Document:

Amended and Restated 1999 Stock Option and Restricted Stock Plan

 Exhibit 10.11 
 MERCADOLIBRE, INC. 
 Amended and Restated 
 1999 Stock Option and Restricted Stock Plan 
 (effective as of May 5, 2000) 
  

	1.	PURPOSE OF THE PLAN 

 The purpose of the
MercadoLibre, Inc. 1999 Stock Option and Restricted Stock Plan (the “Plan”) is (i) to further the growth and success of MercadoLibre, Inc. (together with its successors and assigns, the “Corporation”) and its
Subsidiaries (as defined below) by enabling directors, officers, managers, employees or agents of, and advisors, independent consultants or contractors to, the Corporation or its Subsidiaries to acquire shares of Class A Common Stock, U.S.
$0.01 par value per share (the “Class A Common Stock”), of the Corporation, thereby increasing their personal growth and success, and (ii) to provide a means of rewarding outstanding performance by such persons to the
Corporation and its Subsidiaries. Awards to be granted under this Plan shall include (a) stock options (the “Options”), which may be, and shall be designated as, either “incentive stock options”
(“ISOs”) under the provisions of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”) or non-qualified stock options (“NQOs”), and (b) restricted stock (the
“Restricted Stock”) (collectively referred to herein as the “Awards”). For purposes of this Plan, the term “Subsidiary” shall mean “Subsidiary Corporation” as defined in Section 424(f) of the Code.

  

	2.	ADMINISTRATION OF THE PLAN 

 (a) Committee

 The Plan shall be administered by the Board of Directors (the “Board”) or a committee or committees
(which term includes subcommittees) appointed by, and consisting of two or more members of, the Board (the “Committee”). If and so long as the Class A Common Stock is registered under Section 12(b) or 12(g) of the Exchange
Act, the Board shall consider in selecting the Plan Administrator and the membership of any committee acting as Plan Administrator, with respect to any persons subject or likely to become subject to Section 16 of the Exchange Act, the
provisions regarding (a) “outside directors” as contemplated by Section 162(m) of the Code and (b) “nonemployee directors” as contemplated by Rule 16b-3 under the Exchange Act. The Board may delegate the
responsibility for administering the Plan with respect to designated classes of eligible persons to different committees consisting of two or more members of the Board, subject to such limitations as the Board deems appropriate. Committee members
shall serve for such term as the Board may determine, subject to removal by the Board at any time. 

 (b) Procedures 
 If the Plan is administered by the Committee, the Board shall from time to time select a Chairman from among the members of the Committee.
The Committee shall adopt such rules and regulations as it shall deem appropriate concerning the holding of meetings and the administration of the Plan. A majority of the entire Committee shall constitute a quorum and the actions of a majority of
the members of the Committee present at a meeting at which a quorum is present, or actions approved in writing by all of the members of the Committee, shall be the actions of the Committee. 
 (c) Interpretation 
 Except as otherwise expressly provided in the Plan, the Committee shall have all powers with respect to the administration of the Plan, including, without limitation, full power and authority to interpret the provisions of the Plan and any
Award Agreement (as defined in Section 5(b)), and to resolve all questions arising under the Plan. All decisions of the Board or the Committee, as the case may be, shall be conclusive and binding on all participants in the Plan.

  

	3.	SHARES SUBJECT TO THE PLAN 

 (a) Maximum
Number of Shares 
 Subject to the provisions of Section 9 (relating to adjustments upon changes in
capital structure and other corporate transactions), the maximum number of Class A Common Stock reserved and available for delivery in connection with Awards under the Plan shall be the sum of (i) 4,732,400, plus (ii) the number of
shares of Class A Common Stock with respect to Awards previously granted under the Plan that terminate without being exercised, expire, are forfeited or canceled. Subject to the provisions of Section 9 , in no event shall the
aggregate number of shares of Class A Common Stock which may be issued pursuant to ISOs exceed 4,732,400 shares. 
 (b) Character
of Shares 
 The shares of Class A Common Stock issuable pursuant to any Award granted under the Plan shall be
(i) authorized but unissued shares, (ii) shares of Class A Common Stock held in the Corporation’s treasury, or (iii) a combination of the foregoing. 
 (c) Reservation of Shares 
 The number of shares of Class A Common Stock reserved for issuance under the Plan shall at no time be less than the sum of (i) the maximum number of shares which may be purchased at any time pursuant to
outstanding Options, and (ii) the maximum number of shares subject to outstanding Restricted Stock Awards. 

