Document:

EXHIBIT 10.4

 

PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT

 

This PRIVATE PLACEMENT UNITS
PURCHASE AGREEMENT (this “Agreement”) is made as of the [_], 2022, by and between Israel Acquisitions Corp, a Cayman
Islands exempted company (the “Company”) and [___] (the “Subscriber”).

 

WHEREAS, the Company desires
to sell to the Subscriber on a private placement basis (the “Offering”) an aggregate of [ ]1 units (the
 “Units”) of the Company, each Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per
share (“Ordinary Share”) and one warrant, each warrant exercisable to purchase one Ordinary Share (“Warrant”),
for a purchase price of $10.00 per Unit. The Ordinary Shares underlying the Warrants are hereinafter referred to as the “Warrant
Shares”. The Ordinary Shares underlying the Units (excluding the Warrant Shares) are hereinafter referred to as the “Placement
Shares.” The Warrants underlying the Units are hereinafter referred to as the “Placement Warrants.” The Units,
Placement Shares, Placement Warrants and Warrant Shares, collectively, are hereinafter referred to as the “Securities.”
Each whole Placement Warrant is exercisable to purchase one Ordinary Share at an exercise price of $11.50 during the period commencing
on the later of (i) 30 days following the consummation of the Company’s initial business combination (the “Business
Combination”), as such term is defined in the registration statement in connection with the Company’s initial public offering
(“IPO”), as amended at the time it becomes effective (the “Registration Statement”), and (ii) 12
months from the closing of the IPO, and expiring on the fifth anniversary of the consummation of the Business Combination; and

 

WHEREAS, the Subscriber wishes
to purchase [ ] Units, and the Company wishes to accept such subscription from the Subscriber.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Subscriber hereby agree as follows:

 

	 	1.	Agreement to Subscribe

 

	 	1.1.	Purchase and Issuance of the Units. Upon the terms and subject to the conditions of this Agreement, the Subscriber hereby agrees to purchase from the Company, and the Company hereby agrees to sell to the Subscriber, on the Closing Date (as defined below) the Units in consideration of the payment of the Purchase Price (as defined below). On the Closing Date, the Company shall, at its option, deliver to the Subscriber the certificates representing the Securities purchased or effect such delivery in book-entry form.

 

	 	1.2.	Purchase Price. As payment in full for the Units being purchased under this Agreement, the Subscriber shall pay $[   ]2 (the “Purchase Price”) by wire transfer of immediately available funds or by such other method as may be reasonably acceptable to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained by American Stock Transfer & Trust Company, acting as trustee (“American”), one (1) day prior to the date of effectiveness of the Registration Statement.

 

1.3. Closing. The closing
of the purchase and sale of the Units shall take place simultaneously with the closing of the IPO (the “Closing Date”).
The closing of the purchase and sale of the Units shall take place at the offices of Proskauer Rose LLP, 2029 Century Park East, Suite 2400,
Los Angeles, CA 90067-3010, or such other place as may be agreed upon by the parties hereto.

 

1.4 Termination. This Agreement
and each of the obligations of the undersigned shall be null and void and without effect if a Closing does not occur prior to [__], 2022,
unless terminated earlier by written agreement of the parties.

 

 

1 Aggregate of 125,000 to be purchased by underwriters.

2 Aggregate purchase price of $1,250,000 to be paid by
underwriters.

 

    

    

    

 

	 	2.	Representations and Warranties of Subscriber

 

The Subscriber represents and warrants to the Company
that:

 

2.1. No Government Recommendation
or Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the
Company or the Offering of the Securities.

 

2.2. Accredited Investor.
The Subscriber represents that it is an “accredited investor” as such term is defined in Rule 501(a) of Regulation
D under the Securities Act of 1933, as amended (the “Securities Act”), and acknowledges that the sale contemplated
hereby is being made in reliance, among other things, on a private placement exemption to “accredited investors” under the
Securities Act and similar exemptions under state law.

 

2.3. Intent. The Subscriber
is purchasing the Securities solely for investment purposes, for the Subscriber’s own account (and/or for the account or benefit
of its members or affiliates, as permitted, pursuant to the terms of this Agreement), and not with a view to the distribution thereof
and the Subscriber has no present arrangement to sell the Securities to or through any person or entity except as may be permitted under
this Agreement. The Subscriber shall not engage in hedging transactions with regard to the Securities unless in compliance with the Securities
Act.

 

2.4. Restrictions on Transfer.
The Subscriber acknowledges and understands the Units are being offered in a transaction not involving a public offering in the United
States within the meaning of the Securities Act. The Securities have not been registered under the Securities Act and, if in the future
the Subscriber decides to offer, resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged
or otherwise transferred only (A) pursuant to an effective registration statement filed under the Securities Act, (B) pursuant
to an exemption from registration under Rule 144 promulgated under the Securities Act, if available, or (C) pursuant to any
other available exemption from the registration requirements of the Securities Act, and in each case in accordance with any applicable
securities laws of any state or any other jurisdiction. Notwithstanding the foregoing, the Subscriber acknowledges and understands the
Securities are subject to transfer restrictions as described in Section 7 hereof. The Subscriber agrees that if any transfer of its
Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer, the Subscriber may be required
to deliver to the Company an opinion of counsel satisfactory to the Company with respect to such transfer. Absent registration or another
available exemption from registration, the Subscriber agrees it will not resell the Securities (unless otherwise permitted pursuant this
Agreement). The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the
Subscriber for the resale of the Securities until the one year anniversary following consummation of the initial Business Combination
of the Company, despite technical compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer
restrictions.

 

2.5. Sophisticated Investor.

 

	 	(i)	The Subscriber is sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Securities.

 

	 	(ii)	The Subscriber is aware that an investment in the Securities is highly speculative and subject to substantial risks because, among other things, the Securities are subject to transfer restrictions and have not been registered under the Securities Act and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. The Subscriber is able to bear the economic risk of its investment in the Securities for an indefinite period of time.

 

2.6. Independent Investigation.
The Subscriber, in making the decision to purchase the Units, has relied upon an independent investigation of the Company and has not
relied upon any information or representations made by any third parties or upon any oral or written representations or assurances from
the Company, its officers, directors or employees or any other representatives or agents of the Company, other than as set forth in this
Agreement. The Subscriber is familiar with the business, operations and financial condition of the Company and has had an opportunity
to ask questions of, and receive answers from the Company’s officers and directors concerning the Company and the terms and conditions
of the offering of the Units and has had full access to such other information concerning the Company as the Subscriber has requested.
The Subscriber confirms that all documents that it has requested have been made available and that the Subscriber has been supplied with
all of the additional information concerning this investment which the Subscriber has requested.

