Document:

Exhibit 10.41

 

 

 

 

April 21, 2002

 

Daniel Rosensweig

 

 

Dear
Dan:

On behalf of Yahoo! Inc. (“Yahoo!”), I am pleased to
offer you employment with Yahoo! as Chief Operating Officer, reporting to the
Chief Executive Officer.  The terms of
your employment are set forth as follows:

1.     Base Salary and Performance Bonus.

Your Base Salary for calendar years 2002 and 2003 will
be $41,666.67 per month ($500,000 annually). 
Your Base Salary for calendar year 2004 will be at least $45,833 per
month ($550,000 annually).  Your Base
Salary for calendar year 2005 will be at least $50,000 per month ($600,000
annually).  In each case, your Base
Salary will be paid semi-monthly.  For
each of the remaining portion of calendar year 2002 and the full calendar year
2003, you will be eligible for a bonus plan that pays an additional amount of
at least $250,000, and up to $500,000 if performance meets specified
criteria.  These criteria will be
specified in writing shortly after your start date and may relate to both your
personal performance and that of Yahoo!. 
These bonus payments are only to be paid if you remain employed
continuously through the end of the subject calendar year, except as expressly
set forth in Section 9(a)(ii) below. 
After calendar year 2003, you will be eligible for a bonus plan
commensurate with that provided to other executives at your level.

2.     Retention Bonus.

We will also recommend that
the Compensation Committee of the Board of Directors grant you a retention
bonus pursuant to the Yahoo! Inc. Key Executive New Hire Retention Plan.  Under this plan, you would receive a bonus
if you remain continuously employed with Yahoo! for one year.  Thereafter, if you remain continuously employed
with Yahoo!, you would be entitled on your second, third, and fourth anniversaries
of employment with Yahoo! to additional retention bonuses pursuant to the
Yahoo! Inc. Key Executive New Hire Retention Plan.  The amounts and conditions of those retention bonuses will be set
forth by separate agreement.  For
purposes of this 

 

 

 

Agreement, your “anniversary of employment with
Yahoo!” shall fall on the same month and day as your first date on the Yahoo!
payroll.

3.     Duties and Responsibilities.

As Chief Operating Officer, you will be responsible
for Yahoo! operations in both North America and internationally.  In this role you will drive Yahoo’s
operations and business unit organization to achieve Yahoo!’s strategic and
P&L objectives.

4.     Obligations.

During the period of your employment under this
Agreement, 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 as
long as you specifically advise Yahoo! of those activities, Yahoo! agrees to
them, and the activities do not materially interfere or conflict with your
responsibilities to, or your ability to perform your duties of employment by,
Yahoo! under this Agreement.

5.     Stock Options.

As part of your compensation, effective immediately
upon effectiveness of your employment with Yahoo!, we will recommend that the
Compensation Committee of the Board of Directors grant you stock options to
purchase 1,250,000 shares (“Initial Grant”) of Yahoo!’s Common Stock under
Yahoo!’s 1995 Stock Option Plan, as amended, (the “Plan”) pursuant to the terms
of a stock option agreement for such options (“Stock Option Agreement”).  The exercise price for this option will be
the fair market value of Yahoo! Common Stock on the date of grant as determined
by the Board of Directors.  The Stock
Option Agreement will specify that all options described above will vest as to
1/4 of the shares after one year of employment, and in equal monthly
installments over the 36 subsequent months, and will provide that such options
(to the extent vested and exercisable) may be exercised for a period of one (1)
year after the date of termination of your employment, but in no event later
than the 10-year expiration dates of such options.  In addition to the initial grant of options described above, you
will be eligible for annual grants to purchase Yahoo! Common Stock as
determined by the Compensation Committee of the Board of Directors.

6.     Benefits.

Additionally, you will be eligible to participate in
the regular Yahoo! health insurance benefits, vacation, and other employee
benefit plans, programs and policies established by Yahoo! generally for its
employees or senior management.

