Document:

Document

Exhibit 10.15

ROBINHOOD MARKETS, INC.
AMENDED AND RESTATED 2013 STOCK PLAN
AMENDED AND RESTATED NOTICE OF RESTRICTED STOCK UNIT AWARD
You (“Recipient”) were previously granted Restricted Stock Units (“RSUs”) representing 13,831,829 shares of the Common Stock of Robinhood Markets, Inc. (the “Company”) on October 8, 2019, the terms of which are hereby amended and restated in their entirety effective May 26, 2021 as follows:
						
	Name of Recipient:	[Vladimir Tenev][Baiju Bhatt]
		
	Total Number of RSUs Granted:	13,831,829
		
	Date of Grant:	October 8, 2019
		
	Vesting Commencement Date:	Not Applicable
		
	Expiration Date:	December 31, 2025

		
	Vesting:	You will receive a benefit with respect to a RSU only if it vests.  The RSUs shall vest as follows:

(i)    50% of the RSUs for which an applicable Share Price Condition has been satisfied shall immediately vest upon satisfaction of such Share Price Condition if you remain in continuous Service through the date on which such Share Price Condition is satisfied, provided that if you are subject to an Involuntary Termination during the thirty-day period ending on the closing of a Sale Event and a Share Price Condition would have been satisfied in connection with the closing of a Sale Event, then all of the RSUs for which the Share Price Condition would have been satisfied in connection with the Sale Event shall immediately vest upon the occurrence of the Sale Event notwithstanding your Involuntary Termination; and
(ii)    50% of the RSUs for which an applicable Share Price Condition has been satisfied shall vest upon satisfaction of a time-based 

service requirement, which will be satisfied with respect to 1/24th of the RSUs covered by this clause (ii) if and when you complete three months of continuous Service after August 1, 2018, and with respect to an additional 1/24th of the RSUs covered by this clause (ii) if and when you complete each three-month period of continuous Service over the sixty-nine month period thereafter; provided that if you are subject to an Involuntary Termination during the period commencing thirty (30) days prior to and ending eighteen (18) months after a Sale Event, then the time-based service requirement shall immediately be satisfied with respect to all of the RSUs covered by clause (ii).
    None of your RSUs will vest (in whole or in part) unless an IPO or Sale Event occurs prior to the Expiration Date and all applicable vesting requirements with respect to such RSUs are satisfied on or before the Expiration Date.  The “Vesting Date” of an RSU will be the first date on or before the Expiration Date upon which all applicable vesting requirements are satisfied with respect to that particular RSU.
Settlement:    Settlement of RSUs refers to the issuance of Shares once the award is vested.  If a RSU vests as a result of satisfaction of all applicable vesting requirements as described above, the Company will deliver one Share for such RSU at the time of settlement specified in Section 4 of the Restricted Stock Unit Agreement.
By signing below or otherwise accepting this award in a manner acceptable to the Company, you and the Company agree that these RSUs are granted under and governed by the terms and conditions of this Amended and Restated Notice of Restricted Stock Unit Award, the Amended and Restated 2013 Stock Plan (the “Plan”) and the Amended and Restated Restricted Stock Unit Agreement.  These latter two documents are attached to, and made a part of, this Amended and Restated Notice of Restricted Stock Unit Award.  Capitalized terms not otherwise defined herein or in the Amended and Restated Restricted Stock Unit Agreement shall have the meaning set forth in the Plan.  You hereby acknowledge that the vesting of the RSUs pursuant to this 
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Amended and Restated Notice of Restricted Stock Unit Award is conditioned on the satisfaction of all applicable vesting requirements on or before the Expiration Date.  For the avoidance of doubt, you shall have no right with respect to any of the RSUs to the extent an IPO or Sale Event does not occur on or before the Expiration Date (regardless of the extent to which any of the other applicable vesting requirements have been satisfied).  Section 10 of the Restricted Stock Unit Agreement also includes important acknowledgements.
						
	RECIPIENT:	ROBINHOOD MARKETS, INC.
		
		
		
	Email Address:	By:
		Title:

