Document:

Amendment No. 1 to License Agreement - Microsoft Corporation

 Exhibit 10.18(G) 

Execution Version 

AMENDMENT NO. 1 TO LICENSE AGREEMENT 
 This Amendment No. 1 to License Agreement (“Amendment”) is entered into and effective as of October 10, 2010 (“Amendment Effective Date”) by and between Yahoo!
Inc., a Delaware corporation (“Yahoo!”), and Microsoft Corporation, a Washington corporation (“Microsoft”). 
 A. Yahoo! and Microsoft have entered into that certain Search and Advertising Services and Sales Agreement dated December 4, 2009 (the “Search Agreement”) pursuant to which Microsoft
is to provide to Yahoo! certain search services and monetization services and that certain License Agreement dated December 4, 2009 (the “License Agreement” and, as amended by this Amendment, the “Amended License
Agreement”) pursuant to which the parties have granted and received certain licenses (or options with respect to licenses). 
 B. The parties now wish to amend the License Agreement to provide for the possibility of each party granting to the other party certain additional, nonexclusive licenses of software, documentation,
specifications and other technology. 
 C. The parties also wish, pursuant to Section 11.2 of the Search Agreement, to
memorialize their respective rights and obligations with respect to certain ancillary materials that may be exchanged in connection with the Search Agreement. 
 THEREFORE, the parties hereby agree as follows: 
 Section 1 
 DEFINITIONS 

The following capitalized terms shall have the following meanings. Capitalized terms used and not otherwise defined in this Amendment
have the meanings ascribed to them in the License Agreement or, if not defined therein, in the Search Agreement. 
 1.1
“Developing Party” means, with respect to any Scheduled Ancillary Materials to be provided hereunder, the party that receives such Scheduled Ancillary Materials from the other party. 

1.2 “Identified Solely-Owned Software” means, with respect to any Scheduled Ancillary Materials, the Solely-Owned
Software of the Developing Party for which such Scheduled Ancillary Materials are provided as set forth in the applicable Supplemental Technology Schedule. 
 1.3 “Identified Solely-Owned Software as Modified” means any modified version of the Identified Solely-Owned Software if and to the extent made pursuant to and in accordance with the
license and other terms of the Amended License Agreement (including, e.g., any 

  

					
		 	1	 	CONFIDENTIAL

  

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

 Execution Version 

 

 
modifications made to such Identified Solely-Owned Software using the Scheduled Ancillary Materials, and any portions of the Scheduled Ancillary Materials as incorporated into such Identified
Solely-Owned Software, if and to the extent authorized by the Amended License Agreement). 
 1.4 “MS Licensed
Supplemental Non-Patent IPR” means the copyrights and trade secrets embodied in and specific to the MS Supplemental Technology to the extent owned or otherwise licensable by Microsoft or its Subsidiaries. 

1.5 “MS Supplemental Technology” means the software, documentation, specifications and other technology listed in a
Supplemental Technology Schedule to the extent owned or licensable by Microsoft or its Subsidiaries. MS Supplemental Technology also includes any Scheduled Ancillary Materials provided by Microsoft to Yahoo!. 

1.6 “MS Supplemental Technology License” has the meaning set forth in Section 2.1(b). 

1.7 “Providing Party” means, with respect to any Scheduled Ancillary Materials to be provided hereunder, the party that
provides such Scheduled Ancillary Materials to the other party. 
 1.8 “Schedule Effective Date” means, with
respect to each Supplemental Technology Schedule, the effective date of such Supplemental Technology Schedule as set forth therein or, if an effective date is not specified, then the date upon which the Supplemental Technology Schedule is signed by
the party to sign last. 
 1.9 “Scheduled Ancillary Materials” means any Supplemental Technology that is
designated as Ancillary Materials in the applicable Supplemental Technology Schedule. 
 1.10 “Supplemental Non-Patent
IPR” means the MS Licensed Supplemental Non-Patent IPR or the Yahoo! Licensed Supplemental Non-Patent IPR, as applicable. 
 1.11 “Supplemental Technology” means the MS Supplemental Technology or the Yahoo! Supplemental Technology, as applicable. 

