Document:

EX-10.8

 Exhibit 10.8 

THIS WARRANT (THIS “WARRANT”) AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER,
PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  

			
	 Warrant No. 6
	  	Date of Issuance: July 14, 2021

 Number of Ordinary Shares: As set forth on Exhibit A 

(subject to adjustment) 
 Global-E Online Ltd. 
 Share Purchase Warrant 

Global-E Online Ltd., a company incorporated under the laws of the State of Israel (the
“Company,” and which shall include any corporation or other entity that succeeds to the Company’s obligations under this Warrant (this “Warrant”), whether by permitted assignment, by merger or consolidation or
otherwise), for value received, hereby certifies that Shopify International Limited, a corporation governed by the laws of Ireland, or its registered assigns (the “Registered Holder”), is entitled, subject to the terms set forth
below and including the terms relating to vesting and exercise set forth on Exhibit A attached hereto, to purchase from the Company, at any time after the date hereof and on or before the Expiration Date (as defined in
Section 8) the number of Company’s ordinary shares (the “Ordinary Shares”) at a price of $0.01 per share. The Ordinary Shares purchasable upon exercise of this Warrant, and the purchase price per share, each as adjusted
from time to time pursuant to the provisions of this Warrant, are hereinafter referred to as the “Warrant Shares” and the “Purchase Price,” respectively. 

This Warrant is issued pursuant to, and is subject to the terms and conditions of, the Service and Partnership Agreement between the Company
and Shopify Inc. dated as of April 12, 2021 (the “Agreement” and the “Original Issuance Date,” respectively) and as part of the consideration thereunder. 

The Registered Holder partially exercised Warrant No. 5 (the “Original Warrant”) and this Warrant is issued as a
Replacement Warrant (as defined therein). The following is a statement of the rights of the Registered Holder and the conditions to which this Warrant is subject, and to which the Registered Holder, by the acceptance of this Warrant, agrees:

1.    Number of Shares. Subject to the terms and conditions hereinafter set forth, including
on Exhibit A attached hereto, the Registered Holder is entitled, upon surrender of this Warrant, to purchase from the Company the number of Warrant Shares (subject to adjustment as provided herein) set forth in
Exhibit A, attached hereto, as may be amended from time to time. 
 2.    Exercise. 

a.    Method of Exercise. This Warrant may be exercised by the Registered Holder, in whole or in part, at
any time or from time to time on any day before the Expiration Date, subject to the terms and conditions set forth on Exhibit A attached hereto (as may be amended from time to time), by delivering a purchase/exercise form in the form appended
hereto as Exhibit B duly executed by such Registered Holder or by such Registered Holder’s duly authorized attorney, at the principal office of the Company, or at such other office or agency as the Company may designate, along
with a copy of this Warrant. 
 b.    Payment. Unless the Registered Holder is exercising this Warrant
pursuant to a Net Issue Exercise in the manner specified in Section 2(d), the Registered Holder shall also, as a condition to any exercise of this Warrant, deliver to the Company payment in full for the Purchase Price payable in respect of the
number of Warrant Shares purchased upon such exercise. The Purchase Price may be paid by cash, check or wire transfer. 

 c.    Partial Exercise. Upon a partial exercise of this
Warrant, the Company shall deliver to the Registered Holder an amended Exhibit A (the “Replacement Exhibit”), which shall be integral part of this Warrant, for the remaining number of Warrant Shares for which this Warrant may then
be exercised. Except as explicitly amended under the Replacement Exhibit, this Warrant shall remain in full force and effect, including all other terms and conditions hereunder. 

 

	 	d.	 Net Issue Exercise. 

 

	 	(i)	 In lieu of exercising this Warrant and delivering payment in the manner provided in Section 2(b), the
Registered Holder may elect to exercise all or any portion of this Warrant by net exercise by giving notice of such election on the purchase/exercise form appended hereto as Exhibit B duly executed by such Registered Holder or by such Registered
Holder’s duly authorized attorney, at the principal office of the Company, or at such other office or agency as the Company may designate, along with a copy of this Warrant, in which event the Company shall issue to such Registered Holder a
number of Warrant Shares computed using the following formula: 

  

			
	           X=
	  	   Y (A - B)

          A

  

			
	          where	 	  

		
	          X=	 	the number of Warrant Shares to be issued to the Registered Holder.
		
	          Y=	 	the number of Warrant Shares purchasable under this Warrant as set out on the purchase/exercise form.
		
	          A=	 	the fair market value of one Warrant Share on the date of such net exercise.
		
	          B=	 	the Purchase Price.

  

	 	(ii)	 For purposes of this Section 2(d), the “fair market value of Warrant Share on the date of net
exercise” shall mean with respect to each Warrant Share: 

	(A)	 (a) if the exercise is in connection with consummation of the sale of the securities of the Company (or an
affiliate (as defined in Rule 405 under the Securities Act) thereof) pursuant to a registration statement filed by the Company (or an affiliate thereof) under the Securities Act), in connection with a firm commitment underwritten offering to the
general public (an “IPO”), and if the Company’s registration statement relating to such public offering has been declared effective by the Securities and Exchange Commission, then the fair market value shall be the initial
“Price to Public” per share specified in the final prospectus with respect to the offering, or (b) if this Warrant is exercised following the IPO, then the Fair Market Value shall equal the average of the closing prices of the
Company’s Ordinary Share, as reported on the principal stock exchange on which the Company’s shares are traded at such time for the thirty (30) consecutive trading days immediately preceding the exercise of the Warrant; or (c) if
this Warrant is exercised in connection with a Merger and Acquisition or a Liquidation Event - the price per Warrant Share paid or otherwise distributed in such transaction or other event; 

 

	(B)	 if (A) is not applicable, the fair market value of Warrant Share shall be at the per share valuation as
determined by an independent third-party valuation firm within the prior twelve (12) months approved in good faith by the Company’s Board of Directors (the “Board”), unless the Company is at such time subject to a consolidation
or merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity), or any transfer of all or substantially all of the assets of the Company, in which case the fair market
value of Warrant Share shall be deemed to be the value received by the holders of Ordinary Shares pursuant to such acquisition. 

  

	 	e.	 Issuance of Shares. Upon exercise of the Warrant, and as a condition of such exercise, the
Registered Holder shall become (if not already) party to that certain Third Amended and Restated Investors’ Rights Agreement, dated March 22, 2021, by and among the Company and the other parties named therein, as amended from time to time,
a true and correct copy of which has been provided to the Registered Holder (the “Investors’ Rights Agreement”), by delivering a joinder in the form appended hereto as Exhibit D duly executed by such Registered Holder.
As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company will, at its expense, cause to be issued in the name of, and delivered to, the Registered
Holder: 

 i.    certificate or certificates for the number of Warrant Shares to which
such Registered Holder shall be entitled; 
 ii.    in case such exercise is in part only, a Replacement
Exhibit as provided in Section 2(c); and 
 iii.    if applicable, a check payable to the Registered
Holder for any cash amounts payable as described in Section 12. 
  

	 	f.	 Automatic Exercise. If this Warrant remains outstanding as of the Expiration Date then, at such
time, this Warrant shall, automatically and without any action on the part of the Registered Holder, be exercised pursuant to Section 2(d) effective immediately prior to the termination of this Warrant pursuant to Section 8, unless the
Registered Holder shall have earlier provided written notice to the Company that the Registered Holder desires that this Warrant terminate unexercised. If this Warrant is automatically exercised pursuant to this Section 2(f) the Company shall
notify the Registered Holder of such exercise as soon as reasonably practicable. 

  

	 	g.	 Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have been made upon
the satisfaction of all of the conditions set forth herein. At such time, the person or persons in whose name or names any certificates for Warrant Shares shall be issuable upon such exercise as provided herein shall be deemed to have become the
holder or holders of record of the Warrant Shares represented by such certificates. 

  

	 	h.	 Taxes. The issuance of the Warrant, and the Warrant Shares upon the exercise of the Warrant,
shall be made without the deduction or withholding of any taxes, levies, assessments, imposts, duties or similar charges imposed by any taxing authority (“Taxes”), unless otherwise required by law. If such deduction or withholding
is so required, the Company shall pay the amount of such Taxes so imposed to the applicable 

	 	
taxing authority, and shall pay such additional amounts to the Registered Holder so that the Registered Holder receives the net amount after such deduction or withholding that it would have
received had no such deduction or withholding been imposed. 