Address for Mailing Stock Certificate (only applicable if the Company has certificated shares):
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THE RSUS GRANTED PURSUANT TO THE AMENDED AND RESTATED NOTICE OF RESTRICTED STOCK UNIT AWARD AND THIS AGREEMENT AND THE SHARES ISSUABLE THEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.
ROBINHOOD MARKETS, INC.
AMENDED AND RESTATED 2013 STOCK PLAN
AMENDED AND RESTATED NOTICE OF RESTRICTED STOCK UNIT AWARD
SECTION 1.GRANT OF RESTRICTED STOCK UNITS.
(a)Grant.  On the terms and conditions set forth in the Amended and Restated Notice of Restricted Stock Unit Award and this Agreement, the Company grants to you on the Date of Grant the number of RSUs set forth in the Amended and Restated Notice of Restricted Stock Unit Award.  Each RSU represents the right to receive one Share on the terms and conditions set forth in this Agreement.
(b)Consideration.  No payment is required for the RSUs that have been granted to you.
(c)Nature of Units; No Rights As a Stockholder.  Your RSUs are mere bookkeeping entries and represent only the Company’s unfunded and unsecured promise to issue Shares on a future date under specified conditions.  As a holder of RSUs, you have no rights other than the rights of a general creditor of the Company.  Your RSUs carry neither voting rights nor rights to cash dividends.  You have no rights as a stockholder of the Company unless and until your RSUs are settled pursuant to Section 4.  The Shares issued following the vesting and settlement of RSUs under this Agreement will be subject to the Equity Exchange Agreement.
(d)Stock Plan and Defined Terms.  Your RSUs are granted pursuant to the Plan, a copy of which you acknowledge having received.  The provisions of the Plan are incorporated into this Agreement by this reference.  Certain capitalized terms are defined in Section 11 of this Agreement.  Capitalized terms not otherwise defined herein or in the Amended and Restated Notice of Restricted Stock Unit Award shall have the meanings set forth in the Plan.
SECTION 2.VESTING.
(a)Generally.  The RSUs vest in accordance with the vesting schedule set forth in the Amended and Restated Notice of Restricted Stock Unit Award.  You will receive a benefit with respect to a RSU only if all applicable vesting requirements are satisfied on or before the Expiration Date.  None of your RSUs will vest (in whole or in part) unless all 
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applicable vesting requirements with respect to such RSUs are satisfied on or before the Expiration Date.
(b)Termination of Service.  Upon and following the termination of your Service for any reason, each outstanding RSU shall terminate on the first date in which you would no longer be able to satisfy the necessary vesting requirements with respect to that particular RSU.
(c)Expiration of RSUs.  If an IPO or Sale Event does not occur on or before the Expiration Date set forth in the Amended and Restated Notice of Restricted Stock Unit Award, all RSUs (regardless of whether or not, or the extent to which, the other applicable vesting requirements have been satisfied as to such RSUs) shall automatically terminate and be cancelled upon such date.  Upon a termination of one or more RSUs pursuant to this Section 2, you will have no further right with respect to such RSUs or the Shares previously allocated thereto.
(d)Part-Time Employment and Leaves of Absence.  If you commence working on a part-time basis, then the Company may adjust the applicable vesting requirements set forth in the Amended and Restated Notice of Restricted Stock Unit Award.  If you go on a leave of absence, then, to the extent permitted by applicable law, the Company may adjust or suspend the time-based service requirements described in the Amended and Restated Notice of Restricted Stock Unit Award.  Except as provided in the preceding sentence, Service shall be deemed to continue for any purpose under this Agreement while you are on a bona fide leave of absence approved by the Company in writing.  Service shall be deemed to terminate when such leave ends, unless you immediately return to active work when such leave ends.
SECTION 3.RESTRICTIONS APPLICABLE TO RSUS.
Except as otherwise provided in or pursuant to this Agreement or the Plan, these RSUs and the rights and privileges conferred hereby shall not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of by you prior to the settlement of the RSUs.  However, you may designate a third party who, in the event of your death, shall thereafter be entitled to receive any distribution of Shares to which you were entitled at the time of your death pursuant to this Agreement by delivering a written beneficiary designation to the Company’s headquarters on the prescribed form before your death.  If you deliver no such beneficiary designation or if your designated beneficiaries do not survive you, your estate will receive payments in respect of any vested RSUs.
SECTION 4.SETTLEMENT OF RSUS.
(a)Settlement Date.  Upon a Vesting Date with respect to a particular RSU, the Company will deliver one Share for that RSU.  Settlement shall occur on or following the Vesting Date, but not later than the Short Term Deferral End Date.  For the sake of clarity, settlement of RSUs that become vested RSUs upon an IPO shall occur no later than the earlier of (i) the 185th day following the IPO Date, (ii) the Short Term Deferral End Date or (iii) the Expiration Date.
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(b)Form of Delivery.  The form of any delivery of Shares (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.
(c)Legality of Issuance.  No Shares shall be issued to you upon settlement of these RSUs unless and until the Company has determined that (i) you and the Company have taken any actions required to register the Shares under the Securities Act or to perfect an exemption from the registration requirements thereof; (ii) any applicable listing requirement of any stock exchange or other securities market on which Stock is listed has been satisfied; and (iii) any other applicable provision of federal, State or foreign law has been satisfied.  The Company shall have no liability to issue Shares in respect of the RSUs unless it is able to do so in compliance with applicable law.  If the Company is unable to issue Shares to you, it shall pay to you, via a wire transfer of immediately available funds, an amount equal to the Fair Market Value of such Shares.
SECTION 5.TAXES.
(a)Withholding Taxes.  No consideration will be paid to you in respect of this award unless you have made arrangements satisfactory to the Company and/or the Parent or Subsidiary employing you (your “Employer”) for the payment of all applicable federal, State, local and foreign income and employment withholding taxes which arise in connection with the vesting and/or settlement of these RSUs (the “Withholding Taxes”).  The Withholding Taxes shall be satisfied by (i) if the Stock is publicly traded, payment from the proceeds of the sale of shares through a Company-approved broker or (ii) withholding a number of Shares that otherwise would be issued to you when the RSUs are settled (“Net Settlement”).  If the Withholding Taxes are satisfied pursuant to Net Settlement, you will be deemed to have been issued the full number of Shares subject to the RSUs and the Fair Market Value of the withheld Shares, determined as of the date when taxes otherwise would have been withheld in cash, will be applied to the Withholding Taxes and such amount will be remitted to appropriate tax authorities by the Company or your Employer.  You acknowledge that the responsibility for all Withholding Taxes is yours and may exceed the amount actually withheld by the Company or your Employer.  
(b)Section 409A.  The settlement of these RSUs is intended to be exempt from the application of Code Section 409A pursuant to the “short-term deferral exemption” in Treasury Regulation 1.409A1(b)(4) and shall be administered and interpreted in a manner that complies with such exemption.  To the extent that any provision of this Agreement is ambiguous as to its exemption from Code Section 409A, the provision shall be read in such a manner so that all payments hereunder are exempt from Code Section 409A.  Notwithstanding the foregoing, if this award of RSUs is interpreted as not being exempt from Code Section 409A, it shall be interpreted to comply with the requirements of Code Section 409A so that this award is not subject to additional tax or interest under Code Section 409A.  In this regard, to the extent necessary to comply with or qualify for an exemption from Code Section 409A, any reference to “termination of employment” or similar terms will mean your “separation from service” within the meaning of Code Section 409A(2)(A)(i) (a “Separation”).  In addition, if this award is payable upon your Separation and you are a “specified employee” of the Company or any 
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affiliate thereof within the meaning of Code Section 409A(a)(2)(B)(i) on the day of your Separation, then no such payment shall be made prior to the date that is the earlier of (i) six months and one day after your Separation, or (ii) your death, but only to the extent such delay is necessary so that this award is not subject to additional tax or interest under Code Section 409A.  Each installment of your RSUs that is paid to you is intended to constitute a separate payment for purposes of Code Section 409A.
SECTION 6.RIGHT OF FIRST REFUSAL.
(a)Right of First Refusal.  In the event that you propose to sell, pledge or otherwise transfer to a third party any Shares acquired under this Agreement, or any interest in such Shares, the Company shall have the Right of First Refusal with respect to all (and not less than all) of such Shares.  If you desire to transfer Shares acquired under this Agreement, you must give a written Transfer Notice to the Company describing fully the proposed transfer, including the number of Shares proposed to be transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws.  The Transfer Notice shall be signed both by you and by the proposed Transferee and must constitute a binding commitment of both parties to the transfer of the Shares.  The Company shall have the right to purchase all, and not less than all, of the Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted under Section 6(b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days after the date when the Transfer Notice was received by the Company.
(b)Transfer of Shares.  If the Company fails to exercise its Right of First Refusal within 30 days after the date when it received the Transfer Notice, you may, not later than 90 days following receipt of the Transfer Notice by the Company, conclude a transfer of the Shares subject to the Transfer Notice on the terms and conditions no less favorable to you than those described in the Transfer Notice, provided that any such sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual restrictions to which you are bound.  Any proposed transfer on terms and conditions less favorable than those described in the Transfer Notice, as well as any subsequent proposed transfer by you, shall again be subject to the Right of First Refusal and shall require compliance with the procedure described in Section 6(a) above.  If the Company exercises its Right of First Refusal, the parties shall consummate the sale of the Shares on the terms set forth in the Transfer Notice within 60 days after the date when the Company received the Transfer Notice (or within such longer period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of paying for the Shares with cash or cash equivalents equal to the present value of the consideration described in the Transfer Notice.
(c)Additional or Exchanged Securities and Property.  In the event of a merger or consolidation of the Company, a sale of all or substantially all of the Company’s stock or assets, any other corporate reorganization, a stock split, the declaration of a stock dividend, the 
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declaration of an extraordinary dividend payable in a form other than stock, a spinoff, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Shares subject to this Section 6 shall immediately be subject to the Right of First Refusal.  Appropriate adjustments to reflect the exchange or distribution of such securities or property shall be made to the number and/or class of the Shares subject to this Section 6.
