SEC Contract Filing

Filing Date: 2017-03-13

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d226370dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;10, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Thomas J. McInerney </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Tom: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I am pleased to offer you the position of Chief
Executive Officer of Altaba Inc. (the &#147;<B>Company</B>&#148;) reporting to the Board of Directors of the Company. Should you accept this offer, this signed letter shall constitute your employment agreement with the Company (the
&#147;<B>Agreement</B>&#148;) and it will be effective on the date of the Closing, as that term is defined in the Stock Purchase Agreement by and among the Company and Verizon Communications Inc., dated as of July&nbsp;23, 2016 (the
&#147;<B>Effective</B> <B>Date</B>&#148;). You will continue to serve as a member of the Board of Directors of the Company as of the Effective Date. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>C<SMALL>OMPENSATION</SMALL> <SMALL>AND</SMALL> G<SMALL>ENERAL</SMALL> T<SMALL>ERMS</SMALL> </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.1</B> <B>Base</B> <B>Salary.</B> Your starting annual base salary will be $166,666.67 per month ($2,000,000 annually), less applicable
taxes, deductions and withholdings, paid semi-monthly. The Company&#146;s scheduled pay days are expected to be on the 10th and 25th of every month. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.2</B> <B>Annual</B> <B>Incentive</B> <B>Award.</B> Commencing with the first year of employment following the Effective Date, and during
each year of employment thereafter, you will be eligible for a cash annual incentive award targeted at one hundred percent (100%) of your annual base salary, to be payable upon attainment of performance goals to be approved by the Board of Directors
of the Company in consultation with you. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.3 Long Term Incentive Reward.</B>&nbsp;Your compensation will also include a long-term
incentive reward which complies with the Investment Company Act of 1940, as amended (the &#147;LTIR&#148;).&nbsp;On or as soon as practicable following the Effective Date you will be eligible for an initial grant under the LTIR with a threshold
value of $6,000,000, which may result in payments of between $0 and $24,000,000 based on attainment of <FONT STYLE="white-space:nowrap">pre-established</FONT> performance targets that will be approved by the Board of Directors.&nbsp;All terms of the
LTIR will be governed by the terms of the plan as approved by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.4</B> <B>Benefits/Paid</B> <B>Time</B>
<B>Off;</B> <B>Expenses.</B> You will be eligible to participate in the Company&#146;s health insurance benefit plans (medical, dental and vision) as well as any life insurance, short-term disability, and long-term disability plans that are made
available to senior executives of the Company, in accordance with the terms of those plans. You will be eligible to accrue paid time off days in accordance with the Company&#146;s vacation and/or paid time off policies. You will also be entitled to
reimbursement for all reasonable and necessary <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> business, entertainment and travel expenses incurred in connection with the performance of your duties
hereunder in accordance with the Company&#146;s expense reimbursement policies and procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.5</B> <B>Location</B><B>.</B> You
will provide services to the Company from the Borough of Manhattan, City of New York, New York in an office to be established by the Company; subject to any business travel, including required travel to the Company&#146;s offices in California, as
is necessary to perform your duties as Chief Executive Officer. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>1.6</B> <B>Obligations.</B> During your employment, you shall devote your full business
efforts and time to the Company. This obligation, however, shall not preclude you from engaging in appropriate civic, charitable or religious activities or, with the consent of the Company&#146;s Board of Directors, from serving on the boards of
directors of companies that are not competitors to the Company, as long as the activities do not materially interfere or conflict with your responsibilities to or your ability to perform your duties of employment at the Company. Any outside
activities must also be in compliance with and approved to the extent required by any Code of Ethics, Corporate Governance Guidelines or similar policies adopted by the Com