1.12 “Supplemental Technology Licenses” means the MS Supplemental Technology License and the Yahoo! Supplemental
Technology License. 
 1.13 “Supplemental Technology Schedule” means a schedule that (i) is substantially
in the form of Exhibit A (or such other form as the parties expressly agree in writing shall constitute a Supplemental Technology Schedule for purposes of the Amended License Agreement), (ii) describes certain Supplemental Technology to be
provided under the Amended License Agreement and the terms and conditions in addition to those set forth in the Amended License Agreement, if any, under which such Supplemental Technology is provided, and (iii) is agreed upon and executed by an
authorized representative of each party. 

  

					
		 	2	 	CONFIDENTIAL

  

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

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 1.14 “Technology License-Related Terms” means the License-Related Terms
set forth in the License Agreement as and to the extent applicable to the Technology. 
 1.15 “Unscheduled Ancillary
Materials” means any Ancillary Materials that are not Scheduled Ancillary Materials. 
 1.16 “Yahoo! Licensed
Supplemental Non-Patent IPR” means the copyrights and trade secrets embodied in and specific to the Yahoo! Supplemental Technology to the extent owned or otherwise licensable by Yahoo! or its Subsidiaries. 

1.17 “Yahoo! Supplemental Technology” means the software, documentation, specifications and other technology listed in a
Supplemental Technology Schedule to the extent owned or licensable by Yahoo! or its Subsidiaries. Yahoo! Supplemental Technology also includes any Scheduled Ancillary Materials provided by Yahoo! to Microsoft. 

1.18 “Yahoo! Supplemental Technology License” has the meaning set forth in Section 2.1(a). 

Section 2 

SUPPLEMENTAL LICENSES 
 2.1 Supplemental Technology Licenses 
 (a) License to Microsoft.
Subject to the Technology License-Related Terms, and except as otherwise provided in the applicable Supplemental Technology Schedule, Yahoo! hereby grants to Microsoft a non-exclusive license under the Yahoo! Licensed Supplemental Non-Patent IPR to
Exploit the Yahoo! Supplemental Technology and derivative works thereof solely in connection with providing services in the Field of Use and any Expanded Field of Use (the “Yahoo! Supplemental Technology License”). The Yahoo!
Supplemental Technology License shall, except as otherwise provided in the applicable Supplemental Technology Schedule, (1) be effective as to any Yahoo! Supplemental Technology on the later of the Schedule Effective Date or the delivery of
such Yahoo! Supplemental Technology to Microsoft under the Amended License Agreement, (2) be [*]. The Yahoo! Supplemental Technology License shall also be subject to other terms and conditions, if any, set forth in the applicable Supplemental
Technology Schedule, including, without limitations, any limitations on Exploitation and requirements for payment. The Yahoo! Supplemental Technology License shall not apply to any Ancillary Materials provided by Yahoo! to Microsoft (which, if
Scheduled Ancillary Materials, shall instead be subject to Section 2.2). 
 (b) License to Yahoo!. Subject to the
Technology License-Related Terms, and except as otherwise provided in the applicable Supplemental Technology Schedule, Microsoft hereby grants to Yahoo! a non-exclusive license under the MS Licensed Supplemental Non-Patent IPR to Exploit the MS
Supplemental Technology and derivative works thereof solely in connection with (i) utilizing services provided by Microsoft under the Search Agreement, (ii) providing services to third parties in the Field of Use and Expanded Field of Use,
and/or 

  

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

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(iii) sales and marketing of advertising (the “MS Supplemental Technology License”). The MS Supplemental Technology License shall, except as otherwise provided in the
applicable Supplemental Technology Schedule, (1) be effective as to any MS Supplemental Technology on the later of the Schedule Effective Date or the delivery of such MS Supplemental Technology to Yahoo! under the Amended License Agreement,
(2) be [*], and (3) [*]. The MS Supplemental Technology License shall also be subject to other terms and conditions, if any, set forth in the applicable Supplemental Technology Schedule, including, without limitations, any limitations on
Exploitation and requirements for payment. The MS Supplemental Technology License shall not apply to any Ancillary Materials provided by Microsoft to Yahoo! (which, if Scheduled Ancillary Materials, shall instead be subject to Section 2.2).

