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Exhibit 10.29    
    

October 6,
2004 

Michael
Murray 

Dear
Michael: 

        On
behalf of Yahoo! Inc., I am pleased to offer you the position of Senior Vice President of Finance, reporting to Sue Decker. Your total compensation package, as outlined below
in this letter, is subject to the approval of the Compensation Committee of the Board of Directors. Your starting salary will be $27,083.33 per month ($325,000.00 annually), paid
semi-monthly, less applicable taxes and withholdings, and subject to annual review. You also will be eligible to participate in the regular Yahoo! health insurance benefits and other
employee benefit plans established by the Company generally for its employees. 

        As
a Senior Vice President of the Company, you will be eligible to participate in the Company's Executive Incentive Plan (EIP) beginning in 2005, subject to the guidelines for this plan.
For 2005, your target incentive will be $130,000.00, less applicable taxes and withholdings, and your payout in 2005 will be guaranteed at 100% of target. In lieu of such an incentive payment for
2004, the Company will pay you a guaranteed bonus of $32,500.00, less applicable taxes and withholdings, and will be payable by the Company when it makes its regularly scheduled EIP payments for 2004.
Target incentives under the EIP do not constitute a promise of payment. Your actual EIP payout will depend on Yahoo corporate financial performance, and management assessment of your group and
individual performance, and is subject to the EIP Rules. Any EIP payments made to you will occur at the Company's regularly scheduled EIP payment date and will be subject to any applicable taxes and
withholdings. Eligibility for the EIP is subject to annual review. You must remain continuously employed with the Company as an employee in good standing through the time that each bonus incentive or
EIP payment is made by the Company. 

        As
a part of the Yahoo! team, we strongly believe that ownership of the Company by our employees is an important factor to our success. Therefore, as part of your compensation,
management will recommend that the Compensation Committee of the Board of Directors grant you an option to
purchase 100,000 shares of Yahoo! Inc.'s Common stock under Yahoo! Inc.'s 1995 Stock Option Plan, as amended. The exercise price for this option will be the fair market value of Yahoo!
Common Stock on the date of grant as determined by the Compensation Committee of the Board of Directors. Twenty-five percent of these options will vest after one year of employment, and
the remaining 75% will vest in equal quarterly installments over the next three years, or as determined by the Board of Directors at the time the grant is made. 

        Management
also will recommend that the Compensation Committee of the Yahoo! Board of Directors grant you a total of 15,000 shares of restricted stock. All 15,000 shares of this
restricted stock grant will become non-forfeitable on the third anniversary of the date of grant, provided that you have been continuously employed with the Company as of the date that the
restricted stock becomes nonforfeitable. This restricted stock grant will be subject to, and governed by, the terms and requirements of the applicable restricted stock agreement and the Plan. 

        To
assist you with relocation to Sunnyvale, California, Yahoo! Inc. has partnered with Paragon Decision Resources to administer our relocation program. If you accept our offer,
you will be eligible to receive relocation assistance according to the attached Domestic Relocation Plan Overview ("Overview") and the terms and conditions of Paragon's programs. Once you have
returned your signed offer letter to Yahoo!, a Paragon representative will contact you to initiate your move. In addition to our standard relocation program, you will be eligible for the following
relocation benefit: 

	A.
	Yahoo!
will supplement our standard Temporary Living Allowance, which is intended to cover and/or offset a majority of costs associated with temporary living arrangements up to
3 months, by providing to you an additional lump sum payment of $20,000. This lump sum 

payment
will provide you with the flexibility to manage the allowance to best meet the needs of you and your family. 

	B.
	Home
Sale Assistance will be provided through Paragon Decision Resources to help market and sell your home. All reasonable non-recurring closing costs as well as reasonable
sales commission of up to 6% of the sales price will be reimbursed. This program is structured to take advantage of tax rulings so as to provide a tax-free benefit. Therefore, you must
speak with your consultant from Paragon Decision Resources prior to listing your property to be eligible for this benefit. 

        If
you choose to leave the Company for any reason during the first twelve months of your employment with Yahoo! Inc., a prorated portion of the monies given to you for relocation
expenses, as specified
above and in the attached overview, will become due and payable to the Company on your last day of employment (based on 1/12th for each month your termination precedes 12 months of
Yahoo! Inc. service), and by your signature below you agree that such amount shall be deducted from any compensation payable to you at that time. 

        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 the
Company and its clients. To protect the interests of both the Company and its clients, all employees are required to read and sign a PROPRIETARY INFORMATION AND ASSIGNMENT OF INVENTIONS AGREEMENT
("Proprietary Agreement") prior to beginning employment. A copy of this agreement is enclosed. Please sign it and return it along with your signed copy of this letter. 

        Similarly,
you may have confidential or proprietary information from a prior employer that should not be used or disclosed to anyone at Yahoo!. In addition, you must be sure that your
employment with Yahoo! does not violate any existing and/or continuing contractual obligations. Please read, complete, and bring with you on your first day of employment, the enclosed Proprietary
Information Obligations Checklist to this effect. 

        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 or with or without notice. Your signature at the end of this letter confirms that no promises or agreements that are contrary to our
at-will relationship have been committed to you during any of your pre-employment discussions with Yahoo!, and that this letter, along with the Proprietary Agreement, contains
our complete agreement regarding the terms and conditions of your employment. 

        Our
signatures on this letter also confirm our mutual agreement that any disputes or controversies, including but not limited to claims of harassment, discrimination and wrongful
termination, shall be settled by binding arbitration under the American Arbitration Association Rules for the Resolution of Employment Disputes. This agreement is enforceable under the Federal
Arbitration Act, or if for any reason it is inapplicable, the law of arbitration of the state in which you were last employed by Yahoo!. 

