Document:

EX-10.2(O)

 Exhibit 10.2(O) 

YAHOO! INC. 

1995 STOCK PLAN 
 PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT 
 [Total Stockholder
Return Version (July 2012)] 
 THIS PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”),
dated as of July 26, 2012 (the “Date of Grant”), is made by and between Yahoo! Inc., a Delaware corporation (the “Company”), and              (the
“Grantee”). 
 WHEREAS, the Company has adopted the Yahoo! Inc. 1995 Stock Plan, as amended (the “Plan”),
pursuant to which the Company may grant Restricted Stock Units (“RSUs”) that are subject to performance-based vesting conditions; 
 WHEREAS, the Company desires to grant to the Grantee the number of RSUs provided for herein; 
 NOW, THEREFORE, in consideration of the recitals and the mutual agreements herein contained, the parties hereto agree as follows: 
 Section 1. Grant of Restricted Stock Unit Award 
 (a) Grant of
RSUs. The Company hereby grants to the Grantee              RSUs (such amount, the “Target Number” of RSUs ) on the terms and conditions set forth in this Agreement and
as otherwise provided in the Plan (the “Award”). 
 (b) Incorporation of Plan; Capitalized Terms. The
provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in
this Agreement shall have the definitions set forth in the Plan. The Administrator shall have final authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding
and conclusive upon the Grantee and his/her legal representative in respect of any questions arising under the Plan or this Agreement. 

Section 2. Terms and Conditions of Award 
 The grant of RSUs provided in Section 1(a) shall be subject to the following terms, conditions and restrictions: 
 (a) Limitations on Rights Associated with Units. The RSUs are bookkeeping entries only. The Grantee shall have no rights as a stockholder of the Company, no dividend rights and no voting rights
with respect to the RSUs. 

  
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 (b) Restrictions. The RSUs and any interest therein, may not be sold, assigned,
transferred, pledged, hypothecated or otherwise disposed of, except by will or the laws of descent and distribution. Any attempt to dispose of any RSUs in contravention of the above restriction shall be null and void and without effect. 

(c) Lapse of Restrictions. Subject to Sections 2(e) through 2(g) below, the Applicable Percentage (determined based upon the
performance-based vesting provisions set forth in Exhibit A attached hereto) of the Target Number of RSUs shall vest and become non-forfeitable upon the later of the third anniversary of the Date of Grant and the date of the Final
Committee Determination (the later of such dates, the “Vesting Date”); provided however that if a Change in Control (as defined in Section 2(g)) occurs prior to the last day of the Performance Period (as defined in Exhibit A),
the Applicable Percentage and performance-based vesting provisions shall no longer apply, and the Target Number of RSUs shall vest and become non-forfeitable upon the third anniversary of the Date of Grant. Any RSUs that do not vest in accordance
with the foregoing provisions of this Section 2(c) shall terminate as of the Vesting Date (or, in the case of a Change in Control prior to the last day of the Performance Period, as of the third anniversary of the Date of Grant). For purposes
of this Agreement, the “Final Committee Determination” shall mean the date on which the Administrator determines the extent to which (if any) the performance-based vesting requirements on Exhibit A have been satisfied, which date
shall be not later than three months after the end of the Performance Period (as defined in Exhibit A). 

(d) Timing and Manner of Payment of RSUs. As soon as practicable after (and in no case
more than seventy-four days after) the date any RSUs subject to the Award become non-forfeitable (the “Payment Date”), such RSUs shall be paid by the Company delivering to the Grantee a number of Shares equal to the number of RSUs that
become non-forfeitable upon that Payment Date (rounded down to the nearest whole share). The Company shall issue the Shares either (i) in certificate form or (ii) in book entry form, registered in the name of the Grantee. Delivery of any
certificates will be made to the Grantee’s last address reflected on the books of the Company and its Subsidiaries unless the Company is otherwise instructed in writing. The Grantee shall not be required to pay any cash consideration for the
RSUs or for any Shares received pursuant to the Award. Neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal representatives shall have any further rights or interests in any RSUs that are so paid. Notwithstanding
anything herein to the contrary, the Company shall have no obligation to issue Shares in payment of the RSUs unless such issuance and such payment shall comply with all relevant provisions of law and the requirements of any Stock
Exchange.  
 (e) Termination of Employment.  

