Document:

EX-10.11

 Exhibit 10.11 

Execution Version 

Confidential 

AMENDMENT NO. 3 
 TO

 YAHOO! JAPAN LICENSE AGREEMENT 

This Amendment No. 3 to Yahoo! Japan License Agreement (“Amendment”), effective as of April 29, 2016 (“Amendment
Effective Date”), is made by and between Yahoo! Inc., a Delaware corporation, with its principal offices at 701 First Avenue, Sunnyvale, CA 94089, U.S.A. (“Yahoo”), and Yahoo Japan Corporation, a corporation organized under
the laws of Japan, with its principal offices at Midtown Tower, 9-7-1, Akasaka, Minato-ku, Tokyo 107-6211 Japan (“YJC”) and amends the Yahoo! Japan License Agreement, dated as of April 1, 1996, by and between Yahoo and YJC, as
amended by the Amendment to Yahoo! Japan License Agreement, dated September 12, 1997, by and between Yahoo and YJC, and as further amended by the letter agreement, dated January 31, 2005, by and between Yahoo and YJC (“License
Agreement”). 
 WHEREAS, Yahoo and YJC entered into the License Agreement, pursuant to which, among other things, Yahoo has granted
certain licenses and rights to YJC with respect to the Yahoo Brand Features (as defined in the License Agreement); and 
 WHEREAS, Yahoo and
YJC mutually desire to amend the License Agreement with respect to such licenses and rights to enable YJC to grant to [*] certain sublicenses for the use of certain of the Yahoo Brand Features on the terms and conditions set forth in this Amendment
and the License Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which Yahoo and YJC hereby
acknowledge, Yahoo and YJC agree as set forth below. 
 1.      Effective Date:  This Amendment is effective
as of the Amendment Effective Date. 
 2.      Definitions:  Unless expressly defined otherwise in this
Amendment, all capitalized terms not specifically defined in this Amendment have the meanings ascribed to them in the License Agreement. 

3.      Amendment:  Yahoo and YJC agree to amend the License Agreement as follows: 

A.     Section 2.1 of the Agreement is hereby amended by: (a) adding a new subclause (vii) immediately following
subclause (vi) as set forth below; and (b) deleting the language after subclause (vi) commencing with the words “provided, however,” through the end of Section 2.1 and replacing such language with the amended and restated
version of such language (which will immediately follow new subclause (vii)) set forth below: 
 “(vii)  a non-exclusive
(except as provided in Section 2.7) right to grant to [*] (formerly known as [*] into which [*] and [*] (formerly known as [*]) have merged) a non-exclusive, non-transferable, non-assignable sublicense (with no right to further

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

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sublicense without Yahoo’s prior written consent to YJC to permit such further sublicensing by [*]) to: 

(a)    use the marks [*], [*] and [*] (which are included in the Yahoo Brand Features) in connection with [*]’s [*]
provided in Japan (“[*] Business”). Such sublicense will be effective as of [*] and will remain in effect unless and until terminated as set forth below; 

(b)    use the mark [*] (which is included in the Yahoo Brand Features) on an [*] incorporated into [*] that is both (1)
branded as a [*] and (2) used, sold and distributed in Japan by or on behalf of [*] (“[*]”). Such sublicense will be effective as of [*] and will remain in effect unless and until terminated as set forth below; 

(c)    use the mark [*] (which is included in the Yahoo Brand Features) [*] in connection with [*]’s marketing in
Japan of [*]. Such sublicense will be effective as of [*] and will remain in effect unless and until terminated as set forth below; and 

(d)    use the marks [*], [*] and [*] (which are included in the Yahoo Brand Features) in connection with [*] in Japan
(“[*]”). Such sublicense will be effective as of [*] and will remain in effect unless and until terminated as set forth below; 

provided that, with respect to such sublicense granted by YJC to [*] under this Section 2.1(vii), (A) YJC reasonably monitors and
polices, on a regular basis, [*]’s use of the sublicensed Yahoo Brand Features, (B) YJC fully cooperates with Yahoo in connection with the enforcement of such sublicense and the related terms and conditions of this Agreement, (C) YJC uses
commercially reasonable efforts to cause such sublicense to immediately and automatically (without any action required by YJC or [*]) terminate with respect to each sublicensed Yahoo Brand Feature in the applicable sublicensed field of use (as set
forth above) upon [*]’s permanent cessation of use of such sublicensed Yahoo Brand Feature in such sublicensed field of use and (D) YJC and [*] have executed a written agreement that: 

(1)    incorporates terms and conditions sufficient to enable YJC to comply with this Agreement; 

(2)    incorporates an acknowledgement by [*] that Yahoo owns the sublicensed Yahoo Brand Features; 

