Document:

Exhibit 10.13

 

PORTIONS OF
THIS EXHIBIT HAVE BEEN OMITTED BASED ON A REQUEST FOR CONFIDENTIAL TREATMENT.

 

[***]
CONFIDENTIAL TREATMENT REQUESTED. THE CONFIDENTIAL PORTIONS HAVE BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

 

FIFTH AMENDMENT

TO YAHOO! - INSWEB CORPORATION
LICENSE AGREEMENT

 

 

This
Fifth Amendment (the “Fifth Amendment”) is entered into as of September 30,
2002 (the “Fifth Amendment Effective Date”) between Yahoo! Inc., a Delaware
corporation (“Yahoo”), and InsWeb Corporation, a Delaware corporation
(“InsWeb”), and amends the License Agreement entered into between Yahoo and
InsWeb on February 12, 1998 (the “Agreement”). 
Unless otherwise expressly defined herein, all capitalized terms have
the meanings set forth in the Agreement. 
Except as expressly amended herein, the Agreement shall remain in full
force and effect in accordance with its terms.

 

For good and valuable
consideration, the parties hereby agree to amend the Agreement as follows:

 

1.             Section 2.3(a) of the Agreement
shall be replaced in its entirety by the following:

 

“Through and including
December 31, 2001, InsWeb shall be the exclusive merchant included in the Yahoo
Insurance Information Center that provides on-line Insurance (excluding health
insurance) quotation and transaction services with those features provided by
InsWeb.  Notwithstanding the foregoing,
InsWeb acknowledges that, subject to the terms of this Agreement, Yahoo may:
(i) include in the Insurance Information Center a directory of and links to other
insurance providers, and/or content or tools relating to Insurance; (ii)
integrate into the Insurance Information Center third party health Insurance
services, and/or Insurance services not available on the InsWeb Site; and (iii)
place banner and other advertisements and/or promotions from any source on any
of the Yahoo Properties (including the Yahoo Insurance Information
Center).  Yahoo agrees not to provide a
direct link from the Yahoo Insurance Information Center to a page where a
merchant provides Insurance quotation or transaction services with the features
provided by InsWeb; provided that Yahoo shall not be restricted from directly
linking to the home page of any such merchant that offers or provides such
Insurance quotation and transaction services on other pages of its web
site.  In the event Yahoo enters into
negotiations with any third party pursuant to which additional insurance
quotation related products or services would be provided by such partner (“Service
Partner”) in the Insurance Information Center during the Second Renewal Term
(“Additional Items”), Yahoo will provide InsWeb with notification of the
Additional Item(s) expected to be added to the Insurance Information Center,
and InsWeb will have ten (10) business days in which to negotiate terms for an
agreement under which such products or services would be supplied by
InsWeb.  Yahoo will consider any such
timely submitted proposal prior to entering into any definitive agreement with
a Service Partner regarding the provision of such services, but will be under
no further obligation with respect to additional negotiations or its ultimate
selection of or agreement with a Service Partner.

 

From January 1,
2002 through the end of the Term, InsWeb shall be the non-exclusive merchant
included in the Yahoo Insurance Information Center that provides on-line
Insurance (excluding health insurance) quotation and transaction services with
those

 

 

 

 

features provided by
InsWeb; provided that after October 1, 2002 Yahoo shall not integrate on the Yahoo
Insurance Information Center the insurance quotation and transaction services
of more than four (4) merchants (InsWeb being one of the four).”

 

2.             During the Fourth Renewal Term,
Section 4.1 of the Agreement (“Slotting Fee”) shall be replaced in its entirety
by the following:

 

“4.1. Slotting Fee.  In
consideration of Yahoo’s performance and obligations as set forth herein,
InsWeb will pay Yahoo a total slotting fee equal to four hundred thousand
dollars [***].  Such fee shall be paid
to Yahoo on the dates set forth below.

 

	
  Payment

  	
   

  	
                             Date

  
	
   

  	
   

  	
   

  
	
  [***]

  	
   

  	
  Upon signing the Fifth
  Amendment

  
	
  [***]

  	
   

  	
  January 1, 2003

  
	
  [***]

  	
   

  	
  April 1, 2003

  
	
  [***]

  	
   

  	
  July 1, 2003”

  

 

3.             Section
4.2 is amended to continue to apply through the Fourth Renewal Term and any
additional Renewal Terms.

