Execution Version
EXHIBIT 10.11
AMENDMENT No. 5
Effective Date of Amendment No. 5: January 1, 2003
This AMENDMENT NO. 5 ("Amendment No. 5") to that certain MSN Search Agreement
dated effective as of December 19, 2001 (the "Agreement") is made by and among
OVERTURE SERVICES, INC., A DELAWARE CORPORATION ("COMPANY"), OVERTURE SEARCH
SERVICES (IRELAND) LIMITED, OVERTURE SERVICES JAPAN Y.K. and MICROSOFT
CORPORATION, A WASHINGTON CORPORATION ("Microsoft").
RECITALS
The parties desire to amend the Agreement on the terms and conditions provided
herein; and
The parties desire to amend the Agreement to extend the MSN Japan
implementation into the main term of the Agreement (i.e. it is no longer a test
implementation) and to add a guaranteed payment for the MSN Search Site in
Japan.
The parties hereby agree as follows:
AMENDMENT
1. Section 1.20 will be modified as follows (amendments in italics):
1.20 "Minimum Queries" means
(i) [*] Queries rendering to the URL ▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇▇ and
(ii) [*] Queries rendering to the URL ▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇ and
(iii) [*] Queries rendering to the URL ▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇.▇▇.
2. A new Section 3.2.3.2 will be added as follows:
3.2.3.2 Japan. For the twelve-month period beginning
January 1, 2003 and ending December 31, 2003
("Guaranteed Phase for MSN Japan"), Company will pay
to Microsoft the greater of (i) the Revenue Share
Payment for the MSN Search Site in Japan as set forth
in Section 3.2.2 and (ii) the Guaranteed Payment for
MSN Search Site in Japan (as defined below)
For the purposes of this Section 3.2.3.2, "Guaranteed
Payment for the MSN Search Site in Japan" means the
[*]
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MSN Search Agreement
* Certain information on this page has been omitted and filed separately with
the Commission. Confidential treatment has been requested with respect to the
omitted portions.
Execution Version
[*](not to exceed the maximum in Table 3, column D)
from the MSN Search Sitein Japan.
If Microsoft fails to deliver the Minimum Queries
rendering to the URL ▇▇▇▇://▇▇▇▇▇▇.▇▇▇.▇▇.▇▇ before
December 31, 2003, then the Guaranteed Phase for MSN
Japan will extend until all such guaranteed Queries
are delivered (the "Guaranteed Phase Extension for
MSN Japan"). During the Guaranteed Phase Extension
for MSN Japan, Company will not be required to make
any additional Guaranteed Payments, but Company will
continue to be required to make Revenue Share
Payments. Once the Guaranteed Phase for MSN Japan has
concluded, Company shall pay Microsoft pursuant to
Section 3.2.2 for Gross Revenue from the MSN Search
Site in Japan.
Table 3
Guaranteed Payment for the MSN Search Site in Japan
------------------------------------------------------------------------------------------------
Column D:
Column C: [*]
Column A: Column B:
Month Period [*]
------------------------------------------------------------------------------------------------
1 January 2003 [*] [*]
------------------------------------------------------------------------------------------------
2 February 2003 [*] [*]
------------------------------------------------------------------------------------------------
3 March 2003 [*] [*]
------------------------------------------------------------------------------------------------
4 April 2003 [*] [*]
------------------------------------------------------------------------------------------------
5 May 2003 [*] [*]
------------------------------------------------------------------------------------------------
6 June 2003 [*] [*]
------------------------------------------------------------------------------------------------
7 July 2003 [*] [*]
------------------------------------------------------------------------------------------------
8 August 2003 [*] [*]
------------------------------------------------------------------------------------------------
9 September 2003 [*] [*]
------------------------------------------------------------------------------------------------
10 October 2003 [*] [*]
------------------------------------------------------------------------------------------------
11 November 2003 [*] [*]
------------------------------------------------------------------------------------------------
12 December 2003 [*] [*]
------------------------------------------------------------------------------------------------
Total
------------------------------------------------------------------------------------------------
4. Section 3.2.4 will be deleted in its entirety and replaced with the
following:
3.2.4 Company will make all payments due to Microsoft
per Section 3.2.1 and 3.2.2 in U.S. Dollars, or other
currency as mutually agreed by the parties within
forty-five (45) days after the end of each calendar
month. All payments will be accompanied by a
statement showing in reasonable detail the basis for
the payment(s). Company and Microsoft will mutually
agree on whether Company will make a single payment
for all amounts due hereunder or separate payments
for individual markets. The parties have agreed to
make payments in Euros for payments relating to the
Germany and France Search Sites, in British Pounds
for payments relating to the UK Search Site, and in
Yen for payments relating to the Japan Search Site.
* Certain information on this page has been omitted and filed separately with
the Commission. Cofidential treatment has been requested with respect to the
omitted portions.
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Execution Version
3. The New Market Test Period for Japan is over and Japan is added as a
new "MSN Search Site" until the end of the Main Period Term pursuant to the
terms of Section 1 (e) of Amendment No. 1 to this Agreement.
Defined terms herein have the same meaning as set forth in the Agreement, except
as otherwise provided.
This Amendment No. 5 amends, modifies and supersedes to the extent of any
inconsistencies, the provisions of the Agreement. Except as expressly amended by
this Amendment No. 5, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 5 as of the
Amendment No. 5 Effective Date set forth above. All signed copies of this
Amendment No. 5 are deemed originals. This Amendment No. 5 does not constitute
an offer by either party. This Amendment No. 5 is effective upon execution on
behalf of Company and Microsoft by their duly authorized representatives.
MICROSOFT CORPORATION OVERTURE SERVICES, INC.
One Microsoft Way ▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
By /s/ ▇▇▇▇ ▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
___________________________________ __________________________________
(Sign) (Sign)
▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
___________________________________ __________________________________
Name(Print) Name(Print)
PUM SVP & G.M.
___________________________________ __________________________________
Title Title
Without limiting Company's obligations hereunder, Overture Search Services
(Ireland) Limited hereby executes this Amendment for purposes of assuming the
obligations (subject to the guarantee by Company provided in Section 2.13 of the
Agreement) for the UK market as provided in Section 2.13 of the Agreement.
OVERTURE SEARCH SERVICES (IRELAND) LIMITED
By /s/ ▇▇▇▇ ▇▇▇▇▇▇
___________________________________
(Sign)
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Name(Print) ▇▇▇▇ ▇▇▇▇▇▇
______________________________________
Title CFO
Without limiting Company's obligations hereunder, Overture Services Japan Y.K.
hereby executes this Amendment for purposes of assuming the obligations (subject
to the guarantee by Company provided in Section 2.13 of the Agreement) for the
Japan market as provided in Section 2.13 of the Agreement.
OVERTURE SERVICES JAPAN Y.K.
By /s/ Shig Suzuki
______________________________________
(Sign) Shig Suzuki
______________________________________
Name(Print) President
______________________________________
Title
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