7.     Relocation Expenses.

You will use all
reasonable efforts to establish your principal residence in the San Francisco
Bay Area within 3 months after you have accepted this offer, but in no event
will you establish such principal residence later than December 31, 2002.  You will be eligible to receive relocation
assistance according to the enclosed Domestic Relocation 

 

 

 

Program Overview with the
modifications described in clause (g) below. 
Once you have returned this signed agreement to Yahoo!, you will be
contacted by a representative of Paragon Decision Resources to initiate your
temporary living arrangements and eventually your move.  In addition to this standard relocation
program, you will be eligible for the relocation benefits specified below.  If you voluntarily choose to leave Yahoo!
for any reason other than for Good Reason during the first year of your employment
with Yahoo!, a prorated portion of the monies given to you for relocation
expenses will become due and payable to Yahoo! on your last day of employment
(based on 1/12th for each month your termination precedes 12 months
of Yahoo! service), and by your signature below you agree that such amount
shall be deducted from any compensation payable to you at that time.

(a)           Home Sale Assistance will be provided
through Paragon Decision Resources to help market and sell your home.  All reasonable non-recurring closing costs
as well as sales commission of up to 6% of the sales price will be
reimbursed.  This program is structured
to take advantage of tax rulings so as to provide a tax-free benefit.  Therefore, you must speak with your
consultant from Paragon Decision Resources prior to listing your property to be
eligible for this benefit.

(b)           Home Purchase Benefits will be
offered to help you secure a home in the new location.  Yahoo! will reimburse reasonable,
non-recurring closing costs (including a Loan Origination Fee) and mortgage
services will be provided by Paragon Decision Resources and will allow a direct
bill of the closing costs to Yahoo!. 
This benefit is taxable and will be grossed-up to offset your tax
liability.

(c)           To assist you with temporary living
expenses and the possibility of maintaining two residences, temporary living
accommodations will be provided in the San Francisco Bay Area for up to six
months.  If you purchase a home in the
Bay Area and complete your relocation before you are able to sell your New York
home, Yahoo! will reimburse you for reasonable expenses associated with the
maintenance of your home in New York (including mortgage and property tax
payments) on a monthly basis until this house is sold, up to a period of six
months following your relocation.

(d)           Reasonable travel expenses will be
reimbursed for regular trips between the San Francisco Bay Area and New York
prior to the relocation of your principal residence.

(e)           To
help you maintain your standard of living in the Bay Area, Yahoo! will make you
a secured interest-free loan in the amount of $1,000,000 (“Loan”) for purpose
of partially financing the purchase price of your new home.  As consideration for the Loan, you shall
execute and deliver a full-recourse promissory note in substantially the form
set forth as Exhibit A hereto, together with a deed of trust customary for the
State of California, which shall be subordinate to any institutionally issued
mortgage.  Because the Loan will be
interest-free: (i) the Loan shall be non-transferable, (ii) the Loan proceeds
must be used to fund a portion of the purchase price of your primary residence,
and (iii) you must certify to the Company that you will itemize your deductions
on your federal income taxes during the term of the Loan.  The Loan will be funded on the 

 

 

 

closing date of the purchase of your primary
residence.  The note will become due and
payable on your fourth anniversary of employment with Yahoo!, or immediately
upon the cessation of your employment, regardless of the reason for that
cessation.

(f)            Yahoo!
will provide you with a mortgage subsidy of no less than 3/2/1 to help offset
any increase in mortgage payments in the first three (3) years of your mortgage
following your move, as long as you remain employed with Yahoo!. This program
pays 3 percentage points in interest in the first year of your mortgage, 2
percentage points of interest in the second year of your mortgage, and 1
percentage point of interest in the third year of your mortgage.

(g)           You
will receive the following benefits which modify those described in Domestic
Relocation Program Overview (i) no weight limitation on the amount of household
goods to be included, (ii) Yahoo! will provide tax gross-up for benefits
received and not repaid to Yahoo! which are described in paragraphs (a)-(d) and
(f)-(g) of this Section 7 regardless of whether you have been terminated prior
to such gross-up payment with or without Cause or you have terminated your
employment with or without Good Reason, and (iii) you need not return to Yahoo!
the monies given to you under this Section 7 except as expressly provided in
this Section 7.

8.     Business Expenses.

You are authorized to incur reasonable business
expenses carrying out your duties and responsibilities in connection with your
employment. Yahoo! will promptly reimburse you for such expenses upon
presentation of appropriate vouchers or receipts, in accordance with its
expense reimbursement policies.