 3. Adjustments. 

a.    Share Splits and Dividends. The Purchase Price and the number of Warrant Shares for which this Warrant
remains exercisable shall each be proportionally adjusted to reflect any share dividend, share split, reverse share split or other similar event affecting the number of outstanding Warrant Shares. 

b.    Adjustment for Other Dividends and Distributions. In case the Company shall make or issue, or shall
fix a record date for the determination of eligible holders entitled to receive, a dividend or other distribution payable with respect to the Warrant Shares that is payable in (a) securities of the Company (other than issuances with respect to
which adjustment is made under Section 3(a) or Section 3(c)) or (b) assets (other than cash) which dividend or distribution is actually made (each, a “Dividend Event”), then, and in each such case, Registered Holder,
upon exercise of this Warrant at any time after such Dividend Event, shall receive, in addition to the Warrant Shares, the securities or such other assets of the Company that would have been payable to Registered Holder if Registered Holder had
completed such exercise of this Warrant immediately prior to such Dividend Event. 
 c.    Adjustment for
Reorganization, Consolidation, Merger. In case of any recapitalization or reorganization of the Company or in case the Company shall consolidate with or merge into one or more other corporations or entities which results in a change of the
Warrant Shares (each, a “Reorganization Event”), then, and in each such case, Registered Holder, upon the exercise of this Warrant after such Reorganization Event, shall be entitled to receive, in lieu of the shares or other
securities and property that Registered Holder, would have been entitled to receive upon such exercise prior to such Reorganization Event, the shares or other securities or property which Registered Holder, would have been entitled to receive upon
such Reorganization Event if, immediately prior to such Reorganization Event, Registered Holder, had completed such exercise of this Warrant, all subject to further adjustment as provided in this Warrant. If after such Reorganization Event the
Warrant is exercisable for securities of a corporation or entity other than the Company, then such corporation or entity shall duly execute and deliver to Registered Holder, a supplement hereto acknowledging such corporation’s or other
entity’s obligations under this Warrant, and in each such case the terms of this Warrant shall be applicable to the shares or other securities or property receivable upon the exercise of this Warrant after the consummation of such
Reorganization Event. 
 d.    No Change Necessary. The form of this Warrant need not be changed because
of any adjustment in the Purchase Price or in the number of Warrant Shares issuable upon its exercise. 

e.    Notice. The Company shall provide prompt notice to the Registered Holder, using commercially
reasonable efforts to provide such notice at least 5 business days in advance, of any adjustment made pursuant to this Section 3; provided that, for notice in connection with a Reorganization Event, if providing such notice would cause the
Company to violate any contractual or other restrictions that the Company is then subject to with respect to confidentiality of a particular transaction or otherwise, the Company shall only be required to provide to the Registered Holder such form
of notice and upon such timing that the Company is required to provide to holders of shares of the same series and class of shares as the Warrant Shares. The Company will also provide information requested by Registered Holder that is reasonably
necessary to enable Registered Holder to comply with Registered Holder’s accounting or reporting requirements.

4.    Transfers. 

a.    Unregistered Security. Each holder of this Warrant acknowledges that, as of the date hereof, none of
the Company’s securities (including this Warrant and the Warrant Shares) have been registered under the Securities Act, and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant
Shares issued upon its exercise (or any securities issued by the Company upon conversion or exchange thereof) in the absence of (i) an effective registration statement under the Securities Act as to the sale of any such securities and
registration or qualification of such securities under any applicable U.S. federal or state securities law then in effect, or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required.
Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant (and any securities issued by the Company upon conversion or exchange thereof) shall bear a legend substantially to the foregoing effect. The Warrant
Shares issuable pursuant to this Warrant shall have the registration rights described in Section 7 hereto. 

 b.    Transferability. Subject to the provisions of
Section 4(a) hereof, this Warrant may be transferred and assigned and all rights hereunder are transferable, in whole or in part, to an affiliate (as defined in Rule 405 under the Securities Act) of the Registered Holder upon surrender of this
Warrant with a properly executed assignment (in the form of Exhibit C hereto) at the principal office of the Company and subject to the provisions of Section 4.a. hereof. 

c.    Warrant Register. The Company will maintain a register containing the names and addresses of the
Registered Holder(s) of this Warrant. Until any transfer of this Warrant is made in the warrant register, the Company may treat the Registered Holder of this Warrant as the absolute owner hereof for all purposes. Any Registered Holder may change
such Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change.

5.     Representations and Warranties of the Registered Holder. The Registered Holder hereby represents and warrants to
the Company that: 
 a.    Authorization. The Registered Holder has full power and authority to enter into
this Warrant. The Warrant, when executed and delivered by the Registered Holder, will constitute a valid and legally binding obligation of the Registered Holder, enforceable in accordance with its terms, except as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies. 
 b.    Purchase Entirely for Own Account. This Warrant is
issued to the Registered Holder in reliance upon the Registered Holder’s representation to the Company, which by the Registered Holder’s acceptance of this Warrant, the Registered Holder hereby confirms, that the Warrant to be acquired by
the Registered Holder and the Warrant Shares (and any securities issued by the Company upon conversion or exchange thereof) (collectively, the “Securities”) will be acquired for investment for the Registered Holder’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof. 

c.    Restricted Securities. The Registered Holder understands that the Securities have not been, and, other
than as provided herein, will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of the Registered Holder’s representations as expressed herein. The Registered Holder understands that unless and until registered the Securities are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Registered Holder must hold the Securities indefinitely unless they are registered with the Securities and Exchange Commission and, if applicable, qualified by state
authorities, or an exemption from such registration and qualification requirements is available. The Registered Holder understands that no public market now exists for any of the securities issued by the Company, and that the Company has made no
assurances that a public market will ever exist for the Securities. 
 d.    Accredited Investor. The
Registered Holder is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 

e.    Market Stand-Off Agreement. The Registered Holder agrees that,
in connection with an IPO, the Warrant Shares shall be subject to the “lock-up” provisions in Section 1.16 of the Investors’ Rights Agreement, and the Registered Holder
agrees to execute an agreement reflecting Section 1.16 of the Investors’ Rights Agreement as may be requested by the Company or the managing underwriters at the time of an IPO.

6.    Representations, Warranties and Covenants of the Company. The Company hereby represents and warrants to the Registered
Holder that: 
 a.    Corporate Power. The Company has full power and authority to execute, deliver and
issue this Warrant. The Warrant, when executed and delivered by the Company, will constitute a valid and legally binding obligation of the Company, enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific performance, injunctive relief or
other equitable remedies. 

 b.    Authorization. All corporate action on the part of
the Company, its directors and shareholders necessary for the authorization, execution, issuance, delivery and performance by the Company of this Warrant has been taken. 1 

c.    Capitalization. The authorized share capital of the Company consisted, immediately prior to the
Original Issuance Date, of: 
     i.    5,902,275,000 Ordinary Shares, 21,903,600 shares of which
are issued and outstanding; 11,578,800 Series A Preferred Shares, 11,578,500 of which are issued and outstanding; 12,218,400 Series A-1 Preferred Shares, 12,218,400 of which are issued and outstanding;
22,416,600 Series B-1 Preferred Shares, 22,416,600 of which are issued and outstanding; 10,675,200 Series B-2 Preferred Shares, 10,675,200 of which are issued and
outstanding; 9,957,600 Series C Preferred Shares, 9,493,200 of which are issued and outstanding; 16,654,800 Series D-1 Preferred Shares, 16,654,800 of which are issued and outstanding; and 14,223,600 Series E
Preferred Shares, 14,223,600 of which are issued and outstanding. All of the outstanding shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state securities laws. 

    ii.    The Company has reserved 26,113,200 Ordinary Shares for issuance to officers, directors,
employees and consultants of the Company pursuant to its equity compensation plans which have been duly adopted by the Company’s Board of Directors (the “Board”) and approved by the Company’s shareholders (collectively,
the “Incentive Plans”). Of such reserved Ordinary Shares, 12,613,200 Ordinary Shares underline outstanding options. 

    iii.    Except (A) for conversion privileges of the Company’s preferred shares, warrants
to purchase 464,400 shares of Ordinary Shares and the outstanding options issued pursuant to the Incentive Plans, (B) as set forth in the Investors’ Rights Agreement, and (C) in connection with the IPO contemplated pursuant to the
Registration on Form F-1 (File No. 333-253999) (the “Contemplated IPO”), there are no outstanding options, warrants, rights (including conversion
or preemptive rights and rights of first refusal or similar rights) or agreements, orally or in writing, for the purchase or acquisition from the Company of any shares of its share capital. 

d.    Reservation of Warrant Shares. The Warrant Shares issuable upon exercise of this Warrant (and any
securities issuable by the Company upon conversion or exchange thereof) has been duly authorized and validly reserved by the Company and when issued in accordance with the provisions of this Warrant against the receipt of the Purchase Price or
pursuant to the net exercise provision set forth in Section 2(d) hereof will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, mortgages, charges, security interests,
preemptive rights, transfer or other restrictions or other claims or third party’s rights or encumbrances of any nature whatsoever; provided, however, that the Warrant Shares issuable pursuant to this Warrant may be subject to restrictions on
transfer under state and/or federal securities laws and the Company’s amended and restated articles of association, as may be amended from time to time (the “Articles”), including the Public Company Articles (as defined below).