(i) Except as expressly provided in Section 2(e)(ii) or Section 2(g), in the event of the termination of the
Grantee’s employment or service with the Company, Parent or any Subsidiary for any reason prior to the lapsing of the restrictions in accordance with Section 2(c) hereof with respect to any of the RSUs granted hereunder, such portion of
the RSUs held by Grantee shall be automatically forfeited by the Grantee as of the date of termination. (The date of any such termination of the Grantee’s employment or service is referred to in this Agreement as the “Termination
Date.”) 

  
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 Neither the Grantee nor any of the Grantee’s successors, heirs, assigns or personal
representatives shall have any rights or interests in any RSUs that are so forfeited. 
 (ii) Notwithstanding the
foregoing clause (i) but subject to Section 2(g) below, in the event Grantee’s employment is terminated by the Company, Parent or Subsidiary without Cause (as defined below) or due to the Grantee’s death or Total Disability (as
defined in the Plan), a pro rata portion of the RSUs subject to the Award may vest in accordance with the provisions set forth below: 
 (A) Prior to a Change in Control. Prior to any Change in Control (as defined in Section 2(g)), if such a termination of the Grantee’s employment occurs on or after the date that is
eighteen (18) months after the first day of the Performance Period but prior to the Vesting Date, the RSUs shall be subject to pro-rata vesting such that the number of RSUs subject to the Award that shall become vested on the Vesting Date shall
equal (x) the number of RSUs subject to the Award that would have vested in accordance with Section 2(c) above (assuming no termination of employment had occurred), multiplied by (y) a fraction, the numerator of which is the number of
whole months after the Date of Grant that the Grantee was employed by or rendered services to the Company, Parent or any Subsidiary, and the denominator of which is thirty-six (36); and any RSUs that do not vest in accordance with the foregoing
provisions of this clause (A) shall terminate as of the Vesting Date. Notwithstanding the foregoing, if a Change in Control occurs after such a termination of the Grantee’s employment and prior to the last day of the Performance Period,
the Grantee shall vest in a prorated number of RSUs as of the date of the Change in Control determined by multiplying the Target Number of RSUs by the fraction referred to in clause (y) of the preceding sentence, with any such vested RSUs to be
paid as soon as practicable following the date of the Change in Control as provided in Section 2(d) and any RSUs that do not vest after giving effect to such determination shall terminate as of the date of the Change in Control. For avoidance
of doubt, the provisions of this clause (A) shall not apply to any termination of the Grantee’s employment that occurs during the first eighteen (18) months of the Performance Period. 

(B) After a Change in Control. If a Change in Control occurs during the Performance Period and such a termination
of the Grantee’s employment occurs after the Change in Control (or, in the case of a termination without Cause, more than 12 months after a Change in Control) but prior to the third anniversary of the Date of Grant, the RSUs subject to the
Award that shall become vested as of the date of termination shall equal (x) the Target Number of RSUs, multiplied by (y) a fraction, the numerator of which is the number of whole months after the Date of Grant that the Grantee was
employed by or rendered services to the Company, Parent or any Subsidiary, and the denominator of which is thirty-six (36); and any RSUs that do not vest in accordance with the foregoing provisions of this clause (B) shall terminate as of the
date of termination. 

  
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 (iii) For purposes of this Agreement, “Cause” shall mean
termination of the Grantee’s employment with the Company based upon the occurrence of one or more of the following which, with respect to clauses (1), (2) and (3) below, if curable, the Grantee has not cured within fourteen
(14) days after the Grantee receives written notice from the Company specifying with reasonable particularity such occurrence: (1) the Grantee’s refusal or material failure to perform the Grantee’s job duties and responsibilities
(other than by reason of the Grantee’s serious physical or mental illness, injury or medical condition); (2) the Grantee’s failure or refusal to comply in any material respect with material Company policies or lawful directives;
(3) the Grantee’s material breach of any contract or agreement between the Grantee and the Company (including but not limited to any Employee Confidentiality and Assignment of Inventions Agreement or similar agreement between the Grantee
and the Company), or the Grantee’s material breach of any statutory duty, fiduciary duty or any other obligation that the Grantee owes to the Company; (4) the Grantee’s commission of an act of fraud, theft, embezzlement or other
unlawful act against the Company or involving its property or assets or the Grantee’s engaging in unprofessional, unethical or other intentional acts that materially discredit the Company or are materially detrimental to the reputation,
character or standing of the Company; or (5) the Grantee’s indictment or conviction or nolo contendre or guilty plea with respect to any felony or crime of moral turpitude. Following notice and cure as provided in the preceding
sentence, upon any additional one-time occurrence of one or more of the events enumerated in that sentence, the Company may terminate the Grantee’s employment for Cause without notice and opportunity to cure. However, should the Company choose
to offer the Grantee another opportunity to cure, it shall not be deemed a waiver of its rights under this provision. For purposes of this definition, the term “Company” shall include a Parent or any Subsidiary of the Company. 

