# EDGAR Filing Document

**Accession Number:** 0001075531
**File Stem:** 0001075531-23-000013
**Filing Date:** 2023-2
**Character Count:** 108361
**Document Hash:** 1ae4d0e631d90398e53ce124addf5263
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001075531-23-000013.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001075531-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230223

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Booking Holdings Inc.
- **CENTRAL INDEX KEY:** 0001075531
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRANSPORTATION SERVICES [4700]
- **IRS NUMBER:** 061528493
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36691
- **FILM NUMBER:** 23659978

**BUSINESS ADDRESS:**
- **STREET 1:** 800 CONNECTICUT AVE
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06854
- **BUSINESS PHONE:** 203-299-8000

**MAIL ADDRESS:**
- **STREET 1:** 800 CONNECTICUT AVE
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06854

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Priceline Group Inc.
- **DATE OF NAME CHANGE:** 20140328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICELINE COM INC
- **DATE OF NAME CHANGE:** 19981221

?xml version="1.0" ? bkng-20230223

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) February 23, 2023

**Booking Holdings Inc.** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **1-36691** | **06-1528493** |
| (State or other Jurisdiction of<br>Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | | | |
|:---|:---|:---|:---|
| **800 Connecticut Avenue** | **Norwalk** | **Connecticut** | **06854** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (zip code) |

---

Registrant's telephone number, including area code: **(203) 299-8000** 

**N/A** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class:** | **Trading Symbol** | **Name of Each Exchange on which Registered:** |
| Common Stock par value $0.008 per share | BKNG | The NASDAQ Global Select Market |
| 2.375% Senior Notes Due 2024 | BKNG 24 | The NASDAQ Stock Market LLC |
| 0.100% Senior Notes Due 2025 | BKNG 25 | The NASDAQ Stock Market LLC |
| 4.000% Senior Notes Due 2026 | BKNG 26 | The NASDAQ Stock Market LLC |
| 1.800% Senior Notes Due 2027 | BKNG 27 | The NASDAQ Stock Market LLC |
| 0.500% Senior Notes Due 2028 | BKNG 28 | The NASDAQ Stock Market LLC |
| 4.250% Senior Notes Due 2029 | BKNG 29 | The NASDAQ Stock Market LLC |
| 4.500% Senior Notes Due 2031 | BKNG 31 | The NASDAQ Stock Market LLC |
| 4.750% Senior Notes Due 2034 | BKNG 34 | The NASDAQ Stock Market LLC |

---

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

<u>Form PSU Agreement and Form RSU Agreement</u>

On February 17, 2023, the Compensation Committee (the "Committee") of the Board of Directors of Booking Holdings Inc. (the "Company") approved a new form of performance share unit ("PSU") agreement (the "Form PSU Agreement") and a new form of restricted stock unit ("RSU") agreement (the "Form RSU Agreement") for use under the Company's 1999 Omnibus Plan (as amended and restated, the "Plan").

The Form PSU Agreement provides for the grant of PSUs to executive officers. The specific performance goals and other terms of any such PSU award granted pursuant to the Plan and the Form PSU Agreement, including the amount of the award, the applicable vesting schedule, and the performance period, will be determined at the time of the grant. Any such PSU award will be subject to the terms of the Plan and approved by the Committee. The performance goals will be determined by the Committee in accordance with the Plan and may include quantitative and/or qualitative goals, including, without limitation: (i) pre-tax income or after-tax income, (ii) operating profit, (iii) return on equity, assets, capital or investment, (iv) earnings, (v) earnings before interest, taxes, depreciation and/or amortization, (vi) book value per share, (vii) sales or revenues, (viii) operating expenses, (ix) margins, (x) market share, (xi) gross bookings, (xii) hotel/accommodation room nights, (xiii) price appreciation or other measurement of the change in value of a share of Company stock, (xiv) organizational structure or restructuring goals, (xv) establishment and/or implementation of company policies, (xvi) regulatory or compliance goals, (xvii) human resource related goals, or (xviii) strategic goals. The performance goals may be expressed in terms of attaining a specified level, or increase or decrease, of the particular criteria, and may be applied to one or more of the Company, a subsidiary or affiliate, a division or business unit, or to the performance of the Company relative to a market index, a group of other companies, or a combination thereof. Performance goals may include a threshold level below which no vesting will occur, levels of performance at which specified vesting will occur, and a maximum level at which full vesting will occur. As provided for in the Plan, the Committee has the authority to make equitable adjustments to the performance goals in recognition of, among other things, unusual or non-recurring events affecting the Company or any subsidiary or affiliate or the financial statements of the Company or any subsidiary or affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss, or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment or a business, or related to a change in accounting principles.

The Form RSU Agreement provides for the grant of restricted stock units to executive officers. The specific vesting schedule, amount of the award, and other terms of any such RSU award granted pursuant to the Plan and the Form RSU Agreement will be determined at the time of the grant. The number of shares issuable upon vesting of restricted stock units is fixed on the date of grant and is not dependent on Company performance.

The Form PSU Agreement and the Form RSU Agreement provide for vesting upon certain changes in control or termination of employment without cause or for good reason, and forfeiture upon termination of employment for cause (as defined in the applicable award agreement).

The foregoing descriptions of the Form PSU Agreement and the Form RSU Agreement are summaries only and are qualified in their entirety by reference to the form agreements, which are filed as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and which are incorporated in their entirety by reference.

<u>Retirement of Principal Financial Officer</u>

On February 23, 2023, the Company announced that David I. Goulden, the Company's Executive Vice President and Chief Financial Officer, will be transitioning to a different role pending the expected hiring of his successor by March 2024. In connection with this, on February 21, 2023 the Company and Mr. Goulden entered into a letter agreement relating to the terms of Mr. Goulden's continued service to the Company (the "Letter Agreement"). The Letter Agreement supplements the terms of the letter agreement between the Company, formerly The Priceline Group Inc., and Mr. Goulden dated January 19, 2018 (the "Employment Agreement").

The Letter Agreement provides that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Goulden will remain a full-time employee and continue to serve as the Company's Executive Vice President and Chief Financial Officer until a successor begins employment with the Company, and that the Employment Agreement will remain in effect during this period. During this period, Mr. Goulden will continue to receive a base salary of $630,000 and he will be eligible for a cash bonus under the Company's Amended and Restated Annual Bonus Plan with respect to the year ending December 31, 2023.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From the date his successor begins employment with the Company and until March 4, 2024, Mr. Goulden will remain an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From March 5, 2024 until up to March 4, 2026, we expect Mr. Goulden will be employed in a different position by, become a consultant to, or serve on a managing board of the Company or a subsidiary or affiliate.

Pursuant to the terms of the Letter Agreement, Mr. Goulden will not be eligible for a cash bonus for any period after December 31, 2023. Mr. Goulden's outstanding equity awards will continue to vest under their terms so long as he continues to provide services to the Company. A third of the PSU and RSU awards expected to be granted to Mr. Goulden on March 4, 2023 are eligible to vest on March 4, 2024, and the remaining portions of those PSU and RSU awards are eligible to vest quarterly until March 4, 2026 so long as Mr. Goulden continues service to the Company. Regardless of the date Mr. Goulden ceases service to the Company, the receipt of any shares that vest under the PSU award expected to be granted on March 4, 2023 will not take place until March 2026. The Letter Agreement reaffirms Mr. Goulden's obligations under his Employee Confidentiality and Assignment Agreement, his Non-Competition and Non-Solicitation Agreement, and his consent to the Company's Incentive-Based Compensation Clawback Policy.

The above description of the Letter Agreement is a summary only, and is qualified in its entirety by reference to the agreement, which is filed as Exhibit 99.3 to this Current Report on Form 8-K and which is incorporated in its entirety by reference.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| <u>[99.1](ex991formofpsuagreement223.htm)</u> | Form of Performance Share Unit Agreement under the Company's 1999 Omnibus Plan. |
| <u>[99.2](ex992formofrsuagreement223.htm)</u> | Form of Restricted Stock Unit Agreement under the Company's 1999 Omnibus Plan. |
| <u>[99.3](a2023letteragreement-gould.htm)</u> | Letter Agreement, dated February 23, 2023 by and between the Company and David I. Goulden. |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| BOOKING HOLDINGS INC. | BOOKING HOLDINGS INC. | BOOKING HOLDINGS INC. |
| By: | /s/ Peter J. Millones | /s/ Peter J. Millones |
|  | Name: | Peter J. Millones |
|  | Title: | Executive Vice President and General Counsel |

---

Date: February 23, 2023

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1**

BOOKING HOLDINGS INC. 1999 OMNIBUS PLAN

FORM OF PERFORMANCE SHARE UNIT AGREEMENT

THIS PERFORMANCE SHARE UNIT AGREEMENT (this "Agreement") is made by and between Booking Holdings Inc., a Delaware corporation, with its principal United States office at 800 Connecticut Avenue, Norwalk, Connecticut 06854 (the "Company"), and the Participant, as of the Grant Date in ____, which is provided, along with additional grant details, on the web portal of the secure third-party vendor website (the "Web Portal") used by the Company (such information to be referred to herein as the "Grant Summary") for the administration of the Booking Holdings Inc. 1999 Omnibus Plan, as amended from time to time (the "Plan"). Pursuant to the terms of the Plan, the Compensation Committee of the Board (the "Committee") has authorized this Agreement and approved the grant of Performance Share Units evidenced by this Agreement.