 e.    Offering. Subject in part to the truth and accuracy of the Registered Holder’s
representations set forth in Section 5 hereof, the offer, issuance and sale of this Warrant is, and the issuance of the Warrant Shares upon exercise of this Warrant (and the issuance of any securities issuable by the Company upon conversion or
exchange thereof) will be, exempt from the registration requirements of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither the Company nor anyone acting on its behalf will take
any action hereafter that would cause the loss of such exemptions. 
 f.    Charter Documents. The Company
has provided the Registered Holder true and complete copies of (A) the Articles effective as of the Original Issuance Date and (B) the amended and restated articles of association that have been adopted by the Company’s shareholders
and that will become effective immediately prior to, and contingent upon, the consummation of the Contemplated IPO (the “Public Company Articles”). The Company shall not by amendment of the Articles or the Public Company Articles or
through a reorganization, transfer or sale of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
under this Warrant, but shall at all times 

 
in good faith reasonably assist in carrying out of all the provisions of this Warrant and in taking all such action as may be reasonably necessary or appropriate to protect the rights of the
Registered Holder under this Warrant against impairment. However, the Company shall not be deemed to have impaired the rights of the Registered Holder (i) if the Articles or the Public Company Articles are amended or waived in a manner that
does not (individually or when considered in the context of any other actions being taken in connection with such amendments or waivers) affect the Registered Holder in a manner different from the effect that such amendments or waivers have on the
rights of other holders of the same series and class as the Warrant Shares or (ii) in connection with the adoption and the effectiveness of the Public Company Articles; provided, however, that, notwithstanding the foregoing, the Company shall
not impose any restrictions on the transferability or alienability of the Warrant Shares other than (x) as may be in effect as of the Original Issuance Date or (y) contemplated under the Public Company Articles, in each case, without the
written consent of the Registered Holder. 
 g.    [Reserved]. 

7.    Registration Rights. 

The Warrant Shares issuable pursuant to this Warrant shall have registration rights as set forth in Section 1 of the Investors’
Rights Agreement and shall be Registrable Securities as defined therein. The provisions set forth in the Investors’ Rights Agreement relating to such registration rights in effect as of Original Issuance Date may not be amended, modified or
waived by the Company without the prior written consent of the Registered Holder unless such amendment, modification or waiver affects the rights under the Investors’ Rights Agreement associated with the Warrant Shares in the same manner as
such amendment, modification, or waiver affects the rights under the Investors’ Rights Agreement associated with all other shares of the same series and class of Warrant Shares.

8.    Termination. This Warrant (and the right to purchase securities upon exercise hereof) shall terminate upon the
earliest to occur of the following (the “Expiration Date”): 
  

	 	a.    the	 tenth (10th) anniversary of the Original Issuance Date, or 

b.    immediately prior to the consummation of a Merger and Acquisition or a Liquidation Event (as defined in the
Company’s Articles), or 
  

	 	c.    immediately	 prior to the consummation of an IPO (other than the Contemplated IPO) (a “New IPO”),

 provided that the Registered Holder shall be given reasonable notice of such Merger and Acquisition, Liquidation Event or New IPO (and
the Company shall use commercially reasonable efforts to provide such notice at least 5 business days in advance of the consummation of the Merger and Acquisition, Liquidation Event or New IPO) and the opportunity to exercise this
Warrant prior to or concurrently with the consummation of such Merger and Acquisition, Liquidation Event or New IPO. 

9.    Notices of Certain Transactions. In case: 

a.    the Company shall take a record of the holders of its outstanding shares of the same class as the Warrant Shares (or
other shares or securities at the time deliverable upon the exercise of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of any
class or any other securities, or to receive any other right, or 
 b.    of any capital reorganization of the Company,
any reclassification of the share capital of the Company, any consolidation or merger of the Company, any Merger and Acquisition, any Liquidation Event, or any New IPO

then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be,
(i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation, winding-up, redemption or conversion is to take place, and the time, if any is to be fixed, as of which the holders of record of the Company’s outstanding shares of
the same class as the Warrant Shares (or such other shares or securities at the time deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation,
winding--up, redemption or conversion) are to be determined. Such notice shall be mailed at least 5 business days prior to the record date or effective date for the event specified in such notice. In addition,
the Company shall use commercially reasonable efforts to provide the Registered Holder with prompt written notice of any amendment to 

 
the term “Merger and Acquisition” set forth in the Articles, other than in connection with the adoption and effectiveness if the Public Company Articles. Notwithstanding anything to the
contrary set forth in this Section 9, if providing any contemplated notice would cause the Company to violate any contractual or other restrictions that the Company is subject to with respect to confidentiality of a particular transaction or
otherwise, the Company shall only be required to provide to the Registered Holder such form of notice and upon such timing that the Company is required to provide to holders of shares of the same series and class as the Warrant Shares. 

10.    Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of
mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 

11.    No Rights as Shareholder. Until and to the extent of the exercise of this Warrant, the Registered Holder of this
Warrant shall not have or exercise any rights by virtue hereof as a shareholder of the Company. 
 12.    No Fractional
Shares. No fractional Warrant Shares will be issued in connection with any exercise hereunder. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by
the fair market value of one Warrant Share on the date of exercise, as determined in accordance with Section 2(d)(ii). 

13.    Survival of Representations. Unless otherwise set forth in this Warrant, the representations, warranties and
covenants contained in or made pursuant to this Warrant shall survive the execution and delivery of this Warrant. 

14.    Attorney’s Fees. If any action at law or in equity (including arbitration) is necessary to enforce or interpret
the terms of any of this Warrant, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

15.    Miscellaneous. 

a.    Governing Law. The validity, interpretation, construction and performance of this Warrant, and all
acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of New York, without giving effect to principles of conflicts of law.

 b.    Jurisdiction and Venue. With respect to any conflicts arising out of or related to this Warrant,
the parties consent to the exclusive jurisdiction of, and venue in, the competent courts in New York. 

c.    Entire Agreement. This Warrant, together with the Agreement, sets forth the entire agreement and
understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the subject matter hereof. 

d.    Amendments and Waivers. Other than in connection with the delivery of a Replacement Exhibit pursuant
to Section 2.c, no modification of or amendment to this Warrant, nor any waiver of any rights under this Warrant, shall be effective unless in writing signed by the Company and the Registered Holder. No delay or failure to require performance
of any provision of this Warrant shall constitute a waiver of that provision as to that or any other instance. 

e.    Successors and Assigns. The rights and obligations of the Company and the Registered Holder shall be
binding upon and benefit the respective successors, assigns and permitted transferees of the parties. 

f.    Notices. Any notice, demand or request required or permitted to be given under this Warrant shall be
in writing and shall be delivered personally, messenger or courier service, mailed by certified or registered mail, postage prepaid, or sent by electronic mail. Each such notice or other communication shall for all purposes of this Warrant be
treated as effective or having been given (i) if delivered personally, by messenger or courier service, when delivered, (ii) if sent by mail, on its receipt, or (iii) if sent by electronic mail, when directed to the relevant
electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. Any notice or communication shall be addressed to the party
to be notified at such party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the signature page, at the most recent address set forth in the Company’s books and
records. 

 g.    Severability. If any provision of this Warrant
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such court will replace
such illegal, void or unenforceable provision of this Warrant with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The
balance of this Warrant shall be enforceable in accordance with its terms. 
 h.    Construction. This
Warrant is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Warrant shall be deemed to be the product of all of the parties hereto, and no ambiguity shall
be construed in favor of or against any one of the parties hereto. 
 i.    Titles and Subtitles. The
titles and subtitles used in this Warrant are included for convenience only and are not to be considered in construing or interpreting this Warrant. 

j.    Counterparts. This Warrant may be executed in any number of counterparts, each of which shall be
deemed an original, and all of which together shall constitute one and the same instrument. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the Company and the Registered Holder have executed this Warrant as of
the date first set forth above. 
 THE COMPANY: 
 GLOBAL-E ONLINE LTD. 
  