9.     Termination.

(a)           Should your employment with Yahoo! be terminated on or prior
to your second anniversary date of employment by Yahoo! without Cause or by you
for Good Reason you will be entitled, on your last day of employment (the
“Termination Date”), to a lump sum payment (in addition to payment of all Base
Salary through the Termination Date, vacation and other legally required
payments) in an amount equal to:

(i)    24 months of Base Salary at the rate in
effect on the Termination Date; and

(ii)          a pro rata portion of the
minimum annual bonus ($250,000) provided in Section 1 in proportion to the
number of full months of your employment at Yahoo! during such calendar year
divided by twelve.

The lump sum payment will be made to you within 30
days after the Termination Date.

(b)           For the purposes of this Agreement,
“Cause” shall mean (i) your conviction of, or pleading guilty or nolo
contendere to, a felony involving moral turpitude, or (ii) your failure, as
reasonably determined by Yahoo!, to carry out in any material respect the
duties and responsibilities of your employment due to willful gross neglect or
willful gross misconduct which cannot be cured or which, if curable, is not 

 

 

 

cured within 30 days after receipt of written notice
to you from Yahoo! specifying with reasonable particularity such failure.

(c)           For
purposes of this Agreement, “Good Reason” shall exist only if Yahoo! fails to
correct, after 30 days written notice from you to Yahoo!, one of the
following:  (i) the material reduction
by the Chief Executive Officer or Board of Directors of your title, Base
Salary, duties, authority or responsibilities which is not agreed to by you, or
(ii) a change in the reporting structure such that you will no longer report
directly to the Chief Executive Officer, (iii) failure to obtain all necessary
approvals within 30 days from the date hereof (including that of the
Compensation Committee of the Board of Directors) for (x) the retention bonus
described in Section 2 on the terms set forth in the New Hire Retention
Agreement which has been previously delivered to you, or (y) the stock options
described in Section 5.  Your written
notice to Yahoo! must specify with reasonable particularity the reasons you
believe that the herein-described events supporting Good Reason have occurred.  Good Reason will not exist if the events
which would otherwise constitute Good Reason are prompted by the occurrence of
any event specified in Section 9(b).

10.   Taxes.

(a)           Yahoo!
does not make any representations regarding the tax implications of the
compensation package provided for in this Agreement.  Yahoo! advises you to consult with a tax professional and/or your
attorney.  By accepting this offer, you
acknowlege and agree that (i) you shall be liable for all taxes assessed by any
federal, state, or local authorities with respect to the compensation package
provided herein and (ii) that Yahoo! is authorized to withhold for such taxes
as it deems appropriate.

(b)           If any payments or benefits that you
may receive, whether pursuant to this letter agreement or otherwise, would
result in the imposition of an excise tax pursuant to Section 4999 of the
Internal Revenue Code of 1986 (the “Code”) or any corresponding provisions of
state income tax law, you will receive whichever of (i) or (ii) results in the
larger dollar amount of payments or benefits (calculating such dollar amounts
in accordance with the principles of Section 280G of the Code), after taking
into account these excise taxes:  (i)
that portion of the payments or benefits to be received by you under this letter
agreement which, when aggregated with any other payments treated as contingent
on a change in the ownership or effective control of Yahoo! or the ownership of
a substantial portion of the assets of Yahoo! under Section 280G(b)(2) of the
Code does not exceed 2.99 times your “Base Amount” as defined in Section 280G
of the Code, or (ii) 100% of the payments or benefits to which you are entitled
under this letter agreement, in which case you will be responsible for paying
all of such excise taxes imposed with respect to such payments or benefits.  If clause (i) produces the larger payment,
then each payment or benefit to which you would otherwise be entitled under
this letter agreement will be reduced (in the proportion that you elect) to
comply with the limitation of that subsection. 
All determinations required to be made under this Subsection 10 (b)
shall be made by PricewaterhouseCoopers, LLP or any other nationally recognized
accounting firm which is Yahoo!’s outside auditor at the time of such
determination, which firm must be reasonably acceptable to you (the “Accounting 

 

 

 

Firm”). 
Yahoo! shall cause the Accounting Firm to provide detailed supporting
calculations of its determinations to Yahoo! and you.  All fees and expenses of the Accounting Firm shall be borne
solely by Yahoo!.  The Accounting Firm’s
determinations must be made with substantial authority (within the meaning of
Section 6662 of the Internal Revenue Code).

