Document:

2012 Employee Stock Purchase Plan

 Exhibit 10.18 
 YELP INC. 
 2012 EMPLOYEE
STOCK PURCHASE PLAN 
 ADOPTED BY
THE BOARD OF DIRECTORS: JANUARY 25, 2012 

APPROVED BY THE STOCKHOLDERS:
            , 2012 
  

	1.	GENERAL; PURPOSE. 

 (a) The Plan provides a means by which Eligible Employees of the Company and certain Designated Companies may be given an opportunity to purchase shares of Common Stock. The Plan permits the
Company to grant a series of Purchase Rights to Eligible Employees. 
 (b) The Company, by means of the Plan, seeks to
retain the services of Eligible Employees, to secure and retain the services of new Employees and to provide incentives for these persons to exert maximum efforts for the success of the Company and its Related Corporations. 

(c) This Plan includes two components: a 423 Component and a Non-423 Component. It is the intention of the Company to have the 423
Component qualify as an Employee Stock Purchase Plan. The provisions of the 423 Component, accordingly, will be construed in a manner that is consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the
grant of Purchase Rights under the Non-423 Component that does not meet the requirements of an Employee Stock Purchase Plan because of deviations necessary to permit participation in the Plan by Employees who are foreign nationals or employed
outside of the United States while complying with applicable foreign laws; these Purchase Rights will be granted pursuant to rules, procedures or subplans adopted by the Board designed to achieve these objectives for Eligible Employees and the
Company and its Related Corporations. Except as otherwise provided herein or determined by the Board, the Non-423 Component will operate and be administered in the same manner as the 423 Component. 

(d) If a Participant transfers employment from the Company or any Designated 423 Corporation participating in the 423 Component to
a Designated Non-423 Corporation participating in the Non-423 Component, he or she will immediately cease to participate in the 423 Component; however, any Contributions made for the Purchase Period in which such transfer occurs will be transferred
to the Non-423 Component, and that Participant will immediately join the then current Offering under the Non-423 Component upon the same terms and conditions in effect for his or her participation in the Plan, except for those modifications as may
be required by applicable law. A Participant who transfers employment from a Designated Non-423 Corporation participating in the Non-423 Component to the Company or any Designated 423 Corporation participating in the 423 Component will remain a
Participant in the Non-423 Component until the earlier of (i) the end of the current Offering Period under the 

  
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Non-423 Component, or (ii) the Offering Date of the first Offering in which he or she participates following such transfer. 

 

	2.	ADMINISTRATION. 

 (a) The Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in Section 2(c). 

(b) The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To determine how and when Purchase Rights will be granted and the provisions of each Offering (which need not
be identical), including which Designated 423 Corporations and Designated Non-423 Corporations will participate in the 423 Component or the Non-423 Component. 
 (ii) To designate from time to time which Related Corporations of the Company will be eligible to participate in the Plan as Designated 423 Corporations and Designated Non-423 Corporations and
which Affiliates will be eligible to participate in the Plan as Designated Non-423 Corporations. 
 (iii)
To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a
manner and to the extent it deems necessary or expedient to make the Plan fully effective. 
 (iv) To
settle all controversies regarding the Plan and Purchase Rights granted under the Plan. 
 (v) To suspend
or terminate the Plan at any time as provided in Section 12. 
 (vi) To amend the Plan at any time as
provided in Section 12. 
 (vii) Generally, to exercise such powers and to perform such acts as it
deems necessary or expedient to promote the best interests of the Company and its Related Corporations and to carry out the intent that the 423 Component be treated as an Employee Stock Purchase Plan. 

(viii) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan
by Employees who are foreign nationals or employed outside the United States. Without limiting the generality of, but consistent with, the foregoing, the Board specifically is authorized to adopt rules, procedures and subplans, which, for purposes
of the Non-423 Component, may be outside the scope of Section 423 of the Code, regarding, without limitation, eligibility to participate in the Plan, handling and making of Contributions, establishment of bank or trust accounts to hold
Contributions, payment of interest, conversion of 

  
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local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of share issuances, which may vary according to local
requirements. 
 (c) The Board may delegate some or all of the administration of the Plan to a Committee or Committees.
If administration is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to a
subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the
provisions of the Plan, as may be adopted from time to time by the Board. The Board may retain the authority to concurrently administer the Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously
delegated. Whether or not the Board has delegated administration of the Plan to a Committee, the Board will have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan. 

(d) All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any
person and will be final, binding and conclusive on all persons. 
  

	3.	SHARES OF COMMON STOCK SUBJECT TO THE PLAN.

 (a) Subject to the provisions of Section 11(a) relating to Capitalization
Adjustments, the maximum number of shares of Common Stock that may be issued under the Plan will not exceed 4,200,000 shares of Common Stock, plus the number of shares that are automatically added on January 1st of each year for a period of up
to ten years, commencing on the first January 1, commencing in 2013 and ending on (and including) January 1, 2022, in an amount equal to the lesser of (i) 2% of the total number of shares of Capital Stock outstanding on
December 31st of the preceding calendar year, and (ii) 20,000,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any calendar year to provide that there will be no January 1st increase in the share reserve for that calendar year or that the
increase in the share reserve for that calendar year will be a lesser number of shares of Common Stock than would otherwise occur pursuant to the preceding sentence. 
 (b) If any Purchase Right granted under the Plan terminates without having been exercised in full, the shares of Common Stock not purchased under that Purchase Right will again become available for
issuance under the Plan. 
 (c) The stock purchasable under the Plan will be shares of authorized but unissued or
reacquired Common Stock, including shares repurchased by the Company on the open market. 
  

	4.	GRANT OF PURCHASE RIGHTS; OFFERING. 

(a) The Board may from time to time grant or provide for the grant of Purchase Rights to Eligible Employees under an Offering on
Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem 

  
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appropriate, and with respect to the 423 Component will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and
privileges. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which
the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive. 

(b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms
delivered to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have
identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices) will be exercised.

 (c) The Board will have the discretion to structure an Offering so that if the Fair Market Value of the shares of
Common Stock on the first Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of the shares of Common Stock on the Offering Date, then (i) that Offering will terminate immediately as of that
first Trading Day, and (ii) the Participants in that terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of the new Purchase Period. 

 

	5.	ELIGIBILITY. 

 (a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b), to Employees of a Related Corporation or an Affiliate.
Except as provided in Section 5(b), an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the Company, a Related Corporation or an Affiliate, as the case may be, for
such continuous period preceding that Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years. In addition, the Board may (unless prohibited by law) provide that
no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, that Employee’s customary employment with the Company, the Related Corporation or the Affiliate is more than 20 hours per week and more than
five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code. 

(b) The Board may provide that each person who, during the course of an Offering, first becomes an Eligible Employee will, on or
after the day on which that person becomes an Eligible Employee, receive a Purchase Right under that Offering, which Purchase Right will thereafter be deemed to be a part of that Offering. The Purchase Right will have the same characteristics as any
Purchase Rights originally granted under that Offering, as described herein, except that: 

  
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 (i) the date on which that Purchase Right is granted will be the
“Offering Date” of that Purchase Right for all purposes, including determination of the exercise price of that Purchase Right; 
 (ii) the period of the Offering with respect to that Purchase Right will begin on its Offering Date and end coincident with the end of the original Offering; and 

(iii) the Board may provide that if that person first becomes an Eligible Employee within a specified period of
time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 
 (c) No
Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, that Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock
of the Company or of any Related Corporation (unless otherwise required by law). For purposes of this Section 5(c), the rules of Section 424(d) of the Code will apply in determining the stock ownership of any Employee, and stock which that
Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by that Employee. 