(3)    incorporates an agreement by [*] that it will not at any time during or after such agreement (w) assert any
ownership interest in, or do anything (including, without limitation, assert any claim) that may adversely affect the ownership, validity or enforceability of, any of the sublicensed Yahoo Brand Features, (x) register, seek to register or cause to
be registered (whether 

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

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Confidential 
  

 
directly or by way of assistance to any third party) any of the sublicensed Yahoo Brand Features, (y) adopt or use any of the sublicensed Yahoo Brand Features or any confusingly similar word or
symbol as part of any [*] or as part of any [*] or [*]: 
  

					
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]
	[*]	  	[*]	  	[*]

 [*], or any other [*] of [*] or any of its affiliates or (z) authorize any of the sublicensed Yahoo
Brand Features to be used by [*]; 
 (4)    requires [*] to comply with brand guidelines with respect to the sublicensed
Yahoo Brand Features that may be provided or made available by YJC to [*] from time to time (which YJC agrees will include any applicable brand guidelines required to be followed by YJC pursuant to this Agreement and any brand guidelines that Yahoo
requests YJC to provide to [*] from time to time); 
 (5)    may be terminated by YJC if YJC is requested by Yahoo to do
so for any of the following reasons: (x) if any use of any of the sublicensed Yahoo Brand Features by or on behalf of [*] fails to satisfy Yahoo’s quality standards as described in Section 4.3.2 of this Agreement and [*] from receipt by [*] of
a notice of such failure to satisfy sent by Yahoo (with a copy to YJC) or by YJC, (y) in the event of any other breach by [*] of any terms or conditions of such agreement or this Agreement related to any of the sublicensed Yahoo Brand Features, [*]
after notice of such breach or (z) in the event of any bankruptcy, insolvency, receivership or similar proceeding of [*] or [*] which [*]; 

(6)    immediately and automatically (without any action required by Yahoo, YJC or [*]) terminates upon any termination of
the License Agreement; and 
 (7)    obligates [*] to (y) transfer to Yahoo, at [*]’s expense and at no cost to
Yahoo, each [*] and [*] (or to [*] a [*], to the extent possible, if such [*] is not [*]) and any other [*] or [*] or [*] registered by or for [*] that incorporates any Yahoo Brand Feature (or any confusingly similar word or

  
 3 

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

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symbol) promptly, and [*]’s permanent cessation of use of such [*] or [*] and such other [*] or other [*] or [*], as the case may be and (z) not transfer to any person or entity (other than
Yahoo) any [*] or [*] or any other [*] or [*] or [*] that incorporates any Yahoo Brand Feature (or any confusingly similar word or symbol); 

provided, however, that with respect to all of the foregoing in this Section 2.1, YJC Users’ right to access and use the
Yahoo Properties shall be subject to such customary limitations and restrictions on use and reproduction as Yahoo may impose with respect to the Yahoo Properties. No rights or licenses are granted by Yahoo to YJC except for those expressly
granted in this Section 2.1.” 
 B.        YJC hereby represents and warrants to Yahoo that:
(a) other than the sublicense granted by YJC to [*] in accordance with Section 2.1(vii) of the License Agreement as set forth above in Section 3.A of this Amendment, YJC has not granted any sublicense or any other rights, permissions, consents or
covenants to [*] or any other third party with respect to any of the Yahoo Brand Features (other than pursuant to and in accordance with the terms and conditions of the License Agreement); and (b) other than the [*] and [*], no [*] or [*] or [*]
that incorporates any Yahoo Brand Feature (or any confusingly similar word or symbol) has been registered by or for [*] in connection with any past or current business, product, service or activity of [*] or any of its Affiliates conducted, provided
or exploited under any of the Yahoo Brand Features (or any confusingly similar word or symbol), or otherwise related to any of the Yahoo Brand Features (or any confusingly similar word or symbol) or YJ. 

4.        Survival of License Agreement. Except as expressly amended by this Amendment, all terms and
conditions of the License Agreement will remain in full force and effect and are not amended or changed by this Amendment. This Amendment is incorporated into and deemed part of the License Agreement as of the Amendment Effective Date. Any
reference to the License Agreement will include the terms and conditions of this Amendment. 

5.        Counterparts; Electronic Delivery. This Amendment may be executed in counterparts, each of which
when executed will be deemed to be an original, but all of which together will constitute one and the same agreement. Execution and delivery of this Amendment by facsimile or other electronic means will be deemed to be, and will have the same
legal effect as, execution by an original signature and delivery in person. 

  
 4 

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

 Execution Version 

Confidential 
  

 IN WITNESS WHEREOF, Yahoo and YJC have caused their duly authorized representatives to
execute this Amendment as of the Amendment Effective Date. 
  