			
	By:	 	 /s/ Amir Schlachet

	Name:	 	Amir Schlachet
	Title:	 	CEO
	  
 Address: 25 Basel Street, Petah Tikva, 4951038

 
 Email: legal@global-e.com

 
 ACCEPTED AND AGREED:

 
 THE REGISTERED HOLDER:

 
 SHOPIFY INTERNATIONAL LIMITED

 

	By:	 	 /s/ John Riordan

	Name:	 	John Riordan
	Title:	 	Director

 Address: 2nd Floor Victoria Buildings
1-2 Haddington 
 Road, Dublin 4, D04 XN32, Ireland 

Email: contract_notices@shopify.com 

 Exhibit A 

NUMBER OF WARRANT SHARES 
 Up to an
aggregate of 10,865,916 Ordinary Shares (subject to adjustment as provided in the Warrant to which this Exhibit A is attached, the “Total Shares”); which will vest and become exercisable as
follows: (i) 493,911 Ordinary Shares shall vest and become exercisable on July 12, 2021 (i.e., the three months anniversary of the effective date of the Agreement) and (ii) the remaining Total Shares shall vest and become exercisable in
equal installments of 493,905 Ordinary Shares on each monthly anniversary thereafter such that the Total Shares shall be fully vested and exercisable as of the two-year anniversary of the effective date of the
Agreement; provided, however, that no vesting of any of the Total Shares shall occur following the termination of the Agreement in accordance with the terms thereof (other than if the Agreement is terminated by the Company pursuant to
Section 6.2 (Termination for Convenience) of the Agreement). 
 Notwithstanding anything herein to the contrary, the vesting of the Total Shares shall
be accelerated such that the Total Shares shall be fully vested and exercisable effective upon the earlier of (i) termination of the Agreement by the Company in accordance with Section 6.2 (Termination for Convenience) of the Agreement,
(ii) immediately prior to a Merger and Acquisition or a Liquidation Event, and (iii) immediately prior to consummation of a New IPO. 
 Terms used
herein without definition will have the meanings assigned thereto in the Warrant. 

 Exhibit B 

PURCHASE/EXERCISE FORM 
 To:        Global-E Online Ltd.
                                         
                                         
                                         
         Dated: 
 The undersigned, pursuant to the provisions set forth in the attached Warrant
No.        , hereby irrevocably elects to: 
  

			
	 (a)
	  	purchase                  shares of the capital stock covered by such Warrant and herewith makes payment of
$                , representing the full purchase price for such shares at the price per share provided for in such Warrant,

 OR 
  

			
	 (b)
	  	net exercise such Warrant for                  shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of
Section 2(d) of such Warrant.

 The undersigned acknowledges that it has reviewed the representations and warranties of the Registered Holder set forth in the
Warrant and by its signature below hereby makes such representations and warranties to the Company. 
 Defined terms contained in this form shall have the
meanings assigned to them in the Warrant. 
 ACKNOWLEDGED AND AGREED TO BY 

THE REGISTERED HOLDER: 
  

	
	 Shopify International Limited

 

			
	 By:
	 	
 

			
		
	 Name:
	 	
		
	 Title:
	 	
		
	 Address:
	 	
		
	 Email:
	 	

 Exhibit C 

ASSIGNMENT FORM 
 FOR
VALUE RECEIVED,                 hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant with respect to the number of
Ordinary Shares covered thereby set forth below, unto: 
  

					
	 Name of Assignee
	 	 Address
	 	 No. of Shares

		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 ACKNOWLEDGED AND AGREED TO BY 

THE REGISTERED HOLDER: 
  

	
	 (Registered Holder)

 

			
	 By:
	 	
 

			
		
	 Name:
	 	
		
	 Title:
	 	
		
	 Address:
	 	
		
	 Email:
	 	

 Exhibit D 

JOINDER 

                    
    , 20         
 This Joinder Agreement (the “Joinder
Agreement”) to the [Third] Amended and Restated Investors’ Rights Agreement, dated [the date of the most updated IRA in force to be included], by and among Global-e Online Ltd. (the
“Company”) and the persons and entities identified therein (the “IRA”), is made and entered into as of the date first written above, by and between the Company and [Shopify International Limited]
(“Registered Holder”). 
 Capitalized terms used but not defined herein shall have the meaning ascribed to them in the IRA. 

1.    The parties hereto hereby acknowledge, agree and confirm that, by the execution of this Joinder Agreement, the Registered Holder
shall be deemed to be a party to the IRA, as of the date hereof, and shall be deemed an “Investor” and a “Holder” thereunder. 

2.    The Registered Holder hereby agrees to be bound by the IRA and to be subject to all of the rights and obligations of an Investor
and/or Holder therein for all intents and purposes (including, without limitation, to the market standoff and confidentiality provisions). 

3.    This Joinder Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the
conflict of laws’ provisions thereof. Any term of this Joinder Agreement may be amended and the severance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the
written consent of all parties hereto. This Joinder Agreement may be executed in any number of counterparts (including via facsimile or email, pdf. files and/or DocuSign), each of which shall be enforceable against the parties actually executing
such counterparts, and all of which together shall constitute one instrument. If one or more provisions of this Joinder Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Joinder Agreement and the
balance of the Joinder Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

[Signature Page Follows] 

 THE COMPANY: 

GLOBAL-E ONLINE LTD. 
  

			
	 By:
	 	
 

			
		
	 Name:
	 	
		
	 Title:
	 	

 Address: 25 Basel Street, Petah Tikva, 4951038 

Email: 
 ACCEPTED AND AGREED: 

THE REGISTERED HOLDER: 
 SHOPIFY INTERNATIONAL LIMITED.

  

			
	 By:
	 	
 

			
		
	 Name:
	 	
		
	 Title:
	 	

 Address: 2nd Floor Victoria Buildings 1-2 Haddington 

Road, Dublin 4, D04 XN32, Ireland 
 Email:
contract_notices@shopify.comEX-10.9

 Exhibit 10.9 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such
excluded information is not material and would likely cause competitive harm to the registrant if publicly disclosed. 
 SERVICES AND
PARTNERSHIP AGREEMENT 
 THIS SERVICE AND PARTNERSHIP AGREEMENT (“Agreement”) is effective as of April 12, 2021 (“Effective
Date”) and is made between Shopify Inc., with an address at 151 O’Connor Street, Ottawa, Ontario, Canada, K2P 2L8, Shopify International Limited, with an address at 2nd Floor Victoria Buildings
1-2 Haddington Road, Dublin 4, D04 XN32, Ireland (referred to jointly herein as “Shopify”) and Global-e Online Ltd., with an address at 25 Bazel St.,
Petah Tikva, Israel (“GLBE”). Shopify and GLBE are referred to individually as a “Party”, and collectively as the “Parties.” For the purposes of this Agreement, except as otherwise specified,
references to either Party shall be deemed to be references also to such Party’s Affiliates (as defined below) and shall bind such Affiliates. 
 1.
Introduction.  
 GLBE offers, administers and provides access to certain Services (as defined below) acting as ‘merchant of record’ for the
sale of goods offered by online merchants. GLBE and Shopify are entering into this Agreement for GLBE to make the Services, acting as merchant of record, available to Merchants (as defined below), all in accordance with the terms and conditions set
forth in this Agreement. 
 2. Definitions. 

2.1. “Affiliates” means any entity that directly or indirectly controls, is controlled by or is under common control with a
Party. 
 2.2. “Applicable Law” means all federal, state, and local laws and regulations, directives and any other relevant
authorities, guidance and requirements, including those of Regulatory Authorities or payment networks, applicable to the Parties’ performance under this Agreement, including, but not limited to, as may be applicable, securities laws and
regulations (including those of the U.S. Securities and Exchange Commission (the “SEC”) or with the Canadian securities regulators), privacy and data protection laws and regulations, anti-money laundering (“AML”),
Office of Foreign Assets Control (“OFAC”), and applicable anti-bribery and anti-corruption laws including the Foreign Corrupt Practices Act. 

2.3. “Change of Control” means the sale of all or substantially all the assets of a Party; any merger, consolidation or
acquisition of a Party with, by or into another corporation, entity or person; or any change in the ownership of more than fifty percent (50%) of the voting capital stock of a Party in one or more related transactions by another
corporation (including its affiliates), entity, or person. 
 2.4. “Confidential Information” of the Party making disclosure
thereof (“Disclosing Party”) means all data and information, regardless of the form or media, relating to the Disclosing Party of which the receiving Party (“Receiving Party”) becomes aware as a consequence of, or
in relation to, the performance of its obligations or rights under this Agreement, which (i) is not generally known by the public, and (ii) is reasonably identified as confidential at the time of disclosure or which, under the
circumstances surrounding disclosure, ought to be reasonably considered as confidential. Confidential Information includes (a) any information about Disclosing Party’s and its Affiliates’ (1) employees, (2) business plans,
methods and practices, (3) marketing plans, method and practices, including data flows, product processes and security features, (4) financial information, (5) price lists and pricing policies, (6) contracts and contractual
relations with customers, (7) customer names and lists, and (8) personally identifiable information (as defined under Applicable Law); (b) technical information and requirements, drawings, engineering data, performance specifications;
(c) the existence and terms and conditions of this Agreement; and (d) confidential information of third parties. 