(d)Termination of Right of First Refusal.  Any other provision of this Section 6 notwithstanding, in the event that the Stock is readily tradable on an established securities market when you desire to transfer Shares, the Company shall have no Right of First Refusal, and you shall have no obligation to comply with the procedures prescribed by Sections 6(a) and 6(b) above.
(e)Permitted Transfers.  This Section 6 shall not apply to (i) a transfer by beneficiary designation, will or intestate succession or (ii) a transfer to one or more members of your Immediate Family or to a trust or other entity established by you solely for the benefit of you and/or one or more members of your Immediate Family, provided in either case that the Transferee agrees in writing on a reasonable and customary form prescribed by the Company to be bound by all provisions of this Agreement.  If you transfer any Shares acquired under this Agreement, either under this Section 6(e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall apply to the Transferee to the same extent as to you.
(f)Termination of Rights as Stockholder.  If the Company makes available, at the time and place and in the amount and form provided in this Agreement, the consideration for the Shares to be purchased in accordance with this Section 6, then after such time the person from whom such Shares are to be purchased shall no longer have any rights as a holder of such Shares (other than the right to receive payment of such consideration in accordance with this Agreement).  Such Shares shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s) therefor have been delivered as required by this Agreement.
(g)Assignment of Right of First Refusal.  The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or in part.  Any person who accepts an assignment of the Right of First Refusal from the Company shall be entitled to and assume all of the Company’s rights and obligations under this Section 6.
SECTION 7.RESTRICTIONS APPLICABLE TO SHARES.
(a)General Restrictions.  Unless the Stock is readily tradeable on an established securities market, the transfer of any of the Shares acquired pursuant to this Agreement (or any interest therein) shall, at the Company’s request, be condition upon (i) effecting such transfer pursuant to a form of stock transfer agreement prescribed by the Company and (ii) payment of a transfer fee not to exceed $5,000.
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(b)Securities Law Restrictions.  Regardless of whether the offering and sale of Shares under the Plan have been registered under the Securities Act or have been registered or qualified under the securities laws of any State or other relevant jurisdiction, the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on the stock certificates (or electronic equivalent) or the imposition of stop-transfer instructions) and may refuse (or may be required to refuse) to transfer Shares acquired hereunder (or Shares proposed to be transferred in a subsequent transfer) if, in the judgment of the Company, such restrictions, legends or refusal are necessary or appropriate to achieve compliance with the Securities Act or other relevant securities or other laws, including without limitation under Regulation S of the Securities Act or pursuant to another available exemption from registration.  You (or the beneficiary or your personal representative in the event of your death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances as the Company may deem necessary or reasonably desirable to ensure compliance with all applicable legal and regulatory requirements.
(c)Market Stand-Off.  In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act, including the Company’s initial public offering, you or a Transferee shall not directly or indirectly sell, make any short sale of, loan, hypothecate, pledge, offer, grant or sell any option or other contract for the purchase of, purchase any option or other contract for the sale of, or otherwise dispose of or transfer, or agree to engage in any of the foregoing transactions with respect to, any Shares acquired under this Agreement without the prior written consent of the Company or its managing underwriter.  Such restriction (the “Market Stand-Off”) shall be in effect for such period of time following the date of the final prospectus for the offering as may be requested by the Company or such underwriter.  In no event, however, shall such period exceed 180 days plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules.  The Market Stand-Off shall in any event terminate two years after the date of the Company’s initial public offering.  In the event of the declaration of a stock dividend, a spinoff, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding securities without receipt of consideration, any new, substituted or additional securities which are by reason of such transaction distributed with respect to any Shares subject to the Market Stand-Off, or into which such Shares thereby become convertible, shall immediately be subject to the Market Stand-Off.  In order to enforce the Market Stand-Off, the Company may impose stop-transfer instructions with respect to the Shares acquired under this Agreement until the end of the applicable stand-off period.  The Company’s underwriters shall be beneficiaries of the agreement set forth in this Section 7(c).  This Section 7(c) shall not apply to Shares registered in the public offering under the Securities Act.
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(d)Investment Intent at Grant.  You represent and agree that the Shares to be acquired upon settlement of these RSUs will be acquired for investment, and not with a view to the sale or distribution thereof.
(e)Investment Intent at Settlement.  In the event that the sale of Shares under the Plan is not registered under the Securities Act but an exemption is available that requires an investment representation or other representation, you shall represent and agree at the time of issuance that the Shares being acquired upon settlement of these RSUs are being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed necessary or appropriate by the Company and its counsel.
(f)Rights of the Company.  The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights to, any Transferee to whom the Shares have been transferred in contravention of this Agreement.
(g)Legends.  All certificates evidencing the Shares issued under this Agreement shall bear the following legend:
“THE SHARES REPRESENTED HEREBY (AND ANY INTEREST THEREIN) MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE WITH THE TERMS OF THE RESTRICTED STOCK UNIT AGREEMENT PURSUANT TO WHICH SUCH SHARES WERE ACQUIRED.  SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN RIGHTS OF FIRST REFUSAL UPON AN ATTEMPTED TRANSFER OF THE SHARES.  IN ADDITION, THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH IN SUCH RESTRICTED STOCK UNIT AGREEMENT.  THE SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH RESTRICTED STOCK UNIT AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”
All certificates evidencing Shares issued under this Agreement in an unregistered transaction shall bear the following legend (and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law):
“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY SECURITIES LAWS OF ANY U.S. STATE, AND MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF WITHOUT AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.  IN THE ABSENCE OF REGISTRATION OR THE AVAILABILITY (CONFIRMED BY OPINION OF COUNSEL) OF AN ALTERNATIVE EXEMPTION FROM REGISTRATION UNDER THE ACT (INCLUDING WITHOUT LIMITATION 
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IN ACCORDANCE WITH REGULATION S UNDER THE ACT), THESE SHARES MAY NOT BE SOLD, REOFFERED, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED OR DISPOSED OF.  HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT.”
(h)Removal of Legends.  If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Shares issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but without such legend.
(i)Administration.  Any determination by the Company and its counsel in connection with any of the matters set forth in this Section 7 shall be conclusive and binding on you and all other persons.
SECTION 8.ADJUSTMENT OF SHARES.
In the event of any transaction described in Section 9(a) of the Plan, the terms of these RSUs (including, without limitation, the number and kind of shares subject to these RSUs) shall be adjusted as set forth in Section 9(a) of the Plan.  In the event that the Company is a party to a merger or consolidation or in the event of a sale of all or substantially all of the Company’s stock or assets, your RSUs shall be subject to the treatment provided by the Board of Directors in its sole discretion, as provided in Section 9(b) of the Plan; provided, however, that any action taken (a) must either preserve the exemption of your RSUs from Code Section 409A or comply with Code Section 409A and (b) must not change the vesting requirements contained in the Amended and Restated Notice of Restricted Stock Unit Award and this Agreement to the extent any such change would materially adversely affect you.  Any additional RSUs and any new, substituted or additional shares, cash or other property that become subject to this award as a result of any such transaction shall be subject to the same conditions and restrictions as applicable to the RSUs to which they relate.
SECTION 9.MISCELLANEOUS PROVISIONS.
(a)No Retention Rights.  Nothing in this Agreement or in the Plan shall confer upon you the right to remain in Service in any capacity for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining you) or you, which rights are hereby expressly reserved by each, to terminate your Service at any time and for any reason, with or without cause.
(b)Notice.  Any notice required by the terms of this Agreement shall be given in writing.  It shall be deemed effective upon (i) personal delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid, (iii) deposit with Federal Express Corporation, with shipping charges prepaid or (iv) deposit with any internationally recognized express mail courier service, with shipping charges prepaid.  Notice shall be addressed to the Company at its principal executive office and to you at the address that you most recently provided to the Company in accordance with this Section 9(b).  In addition, to 
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the extent required or permitted pursuant to rules established by the Company from time to time, notices may be delivered electronically.
(c)Modifications and Waivers.  No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by you and by an authorized officer of the Company (other than you).  No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.
(d)Entire Agreement.  The Amended and Restricted Notice of Restricted Stock Unit Award, this Agreement and the Plan constitute the entire understanding between you and the Company regarding the subject matter hereof.  They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof, including any prior grant notice; provided, however, this Section 9(d) shall not apply to that certain notice of Restricted Stock Unit award and applicable agreement between you and the Company, dated October 8, 2019, whereby the Company granted to you 2,904,024 “time-vested” Restricted Stock Units or that certain notice of Restricted Stock Unit award and applicable agreement between you and the Company, dated May 26, 2021, whereby the Company granted to you [22,200,000]1[13,320,000]2 Restricted Stock Units.
(e)Choice of Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State.
(f)Severability.  Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
(g)Successors and Assigns.  Except as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and be binding upon you and your legal representatives, heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof.
SECTION 10.ACKNOWLEDGEMENTS.
In addition to the other terms, conditions and restrictions imposed on your RSUs and the Shares issuable upon settlement of your RSUs pursuant to this Agreement and the Plan, you expressly acknowledge being subject to Sections 6 (Right of First Refusal) and 7 