(f) Corporate Transactions. The following provisions shall apply to the corporate transactions described below: 

(i) In the event of a proposed dissolution or liquidation of the Company, the Award will terminate and be forfeited
immediately prior to the consummation of such proposed transaction, unless otherwise provided by the Administrator. 
 (ii) In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, the Award shall be assumed or substituted with
an equivalent award by such successor corporation, parent or subsidiary of such successor corporation; provided that the Administrator may determine, in the exercise of its sole discretion in connection with a transaction that constitutes a
permissible distribution event under Section 409A(a)(2)(A)(v) of the Code, that in lieu of such assumption or substitution, the Award shall be vested and non-forfeitable and any conditions or restrictions on the Award shall lapse, as to all or
any part of the Award, including RSUs as to which the Award would not otherwise be non-forfeitable. 

  
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 (g) Change in Control. The following provisions shall apply in the event of a Change
in Control prior to the Vesting Date: 
 (i) In the event that, during the period of twelve (12) months
following the Change in Control but prior to the Vesting Date, the Grantee’s employment is terminated by the Company, Parent or any Subsidiary without Cause or by the Grantee for Good Reason (as defined below), the Target Number of RSUs subject
to the Award, to the extent not then vested, shall become fully vested and non-forfeitable as of the date of such termination; provided, however, that if the Change in Control occurs after the Performance Period (and such termination of the
Grantee’s employment occurs prior to the Vesting Date), the number of RSUs that shall become fully vested and non-forfeitable as of the date of such termination shall be the number of RSUs that would have vested in accordance with
Section 2(c) above (assuming no termination of employment had occurred). 
 (ii) For purposes of this
Agreement, “Change in Control” shall mean the first of the following events to occur after the Date of Grant: 
 (A) any person or group of persons (as defined in Section 13(d) and 14(d) of the Exchange Act) together with its Affiliates (as defined below), but excluding (i) the Company or any of its
subsidiaries, (ii) any employee benefit plans of the Company or (iii) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company
(individually a “Person” and collectively, “Persons”), is or becomes, directly or indirectly, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of the Company representing 40% or
more of the combined voting power of the Company’s then outstanding securities (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its Affiliates); 

(B) the consummation of a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with
any other corporation or entity regardless of which entity is the survivor, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company, such surviving entity or any parent thereof outstanding immediately after
such merger or consolidation; or 
 (C) the stockholders of the Company approve a plan of complete liquidation or
winding-up of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, provided, however, that a sale of the Company’s search business shall not
constitute a Change in Control, regardless of whether stockholders approve the transaction. 

  
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 (iii) For purposes of this Agreement, “Good Reason” shall be
deemed to exist only if the Company shall fail to correct within 30 days after receipt of written notice from the Grantee specifying in reasonable detail the reasons the Grantee believes one of the following events or conditions has occurred
(provided such notice is delivered by the Grantee no later than 30 days after the initial existence of the occurrence): (1) a material diminution of the Grantee’s then current aggregate base salary and target bonus amount (other than
reductions that also affect other similarly situated employees) without the Grantee’s prior written agreement; (2) the material diminution of the Grantee’s authority, duties or responsibilities as an employee of the Company without
the Grantee’s prior written agreement (except that change in title or assignment to a new supervisor by itself shall not constitute Good Reason); or (3) the relocation of the Grantee’s position with the Company to a location that is
greater than 50 miles from the Grantee’s current principal place of employment with the Company, and that is also further from the Grantee’s principal place of residence, without the Grantee’s prior written agreement, provided that in
all events the termination of the Grantee’s service with the Company shall not be treated as a termination for “Good Reason” unless such termination occurs not more than six (6) months following the initial existence of the
occurrence of the event or condition claimed to constitute “Good Reason.” For purposes of this definition, the term “Company” shall include a Parent or any Subsidiary of the Company. 

