Document:

Document

Exhibit 10.1

September 27, 2022

Gabrielle Rabinovitch

Dear Gabrielle,

In recognition of your appointment to acting Chief Financial Officer (“CFO”), effective as of September 14, 2022, I am thrilled to inform you that for the duration of your service as acting CFO (such duration, the “Active CFO Period”), your base salary will be based on an annual base salary of $750,000, less applicable deductions and tax withholdings. In addition, with respect to the Active CFO Period, your eligibility for a bonus under any PayPal Annual Incentive Plan will be based on a target incentive opportunity of 125% of annual base salary, payable in accordance with the terms and conditions of the PayPal Annual Incentive Plan(s) documents. For the avoidance of doubt, in no event will you be eligible for duplicative compensation under any PayPal Annual Incentive Plan with respect to the same period of time.

About Your Stock Grant

You are also being awarded a special equity award of $2,500,000. 

•This equity award will be granted* in restricted stock units (RSUs) and performance-based restricted stock units (PBRSUs), supporting our pay-for-performance philosophy.
•The anticipated grant date for such RSUs is on or around October 15, 2022 and the anticipated grant date for such PBRSUs is March 1, 2023.
•The chart below details the vesting schedule for these grants.

									
	Grant	Value	Vesting Schedule
	Restricted Stock Units (“RSUs”)	USD $1,250,000	The value of the RSUs will be converted into the number of shares to be granted, as determined based on PayPal policies on the date of grant.  One-third (1/3) of the shares subject to the RSUs will vest on the first anniversary of the grant date, with one-twelfth (1/12) of the shares subject to the RSUs vesting on each quarterly vest date thereafter, in each case conditioned upon your continued employment with a PayPal company.

The RSUs are subject to applicable taxes and withholdings and are governed by the applicable award agreement and any other related plans and agreements.

	Performance-based Restricted Stock Units (“PBRSUs”)	Target value of USD $1,250,000	The target value of the PBRSUs will be converted into the number of target shares to be granted, as determined based on PayPal policies.

Any PBRSUs earned based on PayPal Holdings, Inc.’s performance over the 2023-2025 performance period will be vested and settled in March of 2026, conditioned upon your continued employment with a PayPal company.

The PBRSUs are subject to applicable taxes and withholdings and are governed by the applicable award agreement and any other related plans and agreements.

About Your Participation in the Severance Plan

In addition, during the Active CFO Period, and for six months thereafter (altogether, the “Severance Protection Period”), you will be eligible to participate in the Severance Plan at the Executive Vice President level, subject to the terms and conditions of the Severance Plan and as set forth herein. 

Notwithstanding anything in this letter agreement to the contrary:
•Your eligibility to participate in the Severance Plan at the Executive Vice President level is contingent on your continuous reasonable best efforts to support PayPal’s Chief Financial Officer in his transition to his Chief Financial Officer role during the six months following the end of the Active CFO Period, unless otherwise determined by PayPal in its sole discretion. 
•If the Severance Protection Period expires while you remain employed with PayPal, your eligibility to receive severance from PayPal in the future (if any) shall return to the Senior Vice President level, unless otherwise determined by PayPal in its sole discretion.
•Notwithstanding anything in the Severance Plan to the contrary, the following occurrences will not constitute Good Reason under the Severance Plan with respect to you (and, for the avoidance of doubt, they will not be considered a “material reduction in the Eligible Participant’s authorities, duties or responsibilities” under the Severance Plan): 
oA return to a role or title similar to or the same as the Senior Vice President, Investor Relations and Treasurer role and title that you held prior to the Effective Date; and/or
			
	2211 North First Street San Jose, CA 95131 paypal.com

oA change in your reporting relationship such that you no longer report to PayPal’s Chief Executive Officer and/or such that you are required to report to the Chief Financial Officer.

Nothing in this Agreement is intended to alter the at-will nature of the employment relationship between you and PayPal. This Agreement is the entire agreement between you and PayPal regarding the matters addressed herein and supersedes and replaces any prior agreements regarding such matters, whether verbal or written.

PayPal has tremendous opportunities ahead and your continued contributions are key to helping us live our values and deliver for our customers. Thank you again for all you do on behalf of PayPal, and congratulations on this well-deserved recognition. 