1 Note to Draft:  Applicable to Vladmir Tenev.  
2 Note to Draft:  Applicable to Baiju Bhatt. 
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(Restrictions Applicable to Shares, including without limitation the Market Stand-Off), as well as the following provisions:
(a)Tax Consequences.  You acknowledge that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received hereunder, and you should consult a tax adviser regarding your tax obligations prior to such event.  You acknowledge that the Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding your participation in the Plan or acquisition or sale of Shares subject to this award.  You are hereby advised to consult with your own personal tax, legal, and financial advisors regarding your participation in the Plan.  You further acknowledge that the Company (i) makes no representations or undertakings regarding the tax treatment of the award of RSUs, including, but not limited to the grant, vesting, or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such RSUs, and the receipt of any dividends; and (ii) does not commit to and is under no obligation to structure the terms of the grant of the RSUs to reduce or eliminate your tax liability or achieve any particular tax result.  You agree that the Company does not have a duty to design or administer the RSUs, the Plan or its other compensation programs in a manner that minimizes your tax liability.  You shall not make any claim against the Company or its Board of Directors, officers, or employees related to tax matters arising from this award or your other compensation.
(b)Electronic Delivery of Documents.  You acknowledge and agree that the Company may, in its sole discretion, deliver all documents relating the Company, the Plan or these RSUs and all other documents that the Company is required to deliver to its security holders (including, without limitation, disclosures that may be required by the Securities and Exchange Commission) by email or other means of electronic transmission (including by posting them on a website maintained by the Company or a third party under contract with the Company); provided that, concurrently with any such delivery, you are notified of such delivery at your Company e-mail address, with instructions on how to access the relevant document.  You acknowledge that you may incur costs in connection with any such delivery by means of electronic transmission, including the cost of accessing the internet and printing fees, and that an interruption of internet access may interfere with his or her ability to access the documents.
(c)Plan Discretionary.  You understand and acknowledge that (i) the Plan is entirely discretionary, (ii) the Company and your employer have reserved the right to amend, suspend or terminate the Plan at any time, (iii) the grant of the RSUs does not in any way create any contractual or other right to receive additional grants of RSUs (or benefits in lieu of RSUs) at any time or in any amount and (iv) all determinations with respect to any additional grants, including (without limitation) the times when RSUs will be granted, the number of Shares offered, and the vesting schedule, will be at the sole discretion of the Company.
(d)Termination of Service.  You understand and acknowledge that participation in the Plan ceases upon termination of your Service for any reason, except as may explicitly be provided otherwise in the Plan or this Agreement.
(e)Extraordinary Compensation.  The value of your RSUs and the Shares issuable thereunder shall be an extraordinary item of compensation outside the scope of your 
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employment contract, if any, and shall not be considered a part of your normal or expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.
(f)Authorization to Disclose.  You hereby authorize and direct your employer to disclose to the Company or any Subsidiary any information regarding your employment, the nature and amount of your compensation and the fact and conditions of your participation in the Plan, to the extent your employer reasonably deems necessary or appropriate to facilitate the administration of the Plan.
(g)Personal Data Authorization.  You consent to the collection, use and transfer of personal data as described in this Subsection (g).  You understand and acknowledge that the Company, your employer and the Company’s other Subsidiaries retain and process certain personal information about you in order to manage and administer the Plan, including, without limitation, your name, home address, telephone number, date of birth, social insurance number, salary, nationality, job title, any Shares or directorships held in the Company and details of all RSUs or any other entitlements to Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (the “Data”).  You further understand and acknowledge that the Company and/or its Subsidiaries will transfer Data among themselves as necessary for the purpose of implementation, administration and management of your participation in the Plan and that the Company and/or any Subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration and management of the Plan solely for the purpose of administrating your participation in the Plan.  You understand and acknowledge that the recipients of Data may be located in the United States or elsewhere.  You authorize such recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purpose of administering your participation in the Plan, including a transfer to any broker or other third party with whom you elect to deposit Shares acquired under the Plan of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on your behalf.  You may, at any time, receive a copy of the Data, require any necessary modifications of the Data or withdraw the consents set forth in this Subsection (g) by contacting the Company in writing.
(h)Clawback.  You acknowledge that the RSUs and/or the Shares acquired upon settlement of the RSUs shall be subject (including on a retroactive basis) to clawback, recoupment, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement) to the extent required by the Company’s clawback or recoupment policy as may be established and/or amended from time to time or Applicable Laws (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).
SECTION 11.DEFINITIONS.
(a)“Agreement” means this Amended and Restated Restricted Stock Unit Agreement.
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(b)“Applicable Share Price” means in connection with an IPO, the initial public offering price per share, or, following an IPO, the average of the volume weighted average trading prices of a Share as reported on a Securities Exchange for each trading day during any sixty (60) consecutive trading days through and including the Expiration Date (or, if the Expiration Date is not a trading day, the last trading day immediately preceding the Expiration Date).
(c)“Board of Directors” means the Board of Directors of the Company, as constituted from time to time or, if a Committee has been appointed, such Committee.
(d)“Cause” means (i) your willful and material unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company and its subsidiaries, taken as a whole; (ii) a willful and material breach by you of any agreement between you and the Company, which breach causes material harm to the Company and its subsidiaries, taken as a whole; (iii) a willful and material failure by you to comply with the Company’s material written policies or rules, which failure causes material harm to the Company and its subsidiaries, taken as a whole; (iv) your conviction of, or plea of “guilty” or “no contest” to, a felony (other than an automobile offense) under the laws of the United States or any state thereof (or equivalent laws of a foreign jurisdiction); (v) your gross negligence or willful misconduct, which causes material harm to the Company and its subsidiaries, taken as a whole; (vi) a continuing failure by you to perform material assigned duties; or (vii) a failure by you to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has reasonably requested your cooperation and which failure causes material harm to the Company and its subsidiaries, taken as a whole; provided, that “Cause” pursuant to the foregoing clauses (i), (ii), (iii), (v), (vi) and (vii) shall exist only after the Board of Directors or your supervisor, as applicable, provides you with written notice of the applicable Cause event (which specifically identifies, in reasonable detail, the basis for alleging a Cause event) and you fail to cure the same (to the extent capable of cure) within thirty (30) days after receipt of such notice. For the avoidance of doubt, without limiting other instances in which your act or failure shall not be deemed willful, no act or failure to act by you shall be considered “willful” if done or omitted by you in good faith with reasonable belief that your action or omission was in the best interests of the Company and its subsidiaries.
(e)“Code” means the Internal Revenue Code of 1986, as amended.
(f)“Company” means Robinhood Markets, Inc., a Delaware corporation.
(g)“Date of Grant” means the date specified in the Amended and Restated Notice of Restricted Stock Unit Award, which date shall be the later of (i) the date on which the Board of Directors resolved to grant these RSUs or (ii) your first date of Service.
(h)“Equity Exchange Agreement” means that certain equity exchange right agreement to be entered into by and between you and the Company, as may hereinafter be amended in accordance with its terms.
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(i)“Expiration Date” means the expiration date of the RSUs as set forth in the Amended and Restated Notice of Restricted Stock Unit Award.
