Document:

Seventh Amendment to Search and Advertising Services and Sales Agreement

 Execution Version 
  

Exhibit 10.16(K) 
 SEVENTH AMENDMENT 
 TO SEARCH AND ADVERTISING SERVICES AND SALES
AGREEMENT 
 This Seventh Amendment to Search and Advertising Services and Sales Agreement (this “Seventh
Amendment”) is entered into to be effective as of January 1, 2012 (“Seventh Amendment Effective Date”) by and between Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Microsoft Corporation, a
Washington corporation (“Microsoft”). 
 WHEREAS, Yahoo! and Microsoft are parties to that certain Search and
Advertising Services and Sales Agreement, entered into as of December 4, 2009, as amended (collectively, the “Agreement”); and 
 WHEREAS, Yahoo! and Microsoft desire to further amend the Agreement as set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows: 
 1. Definitions. Capitalized terms used but not defined herein have the same meanings given in the Agreement. 
 2. Site Targeted Content Ads. The following new Section 2.5 and new Exhibit M (attached hereto) are added to the Agreement as follows: 

“2.5 Site Targeted Content Ads  
 2.5.1 “Site Targeted Content Ads” means textual Paid Listings from Microsoft’s Content Ads product that are both (i) sold on the basis of selected website URL(s) and (ii) targeted
for delivery on a specific publisher site or groups of sites, and not displayed in response to a keyword or keywords mapped to, derived from or associated with the content and/or context of the Web Page on which the Paid Listing appear or as the
result of a Query or Non-Internet Search Query. 
 2.5.2 Except as provided in this Section 2.5, Microsoft and Yahoo! shall
treat Site Targeted Content Ads as Paid Listings from Contextual Advertising Services under the Agreement. 
 2.5.3
Notwithstanding anything to the contrary in the Agreement, 
  

	 	(a)	Yahoo! may include Site Targeted Content Ads only on (i) Yahoo! Properties, [*] or (ii) current and future Syndication Properties that comply with the
then-current Site Targeted Content Ads policy, the initial version which is attached as Exhibit M; 

  

	 	(b)	Site Targeted Content Ads are not subject to any of the [*] provisions or [*] provisions under the Agreement, including without limitation Sections [*];

  

	 	(c)	Site Targeted Content Ads on Yahoo! Properties and Syndication Properties must compete for placement with other Paid Listings from Microsoft’s Contextual
Advertising Services. For example, a given placement cannot be configured to accept only Site Targeted Content Ads and not other Paid Listings from Microsoft’s Contextual Advertising Services; and 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

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	 	(d)	At Microsoft’s request, Yahoo! will sell to Premium Direct Advertisers Site Targeted Content Ads for placements on Microsoft O&O Properties and Microsoft
syndication properties provided that such Microsoft O&O Properties and Microsoft syndication properties comply with the then-current Site Targeted Content Ads policy. With respect to the sale of Site Targeted Content Ads, Yahoo! will represent
to Premium Direct Advertisers such Microsoft O&O Properties no worse than it represents Yahoo! Properties, and Microsoft will represent to non-Premium Direct Advertisers such Yahoo! Properties no worse than it represents Microsoft O&O
Properties.” 

 3. Use of Covered Data. Section 13.2.2 of the Agreement is amended by deleting the fifth sentence
in its entirety and replacing it with the following: 
 “In addition, and subject to the restrictions of this
Section 13 (including, e.g., the prohibition on Microsoft’s use of Yahoo! Search Data in connection with [*]), Microsoft may use Covered Data in connection with Paid Search Services, Contextual Advertising Services and Mobile Paid Search
Services implemented in the following countries for the limited purposes stated in the designated sections of Exhibit K (and then only in the manner described therein): 
  

			
	Country/Region	 	Section of Exhibit 
K
	United States, Canada, Mexico, India, Taiwan, Hong Kong, Korea, Russia, Singapore, Malaysia, Thailand, Indonesia,
Philippines, Vietnam, Australia, New Zealand, Brazil, Latin America, Africa and countries not covered elsewhere in this chart	 	[*]
	United Kingdom, Ireland, France, Sweden, Norway, Finland,
Netherlands, Denmark, Belgium, Portugal, Austria, Switzerland, Greece, Poland, Romania	 	[*]
	Germany, Italy, Spain	 	[*]

 4. Notices. The contact information in Section 20.5 is replaced with the following: 

 

			
	Notice to Microsoft	 	Notices to Yahoo!
	 Microsoft Corporation

One Microsoft Way
 Redmond, WA 98052

Attention: General Manager, OSD Strategic

Alliances Team
 Telephone:
(425) 882-8080
 Telecopy: (425) 936-7329
	 	 Yahoo! Inc.