 2.2 Scheduled Ancillary Materials. This Section 2.2, rather than Section 2.1, applies with respect to any
Scheduled Ancillary Materials provided by the Providing Party to the Developing Party. Subject to the Technology License-Related Terms, the Providing Party hereby grants to the Developing Party a nonexclusive license, under the Providing
Party’s Supplemental Non-Patent IPR, to use any Scheduled Ancillary Materials provided by the Providing Party to the Developing Party (i) with the Identified Solely-Owned Software and/or (ii) to modify the Identified Solely-Owned
Software, in each case unless otherwise provided in the applicable Supplemental Technology Schedule. Except as otherwise set forth in the applicable Supplemental Technology Schedule, the license shall be [*] and shall include the right to reproduce
the Scheduled Ancillary Materials as reasonably necessary for the uses permitted by this Section 2.2 and the applicable Supplemental Technology Schedule. In addition, if and to the extent set forth in the applicable Supplemental Technology
Schedule, the license shall include the right to modify the Scheduled Ancillary Materials and to incorporate the Scheduled Ancillary Materials in the Identified Solely-Owned Software. Except as otherwise set forth in the applicable Supplemental
Technology Attachment, such use, incorporation or modification as permitted by this Section 2.2 [*]. For avoidance of doubt, except as otherwise set forth in the applicable Supplemental Technology Schedule, the licenses granted in this
Amendment with respect to Scheduled Ancillary Materials do not permit the Developing Party to (and the Developing Party shall not (and shall not authorize any third party to), except as may be otherwise permitted under the Search Agreement or the
Amended License Agreement), use or otherwise Exploit the Scheduled Ancillary Materials of the Providing Party on a standalone basis or for modification of or incorporation into any software or other materials of the Developing Party other than the
Identified Solely-Owned Software. The licenses granted to each Developing Party with respect to any Scheduled Ancillary Materials pursuant to this Section 2.2 are referred to herein as, respectively, the “Yahoo! Ancillary Materials
License” (with respect to Scheduled Ancillary Materials provided by Yahoo!) and the “MS Ancillary Materials License” (with respect to Scheduled Ancillary Materials provided by MS). 

2.3 License Terms. The Yahoo! Supplemental Technology License and Yahoo! Ancillary Materials License on the one hand, and the MS
Supplemental Technology License and MS Ancillary Materials License on the other hand, are subject to the same terms and conditions as, respectively, the Yahoo! Technology License and MS Technology License as set forth in the License Agreement (to
the same extent as if the Supplemental Technology of each party constituted, as applicable, Yahoo! Technology or MS Technology); and, without limitation of the generality of the foregoing, (a) references in the License Agreement to the Yahoo!
Technology 

  

					
		 	4	 	CONFIDENTIAL

  

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

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and Yahoo! Technology License shall include and refer to the Yahoo! Supplemental Technology and Yahoo! Supplemental Technology License (or, as applicable, the Yahoo! Ancillary Materials License),
respectively, and (b) references in the License Agreement to the MS Technology and MS Technology License shall include and refer to the MS Supplemental Technology and MS Supplemental Technology License (or, as applicable the MS Ancillary
Materials License), respectively; except that [*]. 
 2.4 Reservation of Rights; No Implied Licenses. Without limitation
of the generality of Section 2.3 above (or the reservations of rights and disclaimers of implied licenses already set forth in the License Agreement), no patent license or other patent rights (or authorization under any Patents) are granted to
Microsoft or Yahoo! under this Amendment. The Yahoo! Supplemental Technology License and Yahoo! Ancillary Materials License, on the one hand, and the MS Supplemental Technology License and MS Ancillary Materials License, on the other hand, apply
only to, respectively, the Yahoo! Licensed Supplemental Non-Patent IPR and MS Licensed Supplemental Non-Patent IPR, and expressly exclude any license or other rights under any Patents (whether by implication, estoppel or otherwise). Subject only to
the specific licenses granted in this Amendment and the applicable provisions of Section 6 (Confidentiality) of the License Agreement, Yahoo! expressly reserves all rights with respect to the Yahoo! Supplemental Technology (including Scheduled
Ancillary Materials provided by Yahoo!) and any Unscheduled Ancillary Materials provided by Yahoo!, and Microsoft expressly reserves all rights with respect to the MS Supplemental Technology (including Scheduled Ancillary Materials provided by
Microsoft) and any Unscheduled Ancillary Materials provided by Microsoft, and no other licenses shall be implied. The parties acknowledge and agree that they have negotiated for the above exclusions, that the consideration and other terms and
conditions hereof are based in part on such exclusions, and that such exclusions do not derogate from the licenses expressly granted hereunder, and the parties shall not make any assertion to the contrary. 