(j)“Fair Market Value” means, as of any date, the value of a Share determined as follows:
(i)if such Share is then publicly traded on a Securities Exchange, its closing price on the date of determination on the principal Securities Exchange on which the Share is listed or administer to trading as reported in the Wall Street Journal; 
(ii)if such Share is publicly traded but is not listed or admitted to trading on a Securities Exchange, the average of the closing bid and ask prices on the date of determination as reported in the Wall Street Journal (or as otherwise reported by any newspaper or other source as the Committee may determine); or
(iii)if none of the foregoing is applicable to the valuation in question, by the Committee in good faith.
(k)“Good Reason” means the occurrence of one or more of the following, without your express written consent:  (i) a material reduction of your duties, authority or responsibilities; (ii) a reduction in your title or change in your reporting relationship; (iii) a reduction in your base salary by more than 10%; (iv) a relocation of your principal workplace by more than thirty (30) miles; or (v) a material breach by the Company or any of its subsidiaries of any agreement between you and the Company or any of its subsidiaries, as applicable.  Notwithstanding the foregoing, you will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date of such notice and the resignation occurring within 90 days following the end of such cure period.
(l)“Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.
(m)“Involuntary Termination” shall mean your termination by the Company other than for Cause or your resignation for Good Reason.
(n)“IPO” means the initial public offering or direct listing on a Securities Market pursuant to an effective registration statement under the Securities Act covering the offer and sale by the Company of its equity securities, as a result of or following which the Shares shall be publicly held, and “IPO Date” means the date on which the IPO occurs.
(o)“Per Share Deal Price” means the total present value of the amount of cash consideration and the present value of any non-cash consideration received or potentially receivable for a Share by holders of Shares in connection with a Sale Event or, if no such consideration will be received for a Share, the Fair Market Value of a Share on the day (or, if the 
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Shares are then publicly traded on a Securities Exchange, the trading day) immediately prior to the Sale Event.  The present value of any cash consideration and the present value of any non-cash consideration potentially receivable (including any consideration being held in escrow or subject to an earn-out or similar concept) will be reasonably determined in good faith by the Board, except that if such non-cash consideration is in the form of publicly traded securities, then the value of such publicly traded securities will be based on the volume weighted average trading price of such publicly traded securities over the five (5) trading day period ending three (3) business days prior to the date the Sale Event occurs.
(p)“Plan” means the Robinhood Markets, Inc. Amended and Restated 2013 Stock Plan, as in effect on the Date of Grant.
(q)“Right of First Refusal” means the Company’s right of first refusal described in Section 6.
(r)“RSUs” means the Restricted Stock Units granted to you by the Company as set forth in the Amended and Restated Notice of Restricted Stock Unit Award.
(s)“Sale Event” means the consummation of the following transactions in which holders of Shares receive cash and/or marketable securities tradable on an established national or foreign securities exchange:  (i) a sale of all or substantially all of the assets of the Company determined on a consolidated basis to an unrelated person or entity; (ii) a merger, reorganization, or consolidation involving the Company in which the shares of voting stock of the Company outstanding immediately prior to such transaction represent or are converted into or exchanged for securities of the surviving or resulting entity immediately upon completion of such transaction which represent less than 50% of the outstanding voting power of such surviving or resulting entity; or (iii) the acquisition of all or a majority of the outstanding voting stock of the Company in a single transaction or series of related transactions by a person or group of persons.  For the avoidance of doubt, an initial public offering, any subsequent public offering, another capital raising event, and a merger effected solely to change the Company’s domicile shall not constitute a “Sale Event.” In addition, a transaction shall not constitute a Sale Event unless such transaction also qualifies as an event under Treasury Regulation Section 1.409A3(i)(5)(v) (change in the ownership of a corporation), Treasury Regulation Section 1.409A3(i)(5)(vi) (change in the effective control of a corporation), or Treasury Regulation Section 1.409A-3(i)(5)(vii) (change in the ownership of a substantial portion of a corporation’s assets).
(t)“Securities Exchange” means an established national securities exchange or automated quotation system (e.g., the New York Stock Exchange, The Nasdaq Global Select Market, or The Nasdaq Global Market).
(u)“Service” means service as an Employee (including as Executive Chairman of the Company) or a Consultant.  In the event of any dispute over whether and when Service has terminated, the Board of Directors shall have sole discretion to reasonably determine in good faith whether such termination has occurred and the effective date of such termination.
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(v)“Share Price Condition” means (i) with respect to 20% of the RSUs covered by this Award Agreement, the Applicable Share Price or, if applicable, the Per Share Deal Price, is greater than or equal to $30.45 and less than $50.75; (ii) with respect to 50% of the RSUs covered by this Award Agreement, the Applicable Share Price or, if applicable, the Per Share Deal Price, is greater than or equal to $50.75 and less than $101.50; and (iii) with respect to 100% of the RSUs covered by this Award Agreement, the Applicable Share Price or, if applicable, the Per Share Deal Price, is greater than or equal to $101.50.  For the avoidance of doubt, once a Share Price Condition is satisfied, it does not need to be maintained.  Each per Share dollar figures set forth in this paragraph shall be referred to as a “Stock Price Target” and shall be automatically and appropriately adjusted, without any further action required, in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Stock, and such as-adjusted dollar figures shall apply in lieu of the dollar figures set forth above.
In addition, solely in the event of a Sale Event, if the Per Share Deal Price is greater than $30.45 but falls between two Stock Price Targets, the number of RSUs for which the Share Price Condition shall be satisfied shall be determined based on a linear interpolation using the Stock Price Target that is greater than but closest to the Per Share Deal Price and the Stock Price Target that is less than but closest to the Per Share Deal Price, with such number rounded to the nearest Share (such number, the “Incremental RSUs”).  For the avoidance of doubt, if, prior to the Sale Event, an RSU already satisfied the Share Price Condition, such RSU will not again become eligible to vest with respect to that Stock Price Target, but such RSUs, to the extent they have not yet been settled, shall be settled immediately prior to the Sale Event, subject to the applicable time-based service requirement (including any accelerated vesting in the event of an Involuntary Termination) set forth in the Amended and Restated Notice of Restricted Stock Unit Award.  The number of RSUs that shall have satisfied the Share Price Condition and will be eligible to vest in the event of a Sale Event shall equal the sum of all RSUs corresponding to the applicable Stock Price Target plus the Incremental RSUs (if any) (such sum, the “Acquisition Eligible RSUs”), subject to the applicable time-based service requirement (including any accelerated vesting in the event of an Involuntary Termination) set forth in the Amended and Restated Notice of Restricted Stock Unit Award.  Unless otherwise determined by the Board or Committee, any remaining RSUs that have not become Acquisition Eligible RSUs immediately will be forfeited as of the Sale Event for no consideration and you will have no further rights with respect to such RSUs or Shares.
(w)“Short-Term Deferral End Date” means the date that is the later of (i) two and one-half months following the end of the calendar year in which the Vesting Date applicable to an RSU occurs or (ii) two and one-half months following the end of the Company’s taxable year in which the Vesting Date applicable to an RSU occurs.
(x)“Transferee” means any person to whom you have directly or indirectly transferred any Shares acquired under this Agreement.
(y)“Transfer Notice” means the notice of a proposed transfer of Shares described in Section 6.
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(z)“U.S. Person” means a person described in Rule 902(k) of Regulation S of the Securities Act (or any successor rule or provision), which generally defines a U.S. person as any natural person resident in the United States, any estate of which any executor or administrator is a U.S. Person, or any trust of which of any trustee is a U.S. Person.
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Exhibit 10.16

