condition of your employment. Nothing in this letter modifies the terms of the Confidentiality Agreement, which remains in full force
and effect. You further understand and agree that you will not to disclose any other information that has not been presented to you for public usage. 

 6. Non-Disparagement and Non-Solicitation. 

(a) At all times during your Yelp employment, you agree that you will not take any actions which reasonably could disrupt Yelp’s
client/user base or business, or tarnish Yelp’s reputation, including but not limited to (i) making disparaging, false and/or misleading statements (orally or in writing) about Yelp or any of its subsidiaries, affiliates, current or
former executives, officers, directors, clients, users, products, or services that would likely be harmful to its or their business, business reputation or personal reputation; provided that, you may make statements that are required or protected by
law (including statements concerning the terms and conditions of your employment) or statements that are required in connection with your assigned responsibilities (ii) making bulk changes to the content you contribute or have contributed to
Yelp’s websites (e.g., bulk removal of your photos or reviews), or (iii) contacting Yelp users using Yelp’s websites or Yelp confidential information to market any non-Yelp related product or service. In addition, you agree not
to use Yelp’s websites or Yelp confidential information to announce or discuss your employment termination from the Company, except as expressly permitted by the Company in writing. 

(b) At all times during the period of your Yelp employment and for the one (1) year period thereafter, you will not, directly or
indirectly, either for yourself or on behalf of another company (i) recruit or otherwise solicit any Yelp employee or contributor to terminate his or her relationship with Yelp, or (ii) interfere or attempt to interfere with any existing
relationship between Yelp and any Yelp customer. 
 Nothing in this Section 6 is intended to restrain you in any manner from engaging in
any lawful profession, trade or business of any kind. 
 7. Dispute Resolution. Nothing in this Letter modifies the terms of the
Dispute Resolution Policy, if any, which you may have previously entered into with the Company. 
 8. Section 409A.
Notwithstanding anything to the contrary in this Letter, it is intended that the benefits and other payments payable under this Letter satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code
provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and this Letter will be construed to the greatest extent possible as consistent with those provisions. For purposes of Section 409A of the Code and
the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) (including, without limitation, Treasury Regulations Section 1.409A-2(b)(2)(iii)), all payments made under
this Letter and the Severance Plan will be treated as a right to receive a series of separate payments and, accordingly, each installment payment will at all times be considered a separate and distinct payment. 

It is intended that any payment and any other benefits provided under this Letter or the Severance Plan that are not exempt from
application of Section 409A will be interpreted and administered so as to comply with the requirements of Section 409A to the greatest extent possible, including the requirement that, notwithstanding any provision to the contrary in this
Letter or the Severance Plan, if you are deemed by the Company at the time of your Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, and to the extent any payments due to you by
the Company upon a Separation from Service are 

  
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deemed to be “deferred compensation,” then to the extent delayed commencement of any portion of such payments (or delayed issuance of any shares subject to equity awards that are not
themselves exempt from Section 409A) is required to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code and the related adverse taxation under Section 409A, such payments will not be provided to you (or such
shares issued) prior to the earliest of (a) the expiration of the six month period measured from the date of your Separation from Service with the Company, (b) the date of your death, or (c) such earlier date as permitted under
Section 409A without the imposition of adverse taxation, and on the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph will be paid in a
lump sum to you, and any remaining payments due will be paid as otherwise provided in this Letter or the Severance Plan, without interest. 
 9.
At Will Employment. While we look forward to a long and profitable relationship, you will be an at will employee of the Company, which means the employment relationship can be terminated by either of us for any reason, at any time,
with or without prior notice and with or without cause. However, given the prominent nature of your role with the company, we ask that you provide a minimum of sixty (60) days’ advance notice if you decide to terminate your employment
relationship with Yelp. During this time, we would expect you to perform your customary job duties, and assist as requested by Yelp in transitioning outstanding projects, tasks and relationships to other Yelp personnel. That said, nothing in this
paragraph is intended to alter your at will employment relationship with Yelp, and your employment will remain on an at will basis. Any statements or representations to the contrary (and any statements contradicting any provision in this Letter)
should be regarded by you as ineffective. Further, your participation in any stock incentive or benefit program is not to be regarded as assuring you of continuing employment for any particular period of time. Any modification or change in your at
will employment status may occur only by way of a written employment agreement signed by you and an authorized member of the Board of Directors. 
 10. Entire Agreement. This Letter, including your Confidentiality Agreement, and any other documents referred to herein, constitute the entire agreement and understanding of the parties with
respect to the subject matter of this Letter, and supersede any and all prior understandings and agreements, whether oral or written, between or among the parties hereto with respect to the specific subject matter hereof, including, without
limitation, the Prior Letter. 
 11. Severability. You understand that any violation of Sections 5 or 6 could irreparably harm
Yelp’s business and/or its growth potential and that, as such, Yelp may seek damages from you, in accordance with applicable law. If any provision of this Letter or any portion thereof is declared invalid, illegal, or incapable of being
enforced by any court of competent jurisdiction, the remainder of such provisions and all of the remaining provisions of this Letter agreement shall continue in full force and effect. 
 12. Acceptance. Please sign the enclosed copy of this Letter in the space indicated and return it to me. Your signature will acknowledge that you have read and understood and agreed to the
terms and conditions of this Letter and the attached documents, if any. Should you have anything else that you wish to discuss, please do not hesitate to call me. 
 We look forward to your continued employment with the Company. 

  
 Page 3

	
	Very truly yours,
	
	/s/ Jeremy Stoppelman
	
	YELP INC.
	Jeremy Stoppelman, CEO

 I have read and understood this Letter and hereby acknowledge, accept and agree to the terms as set forth above and
further acknowledge that no other commitments were made to me as part of the terms of my employment except as specifically set forth herein. 
  

							
	 /s/ Geoff Donaker
	 		 	Date signed:	 	 February 3, 2012

	Geoff Donaker	 		 		 	

  
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