 

    

    

    

 

2.7 Organization and Authority.
The Subscriber is duly organized, validly existing and in good standing under the laws of the State of Delaware and it possesses all requisite
power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.8. Authority. This Agreement
has been validly authorized, executed and delivered by the Subscriber and is a valid and binding agreement enforceable in accordance with
its terms, subject to the general principles of equity and to bankruptcy or other laws affecting the enforcement of creditors’ rights
generally.

 

2.9. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Subscriber of the transactions contemplated hereby do not violate,
conflict with or constitute a default under (i) the Subscriber's charter documents, (ii) any agreement or instrument to which
the Subscriber is a party or (iii) any law, statute, rule or regulation to which the Subscriber is subject, or any agreement,
order, judgment or decree to which the Subscriber is subject.

 

2.10. No Legal Advice from
Company. The Subscriber acknowledges it has had the opportunity to review this Agreement and the transactions contemplated by this Agreement
and the other agreements entered into between the parties hereto with the Subscriber’s own legal counsel and investment and tax
advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered into between
the parties hereto, the Subscriber is relying solely on such counsel and advisors and not on any statements or representations of the
Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.11. Reliance on Representations
and Warranties. The Subscriber understands the Units are being offered and sold to the Subscriber in reliance on exemptions from the registration
requirements under the Securities Act, and analogous provisions in the laws and regulations of various states, and that the Company is
relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Subscriber
set forth in this Agreement in order to determine the applicability of such provisions.

 

2.12. No General Solicitation.
The Subscriber is not subscribing for the Units as a result of or subsequent to any general solicitation or general advertising, including
but not limited to any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or presented at any seminar or meeting or in a registration statement with respect to the IPO filed
with the Securities and Exchange Commission (“SEC”).

 

2.13. Legend. The Subscriber
acknowledges and agrees the certificates evidencing each of the Securities shall bear a restrictive legend (the “Legend”),
in form and substance substantially as set forth in Section 4 hereof.

 

	 	3.	Representations, Warranties and Covenants of the Company

 

The Company represents and
warrants to, and agrees with, the Subscriber that:

 

3.1. Valid Issuance of Share
Capital. The total number of shares of all classes of shares which the Company has authority to issue is 200,000,000 Class A Ordinary
Share, 20,000,000 Class B Ordinary Share, $0.0001 par value per share (the “Class B Ordinary Shares”), and
2,000,000 preferred shares, $0.0001 par value per share (“Preferred Shares”). As of the date hereof, the Company has
issued and outstanding 4,791,667 Class B Ordinary Shares (of which up to 625,000 shares are subject to forfeiture as described in
the Registration Statement), no Class A Ordinary Shares and no Preferred Shares. All of the issued share capital of the Company have
been duly authorized, validly issued, and are fully paid and non-assessable.

 

    

    

    

 

3.2 Title to Securities. Upon
issuance in accordance with, and payment pursuant to, the terms hereof and that certain private warrant agreement to be entered into between
the Company and American, as warrant agent (the “Warrant Agreement”), as the case may be, each of the Units, Placement
Shares, Placement Warrants and Warrant Shares will be duly and validly issued, fully paid and non-assessable. On the date of issuance
of the Units and Warrant Shares shall have been reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the
terms hereof and the Warrant Agreement, as the case may be, the Subscriber will have or receive good title to the Units, Placement Shares
and Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder
and (ii) transfer restrictions under federal and state securities laws.

 

3.3. Organization and Qualification.
The Company is a Cayman Islands exempted company, validly existing and in good standing under the laws of the Cayman Islands and has the
requisite corporate power to own its properties and assets and to carry on its business as now being conducted.

 

3.4. Authorization; Enforcement.
(i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and
to issue the Securities in accordance with the terms hereof, (ii) the execution, delivery and performance of this Agreement by the
Company and the consummation by it of the transactions contemplated hereby have been duly authorized by all necessary corporate action,
and no further consent or authorization of the Company or its Board of Directors or shareholders is required, and (iii) this Agreement
constitutes valid and binding obligations of the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws
relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by equitable principles of general application
and except as enforcement of rights to indemnity and contribution may be limited by federal and state securities laws or principles of
public policy.

 

3.5. No Conflicts. The execution,
delivery and performance of this Agreement and the consummation by the Company of the transactions contemplated hereby do not (i) result
in a violation of the Company’s amended and restated memorandum and articles of association, (ii) conflict with, or constitute
a default under any agreement or instrument to which the Company is a party or (iii) any law statute, rule or regulation to
which the Company is subject or any agreement, order, judgment or decree to which the Company is subject. Other than any SEC or state
securities filings which may be required to be made by the Company subsequent to the Closing, and any registration statement which may
be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any consent,
authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity in order
for it to perform any of its obligations under this Agreement or issue the Units, Placement Shares, Placement Warrants or Warrant Shares
in accordance with the terms hereof.

 

	 	4.	Legends

 

4.1. Legend. The Company will
issue the Units, Placement Shares and Placement Warrants, and when issued, the Warrant Shares, purchased by the Subscriber in the name
of the Subscriber. The Securities will bear the following Legend and appropriate “stop transfer” instructions:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS CORPORATION, IS AVAILABLE.”

 

“THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PURSUANT TO A PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT BETWEEN ISRAEL ACQUISITIONS
CORP AND [___] AND MAY ONLY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP PURSUANT TO
THE TERMS SET FORTH IN THE PRIVATE PLACEMENT UNITS PURCHASE AGREEMENT.”

 

    

    

    

 

4.2. Subscriber’s Compliance.
Nothing in this Section 4 shall affect in any way the Subscriber’s obligations and agreements to comply with all applicable
securities laws upon resale of the Securities.

 

4.3. Company’s Refusal
to Register Transfer of the Securities. The Company shall refuse to register any transfer of the Securities, if in the sole judgment of
the Company such purported transfer would not be made (i) pursuant to an effective registration statement filed under the Securities
Act, or pursuant to an available exemption from the registration requirements of the Securities Act and (ii) in compliance herewith.

 

4.4 Registration Rights. The
Subscriber will be entitled to certain registration rights which will be governed by a registration rights agreement (“Registration
Rights Agreement”) to be entered into between, among others, the Subscriber and the Company, on or prior to the effective date
of the Registration Statement.

 

	 	5.	Waiver of Liquidation Distributions

 

In connection with the Securities
purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any
distributions of the amounts in the Trust Account with respect to the Securities, whether (i) in connection with the exercise of
redemption rights if the Company consummates the Business Combination, (ii) in connection with any tender offer conducted by the
Company prior to a Business Combination, (iii) upon the Company’s redemption of Ordinary Shares sold in the Company’s
IPO upon the Company’s failure to timely complete the Business Combination or (iv) in connection with a shareholder vote to
approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance
or timing of the Company’s obligation to redeem 100% of the Company’s public shares if the Company does not timely complete
the Business Combination or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination
activity. In the event a Subscriber purchases Ordinary Shares in the IPO or in the aftermarket, any additional shares so purchased shall
be eligible to receive the redemption value of such Ordinary Shares upon the same terms offered to all other purchasers of Ordinary Shares
in the IPO in the event the Company fails to consummate the Business Combination.