NOTICE OF RESTRICTED STOCK UNIT AWARD
Robinhood Markets, Inc.
2020 Equity Incentive Plan
Unless otherwise defined herein, the terms defined in the Company’s 2020 Equity Incentive Plan (the “Plan”) shall have the same defined meanings in this Notice of Restricted Stock Unit Award (“Notice of Grant”).
All references to the “Platform” in this Notice of Grant or in the RSU Agreement (as defined below) shall be interpreted as the equity management software currently in use by the Company.
The Participant named below has been granted an award of restricted stock units (“RSUs”), subject to the terms and conditions of the Plan, the Restricted Stock Unit Agreement attached as Annex A (the “RSU Agreement”) and Exhibit A (attached), as follows:
															
	Participant Name:		[Vladimir Tenev]		[Baiju Bhatt]
					
	Total Number of RSUs:		[22,200,000]		[13,320,000]
					
	RSU Grant Date:		May 26, 2021		

Vesting:  The RSUs will vest (if at all) based upon the achievement of the service-based and performance-based conditions set forth in Exhibit A and the provisions of the RSU Agreement.  The actual number of RSUs that vest, if any, may be lower than the Total Number of RSUs set forth above depending on the extent to which the vesting criteria are satisfied.
Settlement:  Settlement of RSUs refers to the issuance of a Share once an RSU is vested.  If an RSU vests as a result of satisfaction of the vesting requirements as described above, the Company will deliver one Share for such RSU at the time of settlement specified in the Restricted Stock Unit Agreement and Exhibit A.
Participant understands that Participant’s employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time (i.e. is “at-will”) and that nothing in this Notice of Grant, the RSU Agreement, Exhibit A or the Plan changes the at-will nature of that relationship.  Participant also understands that this Notice of Grant is subject to the terms and conditions of the RSU Agreement, Exhibit A and the Plan, each of which are incorporated herein by reference.  Participant has read the RSU Agreement, Exhibit A and the Plan.
By Participant’s acceptance hereof (whether written, electronic or otherwise), Participant agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Participant accepts the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including the Plan, this Notice of Grant, the RSU Agreement, Exhibit A, any disclosures provided pursuant to Rule 701, account statements or other communications or information) whether via the Company’s intranet or the internet site of another such third party or via email, or such other means of electronic delivery specified by the Company; provided that, concurrently with any such delivery, Participant is notified of such delivery at the Company e-mail address of such Participant, with instructions on how to access the relevant document.

By Participant’s and the Company’s acceptance hereof (in each case, whether written, electronic or otherwise), Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan, this Notice of Grant, the RSU Agreement and Exhibit A.
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ANNEX A
RESTRICTED STOCK UNIT AGREEMENT
Robinhood Markets, Inc.
2020 Equity Incentive Plan
Participant has been granted Restricted Stock Units (“RSUs”) subject to the terms, restrictions and conditions of the Company’s 2020 Equity Incentive Plan, as amended (the “Plan”), the Notice of Restricted Stock Unit Award (“Notice of Grant”), this Restricted Stock Unit Agreement (this “Agreement”) and Exhibit A.  Unless otherwise defined herein or in the Notice of Grant or Exhibit A, the terms defined in the Plan shall have the same defined meanings in this Agreement.
1.No Stockholder Rights.  Unless and until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares.  As a condition to the issuance of any Shares in settlement of vested RSUs, Participant agrees to enter into a joinder to be bound by any stockholders’ agreement by and between the Company and its stockholders in force from time to time.  The Shares issued following the vesting and settlement of RSUs under this Agreement will be subject to the Equity Exchange Agreement.  
2.Dividend Equivalents.  Dividend equivalents, if any, shall not be credited to Participant in respect of Participant’s RSUs, except as otherwise permitted by the Committee.
3.No Transfer.  The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or by the laws of descent and distribution.  Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the RSUs upon the death of Participant.  Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU shall continue to be subject to the restrictions set forth in this Section 3.  For the avoidance of doubt, this Section 3 shall not apply to any Shares issued pursuant to the settlement of any RSUs.
4.Termination.  The RSUs shall terminate on the Expiration Date (as defined in Exhibit A) or earlier as provided in this Section 4. If Participant’s service with the Company terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant, this Agreement and Exhibit A shall be forfeited to the Company forthwith, and all rights of Participant to such RSUs shall immediately terminate.  In case of any dispute as to whether such termination has occurred, the Committee shall have sole discretion to reasonably determine in good faith whether such termination has occurred and the effective date of such termination.
5.Acknowledgement.  The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement, Exhibit A and the provisions of the Plan (incorporated herein by reference).  Participant (i) acknowledges receipt of a copy of each of the foregoing documents via the Platform, (ii) represents that Participant has carefully read and is familiar with their provisions and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan, the Notice of Grant and Exhibit A.
6.Limitations on Transfer of Stock.  Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant to this Agreement except (i) prior to the Company becoming subject to the reporting requirements of the Exchange Act (defined below), with the Company’s prior written 
  