  
 1 

 2.5. [***] 

2.6. “GLBE Services” means localization and merchant of record services, including merchant onboarding services, localized
welcome messaging for international buyers, local currency pricing, merchant of record services, local acquiring, local payment methods, duty and tax calculation, international shipping, international returns, buyer-facing customer service, import
and export compliance services, and other associated compliance services to enable international direct-to-consumer selling by Merchants. 

2.7. “Gross Merchandise Volume” or “GMV” means the total value of all sales (including shipping and tax
amounts) for all transactions processed through the GLBE Shopify App for Merchants (either through the Shopify native checkout or through the GLBE checkout). 

2.8. “Materials” means any content, information, materials and items provided or made accessible by a Party pursuant to this
Agreement, including APIs, links, text, images, audio, video and other copyright works, and software, tools, technologies and other functional items, and any other intellectual property in whatever format. Shopify Materials and GLBE Materials shall
be construed accordingly. 
 2.9. “Merchants” means any merchant users of the Shopify commerce platform who will expressly
elect to use the GLBE Services, and other merchant users of the Shopify commerce platform currently using GLBE Services. 
 2.10.
“Security Event” means the unauthorized acquisition of or access to any confidential or personally identifiable information that has been provided by or made available on, or through the Shopify platform or the API, including due to
access or use by an unauthorized person or due to unauthorized use. 
 2.11. “Shopify API Terms” means the Shopify API
License and Terms of use, as amended from time to time, available at https://www.shopify.com/legal/api-terms. 

2.12. “Shopify Partner Terms” means the Shopify Partner Program Agreement, as amended from time to time, available at
https://www.shopify.ca/partners/terms. 
 2.13. “Taxes” means any taxes, levies, assessments, imposts, duties or similar
charges imposed by any taxing authority. 
 3. Commercial Arrangement 

3.1. Strategic Partnership 

3.1.1. Commencing on the Effective Date, Shopify and GLBE shall become strategic partners as provided hereinafter and shall continue their co-operation in order to secure and strengthen the existing collaboration to increase effective cross-border trade and benefit from mutual strong growth in the activity of the Merchants. 

3.1.2. To affect such strategic partnership, each of GLBE and Shopify shall commit to certain undertakings and obligations towards the other
party as further described hereinafter. 
 3.2. Scope of Relationship 

3.2.1. For the duration of the Term, GLBE will be the exclusive third-party provider of an end-to-end cross-border solution that includes localization, merchant of record, duty and tax calculation and remittance, and shipping services for Merchants in a single solution with permissions to access
and integrate into the Shopify platform checkout. 

  
 2 

 3.2.2. Notwithstanding anything to the contrary, Shopify will be entitled to offer its own
native, whitelabel, or branded partnership merchant of record solution to any merchants without limitation. Further, each Party will remain free to contract with others with respect to the subject matter of the Agreement, and to provide services
that are the same as or similar to those provided by the other party, provided that it does not use the other party’s Confidential Information in so doing. Shopify, may, at its sole discretion, or based on merchants’ needs, refer clients
to use the GLBE Services, provided however, that in no event will Shopify be required to refer any merchants to GLBE, in preference over other providers of similar services. 

3.2.3. The Parties will cooperate in good faith to set mutual goals for the partnership. 

3.3. Consideration  
  

	3.3.1.	 Shopify Revenue Share. During the Term, Shopify is entitled to the “Shopify Revenue
Share”, for each Merchant who uses the GLBE Services during the Term, calculated as the product of (i) the [***] during an applicable calendar month, multiplied by (ii) [***]. Notwithstanding the aforementioned, with respect to [***],
including such [***] with respect to which payments were due and made to Shopify prior to the Effective Date, then commencing on the Effective Date and continuing for the [***] period thereafter, the Shopify Revenue Share will be calculated as the
product of (i) the [***] during an applicable calendar month, multiplied by (ii) [***]. Commencing as of immediately following [***], the Shopify Revenue Share payable for such [***] will [***] from [***] and will continue throughout the Term
as of that point. Without derogating from this provisions of this Section 3.3.1, Shopify and GLBE will discuss in good faith and from time to time and will mutually agree on a case by case basis, [***] with respect to [***]. The discussion will take
place between GLBE’s CRO and Shopify’s Partnership Manager, unless otherwise agreed on an ad-hoc basis. 

3.3.2. Warrant Agreement. At the time of execution of this Agreement, the Parties shall enter into the warrant
agreement attached hereto as Schedule 3.3.2. 
  

	3.3.3.	 Payouts to Shopify. No later than [***] business days following the end of each calendar month
during the Term, GLBE will transfer, in U.S. dollars via wire transfer or ACH, to Shopify’s U.S. bank account (the “Shopify Account”) the aggregate amount of Shopify Revenue Share due for such calendar month pursuant to
Sections 3.3.1. 

  

	3.3.4.	 Statement of Accounts. GLBE hereby acknowledges and agrees to submit relevant reports to Shopify
and shall do so on a monthly basis for each month (or portion of a month), as defined herein. GLBE will submit to Shopify each month via email [***], a statement detailing the total amount of Shopify Revenue Share for the month, including the total
Gross Merchandise Volume segmented according to [***] processed by Merchant country location and which is transacted for Merchants through Shopify’s native checkout and [***], and any other associated information requested by Shopify, all of
which will be compiled by GLBE acting in good faith. GLBE will provide Shopify such statement in substantially the format set out in Schedule 3.3.4, which will be deemed accepted after 30 days from submission. The reporting by GLBE
will be at all times in sufficient detail to permit Shopify to validate the amount of any such payment. 

 3.4. GLBE
Obligations 
 3.4.1. GLBE will render the GLBE Services directly to the Merchants, and will perform the GLBE Services in
a professional manner, in compliance with Applicable Law, and consistent with high industry standards. GLBE, at its sole expense, shall be responsible for ensuring the Merchants’ meet the GLBE eligibility criteria to use the GLBE Services. 

3.4.2. GLBE, at its sole expense, shall: (i) develop all Merchant agreements and disclosures governing or related to the
GLBE Services; and (ii) be responsible for ensuring that such Merchant agreements comply with Applicable Law. GLBE will provide to Shopify all template Merchant agreements in use by GLBE with respect to GLBE Services provided to Merchants
at any time for review by Shopify. GLBE will consider, in good faith, any modifications suggested by Shopify. 
 3.4.3. GLBE,
at its sole expense, shall provide the GLBE Services to Merchants, in accordance with the applicable Merchant services agreement (to be entered into exclusively by GLBE and the Merchant, and not by Shopify, based on commercial terms to be agreed
upon directly between GLBE and the Merchant), and will be exclusively liable and responsible towards the Merchant for all its obligations under the applicable Merchant services agreement. 

  
 3 

	3.4.4.	 GLBE will make all necessary modifications to the GLBE Services to integrate the GLBE Services in such a manner
that is satisfactory to Shopify in its sole reasonable discretion. GLBE will make all such modifications within [***] of Shopify providing GLBE with access to the API referred to in section 3.5.3 below. GLBE will work with Shopify in good faith
throughout the term of this Agreement in order to make any modifications to the GLBE Services that Shopify deems necessary to improve, update, enhance, or maintain the integration with the Shopify platform. 

3.4.5. GLBE will be responsible for all customer support and servicing directly related to the provision of the GLBE Services
to Merchants. Nothing in this subsection 3.4.5 shall be construed to limit the scope of Shopify’s relationship with any Merchants using the GLBE Services or its ability to provide support to Merchants. 

3.5. Shopify Obligations 

3.5.1. Shopify shall, for the term of this Agreement, host the merchant platform as well as the Shopify native checkout
(together the “Platform”). Shopify’s obligation will be to configure and maintain the Platform in a manner that will allow GLBE to perform its obligations under this Agreement and its direct service commitments to Merchants in
compliance with Applicable Law. 
 3.5.2. Shopify will be further obligated to allow the integration of applicable elements
of the GLBE Services to the Shopify native checkout. Such applicable elements will be determined by Shopify in its sole discretion, and Shopify will at all times have sole authority to improve, update, and modify its native checkout. 

3.5.3. Shopify will make available all of the required APIs that Shopify determines in its sole and reasonable discretion to be
necessary to permit GLBE to integrate the GLBE Services into the Shopify platform. 
 3.6. Committees. The Parties
will establish an operating committee (“Strategic Operating Committee”) to oversee and review all aspects of the partnership, including a sub-committee for commercial aspects, and a sub-committee for technological and development aspects. The Strategic Operating Committee will consist of persons with sufficient enterprise responsibility and knowledge of a business unit integral to the
performance or supervision of the partnership, as applicable, within each Party (e.g., business development, product/engineering). 
 4.
Audit 
 4.1. GLBE shall maintain consistently applied, accurate and complete books, records and other documents
(including electronic files) to document compliance with this Agreement. GLBE shall maintain the applicable books, records and other documents in conformance with generally accepted accounting principles. 