Sincerely,

/s/ Dan Schulman

Dan Schulman
President and CEO

I agree to the terms and conditions set forth in this letter agreement.

																											
									
			
	/s/ Gabrielle Rabinovitch		9/30/2022
	Gabrielle Rabinovitch		Date
			

			
	2211 North First Street San Jose, CA 95131 paypal.comExhibit 10.1

 

Strategic
Cooperation Agreement

 

Party A: Flower Crown (China) Holding Group Co. LTD

 

Party B: Hainan Hang Seng Zhongli Commercial Holding Co. LTD

 

After the friendly negotiation between Party A and Party B (hereinafter
referred to as “both parties”), following the principle of equality and mutual benefit, on the basis of complementary advantages,
both parties collaborate on integrating the advantageous resources, and plan to establish a long-term and in-depth cooperation. Therefore,
both parties hereby reached to a Cooperation Agreement (hereinafter referred to as “This Agreement”) as follows:

 

I. Purpose of Cooperation

 

1. Both parties intend to establish a close, long-term and harmonious
cooperative relationship, giving full play to their respective strengths in the supply chain of pet food, pet food live streaming and
pet food channel distribution, etc., so as to realize complementary advantages and long-term development.

 

2. The basic principles of This Agreement are mutual voluntariness,
equality, win-win, mutual benefit, mutual support and promotion, common development, adherence to trade secrets, and joint market development.

 

3. Both parties shall give full play to their respective advantages,
improve competitiveness, and jointly explore the market.

 

4. This Agreement serves as the framework agreement, and will define
the basic principles of cooperation between both parties, and shall serve as a guiding document for long-term cooperation between both
parties in the future, as well as the basis for both parties to sign relevant contracts.

 

II. Scope of Cooperation

 

1. The scope of cooperation of this Agreement includes but is not limited
to market development, customer loyalty program, and technical service cooperation between both parties in supply chain of pet food, pet
food live streaming, pet food channel distribution, etc., which shall be subject to the written agreement of both parties.

 

2. As a cross-border trade procurement company, Party A is responsible
for the supply of commodities, and Party B is responsible for the multi-channel sales

 

     

     

    

 

3. During the cooperation time, Party A may choose whether to continue
the cooperation with Party B in the following year based on the total sales performance of Party B in the current year. If Party B can
complete the total sales target of the current year, This Agreement shall be automatically renewed, and both parties shall discuss and
develop the sales target and dividend plan for the next year to be completed by Party B at the end of the current year.

 

Within the first year from the date of signing This Agreement, the
sales target of Party B is expected to be $20 million products (subject to the actual income of Party A); if Party B completes the sales
target mentioned above in advance within this period, Party A may give a certain amount of bonus to Party B when formulating the sales
distribution for the next year based on the actual sales performance of Party B in the current year.

 

III. Both Parties’ Responsibilities

 

1. Both parties shall cooperate to jointly build the “pet food
public supply chain platform and distribution” platform, and the office location designated for both parties is: Wanke Longqinwan
Resort Complex Building, Binhai Avenue, Xiuying District, Haikou City, Hainan Province

 

2. Party A’s responsibilities are: in-depth development of supply
chain management and empowerment, TikTok authorized store empowerment, develop pet food cloud storage and distribution platform

 

3. Party B’s responsibilities are: brand promotion, livestreaming
developing target for influencers, short videos development for influencers, influencer recruitment for channel distribution.

 

4. During the period of cooperation, Party A and Party B may, based
on the actual development of their own resources, choose to share resources and jointly develop new projects and new cooperation modes.
For new projects jointly developed by both parties, a new cooperation agreement shall be signed according to the specific situation of
the project to stipulate relevant contents.

 

IV. Term of Cooperation

 

1. Both parties are committed to establishing a long-term and in-depth
cooperative relationship. If either party considers that the other party’s behavior infringes upon its legitimate rights and interests,
or for any other appropriate reason, the party may terminate This Agreement by consensus when the party deems it unnecessary or impossible
to cooperate. In this situation, neither party shall be liable for any legal liabilities and consequences. Upon termination of This Agreement,
both parties shall immediately stop the external promotion in the name of the other party.