consent and in compliance with the provisions of Sections 9 and 10 of the Plan, and (ii) in compliance with the Company’s then-current insider trading policy and applicable securities laws.  The restrictions on transfer also include a prohibition on any short position, any “put equivalent position” or any “call equivalent position” by the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).
7.Restrictions Binding on Transferees.  All transferees of Shares or any interest therein will receive and hold such shares or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 3 and 6, and the transferee shall acknowledge such restrictions in writing.  Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.
8.Withholding of Tax.  When the RSUs are vested and/or settled, the fair market value of the Shares shall be treated as income subject to withholding by the Company for income and employment taxes if Participant is or was an employee of the Company.  Prior to any relevant taxable or tax withholding event, as applicable, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to the Participant’s participation in this Plan and legally applicable to the Participant (collectively, “Tax-Related Obligations”).  The Tax-Related Obligations shall be satisfied by, if permissible under local law, (i) withholding Shares that otherwise would be issued to Participant when Participant’s RSUs are settled (“Net Settlement”) or (ii) having the Company withhold taxes from the proceeds of the sale of the Shares, through a voluntary sale or through a mandatory sale arranged by the Company (on Participant’s behalf and Participant hereby authorizes such sales by this authorization), in either case, under such rules as may be established by the Committee and in compliance with the Company’s insider trading policy and 10b5-1 trading plan policy, if applicable.  Depending on the withholding method, the Company and/or a Parent or Subsidiary of the Company may withhold or account for Tax-Related Obligations by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares.  In the case of Net Settlement, the Company shall issue the net number of Shares to Participant by deducting the Shares retained for Tax-Related Obligations from the Shares issuable upon vesting.  For tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Obligations.  
9.Code Section 409A.  For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Code and the regulations thereunder (“Section 409A”).  Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant’s termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant’s separation from service from the Company or (ii) the date of Participant’s death following such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral.  The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant’s termination of employment and the first payment date but for the application of this provision, and the balance of the 
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installments (if any) will be payable in accordance with their original schedule.  The RSUs are intended to be an exempt “short-term deferral,” within the meaning of Section 409A.  To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A.  To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.  All payments made pursuant to, or under, this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.
10.Tax Consequences.  Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax adviser regarding Participant’s tax obligations prior to such settlement or disposition.
11.Compliance with Laws and Regulations.  The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with applicable laws) with all applicable foreign and US state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s shares may be listed or quoted at the time of such issuance or transfer.  Participant may not be issued any Shares if such issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed.  The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect of the failure to issue or sell such shares.  In the event the Company is unable to issue Shares to Participant, it shall pay to Participant, via a wire transfer of immediately available funds, an amount equal to the Fair Market Value of such Shares.
12.Legend on Certificates.  The certificates representing the Shares issued hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of the Company’s Common Stock are listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.
13.Successors and Assigns.  The Company may assign any of its rights under this Agreement.  This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon Participant and Participant’s heirs, executors, administrators, legal representatives, successors and assigns.
14.Entire Agreement; Severability.  The Plan, the Notice of Grant and Exhibit A are incorporated herein by reference.  The Plan, the Notice of Grant, this Agreement, Exhibit A and the Equity Award Exchange Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties); provided, however, that this Section 14 
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shall not apply to that certain notice of RSU award and applicable agreement between Participant and the Company, dated October 8, 2019, whereby the Company granted to Participant 2,904,024 “time-vested” RSUs or that certain amended and restated notice of RSU award and applicable amended and restated RSU agreement between Participant and the Company, dated May 26, 2021, whereby the Company granted to Participant 13,831,829 RSUs.  If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.
15.Market Standoff Agreement.  Participant agrees in connection with any registration of the Company’s securities under the Securities Act or other public offering that, upon the request of the Company or the underwriters managing any registered public offering of the Company’s securities, Participant will not sell or otherwise dispose of any Shares without the prior written consent of the Company or such managing underwriters, as the case may be, for a period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as the Company or the managing underwriters may specify for employee-stockholders generally.  Further, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or material news, or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, then, if required by the underwriters or the Company, the restrictions imposed by this Section 15 shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event.  For purposes of this Section 15, the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company merges or consolidates.  In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period.  Participant further agrees that the underwriters of any such public offering shall be third party beneficiaries of this Section 15 and agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing.
16.No Rights as Employee, Director or Consultant.  Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant’s Continuous Service Status, for any reason, with or without cause.
17.Information to Participants.  If the Company is relying on an exemption from registration under Section 12(h)-1 of the Exchange Act and such information is required to be provided by such Section 12(h)-1, the Company shall provide the information described in Rules 701(e)(3), (4) and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, provided, that Participant agrees to keep the information confidential to the extent such information has not otherwise been publicly disclosed not in violation of this Agreement.
18.Delivery of Documents and Notices.  Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery or deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party.
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19.Choice of Law and Venue.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State.  For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Mateo County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.
20.Uncertificated Shares. Participant agrees and acknowledges that to the extent the shares issued upon settlement of the RSUs are uncertificated then all references herein to stock certificates also includes electronic or uncertificated equivalents.
21.Clawback.  The RSUs and/or the Shares acquired upon settlement of the RSUs shall be subject (including on a retroactive basis) to clawback, recoupment, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement) to the extent required by the Company’s clawback or recoupment policy as may be established and/or amended from time to time or Applicable Laws (including, without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act). 
* * * * * * * * * *
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EXHIBIT A
VESTING CRITERIA AND CERTAIN DEFINITIONS
Capitalized terms used in this Exhibit A will have the meanings prescribed to them under the Plan or the Restricted Stock Unit Agreement, as applicable, unless otherwise defined herein.
SECTION 1.    RSU VESTING SCHEDULE.
Subject to Sections 2 and 3 below, an RSU will vest on the first Achievement Date on which both the Service-Based Condition and the Performance-Based Condition are satisfied.  Each RSU that vests on an Achievement Date will be settled on the first Settlement Date occurring on or after such Achievement Date.
(a)     “Achievement Date” means the first date occurring during the Performance Period on which the Company Stock Price (as calculated hereunder) achieves a Company Stock Price Target.  Once the Company Stock Price Target has been achieved during the Performance Period, such Company Stock Price Target cannot be achieved again.  For the avoidance of doubt, once a Company Stock Price Target has been achieved (as calculated hereunder), it does not need to be maintained.  More than one Company Stock Price Target may be achieved on a particular date.  Except in connection with a Change in Control as set forth herein, no partial achievement will occur and no RSUs will become Eligible RSUs for achievement between two Company Stock Price Targets.
(b)    “Service-Based Condition” is satisfied as to any RSU subject to this RSU Agreement on the Achievement Date if Participant has satisfied the Service Condition through (and including) such date.
(c)     “Performance-Based Condition” is satisfied on the applicable Achievement Date during the Performance Period on which an RSU becomes an Eligible RSU.  On an Achievement Date, the number of RSUs eligible for vesting will equal the number of RSUs corresponding to the applicable Company Stock Price Target in the table below (such RSUs, the “Eligible RSUs”). 
						
	Company Stock Price Target **	Number of RSUs **
	$120.00	[2,850,000][1,710,000]
	$150.00	[2,850,000][1,710,000]
	$180.00	[3,300,000][1,980,000]
	$210.00	[3,300,000][1,980,000]
	$240.00	[3,300,000][1,980,000]
	$270.00	[3,300,000][1,980,000]
	$300.00	[3,300,000][1,980,000]

**     The Company Stock Price Targets and Number of RSUs are subject to adjustment to reflect any transaction described in Section 2 of the Plan.  The Committee, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Agreement, will make the determination of any such adjustments required (and whether any such adjustment is required) in connection with any such event.
  

