EX-10.8





 Exhibit 10.8 

PINTEREST, INC. 
 2009
STOCK PLAN 
 NOTICE OF STOCK OPTION GRANT 

Benjamin Silbermann 
 You have been
granted an option to purchase Common Stock of Pinterest, Inc., a Delaware corporation (the “Company”), as follows: 
  

					
	Date of Grant:	  	April 25, 2013
		
	Exercise Price Per Share:	  	$3.13
		
	Total Number of Shares:	  	7,493,703
		
	Total Exercise Price:	  	$23,455,290.39
			
	Type of Option:	  	☐	  	Incentive Stock Option
			
		  	☒	  	Nonstatutory Stock Option
		
	Expiration Date:	  	April 24, 2023
		
	Vesting Commencement Date:	  	February 20, 2013
		
	Vesting/Exercise Schedule:	  	The Option is immediately exercisable. So long as your
		  	Continuous Service Status does not terminate, the
		  	Shares underlying this Option shall vest in accordance
		  	with the following schedule: 1/4th of the Total Number
		  	of Shares shall vest on the 12-month anniversary of the
		  	Vesting Commencement Date and 1/16th of the Total
		  	Number of Shares shall vest at the end of every 3-
		  	month period thereafter.
		
	Termination Period:	  	You may exercise this Option for three (3) months after
		  	termination of your Continuous Service Status except
		  	as set out in Section 5 of the Stock Option Agreement
		  	(but in no event later than the Expiration Date). You
		  	are responsible for keeping track of these exercise
		  	periods following the termination of your Continuous
		  	Service Status for any reason. The Company will not
		  	provide further notice of such periods.
		
	Transferability:	  	You may not transfer this Option.














 By your signature and the signature of the Company’s representative below, you and the
Company agree that this Option is granted under and governed by the terms and conditions of the Pinterest, Inc. 2009 Stock Plan and the Stock Option Agreement, both of which are attached to and made a part of this document. 

In addition, you agree and acknowledge that your rights to any Shares underlying this Option will be earned only as you provide services to
the Company over time, that the grant of this Option is not as consideration for services you rendered to the Company prior to your date of hire, and that nothing in this Notice or the attached documents confers upon you any right to continue your
employment or consulting relationship with the Company for any period of time, nor does it interfere in any way with your right or the Company’s right to terminate that relationship at any time, for any reason, with or without cause. Also, to
the extent applicable, the Exercise Price Per Share has been set in good faith compliance with the applicable guidance issued by the IRS under Section 409A of the Code. However, there is no guarantee that the IRS will agree with the valuation,
and by signing below, you agree and acknowledge that the Company shall not be held liable for any applicable costs, taxes, or penalties associated with this Option if, in fact, the IRS were to determine that this Option constitutes deferred
compensation under Section 409A of the Code. You should consult with your own tax advisor concerning the tax consequences of such a determination by the IRS. 

 

			
	THE COMPANY:
	
	PINTEREST, INC.


 
			
		
	By:	 	 /s/ Mike Yang



 
			
	      	 	(signature)


 
			
		
	Name:	 	 Mike Yang



 
			
	Title:	 	 General Counsel



 
			
	
	OPTIONEE:
	
	BENJAMIN SILBERMANN


 
			
	
	 /s/ Benjamin Silbermann

       (signature)



 
			
		
	Address:	 	
	  

	  





			
	Phone:	 	  



 
			
	Fax:	 	  



 
			
	email:	 	  




  
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 PINTEREST, INC. 

2009 STOCK PLAN 

STOCK OPTION AGREEMENT 

1.    Grant of Option. Pinterest, Inc., a Delaware corporation (the “Company”), hereby
grants to Benjamin Silbermann (“Optionee”), an option (the “Option”) to purchase the total number of shares of Common Stock (the “Shares”) set forth in the Notice of Stock Option Grant (the “Notice”), at the
exercise price per Share set forth in the Notice (the “Exercise Price”) subject to the terms, definitions and provisions of the Pinterest, Inc. 2009 Stock Plan (the “Plan”) adopted by the Company, which is incorporated in this
Agreement by reference. Unless otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Plan. 

2.    Designation of Option. This Option is intended to be an Incentive Stock Option as defined in
Section 422 of the Code only to the extent so designated in the Notice, and to the extent it is not so designated or to the extent this Option does not qualify as an Incentive Stock Option, it is intended to be a Nonstatutory Stock Option. 

Notwithstanding the above, if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other
Incentive Stock Options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans of the Company) that first become exercisable in any calendar year have an aggregate fair market value (determined for each Share as
of the date of grant of the option covering such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a Nonstatutory Stock Option, in accordance with Section 5(c) of the Plan. 

3.    Exercise of Option. This Option shall be exercisable during its term in accordance with the
Vesting/Exercise Schedule set out in the Notice and with the provisions of Section 10 of the Plan as follows: 

(a)    Right to Exercise. 

(i)    This Option may not be exercised for a fraction of a share. 

(ii)    In the event of Optionee’s death, Disability or other termination of Continuous Service Status, the
exercisability of this Option is governed by Section 5 below, subject to the limitations contained in this Section 3. 

(iii)    In no event may this Option be exercised after the Expiration Date set forth in the Notice. 

(b)    Method of Exercise. 