(d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if those Purchase
Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit that Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to
accrue at a rate which exceeds $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan, will be determined as of their respective Offering Dates) for each calendar year in which
such rights are outstanding at any time. 
 (e) Officers of the Company and any Designated Company, if they are otherwise
Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may (unless prohibited by law) provide in an Offering that Employees who are highly compensated Employees within the meaning of
Section 423(b)(4)(D) of the Code will not be eligible to participate. 
  

	6.	PURCHASE RIGHTS; PURCHASE PRICE. 

(a) On each Offering Date, each Eligible Employee will be granted a Purchase Right under the applicable Offering to purchase up to
that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the Board but in either case not exceeding 15%, of that Employee’s earnings (as defined by the Board in each Offering)
during the period that begins on the Offering Date (or such other date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date will be no later than the end of the Offering. 

(b) The Board will establish one or more Purchase Dates during an Offering on which Purchase Rights granted for that Offering will
be exercised and shares of Common Stock will be purchased in accordance with that Offering. 

  
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 (c) In connection with each Offering made under the Plan, the Board may specify
(i) a maximum number of shares of Common Stock that may be purchased by any Participant on any Purchase Date during that Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant
to that Offering and/or (iii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of
Purchase Rights granted under the Offering would exceed any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common
Stock available will be made in as nearly a uniform manner as will be practicable and equitable. 
 (d) The purchase
price of shares of Common Stock acquired pursuant to Purchase Rights will be not less than the lesser of: 

(i) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the Offering Date; or

 (ii) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable
Purchase Date. 
  

	7.	PARTICIPATION; WITHDRAWAL; TERMINATION. 

(a) An Eligible Employee may elect to authorize payroll deductions as the means of making Contributions by completing and
delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board. Each
Participant’s Contributions will be credited to a bookkeeping account for that Participant under the Plan and will be deposited with the general funds of the Company except where applicable law requires that Contributions be deposited with a
third party. If permitted in the Offering, a Participant may begin Contributions with the first payroll occurring on or after the Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but before the
Offering Date of the next new Offering, Contributions from that payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including to zero) or increase his or her Contributions. If required
under applicable law or if specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to a Purchase Date.

 (b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to
the Company a withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon withdrawal, that Participant’s Purchase Right in that Offering will immediately terminate and the Company will
distribute to that Participant all of his or her accumulated but unused Contributions. A Participant’s withdrawal from that Offering will have no effect upon his or her eligibility to participate in any other Offerings under the Plan, but the
Participant will be required to deliver a new enrollment form to participate in future Offerings. 

  
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 (c) Unless otherwise required by applicable law, Purchase Rights granted pursuant to
any Offering under the Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason or (ii) is otherwise no longer eligible to participate. The Company will distribute to that
individual all of his or her accumulated but unused Contributions. 
 (d) During a Participant’s lifetime, Purchase
Rights will be exercisable only by that Participant. Purchase Rights are not transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation as described in
Section 10. 
 (e) The Company has no obligation to pay interest on Contributions, unless otherwise required by
applicable law. 
  

	8.	EXERCISE OF PURCHASE RIGHTS. 

(a) On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common
Stock, up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering.

 (b) If any amount of accumulated Contributions remains in a Participant’s account after the purchase of shares of
Common Stock on the final Purchase Date of an Offering and the remaining amount is less than the amount required to purchase one share of Common Stock, then the remaining amount will be held in that Participant’s account for the purchase of
shares of Common Stock under the next Offering under the Plan, unless the Participant withdraws from or is not eligible to participate in that Offering, in which case such amount will be distributed to the Participant after the final Purchase Date,
without interest (unless otherwise required by applicable law). If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common Stock on the final Purchase Date of an Offering is at least equal to the
amount required to purchase one whole share of Common Stock, then the remaining amount will not roll over to the next Offering and will instead be distributed in full to the Participant after the final Purchase Date, without interest (unless
otherwise required by applicable law). 
 (c) No Purchase Rights may be exercised to any extent unless the shares of
Common Stock to be issued upon that exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable laws. If on a Purchase Date the shares of Common
Stock are not so registered or the Plan is not in such compliance, no Purchase Rights will be exercised on that Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to an effective registration statement
and the Plan is in material compliance, except that the Purchase Date will in no event be more than 27 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not
registered and the Plan is not in material compliance with all applicable laws, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed to the Participants without interest. 

  
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	9.	COVENANTS OF THE COMPANY. 

The Company will seek to obtain from each federal, state, foreign or other regulatory commission or agency having jurisdiction over the
Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems
necessary for the grant of Purchase Rights or the lawful issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue
and sell Common Stock upon exercise of such Purchase Rights. 
  

	10.	DESIGNATION OF BENEFICIARY. 

 (a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any shares of Common Stock and/or Contributions from the
Participant’s account under the Plan if the Participant dies before those shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the Participant to change the designation of beneficiary.
Any designation and/or change must be on a form approved by the Company. 
 (b) If a Participant dies, and in the absence
of a valid beneficiary designation, the Company will deliver any shares of Common Stock and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to the knowledge of
the Company), the Company, in its sole discretion, may deliver such shares of Common Stock and/or Contributions to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the Company, then to such
other person as the Company may designate. 
  

	11.	ADJUSTMENTS UPON CHANGES IN COMMON STOCK; CORPORATE
TRANSACTIONS. 

 (a) On a Capitalization Adjustment, the Board will appropriately and
proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by which the share reserve is to increase automatically each
year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and (iv) the class(es) and number of securities that are the
subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive. 
 (b) On a Corporate Transaction, then: (i) any surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue
outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if any surviving or acquiring
corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights for such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase shares of Common
Stock within ten business days prior to the Corporate Transaction 

  
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under the outstanding Purchase Rights, and the Purchase Rights will terminate immediately after such purchase. 
  

	12.	AMENDMENT, TERMINATION OR SUSPENSION OF THE PLAN.

 (a) The Board may amend the Plan at any time in any respect the Board deems necessary or advisable.
However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval is required by applicable law or listing requirements,
including any amendment that either (i) materially increases the number of shares of Common Stock available for issuance under the Plan, (ii) materially expands the class of individuals eligible to become Participants and receive Purchase
Rights, (iii) materially increases the benefits accruing to Participants under the Plan or materially reduces the price at which shares of Common Stock may be purchased under the Plan, (iv) materially extends the term of the Plan, or
(v) expands the types of awards available for issuance under the Plan, but in each of (i) through (v) above only to the extent stockholder approval is required by applicable law or listing requirements. 

(b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under the Plan while the Plan is
suspended or after it is terminated. 
 (c) Any benefits, privileges, entitlements and obligations under any outstanding
Purchase Rights granted before an amendment, suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase Rights were
granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance issued
thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the Effective Date, or (iii) as necessary to obtain or maintain favorable tax,
listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies with the requirements of
Section 423 of the Code. 
  