									
	Yahoo! Inc.	 		 	Yahoo Japan Corporation
					
	By:	 	 /s/ Marissa A. Mayer
	 		 	By:	 	 /s/ Manabu Miyasaka

					
	Printed Name:	 	 Marissa A. Mayer
	 		 	Printed Name:	 	 Manabu Miyasaka

					
	Title:	 	 President & CEO
	 		 	Title:	 	 President & CEO

  
  

 
 [SIGNATURE PAGE TO AMENDMENT NO. 3 TO YAHOO! JAPAN LICENSE AGREEMENT] 

YJ16-0007160EX-10.14(R)

 Exhibit 10.14(R) 

Execution Version 
 FOURTEENTH
AMENDMENT 
 TO SEARCH AND ADVERTISING SERVICES AND SALES AGREEMENT 

This Fourteenth Amendment to Search and Advertising Services and Sales Agreement (this “Fourteenth Amendment”) is entered
into to be effective as of June 3, 2016 (“Fourteenth Amendment Effective Date”) by and between Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Microsoft Corporation, a Washington corporation
(“Microsoft”) (collectively the “Parties”). 
 WHEREAS, Yahoo! and Microsoft are parties to that certain Search
and Advertising Services and Sales Agreement, entered into as of December 4, 2009, as amended (collectively, the “Agreement”); and 

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

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

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

2.        Background.  The intent of Section 2 of this Fourteenth Amendment is to revise the
Agreement to provide that Yahoo! will provide sales support for both Premium Direct Advertisers and non-Premium Direct Advertisers in Hong Kong and Taiwan (“Covered Markets”).

 

	 	a.	Sales in the Covered Markets.

  

	 	i.	Section 5.13 of the Agreement (as added in Section 3 of the Eleventh Amendment to the Agreement) will not apply in the Covered Markets, and Yahoo! will continue to provide sales support for Paid Search Services to
Premium Direct Advertisers in the Covered Markets. 

  

	 	ii.	Starting June 13, 2016, Yahoo! will start assuming sales responsibilities for Paid Search Services to non-Premium Direct Advertisers that are located in the Covered Markets, including order facilitation, account
management, billing, and support functions. Yahoo! will complete assuming such sales responsibilities by June 30, 2016. 

  

	 	iii.	To effect the transition of such non-Premium Direct Advertisers with a target completion date of June 30, 2016, Microsoft will perform the following tasks: (1) end to end testing of the new code for the Core
Platform so Yahoo! is able to create insertion orders for Microsoft’s Paid Search Services (already completed prior to the Fourteenth Amendment Effective Date); (2) initial communication detailing the transition process and related timing to
non-Premium Direct Advertisers managed by Microsoft (including to any new non-Premium Direct Advertisers added after the start of the notification period) (already completed prior to the Fourteenth Amendment Effective Date); and (3) providing such
additional necessary and reasonable support for the transition process including, without limitation, the system flag change for non-Premium Direct Advertisers in the Covered Markets from Microsoft managed to Yahoo! managed Customers.
Notwithstanding the foregoing, Yahoo! is solely responsible for communication with non-Premium Direct Advertisers to obtain such Customer’s new payment instruments in order to enable the change in Customer status from Microsoft managed to
Yahoo! managed. For 

  
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clarity, if on June 30, 2016 there are non-Premium Direct Advertisers managed by Microsoft that have been notified, but have not engaged with Yahoo! to provide their new payment instruments to be
set to Yahoo! managed in the Core Platform then this may result in such non-Premium Direct Advertisers’ accounts to be paused until payment instructions are received by Yahoo!. 

 

	 	iv.	Starting June 30, 2016, Sections 5.1-5.6, 5.9, 5.12 of the Agreement will not apply in the Covered Markets. 

  

	 	v.	Starting June 30, 2016, in the Covered Markets Yahoo! will conduct Marketing to both Premium Direct Advertisers and non-Premium Direct Advertisers. Such Marketing will be consistent with the then-current
capabilities of the Paid Search Services in the Covered Market 

  

	 	vi.	In order to enable sales activity starting June 30, 2016, in the Covered Markets Yahoo! will draft, in good faith consultation with Microsoft, locally acceptable and commercially appropriate contract templates for
Yahoo!’s sales of the Microsoft Paid Search Services to Premium Direct Advertisers and non-Premium Direct Advertisers and guidelines for Yahoo!’s sales team to use in connection with such sales and which will be consistent with the
functionality of Microsoft’s Paid Search Services for the Core Platform and with the parties’ understandings regarding their respective risk allocation, roles, invoicing and payment flows, and this Agreement generally. Yahoo! (or any third
party acting as the applicable sales force for Premium Direct Advertisers, as provided in this Agreement) will be the contracting entity for contract templates used in connection with sales to both Premium Direct Advertisers as well as to online,
self-service sales to non-Premium Direct Advertisers. The contract templates will reflect any applicable mechanism agreed upon by Microsoft and Yahoo! to enforce abuse of Microsoft’s Paid Search Services concerns against advertisers,
including the abuse concerns set forth in Section 5.12.3 of this Agreement. 