	4.	ELIGIBILITY 

 Awards may be granted under the Plan
only to (i) persons who are employees or agents of, or independent consultants, contractors and/or advisors to, the Corporation or any of its Subsidiaries and (ii) persons who are directors, officers or managers of the Corporation or any
of its Subsidiaries. Only employees of the Corporation or any of its Subsidiaries shall be eligible for a grant of ISOs. Notwithstanding the foregoing, Awards may be conditionally granted to persons who are prospective employees, directors, officers
or managers or agents of, or independent consultants, advisors or contractors to, the Corporation or any of its Subsidiaries, to take effect when such position is finalized. 
  

	5.	GRANT OF AWARDS 

 (a) General

 Awards may be granted under the Plan at any time and from time to time on or prior to the Expiration Date (as defined
in Section 12). Subject to the provisions of the Plan, the Committee shall, in its discretion, determine: 
 (i)
the persons (from among the class of persons eligible to receive Awards under the Plan) to whom Awards shall be granted (the “Participants”); 
 (ii) the time or times at which Awards shall be granted; 
 (iii) the number of shares of Class A Common Stock subject to each Awards; and 
 (iv) the time or times when each Award shall vest and, with respect to Options, the duration of the exercise period. 
 (b) Award Agreements 
 Each Award granted under the Plan shall be evidenced by a written agreement substantially in the forms of Exhibit A and Exhibit B attached hereto (an “Award Agreement”), containing such terms and
conditions and in such form, not inconsistent with the Plan, as the Committee shall, in its discretion, provide. Each Award Agreement shall be executed by the Corporation and the Participant. 
 (c) No Evidence of Employment or Service 
 Nothing contained in the Plan or in any Award Agreement shall confer upon any Participant any right with respect to the continuation of his or her employment by or service with the Corporation or any of its
Subsidiaries or interfere in any way with the right of the Corporation or any such Subsidiary at any time to terminate such employment or service or to increase or decrease the compensation of the Participant from the rate in existence at the time
of the grant of an Award. 

 (d) Date of Grant 
 The date of grant of an Award under the Plan shall be the date as of which the Corporation and Participant execute and deliver an Award
Agreement; provided, however, that the grant shall in no event be earlier than the date as of which the Participant becomes an employee, officer, director or manager of, or independent consultant, advisor or contractor to, the
Corporation or one of its Subsidiaries. 
  