 

	 	6.	Terms of Placement Warrants

 

Each Placement Warrant shall have the terms set
forth in the Warrant Agreement. The Subscriber acknowledges and agrees that the Placement Warrants and the related registration rights
will be deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and will therefore be subject
to lock-up for a period of 180 days immediately following the effective date of the Registration Statement. Pursuant to FINRA Rule 5110(e)(1),
the Placement Warrants and their component parts and the related registration rights may not be sold, transferred, assigned, pledged or
hypothecated or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition
of such securities by any person during the foregoing 180-day period following the effective date of the Registration Statement, except
to any underwriter or selected dealers participating in the Public Offering and the officers or partners, registered persons or affiliates
or partners thereof. Notwithstanding anything to the contrary in the Warrant Agreement, the Placement Warrants purchased by the Subscriber
hereunder shall not be exercised more than five years from the effective date of the Registration Statement.

 

	 	7.	Terms of the Units and Placement Warrants

 

7.1 The Units and their component
parts are substantially identical to the units to be offered in the IPO except that: (i) the Units and component parts will be subject
to transfer restrictions described herein, (ii) the Placement Warrants will be non-redeemable so long as they are held by the initial
holder thereof (or any of its permitted transferees), and may be exercisable on a “cashless” basis if held by a Subscriber
or its permitted transferees, as further described in the Warrant Agreement and (iii) the Units and component parts are being purchased
pursuant to an exemption from the registration requirements of the Securities Act and will become freely tradable only after the expiration
of the lockup described above in clause (i) and they are registered pursuant to the Registration Rights Agreement to be signed on
or before the date of the Prospectus or an exemption from registration is available.

 

7.2 The Subscriber agrees
to vote the Placement Shares in accordance with the terms herein and as otherwise described in the Registration Statement.

 

    

    

    

 

	 	8.	Governing Law; Jurisdiction; Waiver of Jury Trial

 

This Agreement shall be governed
by and construed in accordance with the laws of the State of New York for agreements made and to be wholly performed within such state.
The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement and the transactions
contemplated hereby.

 

	 	9.	Assignment; Entire Agreement; Amendment

 

9.1. Assignment. Neither this
Agreement nor any rights hereunder may be assigned by any party to any other person other than by a Subscriber to a person agreeing to
be bound by the terms hereof.

 

9.2. Entire Agreement. This
Agreement sets forth the entire agreement and understanding between the parties as to the subject matter thereof and merges and supersedes
all prior discussions, agreements and understandings of any and every nature among them.

 

9.3. Amendment. Except as
expressly provided in this Agreement, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other
than by a written instrument signed by all of the parties hereto.

 

9.4. Binding upon Successors.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives,
successors and permitted assigns.

 

	 	10.	Notices

 

10.1 Notices. Unless otherwise
provided herein, any notice or other communication to a party hereunder shall be sufficiently given if in writing and personally delivered
or sent by facsimile or other electronic transmission with copy sent in another manner herein provided or sent by courier (which for all
purposes of this Agreement shall include Federal Express or other recognized overnight courier) or mailed to said party by certified mail,
return receipt requested, at its address provided for herein or such other address as either may designate for itself in such notice to
the other. Communications shall be deemed to have been received when delivered personally, on the scheduled arrival date when sent by
next day or 2nd-day courier service, or if sent by facsimile upon receipt of confirmation of transmittal or, if sent by mail, then three
days after deposit in the mail. If given by electronic transmission, such notice shall be deemed to be delivered (a) if by electronic
mail, when directed to an electronic mail address at which the shareholder has consented to receive notice; (b) if by a posting on
an electronic network together with separate notice to the shareholder of such specific posting, upon the later of (1) such posting
and (2) the giving of such separate notice; and (c) if by any other form of electronic transmission, when directed to the shareholder.

 

	 	11.	Counterparts

 

This Agreement may be executed
in one or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign
the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

    

    

    

 

	 	12.	Survival; Severability

 

12.1. Survival. The representations,
warranties, covenants and agreements of the parties hereto shall survive the Closing Date.

 

12.2. Severability. In the
event that any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or
void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective
if it materially changes the economic benefit of this Agreement to any party.

 

	 	13.	Headings

 

The titles and subtitles used
in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

[remainder of page intentionally left blank]

 

    

    

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	ISRAEL ACQUISITIONS CORP
	 	 	 
	 	 	 
	 	By:	  
	 	 	Name: 	Ziv Elul
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	 	 	 
	 	SUBSCRIBER:
	 	 
	 	[___]
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:  	 
		 	Title:Exhibit 4.3

 

EBAY
INC.

OFFICERS’
CERTIFICATE PURSUANT TO

SECTIONS 2.2, 2.3 AND 10.5 OF THE BASE INDENTURE

November
22, 2022

The
undersigned, being duly authorized officers of eBay Inc., a Delaware corporation (the “Company”), do hereby determine
and certify solely in such capacity on behalf of the Company as follows:

The
undersigned, having read the appropriate provisions of the Indenture dated as of October 28, 2010 (the “Base Indenture”),
as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 (the “Supplemental Indenture”;
the Base Indenture, as amended and supplemented by the Supplemental Indenture, is hereinafter sometimes called the “Indenture”),
each between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association as trustee),
as trustee (the “Trustee”), including Sections 2.2, 2.3, 10.4 and 10.5 thereof and the definitions in such Indenture
relating thereto, and certain other corporate documents and records, and having made such examination and investigation as, in
the opinion of the undersigned, each considers necessary to enable the undersigned to express an informed opinion as to whether
or not conditions set forth in the Indenture relating to the issuance of three Series of the Company’s Securities designated
as 5.900% Notes due 2025 (the “2025 Notes”), 5.950% Notes due 2027 (the “2027 Notes”) and 6.300% Notes
due 2032 (the “2032 Notes,” together with the 2025 Notes and the 2027 Notes, the “Notes”) and whether
the conditions in the Indenture relating to the execution, authentication and delivery of the Notes of such Series have been complied
with, each certify that:

 

1.             this Officers’ Certificate establishes the 2025 Notes, the 2027 Notes and the 2032 Notes to be issued on the date
hereof each as a separate Series of Securities of that Series under the Indenture;

2.             the title and terms of the Notes of each Series were established by the undersigned pursuant to authority delegated to
them by resolutions duly adopted by the Board of Directors of the Company on January 8, 2020 and by duly authorized Audit Committee
on August 1, 2022 (collectively, the “Resolutions”) and such terms are set forth and incorporated by reference in
Exhibit A hereto;