3333 W. Empire Avenue
 Burbank, CA
91504
 Attention: Mark Morrissey

Senior Vice President, Search Alliance

Telephone: (818) 524-3000
 Telecopy: (818)
524-3001

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

 Execution Version 

 

			
	 with a copy to:
  
 Microsoft Corporation
 One Microsoft Way

Redmond, WA 98052

Attention: Deputy General Counsel, Online

Services Division (OSD)

Telephone: (425) 882-8080

Telecopy: (425) 936-7329
	 	 with a copy
to:
  
 Yahoo! Inc.
 3333 W. Empire Avenue
 Burbank, CA 91504
 Attention: Julie Hsu,
 Vice President & Associate General Counsel

Telephone: (818) 524-3000
 Telecopy: (818)
524-3001

 5. Additional Special Provisions for [*].  

(a) The parties agree that [*] image and video search results provided to Yahoo! directly by Yahoo! calling [*] APIs, as provided for
under Microsoft’s existing contract with [*] , will be integrated by Yahoo! only on pages served within the [*] domain; provided, however, that it is understood and agreed that these pages may be viewed by end users anywhere in the world. For
clarity, any [*] content that is provided to Yahoo! through Microsoft’s systems or APIs is not subject to such restrictions. Further, any [*] content that is provided to Yahoo! under a separate, direct contractual relationship with [*] will not
be affected by any terms, conditions and restrictions contained in this Agreement. 
 (b) The parties agree that the [*]
implementation (as set forth in Section 5 of the Fifth Amendment to the Agreement) for [*] Algorithmic Search Services for [*] via [*] APIs is limited to [*]. If Yahoo! desires to extend the Services to [*], Microsoft will use commercially
reasonable efforts to contract with [*], or provide an equivalent solution, to extend [*] Algorithmic Search Services to [*]. 

(c) Yahoo! will display [*] attribution on pages within which [*] search results are displayed. Yahoo! solely determines the look and
feel, and the implementation details, of such attribution on its web pages. Yahoo! will discuss in good faith any requests [*] may have regarding the look and feel or implementation details of such attribution, and will consider the possible
inclusion of such changes, but Yahoo! is under no obligation to incorporate such changes should Yahoo! determine, in Yahoo!’s sole discretion, that such changes are not in Yahoo!’s best interest. 

6. Country Specific Agreements. 
 (a) The parties may work together to execute country-specific agreements between the Affiliates in situations where the parties deem them necessary or as may be required by local law. For any such
agreements, the parties agree that: (a) the intent is that terms are the same as those in the Agreement; (b) the parties will cause their Affiliates to operate under such country-specific agreements in a manner consistent with this
Agreement, unless the parties to this Agreement expressly agree otherwise that a different treatment is appropriate in a particular country. Further, the parties agree that the intent of such country-specific agreements shall be to ensure that:
(a) conflicts between country-specific Agreements and this Agreement are resolved in favor of this Agreement; and (b) obligations performed under country-specific agreements exhaust corresponding obligations under the Agreement, such that
there is no duplication of obligations (for example, payments of amounts by an Affiliate under a country-specific Agreement relative to Paid Search Services in that country satisfy the comparable obligation for such amounts under this Agreement).

 7. Miscellaneous. This Seventh Amendment will be governed and construed, to the extent applicable, in accordance with the laws of the
State of New York, without regard to its conflict of law principles. This Seventh Amendment may be executed in multiple counterparts, each of which shall be 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

 Execution Version 

 

 
deemed an original and all of which shall constitute one and the same instrument. This Seventh Amendment may be amended or modified only by a written agreement that (a) refers to this
Seventh Amendment; and (b) is executed by an authorized representative of each party. This Seventh Amendment shall be binding on the parties hereto and their respective personal and legal representatives, successors, and permitted assigns.
Except as expressly set forth herein, the Agreement remains in full force and effect and this Seventh Amendment shall not be construed to alter, amend or change any of the other terms or conditions set forth in the Agreement. To the extent of any
conflict between this Seventh Amendment and any provisions of the Agreement, this Seventh Amendment shall control with respect to the subject matter hereof. 
 IN WITNESS WHEREOF, the parties by their duly authorized representatives have executed this Seventh Amendment as of the Seventh Amendment Effective Date. 