11.   No Conflict with Prior Agreements; Due
Authorization.

You represent and warrant to Yahoo! that your
execution and delivery of this Agreement between you and Yahoo! and the
performance of your duties hereunder will not constitute a breach of, or
otherwise contravene, the terms of any employment or other agreement or policy
to which you are a party or are otherwise bound.  Nothing contained in the Proprietary Information and Assignment
of Inventions Agreement, the Domestic Relocation  Program Overview, the Employee Reimbursement Agreement, or the
Stock Option Agreement will modify the provisions hereof and in the case of any
conflict, the provisions of this Agreement shall prevail.

12.   Confidential Information; Nondisclosure.

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.  To protect the interests of both Yahoo! and
its clients, all employees are required to read and sign a Proprietary
Information and Assignment of Inventions Agreement (“Proprietary Rights
Agreement”) prior to beginning employment. 
A copy of this Agreement is enclosed. 
Please sign it and return it along with your signed copy of this
letter.  Similarly, you may have
confidential or proprietary information from a prior employer that should not
be used or disclosed to anyone at Yahoo!. 
Therefore, Yahoo! requests that you read, complete, and bring with you
on your first day of employment, the enclosed Proprietary Information
Obligations Checklist to this effect. 
Yahoo! requests that you comply with any existing and/or continuing
contractual obligations that you may have with your former employers.

13.   Noncompetition.

You agree that, as
long as you are employed by Yahoo! pursuant to this Agreement, 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), 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.

 

 

 

 

14.   At Will Employment.

Please understand that this Agreement is for employment
of an unspecific period of time and creates an “employment at will”
relationship that may be terminated without notice at any time by you or
Yahoo!, with or without Cause.  Your signature
at the end of this Agreement
confirms that no promises or agreements that are contrary to our at-will
relationship have been committed to you during any of your pre-employment
discussions with Yahoo!, and that this Agreement contains our complete
agreement regarding the terms and conditions of your employment.  This “at-will” relationship may not be
altered except as agreed by you and the Company in writing.  You agree that Section 9 shall provide your
sole and exclusive remedy if you are “terminated by Yahoo! without Cause” or
you resign for “Good Reason” as those phrases are defined herein, in addition
to those rights set forth in the Key Executive New Hire Retention Agreement.

15.   Arbitration.

Our signatures on this letter also confirm our mutual
agreement to binding arbitration by a retired judge of the Superior Court of
the State of California pursuant to the Employment Arbitration Rules and
Procedures of the Judicial Arbitration and Mediation Service (“JAMS”), with
full discovery, should there be any dispute related to this Agreement, the
termination thereof, or any other aspect of your employment relationship with
Yahoo!.  Nothing in this Agreement shall
prejudice either party’s ability to pursue provisional remedies under
California Code of Civil Procedure §1281.8.

16.   Miscellaneous.

(a)   Personal.  This Agreement
is personal to you and therefore, you may not assign any of your rights and
responsibilities hereunder.

(b)   Successors.  This Agreement shall inure to the benefit of
and be binding upon Yahoo! and its subsidiaries, successors and assigns and any
such successor or assignee shall be deemed substituted for Yahoo! under the
terms of this Agreement for all purposes. 
As used herein, “successor” and “assignee” includes any person, firm,
corporation or other business entity which at any time, whether by purchase,
merger or otherwise, directly or indirectly acquires Yahoo! or substantially
all of its assets.

(c)   Waiver.  No delay or
omission by you or Yahoo! in exercising any right under this Agreement shall
operate as a waiver of that or any other rights.  A waiver or consent given by you or Yahoo! on any one occasion
shall be effective only in that instance and shall not be construed as a bar or
waiver of any right on any other occasion. 
No waiver shall be binding unless in writing, designated as a waiver,
and signed by the party waiving the breach.