(iv) For purposes of this Agreement, “Affiliate” means, with respect to any individual or entity, any other
individual or entity who, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such individual or entity. 
 This grant of RSUs shall not be subject to the acceleration of vesting provisions of Section 2.5 of the Amended and Restated Yahoo! Inc. Change in Control Employee Severance Plan for Level I and
Level II Employees. 
 (h) Income Taxes. Except as provided in the next sentence, the Company shall withhold and/or
reacquire a number of Shares issued in payment of (or otherwise issuable in payment of, as the case may be) the RSUs having a Fair Market Value equal to the taxes that the Company determines it or the Employer is required to withhold under
applicable tax laws with respect to the RSUs (with such withholding obligation determined based on any applicable minimum statutory withholding rates). In the event the Company cannot (under applicable legal, regulatory, listing or other
requirements, or otherwise) satisfy such tax withholding obligation in such method, the Company may satisfy such withholding by any one or combination of the following methods: (i) by requiring the Grantee to pay such amount in cash or check;
(ii) by deducting such amount out of any other compensation otherwise payable to the Grantee; and/or (iii) by allowing the Grantee to surrender shares of Common Stock of the Company which (a) in the case of shares initially acquired
from the Company (upon exercise of a stock option or otherwise), have been owned by the Grantee for such period (if any) as may be required to avoid a charge to the Company’s earnings, and (b) have a Fair Market Value on the date of
surrender equal to the amount required to be withheld;. For these purposes, the Fair Market Value of the Shares to be withheld or repurchased, as applicable, shall be determined on the date that the amount of tax to be withheld is to be determined.

  
 6 

 Section 3. Miscellaneous 

(a) Notices. Any and all notices, designations, consents, offers, acceptances and any other communications provided for herein
shall be given in writing and shall be delivered either personally or by registered or certified mail, postage prepaid, which shall be addressed, in the case of the Company to both the Chief Financial Officer and the General Counsel of the Company
at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address appearing on the books of the Company or to the Grantee’s residence or to such other address as may be designated in writing by the Grantee.
Notices may also be delivered to the Grantee, during his or her employment, through the Company’s inter-office or electronic mail systems. 
 (b) No Right to Continued Employment. Nothing in the Plan or in this Agreement shall confer upon the Grantee any right to continue in the employ of the Company, a Parent or any Subsidiary or shall
interfere with or restrict in any way the right of the Company, Parent or any Subsidiary, which is hereby expressly reserved, to remove, terminate or discharge the Grantee at any time for any reason whatsoever, with or without Cause and with or
without advance notice. 
 (c) Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has
received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all the terms and provisions of the Plan. 
 (d) Imposition of Other Requirements. If the Grantee relocates to another country after the Date of Grant, the Company reserves the right to impose other requirements on the Grantee’s
participation in the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings
that may be necessary to accomplish the foregoing. 
 (e) Successors. The terms of this Agreement shall be binding upon
and inure to the benefit of the Company, its successors and assigns, and of the Grantee and the beneficiaries, executors, administrators, heirs and successors of the Grantee. 
 (f) Invalid Provision. The invalidity or unenforceability of any particular provision thereof shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as
if such invalid or unenforceable provision had been omitted. 
 (g) Modifications. No change, modification or waiver of
any provision of this Agreement shall be valid unless the same is in writing and signed by the parties hereto. 
 (h) Entire
Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with respect to the subject matter contained herein and therein and supersede all prior communications, representations and negotiations
in respect thereto. 

  
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 (i) Governing Law. This Agreement and the rights of the Grantee hereunder shall be
construed and determined in accordance with the laws of the State of Delaware. 
 (j) Headings. The headings of the
Sections hereof are provided for convenience only and are not to serve as a basis for interpretation or construction, and shall not constitute a part, of this Agreement. 
 (k) Recoupment. Notwithstanding any other provision herein, the recoupment or “clawback” policies adopted by the Administrator and applicable to equity awards, as such policies are in
effect from time to time, shall apply to the Award and any Shares that may be issued in respect of the Award. 
 (l)
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 By Grantee’s signature and the signature of the Company’s representative below, or
by Grantee’s acceptance of this Award through the Company’s online acceptance procedure, this Agreement shall be deemed to have been executed and delivered by the parties hereto as of the Date of Grant. 