Unless otherwise indicated, any capitalized term used herein, but not defined herein, shall have the meaning ascribed to such term in the Plan.

1.<u>Definitions</u>

(a)"Cause" shall mean (i) the willful and continued failure by the Participant substantially to perform his or her duties and obligations to the Company (other than any such failure resulting from his or her incapacity due to physical or mental illness); (ii) the willful engaging by the Participant in misconduct which is materially injurious to the Company; (iii) the commission by the Participant of a felony; (iv) the willful and material violation by the Participant of any Company code of conduct; (v) the commission by the Participant of a crime against the Company which is materially injurious to the Company; (vi) a material breach by the Participant of any non-competition, non-solicitation, or other restrictive covenant that the Participant has entered into with the Company or a Subsidiary; or (vii) the willful and material breach by the Participant of any confidentiality agreement that the Participant has entered into with the Company or a Subsidiary. For purposes of this Section 1(a), no act, or failure to act, on a Participant's part shall be considered "willful" unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company. Determination of Cause shall be made by the Committee (or its delegate) in its sole discretion.

(b)"Company" shall mean Booking Holdings Inc. and any of its Subsidiaries and Affiliates.

(c)"Continuous Service" shall mean the Participant's service with the Company or any Subsidiary or Affiliate, whether as an employee, director or consultant, which is not interrupted or terminated.

(d)"Determination Date" shall mean __________.

(e)"Disability" shall mean that (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than __________ months or (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than __________ months, receiving income replacement benefits for a period of not less than __________ months under an accident and health plan covering employees of the Company.

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(f)"Form 10-Q Filing Date" shall mean the date the Company files its quarterly report on Form 10-Q with the SEC for the quarter ending on __________.

(g)"Good Reason" shall mean (i) a material diminution in the Participant's authority, duties, title, reporting structure or responsibilities, (ii) relocation of the Participant's principal office to a location more than __________ miles from its current location or more than __________ miles further from the Participant's residence at the time of relocation (provided the Participant is required by the Company to work regularly from such principal office location), or (iii) any material breach by the Company of an employment agreement, if any, that is in effect at any time between the Participant and the Company.

Before a termination by the Participant will constitute termination for Good Reason, the Participant must give the Company a Notice of Good Reason within __________ calendar days following the occurrence of the event that constitutes Good Reason. Failure to provide such Notice of Good Reason within such __________ period shall be conclusive proof that the Participant shall not have Good Reason to terminate employment by reason of such occurrence.

Good Reason shall exist only if (A) the Company fails to remedy the event or events constituting Good Reason within __________ calendar days after receipt of the Notice of Good Reason from the Participant and (B) the Participant terminates his or her employment within __________ days after the end of the period set forth in clause (A) above.

(h)"Notice of Good Reason" shall mean a written notice by the Participant to the Company which sets forth in reasonable detail the specific reason for a termination of employment for Good Reason and the facts and circumstances claimed to provide a basis for such termination and is provided to the Company in accordance with the terms set forth in Section 1(g) hereof.

(i)"Performance Period" shall mean the three-year period commencing on __________ and ending on __________.

(j) "SEC" shall mean the U.S. Securities and Exchange Commission.

(k)"Stock" shall mean shares of common stock, par value $0.008, of the Company.

(l)"Target Amount" shall have the meaning given such term under Section 2.

(m)"Vesting Factor" shall mean the factor determined in accordance with <u>Exhibit 1</u>.

(n)"Vesting Period" shall mean the period from (and excluding) __________ to (and including) __________.

2.<u>The Grant</u>

Subject to the terms and conditions set forth herein, the Participant has been granted on the Grant Date in ____ the number of Performance Share Units as indicated on the Grant Summary for the corresponding Grant Date in ____ (the "Target Amount").

3.<u>Vesting; Effect of Termination of Continuous Service; Change in Control</u>

(a)<u>Vesting Schedule.</u>__________ of the Performance Share Unit number determined in accordance with Exhibit 1 shall vest on the __________ anniversary of the Grant Date and __________ of the Performance Share Unit number shall vest on __________ (each, a "Vesting Date"), respectively, such that the Performance Share Unit number evidenced by this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;

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shall be fully vested on __________; provided, on each Vesting Date, the Participant has been in Continuous Service through such date (except that if, prior to a Vesting Date, the Participant's Continuous Service is terminated by the Company other than for Cause or by the Participant for Good Reason, the Participant shall be deemed to have continued in Continuous Service through the next following Vesting Date); provided, further, that in no event shall such number of shares of Stock exceed _____ times the Target Amount. All shares of Stock to be issued to the Participant under this Section 3(a), if any, shall be issued to the Participant as soon as practicable after the Determination Date and in no event later than __________. The Participant shall be entitled to the greater of the number of shares of Stock determined under this Section 3(a) and the number of shares of Stock determined under Section 3(c), 3(d), 3(e), 3(f) or 3(g), whichever is applicable.

(b)<u>Termination for Cause</u>. If, prior to the Determination Date, the Participant's Continuous Service is terminated by the Company for Cause, then the Participant shall forfeit any right to, and not be issued or receive, any shares of Stock under this Agreement.

(c)<u>Termination Prior to a Change in Control Due to Death</u>. If, prior to the Determination Date and prior to a Change in Control, the Participant's Continuous Service is terminated on account of death, then the Participant's Performance Share Unit number shall be determined in accordance with <u>Exhibit 1</u>, and the Participant shall be vested either (i) on the Form 10-Q Filing Date if such termination occurs on or prior to such date during the Vesting Period or (ii) at the time of such termination, if such termination occurs after the Form 10-Q Filing Date, in a number of shares of Stock equal to such Performance Share Unit number; provided, this Section 3(c) shall supersede the vesting schedule set forth in Section 3(a) of this Agreement only to the extent that it results in accelerated vesting of the Performance Share Unit number and it shall not result in a delay of any vesting or non-vesting of any Performance Share Units that otherwise would occur on any Vesting Date during the Vesting Period under the terms of Section 3(a) above; and provided, that in no event shall the number of shares of Stock earned pursuant to this Section 3(c) exceed _____ times the Target Amount. Subject to Section 3(h), the number of shares of Stock determined pursuant to the preceding sentence, if any, shall be issued to the Participant's designated beneficiary as soon as practicable after the __________, but in no event later than __________.

(d)<u>Termination Prior to a Change in Control Without Cause, for Good Reason or Disability</u>. If, prior to the Determination Date and prior to a Change in Control, the Participant's Continuous Service is terminated by the Company other than for Cause or by the Participant on account of Good Reason or Disability, then the Participant's Performance Share Unit number shall be determined in accordance with <u>Exhibit 1</u>, and the Participant shall be vested either (i) on the Form 10-Q Filing Date if such termination occurs on or prior to such date during such Vesting Period or (ii) at the time of such termination, if such termination occurs after the Form 10-Q Filing Date, in a number of shares of Stock equal to such Performance Share Unit number; provided, this Section 3(d) shall supersede the vesting schedule set forth in Section 3(a) of this Agreement only to the extent that it results in accelerated vesting of the Performance Share Unit number and it shall not result in a delay of any vesting or non-vesting of any Performance Share Units that otherwise would occur on any Vesting Date during the Vesting Period under the terms of Section 3(a) above; provided, that in no event shall the number of shares of Stock earned pursuant to this Section 3(d) exceed _____ times the Target Amount. Subject to Section 3(h), the number of shares of Stock determined pursuant to the preceding sentence, if any, shall be issued to the Participant as soon as practicable after the __________, but in no event later than __________.

(e)<u>Change in Control</u>. If a Change in Control occurs prior to the Determination Date and the Participant remains in Continuous Service through and including the Determination Date, the Participant shall be vested on the Determination Date in the Performance Share Unit number

&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;

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determined in accordance with <u>Exhibit 1</u>; provided, this Section 3(e) shall supersede the vesting schedule set forth in Section 3(a) of this Agreement only to the extent that it results in accelerated vesting of the Performance Share Unit number and it shall not result in a delay of any vesting or non-vesting of any Performance Share Units that otherwise would occur on any Vesting Date during the Vesting Period under the terms of Section 3(a) above; provided, that in no event shall the number of shares of Stock earned pursuant to this Section 3(e) exceed _____ times the Target Amount. The number of shares of Stock determined pursuant to the preceding sentence, if any, shall be issued to the Participant as soon as practicable after the Determination Date, but in no event later than __________.