 

4.             Section
8.1 of the Agreement is amended by extending the Agreement for a Fourth Renewal
Term commencing on October 1, 2002 and ending on September 30, 2003.

 

5.
            On the Fifth Amendment
Effective Date, InsWeb will execute a Yahoo! Advertising Insertion Order
(“Insertion Order”) in the amount of [***].  Pursuant to the Insertion Order, Yahoo will
deliver at least [***] emails,
valued at [***] cpm, using
content provided by InsWeb, such content being subject to Yahoo’s final
approval. From time to time, Yahoo and InsWeb may mutually agree to substitute
other promotions for some or all of the emails.

 

6.             Except
as modified by this Fifth Amendment, the Agreement, including any amendments or
addenda thereto, shall remain in full force and effect.

 

	
   

  	
  AGREED:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Yahoo! Inc.

  	
   

  	
   

  	
  INSWEB CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  NATHAN RICHARDSON

  	
   

  	
  By:

  	
  /s/  KIRAN RASARETNAM

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
  Nathan Richardson

  	
   

  	
  Print Name:

  	
  Kiran Rasaretnam

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  GM

  	
   

  	
  Title:

  	
  SVP, Finance

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  9/30/02

  	
   

  	
  Date:

  	
  9/30/02

  	
   

  
												

 

 

 

 

[***]
CONFIDENTIAL TREATMENT REQUESTED. THE CONFIDENTIAL PORTIONS HAVE BEEN FILED
SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.Exhibit 10.14

 

 

PROMISSORY NOTE

 

 

	
  ¥150,000,000

  	
   

  	
  March 13, 2003

  

 

 

FOR VALUE RECEIVED, the undersigned, INSWEB
CORPORATION, a Delaware corporation (the “Maker”), unconditionally promises to
pay to the order of SOFTBANK Finance Corporation., a Japanese corporation (the
“Noteholder”),
in the manner and at the place hereinafter provided, the principal amount of One
Hundred Fifty Million Japanese Yen (¥150,000,000), and to pay interest on such
principal amount as calculated in accordance herewith.  Each payment under this Promissory Note
shall first be credited against accrued and unpaid interest, with the remainder
credited against principal.  The parties
acknowledge and agree that this Promissory Note replaces in its entirety the
Promissory Note dated December 11, 2002 (the “Earlier Note”), and that the
Earlier Note is of no further force or effect.

1.             Maturity
Date. The principal amount under this Promissory Note together with all
accrued and unpaid interest thereon shall be due and payable on September 12,
2003 (the “Maturity Date”). 
If the Maturity Date shall fall on a date that is not a day on which
commercial banks in Japan are generally open to conduct their regular banking
business (a “Business Day”), then payment shall be made on the
immediately preceding Business Day.

2.             Interest.

(a)           The
principal sum outstanding under this Promissory Note shall bear interest from
the date hereof until paid in full at a fixed per annum rate equal to five
percent (5%).

(b)           The
Maker shall pay interest on the principal sum outstanding under this Promissory
Note, in arrears, (i) on the last day of each calendar quarter (provided
that if the last day of any calendar quarter shall fall on a date that is not a
Business Day, then payment shall be made on the immediately preceding Business
Day), (ii) together with each prepayment in accordance with Section 4
below and (iii) on the Maturity Date.

(c)           Notwithstanding
the foregoing, upon the occurrence and during the continuation of any Event of
Default (as defined in Section 5 hereof), the outstanding principal amount
of this Promissory Note and, to the extent permitted by law, any interest not
paid when due, shall bear interest, payable upon demand, at a rate which is two
percent (2%) per annum in excess of the rate of interest otherwise applicable
under this Promissory Note; provided, however, that in no event
shall the interest rate payable under this Promissory Note exceed the maximum
rate of interest permitted to be charged under applicable law.

(d)           All
computations of interest under this Promissory Note shall be made by the
Noteholder for the actual number of days elapsed, on the basis of a 365-day
year.