 

			
	YAHOO! INC.
		
	By:	 	  

	Its:	 	  

	
	[Insert Name]

 
			
		
	Signature:	 	  

 

			
	Printed Name:	 	  

  
 9 

 EXHIBIT A 
 PERFORMANCE-BASED VESTING 
 Subject to Sections 2(e) and 2(g) of this
Agreement, the RSUs shall vest and become non-forfeitable with respect to the Applicable Percentage of the Target Number of RSUs set forth in the chart below based on the Company’s Actual TSR Percentile for the Performance Period (as each such
term is defined below); provided, however, that in no event shall the Applicable Percentage exceed two hundred percent (200%): 
  

					
	Actual TSR Percentile	  	Applicable Percentage	 
	
90th or higher
	  	 	200	% 
	
75th
	  	 	150	% 
	
50th
	  	 	100	% 
	
25th
	  	 	50	% 
	 Below 25th
	  	 	0	% 

 The Applicable Percentage will be interpolated on a linear basis between the levels stated in the chart
above. For example, if the Actual TSR Percentile for the Performance Period were the 60th percentile, then the Applicable Percentage would be 120%. Notwithstanding the foregoing, in the event the Company’s TSR for the Performance Period is zero
or a negative number, the Applicable Percentage shall not exceed one hundred percent (100%). Any RSUs that do not vest based on the performance requirements set forth in this Exhibit A (and which have not previously terminated pursuant to the
terms of this Agreement) will automatically terminate as of the Vesting Date. The number of RSUs that vest based on performance will be determined by the Administrator following the end of the Performance Period and payment of vested RSUs will be
made in the period provided for in Section 2(d) of this Agreement. Any such determination by the Administrator shall be final and binding. 
 For purposes of the Award, the following definitions shall apply: 
  

	 	•	 	 “TSR” means total shareholder return and shall be determined with respect to the Company and any other company in the Nasdaq-100 index
by dividing: (a) the sum of (i) the difference obtained by subtracting the Beginning Price from the Ending Price plus (ii) all dividends and other distributions for which the ex-dividend date (or similar date in the case of a
distribution other than a dividend) related to such dividend or other distribution occurs during the Performance Period by (b) the Beginning Price. Any non-cash distributions shall be ascribed such dollar value as may be determined by or at the
direction of the Administrator. 

  

	 	•	 	 “Actual TSR Percentile” means the percentile ranking of the Company’s TSR among the TSRs for the companies comprising the Nasdaq
100 index on the last day of the Performance Period. For purposes of clarity, the Company’s TSR shall be ranked against the TSRs for such companies regardless of whether the Company is a member of the Nasdaq 100 index at such time.

  
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	 	•	 	 “Performance Period” means the period commencing on July 1, 2012 and ending on July 1, 2015. 

 

	 	•	 	 “Beginning Price” means, with respect to the Company and any other company in the Nasdaq-100 index, the average of the closing market
prices of such company’s common stock on the principal exchange on which such stock is traded for the twenty (20) consecutive trading days ending with the first day of the Performance Period or, in the case of a company that is not traded
on a stock exchange on the first day of the Performance Period, the average of the closing market prices of such company’s common stock on the principal exchange on which such stock is thereafter first admitted to trading for the twenty
(20) consecutive trading days commencing with the first day in the Performance Period on which such company’s common stock is so traded. In either case, as to a stock which goes ex-dividend during such 20-day period, the closing market
prices as to such stock for the portion of the 20-day period preceding the ex-dividend date shall be equitably adjusted to exclude the amount of the related dividend. 

 

	 	•	 	 “Ending Price” means, with respect to the Company and any other company in the Nasdaq-100 index, the average of the closing market
prices of such company’s common stock on the principal exchange on which such stock is traded for the twenty (20) consecutive trading days ending with the last day of the Performance Period. As to a stock which goes ex-dividend during such
20-day period, the closing market prices as to such stock for the portion of the 20-day period preceding the ex-dividend date shall be equitably adjusted to exclude the amount of the related dividend. 

 

	 	•	 	 “Nasdaq 100 index” means the NASDAQ-100 Index published by The Nasdaq Stock Market (or its successor) or, in the event such index is
no longer published on the last day of the Performance Period, an alternate index deemed comparable by the Administrator. 