(i)    This Option shall be exercisable by execution and delivery of the Early Exercise Notice and Restricted Stock
Purchase Agreement attached hereto as Exhibit A, the Exercise Agreement attached hereto as Exhibit B or of any other form of written notice 












 
approved for such purpose by the Company which shall state Optionee’s election to exercise this Option, the number of Shares in respect of which this Option is being exercised, and such
other representations and agreements as to the holder’s investment intent with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be
delivered to the Company by such means as are determined by the Plan Administrator in its discretion to constitute adequate delivery. The written notice shall be accompanied by payment of the aggregate Exercise Price for the purchased Shares. 

(ii)    As a condition to the exercise of this Option and as further set forth in Section 12 of the Plan,
Optionee agrees to make adequate provision for federal, state or other tax withholding obligations, if any, which arise upon the grant, vesting or exercise of this Option, or disposition of Shares, whether by withholding, direct payment to the
Company, or otherwise. 
 (iii)    The Company is not obligated, and will have no liability for failure, to issue
or deliver any Shares upon exercise of this Option unless such issuance or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. This Option may not be exercised until
such time as the Plan has been approved by the holders of capital stock of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would constitute a violation of any Applicable
Laws, including any applicable U.S. federal or state securities laws or any other law or regulation, including any rule under Part 221 of Title 12 of the Code of Federal Regulations as promulgated by the Federal Reserve Board. As a condition to the
exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred
to Optionee on the date on which this Option is exercised with respect to such Shares. 
 (iv)    Subject to
compliance with Applicable Laws, this Option shall be deemed to be exercised upon receipt by the Company of the appropriate written notice of exercise accompanied by the Exercise Price and the satisfaction of any applicable withholding obligations.

 4.    Method of Payment. Payment of the Exercise Price shall be by any of the following, or a
combination of the following, at the election of Optionee: 
 (a)    cash or check; 

(b)    cancellation of indebtedness; 

(c)    at the discretion of the Plan Administrator on a case by case basis, by surrender of other shares of Common Stock of
the Company (either directly or by stock attestation) that Optionee previously acquired and that have an aggregate Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which this Option is being
exercised; or 
 (d)    at the discretion of the Plan Administrator on a case by case basis, by Cashless Exercise. 

  
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 5.    Termination of Relationship. Following the
date of termination of Optionee’s Continuous Service Status for any reason (the “Termination Date”), Optionee may exercise this Option only as set forth in the Notice and this Section 5. If Optionee does not exercise this Option
within the Termination Period set forth in the Notice or the termination periods set forth below, this Option shall terminate in its entirety. In no event, may any Option be exercised after the Expiration Date of this Option as set forth in the
Notice. 
 (a)    Termination. In the event of termination of Optionee’s Continuous Service
Status other than as a result of Optionee’s Disability or death or for Cause, Optionee may, to the extent Optionee is vested in the Option Shares, exercise this Option during the Termination Period set forth in the Notice. 

(b)    Other Terminations. In connection with any termination other than a termination covered by
Section 5(a), Optionee may exercise this Option only as described below: 
 (i)    Termination
upon Disability of Optionee. In the event of termination of Optionee’s Continuous Service Status as a result of Optionee’s Disability, Optionee may, but only within six (6) months following the date of such termination (the
“Termination Date”), exercise this Option to the extent Optionee is vested in the Option Shares. 

(ii)    Death of Optionee. In the event of termination of Optionee’s Continuous Service Status
as a result of Optionee’s death, or in the event of Optionee’s death within thirty (30) days following Optionee’s Termination Date, this Option may be exercised at any time within twelve (12) months following the date of
death (or, if earlier, the date Optionee’s Continuous Service Status terminated) by Optionee’s estate or by a person who acquired the right to exercise this Option by bequest or inheritance, but only to the extent Optionee is vested in
this Option. 
 (iii)    Termination for Cause. In the event of termination of Optionee’s
Continuous Service Status for Cause, this Option (including any vested portion thereof) shall immediately terminate in its entirety upon first notification to Optionee of such termination for Cause. If Optionee’s Continuous Service Status is
suspended pending an investigation of whether Optionee’s Continuous Service Status will be terminated for Cause, all Optionee’s rights under this Option, including the right to exercise this Option, shall be suspended during the
investigation period. 
 6.    Non-Transferability of
Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be binding upon
the executors, administrators, heirs, successors and assigns of Optionee. 
 7.    Lock-Up Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s
securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration)
without the prior written consent of the Company or such underwriters, as the case may be, for 

  
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such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting
the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last 17 days of the restricted period the Company issues an earnings release or material news or a material event relating
to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted
period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this Section 7 shall continue to apply until the end of the third trading day following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond 216 days after the effective date of the
registration statement. 
 8.    Effect of Agreement. Optionee acknowledges receipt of a copy of
the Plan and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the Option terms), and hereby accepts this Option and agrees to be bound by its contractual terms as
set forth herein and in the Plan. Optionee hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Plan Administrator regarding any questions relating to this Option. In the event of a conflict between the
terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement, the Plan terms and provisions shall prevail. 

9.    Miscellaneous. 

(a)    Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

(b)    Entire Agreement; Enforcement of Rights. This Agreement, together with the Notice of Stock
Option Grant to which this Agreement is attached and the Plan, sets forth the entire agreement and understanding of the parties relating to the subject matter herein and therein and merges all prior discussions between the parties. Except as
contemplated under the Plan, no modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce
any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c)    Severability. If one or more provisions of this Agreement are held to be unenforceable under
Applicable Laws, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this
Agreement, (ii) the balance of this Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms. 

