SEC（米証券取引委員会）に提出された報告書 の中で、Yahooが昨日発表したGoogleとの検索、広告事業の提携に関する内容を詳しく説明している。報告書の内容のほとんどは、昨日の発表の焼き直しで目新しいものは無い。だが、Jerry YangとSue Deckerが昨日は話したくなかった内容が含まれていた。今回の提携には、Googleに対する$83M（8300万ドル）の免責事項が含まれていたのだ。
サービス開始10ヶ月後、及び10ヶ月以降Google側が本業務契約下での4ヶ月間の収益金が$83,333,333以下であると判断した場合、Googleは本業務契約を破棄することが可能である。
言い方を変えれば、GoogleはYahooから4ヶ月毎に最低でも$83M（8300万ドル）相当の広告枠を得られる保証をえており、もしこれにYahoo側が違反した場合は契約を破棄出来るのだ。アメリカ国内でのYahooの四半期収益が$1.3B（$13億ドル）であると考えると、これは大変低い数値だ。さらにこの金額は、Yahooの2008年度の総収益のわずか1%にしか相当しないのだ（先日電話会見でYahooのSue Decker 社長は最低保障金額に関する解答は拒否している ）。
これ以外にも、両社が反トラスト法（独占禁止法）の訴訟問題、又は類似の制裁を受けることなく契約を放棄する事を可能とする条項が含まれている。Googleは2年以内にYahoo側の“支配の変更”による契約破棄に際しては、$250M（2億5千万ドル）の違約金を得る契約になっている。
Update : “支配の変更”と認められる状況は、Yahooの発行済み株式の50%が他社によって取得された際に適用される（ただし「Microsoft」「News Corp」「Time Warner」の各社がこれを行う場合は、35%までこの数値が下げられる）。不思議なことに、この条項にはMicrosoftによる“支配の変更”が“発生した”場合には抜け道が用意されている。下記の条件の一つでも当てはまれば、Yahooは違約金を払わなくて良いのだ－Microsoftによる「株式市場から発行済み株式の15%を取得」、「Yahooから直接発行済み株式の5%を取得」、「いかなる部分でも、Yahooの年間収益の1%以上に相当する部分を買収」。仮にMicrosoftがYahooを買収した場合、同社は一切の違約金を払わなくて良いのだ。この条項が意味するところは、Microsoft以外がYahooを買収する際に買収企業は、買収金に$250M（2億5000万ドル）上積みしなければならないのだ。
Yahooの“支配の変更”によって、契約発効後24ヶ月以内に両社が業務契約を破棄する場合、Yahoo側はGoogle側に$250M（2億5000万ドル）の違約金を払う義務がある。（注：本項目はMicrosoftによる“支配の変更”に際しては適用外とする）
今回の合意では、Yahoo側にGoogle側の広告の掲載方法、掲載位置、掲載時期決定の裁量権を認めている。また、契約の（金銭的）仕組みについも語られている。2種類にわかれており、Googleは本契約によって得た収益から「固定割合」及び「変動割合」の双方をYohaooに支払う契約になっている。おそらく「変動割合」は、「固定割合」に上乗せするかたちで毎月の目標値を基にして算出されるものだろう。詳しい収益分配の割合に関しては語られていない。
下記が契約の全文（英文）:
Under the Services Agreement, Yahoo! has sole discretion to choose which search queries to send to Google and is not obligated to send any minimum number of search queries. Yahoo! also has sole discretion to decide on which pages to display ads provided by Google through its AFC Services. In addition, the Services Agreement is non-exclusive, and expressly provides that Yahoo! is not prevented from implementing any other advertising, promotion or marketing service or monetization method, including any that are the same as or substantially similar in nature to the Services or displaying comparable advertisements. Yahoo! also has sole discretion with respect to the placement and location of ads generated from the Services, the number of ads requested and the formatting of ads. Additionally, Yahoo! may serve its own ads or third-party ads alongside Google ads.
Google will pay Yahoo! a percentage of the gross revenues generated from AFS Services on the Yahoo! Properties, with such percentage adjusting based on specified monthly gross revenue thresholds, and with respect to the Yahoo! Partner Properties will pay a similar percentage of gross revenues less a separate specified percentage. Google will also pay Yahoo! a fixed percentage of gross revenues generated from AFC Services on the Yahoo! Properties and a fixed percentage of gross revenues for AFC Services on Yahoo! Partner Properties.
Item 1.01. Entry into a Material Definitive Agreement.
Services Agreement
On June 12, 2008 (the “Effective Date”), Yahoo! Inc., a Delaware corporation (“Yahoo!”), and Google Inc., a Delaware corporation (“Google”), entered into a Services Agreement (the “Services Agreement”), pursuant to which Google will provide Yahoo! with advertisements through Google’s AdSense for Search service (the “AFS Services”) and AdSense for Content service (the “AFC Services” and together with the “AFS Services,” the “Services”) for display on web sites and other applications owned and operated by Yahoo! and its subsidiaries (the “Yahoo! Properties”) and certain of Yahoo!’s business partners/affiliates (the “Yahoo! Partner Properties”). The Services Agreement applies to properties within the United States and Canada.Under the Services Agreement, Yahoo! has sole discretion to choose which search queries to send to Google and is not obligated to send any minimum number of search queries. Yahoo! also has sole discretion to decide on which pages to display ads provided by Google through its AFC Services. In addition, the Services Agreement is non-exclusive, and expressly provides that Yahoo! is not prevented from implementing any other advertising, promotion or marketing service or monetization method, including any that are the same as or substantially similar in nature to the Services or displaying comparable advertisements. Yahoo! also has sole discretion with respect to the placement and location of ads generated from the Services, the number of ads requested and the formatting of ads. Additionally, Yahoo! may serve its own ads or third-party ads alongside Google ads.
