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Yahoo Modifies Change-in-Control Provision and Vesting

Yahoo modified the definition of “change in control” in its employee-severance plan.

The Internet company, which is currently soliciting bids from potential buyers, on Thursday amended its policies to specify that senior executives will be paid severance if Yahoo sells “all or substantially all” its operating business.

The policy change relates to Yahoo’s unusual structure. Its core Web business makes up only a small portion of the company’s overall value, the bulk of which comprises large stakes in Alibaba Holding Group Ltd. and Yahoo Japan. So a sale of the operating business alone might not have been enough to trigger Yahoo’s change-in-control...