(f)<u>Termination Coincident with or Following a Change in Control Due to Death</u>. If a Change in Control occurs prior to the Determination Date, and the Participant's Continuous Service is terminated on account of the Participant's death prior to the Determination Date on or following such Change in Control, the Participant shall be vested at the time of such termination in the number of shares equal to the Performance Share Unit number determined in accordance with <u>Exhibit 1</u>; provided, this Section 3(f) shall supersede the vesting schedule set forth in Section 3(a) of this Agreement only to the extent that it results in accelerated vesting of the Performance Share Unit number and it shall not result in a delay of any vesting or non-vesting of any Performance Share Units that otherwise would occur on any Vesting Date during the Vesting Period under the terms of Section 3(a) above; provided, that in no event shall the number of shares of Stock earned pursuant to this Section 3(f) exceed _____ times the Target Amount. Subject to Section 3(h), the number of shares of Stock determined pursuant to the preceding sentence, if any, shall be issued to the Participant's designated beneficiary as soon as practicable after the __________, but in no event later than __________.

(g)<u>Termination Without Cause, For Good Reason or Disability Coincident with or Following a Change in Control</u>. If a Change in Control occurs prior to the Determination Date, and the Participant's Continuous Service is terminated prior to the Determination Date on or following such Change in Control by the Company other than for Cause or by the Participant on account of Good Reason or Disability, the Participant shall be vested at the time of such termination in the number of shares equal to the Performance Share Unit number determined in accordance with <u>Exhibit 1</u>; provided, this Section 3(g) shall supersede the vesting schedule set forth in Section 3(a) of this Agreement only to the extent that it results in accelerated vesting of the Performance Share Unit number and it shall not result in a delay of any vesting or non-vesting of any Performance Share Units that otherwise would occur on any Vesting Date during the Vesting Period under the terms of Section 3(a) above; provided, that in no event shall the number of shares of Stock earned pursuant to this Section 3(g) exceed _____ times the Target Amount. Subject to Section 3(h), the number of shares of Stock determined pursuant to the preceding sentence, if any, shall be issued to the Participant as soon as practicable after the __________, but in no event later than __________.

(h)<u>Specified Employee</u>. Notwithstanding anything in this Agreement to the contrary, if (i) the Participant is a "specified employee" (within the meaning of Section 409A of the Code), (ii) the issuance of the shares of Stock pursuant to this Agreement is considered to be a "deferral of compensation" (as such phrase is defined for purposes of Section 409A of the Code), and (iii) such issuance is made by reason of the Participant's "separation from service" with the Company (determined in accordance with Section 409A of the Code), then the Participant's date of issuance of the shares of Stock shall be the date that is the first day of the seventh month after the date of the Participant's separation from service.

(i)<u>Rounding Method</u>. For purposes of calculations of share amounts made under this Section 3, results shall be rounded to the nearest whole number using the common rounding method (i.e., increase to the next highest whole number if the first decimal is 5 or more).

&nbsp;&nbsp;&nbsp;&nbsp;4&nbsp;&nbsp;&nbsp;&nbsp;

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(j)<u>Unpaid Leave of Absence</u>. Notwithstanding anything in this Section 3 to the contrary, in the event that, during the Performance Period, the Participant takes an unpaid leave of absence for a period of three consecutive months or more, then the number of shares of Stock the Participant shall be entitled to receive shall be adjusted by multiplying the Performance Share Unit number, as determined in accordance with <u>Exhibit 1</u>, by a fraction, the numerator of which is the number of days the Participant was not on an unpaid leave of absence since the Grant Date in ____ until (i) the Determination Date (including such date) or (ii) if the Participant's Continuous Service terminates prior to the Determination Date, the date on which the Participant's Continuous Service terminates (including such date), and the denominator of which is the number of days from the Grant Date (excluding such date) until the Determination Date (including such date).

4.<u>Nontransferability of Grant</u>

Except as otherwise provided herein or in the Plan, no Performance Share Units shall be assigned, negotiated, pledged, or hypothecated in any way or be subject to execution, attachment or similar process. No transfer of the Participant's rights with respect to such Performance Share Units, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such Performance Share Units, and all of the rights related thereto, shall be forfeited by the Participant.

5.<u>Distribution and Voting Rights</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Performance Share Units shall have no distribution, dividend or voting rights, and the Participant will have no rights as a stockholder of the Company by virtue of any Performance Share Unit awarded to the Participant until shares of Stock, if any, are issued to the Participant as described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Dividend Equivalents</u>. Notwithstanding the foregoing, the Company shall credit the Participant, on the Determination Date, with an additional number of Performance Share Units (rounded down to the nearest whole number) equal in value to any dividends that the Participant would have received after the Grant Date and prior to the applicable Vesting Date had the Participant been the actual owner of the number of shares of Stock represented by the Performance Share Units as determined upon application of the Vesting Factor as provided in Exhibit 1. The additional Performance Share Units shall be subject to the same terms and conditions as reflected in this Agreement (and any related addendum, if applicable), including the vesting, settlement and clawback/recoupment provisions applicable to the original Performance Share Units. Notwithstanding the foregoing, the Company may, in its discretion and in lieu of crediting the Participant with an additional number of Performance Share Units for such dividend equivalents, provide such dividend equivalents in the form of a cash payment to the Participant (subject to any applicable withholding of Tax-Related Items).

6.<u>Stock; Adjustment Upon Certain Events</u>

(a)Stock to be issued under this Agreement, if any, shall be made available, at the discretion of the Board, either from authorized but unissued Stock or from Stock reacquired by the Company in the open market, in private transactions or otherwise.

(b)The existence of this Agreement and the Performance Share Units evidenced hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company or any affiliate, any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Stock, the authorization or issuance of additional shares of Stock, the dissolution or

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liquidation of the Company or any affiliate or sale or transfer of all or part of the assets or business of the Company or any affiliate, or any other corporate act or proceeding.

(c)Upon a Change in Control, the purchaser(s) of the Company's assets or stock or the surviving entity in a merger or consolidation may, in its or their discretion, deliver to the Participant the same kind of consideration that is delivered to the stockholders of the Company as a result of such Change in Control, or the Board may cancel all outstanding Performance Share Units in exchange for consideration in cash or in kind, which consideration in both cases shall be determined by the Board.

(d)In the event of any dividend or other distribution (whether in the form of cash, Stock, or other property), recapitalization, Stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event that affects the Stock such that an adjustment is required in order to prevent dilution or enlargement of the rights of holders of Performance Share Units under the Plan, then the Committee shall make such equitable changes or adjustments to any or all of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in connection with the Performance Share Units granted under the Plan, (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable in respect of outstanding Performance Share Units, (iii) performance targets, and (iv) any individual limitations applicable to the Performance Share Units granted under the Plan.

7.<u>Determinations</u>

The Committee (by proper delegation or otherwise) shall determine the extent to which an award has been earned, if at all, in accordance with Section 3 of this Agreement on or prior to the Determination Date. Such determination and all other determinations, interpretations or other actions made or taken pursuant to the provisions of this Agreement by the Committee (or its delegate) in good faith shall be final, conclusive and binding for all purposes and upon all persons, including, without limitation, the Participant and the Company, and their respective heirs, executors, administrators, personal representatives and other successors in interest.

8.<u>Other Conditions</u>

The transfer of any Stock under this Agreement, if any, shall be effective only at such time as counsel to the Company shall have determined that the issuance and delivery of such Stock is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which Stock is traded.

9.<u>Subject to Clawback Policy</u>

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, the Performance Share Units covered by this Agreement are subject to the terms and provisions of the Company's clawback policies as may be in effect from time to time, to the extent provided for under such policies and applicable to the Participant.

10.<u>Withholding Taxes</u>

(a)Regardless of any action the Company or the employer takes with respect to any or all federal, state, local or foreign income tax, social insurance, payroll tax, payment on account or other tax related-items ("Tax-Related Items"), the Participant acknowledges that the ultimate liability for all Tax Related-Items associated with the Performance Share Units is the Participant's responsibility and that the Company and the employer (i) make no representations or undertakings regarding the treatment of any Tax Related-Items in connection with any aspect

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of the Performance Share Units, including, but not limited to, the grant or vesting of the Performance Share Units, the delivery of shares of Stock, the subsequent sale of shares of Stock acquired at vesting, and the receipt of any dividends or dividend equivalents; and (ii) do not commit to structure the terms of the grant or any aspect of the Performance Share Units to reduce or eliminate the Participant's liability for Tax Related-Items. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the employer (or former employer, as applicable) may be required to withhold or account for Tax Related-Items in more than one jurisdiction.