  
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 (d)    Notices. Any notice required or permitted by
this Agreement shall be in writing and shall be deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and
addressed to the party to be notified at such party’s address as set forth below or as subsequently modified by written notice. 

(e)    Counterparts. This Option may be executed in two or more counterparts, each of which shall be
deemed an original and all of which together shall constitute one instrument. 
 (f)    Successors and
Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Optionee under this Agreement may not be assigned without the
prior written consent of the Company. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed or caused this Agreement to be executed by
their officers thereunto duly authorized, effective as of the Date of Grant set forth in the accompanying Notice of Stock Option Grant. 
  

			
	THE COMPANY:
	
	PINTEREST, INC.


 
			
		
	By:	 	 /s/ Mike Yang



 
			
	      	 	(signature)


 
			
		
	Name:	 	 Mike Yang



 
			
	Title:	 	 General Counsel



 
			
	
	OPTIONEE:
	
	BENJAMIN SILBERMANN


 
			
	
	 /s/ Benjamin Silbermann

       (signature)




  
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 EXHIBIT A 

PINTEREST, INC. 

EARLY EXERCISE NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENT 

This Agreement (this “Agreement”) is made as of
                             by and between Pinterest, Inc., a Delaware corporation (the
“Company”), and Benjamin Silbermann (“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2009 Stock Plan (the
“Plan”). 
 1.    Exercise of Option. Subject to the terms and conditions hereof,
Purchaser hereby elects to exercise his or her option to purchase                          shares of the Common Stock (the
“Shares”) of the Company under and pursuant to the Plan and the Stock Option Agreement granted April 25, 2013 (the “Option Agreement”). Of these Shares, Purchaser has elected to purchase
                         of those Shares which have become vested as of the date hereof under the Vesting/Exercise
Schedule set forth in the Notice of Stock Option Grant (the “Vested Shares”) and                         
Shares which have not yet vested under such Vesting/Exercise Schedule (the “Unvested Shares”). The purchase price for the Shares shall be
$                 per Share for a total purchase price of
$                . The term “Shares” refers to the purchased Shares and all securities received as stock dividends or splits, all securities received in
replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares.

 2.    Time and Place of Exercise. The purchase and sale of the Shares under this Agreement shall
occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement, the payment of the aggregate exercise price by any method listed in Section 4 of the Option Agreement, and the satisfaction of any
applicable tax withholding obligations, all in accordance with the provisions of Section 3(b) of the Option Agreement. The Company shall issue the Shares to Purchaser by entering such Shares in Purchaser’s name as of such date in the books
and records of the Company or, if applicable, a duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable, the Company will deliver to Purchaser a certificate representing the Shares as
soon as practicable following such date. 
 3.    Limitations on Transfer. In addition to any other
limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares while the Shares are subject to the Company’s Repurchase Option (as defined below). After any Shares
have been released from such Repurchase Option, Purchaser shall not assign, encumber or dispose of any interest in such Shares except in compliance with the provisions below and applicable securities laws. 

  
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 (a)    Prohibitions on Transfer. Without limitation of any
other restriction on transfer set forth in this Agreement or the Plan, Purchaser shall be bound by each of the following restrictions: 

(1)    Purchaser shall not Transfer any of the Shares without the prior written consent of the Company (the
“Transfer Restriction”). The Transfer Restriction shall not apply to the following transactions (each, a “Permitted Transfer”): 

(A)    the transfer by Purchaser of any or all of the Shares to the Company; or 

(B)    the transfer of any or all of the Shares in accordance with Section 3(b)(v). 

In the case of any Permitted Transfer, the transferee or other recipient shall receive and hold the Shares subject to the provisions of this Section 3,
and there shall be no further transfer of such Shares except in accordance with this Section 3. 
 (2)    Purchaser
shall comply with the Company’s Insider Trading Policy as may be adopted or amended from time to time by the Board (the “Insider Trading Policy”). To the extent Purchaser is not an employee of the Company, Purchaser shall
comply with the Company’s Insider Trading Policy in the same manner as if Purchaser were deemed an employee of the Company as defined in the Insider Trading Policy. Purchaser shall not Transfer any Common Stock at any time other than during
trading windows as proscribed by the Company from time to time in accordance with the Insider Trading Policy. 

(b)    Repurchase Option.  

(i)    In the event of the voluntary or involuntary termination of Purchaser’s Continuous Service Status with the
Company for any reason (including, without limitation, resignation, death or Disability), with or without Cause, the Company shall upon the date of such termination (the “Termination Date”) have an irrevocable, exclusive option (the
“Repurchase Option”) for a period of three (3) months from such date to repurchase all or any portion of the Unvested Shares (as defined below) held by Purchaser as of the Termination Date at the original purchase price per
Share (adjusted for any stock splits, stock dividends and the like) specified in Section 1. As used herein, “Unvested Shares” means Shares that have not yet been released from the Repurchase Option. 