(d)   Modification. 
This Agreement may not be amended or modified other than by a written
agreement designated as an amendment and executed by you and Yahoo!.

(e)   Savings Clause.  If any
provision of this Agreement or the application thereof is held invalid, the
invalidity shall not affect other provisions or applications of this 

 

 

 

Agreement that can be
given effect without the invalid provisions or applications and to this end the
provisions of this Agreement are declared to be severable.

(f)    Complete
Agreement.  This Agreement,
the Indemnification Agreement for Officers and Directors, the Stock Option
Agreement, the Key Executive New Hire Retention Agreement, the Proprietary
Rights Agreement, the Domestic Relocation Program Overview, Employee
Reimbursement Agreement, and the attached Promissory Note, (together referred
to as the “Agreements”) constitute and contain the entire agreement and
understanding concerning your employment with Yahoo! and the other subject matters
addressed in the Agreements, and supersede and replace all prior negotiations
and all agreements proposed or otherwise, whether written or oral, concerning
the subject matters of the Agreements. 
Any representations, promises or agreements not specifically included in
the Agreements shall not be binding or enforceable against either you or
Yahoo!.  This is an integrated
document.  As a condition of commencing
your employment, you are required to execute the Agreements (other than the
Indemnification Agreement for Officers and Directors, the Stock Option
Agreement and the Domestic Relocation Program Overview), as well as a Yahoo!
employment application, Proprietary Information Obligations Checklist, I-9 and
other standard employment paperwork.

(g)   Withholding. 
Yahoo! may withhold from any amounts payable to you under this Agreement
such federal, state and local income, employment or other taxes that may be
required to be withheld pursuant to any applicable law or regulation.

(h)   Governing
Law.  This Agreement and the
rights and obligations of you and Yahoo! under this Agreement shall be governed
by and construed in accordance with the laws of the State of California without
regard to principles of conflict of laws.

(i)    Survivorship. 
The respective rights and obligations under Sections 4, 9, 10, 12, 14,
15 and 16 of you and Yahoo! shall survive any termination of your employment
with Yahoo! to the extent necessary to the intended preservation of such rights
and obligations.

(j)    Counterparts.  This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument.

To
accept this offer, please sign this Agreement in the space provided below and
return it together with a signed Proprietary Rights Agreement, to me no later
than 5:00 p.m. Pacific Time on April 25, 2002. 
(A second copy of each document has been provided for you to keep for
your records.)  This offer expires at
5:00 p.m. Pacific Time on April 25, 2002. 
In addition, in order for Yahoo! to comply with the Immigration and
Reform Control Act, we ask that you provide appropriate verification of
authorization to work in the United States on or before your first day of
employment with Yahoo!.

 

 

 

We look forward to your joining us and hope that you
find your employment with Yahoo! enjoyable and professionally rewarding.

 

Very
truly yours,

 

/s/
Terry Semel

 

Terry Semel

Chairman and Chief Executive Officer

 

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

 

 

	
  /s/ Daniel Rosensweig

  	
   

  	
  4/23/02

  	
   

  
	
  Signature

  	
   

  	
  Date

  	
   

  

 

 

 

Planned Start Date:

(Contingent
upon completion of a satisfactory background investigation.)Exhibit
10.42

 

RECOURSE
PROMISSORY NOTE

 

	
   

  	
  , New York

  	
  May 13, 2002

  

 

 

1.             MAKER’S PROMISE TO PAY.  FOR VALUE RECEIVED, DANIEL ROSENSWEIG (“Maker”), promises to pay to the order of YAHOO! INC., a Delaware
corporation (“Holder”), at 701 First Avenue, Sunnyvale, CA  94089 or at such other place as Holder may
from time to time designate in writing to Maker, the sum of One Million Dollars
($1,000,000) (the “Principal Balance”).  The Principal Balance shall be due and
payable on April 30, 2006 (the “Maturity Date”).

2.             PAYMENT.  Any payments received by Holder pursuant to the terms
hereof shall be applied to the Principal Balance due Holder pursuant to the
terms hereof.

3.             ACCELERATION.  The cessation for any reason of Maker’s employment by Holder shall be
deemed to be an “Event of Acceleration”
under this Note.