  
 2EX-10.23(E)

 Exhibit 10.23(E) 

 
 

 
 February 28, 2013 
 Henrique de Castro 
 Dear Henrique: 
 On behalf of Yahoo! Inc. (“Yahoo!” or the “Company”), I am pleased to inform you that Yahoo! will provide you with the severance protections described in this letter agreement
(“Agreement”). This Agreement is being offered to you to provide both you and Yahoo! with certainty in the event that your employment with Yahoo! is terminated by Yahoo! without Cause or in the event you resign from Yahoo! for Good
Reason.1 You will not be entitled to any severance
benefits under this Agreement if your employment is terminated with Cause, if you voluntarily resign from your employment with Yahoo! without Good Reason, or if your employment terminates due to your death or disability (except as related to Equity
Awards and specifically described below).2 

Severance. If your employment is terminated by Yahoo! without Cause or if you resign from Yahoo! for Good Reason (and, in each case, other than
due to your death or disability (except as related to Equity Awards and specifically described below)) and you comply with the release and other requirements described in this Agreement, then you will be entitled to the benefits set forth below this
paragraph. If your employment is terminated by Yahoo! without Cause, Yahoo! will provide you with written notice that your employment will terminate (the “Termination Notice”). You may remain employed by Yahoo! for a period of time as
determined by Yahoo!, in its sole discretion, after the Termination Notice is provided (the “Notice Period”), but such period will not exceed two (2) months. (For purposes of clarity, a Notice Period is not required, and the Company
may terminate your employment immediately at any time upon delivery of a Termination Notice without providing a Notice Period. You will not be entitled to the benefits described below if you resign from employment during the Notice Period before the
termination 
  

	1 	For purposes of this Agreement, the terms “Cause” and “Good Reason” are used as defined in your offer letter from the Company dated October 15,
2012. 

  

	2 	 In no event will you be considered to have terminated employment for purposes of this letter if your employment by Yahoo! (including a subsidiary or
affiliate) terminates and, immediately after such termination, you continue as an employee of another subsidiary or affiliate of Yahoo! (or Yahoo! Inc. if you had previously been employed by a subsidiary).

  

					
	De Castro Severance Agreement (February 2013)	 	1	  	

 
date determined by Yahoo!.) The date your employment with Yahoo! terminates will be considered your “Termination Date.” 

 

	 	1.	Yahoo! will pay you the following amounts in cash as severance: 

  

	 	a.	an amount equal to your base salary (at the monthly rate in effect at the time the Termination Notice is provided to you) for a period of 12 months less the number of
months in the Notice Period (including partial months), such amount to be paid in a single lump sum; 

  

	 	b.	a lump sum payment equal to 100% of your annual target bonus for the year in which your Termination Notice is provided; and 

 

	 	c.	If your Termination Date is between January 1 and the date that annual bonus payments are paid for the prior year (typically mid-March), or if your Termination
Date is after payment of such bonus but you were ineligible for such bonus as a result of receiving Termination Notice from Yahoo!, a lump sum payment of the annual bonus you would have been entitled to receive for the prior year if Yahoo! had not
provided you with Termination Notice or your employment had not terminated, as the case may be. 

 The severance payments described above will be made on or before the
60th business day following your Termination Date,
provided that if such period of 60 business days spans two calendar years, such payments will be made in the second of the two calendar years, and provided, further, that the bonus referred to in 1(c) above (if applicable) will be paid at the same
time bonuses for the applicable year are paid to the Company’s employees generally. 
 If your Termination Date occurs in
2013, Yahoo! will also pay you a lump sum payment of a prorated bonus for 2013, determined by multiplying (i) the lesser of your annual target bonus for 2013 or the annual bonus you would have been entitled to receive for 2013 if your
employment had not terminated by (ii) a fraction, the numerator of which is the number of whole months of your active employment with Yahoo! during 2013 and the denominator of which is 12. Such payment will be paid at the same time bonuses for
2013 are paid to the Company’s employees generally. 
  