(ii)    Unless the Company notifies Purchaser within three (3) months from the Termination Date that it does not
intend to exercise its Repurchase Option with respect to some or all of the Unvested Shares, the Repurchase Option shall be deemed automatically exercised by the Company as of the end of such three (3) month period following such termination,
provided that the Company may notify Purchaser that it is exercising its Repurchase Option as of a date prior to the end of such three (3) month period. Unless Purchaser is otherwise notified by the Company pursuant to the preceding sentence
that the Company does not intend to exercise its Repurchase Option as to some or all of the Unvested Shares to which it applies at the time of termination, execution of this Agreement by Purchaser constitutes written notice to Purchaser of the
Company’s intention to exercise its Repurchase Option with respect to 

  
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all Unvested Shares to which such Repurchase Option applies. The Company, at its choice, may satisfy its payment obligation to Purchaser with respect to exercise of the Repurchase Option by
either (A) delivering a check to Purchaser in the amount of the purchase price for the Unvested Shares being repurchased, or (B) in the event Purchaser is indebted to the Company, canceling an amount of such indebtedness equal to the
purchase price for the Unvested Shares being repurchased, or (C) by a combination of (A) and (B) so that the combined payment and cancellation of indebtedness equals such purchase price. In the event of any deemed automatic exercise of the
Repurchase Option pursuant to this Section 3(b)(ii) in which Purchaser is indebted to the Company, such indebtedness equal to the purchase price of the Unvested Shares being repurchased shall be deemed automatically canceled as of the end of
such three (3) month period following termination of Purchaser’s employment or consulting relationship unless the Company otherwise satisfies its payment obligations. As a result of any repurchase of Unvested Shares pursuant to this
Section 3(b), the Company shall become the legal and beneficial owner of the Unvested Shares being repurchased and shall have all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name
the number of Unvested Shares being repurchased by the Company, without further action by Purchaser. 
 (iii)    One
hundred percent (100%) of the Shares shall initially be subject to the Repurchase Option. The Unvested Shares shall be released from the Repurchase Option in accordance with the Vesting/Exercise Schedule set forth in the Notice of Stock Option Grant
until all Shares are released from the Repurchase Option; provided, however, that such scheduled releases from the Repurchase Option shall immediately cease as of the Termination Date. Fractional shares shall be rounded to the nearest whole share.

 (c)    Right of First Refusal. Subject to Section 3(a), before any Shares held by Purchaser
or any transferee of Purchaser (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of
first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(c) (the “Right of First Refusal”). 

(i)    Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written
notice (the “Notice”) stating: (A) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (C)
the number of Shares to be transferred to each Proposed Transferee; and (D) the terms and conditions of each proposed sale or transfer. The Holder shall offer the Shares at the same price (the “Purchase Price”) and upon the
same terms (or terms as similar as reasonably possible) to the Company or its assignee(s). 
 (ii)    Exercise of
Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares
proposed to be transferred to any one or more of the Proposed Transferees, at the Purchase Price. If the Purchase Price includes consideration other than cash, the cash equivalent value of the non-cash
consideration shall be determined by the Board in good faith. 

  
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 (iii)    Payment. Payment of the Purchase Price
shall be made, at the election of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within sixty (60) days after receipt of the Notice or in
the manner and at the times set forth in the Notice. 
 (iv)    Holder’s Right to Transfer. If
all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(c), then the Holder may sell or otherwise transfer such Shares to
that Proposed Transferee at the Purchase Price or at a higher price, provided that such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice and provided further that any such sale or other
transfer is effected in accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the
Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the
Company, written consent shall again be obtained under Section 3(a) if applicable, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred.

 (v)    Exception for Certain Family Transfers. Anything to the contrary contained in this
Section 3(c) notwithstanding, and provided that such transfer complies with applicable securities laws, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or intestacy to
Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(c). “Immediate Family” as used herein shall mean spouse, lineal descendant
or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 3, and there shall be no further transfer of such
Shares except in accordance with the terms of this Section 3. 
 (d)    Company’s Right to Purchase upon
Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(c)(v) above) of all or a
portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of the Shares
on the date of transfer (as determined by the Board). Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the Company for a
period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares.  

(e)    Assignment. The right of the Company to purchase any part of the Shares may be assigned in
whole or in part to any holder or holders of capital stock of the Company or other persons or organizations. 

(f)    Restrictions Binding on Transferees. All transferees of Shares or any interest therein will
receive and hold such Shares or interest subject to the provisions of this Agreement and the terms of the Option Agreement and, insofar as applicable, the Repurchase Option. In the event of any purchase by the Company hereunder where the Shares or
interest are 

  
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 held by a transferee, the transferee shall be obligated, if requested by the Company, to transfer the Shares
or interest to the Purchaser for consideration equal to the amount to be paid by the Company hereunder. In the event the Repurchase Option is deemed exercised by the Company pursuant to Section 3(b)(ii) hereof, the Company may deem any
transferee to have transferred the Shares or interest to Purchaser prior to their purchase by the Company, and payment of the purchase price by the Company to such transferee shall be deemed to satisfy Purchaser’s obligation to pay such
transferee for such Shares or interest, and also to satisfy the Company’s obligation to pay Purchaser for such Shares or interest. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied. 

(g)    Termination of Rights. The prohibitions on transfer set forth in Section 3(a) above, the
right of first refusal granted the Company by Section 3(c) above and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(d) above shall terminate upon the first sale of Common Stock
of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon
termination of the right of first refusal described in Section 3(c) above, the Company will remove any stop-transfer notices referred to in Section 6(b) below and related to the restrictions in this Section 3 and, if certificates are
issued, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 6(a)(ii) below and delivered to Purchaser. 