3.             the respective forms of certificates evidencing the Notes of such Series were established by the undersigned pursuant to
authority delegated to them by the Resolutions and are in substantially the respective forms attached as Exhibits B, C and
D hereto (it being understood that the Notes of each Series may have such notations, legends or endorsements required by law,
stock exchange rule or usage and, in the case of Global Securities of any Series, as permitted pursuant to Section 2.15.3 of the
Base Indenture and as specified in paragraph (9) of Exhibit A hereto and that, in the event that Notes of any Series are ever
issued in definitive certificated form, the legend appearing as the first paragraph on the first page of such form of Note of
such Series may be removed);

    	 

    	 

    

4.             a true, complete and correct copy of the Resolutions, which were duly adopted by the Board of Directors of the Company
and the Audit Committee of the Board of Directors, as the case may be, and are in full force and effect on the date hereof in
the form adopted, are attached as Exhibits B-1 and B-2 to the Certificate of the Assistant Secretary of the Company of even date
herewith, a copy of which has been delivered to the Trustee;

5.             we have read Sections 2.3, 10.4 and 10.5 of the Base Indenture and the definitions related thereto and such other provisions
of the Indenture as we have deemed relevant, and have examined and investigated such other matters as we have deemed necessary,
in our opinion, to enable us to express an informed opinion as to whether the conditions precedent set forth in the Indenture
relating to the issuance and authentication of the Notes have been complied with; and

6.             in the opinion of the undersigned, the form, title and terms of the Notes of each Series have been established pursuant
to and in accordance with Section 2.2 of the Indenture and comply with the Indenture and, in the opinion of the undersigned, all
conditions provided for in the Indenture (including, without limitation, those set forth in Sections 2.2 and 2.3 of the Indenture)
relating to the issuance of the Notes of each Series and the execution, authentication and delivery of the Notes of each Series
have been complied with.

This certificate
may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute
one and the same document.

Capitalized
terms used herein without definition have the meanings assigned to them in the Indenture.

This Officers’
Certificate and other closing documents related to this transaction shall be valid, binding, and enforceable against a party only
when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted
by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions
Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (“UCC”)
(collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
This Officers’ Certificate may be executed in any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures
shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character
or intended character of the writings.

[Signature
Page Follows]

    	 

    	 

    

IN WITNESS
WHEREOF, we have executed this Officers’ Certificate of the Company on the date first written above.

 

	 	EBAY INC.
	 	 	 
	 	By:	/s/ Steve Priest
	 	Name: 	Steve Priest
	 	Title:	Chief Financial Officer
	 	 	 
	 	By:	/s/ Joseph B. Bounds
	 	Name:	Joseph B. Bounds
	 	Title:	Vice President, Treasurer

 

[Signature
Page to Officers’ Certificate Pursuant to Indenture]

    	 

    	 

    

Exhibit
A

Terms of Notes

Terms
(whether or not capitalized) used in this Exhibit A and not otherwise defined herein but that are defined in the Indenture referred
to in the Officers’ Certificate of which this Exhibit A constitutes a part shall have the respective meanings ascribed thereto
in such Indenture.

Pursuant
to Section 2.2 of the Base Indenture and an Officers’ Certificate dated November 22, 2022 there were created three new Series
of Securities with the titles of “5.900% Notes due 2025” (the “2025 Notes”), “5.950% Notes due 2027”
(the “2027 Notes”), and “6.300% Notes due 2032” (the “2032 Notes” and, together with the 2025
Notes and the 2027 Notes, the “Notes”), and the terms of each such Series are as follows:

(1)            The
2025 Notes shall be a separate Series of Securities under the Indenture initially limited to $425,000,000 aggregate principal
amount, the 2027 Notes shall be a separate Series of Securities under the Indenture initially limited to $300,000,000 aggregate
principal amount and the 2032 Notes shall be a separate Series of Securities under the Indenture initially limited to $425,000,000
aggregate principal amount (in each case except for Notes of any such Series authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes of such Series pursuant to Section 2.7, 2.8, 2.11, 3.7 or 9.6 of the
Base Indenture or pursuant to Section 18 of the form of Note of each such Series attached as Exhibits B, C and D, as the case
may be, to the Officers’ Certificate of which this Exhibit A constitutes a part), but subject to the Company’s right
to re-open any such Series of Notes from time to time and issue additional Notes of such Series as provided in paragraph (11)
of this Exhibit A.

(2)            The
Stated Maturity on which the principal of the 2025 Notes shall become due and payable shall be November 22, 2025, the Stated Maturity
on which the principal of the 2027 Notes shall become due and payable shall be November 22, 2027 and the Stated Maturity on which
the principal of the 2032 Notes shall become due and payable shall be November 22, 2032.

(3)            The
interest rates on, and the interest payment dates and regular record dates for, the Notes shall be as set forth in, and such respective
interest rates shall be calculated as provided in, the respective forms of certificates evidencing the Notes of such Series attached
as Exhibits B, C and D, respectively, to the Officers’ Certificate of which this Exhibit A constitutes a part. Interest
on the Notes of each Series will accrue from November 22, 2022. Interest on the Notes will be computed on the basis of a 360-day
year comprised of twelve 30-day months.

(4)            The
Notes shall be redeemable at the option of the Company as provided in the Indenture and in the respective forms of Notes of such
Series attached as Exhibits B, C and D, respectively, to the Officers’ Certificate of which this Exhibit A constitutes a
part.

(5)            Each
Series of Notes will be issuable in minimum denominations of $2,000 in principal amount and integral multiples of $1,000 in principal
amount in excess thereof.

    	 

    	 

    

(6)            The
Notes will not be entitled to the benefit of any sinking fund and will not be subject to mandatory redemption at the option of
the Holders thereof, but the Notes of each Series shall be subject to repurchase by the Company at the option of the Holders on
the terms and subject to the conditions set forth in Section 18 of the respective form of Note of such Series attached as Exhibits
B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A constitutes a part.

(7)            The
provisions of Article 8 of the Base Indenture shall be applicable to the Notes of each Series and, without limiting the foregoing,
the covenants set forth in Article 4 of the Supplemental Indenture dated as of October 28, 2010 between the Company and the Trustee
shall be subject to covenant defeasance pursuant to Section 8.4 of the Base Indenture.

(8)            The
Notes will be senior Securities.

(9)            The
Notes of each Series shall initially be issued in the form of one or more Global Securities of such Series and the Global Securities
of each Series shall bear the respective legend set forth in Exhibits B, C and D, as the case may be, to the Officers’ Certificate
of which this Exhibit A is a part, unless otherwise required by the Depositary. The Depository Trust Company (“DTC”)
shall act as initial Depositary with respect to the Global Securities of each Series.

(10)          A
Global Security of any Series may not be transferred except by the Depositary to a nominee of the Depositary, by a nominee of
the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary.