(b)If the Participant's country of residence (and/or the country of employment, if different) requires withholding of Tax-Related Items, the Company may withhold any shares of Stock otherwise issuable upon vesting that have an aggregate Fair Market Value sufficient to pay the minimum Tax-Related Items required to be withheld (or an equivalent cash amount, where the Performance Share Units are settled in cash). For purposes of the foregoing, no fractional shares of Stock will be withheld or issued pursuant to the grant of the Performance Share Units. If the obligation for Tax-Related Items is satisfied by withholding shares of Stock, for tax purposes, the Participant shall be deemed to have been issued the full number of shares of Stock (or the gross amount of the cash payment), notwithstanding that a number of shares of Stock are withheld solely for the purpose of satisfying any withholding obligations for the Tax-Related Items due as a result of any aspect of the Participant's participation in the Plan. In addition, where the Performance Share Units are settled in shares of Stock, the Company may, on behalf of the Participant, sell a sufficient number of whole shares of Stock issued upon vesting of the Performance Share Units having an aggregate Fair Market Value that would satisfy the withholding amount. Alternatively, the Company or the employer may, in its discretion and subject to applicable law, withhold any amount necessary to pay the Tax-Related Items from the Participant's regular salary/wages or other amounts payable to the Participant, with no withholding of shares of Stock payable upon vesting, or the Participant may, in his or her discretion, submit payment equivalent to the minimum Tax-Related Items required to be withheld by means of certified check, cashier's check, or wire transfer. In the event the withholding requirements for Tax-Related Items are not satisfied through one of the foregoing methods, no shares of Stock will be released to the Participant (or the Participant's estate) upon vesting of the Performance Share Units unless and until satisfactory arrangements (as determined by the Company in its sole discretion) have been made by the Participant with respect to the payment of any such Tax-Related Items. By accepting the Performance Share Units, the Participant expressly consents to the withholding methods for Tax-Related Items as provided hereunder and/or any other methods of withholding that the Company or the employer may take and are permitted under the Plan to meet the withholding and/or other requirements as provided under applicable laws, rules, and regulations. All other Tax-Related Items related to the Performance Share Units shall be the sole responsibility of the Participant.

(c)Notwithstanding the foregoing, if the Participant is subject to Section 16 of the Securities Exchange Act of 1934 as of the date the relevant Performance Share Unit first becomes includible in the gross income of the Participant for purposes of Tax Related-Items, all Tax Related-Items legally payable by the Participant in respect of the Performance Share Units shall be satisfied by the Company withholding a number of the shares of Stock that would otherwise be delivered to the Participant upon the vesting or settlement of the Performance Share Units with a Fair Market Value, determined as of the date of the relevant taxable event, equal to the minimum statutory withholding amount that applies to the Participant, rounded up to the nearest whole share ("Net Settlement"), or the Participant may, in his or her discretion, submit payment to the Company equivalent to the minimum Tax-Related Items required to be withheld by means of certified check, cashier's check or wire transfer. The Net Settlement mechanism described herein was approved by the Committee prior to the Grant Date in a manner intended to constitute "approval in advance" by the Committee for purposes of Rule 16b3-(e) under the Securities Exchange Act of 1934, as amended.

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(d)If the obligation for Tax Related-Items is satisfied by net settlement, for tax purposes, the Participant shall be deemed to have been issued the full number of shares of Stock issued upon vesting of the Performance Share Units notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax Related-Items.

11.<u>Distribution of Stock</u>

&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 8, the Company shall cause the Participant to be the beneficial owner of any shares of Stock that the Participant becomes entitled to receive under this Agreement in accordance with the payment terms described in Section 3.

12.<u>Incorporation of the Plan</u>

The Plan, as it exists on the date of this Agreement and as amended from time to time, is hereby incorporated by reference and made a part hereof, and the Performance Share Units and this Agreement shall be subject to all terms and conditions of the Plan. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan shall control, except as expressly stated otherwise.

13.<u>Miscellaneous</u>

(a)<u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees. Subject to Sections 6(c) and 6(d), the Company shall assign this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, and will require such successor to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, this Agreement may not be assigned by the Participant.

(b)<u>Confidentiality</u>. The Participant acknowledges that the Company intends for the information contained in this Agreement, including <u>Exhibit 1</u>, to remain confidential unless and until the Company publishes such information publicly. Notwithstanding any other provision hereof, the Participant's entitlement to any award or payment hereunder is contingent upon the Participant maintaining the confidentiality of the information contained in this Agreement, including <u>Exhibit 1</u>. The Participant agrees that he or she shall not disclose or cause the disclosure of such information and shall hold such information confidential.

(c)<u>Amendments</u>. Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent that the amendment is applicable to this Agreement. Furthermore, subject to Section 2 of <u>Exhibit 1</u>, no modification or waiver of any of the provisions of this Agreement that would reduce the Participant's rights under this Agreement shall be effective unless memorialized in writing and consented to by the party against whom it is sought to be enforced (which consent may be by failure to object to any such modification or waiver by a specified date).

(d)<u>Section 409A of the Code</u>. To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participant. This Agreement shall be administered in a manner consistent with this intent. References to Section 409A of the Code will also include any regulations or any other formal guidance promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

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(e)<u>Waiver</u>. The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

(f)<u>Headings</u>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

(g)<u>Fees and Compliance with Law</u>. The Company shall pay all fees and expenses necessarily incurred by it in connection with this Agreement and will use its reasonable efforts to comply with all laws and regulations which, in the opinion of counsel to the Company, are applicable thereto.

(h)<u>Notices</u>. All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered (including via email, the Web Portal or any other electronic means), or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices by the Participant under, pursuant to or in connection with this Agreement shall be addressed to the Company's principal office, attention of the Company's General Counsel.

(i)<u>Complete Agreement</u>. The Plan, this Agreement and the Grant Summary constitute the entire agreement and understanding between the parties with respect to the matters described herein and supersede all prior and contemporaneous agreements and understandings, oral and written, between the parties with respect to such subject matter.

(j)<u>Governing Law; Choice of Law</u>. This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the state of Delaware without reference to principles of conflict of laws. Further, for purposes of litigating any dispute that arises directly or indirectly between the parties regarding the Performance Share Units evidenced by this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction and venue of the federal or state courts of the state of Delaware of the United States of America, and agree that such litigation shall be conducted exclusively in such courts.

(k)<u>Authorization</u>. The Company represents and warrants that it is duly authorized by its Board and/or the Committee (and by any other person or body whose authorization is required) to enter into this Agreement, that there is no agreement or other legal restriction which would prevent it from entering into, and carrying out its obligations under, this Agreement, and that the officer signing this Agreement is duly authorized and empowered to sign this Agreement on behalf of the Company.

(l)<u>Investigations</u>. Notwithstanding anything in this Agreement or any other agreement with the Company or a Subsidiary, nothing shall limit the Participant's rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity.

(m)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. In the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement will continue to be valid and fully enforceable.

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14.<u>Imposition of Other Requirements</u>

The Company reserves the right to impose other requirements on the Performance Share Units, any payment made pursuant to the Performance Share Units, and the Participant's participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the Performance Share Units and the Plan. Such requirements may include (but are not limited to) requiring the Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

15.<u>Insider Trading/Market Abuse Laws</u> 

By accepting the Performance Share Units, the Participant acknowledges that the Participant is bound by all the terms and conditions of any Company insider trading policy as may be in effect from time to time. The Participant further acknowledges that, depending on the Participant's country of residence (and country of employment, if different), the Participant may be or may become subject to insider trading restrictions and/or market abuse laws, which may affect the Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Performance Share Units) or rights linked to the value of shares of Stock under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by the laws in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) "tipping" third parties or causing them otherwise to buy or sell securities.

Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any Company insider trading policy as may be in effect from time to time. The Participant acknowledges that it is the Participant's personal responsibility to comply with any applicable restrictions, and the Participant should consult with the Participant's personal legal and investment advisors for additional information.

16.<u>No Advice Regarding Grant</u>

No employee of the Company is permitted to advise the Participant on whether the Participant should acquire shares of Stock under the Plan or provide the Participant with any legal, tax or financial advice with respect to the grant of the Performance Share Units. Investment in shares of Stock involves a degree of risk. Before deciding to acquire shares of Stock pursuant to the Performance Share Units, the Participant should carefully consider all risk factors and tax considerations relevant to the acquisition of shares of Stock under the Plan or the disposition of them. Further, the Participant should carefully review all of the materials related to the Performance Share Units and the Plan, and the Participant should consult with the Participant's personal legal, tax, and financial advisors for professional advice in relation to the Participant's personal circumstances.

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IN WITNESS WHEREOF, this Agreement has been executed by the Company as of the Grant Date in ____ as set forth on the Grant Summary.

BOOKING HOLDINGS INC.

<br>[INSERT NAME AND TITLE]

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<u>Exhibit 1</u>

[INSERT THE RELEVANT PERFORMANCE GOALS AND ANY SPECIFIC DEFINITIONS RELATED TO SUCH GOALS HERE]<sup>1</sup>

[INSERT METHODOLOGY FOR DETERMINING THE NUMBER OF PERFORMANCE SHARE UNITS EARNED AT THE END OF THE PERFORMANCE PERIOD AND UPON EARLY TERMINATION EVENTS BASED ON THE ACHIEVEMENT OF THE APPLICABLE PERFORMANCE GOALS HERE.]

