Levinsohn will leave the company effective Tuesday, July 31.

He will go with the severance payments outlined in his 2010 offer letter and 2011 severance agreement, plus an equity award of 67,000 restricted stock units and 250,000 stock options. The options have an exercise price of $15.80, the closing per share price of Yahoo stock on Friday, giving them a current value of just over $5 million.

His earlier agreements call for $1.4 million in salary and target bonus, plus 175,000 restricted stock units or RSUs, and an option to buy 400,000 shares at a price determined by Yahoo's compensation committee. The outstanding RSUs and options fully vest on his departure.

Before joining Yahoo as executive vice president, Americas, in 2010, Levinsohn was managing director of investment firm Fuse Capital. He had previously served as president of Fox Interactive Media at News Corp, where he worked for six years.

"Ross has done a terrific job during his time at Yahoo," said a spokeswoman. "We wish him all the best."

(Reporting By Sarah McBride; Editing by Bernard Orr and Andrew Hay)

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