(11)          The
Company will be entitled, at its option and without notice to or consent of the Holders of Notes of any Series, to issue additional
Notes of any Series having the same interest rate, Stated Maturity and other terms (except for the issue date and, if applicable,
offering price, sale price, the first interest payment date and the date from which interest shall begin to accrue) as, and ranking
equally in right of payment with, the Notes of the same Series issued on the date of the Officers’ Certificate of which
this Exhibit A constitutes a part. The Notes of any Series issued on the date of the Officers’ Certificate of which this
Exhibit A constitutes a part and any additional Notes of such Series which may from time to time be issued thereafter shall constitute
a single Series of Securities under the Indenture.

(12)          The
Corporate Trust Office shall be the initial office or agency where the Notes of each Series may be presented or surrendered for
payment and surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect
of the Notes of each Series and the Indenture may be served. The Company hereby appoints the Trustee as initial Registrar and
initial Paying Agent with respect to the Notes of each Series, subject to the right of the Company to replace any Paying Agent
or Registrar and appoint and terminate the appointment of co-registrars and co-paying agents. The method of payment for each Series
of Notes as are contained in the respective form of Note of such Series attached as Exhibits B, C and D, as the case may be, to
the Officers’ Certificate of which this Exhibit A constitutes a part.

    	 

    	 

    

(13)          In
addition to the covenants set forth in the Indenture, the provisions set forth in Section 18 of the respective form of Note of
each Series attached as Exhibits B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A constitutes
a part, shall be applicable to the Notes of such Series.

(14)          The
Notes of each Series shall have such additional terms and provisions as are contained in the respective form of Note of such Series
attached as Exhibits B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A is a part, which
terms and provisions are incorporated by reference in and shall form a part of this Exhibit A.

(15)          To
the extent that any of the terms or provisions set forth in the form of Note of any Series attached as Exhibits B, C and D, as
the case may be, to the Officers’ Certificate of which this Exhibit A constitutes a part shall be inconsistent with any
of the terms or provisions set forth in the Indenture or this Exhibit A, the terms and provisions set forth in such form of Note
shall govern.

(16)          Insofar
as the following provisions of the Indenture are applicable to the Notes of any Series, such provisions are amended or amended
and restated, as the case may be, as follows, but solely with respect to the Notes of such Series:

(a)            Clause
(a) of the second paragraph of Section 2.7 of the Indenture insofar as such Section applies to the Notes of any Series, is hereby
amended and restated with respect to the Notes of such Series, to read in full as follows: “(a) to issue, register the transfer
of, or exchange Securities of any Series during the period beginning at the opening of business fifteen days immediately preceding
the giving of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business
on the day such notice is given,”;

(b)            Section
3.2 of the Indenture, insofar as such Section applies to the Notes of any Series, is hereby amended with respect to the Notes
of such Series, by replacing the reference to “45 days” appearing in the last sentence of such Section with a reference
to “20 days”;

(c)            The
first paragraph of Section 3.4 of the Indenture, insofar as such Section applies to the Notes of any Series, is hereby amended
and restated with respect to the Notes of such Series, to read in full as follows:

“Unless otherwise
provided for a particular Series pursuant to Section 2.2, at least 10 days but not more than 60 days before a redemption date,
the Company shall give notice of redemption (which may be given by first-class mail, airmail, recognized delivery service for
scheduled delivery within four business days, hand delivery, facsimile transmission, email or other electronic transmission, including,
without limitation, electronic transmission to or through the facilities of the Depositary for any Global Securities) to each
Holder whose Securities are to be redeemed.”;

(d)            The
definition of the term “Consolidated Net Tangible Assets,” insofar as such definition applies to the Notes of any
Series, is hereby amended with respect to the Notes of such Series, by replacing the reference to “capital leases”
appearing in clause (a) of such definition with a reference to “finance leases”.

[Remainder
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Exhibit
B

Form of 5.900% Note due
2025

	THIS
    IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
    OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF)
    REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
    THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE
    OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
    DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
    REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
    THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
    ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
    OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP:  278642 BC6
 ISIN:  US278642BC68

 

eBay Inc.

 

5.900% Notes due 2025

 

	No. ·		
                                         $·,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to ·, or registered assigns, the principal sum
of [Amount in Words] Dollars on November 22, 2025.

Interest Payment Dates: May
22 and November 22, beginning May 22, 2023.

Record Dates: May 7 and November
7.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

    	 

    	 

    

	 	 	eBay Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	This is one of the 5.900% Notes
    due 2025 

referred to in the within-mentioned	 	 
	Indenture:	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Computershare Trust Company,
    N.A., 

as Trustee	 	 
	 	 	 	 
	By:	 	 	 
	 	Authorized Signatory	 	 

    	 

    	 

    

(Reverse of Note)

5.900% Notes due 2025

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

1.             INTEREST. eBay Inc., a Delaware corporation (the “Company,” which term includes its successors
under the Indenture), promises to pay interest on the principal amount of this Note at the rate of 5.900% per annum from November
22, 2022 until maturity. The Company will pay interest semi-annually in arrears on May 22 and November 22 of each year (each an
“Interest Payment Date”), commencing May 22, 2023. Interest on this Note will accrue from the most recent
date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from November
22, 2022; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between
a Record Date (as defined below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding
Interest Payment Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at
the same per annum rate to the extent lawful. Interest on this Note will be computed on the basis of a 360-day year comprised
of twelve 30-day months. The amount of interest payable on this Note on any Interest Payment Date, redemption date, Change of
Control Payment Date (as defined in Section 18 below), maturity date or other date on which interest on this Note is due will
be the amount of interest accrued to, but excluding, such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be. If an Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date on which any payment on this Note is due falls on a day that is not a business day, then payment of
principal and interest, as the case may be, due on such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be, need not be made on such Interest Payment Date, redemption date, Change of Control
Payment Date, maturity date or other date, as the case may be, but may be made on the next succeeding business day, and no interest
on such payment shall accrue for the period from and after such Interest Payment Date, redemption date, Change of Control Payment
Date, maturity date or other date, as the case may be. As used in this Section 1 and Section 2 below, the term “business
day” means any day except a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized
or obligated by law, regulation or executive order to close (a “New York business day”); provided that such term shall
mean, with respect to any place of payment of principal of or interest on the Notes, any day which is not a Saturday, Sunday or
other day on which banking institutions in such place of payment are authorized or obligated by law, regulation or executive order
to close.

    	 

    	 

    

2.             METHOD OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who
are Holders of Notes at the close of business on May 7 or November 7 (each a “Record Date”), as the
case may be, whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14
of the Base Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable
at the office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed
to the Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal
and interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

3.             PAYING AGENT AND REGISTRAR. Initially, Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National
Association, as trustee), the Trustee under the Indenture, will act as Paying Agent and Registrar for the Notes. The Company may
change any Paying Agent, Service Agent (if any) or Registrar, and may appoint additional Paying Agents, Service Agents and co-Registrars,
without notice to any Holder. In addition, the Company or any of its Subsidiaries may act in any such capacity.