Section 3 

GENERAL 

3.1 Applicable License Terms. Notwithstanding anything to the contrary in the License Agreement or this Amendment, if the
applicable Supplemental Technology Schedule (or another writing entered into by the parties after the Amendment Effective Date in which the parties agree that software, documentation, specifications or other technology owned or licensable by Yahoo!
or Microsoft will be included in the licenses granted under this Amendment) does not specify expressly that the applicable software, documentation, specifications or other technology is to be licensed on an exclusive basis, then such software,
documentation, specifications or other technology will be deemed to be licensed on a non-exclusive basis. This Section 3.1 will apply regardless of whether the applicable Supplemental Technology Schedule or other writing identifies such
software, documentation, specifications or other technology as “Technology,” “Supplemental Technology,” “Ancillary Materials,” or by some other name. However, nothing in this Section 3.1 will
be interpreted or construed to amend Exhibit A of the License Agreement, to remove any software, documentation, specifications or other technology listed in Exhibit A of the License Agreement from the Yahoo! Technology that is licensed exclusively
to Microsoft under Section 2.1(b) of the License 

  

					
		 	5	 	CONFIDENTIAL

  

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

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Agreement or to amend or supersede any other express written agreement between the parties that specifies certain software, documentation, specifications or other technology as software,
documentation, specifications or other technology that Yahoo! licenses or will license exclusively to Microsoft in accordance with Section 2.1(b) of the License Agreement or the terms of such other agreement. 

3.2 No Other Amendments; Entire Agreement. Except as expressly provided in this Amendment, the License Agreement remains in full
force and effect. This Amendment together with the License Agreement, the Search Agreement and the Letter Agreement (to the extent specified in the License Agreement and the Search Agreement) constitutes the entire agreement with respect to the
subject matter hereof. In the event of any conflict between this Amendment and the License Agreement, the Search Agreement or the Letter Agreement (or any ambiguity resulting from the relationship between such agreements), this Amendment shall
prevail (and shall resolve any such ambiguity). The parties agree that this Amendment satisfies the requirement that the parties enter into an addendum with respect to Ancillary Materials as set forth in Section 11.2 of the Search Agreement.

 IN WITNESS WHEREOF, the parties by their duly authorized representatives have executed this Amendment as of the date first
above written. 
  

									
	YAHOO! INC.	 		 	MICROSOFT CORPORATION
					
	By:	  	 /s/ Mike Gupta
	 		 	By:	 	 /s/ Greg Nelson

		  	Signature	 		 		 	Signature
					
	Name:	  	 Mike Gupta
	 		 	Name:	 	 Greg Nelson

		  	Print or Type	 		 		 	Print or Type
					
	Title:	  	 SVP Finance
	 		 	Title:	 	 General Manager Search Alliance

  

					
		 	6	 	CONFIDENTIAL

  

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

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 Exhibit A 
 Supplemental Technology Schedule 
  

					
	Provider of Supplemental	  	 ̈	  	Microsoft
	Technology	  	 ̈	  	Yahoo
			
	Description of Technology	  		  	
			
	For Supplemental Technology	  	 ̈	  	Option 1:   [*].
	provided to Microsoft	  		  	
	(other than “Ancillary Materials”)	  		  	
		  	 ̈	  	 Option 2:   [*]:
  

                         
                                         
      

		  		  	(leave blank if Option 2 not checked).
		
		  	NOTE:   Check either Option 1 or Option 2 (not both).
			
	For Supplemental Technology	  	 ̈	  	Option 1:   [*].
	provided to Yahoo!	  		  	
	(other than “Ancillary Materials”)	  	 ̈	  	Option 2: Use limited only to the following:
			
		  		  	                             
                                   
		  		  	(leave blank if Option 2 not checked).
		