4.2. Shopify will have the right at any time to itself perform, or appoint an independent auditor under appropriate non-disclosure conditions, to audit GLBE’s books, records and other relevant documents (including electronic files) reasonably required by Shopify to validate the accuracy and completeness of the reporting
provided by GLBE under Section 3.3.4. 
 4.3. GLBE shall be required to comply with all Shopify audit requirements,
including but not limited to providing Shopify or its independent auditor, as applicable, with access to GLBE’s books, records and other relevant documents (including electronic files) necessary to confirm GLBE’s compliance with this
Agreement. The foregoing access shall include electronic access to such books, records and documents; providing such access within the time frame requested by Shopify; cooperating with Shopify and responding to any requests from Shopify in a timely
fashion, and providing Shopify with access to any relevant personnel, provided however, that GLBE will not be required to provide any information, access, records or books that could compromise GLBE’s confidentiality or other
undertakings towards third parties which are not relevant for the performance of the audit or the validity of the reporting obligations under Section 3.3.4. 

  
 4 

 4.4. If any such audit reveals financial
non-compliance by GLBE: 
 4.4.1. Shopify or the independent auditor who conducted
such audit, as applicable, will provide GLBE with a report (along with supporting documentation) indicating any discrepancies and other failures by GLBE to fulfill its financial obligations under this Agreement; 

4.4.2. prompt adjustment will be made by GLBE to compensate for any overpayments or underpayments disclosed by any such audit;
and 
 4.4.3. any expense incurred as part of such examination will be paid by Shopify unless such examination reveals an
underpayment of the amounts due from GLBE to Shopify during the audit period that exceeds three (3%) percent of the amount actually due during such period, in which case GLBE will reimburse Shopify for the costs of the audit and will pay the
underpayment amount to Shopify within thirty (30) days of the conclusion of the audit. 
 4.5. If any such audit reveals
any technical or other discrepancies or non-compliance, GLBE will be provided with 45 days’ notice to remedy such non-compliance, failing which Shopify may
terminate this Agreement. 
 5. Representations, Warranties and Covenants. 

5.1. GLBE Representations, Warranties and Covenants. GLBE represents, warrants and covenants to Shopify that: 

5.1.1. Entering into and carrying out of the terms and conditions of this Agreement will not violate or constitute a breach of
any obligation binding GLBE; 
 5.1.2. GLBE is duly organized, validly existing and in good standing under the laws of the
state of jurisdiction of its formation and has full corporate power and authority to carry on its business as currently conducted; 

5.1.3. When executed and delivered by GLBE, this Agreement will constitute the legal, valid and binding obligation of GLBE,
enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium and other applicable laws of general application relating to or affecting
creditors’ rights and general principles of equity; 
 5.1.4. GLBE has obtained and is in compliance with all licenses,
permits, memberships, consents and authorizations required to perform all its obligations under this Agreement and other agreements that must be executed to effect the services provided by GLBE as expressly set forth herein, and which shall be
maintained at all times during the term of this Agreement; 
 5.1.5. To GLBE’s knowledge, any Materials and the
intellectual property rights to such Materials it may provide to Shopify do not violate the intellectual property rights of any third party; 

5.1.6. There is no pending, nor to the knowledge of GLBE, threatened, suit, action, arbitration or other proceedings of a
legal, administrative or regulatory nature, or any governmental investigation, against it or any of its affiliates or any officer, director or employee that has not been previously disclosed in writing and that would materially or adversely affect
its financial condition or its ability to perform services under or in connection with this Agreement; 
 5.1.7. GLBE shall
at all times comply with and conduct its activities in connection with this Agreement in accordance with Applicable Law; 

5.1.8. GLBE shall perform all obligations hereunder in a timely, skillful, professional and workman-like manner by qualified
personnel exercising care, skill and diligence consistent with good practices in the financial services industry, and will devote adequate resources to meet its obligations hereunder, in accordance with the terms and conditions of this Agreement;

  
 5 

 5.1.9. GLBE has implemented and will maintain an enterprise governance,
third-party risk management, and a compliance program that includes legal and regulatory training requirements related to its services contemplated under this Agreement; and 

5.1.10. GLBE’s services and deliverables, including GLBE Materials, will be free from all viruses, worms, Trojan horses,
and malicious code. 
 5.1.11. GLBE will at all times comply with and conduct its activities in connection with this
Agreement in accordance with the Shopify Partner Terms and the Shopify API Terms, except to the extent such terms are inconsistent with this Agreement, in which case the terms of this Agreement shall apply. 

5.2. Shopify Representations, Warranties and Covenants. Shopify represents, warrants, and covenants to GLBE that: 

5.2.1. Entering into and carrying out of the terms and conditions of this Agreement will not violate or constitute a breach of
any obligation binding Shopify; 
 5.2.2. Shopify is duly organized, validly existing and in good standing under the laws of
the state of jurisdiction of its formation and has full corporate power and authority to carry on its business as currently conducted; 

5.2.3. Shopify has obtained and is in compliance with all licenses, permits, memberships, consents and authorizations required
to perform all its obligations under this Agreement; 
 5.2.4. To Shopify’s knowledge, Materials and the intellectual
property rights to such Materials it may provide to Shopify do not violate the intellectual property rights of any third party; and 

5.2.5. When executed and delivered by Shopify, this Agreement will constitute the legal, valid and binding obligation of
Shopify, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium and other Applicable Laws of general application relating to or
affecting creditors’ rights and general principles of equity. 
 5.2.6. There is no pending, nor to the knowledge of
Shopify, threatened, suit, action, arbitration or other proceedings of a legal, administrative or regulatory nature, or any governmental investigation, against it or any of its affiliates or any officer, director or employee that has not been
previously disclosed in writing and that would materially or adversely affect its ability to perform its obligations under or in connection with this Agreement; 

5.2.7. Shopify shall at all times comply with and conduct its activities in connection with this Agreement in accordance with
Applicable Law; 
 5.2.8. Shopify shall perform all obligations hereunder in a timely, skillful, professional and
workman-like manner by qualified personnel exercising care, skill and diligence consistent with good practices in the financial services industry, and will devote adequate resources to meet its obligations hereunder, in accordance with the terms and
conditions of this Agreement; 
 5.2.9. Shopify’s services and deliverables, including Shopify Materials, to the extent
applicable or as required for this Agreement, will be free from all viruses, worms, Trojan horses, and malicious code. 
 6. Term and
Termination. 
 6.1. Term. The term of this Agreement begins on the Effective Date and will remain in effect for
an initial term of three (3) years (“Initial Term”), unless otherwise terminated as permitted herein. After the Initial Term, this Agreement shall automatically renew for successive
1-year periods (each, a “Renewal Term”) unless a Party provides the other Party with written notice of its election to terminate this Agreement at least 180 days prior to the expiration the
then-current Renewal Term as applicable. The Initial Term together with all Renewal Terms shall be collectively referred to herein as the “Term.” 

  
 6 

 6.2. Termination for Convenience. Either Party may immediately
terminate this Agreement for convenience by providing 180-days prior written notice to the other Party. 

6.3. Termination for Cause. In addition to any other termination rights set forth in the Agreement, either Party
(“Terminating Party”) may terminate this Agreement immediately upon notice to the other Party (“Non-Terminating Party”) (subject to the cure periods and notices noted below,
if any) if: 
 6.3.1. Non-Terminating Party breaches any material provision relating
to its security or confidentiality obligations of this Agreement; 
 6.3.2.
Non-Terminating Party materially breaches any provision of this Agreement and the breach is capable of cure but Non-Terminating Party fails to cure such breach within 30
days following written notice to Non-Terminating Party from Terminating Party specifying in reasonable detail the nature of the claimed breach; 

6.3.3. Non-Terminating Party materially breaches the Agreement in a manner that cannot
be remedied; 
 6.3.4. GLBE undergoes a Change of Control; 

6.3.5. Non-Terminating Party generally fails to pay its debts as they become due,
admits in writing its inability to pay its debts generally, makes a general assignment for the benefit of creditors or any proceedings or filing of any petition seeking relief under Title 11 of the United States Code or if any other federal, state
or foreign bankruptcy, insolvency, liquidation or similar law is instituted by or against Non-Terminating Party or Non-Terminating Party takes any corporate action to
authorize any of the actions set forth in this subsection; provided that this termination right shall only apply to an involuntary petition or proceeding under Title 11 of the United States Code or any other federal, state or foreign bankruptcy,
insolvency, liquidation or similar law if such involuntary petition or proceeding is not dismissed within 60 days; 
 6.3.6.
A court of competent jurisdiction (or other administrative body or Regulatory Authority empowered to issue such orders) issues a final order or judgment holding that this Agreement or the services and deliverables offered hereunder are in violation
of or are prohibited by Applicable Law; 
 6.3.7. There is any obligation placed on Terminating Party by a Regulatory
Authority or any other third party after the Effective Date that the Terminating Party determines, in its sole and reasonable discretion, would materially diminish the economic value of the Agreement to the Terminating Party, make performance
infeasible, or otherwise have a material and adverse effect on the Terminating Party; or 
 6.3.8. With immediate effect, if
so required by a Regulatory Authority or Applicable Law, or Non-Terminating Party is issued a warning or any other form of reprimand by a Regulatory Authority, and if the Regulatory Authority permits a cure, Non-Terminating Party then fails to remedy or cure such situation within 90 days or the cure period designated by Applicable Law or Regulatory Authority, whichever is earlier, following written notice to Non-Terminating Party specifying in reasonable detail the nature of the cause. In the event the non-Terminating Party does not comply with such requirement, the non-Terminating Party shall be responsible for all Losses to the Terminating Party arising from or related to such non-compliance. 