4.             INDENTURE. This Note is one of a duly authorized Series of Securities (herein called the “Notes”)
of the Company issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between
the Company and the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the
Company and the Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented
by the Supplemental Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on November 22,
2022. Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will
constitute a single Series of Securities under the Indenture.

5.             OPTIONAL REDEMPTION. The Notes are redeemable at the option of the Company, at any time, in whole or in part, at
any time and from time to time, prior to October 22, 2025 (the “Par Call Date”) at a redemption price
(expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

		(1)	(a)
                                         the sum of the present values of the remaining scheduled payments of principal and interest
                                         thereon discounted to the redemption date (assuming the Notes matured on the Par Call
                                         Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
                                         at the Treasury Rate plus 20 basis points, less (b) interest accrued to the date of redemption,
                                         and

		(2)	100%
                                         of the principal amount of the Notes to be redeemed,

    	 

    	 

    

plus, in either case, accrued
and unpaid interest thereon to the redemption date.

On or after the Par Call Date,
the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Company’s actions
and determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary’s procedures) at least
10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided in the Indenture
(with notice of such redemption to the Trustee and Paying Agent at least 5 business days prior to when notice is sent to Holders,
unless a shorter period shall be acceptable to the Trustee).

In the case of a partial redemption,
selection of the Notes for redemption will be made, in the case of certificated Notes, pro rata, by lot or by such other method
as the Trustee in its sole discretion deems appropriate and fair, or, in the case of global Notes, pursuant to the policies and
procedures of the Depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be
redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the
Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of
the Holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary,
the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Treasury Rate”
means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date
based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical
release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)
- H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury
constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury
Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period
from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant
maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of
days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to
the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed
to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the redemption date.

    	 

    	 

    

If on the third business day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day
preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the
Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or
more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding
the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury
security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading
closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New
York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a
percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.

6.             NO MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms
and subject to the conditions set forth in Section 18 of this Note.

7.             DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in
principal amount and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged
only by surrender thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the
Company of the surrendered Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging
Holder, as the case may be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and governmental charges
permitted by the Indenture. Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the
transfer of, or exchange Notes during the period beginning at the opening of business fifteen days immediately preceding the giving
of a notice of redemption of the Notes and ending at the close of business on the day such notice is given, or (b) to register
the transfer of or exchange Notes selected, called or being called for redemption, except any portion thereof not so selected,
called or being called.

    	 

    	 

    

8.             PERSONS DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note is registered
as the owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor
any Agent shall be affected by any notice to the contrary.

9.             AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and
supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with
any provision of the Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal
amount of the then outstanding Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange
offer for the Notes). Without notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and
supplemented as provided in the Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make
any change that does not adversely affect the rights of any Holder of Notes in any material respect.”

10.           DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or
the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid
interest on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to
specified events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall
ipso facto become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of
the outstanding Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes)
any past Default with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind
and annul any acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture.

11.           TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

12.           NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

    	 

    	 

    

13.           AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

14.           GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State
of New York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions
thereof.

15.           LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

16.           ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

17.           CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18.           CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

    	 

    	 

    

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the applicable
                                         Change of Control Offer;

		(2)	no
                                         later than 10:00 a.m. New York City time, deposit with a Paying Agent for the Notes an
                                         amount equal to the aggregate Change of Control Payment in respect of all Notes or portions
                                         of Notes properly tendered pursuant to the applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

    	 

    	 

    

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee, in accordance with the terms of the Indenture, will promptly authenticate and mail
(or cause to be delivered by book-entry transfer) to the Holder of such Note a new Note equal in principal amount to any unrepurchased
portion of the Note repurchased in part.

(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

    	 

    	 

    

(h) As used in this Section
18, the following terms have the meanings set forth below:

“Change
of Control” means the occurrence of any of the following:

(a)           the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or any of its Subsidiaries) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of shares), provided, however,
that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such person’s Affiliates until such tendered securities
are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result
of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act;

(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)           the
adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the
Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting
Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

    	 

    	 

    

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s
control, a “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	 

    	 

    

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

5.900% Notes due 2025 (the “Notes”)

To: eBay Inc.

Computershare Trust Company, N.A., as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

 

	Principal
    amount surrendered for repurchase	$	        
	 	(must be in a principal amount
    of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered for repurchase
    must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)
	 	 	 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

Exhibit
C

Form
of 5.950% Note due 2027

	THIS
    IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
    OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF)
    REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
    THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE
    OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
    DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
    REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
    THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
    ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
    OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP:  278642 BA0
 ISIN:  US278642BA03

 

eBay Inc.

 

5.950% Notes due 2027

 

	No. ·	
                                         	$·,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to ·,
or registered assigns, the principal sum of [Amount in Words] Dollars on November 22, 2027.

Interest Payment Dates: May
22 and November 22, beginning May 22, 2023.

Record Dates: May 7 and November
7.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

    	 

    	 

    

	 	eBay
    Inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	This
    is one of the 5.950% Notes due 2027 

    referred to in the within-mentioned Indenture:	 	 
	Dated:	 	 
	 	 	 
	Computershare
    Trust Company, N.A.,

    as Trustee	 	 
	 	 	 
	By:	 	 
	 	Authorized
    Signatory	 
	 	 	 	 

    	 

    	 

    

(Reverse
of Note)

5.950% Notes due 2027

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

19.           INTEREST. eBay Inc., a Delaware corporation (the “Company,” which term includes its successors
under the Indenture), promises to pay interest on the principal amount of this Note at the rate of 5.950% per annum from November
22, 2022 until maturity. The Company will pay interest semi-annually in arrears on May 22 and November 22 of each year (each an
“Interest Payment Date”), commencing May 22, 2023. Interest on this Note will accrue from the most recent
date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from November
22, 2022; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between
a Record Date (as defined below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding
Interest Payment Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at
the same per annum rate to the extent lawful. Interest on this Note will be computed on the basis of a 360-day year comprised
of twelve 30-day months. The amount of interest payable on this Note on any Interest Payment Date, redemption date, Change of
Control Payment Date (as defined in Section 18 below), maturity date or other date on which interest on this Note is due will
be the amount of interest accrued to, but excluding, such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be. If an Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date on which any payment on this Note is due falls on a day that is not a business day, then payment of
principal and interest, as the case may be, due on such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be, need not be made on such Interest Payment Date, redemption date, Change of Control
Payment Date, maturity date or other date, as the case may be, but may be made on the next succeeding business day, and no interest
on such payment shall accrue for the period from and after such Interest Payment Date, redemption date, Change of Control Payment
Date, maturity date or other date, as the case may be. As used in this Section 1 and Section 2 below, the term “business
day” means any day except a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized
or obligated by law, regulation or executive order to close (a “New York business day”); provided that such term shall
mean, with respect to any place of payment of principal of or interest on the Notes, any day which is not a Saturday, Sunday or
other day on which banking institutions in such place of payment are authorized or obligated by law, regulation or executive order
to close.