<sup>1</sup> The Performance Goals shall be determined by the Committee in accordance with the Plan and may include quantitative and/or qualitative goals, including, without limitation, the following, any combination of the following, or any metrics based in part on any of the following: (i) pre-tax income or after-tax income, (ii) operating profit, (iii) return on equity, assets, capital or investment, (iv) earnings, (v) earnings before interest, taxes, depreciation and/or amortization, (vi) book value per share, (vii) sales or revenues, (viii) operating expenses, (ix) margins, (x) market share, (xi) gross bookings, (xi) hotel/accommodation room nights, (xii) price appreciation or other measurement of the change in value of a share of Stock, (xiii) organizational structure or restructuring goals, (xiv) establishment and/or implementation of company policies, (xv) regulatory or compliance goals, (xvi) human resource related goals or (xvii) strategic goals. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no vesting will occur, levels of performance at which specified vesting will occur, and a maximum level of performance at which full vesting will occur. As provided for in the Plan, the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of, among other things, unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles.

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## Exhibit 99.2

**Exhibit 99.2**

Booking Holdings Inc. 1999 Omnibus Plan

**FORM OF RESTRICTED STOCK UNIT AGREEMENT** 

THIS RESTRICTED STOCK UNIT AGREEMENT (this "Agreement") is made by and between Booking Holdings Inc., a Delaware corporation, with its principal United States office at 800 Connecticut Avenue, Norwalk, Connecticut 06854 (the "Company"), and the Participant, as of the Grant Date in ____, which is provided, along with additional grant details, on the web portal of the secure third-party vendor website (the "Web Portal") used by the Company (such information to be referred to herein as the "Grant Summary") for the administration of the Booking Holdings Inc. 1999 Omnibus Plan, as amended from time to time (the "Plan"). Pursuant to the terms of the Plan, the Compensation Committee of the Board (the "Committee") has authorized this Agreement and approved the grant of restricted stock units ("RSUs") evidenced hereby.

For purposes of this Agreement, "Employer" means the Affiliate or Subsidiary of the Company that employs the Participant. Unless otherwise indicated, any capitalized term used herein, but not defined herein, shall have the meaning ascribed to such term in the Plan.

1.<u>The Grant</u>

(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions set forth herein, the Participant has been granted on the Grant Date in ____ the number of RSUs as indicated on the Grant Summary for the corresponding Grant Date in ____.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 4 hereof, __________ of the RSUs evidenced by this Agreement shall vest on the __________ anniversary of the Grant Date and __________ of the RSUs shall vest on __________ (each a "Vesting Date"), such that the RSUs evidenced by this Agreement shall be fully vested on __________; provided that, on each Vesting Date, the Participant has been in Continuous Service through such date (except that if the Participant's Continuous Service is terminated by the Company other than for Cause, or by the Participant for Good Reason, prior to any Vesting Date, the Participant shall be deemed to have continued in Continuous Service through the next following Vesting Date).

(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon satisfaction of the vesting requirements set forth in Section 1(b) and within __________ days following each such Vesting Date, the Company shall issue the Participant one (1) share of Stock free and clear of any restrictions for each vested RSU.

(d)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, "Continuous Service" shall mean that the Participant's service with the Company or any Subsidiary or Affiliate, whether as an employee, director or consultant, is not interrupted or terminated.

2.<u>Dividend Equivalents</u>

The Company shall credit the Participant, on an applicable Vesting Date, with an additional number of RSUs (rounded down to the nearest whole number) equal in value to any dividends that the Participant would have received after the Grant Date and prior to the applicable Vesting Date had the Participant been the actual owner of the number of shares of Stock represented by the RSUs. The additional RSUs shall be subject to the same terms and conditions as reflected in this Agreement (and any related addendum, if applicable), including the vesting, settlement, and clawback/recoupment provisions applicable to the original RSUs. Notwithstanding the foregoing, the Company may, in its discretion and in lieu of crediting the Participant with an additional number of RSUs for such dividend equivalents, provide such dividend equivalents in

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the form of a cash payment to the Participant (subject to any applicable withholding of Tax-Related Items).

3.<u>No Voting Rights</u>

The Participant shall not be a stockholder of record and shall have no voting or other stockholder rights with respect to shares of Stock underlying the RSUs evidenced by this Agreement prior to the dates on which shares of Stock are issued to the Participant pursuant to this Agreement.

4.<u>Effect of Termination of Continuous Service</u>

(a)Subject to Sections 4(b), (c) and (d), upon the Participant's termination of Continuous Service for any reason, the unvested portion of the RSUs evidenced by this Agreement shall be immediately forfeited and canceled (except that if the Participant's Continuous Service is terminated by the Company other than for Cause, or by the Participant for Good Reason, prior to any Vesting Date, the Participant shall be deemed to have continued in Continuous Service through the next following Vesting Date).

(b)Notwithstanding Section 1(b) or 4(a), if, prior to a Vesting Date, the Participant's Continuous Service is terminated by the Company for Cause, then the Participant shall forfeit any right to, and not be issued or receive, any shares of Stock under this Agreement.

(c)Notwithstanding Section 1(b) or 4(a), upon the date of a termination of Continuous Service by the Participant on account of death, the Participant's designated beneficiary shall be fully vested in any RSUs that remain unvested as of such date. The Company shall issue the Participant's designated beneficiary one (1) share of Stock free and clear of any restrictions for each RSU that vests pursuant to this Section 4(b) within ten (10) days following the date of the Participant's death.

(d)Notwithstanding Section 1(b) or 4(a), upon the date of a termination of Continuous Service by the Participant on account of Good Reason or Disability, the Participant shall be vested in a Pro-Rata Number of RSUs, and any unvested RSUs shall be immediately forfeited and canceled. The Company shall issue the Participant one (1) share of Stock free and clear of any restrictions for each RSU that vests pursuant to this Section 4(d) within __________ days following the date of termination of Continuous Service on account of Disability.

(e)A "Pro-Rata Number of RSUs" means a number of RSUs equal to the greater of (A) the number of RSUs that have vested under Section 1(a) above or (B) the total number of RSUs granted on the Grant Date by this Agreement, multiplied by a fraction, the numerator of which is the number of days that have elapsed during the period commencing on the Grant Date and ending on the date of termination of Continuous Service and the denominator of which is 1,095.

(f)The determination of whether the Participant's Continuous Service is terminated by the Company other than for Cause shall be made by the Committee (or any officer of the Company to whom the Committee has delegated this authority), in its sole discretion.

(g)For the purposes of Section 4, the following terms shall have the following meanings:

(i)"Cause" shall mean (A) the willful and continued failure by the Participant substantially to perform his or her duties and obligations to the Company (other than any such failure resulting from his or her incapacity due to physical or mental illness); (B) the willful engaging by the Participant in misconduct which is materially injurious to the Company; (C) the commission by the Participant of a felony; (D) the willful and material violation by the Participant of any Company code of conduct; (E) the commission by the Participant of a crime against the

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Company which is materially injurious to the Company; (F) a material breach by the Participant of any non-competition, non-solicitation, or other restrictive covenant that the Participant has entered into with the Company or a Subsidiary; or (G) the willful and material breach by the Participant of any confidentiality agreement that the Participant has entered into with the Company or a Subsidiary. For purposes of this Section 4(f)(i), no act, or failure to act, on a Participant's part shall be considered "willful" unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that his or her action or omission was in the best interest of the Company.

(ii)"Disability" shall mean (A) any physical or mental condition that would qualify the Participant for a disability benefit under any long-term disability plan maintained by the Company and applicable to him or her, (B) if there is no such plan, such condition provided in any applicable governmental statute or regulation that constitutes a Disability, or (C) if there is no such applicable statute or regulation, such other condition as may be determined by the Committee in its sole discretion to constitute a Disability.

(iii)"Good Reason" shall mean (i) a material diminution in the Participant's authority, duties, title, reporting structure or responsibilities, (ii) relocation of the Participant's principal office to a location more than __________ miles from its current location or more than __________ miles further from the Participant's residence at the time of relocation (provided the Participant is required by the Company to work regularly from such principal office location), or (iii) any material breach by the Company of an employment agreement, if any, that is in effect at any time between the Participant and the Company.

Before a termination by the Participant will constitute termination for Good Reason, the Participant must give the Company a Notice of Good Reason within __________ calendar days following the occurrence of the event that constitutes Good Reason. Failure to provide such Notice of Good Reason within such __________ period shall be conclusive proof that the Participant shall not have Good Reason to terminate employment by reason of such occurrence.