6.4. Effect of Termination. In the event either Party terminates this Agreement for any reason whatsoever, then each
Party will return or destroy, as requested by the Disclosing Party, all Confidential Information of the other Party, except to the extent (i) this Agreement requires or permits the express retention of the Confidential Information; (ii) in
accordance with the Receiving Party’s record retention policy; (iii) such Confidential Information is retained in automated backups provided that the Receiving Party does not access such Confidential Information; or (iv) as otherwise
required by Applicable Law and in which case, such Confidential Information will remain subject to the confidentiality provisions of this Agreement until such time that such obligations expire and the applicable Party certifies the return or
destruction of such Confidential Information in accordance with this Section 6.4 (Effect of Termination) and Section 7 (Confidential Information). 

  
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 7. Confidential Information. 

7.1. Obligations for Confidential Information. Each Party shall hold the Confidential Information of the other Party in
confidence and the Receiving Party will disclose such information only to its Personnel who reasonably require access to such Confidential Information. Disclosing Party will be liable for all damages arising out of such third parties’
disclosure of Confidential Information. A Receiving Party may use the Confidential Information only as necessary for Receiving Party’s performance under or pursuant to rights granted in this Agreement and for no other purpose. A Receiving Party
shall protect or be required to protect, in the case of Receiving Parties that are third parties so authorized to receive Confidential Information pursuant to this Agreement, the Disclosing Party’s Confidential Information using at least the
same degree of care it uses to protect its own Confidential Information, but no less than a reasonable degree of care, to prevent the unauthorized use, disclosure or duplication (except as required for backup systems or to carry out the purpose of
the Agreement) of such Confidential Information. 
 7.2. Compelled Disclosure. If a court or governmental agency
having proper jurisdiction over the Parties requires a Receiving Party to disclose any Confidential Information, then Receiving Party will promptly provide the Disclosing Party notice of such requirement (to the extent permissible under applicable
law) to enable the Disclosing Party to seek an appropriate protective order. 
 7.3. Authorized Disclosure. A
Receiving Party may disclose the Disclosing Party’s Confidential Information with the written authorization of the Disclosing Party. 

7.4. Exclusions. Subject to the last sentence of this Section 7.4 (Exclusions), the term “Confidential
Information” excludes any portion of such information that a Receiving Party can establish by clear and convincing evidence to have been: (i) publicly known without breach of this Agreement; (ii) known by the Receiving Party prior to
its receipt from the Disclosing Party; (iii) received in good faith from a third-party source that to Receiving Party’s reasonable knowledge rightfully disclosed such information without an obligation of confidentiality; or
(iv) developed independently by Receiving Party without use or reference to the Disclosing Party’s Confidential Information. 

7.5. Filings. Neither Party shall file the Agreement (including any addendum, schedule, supplement or attachment), or
any future amendment or supplement hereto, with the SEC or with the Canadian securities regulators unless such filing is required under Applicable Law. In the event that a Party determines that the Agreement (or amendment or supplement) must be
filed with the SEC or with the Canadian securities regulators under applicable law, it shall take all actions necessary to obtain confidential treatment to the extent possible for the Agreement and all exhibits, addenda, schedules, supplements and
attachments (including all pricing attachments). 
 7.6. Remedies. If the Receiving Party or its representatives or
agents breach the obligations set forth in this Section 7 (Confidential Information), then irreparable injury may result to the Disclosing Party or third parties entrusting Confidential Information to the Disclosing Party. Therefore, the
Disclosing Party’s remedies at law may be inadequate and the Disclosing Party will be entitled to seek an injunction to restrain any continuing breach. Notwithstanding any limitation on Receiving Party’s liability, the Disclosing Party
will further be entitled to any other rights and remedies that it may have at law or in equity. 
 8. Intellectual Property Rights.

 8.1. Shopify Materials. To the extent that Shopify provides any Shopify Materials to GLBE pursuant to this
Agreement, the following shall apply: 
 8.1.1. License. Shopify hereby grants to GLBE a limited, non-exclusive, non-transferable, non-sublicensable and revocable license to the Shopify Materials during the Term, solely as necessary
for GLBE fulfill its obligations under this Agreement and for no other purpose. 

  
 8 

 8.1.2. Ownership. The Shopify Materials are owned by Shopify and
licensed to GLBE and not sold to GLBE. Shopify owns and reserves all right, title and interest in and to the Shopify Materials and all Intellectual Property Rights therein. 

8.1.3. Risk of Loss. To the extent that Shopify provides any Shopify Materials to GLBE for the performance of its
obligations under this Agreement, GLBE will: (i) take all reasonable precautions to protect such property against loss, damage, theft or disappearance; (ii) take no actions that affect Shopify’s title or interest; (iii) abide by
specifications and use instructions; (iv) not give access to any third party without Shopify’s prior written consent; and (v) not reverse engineer, decompile, disassemble, modify, create derivative works of or otherwise create,
attempt to create or derive, or permit or assist any third party to create or derive, the source code underlying the Shopify Materials. 

8.1.4. Approval. To the extent that GLBE will display the Shopify Materials in any publicly-available medium, GLBE will
seek Shopify’s prior written consent for such display, such consent not to be unreasonably withheld, conditioned or delayed by Shopify. 

8.1.5. Removal of Shopify Materials. Shopify, acting reasonably, shall be entitled to request the removal of all or
certain of the Shopify Materials from any medium in which they are used by GLBE and, upon receipt of such request GLBE shall cease using such Shopify Materials within 10 business days. 

8.2. GLBE Materials. To the extent that GLBE provides any GLBE Materials to Shopify pursuant to this Agreement, the
following shall apply: 
 8.2.1. License. GLBE hereby grants to Shopify a limited,
non-exclusive, non-transferable, non-sublicensable and revocable license to the GLBE Materials during the Term, solely as
necessary for Shopify to fulfill its obligations under this Agreement and for no other purpose. 
 8.2.2. Ownership.
The GLBE Materials are owned by GLBE and licensed to Shopify and not sold to Shopify. GLBE owns and reserves all right, title and interest in and to the GLBE Materials and all Intellectual Property Rights therein. 

8.2.3. Risk of Loss. To the extent that GLBE provides any GLBE Materials to Shopify for the performance of its
obligations under this Agreement, Shopify will: (i) take all reasonable precautions to protect such property against loss, damage, theft or disappearance; (ii) take no actions that affect GLBE’s title or interest; (iii) abide by
specifications and use instructions; (iv) not give access to any third party without GLBE’s prior written consent; and (v) not reverse engineer, decompile, disassemble, modify, create derivative works of or otherwise create, attempt
to create or derive, or permit or assist any third party to create or derive, the source code underlying the GLBE Materials. 

8.2.4. Removal of GLBE Materials. GLBE, acting reasonably, shall be entitled to request the removal of all or certain of
the GLBE Materials from any medium in which they are used by Shopify and, upon receipt of such request Shopify shall cease using such Shopify Materials within 10 business days. 

8.3. Reservation of Intellectual Property Rights. Nothing in this Agreement shall be construed as granting either Party
a license to use in any way the Intellectual Property Rights of the other Party, except as provided in this Agreement. Neither Party shall take any action that interferes with the other Party’s Intellectual Property Rights or attempt to
copyright or patent any part of the other Party’s Intellectual Property Rights or attempt to register any trademark, service mark or trade name that is identical or confusingly similar to the other Party’s marks. 