4.    Escrow of Unvested Shares. For purposes of facilitating the enforcement of the provisions of
Section 3 above, Purchaser agrees, immediately upon receipt of the certificate(s) for the Shares subject to the Repurchase Option, to deliver such certificate(s), together with an Assignment Separate from Certificate in the form attached to
this Agreement as Attachment A executed by Purchaser and by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or the Secretary’s designee, to hold such certificate(s) and Assignment Separate
from Certificate in escrow and to take all such actions and to effectuate all such transfers and/or releases as are in required accordance with the terms of this Agreement. Purchaser hereby acknowledges that the Secretary of the Company, or the
Secretary’s designee, is so appointed as the escrow holder with the foregoing authorities as a material inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser agrees
that said escrow holder shall not be liable to any party hereof (or to any other party). The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Purchaser
agrees that if the Secretary of the Company, or the Secretary’s designee, resigns as escrow holder for any or no reason, the Board shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this Agreement.

 5.    Investment and Taxation Representations. In connection with the purchase of the Shares,
Purchaser represents to the Company the following: 
 (a)    Purchaser is aware of the Company’s business affairs
and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment for his or her own account only and not
with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to
any person or entity. 

  
 5 













 (b)    Purchaser understands that the Shares have not been registered
under the Securities Act by reason of a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

(c)    Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the
certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 

(d)    Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities Act, which, in
substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public offering
subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require, among
other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified time
periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth in
paragraph (e) below. 
 (e)    Purchaser further understands that in the event all of the applicable requirements of
Rule 144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 70 l are not exclusive, the Staff of
the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 70l will have a substantial burden of proof
in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

(f)    Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or
disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax
advice. 

  
 6 













 6.    Restrictive Legends and Stop-Transfer Orders.
 
 (a)    Legends. The certificate or certificates representing the Shares shall bear the
following legends (as well as any legends required by applicable state and federal corporate and securities laws): 

(i)    THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT With A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 
 (ii)    THE SHARES REPRESENTED BY
THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE HOLDER A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

(b)    Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance with the
restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in
its own records. 
 (c)    Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
 7.    No Employment Rights.
Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause.

 8.    Lock-Up Agreement. In connection with the initial public
offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell, make any short sale of, loan, grant any option for the
purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such
period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested
by the underwriters at the time of the public offering; provided however that, if during the last 17 days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company


  
 7 













 
occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning
on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this subsection (a) shall continue to apply until the end of the third trading
day following the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend
beyond 216 days after the effective date of the registration statement. 

9.    Section 83(b) Election. 

(a)    Purchaser understands that Section 83(a) of the Internal Revenue Code of 1986, as amended (the
“Code”), taxes as ordinary income for a Nonstatutory Stock Option and as alternative minimum taxable income for an Incentive Stock Option the difference between the amount paid for the Shares and the Fair Market Value of the Shares
as of the date any restrictions on the Shares lapse. In this context, “restriction” means the right of the Company to buy back the Shares pursuant to the Repurchase Option set forth in Section 3(b) of this Agreement. Purchaser
understands that Purchaser may elect to be taxed at the time the Shares are purchased, rather than when and as the Repurchase Option expires, by filing an election under Section 83(b) (an “83(b) Election”) of the Code with the
Internal Revenue Service within thirty (30) days from the date of purchase. Even if the Fair Market Value of the Shares at the time of the execution of this Agreement equals the amount paid for the Shares, the election must be made to avoid
income and alternative minimum tax treatment under Section 83(a) in the future. Purchaser understands that failure to file such an election in a timely manner may result in adverse tax consequences for Purchaser. Purchaser further understands
that an additional copy of such election form should be filed with his or her federal income tax return for the calendar year in which the date of this Agreement falls. Purchaser acknowledges that the foregoing is only a summary of the effect of
United States federal income taxation with respect to purchase of the Shares hereunder, and does not purport to be complete. Purchaser further acknowledges that the Company has directed Purchaser to seek independent advice regarding the applicable
provisions of the Code, the income tax laws of any municipality, state or foreign country in which Purchaser may reside, and the tax consequences of Purchaser’s death. 

(b)    Purchaser agrees that he or she will execute and deliver to the Company with this executed Agreement a copy of the
Acknowledgment and Statement of Decision Regarding Section 83(b) Election (the “Acknowledgment”) attached hereto as Attachment B. Purchaser further agrees that he or she will execute and submit with the Acknowledgment a
copy of the 83(b) Election attached hereto as Attachment C (for tax purposes in connection with the early exercise of an option) if Purchaser has indicated in the Acknowledgment his or her decision to make such an election. 

10.    Miscellaneous.  

(a)    Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

  
 8 













 (b)    Entire Agreement; Enforcement of Rights.
This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c)    Severability. If one or more provisions of this Agreement are held to be unenforceable under
Applicable Laws, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this
Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(d)    Notices. Any notice required or permitted by this Agreement shall be in writing and shall be
deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such
party’s address as set forth below or as subsequently modified by written notice. 

(e)    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original and all of which together shall constitute one instrument. 
 (f)    Successors and
Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with
the prior written consent of the Company. 
 (g)    California Corporate Securities Law. THE SALE OF
THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR
PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.  
 [Signature Page Follows] 

  
 9 













 The parties have executed this Early Exercise Notice and Restricted Stock
Purchase Agreement as of the date first set forth above. 
  