SECTION 2.     SERVICE CONDITION AND FORFEITURE.
For any RSUs under this Agreement to vest, Participant must have continuously satisfied the Service Condition through (and including) the applicable Achievement Date.  For the avoidance of doubt, if Participant satisfies the Service Condition on an applicable Achievement Date (which is not a Settlement Date) but fails to satisfy the Service Condition on the Settlement Date occurring after such Achievement Date, any RSUs that vested on such Achievement Date will be settled on such Settlement Date.
On the Expiration Date, any RSUs covered by this Agreement that have not vested immediately will be forfeited and returned to the Company, and Participant will have no further rights with respect to such RSUs or the underlying Shares.
SECTION 3.      CHANGE IN CONTROL.
With respect to any RSUs that remain outstanding and unvested as of immediately prior to the consummation of a Change in Control, the following rules will apply.
(a)    Immediately prior to such Change in Control, rather than applying the definition of “Company Stock Price” below, “Company Stock Price” instead will mean the Per Share Deal Price.
(b)    After determining the “Company Stock Price” under Section 3(a) of this Exhibit A, the same rules under the table under Section 1 of this Exhibit A apply in determining whether any additional “Company Stock Price Targets” are achieved and additional RSUs will become Eligible RSUs; provided, however, that if the Company Stock Price as determined under Section 3(a) of this Exhibit A is greater than $120.00 (as adjusted pursuant to Section 2 of the Plan) but falls between two Company Stock Price Targets set forth in the table under Section 1 of this Exhibit A, the Eligible RSUs will be determined based on a linear interpolation using the Company Stock Price Target in the table that is greater than but closest to the actual Company Stock Price determined under Section 3(a) of this Exhibit A and the amount in the table that is less than but closest to the actual Company Stock Price determined under Section 3(a) of this Exhibit A, with such number rounded to the nearest Share (such number, the “Incremental Eligible RSUs”).  For the avoidance of doubt, if, prior to the Change in Control, an RSU already became an Eligible RSU based on the achievement of a Company Stock Price Target occurring as of the Achievement Date corresponding to such achievement, such RSUs will not again become Eligible RSUs with respect to that Company Stock Price Target achievement, but such RSUs, to the extent they have not yet been settled, will be settled immediately prior to the Change in Control subject to Participant satisfying the Service Condition through the applicable Achievement Date; provided, however, that if Participant is terminated by the Company other than for Cause (defined below) during the thirty-day period ending on the closing of a Change in Control and a Performance-Based Condition would have been satisfied in connection with the closing of a Change in Control, then all of the RSUs for which the Performance-Based Condition would have been satisfied in connection with the Change in Control shall vest (and become Acquisition Eligible RSUs) immediately prior to the occurrence of the Change in Control notwithstanding Participant’s termination other than for Cause.
(c)    If, after applying the rules in Sections 3(a) and 3(b) of this Exhibit A, an additional number of RSUs will become Eligible RSUs, then (i) the Achievement Date will be the date immediately prior to the Change in Control subject to Participant satisfying the Service Condition; (ii) the number of additional RSUs that will become Eligible RSUs will equal the sum of: (A) all RSUs (as determined under the table in Section 1 of this Exhibit A) corresponding to the Company Stock Price Target achievement(s) in connection with the Change in Control that have not yet become Eligible RSUs plus (B) the Incremental Eligible RSUs 
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(if any) (such sum, the “Acquisition Eligible RSUs”); and (iii) any Acquisition Eligible RSUs vest on the date immediately prior to the Change in Control, and all Eligible RSUs (including all Acquisition Eligible RSUs) that have not yet been settled will be settled immediately prior to the Change in Control. Unless otherwise determined by the Board or Committee, any remaining RSUs that have not become Acquisition Eligible RSUs immediately will be forfeited as of the Change of Control for no consideration and Participant will have no further rights with respect to such RSUs or Shares.
SECTION 4.    DEFINITIONS
“Cause” means (i) Participant’s willful and material unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company and its Subsidiaries, taken as a whole; (ii) a willful and material breach by Participant of any agreement between Participant and the Company, which breach causes material harm to the Company and its Subsidiaries, taken as a whole; (iii) a willful and material failure by Participant to comply with the Company’s material written policies or rules, which failure causes material harm to the Company and its Subsidiaries, taken as a whole; (iv) Participant’s conviction of, or plea of “guilty” or “no contest” to, a felony (other than an automobile offense) under the laws of the United States or any state thereof (or equivalent laws of a foreign jurisdiction); (v) Participant’s gross negligence or willful misconduct, which causes material harm to the Company and its Subsidiaries, taken as a whole; (vi) a continuing failure by Participant to perform material assigned duties; or (vii) a failure by Participant to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has reasonably requested Participant’s cooperation and which failure causes material harm to the Company and its Subsidiaries, taken as a whole; provided, that “Cause” pursuant to the foregoing clauses (i), (ii), (iii), (v), (vi) and (vii) shall exist only after the Board of Directors or Participant’s supervisor, as applicable, provides Participant with written notice of the applicable Cause event (which specifically identifies, in reasonable detail, the basis for alleging a Cause event) and Participant fails to cure the same (to the extent capable of cure) within thirty (30) days after receipt of such notice.  For the avoidance of doubt, without limiting other instances in which Participant’s act or failure shall not be deemed willful, no act or failure to act by Participant shall be considered “willful” if done or omitted by Participant in good faith with reasonable belief that Participant’s action or omission was in the best interests of the Company and its Subsidiaries.
“Certificate of Incorporation” means the Company’s Amended and Restated Certificate of Incorporation, as may be amended from time to time.
“Change in Control” means the occurrence of any of the following events:
(i)a merger, reorganization, consolidation or similar form of business transaction directly involving the Company or indirectly involving the Company through one or more intermediaries, unless, immediately following such transaction, more than 50% of the voting power of the then-outstanding voting stock or other securities of the Person resulting from consummation of the transaction (which Person may be any Parent that as a result of the transaction owns directly or indirectly the Company and all or substantially all of the Company’s assets) entitled to vote generally in elections of directors of such Person is held by the existing Company stockholders (determined immediately prior to the transaction and related transactions);
(ii)a single transaction or series of related transactions in which a Person (other than any employee benefit plan of the Company or an Affiliate, or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or an Affiliate) is or becomes the beneficial owner (as 
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defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the outstanding voting power of the Company’s then-outstanding voting securities;
(iii)a single transaction or series of related transactions in which the Company, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to another Person other than an Affiliate; or
(iv)the liquidation or dissolution of the Company.
Notwithstanding anything to the contrary herein, a Change in Control will not be deemed to have occurred by virtue of (A) the consummation of any transaction or series of related transactions immediately following which the holders of the shares of the Company immediately prior to the transaction or series of transactions continue to have substantially the same proportionate ownership and voting power in an entity which owns all or substantially all of the assets of the Company immediately following the transaction or series of transactions, (B) any acquisition of additional securities of the Company or voting power with respect to the Common Stock by any or some combination of the Specified Stockholders (as defined below), including as a result of a Permitted Transfer (as defined in the Certificate of Incorporation) or in connection with a transaction or issuance (including pursuant to outstanding equity-based awards) or any other transaction approved by the Board or a Committee thereof, (C) any change in the Specified Stockholders’ voting power with respect to the Common Stock resulting from a conversion of shares of Common Stock reducing the number of shares or votes outstanding or (D) any acquisition or disposition of shares of Class B Common Stock by the Specified Stockholders or change in the total voting power of the Common Stock held by the Specified Stockholders as a result of (x) the conversion of any shares of Common Stock into shares of Class B Common Stock, (y) the conversion of any shares of Class B Common Stock into shares of any other class of Common Stock or (z) any change in the voting power of the holders of the Class B Common Stock, including solely as a result of any decrease in the total number of shares of Common Stock or of any series of class thereof, as applicable, outstanding.  For the avoidance of doubt, an initial public offering, any subsequent public offering or any other capital raising event shall not constitute a “Change in Control”. 
“Class A Common Stock” means the Company’s Class A Common Stock, par value $0.0001 per share.
“Class B Common Stock” means the Company’s Class B Common Stock, par value $0.0001 per share.
“Common Stock” means Class A Common Stock, the Class B Common Stock or the Company’s Class C common stock, par value $0.0001 per share.
“Company Stock Price” means the average of the volume weighted average trading prices of a Share as reported on a Securities Exchange for each trading day during any sixty (60) consecutive trading days during the Performance Period.
“Equity Exchange Agreement” means that certain equity exchange right agreement to be entered into by and between Participant and the Company, as may hereinafter be amended in accordance with its terms.
“Expiration Date” means the earliest to occur of: (i) the date on which all RSUs granted hereunder vest, (ii) the date Participant ceases to satisfy the Service Condition and (iii) the eighth anniversary of the RSU Grant Date.
“Performance Period” means the period commencing on the RSU Grant Date and ending on the Expiration Date, provided that, if the Shares commence publicly trading on a Securities Exchange following the RSU 
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Grant Date and the Expiration Date is not a trading day, the last trading day immediately preceding the Expiration Date.
“Per Share Deal Price” means the total present value of the amount of cash consideration and the present value of any non-cash consideration received or potentially receivable for a Share by holders of Shares in connection with the Change in Control or, if no such consideration will be received for a Share, the Fair Market Value of a Share on the day (or, if the Shares are then publicly traded on a Securities Exchange, the trading day) immediately prior to the Change in Control.  The present value of any cash consideration and the present value of any non-cash consideration potentially receivable (including any consideration being held in escrow or subject to an earn-out or similar concept) will be reasonably determined in good faith by the Board, except that if such non-cash consideration is in the form of publicly traded securities, then the value of such publicly traded securities will be based on the volume weighted average trading price of such publicly traded securities over the five (5) trading day period ending three (3) business days prior to the date the Change in Control occurs.
“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity, or a “group” within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act.
“Securities Exchange” means an established national securities exchange or automated quotation system (e.g., the New York Stock Exchange, The Nasdaq Global Select Market, or The Nasdaq Global Market).
“Service Condition” means Participant’s full-time employment as a member of the senior management team of the Company [(including as the executive chairman of the Company (the “Executive Chairman”)]1.  In the event of any dispute over whether Participant fails to meet the Service Condition, the Board will have sole discretion, which it shall exercise reasonably and in good faith, to determine whether such termination has occurred and the effective date of such termination, and such determination will be binding on Participant, the Company, and the respective successors.  [Notwithstanding the foregoing, in the event Participant ceases to serve as Executive Chairman or Chief Executive Officer, but remains employed as a member of the senior management team of the Company, the number of RSUs eligible to vest on an Achievement Date that occurs after the cessation of service as Executive Chairman or Chief Executive Officer shall be multiplied by 0.6.]2
“Settlement Date” means the tenth trading day of the calendar month following the Achievement Date.
“Specified Stockholders” means, individually or collectively (in any combination thereof), any Founder (as defined in the Certificate of Incorporation) or a Permitted Entity (as defined in the Certificate of Incorporation) of such Founder.

1 Note to Draft:  Provision applicable only to Mr. Tenev. 
2 Note to Draft:  Provision applicable only to Mr. Tenev.
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