	6.	SPECIFIC TERMS OF OPTION AWARDS 

 (a) OPTION
PRICE 
 (i) General 
 The exercise price (the “Option Price”) for each share of Class A Common Stock subject to an Option shall be
determined by the Committee and set forth in the Award Agreement; provided however, that, in the case of an ISO, such Option Price shall in no event be less than 100% (or 110% if Section 6(a)(ii) hereof applies) of the fair
value of the shares of Class A Common Stock on the date of grant (the “Fair Market Value”) as reasonably determined in good faith by the Committee after taking into consideration all factors which it deems appropriate,
including, without limitation, recent sale and offer prices of the shares of Class A Common Stock in private transactions negotiated at arm’s length on or prior to the date of grant of such Option. 
 (ii) Incentive Stock Options 
 No ISO may be granted under the Plan to an employee who owns, directly or indirectly (within the meaning of Sections 422(b)(6) and 424(d) of the Code), capital stock possessing more than 10% of the total combined
voting power of all classes of stock of the Corporation or any of its Subsidiaries, unless (i) the Option Price of the shares of Class A Common Stock subject to such ISO is fixed at not less than 110% of the Fair Market Value on the date
of grant of such ISO and (ii) such ISO by its terms is not exercisable after the expiration of five years from the date it is granted. 
 (b) EXERCISABILITY OF OPTIONS 
 (i) Committee Determination 
 Each Option granted under the Plan shall be exercisable at such time or times, or upon the occurrence of such event or events (the
“Vesting Date”), and for such number of shares of Class A Common Stock subject to the Option, as shall be determined by the Committee and set forth in the Award Agreement evidencing such Option. If an Option is not at the time
of grant immediately exercisable, the Committee may (i) in the Award Agreement evidencing such Option, provide for the acceleration of the Vesting Dates of the subject Option upon the occurrence of specified events and/or (ii) at any time
prior to the complete termination of an Option, accelerate the Vesting Dates of such Option. In addition, the Committee shall have the 

 
discretion to grant Options which are exercisable for unvested shares of Class A Common Stock; provided, that should the Participant cease to be
employed with or perform services to the Corporation (or a Subsidiary) while holding such unvested shares, the Corporation shall have the right to repurchase, at the exercise price paid per share, any or all of those unvested shares. The terms upon
which such repurchase right shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Committee and set forth in the Award Agreement evidencing
such repurchase right. 
 (ii) Termination of Options 
 Unless otherwise determined by the Committee in its discretion, the unexercised portion of any Option granted under the Plan shall
automatically terminate and shall become null and void and be of no further force or effect upon the first to occur of the following (the “Termination Date”): 
 (A) the tenth anniversary on which such Option is granted (or fifth anniversary if Section 6(a)(ii) hereof applies);

 (B) the expiration of 30 days from the date that the Participant ceases to be an officer, manager, director, or employee
of the Corporation or any of its Subsidiaries as a result of a termination without Cause (as hereinafter defined); 
 (C) the
expiration of 10 days from the date that the Participant ceases to be an officer, manager, director, or employee of the Corporation or any of its Subsidiaries, if such termination is as a result of a termination for Cause or resignation. As used
herein, “Cause” shall have the meaning ascribed to it in the service agreement between the Corporation and the applicable Participant or, if not defined therein or no such agreement exists, then it shall mean (1) the conviction
of a crime involving fraud, theft, dishonesty or moral turpitude by the Participant; (2) the Participant’s willful and continuing disregard of lawful instructions of the Board of the Corporation or superiors (if any) or the
Participant’s willful misconduct is carrying out his position and duties; (3) the continued use of alcohol or drugs by the Participant, to an extent that in the good faith determination of the Board of the Corporation, such use interferes
in any manner with the performance of the Participant’s duties and responsibilities; or (4) the conviction of the Participant for violating any law constituting a felony (including the Foreign Corrupt Practices Act of 1977) or the foreign
equivalent thereof; 
 (D) the expiration of 10 days from the date that the Participant ceases to be an independent
consultant, contractor or advisor to or agent of the Corporation or any of its Subsidiaries for any reason; 
 (E) the
expiration of three (3) months from the date of such Participant’s death or permanent disability (as such term is defined in Section 22(c)(3) of the Code) or, with respect to any Participant who is a party to an employment agreement,
such Participant’s disability (as such term is defined in the relevant employment agreement); 