    	 

    	 

    

20.           METHOD OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who
are Holders of Notes at the close of business on May 7 or November 7 (each a “Record Date”), as the
case may be, whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14
of the Base Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable
at the office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed
to the Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal
and interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

21.           PAYING AGENT AND REGISTRAR. Initially, Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National
Association as trustee), the Trustee under the Indenture, will act as Paying Agent and Registrar for the Notes. The Company may
change any Paying Agent, Service Agent (if any) or Registrar, and may appoint additional Paying Agents, Service Agents and co-Registrars,
without notice to any Holder. In addition, the Company or any of its Subsidiaries may act in any such capacity.

22.           INDENTURE. This Note is one of a duly authorized Series of Securities (herein called the “Notes”)
of the Company issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between
the Company and the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the
Company and the Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented
by the Supplemental Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on November 22,
2022. Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will
constitute a single Series of Securities under the Indenture.

23.           OPTIONAL REDEMPTION. The Notes are redeemable at the option of the Company, at any time, in whole or in part, at
any time and from time to time, prior to October 22, 2027 (the “Par Call Date”) at a redemption price
(expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

		(1)	(a)
                                         the sum of the present values of the remaining scheduled payments of principal and interest
                                         thereon discounted to the redemption date (assuming the Notes matured on the Par Call
                                         Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
                                         at the Treasury Rate plus 25 basis points, less (b) interest accrued to the date of redemption,
                                         and

		(2)	100%
                                         of the principal amount of the Notes to be redeemed,

plus, in either case, accrued
and unpaid interest thereon to the redemption date.

    	 

    	 

    

On or after the Par Call Date,
the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Company’s actions
and determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary’s procedures) at least
10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided in the Indenture
(with notice of such redemption to the Trustee and Paying Agent at least 5 business days prior to when notice is sent to Holders,
unless a shorter period shall be acceptable to the Trustee).

In the case of a partial redemption,
selection of the Notes for redemption will be made, in the case of certificated Notes, pro rata, by lot or by such other method
as the Trustee in its sole discretion deems appropriate and fair, or, in the case of global Notes, pursuant to the policies and
procedures of the Depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be
redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the
Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of
the Holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary,
the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Treasury Rate”
means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date
based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical
release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)
- H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury
constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury
Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period
from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant
maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of
days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to
the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed
to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the redemption date.

    	 

    	 

    

If on the third business day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day
preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the
Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or
more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding
the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury
security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading
closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New
York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a
percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.

24.           NO MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms
and subject to the conditions set forth in Section 18 of this Note.

25.           DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in
principal amount and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged
only by surrender thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the
Company of the surrendered Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging
Holder, as the case may be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and governmental charges
permitted by the Indenture. Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the
transfer of, or exchange Notes during the period beginning at the opening of business fifteen days immediately preceding the giving
of a notice of redemption of the Notes and ending at the close of business on the day such notice is given, or (b) to register
the transfer of or exchange Notes selected, called or being called for redemption, except any portion thereof not so selected,
called or being called.

    	 

    	 

    

26.           PERSONS DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note is registered
as the owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor
any Agent shall be affected by any notice to the contrary.

27.           AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and
supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with
any provision of the Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal
amount of the then outstanding Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange
offer for the Notes). Without notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and
supplemented as provided in the Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make
any change that does not adversely affect the rights of any Holder of Notes in any material respect.”

28.           DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or
the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid
interest on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to
specified events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall
ipso facto become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of
the outstanding Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes)
any past Default with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind
and annul any acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture.

29.           TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

30.           NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

    	 

    	 

    

31.           AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

32.           GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State
of New York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions
thereof.

33.           LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

34.           ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

35.           CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

36.           CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

    	 

    	 

    

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the applicable
                                         Change of Control Offer;

		(2)	no
                                         later than 10:00 a.m. New York City time, deposit with a Paying Agent for the Notes an
                                         amount equal to the aggregate Change of Control Payment in respect of all Notes or portions
                                         of Notes properly tendered pursuant to the applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

    	 

    	 

    

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee, in accordance with the terms of the Indenture, will promptly authenticate and mail
(or cause to be delivered by book-entry transfer) to the Holder of such Note a new Note equal in principal amount to any unrepurchased
portion of the Note repurchased in part.

(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

    	 

    	 

    

(h) As used in this Section
18, the following terms have the meanings set forth below:

“Change
of Control” means the occurrence of any of the following:

(a)            the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or any of its Subsidiaries) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of shares), provided, however,
that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such person’s Affiliates until such tendered securities
are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result
of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act;

(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)            the
adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the
Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting
Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

    	 

    	 

    

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s
control, a “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	 

    	 

    

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

5.950% Notes due 2027 (the “Notes”)

To: eBay Inc.

Computershare Trust Company, N.A., as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

 

	Principal
    amount surrendered for repurchase	$	        
	 	(must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered for repurchase must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)
	 	 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

Exhibit
D

Form of 6.300% Note due
2032

	THIS
    IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY
    OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF)
    REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
    THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE
    OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
    DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED
    REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO
    THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
    ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
    DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
    OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP:  278642 BB8
 ISIN:  US278642BB85

 

eBay
Inc.

 

6.300% Notes due 2032

 

	No. ·	 	$·,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to ·,
or registered assigns, the principal sum of [Amount in Words] Dollars on November 22, 2032.

Interest Payment Dates: May
22 and November 22, beginning May 22, 2023.

Record Dates: May 7 and November
7.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

    	 

    	 

    

	 	 	eBay Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	This is one of the 6.300% Notes
    due 2032 

referred to in the within-mentioned	 	 
	Indenture:	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Computershare Trust Company,
    N.A., 

as Trustee	 	 
	 	 	 	 
	By:	 	 	 
	 	Authorized Signatory	 	 

    	 

    	 

    

(Reverse
of Note)