		  	NOTE: Check either Option 1 or Option 2 (not both).
			
	License Term	  	 ̈	  	Perpetual
		  	 ̈	  	Limited Duration of
                                    
	Additional Fee	  	 ̈	  	No Additional Fee
	(if any)	  	 ̈	  	$                    
			
	Is the Supplemental Technology	  	 ̈	  	Yes
	“Ancillary Materials”?	  	 ̈	  	No
			
	If the Supplemental Technology is	  	 ̈	  	N/A (Supplemental Technology is not Ancillary
	Ancillary Materials, what is the	  		  	Materials)
	associated “Identified Solely-Owned Software”?	  	 ̈	  	                            
                                         
       ]
			
	If the Supplemental Technology is	  	 ̈	  	Modification allowed
	Ancillary Materials, may the	  	 ̈	  	Modification not allowed
	receiving party modify and/or	  	 ̈	  	Reproduction allowed
	reproduce the Ancillary Materials and/or incorporate the Ancillary	  	 ̈	  	Reproduction not allowed

  

					
		 	7	 	CONFIDENTIAL

  

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

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	Materials into its own Solely	  	 ̈	  	Incorporation allowed
	Owned Software (in each case,	  	 ̈	  	Incorporation not allowed
	subject to Sec. 2.2)?	  		  	
			
	Additional Conditions or License	  		  	
	Restrictions (scope, field of use, geographical, etc.) (if any).	  		  	
	Leave blank if none.	  		  	
			
	Providing party’s support or update obligations (if any).	  		  	
	Leave blank if none.	  		  	
			
	Microsoft Contact	  		  	
			
	Yahoo! Contact	  		  	

 This Schedule is agreed upon and executed by the parties’ duly authorized representatives as
of             , 20     (“Schedule Effective Date”). 
  

									
	YAHOO! INC.	 		 	MICROSOFT CORPORATION
					
	By:	 	  
	 		 	By:	 	  

		 	Signature	 		 		 	Signature
					
	Name:	 	  
	 		 	Name:	 	  

		 	Print or Type	 		 		 	Print or Type
					
	Title:	 	  
	 		 	Title:	 	  

									
					
	Date Signed:	 	  
	 		 	Date Signed:	 	  

  

					
		 	8	 	CONFIDENTIAL

  

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

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 YAHOO! [*] CONSENT 

TO 

ADDENDUM TO LICENSE AGREEMENT 
 Yahoo! [*], a company registered in [*] (“[*]”) and a Subsidiary of Yahoo! Inc. (“Yahoo!”), acknowledges that Yahoo! has entered into a Nonexclusive License and Ancillary
Materials Amendment dated as of October 10, 2010 between Yahoo and Microsoft Corporation (“Amendment”). To the extent that [*], holds any rights with respect to the Yahoo! Supplemental Technology (as defined in the Amendment)
(or any intellectual property therein), [*] hereby consents to [*]. 
  

			
	YAHOO! [*]
		
	By:	 	 /s/ Jean-Christophe Conti

		 	Signature
		
	Name:	 	 Jean-Christophe Conti

		 	Print or Type
		
	Title:	 	  

  

					
		 	9	 	CONFIDENTIAL

  

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

 Exhibit 10.20 
 [Yahoo! Letterhead] 
 May 28, 2010 (Supersedes offer letter of April 15,
2010) 
 Blake Irving 
 [address] 
 Dear Blake: 

On behalf of Yahoo! Inc. (“Yahoo!” or the “Company”), I am pleased to offer you the position of Chief Product
Officer, reporting to Yahoo!’s Chief Executive Officer, Carol Bartz. Your appointment is subject to approval by the Company’s Board of Directors and your compensation package as outlined herein is subject to approval of the Compensation
Committee of the Board of Directors (“Compensation Committee”). For purposes of this letter, your first day of work at Yahoo! will be considered your “Employment Start Date”. This letter is your amended and restated offer letter.