 

									
	YAHOO! INC.	 	 	 	MICROSOFT CORPORATION
					
	 By:
	 	 /s/ Lawrence Mann
	 		 	By:	 	 /s/ Greg Nelson

	 Name: Lawrence Mann
	 		 	Name: Greg Nelson
	 Title:
	 		 	Title: General Manager, Search Alliance

  

					
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 EXHIBIT M 

SITE TARGETING POLICY 
 POLICY VERSION APPLICABLE TO: US AND CANADA (JULY 2011 VERSION) 

“Site Targeting” means advertisers have the ability to opt in to target their ads from Microsoft’s Content Ads product to specific
properties. 
 Policy Intent: To maintain a healthy marketplace, avoid micro-marketplaces, and protect traffic quality. Provide
advertisers with high quality, highly visible placements. 
 A. Eligible Inventory. The following inventory is exempt from all
pre-approval requirements set forth in Section B below. 
 [*] 
 In addition, the following is eligible inventory if approved as provided below: 

[*] 
 B. Inventory Subject to
Approval 
 [*] 
  

	 	•	 	 Approval of [*] for Site Targeting is subject to the following conditions: 

[*] 
  

	 	•	 	 [*] receiving Site Targeting ads who are new to the Yahoo! network and therefore have no historical [*] will be approved but remain subject to min. [*]
on an ongoing basis. 

 Microsoft reserves the right at any time (i) to review [*] in Site Targeting, or
(ii) with good cause to revoke [*] in Site Targeting; and working in collaboration with the Yahoo! Marketplace team, to update thresholds based on changes in market conditions. Where the issue relates to a resolvable concern, Microsoft may
grant partners a [*]-day period to resolve. 
 C. General Policy 

 

	 	•	 	 Site targeting is available for text ads only. 

  

	 	•	 	 To maintain a healthy marketplace, all placements must accept both site targeted ads and standard contextual ads. Site targeting must be used in
conjunction with other keyword sources. 

 D. Exceptions 

[*] 
  

	 	•	 	 Exceptions are subject to both of the following eligibility requirements: 

[*] 
  

	*This	threshold applies for US and Canada, and will be set for each new migrating market. 

 E. Exception process: Escalation and Approval 
  

	 	a)	[*] 

  

	 	b)	The exception request will be assessed by the Policy team/Marketplace for approval. 

 

	 	c)	Policy/Marketplace approval handled on a [*] day SLA. 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.Eighth Amendment to Search and Advertising Services and Sales Agreement

 Execution Version 
  

Exhibit 10.16(L) 
 EIGHTH AMENDMENT 
 TO SEARCH AND ADVERTISING SERVICES AND SALES AGREEMENT

 This Eighth Amendment to Search and Advertising Services and Sales Agreement (this “Eighth Amendment”)
is entered into to be effective as of June 6, 2012 (“Eighth Amendment Effective Date”) by and between Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Microsoft Corporation, a Washington corporation
(“Microsoft”). 
 WHEREAS, Yahoo! and Microsoft are parties to that certain Search and Advertising Services and
Sales Agreement, entered into as of December 4, 2009, as amended (collectively, the “Agreement”); and 

WHEREAS, Yahoo! and Microsoft desire to further amend the Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties agree as follows: 

1. Definitions. Capitalized terms used but not defined herein have the same meanings given in the Agreement. 

2. Payments. Sections 9.1.2 and 9.1.3 of the Agreement are revised in their entirety to read as follows: 

 

	 	“9.1.2	Services and Additional Services Sold by Yahoo!. 

 (a) In connection with Paid Listings from Services and Additional Services sold by Yahoo! that with respect to Paid Search Services are displayed in response to Queries and Non-Internet Search Queries
entered on, or with respect to Contextual Advertising Services appear on, Microsoft O&O Properties and Microsoft syndication properties, Yahoo! shall pay to Microsoft [*]% of the associated Adjusted Net Revenues. 

(b) In connection with Paid Listings from Services and Additional Services sold by Yahoo! that with respect to Paid Search
Services are displayed in response to Queries and Non-Internet Search Queries entered on, or with respect to Contextual Advertising Services appear on, Yahoo! Properties, Yahoo! shall pay to Microsoft (i) the product of (x) the associated
Net Revenues and (y) (100%—Rev Share Rate) minus (ii) an amount equal to the product of Net Revenues and Bad Debt Rate in excess of 1%. [*] 
 (c) In connection with Paid Listings from Services and Additional Services sold by Yahoo! that with respect to Paid Search Services are displayed in response to Queries and Non-Internet Search Queries
entered on, or with respect to Contextual Advertising Services appear on, Syndication Properties, Yahoo! shall pay to Microsoft (i) the product of (x) the associated Net Revenues, (y) (100%—Rev Share Rate) (e.g., initially
100%-88%=12%), and (z) (100%—Average Yahoo! TAC Rate)) minus (ii) an amount equal to the product of Net Revenues and Bad Debt Rate in excess of [*]%. [*] In connection with the [*] referenced in the second to last sentence of
Section 9.1.1(a) of the Agreement, Microsoft will refund to Yahoo! the amount of any overpayment or Yahoo! will pay to Microsoft the amount of any underpayment. 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