	13.	CODE SECTION 409A; TAX QUALIFICATION. 

(a) Purchase Rights granted under the 423 Component are intended to be exempt from the application of Section 409A of the Code
under Treasury Regulation Section 1.409A-1(b)(5)(ii). Purchase Rights granted under the Non-423 Component to U.S. taxpayers are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception
and any ambiguities will be construed and interpreted in accordance with such intent. Subject to Section 13(b) hereof, Purchase Rights granted to U.S. taxpayers under the Non-423 Component will be subject to such terms and conditions that will
permit such Purchase Rights to satisfy the requirements of the short-term deferral exception available under Section 409A of the Code, including the requirement that the shares subject to a Purchase Right be delivered within the short-term
deferral period. Subject to Section 13(b) hereof, in the case of a Participant who would otherwise be subject to Section 409A of the Code, to the extent the Board determines that a Purchase Right or the exercise, payment, settlement or
deferral thereof is 

  
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subject to Section 409A of the Code, the Purchase Right will be granted, exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including U.S.
Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the adoption of the Plan. Notwithstanding the foregoing, the Company
will have no liability to a Participant or any other party if the Purchase Right that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Board with respect
thereto. 
 (b) Although the Company may endeavor to (i) qualify a Purchase Right for favorable tax treatment under
the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant
to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Section 13(a) hereof. The Company will be unconstrained in its corporate activities without regard to the potential
negative tax impact on Participants under the Plan. 
  

	14.	EFFECTIVE DATE OF PLAN. 

The Plan will become effective on the IPO Date. No Purchase Rights will be exercised unless and until the Plan has been approved by the
stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a) above, materially amended) by the Board. 

 

	15.	MISCELLANEOUS PROVISIONS. 

 (a) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company. 

(b) A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of
Common Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter
the at will nature of a Participant’s employment, if applicable, or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation or an Affiliate, or on
the part of the Company or a Related Corporation or an Affiliate to continue the employment of a Participant. 
 (d) The
provisions of the Plan will be governed by the laws of the State of California without resort to that state’s conflicts of laws rules. 
 (e) If any particular provision of the Plan is found to be invalid or otherwise unenforceable, the provision will not affect the other provisions of the Plan, but the Plan will be construed in all
respects as if the invalid provision were omitted. 

  
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	16.	DEFINITIONS. 

 As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 
 (a) “423 Component” means the part of the Plan, which excludes the Non-423 Component, pursuant to which Purchase Rights that satisfy the requirements for Employee Stock
Purchase Plans may be granted to Eligible Employees. 
 (b) “Affiliate” means any branch or
representative office of a Related Corporation, as determined by the Board, whether now or hereafter existing. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Capital
Stock” means each and every class of common stock of the Company, regardless of the number of votes per share. 

(e) “Capitalization Adjustment” means any change that is made in, or other events that occur with respect
to, the Common Stock subject to the Plan or subject to any Purchase Right after the Effective Date without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other similar equity restructuring transaction, as that term is
used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization
Adjustment. 
 (f) “Code” means the U.S. Internal Revenue Code of 1986, as amended. 

(g) “Committee” means a committee of one or more members of the Board to whom authority has been delegated
by the Board. 
 (h) “Common Stock” means, as of the IPO Date, the Class A common stock of
the Company, having 1 vote per share. 
 (i) “Company” means Yelp Inc., a Delaware corporation.

 (j) “Contributions” means the payroll deductions and other additional payments specifically
provided for in the Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant
has not already had the maximum permitted amount withheld during the Offering through payroll deductions. 
 (k)
“Corporate Transaction” means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events: 

  
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 (i) the consummation of a sale or other disposition of all or
substantially all, as determined by the Board in its sole discretion, of the consolidated assets of the Company and its Subsidiaries; 
 (ii) the consummation of a sale or other disposition of at least 50% of the outstanding securities of the Company; 

(iii) the consummation of a merger, consolidation or similar transaction following which the Company is not the
surviving corporation; or 
 (iv) the consummation of a merger, consolidation or similar transaction
following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar
transaction into other property, whether in the form of securities, cash or otherwise. 
 (l) “Designated
Non-423 Corporation” means any Related Corporation or Affiliate selected by the Board as eligible to participate in the Non-423 Component. 
 (m) “Designated Company” means a Designated Non-423 Corporation or Designated 423 Corporation. 

(n) “Designated 423 Corporation” means any Related Corporation selected by the Board as eligible to
participate in the 423 Component. 
 (o) “Director” means a member of the Board. 

(p) “Eligible Employee” means an Employee who meets the requirements set forth in the document(s)
governing the Offering for eligibility to participate in the Offering, provided that the Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(q) “Employee” means any person, including an Officer or Director, who is treated as an employee in the
records of the Company or a Related Corporation (including an Affiliate). However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of the Plan.

 (r) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be
options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 

(s) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

(t) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:

 (i) If the Common Stock is listed on any established stock exchange or traded on any established
market, the Fair Market Value of a share of Common Stock will be the closing sales price for the stock as quoted on such exchange or market (or the exchange or 

  
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market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by
the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing sales price on the last preceding date for which such quotation exists. 

(ii) In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in
good faith in compliance with applicable laws. 
 (iii) Notwithstanding the foregoing, for any Offering
that commences on the IPO Date, the Fair Market Value of the shares of Common Stock on the Offering Date will be the price per share at which shares are first sold to the public in the Company’s initial public offering as specified in the final
prospectus for that initial public offering. 
 (u) “IPO Date” means the date of the underwriting
agreement between the Company and the underwriter(s) managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

(v) “Non-423 Component” means the part of the Plan, which excludes the 423 Component, pursuant to which
Purchase Rights that are not intended to satisfy the requirements for Employee Stock Purchase Plans may be granted to Eligible Employees. 
 (w) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those Purchase Rights automatically occurring at the end of one or more
Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering. 

(x) “Offering Date” means a date selected by the Board for an Offering to commence. 

(y) “Officer” means a person who is an officer of the Company or a Related Corporation within the meaning
of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
 (z)
“Participant” means an Eligible Employee who holds an outstanding Purchase Right. 
 (aa)
“Plan” means this Yelp Inc. 2012 Employee Stock Purchase Plan, including both the 423 and Non-423 Components, as amended from time to time. 
 (bb) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase Rights will be exercised and on which purchases of shares of Common
Stock will be carried out in accordance with that Offering. 
 (cc) “Purchase Period” means a
period of time specified within an Offering, generally beginning on the Offering Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods. 

  
 13 

 (dd) “Purchase Right” means an option to purchase shares of
Common Stock granted pursuant to the Plan. 
 (ee) “Related Corporation” means any “parent
corporation” or “subsidiary corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

(ff) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(gg) “Trading Day” means any day on which the exchange(s) or market(s) on which shares of Common Stock are
listed, including but not limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto, is open for trading. 

  
 14Executive Severance Benefit Plan

 Exhibit 10.19 
 YELP INC. 
 EXECUTIVE
SEVERANCE BENEFIT PLAN 
 1. INTRODUCTION. The Yelp
Inc. Executive Severance Benefit Plan (the “Plan”) is established effective January 6, 2012 (the “Effective Date”). The Plan provides for severance payments and benefits to certain employees of
Yelp Inc. (the “Company”), including, but not limited to, upon a Change in Control. This document constitutes the Summary Plan Description for the Plan. 
 2. DEFINITIONS. For purposes of the Plan, the following terms are defined as follows: 
 (a) “Board” means the Board of Directors of the Company. 
 (b) “Cause” means, with respect to a Participant: (i) the Participant’s failure to perform his or her reasonably assigned duties or responsibilities as an
employee after written notice from the Company describing such failure and an opportunity to cure; (ii) the Participant’s engaging in any act of dishonesty or misrepresentation or willful commission of fraud; (iii) the
Participant’s violation of any federal, state or foreign law or regulation applicable to the Company’s business; (iv) the Participant’s violation of the Company’s Code of Conduct, the Proprietary Agreement, or any similar
obligations under contract or applicable law; (v) the Participant’s conviction of, or entering a plea of nolo contendere to, any felony; or (vi) any other misconduct that is materially injurious to the financial condition or
business reputation of, or is otherwise materially injurious to, the Company, which conduct, if capable of cure or remedy, is not cured or remedied within two weeks after written notice from the Company describing such conduct. 