 Base Salary. Your starting annual base salary will be $50,000.00 per month ($600,000.00 annually), less applicable
taxes and withholdings, paid semi-monthly and subject to annual review. 
 Executive Incentive Plan. You also will be
eligible to participate in the Executive Incentive Plan (EIP) (for 2010 eligibility your Employment Start Date must be on or before October 1, 2010), with a target incentive of 100% of your annual base salary, pro-rated based on the period of
time you are employed at Yahoo! in an EIP eligible position during the relevant year, less applicable taxes, deductions, and withholdings. Target incentives do not constitute a promise of payment. To qualify for the incentive bonus, you must remain
employed with the Company through the date that the incentive bonus is paid (as specified in the EIP). Your actual EIP payout will depend on Yahoo! financial performance and management’s assessment of your individual performance, and it is
subject to, and governed by, the terms and requirements of the EIP document. Eligibility for participation in the EIP is subject to annual review. 
 In addition, subject to approval by the Compensation Committee, as a senior leader of Yahoo!, in 2011 you also will be eligible for consideration to receive long term incentive equity awards under the
Yahoo! Inc. 1995 Stock Plan similar to other executives at your level. 
 Sign-On Bonus. You also
will receive a sign-on bonus of $250,000.00, less applicable taxes and withholdings, payable to you on the first semi-monthly paycheck that occurs 30 days after your Employment Start Date. If during the first twelve (12) months following your
Employment Start Date you voluntarily resign from your employment with Yahoo! or your employment with Yahoo! is terminated by Yahoo! with Cause1, then this sign-on bonus will become due and payable by you to Yahoo! on your last day of employment. 

 

	1 	 For purposes of this letter, “Cause” shall mean termination of your 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, you have not cured within fourteen (14) days after you receive written notice from the Company specifying with reasonable particularity such
occurrence: (1) your refusal or material failure to perform your job duties and responsibilities (other than by reason of your serious physical or mental illness, injury or medical condition), (2) your failure or refusal to comply in
any material respect with material Company policies or lawful directives, (3) your material breach of any contract or agreement between you and the Company (including but not limited to this letter agreement and any Employee Confidentiality and
Assignment of Inventions Agreement or similar agreement between you and the Company), or your material breach of any statutory duty, fiduciary duty or any other obligation that you owe to the Company, (4) your commission of an act of fraud,
theft, embezzlement or other unlawful act against the Company or involving its property or assets or your 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) your 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 

 Stock Options. As a part of the Yahoo! team, we strongly believe that ownership of
the Company by Yahoos is an important factor to our success. Therefore, as part of your compensation, management will recommend that the Compensation Committee grant you an option to purchase 400,000 shares of Yahoo! Inc.’s common stock (the
“Option”). The exercise price for the Option will be the fair market value of Yahoo! common stock on the date of grant as determined by the Compensation Committee. The Option will be subject to the terms and conditions of Yahoo!
Inc.’s 1995 Stock Plan, as amended, and the applicable notice of stock option grant and stock option agreement (which will include the stock option vesting schedule), and vesting of the Option is contingent on your continued employment with
Yahoo! through each vesting date. Subject to approval by the Compensation Committee, twenty-five percent (25%) of the shares subject to the Option will vest on the first anniversary of your Employment Start Date. Thereafter, one-eighth of the
shares subject to the Option shall vest and become exercisable every six months, such that the Option will be fully vested on the fourth anniversary of the Employment Start Date. 

Restricted Stock Units. In addition, management will also recommend that the Compensation Committee grant you
an award of 125,000 Restricted Stock Units (“RSUs”), subject to the terms and conditions of the Yahoo! Inc. 1995 Stock Plan, as amended, and the applicable restricted stock unit award agreement. Subject to the approval of the Compensation
Committee, the RSUs will vest on the third anniversary of the date of grant, provided that you have been continuously employed with Yahoo! through such date. If, however, during the first twelve (12) months after your Employment Start Date your
employment with Yahoo! is terminated by Yahoo! without Cause (as defined above), then 41,667 RSUs will vest (and the balance shall terminate) as of the date your employment with Yahoo! terminates, and payment of the vested RSUs will be satisfied
promptly and in no event later than 2 1/2 months
following the date your employment with Yahoo! terminates. If your employment with Yahoo! is terminated by Yahoo! without Cause (as defined above) after the one (1) year anniversary of your Employment Start Date and prior to the third
anniversary of the grant date of the RSUs, then you will receive pro-rata accelerated vesting of 3,472.22 RSUs for each full month worked at Yahoo! after the grant date of the RSUs (and the balance shall terminate) as of the date your employment
with Yahoo! terminates, and payment of the vested RSUs will be satisfied promptly and in no event later than
2 1/2 months following the date your employment with
Yahoo! terminates. Any fractional shares will be rounded down to the nearest whole share. Following the vesting of the RSUs, you will receive one share of Yahoo! Inc. common stock as payment for each vested RSU (subject to tax withholding).