	 	9.1.3	Services and Additional Services Sold by Microsoft. 

 (a) In connection with Paid Listings from Services and Additional Services sold by Microsoft that with respect to Paid Search Services are displayed in response to Queries and Non-Internet Search Queries
entered on, or with respect to Contextual Advertising Services appear on, Microsoft O&O Properties and Microsoft syndication properties, Microsoft shall retain all revenues. 

(b) In connection with Paid Listings from Services and Additional Services sold by Microsoft that with respect to Paid
Search Services are displayed in response to Queries and Non-Internet Search Queries entered on, or with respect to Contextual Advertising Services appear on, Yahoo! Properties, Microsoft shall pay to Yahoo! the product of (x) the associated
Net Revenues, and (y) Rev Share Rate. By way of example, if there was $100 in Net Revenues sold by Microsoft for Services displayed on the Yahoo! Properties and an 88% Rev Share Rate, then Microsoft would pay to Yahoo! $88 (= $100 x 88%). For
clarity, any [*] related to such Services and Additional Services sold by Microsoft shall not reduce the payment made to Yahoo!. 
 (c) In connection with Paid Listings from Services and Additional Services sold by Microsoft that with respect to Paid Search Services are displayed in response to Queries and Non-Internet Search Queries
entered on, or with respect to Contextual Advertising Services appear on, Syndication Properties, Microsoft shall pay to Yahoo! the product of (x) the associated Net Revenues and (y) 100%—((100%—Rev Share Rate) x
(100%—Average Yahoo! TAC Rate)). By way of example, if there was $100 in Net Revenues sold by Microsoft for Services displayed on all of the Yahoo! Syndication Properties, an 88% Rev Share Rate and [*]% Average Yahoo! TAC Rate, then Microsoft
would pay to Yahoo! $[*] = ($100 x (100%—((100%—88%) x (100%—[*]%)))) (of which the $[*] is an estimate of the amount due to the Syndication Partner. In connection with the [*] referenced in the second to last sentence of
Section 9.1.1(a) of the Agreement, Yahoo! will refund to Microsoft the amount of any overpayment or Microsoft will pay to Yahoo! the amount of any underpayment. For clarity, any [*] related to such Services and Additional Services sold by
Microsoft shall not reduce the payment made to Yahoo!.” 
 3. Traffic Classification. 

 

	 	(a)	The following shall be added to the Agreement as a new Section 9.5 of the Agreement: 

 

	 	“9.5	Traffic Classification for [*]. 

 9.5.1 Categorization. With respect to the treatment of “[*]” (as defined below), the parties intend to characterize such traffic sources as Yahoo! Properties or Syndication Properties on
a consistent basis for both revenue sharing and RPS Guarantee purposes [*] such that (i) [*]% of the revenues associated with [*] are treated as Syndication Properties for purposes of revenue sharing and RPS Guarantee purposes (“[*]”)
and (ii) [*]% of the revenues associated with such [*] are treated as Yahoo! Properties for purposes of revenue sharing and RPS Guarantee purposes (“[*]”). 

 

	 	9.5.2	RPS Guarantee Impact. 

 (a) The [*] will be included in the calculation of Core Revenues for purposes of Exhibit E of the Agreement (to the extent such revenues would be included in Core Revenues if associated with other
Yahoo! Properties). [*] will not be included in the calculation of Core Revenues. 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

 (b) In calculating the Guarantee Adjustor for dates in True-Up Periods prior
to [*], all of the traffic from [*] will be included in Eligible Traffic with respect to both the True-Up Period and associated Reference Period. As an agreed proxy for the recalculation of the Guarantee Adjustor [*] contemplated by this Eighth
Amendment, in calculating the Guarantee Adjustor for dates in True-Up Periods between [*] and [*], all of the traffic from [*] will be included as Eligible Traffic with respect to both the True-Up Period and associated Reference Period, except [*]%
of all [*] will be excluded with respect to both the True-Up Period and associated Reference Period [*]. In calculating the Guarantee Adjustor for dates in True-Up Periods on or after [*], [*]% of [*] traffic (representing the O&O portion) will
be included in Eligible Traffic (with respect to both the True-Up Period and associated Reference Period). The [*]% of traffic referenced in the previous sentence will be based on a representative and unbiased sample of all such applicable
traffic. 
 9.5.3 [*]. Except as provided above, [*] will be included as Yahoo! Properties for all
other purposes of the Agreement. 
 9.5.4 [*]. All [*] other than [*] are Syndication Properties
and not Yahoo! Properties for all purposes under the Agreement; provided, however that notwithstanding the foregoing, [*] which resolve to [*] will be treated as Yahoo! Properties for purposes of advertiser distribution controls as provided in
Section 2.2.3(c) of the Agreement. 
  