(c) “Change in Control” means the occurrence, in a single transaction or in a series of related
transactions, of any one or more of the following events: 
 (i) any person, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) acquires beneficial ownership of securities of the Company representing more than 50% of the combined voting power of the Company’s then
outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control will not be deemed to occur (A) on account of the acquisition of securities of the Company
directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other person, entity or group that acquires the Company’s securities in a transaction or series of
related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, (C) on account of the acquisition of securities of the Company by any individual who is, on the IPO Date, either
an executive officer or a director (either, an “IPO Investor”) and/or any entity in which an IPO Investor has a direct or indirect interest (whether in the form of voting rights or participation in profits or capital
contributions) of more than 50% (collectively, the “IPO Entities” ) or on account of the IPO Entities continuing to hold shares that come to represent more than 50% of the combined voting power of the Company’s then
outstanding securities as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities having a different number 

  
 1 

 
of votes per share pursuant to the conversion provisions set forth in the Company’s Amended and Restated Certificate of Incorporation; or (D) solely because the level of beneficial
ownership held by any such person, entity or group (the “Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities
by the Company reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition,
the Subject Person becomes the beneficial owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities beneficially owned by the
Subject Person over the designated percentage threshold, then a Change in Control will be deemed to occur; 

(ii) there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the
Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not beneficially own, 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, in each case in substantially the same proportions as their beneficial ownership of the outstanding voting securities of the Company immediately prior to such transaction; provided, however, that a
merger, consolidation or similar transaction will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the surviving entity or its
parent are owned by the IPO Entities; 
 (iii) there is consummated a sale, lease, exclusive license or
other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its
subsidiaries to an entity, more than 50% of the combined voting power of the voting securities of which are beneficially owned by stockholders of the Company in substantially the same proportions as their beneficial ownership of the outstanding
voting securities of the Company immediately prior to such sale, lease, license or other disposition; provided, however, that a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the
Company and its subsidiaries will not constitute a Change in Control under this prong of the definition if the outstanding voting securities representing more than 50% of the combined voting power of the acquiring entity or its parent are owned by
the IPO Entities; or 
 (iv) individuals who, on the date the Plan is adopted by the Board, are members of
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of any new Board
member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member will, for purposes of the Plan, be considered as a member of the Incumbent Board. 

  
 2 

 For purposes of determining voting power under the term Change in Control, voting power will be calculated
by assuming the conversion of all equity securities convertible (immediately or at some future time) into shares entitled to vote, but not assuming the exercise of any warrant or right to subscribe to or purchase those shares. In addition, the term
Change in Control will not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. In addition, the term Change in Control will not include a change in the voting power of
any one or more stockholders as a result of the conversion of any class of the Company’s securities into another class of the Company’s securities having a different number of votes per share pursuant to the conversion provisions set forth
in the Company’s Amended and Restated Certificate of Incorporation. To the extent required for compliance with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a
“change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets of” the Company as determined under Treasury Regulations Section 1.409A-3(i)(5) (without
regard to any alternative definition thereunder). 
 (d) “COBRA” means the Consolidated
Omnibus Budget Reconciliation Act of 1985, as amended, together with any state or local law of similar effect. 
 (e)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (f)
“Constructive Termination” means the Participant’s resignation from all positions he or she then holds with the Company resulting in a Separation from Service after one of the following is undertaken without
the Participant’s written consent: 
 (i) any assignment or reassignment of duties or
responsibilities that results in a material diminution in the Participant’s role in the Company as in effect immediately prior to the date of such change (provided that neither (A) a change in title, nor (B) the acquisition of the
Company and conversion of the Company into a subsidiary, division or unit of the acquirer that results in changes to the Participant’s duties or responsibilities which are customary and reasonable in the context of such an acquisition and
conversion, and which changes do not cause a material adverse change in the reporting structure or a material reduction in status, will, by itself, be deemed a material diminution in the Participant’s role); 

(ii) a greater than 10% aggregate reduction by the Company in the Participant’s annual base salary (that is, a
material reduction), as in effect immediately prior to the date of such actions; provided, however, that if there are across-the-board proportionate reductions for all executives of the Company, as determined by the Plan Administrator, as
part of a general salary reduction, the reduction as to the Participant will not constitute a basis for a Constructive Termination; or 
 (iii) a non-temporary relocation of the Participant’s business office to a location that increases the Participant’s one way commute by more than 25 miles from the primary location at
which the Participant performs duties as of immediately prior to the date of such action; 

  
 3 

 provided, however, that in each case, an event or action by
the Company will not give the Participant grounds for a Constructive Termination unless (A) the Participant gives the Company written notice, within 90 days after the initial existence of such event or action, that the event or action by the
Company would give the Participant such grounds to so terminate employment, (B) such event or action is not reversed, remedied or cured, as the case may be, by the Company as soon as possible but in no event later than within 30 days of
receiving such written notice from the Participant, and (C) the Participant terminates his employment in a manner that is a Separation from Service within 90 days following the end of the cure period. 

(g) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

(h) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s)
managing the initial public offering of the Company’s common stock, pursuant to which the common stock is priced for the initial public offering. 
 (i) “Involuntary Termination Without Cause” means a Participant’s involuntary termination of employment by the Company resulting in a Separation from Service for a
reason other than death, disability or Cause. 
 (j) “Participant” means an individual
(i) who is employed by the Company and who holds a title of Vice President of the Company or above, (ii) who is deemed by the Company to be an officer within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended
(a “Section 16 Officer”), (iii) who is selected for participation in the Plan by the Plan Administrator, and (iv) who has received a Participation Notice from, and signed and returned such Participation Notice to,
the Company. 
 (k) “Participation Notice” means the latest notice delivered by the Company to a
Participant informing the employee that the employee is eligible to participate in the Plan, substantially in the form of EXHIBIT A hereto. 
 (l) “Plan Administrator” means the Board or any committee thereof duly authorized by the Board to administer the Plan. The Plan Administrator may, but is not required to be,
the Compensation Committee of the Board. The Board may at any time administer the Plan, in whole or in part, notwithstanding that the Board has previously appointed a committee to act as the Plan Administrator. 

(m) “Qualifying Termination” means either (i) an Involuntary Termination Without Cause, or
(ii) a Constructive Termination. Termination of employment of a Participant due to death or disability will not constitute a Qualifying Termination. 
 (n) “Separation from Service” means a “separation from service” within the meaning of Treasury Regulations Section 1.409A-1(h), without regard to any
permissible alternative definition of “termination of employment” thereunder. 
 3. ELIGIBILITY FOR
BENEFITS. 

  
 4 

 (a) Eligibility; Exceptions to Benefits. Subject to the terms and conditions
of this Plan, the Company will provide the benefits described in Section 4 to the affected Participant. A Participant will not receive benefits under the Plan (or will receive reduced benefits under the Plan) in the following circumstances, as
determined by the Plan Administrator, in its sole discretion: 
 (i) The Participant is a party to an
employment agreement or equity award agreement with the Company, or is an eligible participant in another benefit plan, in each case providing for severance benefits and/or accelerated vesting of equity awards in the event of a Change in Control
and/or a Qualifying Termination, and which agreement or plan is in effect at the time of the Change in Control and/or the Qualifying Termination, and the Participant has not waived his or her rights to such severance benefits and accelerated vesting
rights in consideration for participation in this Plan, in which case such Participant’s applicable benefit will be governed by the terms of such agreement or plan, unless such Participant’s Participation Notice expressly provides for both
this Plan and such other document or right to apply. This Plan does not provide for duplication of benefits with any other agreement or plan. 
 (ii) The Participant’s employment is terminated by either the Participant or the Company for any reason other than a Qualifying Termination. 