        We
hope for an early acceptance of this offer, however, it will remain open until the close of business on Monday, October 11, 2004. Please understand that this offer is
contingent upon successful completion of your background investigation. To accept this offer, please sign this letter in the space provided below and return it and a signed Proprietary Agreement to
Lan Nguyen in the envelope provided. A second copy of each document has been provided for you to keep for your records. 

        At
8:30 a.m. on the first Monday of your employment, you will meet with the Human Resources and Benefits teams for new hire orientation. Please ask for New Hire Orientation in the
lobby of Yahoo! Building D, located at 701 First Avenue in Sunnyvale, California 94089. If you are not starting on a Monday, you should make arrangements with your manager to complete the necessary
payroll forms on your first day of employment. In order for Yahoo! to comply with the Immigration Reform and Control Act, we ask that you bring appropriate verification of authorization to work in the
United States with you on your first day of employment. 

        We
look forward to your joining us and hope that you find your employment with Yahoo! enjoyable and professionally rewarding. 

Very
truly yours, 

Carol
Mahoney

Director, Talent Acquisition 

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

	

/s/  MICHAEL MURRAY      
 Michael Murray	
 	

October 24, 2004
 Date
	

    
 Planned Start Date: October 29, 2004	
 	

 

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Exhibit 10.30    
    

YAHOO! INC.

701 FIRST AVENUE

SUNNYVALE, CA 94089 

January 31,
2005 

Yahoo
Japan Corporation

Roppongi Hills Mori Tower

6-10-1 Roppongi

Minato-ku, Tokyo 106-6182

Japan

Attn:    Akira Kajikawa 

Dear
Mr. Kajikawa: 

        Thank
you for your time in our discussions regarding the Yahoo! Japan License Agreement entered into on April 1, 1996 between Yahoo! Inc. ("Yahoo") and Yahoo Japan
Corporation ("YJC"), as amended (the "Agreement"). The purpose of this letter is to memorialize our agreement that, notwithstanding anything to the contrary in the Agreement, commencing on
January 1, 2005 and continuing thereafter we agree as follows: 

        (i)    "YJC"
referenced in Section 1.1.28 of the Agreement means YJC and its Affiliates. YJC Revenue referenced in the Agreement means the revenue listed in the "YJC
Revenue" definition of YJC and of YJC's Affiliates, as reported on a consolidated basis and determined in accordance with GAAP consistently applied. 

        (ii)   The
"net revenues" referred to in the "YJC Revenue" definition are the net revenues of YJC and YJC's Affiliates as reported on a consolidated basis and determined in
accordance with GAAP consistently applied, and calculated as follows: net revenues = (total consolidated sales)—(any third party agency fees/commission paid by the party in
connection with the development or sale of the advertising rights). For purpose of clarify, "third party" above does not include Affiliates. 

        (iii)  YJC
will only have the additional right to deduct from total consolidated sales the cost of goods sold of the Affiliate eShopping! Books CORP. There will be no other
deductions from total consolidated sales. For purposes of clarity, Attachment A to this letter provides an example of our agreed methodology for calculation of YJC Revenue
as described above. 

        (iv)  We
will discuss in good faith the application of our agreement herein to new business ventures of YJC and/or its Affiliates that the parties mutually agree have
materially different gross margin structure than those of YJC and/or its Affiliates' existing businesses as of the date hereof other than the current eShopping! Books CORP business as set forth in
paragraph (iii) above. The parties recognize that the scope of the license needs to be consistent with the scope of the consideration, and both parties will discuss in good faith the scope of
the grant. Nothing contained in this paragraph (iv) shall be construed to limit YJC's payment obligations under the Agreement, including this letter amendment. 

        This
letter amends the Agreement and supersedes all prior proposals, agreements, or other communications between us, oral or written, regarding the subject matter hereof. Please have an 

authorized
officer of YJC indicate YJC's consent to this binding Amendment No. 2 to the Agreement by signing in the space provided below. 

	

 	
 	

Very truly yours,
	

 	
 	

/s/  SUE DECKER      
 Name: Sue Decker

Title: CFO

Date: January 31, 2005

For Yahoo! Inc.

Acknowledged
and Agreed by Yahoo Japan Corporation 

	By:	 	/s/  MASAHIRO INOUE      
	 	 
	Title: President & CEO

Date: January 31, 2005	 	 

 
 

ATTACHMENT A
  YJC REVENUE CALCULATION METHODOLOGY    
    

Yahoo! Japan License Fee Calculation Example**  

	(in ¥)
 
	 	Quarter Ending

September 30, 2004
	 
	Total Consolidated Revenues	 	¥26,476,504,000	 
	Less: Third party sales & agency commissions	 	(1,021,487,000	)
	 	 	
	 
	Net Revenues	 	25,455,017,000	 
	 	 	
	 
	Less: eShopping Books Cost of Goods Sold	 	(¥1,195,507,000	)
	Net Revenues after eShopping Books COGS	 	¥24,259,510,000	 
	 	3% Royalty	 	¥727,785,300	 
	License Fee to Yahoo! Inc.	 	¥727,785,300	 

**THE ABOVE EXAMPLE IS ONLY FOR THE PURPOSE OF ILLUSTRATING THE METHOD OF CALCULATING LICENSE FEE BASED ON THE AMENDMENT.  

**NOTWITHSTANDING, ACTUAL NUMBERS FOR THE THIRD QUARTER OF 2004 SHALL BE CALCULATED WITHOUT DEDUCTING "eShopping Books Cost of Goods Sold."  

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Exhibit 10.30

ATTACHMENT A YJC REVENUE CALCULATION METHODOLOGY

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