9. Miscellaneous. 

9.1. Public Releases; Required Release. All media releases, public announcements and public disclosures by Shopify or
GLBE or their representatives, employees, partners or agents, relating to this Agreement, including, without limitation, promotional or marketing material, but not including any disclosure required by legal, accounting or regulatory requirements
beyond the reasonable control of the releasing Party, shall be coordinated with and approved by both Parties in writing prior to the release thereof. Each Party may file the Agreement 

  
 9 

 
(including any addendum, schedule, supplement or attachment), or any future amendment or supplement hereto, with the SEC or with the Canadian securities regulators if such filing is required
under the applicable regulations or Applicable Law. In the event that a Party determines that the Agreement (or amendment or supplement) must be filed with the SEC or with the Canadian securities regulators under applicable law, it shall take all
actions necessary to obtain confidential treatment to the extent possible for the Agreement and all exhibits, addenda, schedules, supplements and attachments (including all pricing attachments). 

9.2. Non-Disparagement. In public communications or direct private
communications with Merchants, GLBE will not make disparaging or derogatory statements about Shopify or any Shopify product or service and further will not seek to encourage or induce a Merchant to cease using any Shopify service; provided, however,
nothing herein shall: (a) prohibit GLBE from engaging in general marketing of its products or services which are competitive to the products and services of Shopify and which are issued in accordance with section 9.1, or (b) prohibit
complaints by employees of GLBE in their individual capacity as consumers or customers of Shopify or its affiliates. 
 9.3.
Escalation. Any dispute, controversy or claim relating to all or any of the provisions of this Agreement shall be referred to the senior management of the Parties - GLBE’s CRO and Shopify’s Commercial Lead - for good faith
discussions and resolution. If any dispute, controversy, or claim cannot be resolved by such good faith discussions between the above mentioned senior managers within three business days, it shall be referred to a discussion between GLBE’s
President and Shopify’s Vice President, Merchant Services for expeditious resolution. 
 9.4. Independent
Contractors. 
 9.4.1. GLBE and Shopify agree that they are independent contractors to each other in performing their
respective obligations hereunder. This Agreement will not be construed as creating a relationship of employment, agency, partnership, joint venture or any other form of legal association. Neither Party has any power to bind the other Party or to
assume or to create any obligation or responsibility on behalf of the other Party or in the other Party’s name. 

9.4.2. Each Party’s personnel are not eligible for, nor may they participate in, any employee benefit plans of the other
Party, and the non-employing Party will not insure the employing Party for workers’ compensation coverage or for unemployment insurance. Each Party is solely responsible for and agrees to comply with all
federal and state laws and regulations with respect to: (i) hire, tenure, and conditions of employment; (ii) hours of work, salaries and compensation (including unemployment compensation); (iii) deductions and withholdings;
(iv) payment of any and all contributions, taxes and assessments, with respect to all Party Personnel who provide services hereunder; and (v) the keeping of records and making of reports. 

9.5. Notices. For a notice or other communication under this Agreement to be valid, it must be in writing and delivered
via email, or by a globally recognized express delivery service or fax (followed by an email copy, receipt of which need not be acknowledged) to the other party at the address listed herein. Any such notice or communication will be deemed to have
been delivered and received (1) in the case of email, on the date the recipient acknowledges having received the email, with an automatic “read receipt” constituting acknowledgment of an email for purposes of this Section and
(2) in the case of a globally recognized express delivery service, the business day on which receipt by the addressee is confirmed pursuant to the service’s systems, and (3) by fax on the date of delivery of such fax with a
confirmation of such fax being delivered. Either party may update its address for notice by giving the other party written notice of the new address. 

9.6. Taxes. 

9.6.1. Each Party is responsible for all its respective applicable Taxes that arise from or as a result of any activities under
this Agreement or with respect to Party’s dealings with a Merchant. 
 9.6.2. The payment of any consideration by GLBE
to Shopify under this Agreement shall be made without the deduction or withholding of any Taxes, unless otherwise required by law. If such deduction or withholding is so required, GLBE shall pay the amount of such Taxes so imposed to the applicable
taxing authority, and shall pay such additional amounts to Shopify so that Shopify receives the net amount after such deduction or withholding that it would have received had no such deduction or withholding been imposed. 

  
 10 

 9.6.3. 

9.7. Indemnities. 

9.7.1. GLBE agrees to defend, indemnify and hold harmless Shopify, its affiliates, subsidiaries, officers, directors,
shareholders and employees against any third party claim, suit or demand (including reasonable legal fees) made or incurred by any third party due to or arising out of (a) a breach of this Agreement; (b) GLBE’s gross negligence,
fraud, or wilful misconduct in carrying out the terms of this Agreement; (c) a claim that the GLBE Services infringes any third party’s intellectual property rights; (d) any Merchant’s use of the GLBE Services, including any
claim made by customs or tax authorities; (e) any violation of Applicable Laws; (f) harm, injury or loss related to a product sold by GLBE in connection with the GLBE Services; or (g) any Security Event which occurs on any GLBE
information system. 
 9.7.2. Shopify agrees to defend, indemnify and hold harmless GLBE, its affiliates, subsidiaries,
officers, directors, shareholders and employees against any third party claim, suit or demand (including reasonable legal fees) made or incurred by any third party due to or arising out of (a) a breach of this Agreement; (b) Shopify’s
gross negligence, fraud, or wilful misconduct in carrying out the terms of this Agreement; or (c) any Security Event which occurs on any Shopify’s information system. 

9.8. Limitation of Liability. 

9.8.1. IN NO EVENT SHALL EITHER PARTY (OR ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES OR REPRESENTATIVES) BE LIABLE FOR
INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS (HOWEVER ARISING, INCLUDING NEGLIGENCE) ARISING OUT OF OR IN ANY WAY RELATING TO THIS AGREEMENT. 

9.8.2. IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, OR REPRESENTATIVES BE LIABLE FOR AN
AMOUNT EXCEEDING ANY AMOUNTS PAID BY GLBE UNDER THIS AGREEMENT IN THE [***] PRECEDING THE OCCURRENCE OF FACTS THAT FIRST GIVE RISE TO ANY LIABILITY HEREUNDER, PROVIDED THAT DURING THE FIRST [***] OF THE TERM SUCH LIMITATION WILL BE BASED ON THE
AVERAGE MONTHLY REVENUE SHARE PAID UNDER THIS AGREEMENT PRIOR TO THE DATE OF THE FIRST CLAIM GIVING RISE TO SUCH LIABILITY MULTIPLIED BY [***]. THE EXISTENCE OF MORE THAN ONE CLAIM OR EVENT FROM WHICH LIABILITY ARISES WILL NOT ENLARGE THIS AGGREGATE
LIMITATION. THIS AGGREGATE LIMIT IS A SINGLE, GLOBAL LIMIT THAT APPLIES COLLECTIVELY (AND NOT INDIVIDUALLY) TO EVENTS GIVING RISE TO LIABILITY OF EACH PARTY. 

9.8.3. EXCLUSIONS. THE LIMITATIONS OF LIABILITY SET FORTH HEREIN SHALL NOT APPLY TO (A) GLBE’S OBLIGATION TO PAY
CONSIDERATION DUE PURSUANT TO SECTION 3; OR (B) EITHER PARTY’S INDEMNIFICATION OBLIGATIONS UNDER THIS AGREEMENT. 

9.9. Entire Agreement. This Agreement, together with the Partner Terms and the API Terms, as applicable, constitute the
complete and entire agreement of the Parties with respect to the relationship between the Parties and in particular the subject matter hereof, and supersedes all prior oral and written agreements, understandings, and communications between the
Parties, and further this Agreement prevails over any inconsistency with the Shopify Partner Terms and the Shopify API Terms. For the avoidance of doubt this Agreement shall not terminate or be deemed to be terminated or amended even if the
Shopify Partner Terms and Shopify API Terms are amended, varied, expire or otherwise replaced, changed by Shopify. 
 9.10.
Amendment and Waiver. No amendment of this Agreement will be effective unless it is in writing and signed by both Parties. No waiver of a party’s failure to comply with an obligation under this Agreement will be effective unless it is in
writing and signed by the other party. 

  
 11 

 9.11. Governing Law and Forum. This Agreement is governed by the laws
of the Province of Ontario and the laws of Canada applicable therein without giving effect to its principles of conflicts of law. Any dispute regarding this Agreement must be decided by a court of competent jurisdiction located in Ontario, Canada.

 9.12. This Agreement may be executed and delivered in any number of counterparts, each of which will be deemed an original
and all of which together will constitute one and the same instrument. 
 ********* 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement by their authorized representatives as of the
Agreement Effective Date. 
  

					
	 /s/ Amir Schlachet

GLOBAL E-ONLINE LTD.
	 		  	 /s/ Amy Shapero

SHOPIFY INC.

			
	By: Amir Schlachet	 		  	By: Amy Shapero
			
	Title: CEO	 		  	Title: Chief Financial Officer

  

			
	 /s/ John Riordan

SHOPIFY INTERNATIONAL LIMITED

		
	By:	 	John Riordan
	Title:	 	Director

  
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 [***] 

  
 14

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