(iii) The Participant has not entered into the Company’s standard form of Confidentiality and Invention
Assignment Agreement or any similar or successor document (the “Proprietary Agreement”). 

(iv) The Participant has failed to execute and allow to become effective, or has revoked, the Release (as defined
and described in Section 6(a) below) within 60 days following his or her Separation from Service. 

(v) The Participant has publicly announced or discussed his or her Qualifying Termination, or the circumstances
around such Qualifying Termination, except as expressly permitted by the Company in writing. 
 (vi) The
Participant has failed to return all Company Property. For this purpose, “Company Property” means all paper and electronic Company documents (and all copies thereof) created and/or received by the Participant during his or
her period of employment with the Company and other Company materials and property that the Participant has in his or her possession or control, including, without limitation, Company files, notes, drawings records, plans, forecasts, reports,
studies, analyses, proposals, agreements, financial information, research and development information, sales and marketing information, operational and personnel information, specifications, code, software, databases, computer-recorded information,
tangible property and equipment (including, without limitation, leased vehicles, computers, computer equipment, software programs, facsimile machines, mobile telephones, servers), credit and calling cards, entry cards, identification badges and
keys, and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof, in whole or in part). As a condition to receiving benefits under the Plan, a Participant must not
make or retain copies, reproductions or summaries of any such Company documents, materials or property. However, a Participant is not required to return his or her 

  
 5 

 
personal copies of documents evidencing the Participant’s hire, termination, compensation, benefits and stock options and any other documentation received as a stockholder of the Company.

 (b) Termination of Benefits. A Participant’s right to receive benefits under the Plan will terminate
immediately if, at any time prior to or during the period for which the Participant is receiving benefits under the Plan, the Participant, without the prior written approval of the Plan Administrator: 

(i) willfully breaches a material provision of the Proprietary Agreement and/or any obligations of confidentiality,
non-solicitation, non-disparagement, no conflicts or non-competition set forth in the Participant’s employment agreement, offer letter or under applicable law; 

(ii) encourages or solicits any of the Company’s then current employees to leave the Company’s employ for
any reason or interferes in any other manner with employment relationships at the time existing between the Company and its then current employees; or 
 (iii) induces any of the Company’s then current clients, customers, suppliers, vendors, distributors, licensors, licensees or other third party to terminate their existing business
relationship with the Company or interferes in any other manner with any existing business relationship between the Company and any then current client, customer, supplier, vendor, distributor, licensor, licensee or other third party. 

4. AMOUNT OF BENEFITS. If the Participant experiences a Qualifying Termination, and unless otherwise
be provided in the Participant’s Participation Notice, the Participant will be eligible to receive the following payments and benefits as his or her sole severance rights (collectively, the “Severance Benefits”), subject to the
Participant’s obligations described in this Plan. 
 (a) Lump Sum Salary Payment. The Company will pay the
Participant a lump sum cash payment equal to one (1) year of the Participant’s then current base salary (ignoring any reduction that forms the basis for a Constructive Termination), payable on the 60th day following the Separation from
Service. 
 (b) Lump Sum Bonus Payment. The Company will pay the Participant a lump sum cash payment
equal to the actual cash incentive bonus payment, if any, that the Participant would have earned for the year of the Qualifying Termination based on the Company’s actual performance, but pro-rated for the period of active service by the
Participant during the year of termination, payable on the 60th day following the end of the year in which the Qualifying Termination occurs. If the Qualifying Termination occurs (i) on or after a Change in Control and (ii) during the year in which the
Change in Control occurs, then the actual cash incentive bonus will be calculated under the assumption that the Company would have achieved all of the goals under the incentive plan in that year at an on-target level (i.e., at 100%
achievement). 
 (c) COBRA Coverage. If the Participant timely elects continued coverage under COBRA, then the Company
will pay, as and when due directly to the COBRA carrier, the COBRA premiums necessary to continue the health insurance coverage in effect for the 

  
 6 

 
Participant and his or her eligible dependents until the earliest of (i) the close of the six (6) month period following the Separation from Service, (ii) the expiration of
eligibility for continuation coverage under COBRA, or (iii) the date when the Participant becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment (such period from the
termination date through the earliest of (i) through (iii), the “COBRA Payment Period”). Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that the payment of the COBRA
premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code or any statute or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended
by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay the Participant on the first day of each month of the remainder of the COBRA Payment Period a fully taxable cash
payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), for the remainder of the COBRA Payment Period. On the sixtieth (60th) day
following the Participant’s Separation from Service, the Company will make the first payment under this paragraph (and, in the case of the Special Severance Payment, such payment will be made to the Participant, in a lump sum) equal to the
aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such 60th day, with the balance of the payments paid thereafter on the schedule described above. If the Participant becomes
eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the period provided in this clause, the Participant must immediately notify the Company of such event, and all payments and
obligations under this clause will cease. 
 (d) Double Trigger Vesting. If and only if the Qualifying Termination
occurs on or within 12 months following a Change in Control, the Participant will become vested, effective as of immediately prior to his or her Separation from Service, as to 50% of the then-unvested shares subject to each of the Participant’s
then-outstanding compensatory equity awards that were granted on or after the Effective Date, including, without limitation, stock options, shares of restricted stock, and restricted stock units. The accelerated vesting provided for in this
Section 4(d) does not apply to, and does not modify the terms of, any compensatory equity award that was granted to a Participant prior to the Effective Date. 
 5. ADDITIONAL BENEFITS. The Plan Administrator may, in its sole discretion, provide additional or enhanced benefits to the Participants and may also provide the
benefits of this Plan to employees who are not Participants (“Non-Participants”) but who are chosen by the Plan Administrator, in its sole discretion, to receive benefits under this Plan. The provision of any such benefits to
a Participant or a Non-Participant will in no way obligate the Company to provide such benefits to any other Participant or to any other Non-Participant, even if similarly situated. If benefits under the Plan are provided to a Non-Participant,
references in the Plan to “Participant” will be deemed to refer to such Non-Participants. Any additional benefits provided to a Participant will be set forth in the Participation Notice. 

6. LIMITATIONS ON BENEFITS. 
 (a) Release. To be eligible to receive any benefits under the Plan that are triggered by a Qualifying Termination, a Participant must execute, in connection with the Participant’s

  
 7 

 
Qualifying Termination, a general waiver and release in substantially the form attached hereto as EXHIBIT B, EXHIBIT C, or EXHIBIT
D, as appropriate (the “Release”), and such release must become effective in accordance with its terms within 60 days following the Separation from Service (the “Release Date”). With respect to any
outstanding stock option held by the Participant that is subject to acceleration under this Plan, such option may not be exercised as to any shares as to which the vesting was accelerated until the Release Date, and only if the Release becomes
effective. The Plan Administrator, in its sole discretion, may modify the form of the required Release to comply with applicable law, and any such Release may be incorporated into a termination agreement or other agreement with the Participant.