Google will pay Yahoo! a percentage of the gross revenues generated from AFS Services on the Yahoo! Properties, with such percentage adjusting based on specified monthly gross revenue thresholds, and with respect to the Yahoo! Partner Properties will pay a similar percentage of gross revenues less a separate specified percentage. Google will also pay Yahoo! a fixed percentage of gross revenues generated from AFC Services on the Yahoo! Properties and a fixed percentage of gross revenues for AFC Services on Yahoo! Partner Properties.
The initial term of the Services Agreement commenced on the Effective Date and will continue for a period of four years thereafter. Yahoo! may, at its option, extend the term of the Services Agreement for up to two additional periods of three years each. Either party may terminate the Services Agreement upon notice to the other party (i) in the event of an uncured material breach of the Services Agreement by the other party, subject to dispute resolution procedures and certain limitations; (ii) in the event of a Change in Control (as defined below) involving either party; (iii) 120 days after the Effective Date in order to avoid or end a lawsuit or similar action filed on competition law grounds if the terminating party has taken all actions required under the Services Agreement with respect to regulatory matters and defending such action is not commercially reasonable for that party (taking all factors into account); or (iv) if a court of competent jurisdiction has entered an order enjoining the implementation of the Services Agreement. In addition, Google may terminate the Services Agreement if, after ten months after the Services are first launched, and each month thereafter, the gross revenues recognized by Google under the Services Agreement are less than $83,333,333 for the four prior calendar months.
As defined in the Services Agreement, the term “Change in Control” means (a) a merger, consolidation, statutory share exchange, recapitalization, restructuring or business combination involving directly or indirectly a party or a subsidiary of a party in which voting securities of the party outstanding immediately prior to such transaction do not continue to represent more than 50% (or 65% in the case of a transaction involving Microsoft Corporation (“Microsoft”), Time Warner Inc. (“Time Warner”) or News Corporation (“News Corp”), in each case together with their respective affiliates) of the voting power represented by the outstanding voting securities of the surviving entity immediately following the transaction; (b) any “person” or “group” becoming the “beneficial owner” (as such terms are used or defined in Sections 13(d) and 14(d) under the Securities Exchange Act of 1934, as amended) of more than 50% of the voting power of the then outstanding voting securities of the party, except that, in the case of Time Warner and News Corp, the percentage will be 35% instead of 50% and, in the case of Microsoft, the percentage will be 15% instead of 50% and a Change in Control will also be deemed to occur if Microsoft (i) beneficially owns 15% of the voting power of the party or (ii) acquires directly from a party any equity or voting securities of that party representing (or having a right to receive in the aggregate) 5% or more of the total equity value of the party or 1% or more of the party’s annual revenues on a consolidated basis); (c) approval by the stockholders of a party of a plan of liquidation or dissolution; (d) the sale or disposition of all or substantially all the consolidated assets of a party; or (e) at any point in time, Yahoo! no longer owns and, with respect to the U.S. and Canada, controls a majority portion of Yahoo!’s technology and intellectual property assets that in the 12-month period prior to that time had been owned by Yahoo! and used by Yahoo! to provide services in the U.S. and Canada for either its algorithmic search or search advertising business. The Services Agreement also permits Google to suspend performance of the Services under certain circumstances, including a pending Change in Control of Yahoo! involving Microsoft, Time Warner or News Corp and a change in a majority of the board of directors of Yahoo! following an annual or special meeting of stockholders if a majority of the new directors did not serve on Yahoo!’s board immediately prior to such stockholder meeting and were nominated or solicited for by Microsoft, Time Warner or News Corp or, solely with respect to Yahoo!’s first two annual or special meetings held after the Effective Date where the election of a majority of directors is before Yahoo! stockholders (but not later than September 1, 2009), by any other person or group.
If the Services Agreement is terminated by either party within 24 months of the Effective Date as a result of a Change in Control of Yahoo! (other than a Change in Control triggered only by Microsoft either (x) acquiring beneficial ownership of voting securities representing more than 15% of the voting power of outstanding Yahoo! voting securities or (y) acquiring directly from Yahoo! equity or voting securities representing 5% or more of Yahoo!’s total equity value or 1% or more of Yahoo!’s consolidated annual revenues, unless Microsoft becomes the beneficial owner of more than 35% of the voting power of such securities within such 24 month period), Yahoo! is required to pay to Google the sum of $250,000,000, which payment will be reduced by one-half of an amount equal to (a) all gross revenues received by Google pursuant to the Services Agreement through the date of termination less (b) the amount equal to Yahoo!’s share of such gross revenues during the same period.
[原文へ]
（翻訳：E.Kato）