Good Reason shall exist only if (A) the Company fails to remedy the event or events constituting Good Reason within __________ calendar days after receipt of the Notice of Good Reason from the Participant and (B) the Participant terminates his or her employment within __________ days after the end of the ________ -day period set forth above.

(iv)"Notice of Good Reason" shall mean a written notice by the Participant to the Company which sets forth in reasonable detail the specific reason for a termination of employment for Good Reason and the facts and circumstances claimed to provide a basis for such termination and is provided to the Company in accordance with the terms set forth in Section 4(g)(iii) hereof.

5.<u>Nontransferability of Grant</u>

Except as otherwise provided herein or in the Plan, the RSUs shall not be assigned, negotiated, pledged, or hypothecated in any way or be subject to execution, attachment or similar process. No transfer of the Participant's rights with respect to the RSUs, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such RSUs, and all of the rights related thereto, shall be forfeited by the Participant.

6.<u>Stock; Adjustment Upon Certain Events</u> 

(a)Stock to be issued under this Agreement, if any, shall be made available, at the discretion of the Board or the Committee, either from authorized but unissued Stock or from Stock reacquired by the Company in the open market, in private transactions or otherwise.

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(b)The existence of this Agreement and the RSUs evidenced hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company or any affiliate, any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Stock, the authorization or issuance of additional shares of Stock, the dissolution or liquidation of the Company or any affiliate or sale or transfer of all or part of the assets or business of the Company or any affiliate, or any other corporate act or proceeding.

(c)Upon a Change in Control, the purchaser(s) of the Company's assets or stock or the surviving entity in a merger or consolidation may, in his, her or its discretion, deliver to the Participant the same kind of consideration that is delivered to the stockholders of the Company as a result of such Change in Control, or the Board may cancel all outstanding RSUs in exchange for consideration in cash or in kind, which consideration in both cases shall be determined by the Board.

7.<u>Determinations</u>

Each determination, interpretation or other action made or taken pursuant to the provisions of this Agreement by the Committee or the Board (or by any officer of the Company to whom authority has been delegated by the Committee or the Board) in good faith shall be final, conclusive and binding for all purposes and upon all persons, including, without limitation, the Participant and the Company, and their respective heirs, executors, administrators, personal representatives and other successors in interest.

8.<u>Other Conditions</u>

The transfer of any shares of Stock underlying the RSUs shall be effective only at such time as counsel to the Company shall have determined that the issuance and delivery of such shares are in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which the shares of Stock are traded.

9.<u>Withholding Taxes</u>

(a)Regardless of any action the Company or the Employer takes with respect to any or all federal, state, local or foreign income tax, social insurance, payroll tax, payment on account or other tax related-items ("Tax-Related Items"), the Participant acknowledges that the ultimate liability for all Tax Related-Items associated with the RSUs is the Participant's responsibility and that the Company and the Employer (i) make no representations or undertakings regarding the treatment of any Tax Related-Items in connection with any aspect of the RSUs, including, but not limited to, the grant or vesting of the RSUs, the delivery of shares of Stock, the subsequent sale of shares of Stock acquired at vesting and the receipt of any dividends or dividend equivalents; and (ii) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate the Participant's liability for Tax Related-Items. Further, if the Participant is subject to tax in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax Related-Items in more than one jurisdiction

(b)If the Participant's country of residence (and/or the country of employment, if different) requires withholding of Tax-Related Items, the Company may withhold any shares of Stock otherwise issuable upon vesting that have an aggregate Fair Market Value sufficient to pay the minimum Tax-Related Items required to be withheld (or an equivalent cash amount, where the RSUs are settled in cash). For purposes of the foregoing, no fractional shares of Stock will be withheld or issued pursuant to the grant of the RSUs. If the obligation for Tax-Related Items is

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satisfied by withholding shares of Stock, for tax purposes, the Participant shall be deemed to have been issued the full number of shares of Stock (or the gross amount of the cash payment), notwithstanding that a number of shares of Stock are withheld solely for the purpose of satisfying any withholding obligations for the Tax-Related Items due as a result of any aspect of the Participant's participation in the Plan. In addition, where the RSUs are settled in shares of Stock, the Company may, on behalf of the Participant, sell a sufficient number of whole shares of Stock issued upon vesting of the RSUs having an aggregate Fair Market Value that would satisfy the withholding amount. Alternatively, the Company, or the Employer may, in its discretion and subject to applicable law, withhold any amount necessary to pay the Tax-Related Items from the Participant's regular salary/wages or other amounts payable to the Participant, with no withholding of shares of Stock payable upon vesting, or the Participant may, in his or her discretion, submit payment equivalent to the minimum Tax-Related Items required to be withheld by means of certified check, cashier's check or wire transfer. In the event the withholding requirements for Tax-Related Items are not satisfied through one of the foregoing methods, no shares of Stock will be released to the Participant (or the Participant's estate) upon vesting of the RSUs unless and until satisfactory arrangements (as determined by the Company in its sole discretion) have been made by the Participant with respect to the payment of any such Tax-Related Items. By accepting the RSUs, the Participant expressly consents to the withholding methods for Tax-Related Items as provided hereunder and/or any other methods of withholding that the Company or the Employer may take and are permitted under the Plan to meet the withholding and/or other requirements as provided under applicable laws, rules and regulations. All other Tax-Related Items related to the RSUs shall be the sole responsibility of the Participant.

(c)Notwithstanding the foregoing, if the Participant is subject to Section 16 of the Securities Exchange Act of 1934 as of the date the relevant RSU first becomes includible in the gross income of the Participant for purposes of Tax Related-Items, all Tax Related-Items legally payable by the Participant in respect of the RSUs shall be satisfied by the Company withholding a number of the shares of Stock that would otherwise be delivered to the Participant upon the vesting or settlement of the RSUs with a Fair Market Value, determined as of the date of the relevant taxable event, equal to the minimum statutory withholding amount that applies to the Participant, rounded up to the nearest whole share ("Net Settlement"), or the Participant may, in his or her discretion, submit payment to the Company equivalent to the minimum Tax-Related Items required to be withheld by means of certified check, cashier's check or wire transfer. The Net Settlement mechanism described herein was approved by the Committee prior to the Grant Date in a manner intended to constitute "approval in advance" by the Committee for purposes of Rule 16b3-(e) under the Securities Exchange Act of 1934, as amended.

(d)If the obligation for Tax Related-Items is satisfied by net settlement, for tax purposes, the Participant shall be deemed to have been issued the full number of shares of Stock issued upon vesting of the RSUs notwithstanding that a number of the shares of Stock are held back solely for the purpose of paying the Tax Related-Items.

10.<u>Data Privacy</u>

The Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of the Participant's personal data by and among, as applicable, the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing the Participant's participation in the Plan. The Participant hereby understands that the Company and its Subsidiaries and Affiliates hold (but only process or transfer to the extent required or permitted by local law) the following personal information about the Participant: the Participant's name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of Stock awarded, canceled, purchased, exercised,

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vested, unvested or outstanding in the Participant's favor, for the purpose of implementing, administering and managing the Plan ("Data"). The Participant hereby understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, including Certent, Inc., American Stock Transfer & Trust Company, LLC, and E\*TRADE, that these recipients may be located in the Participant's country or elsewhere (such as the United States of America), and that the recipient's country may have different data privacy laws and protections than the Participant's country. The Participant hereby understands that the Participant may request a list with the names and addresses of any potential recipients of the Data by contacting the Participant's local human resources representative. The Participant authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Participant's participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any shares acquired upon vesting of the RSUs. The Participant hereby understands that Data will be held only as long as is necessary to implement, administer and manage the Participant's participation in the Plan and in accordance with local law. The Participant hereby understands that the Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Participant's local human resources representative. The Participant hereby understands, however, that refusing or withdrawing the Participant's consent may affect the Participant's ability to participate in the Plan. For more information on the consequences of the Participant's refusal to consent or withdrawal of consent, the Participant hereby understands that the Participant may contact the Participant's local human resources representative.

11.<u>Incorporation of the Plan</u>

&nbsp;&nbsp;&nbsp;&nbsp;The Plan, as it exists on the date of this Agreement and as amended from time to time, is hereby incorporated by reference and made a part hereof, and the RSUs and this Agreement shall be subject to all terms and conditions of the Plan. In the event of any conflict between the provisions of this Agreement and the provisions of the Plan, the terms of the Plan shall control, except as expressly stated otherwise.