 (b) Prior Agreements; Certain Reductions. The Plan Administrator will reduce a Participant’s benefits under this
Plan by any other statutory severance obligations or contractual severance benefits, obligations for pay in lieu of notice, and any other similar benefits payable to the Participant by the Company (or any successor thereto) that are due in
connection with the Participant’s Qualifying Termination and that are in the same form as the benefits provided under this Plan (e.g., equity award vesting credit) unless the Participant’s Participation Notice expressly provides for
additional benefits. Without limitation, this reduction includes a reduction for any benefits required pursuant to (i) any applicable legal requirement, including, without limitation, the Worker Adjustment and Retraining Notification Act (the
“WARN Act”), (ii) a written employment, severance or equity award agreement with the Company, (iii) any Company policy or practice providing for the Participant to remain on the payroll for a limited period of time
after being given notice of the termination of the Participant’s employment, and/or (iv) any required salary continuation, notice pay, statutory severance payment, or other payments either required by local law, or owed pursuant to a
collective labor agreement, as a result of the termination of the Participant’s employment. The benefits provided under the Plan are intended to satisfy, to the greatest extent possible, and not to provide benefits duplicative of, any and all
statutory, contractual and collective agreement obligations of the Company in respect of the form of benefits provided under this Plan that may arise out of a Qualifying Termination, and the Plan Administrator will so construe and implement the
terms of the Plan. Reductions may be applied on a retroactive basis, with benefits previously provided being recharacterized as benefits pursuant to the Company’s statutory or other contractual obligations. The payments pursuant to the Plan are
in addition to, and not in lieu of, any unpaid salary, bonuses or employee welfare benefits to which a Participant may be entitled for the period ending with the Participant’s Qualifying Termination. 

(c) Mitigation. Except as otherwise specifically provided in the Plan, a Participant will not be required to mitigate damages or
the amount of any payment provided under the Plan by seeking other employment or otherwise, nor will the amount of any payment provided for under the Plan be reduced by any compensation earned by a Participant as a result of employment by another
employer or any retirement benefits received by such Participant after the date of the Participant’s termination of employment with the Company. 
 (d) Indebtedness of Participants. If a Participant is indebted to the Company on the effective date of his or her Qualifying Termination, the Company reserves the right to offset the payment of any
severance benefits under the Plan by the amount of such indebtedness. Such offset will be made in accordance with all applicable laws. The Participant’s execution of the Participant Notice constitutes knowing written consent to the foregoing.

  
 8 

 (e) Parachute Payments. If any payment or benefit the Participant would receive in
connection with a Change in Control from the Company or otherwise (a “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and, (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced Amount” will be either
(i) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (ii) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account
all applicable federal, state, provincial, foreign and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Participant’s receipt, on an after-tax basis, of the greatest
economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount,
reduction will occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of stock awards other than stock options; (3) cancellation of accelerated vesting of stock options; and
(4) reduction of other benefits paid to the Participant. Within any such category of Payments (that is, (1), (2), (3) or (4)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the
meaning of Section 409A of the Code and then with respect to amounts that are. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the
date of grant of the Participant’s applicable type of stock award (i.e., earliest granted stock awards are cancelled last). 
 7.
TAX MATTERS. 
 (a) Application of Code Section 409A. It is intended that all of
the benefits provided under the Plan satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively,
“Section 409A”) provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and the Plan will be construed to the greatest extent possible as consistent with those provisions. To the extent
not so exempt, the Plan (and any definitions under the Plan) will be construed in a manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms. For purposes of Section 409A (including,
without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), a Participant’s right to receive any installment payments under the Plan will be treated as a right to receive a series of separate payments and,
accordingly, each installment payment under the Plan will at all times be considered a separate and distinct payment. If the Plan Administrator determines that any of the payments upon a Separation from Service provided under the Plan (or under any
other arrangement with the Participant) constitute “deferred compensation” under Section 409A and if the Participant is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i), at the
time of his or her Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the payments upon a Separation from Service will be delayed as
follows: on the earlier to occur of (i) the date that is six months and one day after the effective date of the Participant’s Separation from Service, and (ii) the date of the Participant’s death (such earlier date, the
“Delayed Initial Payment Date”), the Company will (A) pay to the Participant a lump sum amount equal to the sum of the 

  
 9 

 
payments upon Separation from Service that the Participant would otherwise have received through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant
to this Section 7(a), and (B) commence paying the balance of the payments in accordance with the applicable payment schedules set forth in above. No interest will be due on any amounts so deferred. 

(b) Withholding. All payments under the Plan will be subject to all applicable withholding obligations of the Company, including,
without limitation, obligations to withhold for federal, state, provincial, foreign and local income and employment taxes. 

(c) Tax Advice. By becoming a Participant in the Plan, Participant agrees to review with Participant’s own tax advisors the
federal, state, provincial, local and foreign tax consequences of participation in this Plan. Participant will rely solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands
that Participant (and not the Company) will be responsible for his or her own tax liability that may arise as a result of becoming a Participant in the Plan. 
 8. REEMPLOYMENT. In the event of a Participant’s reemployment by the Company during the period of time in respect of which severance benefits have been provided (that is,
benefits as a result of a Qualifying Termination), the Company, in its sole and absolute discretion, may require such Participant to repay to the Company all or a portion of such severance benefits as a condition of reemployment. 

9. RIGHT TO INTERPRET PLAN; AMENDMENT AND
TERMINATION. 
 (a) Exclusive Discretion. The Plan Administrator will have the exclusive discretion
and authority to establish rules, forms, and procedures for the administration of the Plan and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in
connection with the operation of the Plan, including, without limitation, the eligibility to participate in the Plan, the amount of benefits paid under the Plan and any adjustments that need to be made in accordance with the laws applicable to a
Participant. The rules, interpretations, computations and other actions of the Plan Administrator will be binding and conclusive on all persons. 
 (b) Amendment or Termination. The Company reserves the right to amend or terminate the Plan, any Participation Notice issued pursuant to the Plan or the benefits provided hereunder at any time;
provided, however, that no such amendment or termination will apply to any Participant who would be adversely affected by such amendment or termination unless such Participant consents in writing to such amendment or termination. Any action
amending or terminating the Plan or any Participation Notice will be in writing and executed by a duly authorized officer of the Company. 

10. NO IMPLIED EMPLOYMENT CONTRACT. The Plan will not be deemed (i) to give any
employee or other person any right to be retained in the employ of the Company, or (ii) to interfere with the right of the Company to discharge any employee or other person at any time, with or without cause, which right is hereby reserved.

  
 10 

 11. LEGAL CONSTRUCTION. The Plan will be governed by and construed
under the laws of the State of California (without regard to principles of conflict of laws), except to the extent preempted by ERISA. 
 12.
CLAIMS, INQUIRIES AND APPEALS. 
 (a) Applications for
Benefits and Inquiries. Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized
representative). The Plan Administrator is set forth in Section 14(d). 
 (b) Denial of Claims. In the event
that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any
electronic notice will comply with the regulations of the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following: 

(1) the specific reason or reasons for the denial; 

(2) references to the specific Plan provisions upon which the denial is based; 

(3) a description of any additional information or material that the Plan Administrator needs to complete the
review and an explanation of why such information or material is necessary; and 
 (4) an explanation of
the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as
described in Section 12(d). 
 The notice of denial will be given to the applicant within 90 days after the Plan Administrator receives the
application, unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional 90 days for processing the application. If an extension of time for processing is required, written notice of the
extension will be furnished to the applicant before the end of the initial 90 day period. 
 The notice of extension will describe the special
circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 
 (c) Request for a Review. Any person (or that person’s authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by
submitting a request for a review to the Plan Administrator within 60 days after the application is denied. A request for a review will be in writing and will be addressed to: 

  
 11 

 Yelp Inc. 
 Attn: General Counsel 
 706 Mission Street, 7th Floor 

San Francisco, CA 94103 
 A
request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or her representative) will have the opportunity to
submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) will be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review will take into account all comments, documents, records and other information submitted by the applicant (or his or
her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 (d) Decision on Review. The Plan Administrator will act on each request for review within 60 days after receipt of the request, unless special circumstances require an extension of time (not
to exceed an additional 60 days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial 60 day period. This notice of extension will
describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the
applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator confirms the denial of the application for benefits, in whole or in part, the notice will set forth, in a
manner designed to be understood by the applicant, the following: 
 (1) the specific reason or reasons
for the denial; 
 (2) references to the specific Plan provisions upon which the denial is based;

 (3) a statement that the applicant is entitled to receive, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to his or her claim; and 

(4) a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA.