3.             Payments.  All payments of principal and interest under
this Promissory Note shall be made in lawful money of Japan in immediately
available funds at account number 6927214 of the Noteholder at Otemachi
Corporate Banking Division of Mizuho Corporate

 

 

 

1

 

Bank, Ltd., or such other account as may be designated from time to
time by the Noteholder in a written notice to the Maker.  All payments under this Promissory Note
shall be made free and clear of, and without deduction, set-off or withholding
for or on account of, present or future income or other taxes, levies, imposts,
duties or charges of any nature imposed in the United States (all such taxes,
levies, imposts, duties or charges, “Taxes”); and if any Taxes are required
to be withheld from any principal, interest, fees or other amounts payable to
the Noteholder hereunder, the amounts so payable shall be increased to the
extent necessary to yield to the Noteholder (after payment of all Taxes) the
amount of such principal, interest, fees or other amounts intended to be paid
hereunder at the rates or in the amounts specified herein.  All dates referred to herein upon which
payments are to be made shall mean such dates determined in accordance with the
time in Tokyo, Japan.

 

4.             Prepayments.  The Maker shall have the right at any time
and from time to time to prepay the principal of this Promissory Note, in whole
or in part, without premium or penalty, upon at least five (5) Business Days’
prior written notice; provided that any such prepayment shall be in a
minimum principal amount of ¥100,000,000 and incremental multiples of ¥50,000,000
in excess thereof.  Each prepayment of
principal hereunder shall be accompanied by interest, through the date of the
prepayment, on the principal amount being prepaid.

5.             Events
of Default.  The occurrence of any
of the following events shall be deemed an event of default (“Event of
Default”) under this Promissory Note:

(a)           The
Maker shall fail to pay any principal amount due under this Promissory Note on
the due date;

(b)           The
Maker shall fail to pay any interest due under this Promissory Note and such
failure continues for five (5) days following the due date therefor;

(c)           The
Maker shall fail to observe or perform in any material respect any of the other
terms or conditions of this Promissory Note, the Shareholders Agreement dated
as of March 28, 2001 by and among the Noteholder, the Maker, E-LOAN, Inc.,
Marsh & McLennan Risk Capital Holdings, Ltd. (as heretofore amended,
supplemented or otherwise modified, the “Shareholders Agreement”) relating to
Finance All Corporation (the “Company”), the InsWeb Japan License
Agreement (as defined in the Shareholders Agreement), or any surviving
provisions of the InsWeb Japan Joint Venture Agreement (as defined in the
Shareholders Agreement) (the Shareholders Agreement, the InsWeb Japan License
Agreement and the InsWeb Japan Joint Venture Agreement, collectively, the “Transaction
Documents”) and such failure is not cured within thirty (30)
days of the Maker’s receipt of notice thereof from the Noteholder, the Company
or InsWeb Japan K.K. (“InsWeb Japan”);

(d)           Any
representation or warranty made by the Maker in any of the Transaction
Documents shall be inaccurate or incomplete, in any material respect, when
made;

(e)           The
Shareholders Agreement shall have been terminated in accordance with its terms;

 

 

 

2

 

(f)            (i)  The
Maker, the Company or InsWeb Japan shall (A) commence any case, proceeding
or other action under any existing or future law of any jurisdiction, domestic
or foreign, relating to bankruptcy, insolvency, reorganization or relief of
debtors, seeking to have an order for relief entered with respect to it, or
seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to it or its debts, or (B) commence any case,
proceeding or other action seeking appointment of a receiver, trustee,
custodian or other similar official for it or for all or any substantial part
of its assets, or (C) make a general assignment for the benefit of its
creditors; or (ii) there shall be commenced against the Maker, the Company
or InsWeb Japan any case, proceeding or other action of a nature referred to in
clause (i) above which (A) results in the entry of an order for relief
or any such adjudication or appointment, or (B) remains undismissed,
undischarged or unbonded for a period of sixty (60) days; or (iii) there
shall be commenced against the Maker, the Company or InsWeb Japan any case,
proceeding or other action seeking issuance of a warrant of attachment,
execution, distraint or similar process against all or any substantial part of
its assets which results in the entry of an order for any such relief which
shall not have been vacated, discharged, or stayed or bonded pending appeal
within sixty (60) days from the entry thereof; or (iv) the Maker, the
Company or InsWeb Japan shall take any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any of the acts set forth in
clauses (i), (ii) or (iii) above; or (v) the Maker, the Company or
InsWeb Japan shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due; or

(g)           The
Company or InsWeb Japan shall be dissolved as the result of a proceeding as
described in clause (f) of this Section 5 or otherwise.

