The Street reports the resignation of Yahoo's Chief Technology Officer, Farzad Nazem.

According to a SEC letter, a separation agreement about Farzad Nazem's resignation said, "this “Agreement” will confirm our understanding with regard to your termination of employment with Yahoo! Inc. (the “Company”). Base Salary for 2007. Subject to the provisions of Sections 15 and 16 hereof, you shall be entitled to receive a lump-sum payment as of the Separation Date equal to your base salary as in effect as of the Separation Date in respect of the period from the Separation Date through December 31, 2007. Such payment shall be in lieu of any payment to which you would be entitled pursuant to any other severance plans, programs, arrangements, or policies of the Company, and shall be considered a part of, and not in addition to, any amount that may be payable to you under the Worker Adjustment Retraining Notification Act of 1988 or any similar state statute or regulation.In addition, his outstanding stock options will continue to vest and shall remain exercisable as per the previous terms. Namez cannot work for Google and Microsoft (those were named specifically) for a three year period.”

The SEC agreement stated specifically that Farzad Nazem could not "during the three (3) years following the Separation Date, you in any way directly or indirectly own, manage, operate, control, accept employment or a consulting position with or otherwise advise or assist or be actively connected with, or have any financial interest in, directly or indirectly, either Google Inc. or Microsoft Corporation "will be disallowed from working with either Microsoft Corp or Google Inc for a period of three years."

Nazem has a blog about his memories, trials, success and farewell to the company he worked 11 years for.

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