 (e) Rules and Procedures. The Plan Administrator will establish rules and procedures, consistent with the Plan
and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial
of benefits to do so at the applicant’s own expense. 

  
 12 

 (f) Exhaustion of Remedies. No legal action for benefits under the Plan may be
brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 12(a), (ii) has been notified by the Plan Administrator that the application is denied,
(iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 12(c), and (iv) has been notified that the Plan Administrator has denied the appeal. Notwithstanding the
foregoing, if the Plan Administrator does not respond to an applicant’s claim or appeal within the relevant time limits specified in this Section 12, the applicant may bring legal action for benefits under the Plan pursuant to
Section 502(a) of ERISA. 
 13. BASIS OF PAYMENTS TO
AND FROM PLAN. All benefits under the Plan will be paid by the Company. The Plan will be unfunded, and benefits hereunder will be paid only from the general assets of the Company. 

14. OTHER PLAN INFORMATION. 
 (a) Employer and Plan Identification Numbers. The Employer Identification Number assigned to the Company (which is the “Plan Sponsor” as that term is used in ERISA) by the Internal
Revenue Service is 20-1854266. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 525. 
 (b) Ending Date for Plan’s Fiscal Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31. 

(c) Agent for the Service of Legal Process. The agent for the service of legal process with respect to the Plan is:

 Yelp Inc. 
 Attn: General Counsel 
 706 Mission Street, 7th Floor 

San Francisco, CA 94103 
 (d) Plan Sponsor and Administrator. The “Plan Sponsor” and the “Plan Administrator” of the Plan is: 

Yelp Inc. 
 Attn:
General Counsel 
 706 Mission Street, 7th Floor 
 San Francisco, CA 94103 
 The Plan Sponsor’s and Plan Administrator’s telephone number is
(415) 568-3249. The Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan. 
 15.
STATEMENT OF ERISA RIGHTS. 
 Participants in the Plan (which is a welfare
benefit plan sponsored by Yelp Inc.) are entitled to certain rights and protections under ERISA. If you are a Participant, you are 

  
 13 

 
considered a participant in the Plan for the purposes of this Section 15 and, under ERISA, you are entitled to: 
 Receive Information About Your Plan and Benefits 
 (a) Examine,
without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S.
Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration; 
 (b)
Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The
Plan Administrator may make a reasonable charge for the copies; and 
 (c) Receive a summary of the Plan’s annual
financial report, if applicable. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. 
 Prudent Actions By Plan Fiduciaries 
 In addition to creating rights for Plan participants,
ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other
Plan participants and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA.

 Enforce Your Rights 
 If your
claim for a Plan benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest
annual report from the Plan, if applicable, and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you
receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 
 If you have a
claim for benefits that is denied or ignored, in whole or in part, you may file suit in a state or federal court. 
 If you are discriminated
against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the
person you have 

  
 14 

 
sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

Assistance With Your Questions 
 If you
have any questions about the Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should
contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security
Administration. 
 16. GENERAL PROVISIONS. 

(a) Notices. Any notice, demand or request required or permitted to be given by either the Company or a Participant
pursuant to the terms of the Plan will be in writing and will be deemed given when delivered personally, when received electronically (including email addressed to the Participant’s Company email account and to the Company email account of the
Company’s General Counsel), or deposited in the U.S. mail, First Class with postage prepaid, and addressed to the parties, in the case of the Company, at the address set forth in Section 14(d), in the case of a Participant, at the address
as set forth in the Company’s employment file maintained for the Participant as previously furnished by the Participant or such other address as a party may request by notifying the other in writing. 

(b) Transfer and Assignment. The rights and obligations of a Participant under the Plan may not be transferred or assigned
without the prior written consent of the Company. The Plan will be binding upon any surviving entity resulting from a Change in Control and upon any other person who is a successor by merger, acquisition, consolidation or otherwise to the business
formerly carried on by the Company without regard to whether or not such person or entity actively assumes the obligations hereunder. 
 (c) Waiver. Any party’s failure to enforce any provision or provisions of the Plan will not in any way be construed as a waiver of any such provision or provisions, nor prevent any
party from thereafter enforcing each and every other provision of the Plan. The rights granted to the parties herein are cumulative and will not constitute a waiver of any party’s right to assert all other legal remedies available to it under
the circumstances. 
 (d) Severability. Should any provision of the Plan be declared or determined to be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired. 
 (e) Section Headings. Section headings in the Plan are included only for convenience of reference and will not be considered part of the Plan for any other purpose. 

17. EXECUTION. To record the adoption of the Plan as set forth herein, Yelp Inc. has caused its duly authorized officer to execute
the same as of the Effective Date. 

  
 15 

 
			
	YELP INC.:
	
	 
	(Signature)
	By:	 	 
	Title:	 	 

  
 16 

 For Employees Age 40 or Older 

Individual Termination 
 EXHIBIT A 
 YELP INC.

 EXECUTIVE SEVERANCE BENEFIT PLAN 

PARTICIPATION NOTICE 
 To:_____________________ 
 Date:___________________ 

Yelp Inc. (the “Company”) has adopted the Yelp Inc. Executive Severance Benefit Plan (the
“Plan”). The Company is providing you this Participation Notice to inform you that you have been designated as a Participant in the Plan. A copy of the Plan document is attached to this Participation Notice. The terms and
conditions of your participation in the Plan are as set forth in the Plan and this Participation Notice, which together constitute the Summary Plan Description for the Plan. 
 By accepting participation, you represent that you have either consulted your personal tax or financial planning advisor about the tax consequences of your participation in the Plan, or you have knowingly
declined to do so. 
 Notwithstanding the terms of the Plan: 

________________________________________________________________________________________________ 

________________________________________________________________________________________________ 

Please return to the Company’s General Counsel a copy of this Participation Notice signed by you and retain a copy of this
Participation Notice, along with the Plan document, for your records. 
  

			
	YELP INC.:
	
	 
	(Signature)
	By:	 	 
	Title:	 	 

 EXHIBIT B 

RELEASE AND NON-DISPARAGEMENT AGREEMENT

 [EMPLOYEES AGE 40 OR OVER; INDIVIDUAL
TERMINATION] 
 I understand and agree completely to the terms set forth in the Yelp Inc. Executive
Severance Benefit Plan (the “Plan”). 
 I understand that this Release, together with the
Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company
or an affiliate of the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
 I hereby confirm my obligations under my Proprietary Agreement. 
 I agree not to
take any actions which reasonably could disrupt Yelp’s client/user base or business, or tarnish Yelp’s reputation, including but not limited to making statements about Yelp or any of its subsidiaries, affiliates, current or former
executives, officers, directors, clients, users, products, or services – including statements about my role at Yelp or departure from Yelp – to any person orally or in writing that would tend to lessen his/her/its integrity, quality,
standing, stature or reputation in the eyes of an ordinary citizen, except for truthful statements that are required by law. 