Automatically upon the occurrence of an Event of
Default described in clause (e), (f) or (g) of this Section 5 and, in
all other cases, at the option of the Noteholder, in each case without notice
to or demand upon the Maker, the entire principal balance hereof together with
all accrued and unpaid interest thereon shall become immediately due and
payable.

6.             Costs
and Expenses.  If the Maker fails to make any
payment hereunder when due, the Maker promises to pay all costs and expenses,
including reasonable attorneys’ fees, incurred by the Noteholder in collecting
or attempting to collect the indebtedness under this Promissory Note, whether
or not any action or proceeding is commenced.

7.             Acceptance
of Past Due Payments and Indulgences Not Waivers.  None of the provisions hereof and none of the Noteholder’s rights
or remedies hereunder on account of any past or future defaults shall be deemed
to have been waived by the Noteholder’s acceptance of any past due payments or
by any indulgence granted by the Noteholder to the Maker.  No failure or delay on the part of the
Noteholder to exercise any right, power or privilege under this Promissory Note
and no course of dealing between the Maker and the Noteholder shall impair such
right, power or privilege or operate as a waiver of any default or an
acquiescence therein, nor shall any single or partial exercise of any such
right, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

8.             Waivers
by the Maker; No Setoffs or Counterclaims. 
The Maker hereby waives presentment, demand, protest and notice thereof
or of dishonor, and agrees that it shall remain liable for all amounts due
hereunder notwithstanding any extension of time or change in the terms of
payment of this Promissory Note granted by the Noteholder, any change,

 

 

 

3

 

alteration or release of any property now or hereafter securing the
payment hereof or any delay or failure by the Noteholder to exercise any rights
under this Promissory Note.  All
payments required by this Note shall be made without setoff or counterclaim.  The Maker hereby waives the right to plead
any statutes of limitation as a defense to a demand hereunder to the full
extent permitted by law.

 

9.             Assignment.  The Maker may not assign its rights or
obligations under this Promissory Note without the prior written consent of the
Noteholder and any such purported assignment by the Maker without the prior
written consent of the Noteholder shall be null and void.  This Promissory Note shall inure to the
benefit of, and be enforceable by, the successors and assigns of the Noteholder.

10.           Governing
Law.  This Promissory Note shall be
governed by and construed under the laws of the State of California (as
permitted by Section 1646.5 of the California Civil Code (or any successor
provision thereto)) without giving effect to any choice of law rule that would
cause the application of the laws of any jurisdiction other than the internal
laws of the State of California to the rights and duties of the Maker and the
Noteholder hereunder.

11.           WAIVER
OF JURY TRIAL.  EACH OF THE MAKER
AND, BY ITS ACCEPTANCE OF THIS PROMISSORY NOTE, THE NOTEHOLDER,
(A) IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
PROMISSORY NOTE OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF
THIS PROMISSORY NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING
ESTABLISHED, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT
BY EITHER THE MAKER OR THE NOTEHOLDER AGAINST THE OTHER, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE; (B) AGREE THAT ANY SUCH
CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY; AND
(C) WITHOUT LIMITING THE FOREGOING, AGREE THAT THEIR RESPECTIVE RIGHT TO A
TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM
OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY
OR ENFORCEABILITY OF THIS PROMISSORY NOTE OR ANY PROVISION HEREOF.

12.           Uniform
Foreign-Money Claims Act.  The Maker
acknowledges and agrees that the loan evidenced by this Promissory Note has
been advanced in, and all sums payable under this Promissory Note shall be
payable in, Japanese yen.  Any judgment
or award based on or arising out of this Promissory Note shall be entered in
Japanese yen and shall otherwise be entered, enforced and paid in accordance
with Title 8.5 (Uniform Foreign-Money Claims Act) of the California Code
of Civil Procedure, as in effect on the date hereof.