 

2. If either party intends to terminate this Agreement, the party shall
negotiate with the other party at least 30 days in advance.

 

3. If both parties agree to terminate this Agreement, they shall continue
to perform the purchase and/or sales agreement of each project that had been signed during the cooperation period until the completion
of such purchase and/or sales agreement, or until the termination of such project cooperation upon mutual consent of both parties.

 

    2

     

    

 

V. Operation Cycle and Profit Distribution Method

 

1. The parties shall define the self live streaming accounts and the
cooperation matrix account. 60% of the net profit (tax included) shall belong to Party B and 40% of the net profit shall belong to Party
A, except for the operating expenses (including traffic cost, influencers’ salary and bonus, platform share, platform convenience
fee and other operating expenses, hereinafter referred to as “operating expenses”). The operating expenses of the self live
streaming account and the cooperation matrix account shall be responsible by Party B.

 

2. Party B shall be responsible for the operating expenses for the
influencers to develop the self live streaming account and the cooperation matrix account of the other business segment, and the distribution
business, agent operation business, distribution business and entrusted sales business for the third party derived from it. However, Party
B shall enjoy 60% of the net profit (tax included) as business share, and the remaining profit shall be owned by Party A. In addition,
if Party A is requested to provide the site, the cost of the site shall be regarded as the operating expense, and the corresponding part
shall be deducted from the share to be distributed to Party B.

 

3. Party B shall issue an invoice to Party A within two days upon receipt
of the fees paid by Party A, and both parties shall settle the business of the month at the end of each month. Upon confirmation, Party
A shall pay the relevant fees to Party B before the 10th day of the following month.

 

VI. Confidentiality Clause

 

Both parties shall be obliged to keep confidentiality in terms of the
business, technical information, and trade secrets of the other party that they gain or hold in the course of business cooperation. The
information shall not be disclosed to a third party without the written consent of the other party. If either party breaches the confidentiality
clause and leads to losses to the other party, the breaching party shall bear corresponding economic and legal liabilities.

 

VII. Receipt of Notice

 

Communication between the parties shall include but is not limited
to the following, and other contact information as notified in a written format by the parties:

 

Party A: Flower Crown (China) Holding Group Co. LTD

Address:

E-mail:

 

Party B: Hainan Hang Seng Zhongli Commercial
Holding Co. LTD

Address:

Contact person:

E-mail:

 

The parties to This Agreement may send documents to other parties by
express delivery, in-person delivery, or E-mail.

 

    3

     

    

 

VIII. The Force Majeure

 

In case of force majeure factors (such as natural disasters, war, and
social major changes, etc.) take place and prevent the store from normal operation, which prevents any parties to perform This Agreement,
the affected party can suspend the execution of This Agreement, and it will not be deemed as default, and the responsibility of both parties
also postpone. The affected party shall promptly provide proof of the occurrence of the force majeure to other parties, failing which,
it shall be deemed that the force majeure has not occurred. If the force majeure event is permanently irrecoverable or its effects cannot
be eliminated, the other party has the right to terminate This Agreement. If This Agreement is thus terminated, neither party shall be
in breach of This Agreement.

 

IX. Supplementary Articles

 

1. This Agreement is the basis of the strategic cooperation between
both parties. In the condition that both parties subsequently reach new matters or develop specific contracts for cooperation, or if there
is any discrepancy between the terms of the specific contracts and the matters set forth in This Agreement, the subsequent agreements,
and specific contracts shall prevail.

 

2. The modification, termination, and other matters not covered herein
shall be separately entered into by both parties in a supplementary agreement upon mutual agreement.

 

3. Disputes in connection with This Agreement shall be settled by both
parties through friendly negotiation. If the negotiation fails, the dispute shall be under the jurisdiction of the People’s Court of the
place where Party A is located.

 

4. This Agreement is made in duplicate, with each party holding one
copy. This Agreement shall come into force after being sealed by both parties and have the same legal effect.

 

(No text below)

 

Party A (Sealed):

Signed by an authorized representative of the
legal person:

Date:

 

Party B (Sealed):

Signed by an authorized representative of the
legal person:

Date:

 

 

4

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