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its affiliates, and their
parents, subsidiaries, successors, predecessors and affiliates, and their partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns, from any and all claims,
liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release. This general release includes, but is
not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or benefits,
including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company and its affiliates, or their affiliates; (c) all claims for
breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and
(e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal
Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and the
California Fair Employment and Housing Act (as amended). 
 Notwithstanding the foregoing, I understand that the
following rights or claims are not included in my Release: (a) any rights or claims for indemnification I may have pursuant to any 

  
 ii 

 
written indemnification agreement with the Company or its affiliate to which I am a party, the charter, bylaws, or operating agreements of the Company or its affiliate, or under applicable law;
or (b) any rights which cannot be waived as a matter of law. In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity
Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant
that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have that are not included in the Release. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in the preceding
paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims
that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not do so); (c) I have 21 days to consider this Release (although I may choose
voluntarily to sign this Release earlier); (d) I have seven days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) this Release will not be effective until the
date upon which the revocation period has expired, which will be the eighth day after I sign this Release. 
 I
acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any
jurisdiction of similar effect with respect to my release of any claims hereunder. 
 I hereby represent that I have been
paid all compensation owed and for all hours worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have
not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 
 I acknowledge that
to become effective, I must sign and return this Release to the Company so that it is received not later than 21 days following the date it is provided to me. 

  
 iii

 
			
	PARTICIPANT:
	
	 
	(Signature)
	By:	 	 
	Date:	 	 

  
 iv 

 EXHIBIT C 

RELEASE AGREEMENT 

[EMPLOYEES AGE 40 OR OVER; GROUP
TERMINATION] 
 I understand and agree completely to the terms set forth in the Yelp Inc. Executive
Severance Benefit Plan (the “Plan”). 
 I understand that this Release, together with the
Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company
or an affiliate of the Company that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
 I hereby confirm my obligations under my Proprietary Agreement. 
 I agree not to
take any actions which reasonably could disrupt Yelp’s client/user base or business, or tarnish Yelp’s reputation, including but not limited to making statements about Yelp or any of its subsidiaries, affiliates, current or former
executives, officers, directors, clients, users, products, or services – including statements about my role at Yelp or departure from Yelp – to any person orally or in writing that would tend to lessen his/her/its integrity, quality,
standing, stature or reputation in the eyes of an ordinary citizen, except for truthful statements that are required by law. 

Except as otherwise set forth in this Release, I hereby generally and completely release the Company and its affiliates, and their
parents, subsidiaries, successors, predecessors and affiliates, and its and their partners, members, directors, officers, employees, stockholders, shareholders, agents, attorneys, predecessors, insurers, affiliates and assigns, from any and all
claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time prior to and including the date I sign this Release. This general release includes,
but is not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the termination of that employment; (b) all claims related to my compensation or
benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company and its affiliates, or their affiliates; (c) all
claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public
policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the
federal Americans with Disabilities Act of 1990 (as amended), the federal Age Discrimination in Employment Act (as amended) (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (as amended), and the
California Fair Employment and Housing Act (as amended). 
 Notwithstanding the foregoing, I understand that the following
rights or claims are not included in my Release: (a) any rights or claims for indemnification I may have pursuant to any 

 
written indemnification agreement with the Company or its affiliate to which I am a party, the charter, bylaws, or operating agreements of the Company or its affiliate, or under applicable law,
or (b) any rights which cannot be waived as a matter of law. In addition, I understand that nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity
Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant
that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have that are not included in the Release. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, and that the consideration given under the Plan for the waiver and release in the preceding
paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims
that may arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have 45 days to consider this Release (although I may choose
voluntarily to sign this Release earlier); (d) I have seven days following the date I sign this Release to revoke the Release by providing written notice to an office of the Company; (e) this Release will not be effective until the date
upon which the revocation period has expired, which will be the eighth day after I sign this Release; and (f) I have received with this Release a detailed list of the job titles and ages of all employees who were terminated in this group
termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated. 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know
or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits
under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder. 
 I
hereby represent that I have been paid all compensation owed and for all hours worked; I have received all the leave and leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act, the California Family
Rights Act, or otherwise; and I have not suffered any on-the-job injury for which I have not already filed a workers’ compensation claim. 
 I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than 45 days following the date it is provided to me. 

  
 ii 

 
			
	PARTICIPANT:
	
	 
	(Signature)
	By:	 	 
	Date:	 	 

  
 iii

 EXHIBIT D 

RELEASE AGREEMENT 

[EMPLOYEES UNDER AGE 40] 

I understand and agree completely to the terms set forth in the Yelp Inc. Executive Severance Benefit Plan (the
“Plan”). 
 I understand that this Release, together with the Plan, constitutes the complete,
final and exclusive embodiment of the entire agreement between the Company, affiliates of the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company or an affiliate of the Company
that is not expressly stated therein. Certain capitalized terms used in this Release are defined in the Plan. 
 I hereby
confirm my obligations under my Employee Proprietary Agreement. 
 I agree not to take any actions which reasonably could
disrupt Yelp’s client/user base or business, or tarnish Yelp’s reputation, including but not limited to making statements about Yelp or any of its subsidiaries, affiliates, current or former executives, officers, directors, clients, users,
products, or services – including statements about my role at Yelp or departure from Yelp – to any person orally or in writing that would tend to lessen his/her/its integrity, quality, standing, stature or reputation in the eyes of an
ordinary citizen, except for truthful statements that are required by law. 
 Except as otherwise set forth in this Release, I
hereby generally and completely release the Company and its affiliates, and their parents, subsidiaries, successors, predecessors and affiliates, and its and their partners, members, directors, officers, employees, stockholders, shareholders,
agents, attorneys, predecessors, insurers, affiliates and assigns, from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring at any time
prior to and including the date I sign this Release. This general release includes, but is not limited to: (a) all claims arising out of or in any way related to my employment with the Company and its affiliates, or their affiliates, or the
termination of that employment; (b) all claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership
interests in the Company and its affiliates, or their affiliates; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (d) all tort claims, including claims for
fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, provincial and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other
claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as amended), the federal Employee Retirement Income Security Act of 1974 (as amended), and the California Fair Employment
and Housing Act (as amended). 
 Notwithstanding the foregoing, I understand that the following rights or claims are not
included in my Release: (a) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company or its affiliate to which I am a party, the

 
charter, bylaws, or operating agreements of the Company or its affiliate, or under applicable law; or (b) any rights which cannot be waived as a matter of law. In addition, I understand that
nothing in this Release prevents me from filing, cooperating with, or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except
that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the claims identified in this paragraph, I am not aware of any claims I have or might have
that are not included in the Release. 
 I acknowledge that I have read and understand Section 1542 of the California Civil
Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially
affected his or her settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder.

 I hereby represent that I have been paid all compensation owed and for all hours worked; I have received all the leave and
leave benefits and protections for which I am eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or otherwise; and I have not suffered any on-the-job injury for which I have not already filed a workers’
compensation claim. 
 I acknowledge that to become effective, I must sign and return this Release to the Company so that it is
received not later than 14 days following the date it is provided to me. 
  

			
	PARTICIPANT:
	
	 
	(Signature)
	By:	 	 
	Date:	 	 

  
 ii

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