4.             SECURITY. 
The Principal Balance shall be secured by a deed of trust or mortgage
encumbering Maker’s primary residence which shall be subordinate to any
institutionally issued mortgage.  This
note, however, is full-recourse and any assets of the Maker may be used and
shall be available to satisfy the Principal Balance.

5.             REMEDIES. 
Upon
the occurrence of an Event of Acceleration hereunder, Holder may, in its sole
and absolute discretion and without demand or notice to Maker, (a) declare the
entire Principal Balance immediately due and payable within 30 days, and (b)
exercise any and all rights and powers and pursue any and all remedies now or
hereafter available under applicable law. 
No delay or omission on the part of Holder in exercising any right or
remedy under this Note shall operate as a waiver of such right or remedy.

6.             WAIVERS.  Maker hereby waives diligence, presentment, protest
and demand, notice of protest, demand, dishonor and nonpayment of this Note,
and notice of intention to accelerate the maturity of this Note, and expressly
agrees that, without in any way affecting the liability of Maker hereunder,
Holder may extend any date or time for payment hereunder, accept security or
release any party liable hereunder and release any security now or hereafter
securing this Note.  Maker further
waives, to the fullest extent permitted by law, the right to plead any and all
statutes of limitations as a defense to demand on this Note, or on any deed of
trust, security agreement, lease assignment, guaranty or other agreement now or
hereafter securing this Note.  Maker
hereby waives all rights of setoff and counterclaim with respect to this Note,
including rights of setoff and counterclaim with respect to this Note, which
may arise from claims heretofore unknown to Maker.

7.           
EMPLOYMENT.  This Note is issued pursuant to the employment
contract between Maker and Holder as of April 23, 2002.  Maker understands and agrees that this Note
is not an employment contract, and nothing in this Note creates any right to
Maker’s continuous employment by Holder, or to Maker’s employment for any
particular term.  Nothing in this Note 

 

shall affect in any
manner whatsoever the right or power of Holder under such employment agreement.

8.             NOTICES. 
Any
notice, request, demand, instruction or other communication to be given to any
party hereunder shall be in writing and shall be deemed to have been duly given
if personally delivered or sent by registered or certified mail, return receipt
requested, as follows:

	
   

  	
  If to Maker:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  If to Holder:

  	
  Yahoo! Inc.

  	
   

  
	
   

  	
   

  	
  701 First Avenue

  	
   

  
	
   

  	
   

  	
  Sunnyvale, California
  94089

  	
   

  
	
   

  	
   

  	
  Attention: Chief
  Financial Officer

  	
   

  

 

The addressees for the purpose of this Note may be changed by giving
written notice of such change in the manner provided for giving such
notice.  However, unless and until such
written notice of change is actually received, the last address and addressees
as stated by written notice, or provided herein if no notice of change has been
received, shall be deemed to continue in effect for all purposes hereunder.

 

9.           
ATTORNEYS’ FEES.  If Holder seeks legal advice following a
default by Maker hereunder or refers this Note to collection or to reclaim,
protect, preserve or enforce this Note, then Maker shall pay all fees, expenses
and any other costs associated with such default (including, without
limitation, all attorneys’ fees, expenses and costs).

10.         
SEVERABILITY.  Every provision of this Note is intended
to be severable.  In the event any term
or provision hereof is declared by a court of competent jurisdiction to be
illegal or invalid for any reason whatsoever, such illegality or invalidity
shall not affect the balance of the terms and provisions, which shall remain
binding and enforceable.

11.        
NUMBER AND GENDER.  In this Note the singular shall include
the plural and the masculine shall include the feminine and vice versa, if the
context so requires.

12.        
ASSIGNMENT.  This Note may be assigned, transferred,
hypothecated or otherwise conveyed, in whole or in part, by Holder without the
prior written consent of Maker.  Maker
may not assign, transfer, hypothecate or otherwise convey his or her rights, duties
or obligations under this Note.

 

2

 

13.          CHOICE OF
LAW.  This Note shall be
governed and construed in accordance with the laws of the State of California.

 

 

	
   

  	
  MAKER

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel Rosensweig

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

3

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