6.300% Notes due 2032

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

37.           INTEREST. eBay Inc., a Delaware corporation (the “Company,” which term includes its successors
under the Indenture), promises to pay interest on the principal amount of this Note at the rate of 6.300% per annum from November
22, 2022 until maturity. The Company will pay interest semi-annually in arrears on May 22 and November 22 of each year (each an
“Interest Payment Date”), commencing May 22, 2023. Interest on this Note will accrue from the most recent
date to which interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from November
22, 2022; provided that if there is no existing default in the payment of interest, and if this Note is authenticated between
a Record Date (as defined below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding
Interest Payment Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at
the same per annum rate to the extent lawful. Interest on this Note will be computed on the basis of a 360-day year comprised
of twelve 30-day months. The amount of interest payable on this Note on any Interest Payment Date, redemption date, Change of
Control Payment Date (as defined in Section 18 below), maturity date or other date on which interest on this Note is due will
be the amount of interest accrued to, but excluding, such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be. If an Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date on which any payment on this Note is due falls on a day that is not a business day, then payment of
principal and interest, as the case may be, due on such Interest Payment Date, redemption date, Change of Control Payment Date,
maturity date or other date, as the case may be, need not be made on such Interest Payment Date, redemption date, Change of Control
Payment Date, maturity date or other date, as the case may be, but may be made on the next succeeding business day, and no interest
on such payment shall accrue for the period from and after such Interest Payment Date, redemption date, Change of Control Payment
Date, maturity date or other date, as the case may be. As used in this Section 1 and Section 2 below, the term “business
day” means any day except a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized
or obligated by law, regulation or executive order to close (a “New York business day”); provided that such term shall
mean, with respect to any place of payment of principal of or interest on the Notes, any day which is not a Saturday, Sunday or
other day on which banking institutions in such place of payment are authorized or obligated by law, regulation or executive order
to close.

    	 

    	 

    

38.           METHOD OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who
are Holders of Notes at the close of business on May 7 or November 7 (each a “Record Date”), as the
case may be, whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14
of the Base Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable
at the office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed
to the Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal
and interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

39.           PAYING AGENT AND REGISTRAR. Initially, Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National
Association as trustee), the Trustee under the Indenture, will act as Paying Agent and Registrar for the Notes. The Company may
change any Paying Agent, Service Agent (if any) or Registrar, and may appoint additional Paying Agents, Service Agents and co-Registrars,
without notice to any Holder. In addition, the Company or any of its Subsidiaries may act in any such capacity.

40.           INDENTURE. This Note is one of a duly authorized Series of Securities (herein called the “Notes”)
of the Company issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between
the Company and the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the
Company and the Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented
by the Supplemental Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on November 22,
2022. Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will
constitute a single Series of Securities under the Indenture.

41.           OPTIONAL REDEMPTION. The Notes are redeemable at the option of the Company, at any time, in whole or in part, at
any time and from time to time, prior to August 22, 2032 (the “Par Call Date”) at a redemption price
(expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

		(1)	(a)
                                         the sum of the present values of the remaining scheduled payments of principal and interest
                                         thereon discounted to the redemption date (assuming the Notes matured on the Par Call
                                         Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
                                         at the Treasury Rate plus 35 basis points, less (b) interest accrued to the date of redemption,
                                         and

		(2)	100%
                                         of the principal amount of the Notes to be redeemed,

plus, in either case, accrued
and unpaid interest thereon to the redemption date.

    	 

    	 

    

On or after the Par Call Date,
the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100%
of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The Company’s actions
and determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will
be mailed or electronically delivered (or otherwise transmitted in accordance with the Depositary’s procedures) at least
10 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided in the Indenture
(with notice of such redemption to the Trustee and Paying Agent at least 5 business days prior to when notice is sent to Holders,
unless a shorter period shall be acceptable to the Trustee).

In the case of a partial redemption,
selection of the Notes for redemption will be made, in the case of certificated Notes, pro rata, by lot or by such other method
as the Trustee in its sole discretion deems appropriate and fair, or, in the case of global Notes, pursuant to the policies and
procedures of the Depositary. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be
redeemed in part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the
Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of
the Holder of the Note upon surrender for cancellation of the original Note. For so long as the Notes are held by the Depositary,
the redemption of the Notes shall be done in accordance with the policies and procedures of the Depositary.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Treasury Rate”
means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be
determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are
posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date
based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical
release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)
- H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury
constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the Treasury
Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period
from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant
maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer
than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of
days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity
on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to
the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed
to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from
the redemption date.

    	 

    	 

    

If on the third business day
preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate based on the rate
per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day
preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the
Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or
more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding
the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury
security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing
on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading
closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New
York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity
of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a
percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three
decimal places.

42.           NO MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments
with respect to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms
and subject to the conditions set forth in Section 18 of this Note.

43.           DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in
principal amount and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged
only by surrender thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the
Company of the surrendered Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging
Holder, as the case may be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and governmental charges
permitted by the Indenture. Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the
transfer of, or exchange Notes during the period beginning at the opening of business fifteen days immediately preceding the giving
of a notice of redemption of the Notes and ending at the close of business on the day such notice is given, or (b) to register
the transfer of or exchange Notes selected, called or being called for redemption, except any portion thereof not so selected,
called or being called.

    	 

    	 

    

44.           PERSONS DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note is registered
as the owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor
any Agent shall be affected by any notice to the contrary.

45.           AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and
supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with
any provision of the Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal
amount of the then outstanding Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange
offer for the Notes). Without notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and
supplemented as provided in the Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make
any change that does not adversely affect the rights of any Holder of Notes in any material respect.”

46.           DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or
the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid
interest on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to
specified events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall
ipso facto become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of
the outstanding Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes)
any past Default with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind
and annul any acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture.

47.           TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

48.           NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

    	 

    	 

    

49.           AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

50.           GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State
of New York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions
thereof.

51.           LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

52.           ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants
in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common),
CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

53.           CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

54.           CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

    	 

    	 

    

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	(a) accept for payment all Notes or portions of Notes properly tendered pursuant to the
                                                                                                                   applicable Change of Control Offer;

		(2)	no
                                         later than 10:00 a.m. New York City time, deposit with a Paying Agent for the Notes an
                                         amount equal to the aggregate Change of Control Payment in respect of all Notes or portions
                                         of Notes properly tendered pursuant to the applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

    	 

    	 

    

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee, in accordance with the terms of the Indenture, will promptly authenticate and mail
(or cause to be delivered by book-entry transfer) to the Holder of such Note a new Note equal in principal amount to any unrepurchased
portion of the Note repurchased in part.

(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

    	 

    	 

    

(h) As used in this Section
18, the following terms have the meanings set forth below:

“Change
of Control” means the occurrence of any of the following:

(a)           the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Company or any of its Subsidiaries) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of shares), provided, however,
that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such person’s Affiliates until such tendered securities
are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result
of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act;

(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)           the
adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the
Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting
Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

    	 

    	 

    

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s
control, a “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	 

    	 

    

ASSIGNMENT FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    	 

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

6.300% Notes due 2032 (the “Notes”)

To: eBay Inc.

Computershare Trust Company, N.A., as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

 

	Principal amount surrendered
    for repurchase	$	        
	 	(must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered for repurchase must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)
	 	 	 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    

Guarantee:	 

 

Signatures must be guaranteed
by an “eligible guarantor institution” meeting the requirements of the Registrar for this Note, which requirements
include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

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