12.<u>Electronic Delivery</u>

&nbsp;&nbsp;&nbsp;&nbsp;The Company may, in its sole discretion, deliver any documents related to the RSUs and the Participant's participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Participant's consent to participate in the Plan by electronic means, to the extent permitted by applicable law. The Participant hereby consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

13.<u>Nature of Grant</u>

The Participant acknowledges and agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan; (b) the grant of RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past; (c) all decisions with respect to future RSU grants, if any, will be at the sole discretion of the Company; (d) participation in the Plan is voluntary; (e) the RSUs are not a part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service

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awards, holiday pay, pension or retirement benefits or welfare or similar payments; (f) the future value of the underlying shares is unknown, indeterminable and cannot be predicted with certainty; and (g) in consideration of the grant of RSUs, no claim or entitlement to compensation or damages shall arise from termination of the RSUs or diminution in value of the RSUs or shares received upon vesting including (without limitation) any claim or entitlement resulting from termination of the Participant's active employment by the Company or a Subsidiary or Affiliate (for any reason whatsoever and whether or not in breach of local labor laws) and the Participant hereby releases the Company and its Subsidiaries and Affiliates from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, the Participant shall be deemed irrevocably to have waived the Participant's entitlement to pursue such claim.

14.<u>Section 409A of the Code</u>

&nbsp;&nbsp;&nbsp;&nbsp;To the extent applicable, it is intended that this Agreement and the Plan comply with, or be exempt from, the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Participant. This Agreement and the Plan shall be administered in a manner consistent with this intent. References to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any regulations, or any other formal guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>

(a)<u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company shall assign this Agreement to any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, and will require such successor to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, this Agreement may not be assigned by the Participant.

(b)<u>Amendments</u>. Any amendment to the Plan will be deemed to be an amendment to this Agreement to the extent that the amendment is applicable to this Agreement. Furthermore, no modification or waiver of any of the provisions of this Agreement that would reduce the Participant's rights under this Agreement shall be effective unless memorialized in writing and consented to by the party against whom it is sought to be enforced.

(c)<u>Waiver</u>. The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

(d)<u>Headings</u>. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

(e)<u>Fees and Compliance with Law</u>. The Company shall pay all fees and expenses necessarily incurred by the Company in connection with this Agreement and will from time to time use its reasonable efforts to comply with all laws and regulations which, in the opinion of counsel to the Company, are applicable thereto.

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(f)<u>Notices</u>. All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered (including via email, the Web Portal or other electronic means), or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices by the Participant under, pursuant to, or in connection with, this Agreement shall be addressed to the Company's principal office, attention of the Company's General Counsel.

(g)<u>Complete Agreement</u>. The Plan, this Agreement and the Grant Summary constitute the entire agreement and understanding between the parties with respect to the matters described herein and supersede all prior and contemporaneous agreements and understandings, oral and written, between the parties with respect to such subject matter.

(h)<u>Governing Law; Choice of Law</u>. This Agreement shall be governed and construed and the legal relationships of the parties determined in accordance with the laws of the state of Delaware without reference to principles of conflict of laws. Further, for purposes of litigating any dispute that arises directly or indirectly between the parties regarding the RSUs evidenced by this Agreement, the parties hereby submit to and consent to the exclusive jurisdiction and venue of the federal or state courts of the state of Delaware of the United States of America, and agree that such litigation shall be conducted exclusively in such courts.

(i)<u>Authorization</u>. The Company represents and warrants that it is duly authorized by its Board and/or the Committee (and by any other person or body whose authorization is required) to enter into this Agreement, that there is no agreement or other legal restriction which would prevent it from entering into, and carrying out its obligations under, this Agreement, and that the officer signing this Agreement is duly authorized and empowered to sign this Agreement on behalf of the Company.

(j)<u>Investigations</u>. Notwithstanding anything in this Agreement or any other agreement with the Company or a Subsidiary, nothing shall limit the Participant's rights under applicable law to provide truthful information to any governmental entity or to file a charge with or participate in an investigation conducted by any governmental entity.

(k)<u>Severability</u>. In the event that one or more of the provisions of this Agreement is invalidated for any reason by a court of competent jurisdiction, any provision so invalidated will be deemed to be separable from the other provisions of this Agreement, and the remaining provisions of this Agreement will continue to be valid and fully enforceable.

15.<u>Imposition of Other Requirements</u>

The Company reserves the right to impose other requirements on the RSUs, any payment made pursuant to the RSUs, and the Participant's participation in the Plan, to the extent the Company determines, in its sole discretion, that such other requirements are necessary or advisable in order to comply with local law, rules and regulations or to facilitate the operation and administration of the RSUs and the Plan. Such requirements may include (but are not limited to) requiring the Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

16.<u>Insider Trading/Market Abuse Laws</u>

By accepting the RSUs, the Participant acknowledges that the Participant is bound by all the terms and conditions of any Company insider trading policy as may be in effect from time to time. The Participant further acknowledges that, depending on the Participant's country of

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residence (and country of employment, if different), the Participant may be or may become subject to insider trading restrictions and/or market abuse laws, which may affect the Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., RSUs) or rights linked to the value of shares of Stock under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by the laws in the applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any Company insider trading policy as may be in effect from time to time. The Participant acknowledges that it is the Participant's personal responsibility to comply with any applicable restrictions, and the Participant should consult with the Participant's personal legal and investment advisors for additional information.

17.<u>No Advice Regarding Grant</u>

**No employee of the Company is permitted to advise the Participant on whether the Participant should acquire shares of Stock under the Plan or provide the Participant with any legal, tax or financial advice with respect to the grant of the RSUs. Investment in shares of Stock involves a degree of risk. Before deciding to acquire shares of Stock pursuant to the RSUs, the Participant should carefully consider all risk factors and tax considerations relevant to the acquisition of shares of Stock under the Plan or the disposition of them. Further, the Participant should carefully review all of the materials related to the RSUs and the Plan, and the Participant should consult with the Participant's personal legal, tax and financial advisors for professional advice in relation to the Participant's personal circumstances.**

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IN WITNESS WHEREOF, this Agreement has been executed by the Company as of the Grant Date in ____ as set forth on the Grant Summary.

BOOKING HOLDINGS INC.<br>

<br>[Insert Name and Title]

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## Exhibit 99.3

**Exhibit 99.3**

February 23, 2023

Mr. David I. Goulden

c/o Booking Holdings Inc.

800 Connecticut Avenue

Norwalk, CT 06854

Dear David:

This letter serves to supplement the letter agreement between you and Booking Holdings Inc. (including all predecessors and successors, including The Priceline Group Inc., the "*Company*"), dated January 19, 2018 (the "*Employment Agreement*"), and sets forth the terms and conditions related to your transition from employment as Executive Vice President and Chief Financial Officer of the Company.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Position; Employment or Consultation Periods</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Initial Employment Period</u>. From the date hereof (the "*Effective Date*") through the date on which a new Chief Financial Officer of the Company (the "*Incoming CFO*") begins employment with the Company (the "*Initial Employment Period*"), you will remain a full-time employee of the Company and continue to serve as Chief Financial Officer of the Company. The Employment Agreement will remain in effect during the Initial Employment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Subsequent Employment Period</u>. Provided that you remain employed through the end of the Initial Employment Period, from the last day of the Initial Employment Period through March 4, 2024 (the "*Subsequent Employment Period*"), you will be employed by the Company on a part-time basis and, on the first day of the Subsequent Employment Period, you will resign as Chief Financial Officer of the Company. During the Subsequent Employment Period, you will have the title of Executive Vice President of Finance and report to the Chief Executive Officer of the Company ("*CEO*"). During the Subsequent Employment Period, you will be expected to work approximately 25 hours per week (other than vacations, holidays and other time off in accordance with Company policies), as mutually agreed upon by you and the Company. Such work may continue to be done in a flexible manner consistent with current practice. In addition, during the Subsequent Employment Period, your duties will include, but not be limited to, those duties listed on Appendix A hereto, and any additional tasks that are reasonably requested by the CEO. The Employment Agreement shall remain in effect during the Subsequent Employment Period; *provided*, *however*, that you acknowledge and agree that the change in your position, duties, and responsibilities effective as of the beginning of the Subsequent Employment Period will not constitute "Good Reason" under the Employment Agreement or the Performance Share Unit Agreements dated August 12, 2020, November 12, 2020, March 4, 2021, March 4, 2022, and March 4, 2023, respectively, or under any other outstanding equity award agreement, between you and the Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>Additional Period</u>. Provided that you remain employed through the end of the Subsequent Employment Period, on March 5, 2024 you will voluntarily transition from your current position with the Company and be employed in a different position by, become a consultant to, or serve on a managing board of, the Company or one of its subsidiaries or affiliates for the period commencing March 5, 2024, continuing quarterly by mutual agreement with the Company and ending no later than March 4, 2026 (the "*Additional Period*"). During the Additional Period, you will provide such services as may be mutually agreed upon from time to time by you and the CEO on a mutually agreed upon schedule and time commitment (the "*Services*"). This will confirm that your status during the Additional Period will be mutually agreed upon by you and the CEO.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation and Benefits</u>. The Company will compensate you for your services during the Initial Employment Period, the Subsequent Employment Period, and the Additional Period as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Compensation; Fee</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>Initial Employment Period and Subsequent Employment Period</u>. During the Initial Employment Period and the Subsequent Employment Period, you will continue to receive a base salary at the annual rate of $630,000. Your base salary shall be payable in installments in accordance with the regular payroll practices of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>Additional Period</u>. During the Additional Period, so long as you are an employee you will be paid $3,000 per month, to assist with benefits and related costs, and such other amounts as may be mutually agreed between you and the CEO based upon the scope of responsibilities and time commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Bonus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)You will be eligible to receive a cash bonus for the 2023 calendar year pursuant to the terms and conditions of the Company's Annual Bonus Plan. Such bonus shall be paid, if earned, when paid to all other senior executives of the Company in 2024, but in no event later than March 15, 2024. To the extent that the Company's Annual Bonus Plan requires you to be an employee of the Company on the date the 2023 bonus is paid by the Company, the Company agrees to make the bonus payment to you on or before March 4, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)You will not be eligible to receive any cash bonus, whether pursuant to the Company's Annual Bonus Plan or otherwise, in respect of any period after December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Benefits</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1)</u><u>Initial Employment Period, Subsequent Employment Period, and Additional Period</u>. During any period you remain an employee of the Company, you will continue to participate in all benefit plans and arrangements in which you participated prior to the Effective Date. You will not be eligible to participate in any Company benefit plans or arrangements during any period you are not an employee of the Company, except for any continuation of group health insurance coverage you elect under COBRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2)</u><u>Other</u>. During the Subsequent Employment Period and Additional Period, you will continue to have reasonable access to an executive assistant provided by the Company and other related assistance necessary for the performance of your duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Expense Reimbursement</u>. The Company will reimburse you for any travel, entertainment, or other business expenses incurred by you in the performance of your duties as an employee, director, or consultant, in accordance with the Company's expense reimbursement policies as in effect from time to time; *provided*, *however*, that such expenses must be paid no later than the last day of the calendar year following the calendar year in which such expenses were incurred, and further provided that in no event will the amount of expenses so reimbursed in one taxable year affect the amount of expenses eligible for reimbursement in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Severance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Employment Period and Subsequent Employment Period</u>. During the Initial Employment Period and Subsequent Employment Period, you will be eligible to receive severance benefits in accordance with the terms of the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Period</u>. During the Additional Period, you will no longer be entitled to any severance benefits.

