by Christopher Freeburn | August 9, 2013 9:48 am
Talk about providing an incentive…
If David Karp, the founder of Tumblr, stays at the company for four more years, Yahoo (YHOO) will pay him $81 million. The deal was part of the terms of Yahoo’s $1.1 billion purchase of the blogging platform earlier this year, the Associated Press notes.
According to regulatory filings, Yahoo will pay Karp $40 million in cash and $41 million in shares, if he remains with the company until 2017.
Karp, a 27-year-old high school dropout, continues to run Tumblr from its New York offices and is thought to hold up to a 25% stake in the business, which he founded six years ago.
At the time Yahoo acquired Tumblr in May, CEO Marissa Mayer promised to allow the blogging platform considerable independence.
Shares of Yahoo in Friday morning trading.
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