13.           Notices.  Any and all notices, requests, demands and
other communications required or otherwise contemplated to be made under this
Promissory Note, shall be in writing and in English and shall be deemed to have
been duly given (a) if delivered personally, when received, (b) if
transmitted by facsimile initiated in Japan, on the date of the transmission
following receipt of a confirmation of receipt, (c) if transmitted by
facsimile initiated in the United States, upon the first (1st) Business Day
following receipt of a

 

 

4

 

confirmation of receipt, or (d) if by international courier
service, on the fourth (4th) Business Day following the date of deposit with
such courier service, or such earlier date as may be confirmed to the sender by
such courier service.  All such notices,
requests, demands and other communications shall be addressed as follows:

 

	
   

  	
   

  	
  If to the Maker:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  INSWEB Corporation

  	
   

  	
   

  
	
   

  	
   

  	
  11290 Pyrites Way,
  Suite 200

  	
   

  	
   

  
	
   

  	
   

  	
  Gold River, California 95670

  	
   

  	
   

  
	
   

  	
   

  	
  U.S.A.

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:

  	
  Mr. Mark Guthrie

  	
   

  
	
   

  	
   

  	
   

  	
  Mr. William Griffin

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
  1-916-853-3344

  	
   

  
	
   

  	
   

  	
  Facsimile:

  	
  1-916-853-3326

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to (which
  shall not constitute notice):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Gray Cary Ware &
  Freidenrich LLP

  	
   

  	
   

  
	
   

  	
   

  	
  400 Hamilton Avenue

  	
   

  	
   

  
	
   

  	
   

  	
  Palo Alto, CA 94301

  	
   

  	
   

  
	
   

  	
   

  	
  U.S.A.

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:

  	
  Dennis C. Sullivan, Esq.

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
  1-650-833-2243

  	
   

  
	
   

  	
   

  	
  Facsimile:

  	
  1-650-327-3699

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  If to the Noteholder:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  SOFTBANK Finance
  Corporation

  	
   

  	
   

  
	
   

  	
   

  	
  IZUMI Gardentower 20th
  Floor

  	
   

  	
   

  
	
   

  	
   

  	
  1-6-1 Roppongi,
  Minato-ku,

  	
   

  	
   

  
	
   

  	
   

  	
  Tokyo 106-6020  JAPAN

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:

  	
  Legal Department

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
  81-3-6229-0802

  	
   

  
	
   

  	
   

  	
  Facsimile:

  	
  81-3-3589-7958

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  with a copy to (which
  shall not constitute notice):

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Morrison & Foerster
  LLP

  	
   

  	
   

  
	
   

  	
   

  	
  AIG Building, 11th
  Floor

  	
   

  	
   

  
	
   

  	
   

  	
  1-1-3 Marunouchi,

  	
   

  	
   

  
	
   

  	
   

  	
  Chiyoda-ku, Tokyo
  100-0005, Japan

  	
   

  	
   

  
	
   

  	
   

  	
  Attention:  Ken A. Siegel, Esq.

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  	
  81-3-3214-6522

  	
   

  
	
   

  	
   

  	
  Facsimile:

  	
  81-3-3214-6512

  	
   

  
						

 

14.           Severability.  If any provision in this Promissory Note
shall be found or be held to be invalid or unenforceable then the meaning of
said provision shall be construed, to

 

 

5

 

the extent feasible, so as to render the provision enforceable, and if
no feasible interpretation would save such provision, it shall be severed from
the remainder of this Promissory Note which shall remain in full force and
effect unless the severed provision is essential and material to the rights or
benefits received by the Maker or the Noteholder.  In such event, the Maker and the Noteholder shall use their best
efforts to negotiate, in good faith, a substitute, valid and enforceable
provision or agreement which most nearly effects such entities’ intent in
delivering and receiving this Promissory Note.

 

IN WITNESS WHEREOF, the Maker has caused this
Promissory Note to be duly executed the day and year first above written.

	
   

  	
   

  	
  INSWEB
  CORPORATION, a Delaware

  
	
   

  	
   

  	
  corporation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/  WILLIAM D. GRIFFIN

  
	
   

  	
   

  	
  Name:

  	
  William D.
  Griffin

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial
  Officer

  
					

 

 

 

 

 

 

6

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