	 	2.	Provided that you timely elect continued coverage under COBRA, Yahoo! will pay you an amount (a “Continuation Payment”) equal to your premium for continued
group health coverage for the period you continue COBRA coverage (up to a maximum of 12 months following your Termination Date), provided that Yahoo!’s obligation to make such Continuation Payments will cease if you become eligible for coverage
under the health plan of another employer or Yahoo! ceases to offer group medical coverage to its active executive employees or otherwise is under no obligation to offer you COBRA continuation coverage (note: you are required to advise Yahoo!
immediately upon becoming eligible for coverage under the health plan of another employer). 

  

	 	3.	You will be entitled to accelerated vesting of your then-outstanding equity awards if and only to the extent provided in the applicable award agreements and in your
offer letter from the Company dated October 15, 2012. 

  

					
	De Castro Severance Agreement (February 2013)	 	2	  	

 Equity Awards. To the extent that you hold stock options that are outstanding and unvested under
Yahoo!’s equity incentive plans as of the date of this Agreement (your “Outstanding Awards”), the award agreement that evidences each such Outstanding Award is hereby amended to include the following provision: 

 

	 	•	 	 If your employment with Yahoo! is terminated by Yahoo! without Cause, a resignation by you for Good Reason, or as a result of your death or Total
Disability (as such term is defined in the Yahoo! Inc. 1995 Stock Plan, as amended), the vested portion of each of your Outstanding Awards will be exercisable for six months following your Termination Date (or in the case of any portion of a
performance option held open on the Termination Date, for six months following the date on which such portion would otherwise have become exercisable due to the Company’s performance) or any longer period specified in the applicable option
agreement, subject to the maximum term applicable to such option. 

 Except as expressly set forth above, this Agreement does
not modify any other terms of any of your Outstanding Awards. 
 Conditions of Severance; Exclusive Remedy. All benefits specified in
this Agreement are conditioned on (1) you signing a full release of any and all claims against Yahoo! in a release form acceptable to Yahoo! (within the period specified in it by the Company, which in no event shall be more than fifty days
following your Termination Date) and your not revoking such release pursuant to any revocation rights afforded by applicable law, and (2) your compliance with your obligations under your Employee Confidentiality and Assignment of Inventions
Agreement, employment offer letter and/or similar agreement(s). To the extent that you are otherwise entitled to Continuation Payments as provided above, such payments shall not be suspended during the period of time you consider such a release, but
shall terminate immediately in the event that you do not timely provide (or in the event that you revoke) such release. You agree that the benefits specified in this Agreement (and any applicable acceleration of vesting of an equity-based award in
accordance with its terms) will constitute the exclusive and sole remedy for any termination of your employment and you covenant not to assert or pursue any other remedies, at law or in equity, with respect to your termination and/or employment.

 Tax Matters. 

(a) Withholding. Yahoo! will withhold required federal, state and local taxes from any and all payments contemplated by this
Agreement. 
 (b) Section 280G. If any payment or benefit received or to be received by you (including any payment
or benefit received pursuant to this Agreement or otherwise) would be (in whole or part) subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, or any successor provision thereto, or any similar tax imposed by state or
local law, or any interest or penalties with respect to such excise tax (such tax or taxes, together with any such interest and penalties, are hereafter collectively referred to as the “Excise Tax”), then, any cash severance benefits
contemplated by Section 1 under “Severance” above and any accelerated vesting of time-based RSUs, performance-based RSUs, and stock options will be reduced to the extent necessary to make such payments and benefits not subject to such
Excise Tax, but only if such reduction results in a higher after-tax payment to you after taking into account the Excise 

  

					
	De Castro Severance Agreement (February 2013)	 	3	  	

 
Tax and any additional taxes you would pay if such payments and benefits were not reduced. If a reduction in cash severance and/or acceleration of vesting is so required, then, unless you elect a
different order of reduction in advance (to the extent such an election may be made without resulting in any tax, penalty or interest under Code Section 409A), any cash severance payable in installment payments will be reduced first (with the
installments scheduled to be paid latest in time reduced first), then any cash severance payable as a lump sum shall be reduced, then any accelerated vesting of equity incentive awards will be reduced (with time-based RSUs, performance-based RSUs,
and stock options to be reduced in that order with the reduction made first as to the awards scheduled to vest latest in time). 