3.<u>Equity Awards</u>. Your Performance Share Unit awards granted on August 12, 2020 and November 12, 2020, Performance Share Unit and Restricted Stock Unit awards granted on March 4, 2021, March 4, 2022, and the Performance Share Unit and Restricted Stock Unit awards expected to be granted to you on March 4, 2023 respectively, or under any other outstanding equity award agreements between you and the Company or any of its affiliates (collectively, the "*Awards*"), will continue to vest during the Initial

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Employment Period, the Subsequent Employment Period, and the Additional Period in accordance with the terms of the Company's 1999 Omnibus Plan (as amended and restated) (the "*Equity Plan*") and the applicable Awards (subject to the proviso in Section 1(b) above). You acknowledge and agree that you will not be entitled to receive equity awards under the Equity Plan in 2024 or thereafter. The Company acknowledges that if you transition from an employee to a consultant during the Additional Period, this transition will not be deemed to be an interruption or termination of your service on behalf of the Company and as such you will still be deemed to have been in Continuous Service with the Company while you serve as a consultant to the Company for the purposes of the Awards.

4.<u>Affirmation of Confidentiality, Non-Competition and Non-Solicitation Obligations and Incentive-Based Compensation Clawback Policy</u>. You acknowledge that (a) the Employee Confidentiality and Assignment Agreement, dated January 19, 2018 and effective March 1, 2018, between you and the Company (the "*Employee Agreement*") and the Non-Competition and Non-Solicitation Agreement, dated March 1, 2018, between you and the Company (the "*Non-Competition Agreement*") and (b) your consent, dated January 20, 2018, to the Company's Incentive-Based Compensation Clawback Policy ("*Consent*") remain in effect in accordance with their terms during the Initial Employment Period, the Subsequent Employment Period, and the Additional Period.

5.<u>Independent Contractor</u>**.** You acknowledge and agree that, during the Additional Period to the extent you are employed in the capacity of a non-employee consultant, (a) you will be and remain an independent contractor, and will not be considered the agent, partner, principal, employee or servant of the Company; (b) you will be free to exercise your own judgment as to the manner and method of providing the Services, subject to applicable laws and requirements reasonably imposed by the Company, and will have no authority to bind the Company, nor to act on its behalf, nor to make decisions for the Company; (c) you will not be treated as an employee of the Company for purposes of federal, state, local or foreign income or other tax withholding, nor unless otherwise specifically provided by law, for purposes of the Federal Insurance Contributions Act, the Social Security Act, the Federal Unemployment Tax Act, or any Workers' Compensation law of any state or country (or subdivision thereof), or for purposes of benefits provided to employees of the Company under any employee benefit plan, program, policy, or arrangement (including, without limitation, vacation, holiday and sick leave benefits, insurance coverage, severance, and retirement benefits); and (d) you will be required to pay any applicable taxes on the consulting fee and to provide any insurance coverage for yourself required by law, and the consulting fee will be reported for all purposes on IRS Form 1099-MISC. The Company acknowledges that the Services will be provided by you on a non-exclusive basis, and that you may engage in any other business activities as long as such activities do not interfere with your obligations under this letter agreement or any other agreement with the Company.

6.<u>Indemnification</u>. The Company agrees to indemnify you and hold you harmless to the fullest extent permitted by law for any action or inaction by you while serving as an officer or director of the Company or, at the Company's request, as an officer or director of any other entity or as a fiduciary of any benefit plan of the Company. The Company shall cover you under directors' and officers' liability insurance in the same amount and to the same extent as the Company covers its other officers and directors or former officers and directors, as applicable.

7.<u>Amendment and Termination</u>. This letter agreement may be amended in writing by mutual agreement of the parties and will terminate at the end of the Additional Period unless your employment with, or provision of services to, the Company terminates earlier, in which case this letter agreement will terminate on such earlier date.

8.<u>Continued Employment</u>. Nothing hereunder shall be held or construed to confer upon you any right to, or guarantee of, continued employment or any other association with the Company or its subsidiaries or affiliates.

9.<u>Governing Law/Dispute Resolution</u>. This letter agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to principles of conflict of laws. Furthermore, the Company may, without your consent, assign its rights and obligations under this letter only to an acquirer of all or substantially all of the assets of or other successor to the Company, provided that such acquirer or successor promptly assumes all or the obligations hereunder of the Company in a

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writing delivered to you, and the terms of this letter agreement shall be fully enforceable by any such assignee. All disputes and controversies arising under or in connection with this letter shall be resolved in accordance with the dispute resolution provisions of Section 16 of the Employment Agreement.

10.<u>Survival</u>. Sections 4 and 5 of this letter agreement shall survive termination or expiration of this letter agreement for any reason as shall any other provisions which by their nature are intended to survive.

11.<u>Complete Agreement</u>. This letter in conjunction with the Employment Agreement, the Non-Competition Agreement, and the Consent contain the entire understanding of the parties with respect to your employment with the Company during the Initial Employment Period, the Subsequent Employment Period, and the Additional Period.

12.<u>Counterparts</u>. This letter agreement may be executed in separate counterparts, each of which shall be deemed to be an original and both of which taken together shall constitute one and the same agreement.

13.<u>Section 409A of the Code</u>. Notwithstanding anything in this Agreement to the contrary, if you are a "specified employee" (within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code")) and any payment made pursuant to this Agreement is considered to be a "deferral of compensation" (as such phrase is defined for purposes of Section 409A of the Code) that is payable upon your "separation from service" (within the meaning of Section 409A of the Code), then the payment date for such payment will be the date that is the first day of the seventh month after the date of your "separation from service" with the Company (determined in accordance with Section 409A of the Code) or your earlier death.

If you agree with the foregoing, please sign and date the enclosed copy of this letter agreement in the space indicated below.

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Warm regards,

<u>/s/ Glenn Fogel</u>______________

Glenn Fogel

Acknowledged and Accepted:

<u>/s/ David I. Goulden</u>_________

David I. Goulden

Date: February 23, 2023

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<u>Appendix A</u>

During the Subsequent Employment Period, your duties will include the following:

• Overseeing preparation of the Company's 2023 year-end financial information, including preparation of the Company's 2023 year-end earnings announcement and Form 10-K;

• Overseeing preparation of the Company's 2024 budget;

• Participating in the 2024 compensation planning process, including overseeing the design of the Company's compensation programs and establishment of bonus and equity plan financial metrics;

• Participating in any discussions with stockholders, material stakeholders, or potential investors to introduce the Incoming CFO and transition investor relations responsibilities;

• Overseeing the various initiatives of the finance transformation (Project Morpheus);

• Assisting with planning of the annual finance department summit; and

• Cooperating with the Company and its counsel in preparation for any litigation, including, if necessary, testifying before any judge or other person or body.

<br>