	 	9.5.5	Additional Definitions. 

  

	 	(a)	[*] 

  

	 	(b)	[*] 

  

	 	(c)	“Guarantee Adjustor” has the meaning ascribed to it in Exhibit E of the Agreement.” 

4. Average Yahoo! TAC Rate. The first sentence of Section 9.1.1(a) of the Agreement is deleted and replaced with the following: “
“Average Yahoo! TAC Rate” means total Syndication Partner Payments (under Syndication Partner Agreements) divided by total Adjusted Net Revenues, each (i.e., payments and revenues) with respect to Services, and if applicable, Additional
Services, provided to Syndication Partners on Syndication Properties and on [*] which are not Syndication Properties, provided, however, each Syndication Partner Payment in such calculation shall be limited to (i.e., may not exceed) the amount of
its associated Adjusted Net Revenues.” 
 5. Notwithstanding the Eighth Amendment Effective Date, the parties intend that the provisions of
the newly added Section 9.5 of the Agreement would apply retroactively, and promptly after the Eighth Amendment Effective Date, the parties will calculate and settle any retroactive adjustments due to or from either party as a result of the
Eighth Amendment. 
 6. Unless mutually modified by representatives of each party in writing (including by email), the parties will use the
implementation procedures described in Attachment 1 to this Eighth Amendment to effectuate the modifications created by this Eighth Amendment. 

7. Within [*] days of the Eighth Amendment Effective Date, Microsoft will pay to Yahoo! $[*] to share the risk of [*]. 

8. Miscellaneous. This Eighth Amendment will be governed and construed, to the extent applicable, in accordance with the laws of the State of New
York, without regard to its conflict of law principles. 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

 This Eighth Amendment may be executed in multiple counterparts, each of which shall be deemed an original
and all of which shall constitute one and the same instrument. This Eighth Amendment may be amended or modified only by a written agreement that (a) refers to this Eighth Amendment; and (b) is executed by an authorized representative of
each party. This Eighth Amendment shall be binding on the parties hereto and their respective personal and legal representatives, successors, and permitted assigns. Except as expressly set forth herein, the Agreement remains in full force and effect
and this Eighth Amendment shall not be construed to alter, amend or change any of the other terms or conditions set forth in the Agreement. To the extent of any conflict between this Eighth Amendment and any provisions of the Agreement, this Eighth
Amendment shall control with respect to the subject matter hereof. 
 IN WITNESS WHEREOF, the parties by their duly authorized representatives
have executed this Eighth Amendment as of the Eighth Amendment Effective Date. 
  

									
	YAHOO! INC.	 	 	 	MICROSOFT CORPORATION
					
	 By:
	 	 /s/ Lawrence Mann
	 		 	 By:
	 	 /s/ Greg Nelson

	Name: Lawrence Mann	 		 	Name: Greg Nelson
	Title:	 		 	Title: General Manager, Search Alliance

  

					
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 ATTACHMENT 1 TO EIGHTH AMENDMENT 

IMPLEMENTATION PROCEDURES FOR [*] 
  

	 	•	 	 Historical True-Up. Within [*] days of the Eighth Amendment Effective Date, the parties will reconcile historical revenue sharing amounts and
Guarantee Amounts to reflect treatment of [*] consistent with amended Section 9.5 of the Agreement. Based on the timing of such reconciliation, the parties may need a second true-up within [*] days of July 1, 2012 (when automated reporting
begins) covering a stub period (i.e., likely April/May/June 2012). For avoidance of doubt, any difference in the average [*] of the Agreement resulting from the [*] for True-Up Periods prior to [*] will be ignored. However, any difference in the
average [*] value resulting from the reclassification of [*] for True-Up Periods on or after [*] will be included. 

  

	 	•	 	 System Treatment. Yahoo! will configure all [*] in adCenter as type = [*]. Within [*] days, any Ad Units not already set up in this manner will
be updated accordingly. 

  

					
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	[*] Indicates that certain information in this exhibit has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been
requested with respect to omitted portions.

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