 Benefits. A significant part of your total compensation at Yahoo! is derived from the benefits that
Yahoo! provides. Yahoo! provides a very competitive benefits package for its eligible full- and part-time employees. Eligible Yahoos may participate in Yahoo!’s health insurance benefits (medical, dental and vision), life insurance, short term
and long term disability, the Employee Stock Purchase Plan, 401(k) Plan, and Yahoo!’s Flexible Spending Plan (Healthcare Reimbursement Account and/or Dependent Care Reimbursement Account). Yahoos working less than 40 hours per week may not be
eligible for all benefit programs or certain benefits may be provided on a pro-rated basis. Please refer to benefit plan documents for eligibility. Of course, Yahoo! may change its benefits at any time. Prior to your Employment Start Date,
you will be provided a website address and logon instructions to access detailed information about Yahoo! benefits programs, including the plan documents.  
 Paid Time Off. You will accrue vacation at a rate of fifteen (15) days for the first year of your employment at Yahoo!. Thereafter, you will accrue vacation at the regular Yahoo! vacation
accrual rate (up to the maximum as specified in our Vacation Policy). Vacation is accrued based on hours worked, therefore Yahoos who work a part-time schedule accrue vacation on a pro-rata basis. In addition, Yahoo! currently provides eligible
employees with designated company paid holidays each year. 
  

more of the events enumerated in that sentence, the Company may terminate your employment for Cause without notice and
opportunity to cure. However, should the Company choose to offer you another opportunity to cure, it shall not be deemed a waiver of its rights under this provision. 

 Commute Expenses. Although you will not be required to move to the San Francisco
Bay Area, you will be expected to travel to Yahoo!’s office in Sunnyvale as your primary business location. In lieu of providing you with relocation benefits at this time and while you are living outside the San Francisco Bay Area, Yahoo! will
initially pay you a monthly commuting allowance of $11,250, less applicable taxes and withholdings. This allowance is a taxable benefit to you. 
 Proprietary Agreement and No Conflict with Prior Agreements. As an employee of Yahoo!, it is likely that you will become knowledgeable about confidential and/or proprietary information related to
the operations, products and services of Yahoo! and its clients. Similarly, you may have confidential or proprietary information from prior employers that should not be used or disclosed to anyone at Yahoo!. Therefore, Yahoo! requests that
you read, complete, and sign the enclosed Employee Confidentiality and Assignment of Inventions Agreement (“Proprietary Agreement”) and the Proprietary Information Obligations Checklist and return it to Yahoo! prior to your Employment
Start Date. In addition, Yahoo! requests that you comply with any existing and/or continuing contractual obligations that you may have with your former employers. By signing this offer letter, you represent that your employment with Yahoo! shall not
breach any agreement you have with any third party. 
 Obligations. During your employment, you shall devote your full
business efforts and time to Yahoo!. This obligation, however, shall not preclude you from engaging in appropriate civic, charitable or religious activities or from serving on the boards of directors of one or two companies that are not competitors
to Yahoo!, as long the activities do not materially interfere or conflict with your responsibilities to or your ability to perform your duties of employment at Yahoo!. Any outside activities must be in compliance with and approved if required by
Yahoo!’s Code of Ethics. 
 Non-competition. In addition to the obligations specified in the Proprietary Agreement,
you agree that, during your employment with Yahoo! you will not engage in, or have any direct or indirect interest in any person, firm, corporation or business (whether as an employee, officer, director, agent, security holder, creditor, consultant,
partner or otherwise) that is competitive with the business of Yahoo!, including, without limitation, any then-current activities relating to providing Internet navigational products or services and any then-current activities providing search,
e-mail, chat, e-commerce, instant messaging, content (e.g., music, video), ISP (e.g., connectivity, bandwidth or storage) or other Internet-based delivery or functionality. Notwithstanding the preceding sentence, you may own not more than 1% of the
securities of any company whose securities are publicly traded. 
 Employment At-Will. Please understand that this letter
does not constitute a contract of employment for any specific period of time, but will create an employment at-will relationship that may be terminated at any time by you or Yahoo!, with or without cause and with or without advance notice. The
at-will nature of the employment relationship may not be modified or amended except by written agreement signed by Yahoo!’s Chief Human Resources Officer and you. 
 Code of Ethics and Yahoo! Policies. Yahoo! is committed to creating a positive work environment and conducting business ethically. As an employee of Yahoo!, you will be expected to abide by the
Company’s policies and procedures including, but not limited to, Yahoo!’s Guide2Working@Y! and Yahoo!’s Code of Ethics. Yahoo! requests that you review, sign and bring with you on your Employment Start Date, the enclosed Code of
Ethics Acknowledgment Form. 
 Entire Agreement. This offer letter and the referenced documents and agreements 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
those subject matters. 
 Work Authorization/Visa. If you are in need of a work authorization, please let our Staffing
Coordinator know at the time that you accept this offer. Please note that the number of employment visas available each year is limited by the U.S. government. In the event that your request for or extension of an employment visa is denied or an
employment visa cannot be obtained within a reasonable amount of time (as determined by Yahoo!, in its sole discretion), Yahoo! reserves the right to withdraw or suspend this 