			
	THE COMPANY:
	
	PINTEREST, INC.


 
			
		
	By:	 	  



 
			
	      	 	(signature)


 
			
		
	Name:	 	  



 
			
	Title:	 	  



 
			
	
	OPTIONEE:
	
	BENJAMIN SILBERMANN


 
			
	
	  

       (signature)



 
			
		
	Address:	 	
	  





			
	  





			
	Phone:	 	  



 
			
	Fax:	 	  



 
			
	email:	 	  




  
 1 













 I, Divya Silbermann, spouse of Benjamin Silbermann, have read and hereby
approve the foregoing Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any community
property or other such interest shall hereby be similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment or
exercise of any rights under the Agreement. 
  

	
	
	/s/ Divya Silbermann
	Spouse of Benjamin Silbermann (if applicable)



  
 2 













 ATTACHMENT A 

ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED and pursuant to that certain Early Exercise Notice and Restricted Stock Purchase Agreement between the undersigned
(“Purchaser”) and Pinterest, Inc., a Delaware corporation (the “Company”), dated                      (the
“Agreement”), Purchaser hereby sells, assigns and transfers unto the Company
                            
(            ) shares of the Common Stock of the Company, standing in Purchaser’s name on the books of the Company and represented by Certificate
No.         , and does hereby irrevocably constitute and appoint
                                 to transfer said stock on the books of the
Company with full power of substitution in the premises. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND THE ATTACHMENTS THERETO. 
  

							
	Dated:
                                         
           	 		 	        	 	PURCHASER:
				
		 		 		 	BENJAMIN SILBERMANN
				
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	Spouse of Purchaser (if applicable)

 Instruction: Please do not fill in any blanks other than the signature line. The purpose of this assignment is
to enable the Company to exercise its Repurchase Option set forth in the Agreement without requiring additional signatures on the part of Purchaser. 

  
 3 













 ATTACHMENT B 

ACKNOWLEDGMENT AND STATEMENT OF DECISION 

REGARDING SECTION 83(b) ELECTION 

The undersigned (the “Purchaser”) has entered into a stock purchase agreement with Pinterest, Inc., a
Delaware corporation (the “Company”), pursuant to which the undersigned is purchasing              shares of Common Stock of the Company (the
“Shares”). In connection with the purchase of the Shares, the undersigned hereby represents as follows: 

1. The undersigned has carefully reviewed the stock purchase agreement pursuant to which the undersigned is purchasing the
Shares. 
 2. The undersigned either [check and complete as applicable]: 

(a)          has consulted, and has been fully advised by, the
undersigned’s own tax advisor,                         , whose business address is
                            , regarding the federal, state and local tax consequences of purchasing
the Shares, and particularly regarding the advisability of making elections pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”) and pursuant to the corresponding provisions, if any, of
applicable state law; or 
 (b)          has knowingly chosen not to consult
such a tax advisor. 
  
 3. The undersigned hereby states that the
undersigned has decided [check as applicable]: 
 4. to make an election pursuant to Section 83(b) of the Code, and is submitting to the
Company, together with the undersigned’s executed stock purchase agreement, an executed form entitled “Election Under Section 83(b) of the Internal Revenue Code of 1986;” or 

5. not to make an election pursuant to Section 83(b) of the Code. 

6. Neither the Company nor any subsidiary or representative of the Company has made any warranty or representation to the undersigned with
respect to the tax consequences of the undersigned’s purchase of the Shares or of the making or failure to make an election pursuant to Section 83(b) of the Code or the corresponding provisions, if any, of applicable state law. 

 

							
	Dated:
                                         
           	 		 	        	 	PURCHASER:
				
		 		 		 	BENJAMIN SILBERMANN
				
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	Spouse of Purchaser (if applicable)


  
 1 













 ATTACHMENT C 

ELECTION UNDER SECTION 83(B) 

OF THE INTERNAL REVENUE CODE OF 1986 

The undersigned taxpayer (the “Purchaser”) hereby elects, pursuant to Section 83(b) of the Internal Revenue Code, to
include in taxpayer’s gross income or alternative minimum taxable income, as applicable, for the current taxable year, the amount of any income that may be taxable to taxpayer in connection with taxpayer’s receipt of the property described
below: 
  

	
	 1.  The name, address, taxpayer identification number and taxable year of the
undersigned are as follows:

	
	        NAME OF TAXPAYER: Benjamin Silbermann

	
	        NAME OF SPOUSE:
                                         
                               

	
	        ADDRESS:
                                         
                                         
                                         
 

	
	        IDENTIFICATION NO. OF TAXPAYER:
                                         
               

	
	        IDENTIFICATION NO. OF SPOUSE:
                                         
               

	
	        TAXABLE YEAR:
                                         
               

	
	 2.  The property with respect to which the election is made is described as
follows                                  shares of the Common Stock of
Pinterest, Inc., a Delaware corporation (the “Company”).

	
	 3.  The date on which the property was transferred is:
                                         
               

	
	 4.  The property is subject to the following restrictions: Repurchase option at cost
in favor of the Company upon termination of taxpayer’s employment or consulting relationship.

	
	 5.  The fair market value at the time of transfer, determined without regard to any
restriction other than a restriction which by its terms will never lapse, of such property is: $_______________________.