(c) Responsibility for Taxes. Other than Yahoo!’s obligation and right to withhold federal, state and local taxes, you will
be responsible for any and all taxes, interest, and penalties that may be imposed with respect to the payments contemplated by this Agreement (including, but not limited to, those imposed under Internal Revenue Code Section 409A). To the extent
that this Agreement is subject to Internal Revenue Code Section 409A, you and Yahoo! agree that the terms and conditions of this Agreement will be construed and interpreted to the maximum extent reasonably possible, without altering the
fundamental intent of this Agreement, to comply with and avoid the imputation of any tax, penalty or interest under Code Section 409A. 

Notwithstanding any provision of this letter to the contrary, if you are a “specified employee” as defined in Section 409A of the U.S.
Internal Revenue Code, you will not be entitled to any payments in connection with the termination of your employment until the date which is six months and one day after your Termination Date (or, if earlier, the date of your death) and any payment
otherwise due in such period will be made within the 30 day period following the six month anniversary of your Termination Date (or, if earlier, within the 30 day period after the date of your death). The provisions of this paragraph will only apply
if, and to the extent, required to comply with Code Section 409A. For purposes of Code Section 409A, each payment made under this letter is designated as a “separate payment” within the meaning of Code Section 409A.

 Change in Control Severance. Notwithstanding the foregoing provisions, in the event that you are otherwise entitled to receive
severance benefits in connection with a termination of your employment under both this Agreement and the Company’s Change in Control Employee Severance Plan, as amended, or any successor plan thereto (the “CIC Plan”), you will receive
either the cash severance and Continuation Payments provided under the CIC Plan or under this Agreement, whichever is greater, but in no event will you be entitled to receive such benefits under both the CIC Plan and this Agreement. 

By executing this Agreement, you and the Company agree that Section 2.7 of the CIC Plan, as it applies to any benefits you may receive thereunder,
is hereby amended, effective immediately, to provide that, if the period of 60 business days following the Severance Date (as defined in the CIC Plan) referred to in such section spans two calendar years, the Benefit Commencement Date (as defined in
the CIC Plan) will occur in the second of the two calendar years. 

  

					
	De Castro Severance Agreement (February 2013)	 	4	  	

 Amendment. Except as provided in the next sentence, this Agreement may be amended only by a written
agreement signed by both you and by an authorized officer of the Company. Effective as of December 31, 2015 or the end of any subsequent year, the Company may modify this Agreement in any manner, provided (1) the Company has notified you
of the pending modification at least ninety days in advance of the proposed effective date of such modification, and (2) your employment is not terminated by the Company prior to the effective date of any such modification in circumstances that
entitle you to severance under this Agreement. (In the event the Company modifies the “Equity Awards” section, above, corresponding amendments shall automatically occur to your Outstanding Awards, except as may otherwise be expressly
provided by the Company at the time of such modification. (For example, if the Company terminates this Agreement, the equity award amendments effected by the “Equity Awards” section above shall correspondingly be reversed.) You hereby
consent in writing to any such further amendment of your Outstanding Awards.) 
 Entire Agreement. This Agreement and your offer letter
from the Company dated October 15, 2012, together with the agreements that evidence any equity-based awards granted to you by Yahoo!, constitute the entire agreement between you and Yahoo! with respect to the subject matter hereof and supersede
any and all prior or contemporaneous oral or written representations, understandings, agreements or communications between you and Yahoo! concerning such subject matter. The CIC Plan and any Employee Confidentiality and Assignment of Inventions
Agreement (or similar agreement) are outside the scope of the foregoing integration provision. 
 At-Will Employment. Nothing in this
letter alters the at-will nature of your employment relationship with Yahoo! or creates a contract for employment for a specified period of time. Either you or Yahoo! may terminate the employment relationship at any time, with or without cause and
with or without advance notice. 

  

					
	De Castro Severance Agreement (February 2013)	 	5	  	

 IF THIS AGREEMENT IS ACCEPTABLE
TO YOU, PLEASE SIGN BELOW AND RETURN THE ORIGINAL TO KRISTEN ROBINSON
BY APRIL 30, 2013.  
 Sincerely, 
 YAHOO! INC. 
  

			
	By:	 	  

		 	    Kristen Robinson
		 	    SVP, Human Resources
		 	    Yahoo! Human Resources

 I accept and agree to the terms and conditions outlined in this Agreement. 

 

					
	  
	 		 	  

	Henrique de Castro	 		 	Date

  

					
	De Castro Severance Agreement (February 2013)	 	6

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