 
offer and/or your employment may be terminated (or if your employment has not begun, you may not become employed by Yahoo!). In the event that Yahoo! has agreed to sponsor you for an employment
visa, Yahoo! will cover all expenses associated with the visa application process. 
 Eligibility to Work in the United
States. In order for Yahoo! to comply with United States law, we ask that on your Employment Start Date you bring to Yahoo! appropriate documentation to verify your authorization to work in the United States. Yahoo! may not employ anyone who
cannot provide documentation showing that they are legally authorized to work in the United States. 
 Foreign National
Export License. Before releasing certain export-controlled technology and software to you during your employment at Yahoo!, Yahoo! may be required to obtain an export license in accordance with United States law. Yahoo! will inform you if an
export license is needed. If an export license is required, then this offer of employment and/or your continued employment (if applicable) with Yahoo! is contingent upon receipt of the export license or authorization, and Yahoo! will have no
obligation to employ you or provide you with any compensation or benefits until the export license or authorization is secured. 

Background Check. Please understand that this offer is contingent upon the successful completion of your background check.

 Accepting this Offer. This offer is contingent on you starting employment at Yahoo! on or before 05/24/2010 or a date
mutually agreed upon between you and the Company. To accept this offer, please sign this letter in the space provided below and fax it, the signed Proprietary Agreement, and the signed Proprietary Information Obligations Checklist to
[contact]. Please also mail the original signed offer letter, the signed Proprietary Agreement and the signed Proprietary Information Obligations Checklist to Grant Bassett in the envelope provided. A second copy of each document has been
provided for you to keep for your records. 
 Day 1: After your acceptance is received, your Recruiter/Coordinator will
email you information about New Hire Orientation. If you will not be starting on a Monday coinciding with orientation, please make arrangements with me to complete the necessary eligibility to work and payroll forms on your Employment Start Date.

 We can’t wait to start working with you and hope that you’ll find working at Yahoo! one of the most rewarding
experiences of your life, both professionally and personally. 
 Start practicing your yodel! 

/s/ David Windley 
 David Windley 
 Chief Human Resources Officer 

 I accept this offer of employment with Yahoo! Inc. and agree to the terms and conditions
outlined in this letter. 
  

					
	 /s/ Blake Irving
	 		 	 06/04/10

	 Signature
	 		 	 Date

			
	 Blake Irving
	 		 	 May 17, 2010

	 Full Name
	 		 	 Planned Employment Start Date

		 		 	(Contingent upon completion of a satisfactory background check.)

 Enclosures: 
 Employee Confidentiality and Assignment of Inventions
Agreement 
 Proprietary Information Obligations Checklist 

Code of Ethics Acknowledgment Form 
 At-Will Employment, Guide2Working@Yahoo!, and Privacy Policy Acknowledgment Form 
 cc: HR file

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