	
	 6.  The amount (if any) paid for such property:
$_______________________.














 The undersigned has submitted a copy of this statement to the person for whom the services were performed in
connection with the undersigned’s receipt of the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 

 

							
	Dated:
                                         
           	 		 	        	 	PURCHASER:
				
		 		 		 	BENJAMIN SILBERMANN
				
		 		 		 	  

		 		 		 	(Signature)
				
		 		 		 	  

		 		 		 	Spouse of Purchaser (if applicable)


  
 2 













 EXHIBIT B 

PINTEREST, INC. 
 2009
STOCK PLAN 
 EXERCISE AGREEMENT 

This Exercise Agreement (this “Agreement”) is made as of
                    , by and between Pinterest, Inc., a Delaware corporation (the “Company”), and Benjamin Silbermann
(“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2009 Stock Plan (the “Plan”). 

1.    Exercise of Option. Subject to the terms and conditions hereof, Purchaser
hereby elects to exercise his or her option to purchase                      shares of the Common Stock (the “Shares”) of the
Company under and pursuant to the Plan and the Stock Option Agreement granted April 25, 2013 (the “Option Agreement”). The purchase price for the Shares shall be
$                 per Share for a total purchase price of
$                . The term “Shares” refers to the purchased Shares and all securities received as stock dividends or splits, all securities
received in replacement of the Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities or other property to which Purchaser is entitled by reason of Purchaser’s ownership of
the Shares. 
  
 2.    Time and Place of
Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with the execution and delivery of this Agreement, the payment of the aggregate exercise price by any method
listed in Section 4 of the Option Agreement, and the satisfaction of any applicable tax withholding obligations, all in accordance with the provisions of Section 3(b) of the Option Agreement. The Company shall issue the Shares to Purchaser
by entering such Shares in Purchaser’s name as of such date in the books and records of the Company or, if applicable, a duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable,
the Company will deliver to Purchaser a certificate representing the Shares as soon as practicable following such date. 

3.    Limitations on Transfer. In addition to any other limitation on transfer created by applicable
securities laws, Purchaser shall not assign, encumber or dispose of any interest in the Shares except in compliance with the provisions below and applicable securities laws. 

(a)    Prohibitions on Transfer. Without limitation of any other restriction on transfer set forth in
this Agreement or the Plan, Purchaser shall be bound by each of the following restrictions:  

(i)    Purchaser shall not Transfer any of the Shares without the prior written consent of the Company (the
“Transfer Restriction”). The Transfer Restriction shall not apply to the following transactions (each, a “Permitted Transfer”):  

(A)    the transfer by Purchaser of any or all of the Shares to the Company; or 

  
 3 













 (B)    the transfer of any or all of the Shares in accordance
with Section 3(b)(v). 
 In the case of any Permitted Transfer, the transferee or other recipient shall receive and hold the Shares subject to the
provisions of this Section 3, and there shall be no further transfer of such Shares except in accordance with this Section 3. 

(ii)    Purchaser shall comply with the Company’s Insider Trading Policy as may be adopted or amended from
time to time by the Board (the “Insider Trading Policy”). To the extent Purchaser is not an employee of the Company, Purchaser shall comply with the Company’s Insider Trading Policy in the same manner as if Purchaser were
deemed an employee of the Company as defined in the Insider Trading Policy. Purchaser shall not Transfer any Common Stock at any time other than during trading windows as proscribed by the Company from time to time in accordance with the Insider
Trading Policy. 
 (b)    Right of First Refusal. Subject to Section 3(a), before any Shares
held by Purchaser or any transferee of Purchaser (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall
have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 3(b) (the “Right of First Refusal”). 

(i)    Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written
notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”);
(iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the Shares at the same price (the “Purchase Price”) and upon
the same terms (or terms as similar as reasonably possible) to the Company or its assignee(s). 

(ii)    Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of
the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the Purchase Price.
If the Purchase Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith. 

(iii)    Payment. Payment of the Purchase Price shall be made, at the election of the Company or its
assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness, or by any combination thereof within sixty (60) days after receipt of the Notice or in the manner and at the times set forth in the Notice.

 (iv)    Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be
transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3(b), then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Purchase Price or
at a higher price, provided that such sale or other transfer is consummated within one hundred twenty (120) days after the date of the Notice and provided further that any such sale or other transfer is effected in


  
 4 













 
accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 shall continue to apply to the Shares in the hands of such
Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new
Notice shall be given to the Company, written consent shall again be obtained under Section 3(a) if applicable, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be
sold or otherwise transferred. 
 (v)    Exception for Certain Family Transfers. Anything to the
contrary contained in this Section 3(b) notwithstanding, and provided that such transfer complies with applicable securities laws, the transfer of any or all of the Shares during Purchaser’s lifetime or on Purchaser’s death by will or
intestacy to Purchaser’s Immediate Family or a trust for the benefit of Purchaser’s Immediate Family shall be exempt from the provisions of this Section 3(b). “Immediate Family” as used herein shall mean spouse,
lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 3, and there shall be no further
transfer of such Shares except in accordance with the terms of this Section 3. 
 (c)    Company’s
Right to Purchase upon Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(b)(v) above)
of all or a portion of the Shares by the record holder thereof, the Company shall have an option to purchase all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of
the Shares on the date of transfer (as determined by the Board). Upon such a transfer, the person acquiring the Shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the
Company for a period of thirty (30) days following receipt by the Company of written notice by the person acquiring the Shares. 