  

	 	b.	Transition Assistance in Covered Markets. To assist Yahoo! in assuming sales responsibilities in the Covered Markets, Microsoft will provide Yahoo! with CRM Data (other than credit card information) owned by
Microsoft that is associated with non-Premium Direct Advertisers that are located in the Covered Market to the extent that Microsoft is able to do so under its agreements with such Customers and applicable laws and regulations. 

3.        CPP Ads. The parties agree to delete Section 6.5 of the Agreement in its entirety so that any
restrictions or payments related to CPP Ads will not apply to Yahoo! as of the Fourteenth Amendment Effective Date. For clarity, after the Fourteenth Amendment Effective Date, revenue from CPP Ads will be included in Other Ad Revenues under
Section 9.1.4.
 4.        Bad Debt. Effective as of January 1, 2016, the parties agree that the Bad Debt
Rate for sales by Microsoft to non-Premium Direct Advertisers shall be [*]% and the Bad Debt Rate shall not apply to Sales by Microsoft to Premium Direct Advertisers. Therefore, as of January 1, 2016, amounts related to bad debt for Premium Direct
Advertisers shall not be deducted from any payments from Microsoft to Yahoo!. The parties agree that [*]% of Net Revenues is attributable to Premium Direct Advertiser and [*]% of Net Revenues is attributable to non-Premium Direct Advertiser and
therefore Microsoft will only deduct an amount equal to the product of Net Revenues and Bad Debt Rate in excess of [*]% (which is equal to [*]%) for [*]% of Net Revenues effective as of January 1, 2016. In addition, within 30 days of the Fourteenth
Amendment Effective Date Microsoft shall pay Yahoo any and all excess amounts that 

  
 2 

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

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may have been retained, deducted, withheld or calculated by Microsoft in connection with payments to Yahoo using a Bad Debt Rate in excess of [*]% as applied to Premium Direct Advertiser in
January, February and March of 2016. For clarity, nothing herein changes the methodology for determining the Bad Debt Rate for sales by Yahoo!. 
  

	5.	Notices. Section 20.5 of the Agreement shall be amended such that the notices for Yahoo! shall be sent to: 

Yahoo! Inc. 
 Attention: Marc
Canabou 
 701 First Avenue 

Sunnyvale, CA 94089 

Telephone: (408) 349-3300 

Telecopy: (408) 349-3510 
 with a
copy to: 
 Yahoo! Inc. 
 11985
W. Bluff Creek Drive, 
 Playa Vista, CA 90094 

Attention: Julie Hsu, Vice President and Deputy General Counsel 

Telephone: (310) 907-2700 
 Fax:
(310) 907-2701 
 6.        Miscellaneous. This Fourteenth Amendment will be governed and construed, to the
extent applicable, in accordance with the laws of the State of New York, without regard to its conflict of law principles. This Fourteenth Amendment may be executed in multiple textually identical counterparts, each of which constitutes an original
and all of which collectively shall constitute one and the same instrument. This Fourteenth Amendment may be amended or modified only by a written agreement that (a) refers to this Fourteenth Amendment; and (b) is executed by an authorized
representative of each party. This Fourteenth Amendment binds the parties hereto and their respective personal and legal representatives, successors, and permitted assigns. Except as expressly set forth herein, the Agreement remains in full force
and effect and this Fourteenth Amendment does not alter, amend or change any of the other terms or conditions set forth in the Agreement. To the extent of any conflict between this Fourteenth Amendment and any provisions of the Agreement, this
Fourteenth Amendment shall control with respect to the subject matter hereof. 
 IN WITNESS WHEREOF, the parties by their duly authorized representatives
have executed this Fourteenth Amendment as of the Fourteenth Amendment Effective Date. 
  

									
	YAHOO! INC.	 		 	MICROSOFT CORPORATION
					
	By:	 	 /s/ Marc Canabou
	 		 	By:	 	 /s/ Frederik van der Kooi

					
	Name:	 	Marc Canabou	 		 	Name:	 	Frederik van der Kooi
					
	Title:	 	VP, Search Products	 		 	Title:	 	CVP Advertising

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

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