(d)    Assignment. The right of the Company to purchase any part of the Shares may be assigned in
whole or in part to any holder or holders of capital stock of the Company or other persons or organizations. 

(e)    Restrictions Binding on Transferees. All transferees of Shares or any interest therein will
receive and hold such Shares or interest subject to the provisions of this Agreement. Any sale or transfer of the Company’s Shares shall be void unless the provisions of this Agreement are satisfied. 

(f)    Termination of Rights. The prohibitions on transfer set forth in Section 3(a) above, the
right of first refusal granted the Company by Section 3(b) above, and the option to repurchase the Shares in the event of an involuntary transfer granted the Company by Section 3(c) above shall terminate upon the first sale of Common Stock
of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon
termination of the right of first refusal described in Section 3(b) above the Company will remove any stop-transfer notices referred to in Section 5(b) below and related to the restrictions in this Section 3 and, if certificates are
issued, a new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred to in Section 5(a)(ii) below and delivered to Purchaser. 

  
 5 













 4.    Investment and Taxation Representations. In
connection with the purchase of the Shares, Purchaser represents to the Company the following:  

(a)    Purchaser is aware of the Company’s business affairs and financial condition and has acquired
sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing these securities for investment for his or her own account only and not with a view to, or for resale in
connection with, any “distribution” thereof within the meaning of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer the Shares to any person or entity. 

(b)    Purchaser understands that the Shares have not been registered under the Securities Act by reason of a
specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein. 

(c)    Purchaser further acknowledges and understands that the securities must be held indefinitely unless they are
subsequently registered under the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the Company is under no obligation to register the securities. Purchaser understands that the
certificate(s) evidencing the securities will be imprinted with a legend which prohibits the transfer of the securities unless they are registered or such registration is not required in the opinion of counsel for the Company. 

(d)    Purchaser is familiar with the provisions of Rules 144 and 701, each promulgated under the Securities Act,
which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate of such issuer), in a non-public
offering subject to the satisfaction of certain conditions. Purchaser understands that the Company provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144 or Rule 701, which rules require,
among other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified
time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to brokered transactions. Notwithstanding this paragraph (d), Purchaser acknowledges and agrees to the restrictions set forth
in paragraph (e) below. 
 (e)    Purchaser further understands that in the event all of the applicable
requirements of Rule 144 or 701 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 70 l are not
exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 or 70l will have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

  
 6 













 (f)    Purchaser understands that Purchaser may suffer adverse
tax consequences as a result of Purchaser’s purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and
that Purchaser is not relying on the Company for any tax advice. 
 5.    Restrictive Legends and Stop-Transfer
Orders. 
 (a)    Legends. The certificate or certificates representing the Shares shall
bear the following legends (as well as any legends required by applicable state and federal corporate and securities laws): 
  

	 	(i)	 THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT With A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
FOR THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933. 


  

	 	(ii)	 THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN
AGREEMENT BETWEEN THE COMPANY AND THE HOLDER A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 



(b)    Stop-Transfer Notices. Purchaser agrees that, in order to ensure compliance with the
restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in
its own records. 
 (c)    Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such Shares shall have been so transferred. 
 6.    No Employment Rights.
Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a parent or subsidiary of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason, with or without cause.


  
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 7.    Lock-Up
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, Purchaser agrees not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or whenever acquired (other than those included in the registration) without the prior written consent of the Company
or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an
agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last 17 days of the restricted period the Company issues an earnings release or material news or a
material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day
of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this subsection (a) shall continue to apply until the end of the third trading day following
the expiration of the 15-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond 216 days
after the effective date of the registration statement. 
 8.    Miscellaneous. 

(a)    Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law. 

(b)    Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and
understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in
writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 

(c)    Severability. If one or more provisions of this Agreement are held to be unenforceable under
Applicable Laws, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this
Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

(d)    Notices. Any notice required or permitted by this Agreement shall be in writing and shall be
deemed sufficient when delivered personally or sent by telegram or fax or forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such
party’s address as set forth below or as subsequently modified by written notice. 

  
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 (e)    Counterparts. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. 

(f)    Successors and Assigns. The rights and benefits of this Agreement shall inure to the benefit
of, and be enforceable by the Company’s successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written consent of the Company. 

(g)    California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS
AGREEMENT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS
THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS
SO EXEMPT. 
 [Signature Page Follows] 

  
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 The parties have executed this Exercise Agreement as of the date first set forth above. 

 

			
	THE COMPANY:
	
	PINTEREST, INC.
		
	By:	 	  

		 	 (signature)

		
	Name:	 	  

	Title:	 	  

	
	OPTIONEE:
	
	BENJAMIN SILBERMANN
	
	  

		 	(signature)
		
	Address:	 	
	  

	  

	Phone:	 	  



 
			
	Fax:	 	  



 
			
	email:	 	  




  
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 I,
                                , spouse of Benjamin Silbermann, have read and
hereby approve the foregoing Agreement. In consideration of the Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be irrevocably bound by the Agreement and further agree that any
community property or other such interest shall hereby be similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any
amendment or exercise of any rights under the Agreement. 
  

                    
                                         
                                

Spouse of Benjamin Silbermann (if applicable) 

  
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