 (F) the expiration of such period of time or the occurrence of such event as the
Committee in its discretion may provide in the Award Agreement; 
 (G) on the effective date of a Material Transaction (as
defined in Section 8(b)(i)) to which Section 8(b)(ii) (relating to assumptions and substitutions of Options) does not apply; and 
 (H) except to the extent permitted by Section 8(b)(ii), the date on which an Option or any part thereof or right or privilege relating thereto is transferred (otherwise than by will or the laws of descent
and distribution), assigned, pledged, hypothecated, attached or otherwise disposed of by the Participant. 
 Anything contained in the Plan to the contrary
notwithstanding, (i) an ISO granted under the Plan shall not be considered an ISO to the extent that the aggregate Fair Market Value, determined on the date of grant of such ISO, of all stock with respect to which ISOs are exercisable for the
first time by such Participant during any calendar year (under all plans of the Corporation and its Subsidiaries) exceeds $100,000 and (ii) unless otherwise provided in an Option Agreement, no Option granted under the Plan shall be affected by
any change of duties or position of the Participant (including a transfer to or from the Corporation or one of its Subsidiaries), so long as such Participant continues to be an employee of the Corporation or one of its Subsidiaries. 
 (c) PROCEDURE FOR EXERCISE 
 (i) Payment 
 At the time an Option is granted pursuant to the Plan, the Committee shall, in its
discretion, specify one or more of the following forms of payment which may be used by the Participant upon exercise of his or her Option: 
 (A) cash or personal or certified check payable to the Corporation in an amount equal to the aggregate Option Price of the shares of Class A Common Stock with respect to which the Option is being exercised;

 (B) stock certificates (in negotiable form) representing the shares of Class A Common Stock that have been owned by
the Participant for at least six months and that have a fair market value (as determined by the Board) on the date of exercise equal to the aggregate Option Price of the shares of Class A Common Stock with respect to which the Option is being
exercised; 
 (C) any other consideration or in any other manner as the Committee may determine in its sole discretion; or

 (D) a combination of the methods set forth in clauses (A), (B) and (C) of this subsection 6(c)(i).

 (ii) Notice 
 A Participant (or other person, as provided in Section 9(b)) may exercise an Option granted under the Plan in whole or in part
(but for the purchase of whole Class A Common Shares only), as provided in the Award Agreement evidencing his Option, by delivering a written notice (the “Notice”) to the Secretary of the Corporation. The Notice shall state, or be
accompanied by a writing stating, as the case may be: 
 (A) that the Participant elects to exercise the Option; 

(B) the number of shares of Class A Common Stock with respect to which the Option is being exercised (the “Optioned
Shares”) (provided that the number of such shares shall be at least 100, unless the Option is exerciseable for less than 100 shares in which case the Option shall be exercised with respect to all of such shares); 
 (C) the method of payment for the Optioned Shares; 
 (D) the date upon which the Participant desires to consummate the purchase (which date must be prior to the termination of such Option);

 (E) payment for the Optioned Shares as provided in Section 6(c)(i); and 
 (F) such further provisions consistent with the Plan as the Committee may from time to time require. 
 The exercise date of an Option shall be the date on which the Corporation receives the Notice from the Participant. 
 (iii) Issuance of Certificates 
 The Corporation shall issue a certificate in the name of the Participant (or such other person exercising the Option in accordance with
the provisions of Section 9(b)) for the Optioned Shares as soon as practicable after receipt of the Notice and payment of the aggregate Option Price for such shares of Class A Common Stock. Neither the Participant nor any person
exercising an Option in accordance with the provisions of Section 9(b) shall have any privileges as a holder of shares of Class A Common Stock with respect to any shares of Class A Common Stock subject to an Option granted
under the Plan until the date of payment for such shares of Class A Common Stock pursuant to the Option and the issuance of the certificate to evidence such shares of Class A Common Stock. 
  

	7.	SPECIFIC TERMS OF RESTRICTED STOCK AWARDS 

 (a)
Grant and Restrictions 
 Restricted Stock shall be subject to such restrictions on transferability, risk of
forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on 

 
achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant
or thereafter. Except to the extent restricted under the terms of the Plan and any Award Agreement relating to the Restricted Stock, an Participant granted Restricted Stock shall have all of the rights of a stockholder, including the right to vote
the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee). During the restricted period applicable to the Restricted Stock, the Restricted Stock may not be
sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (b) Forfeiture. 

Except as otherwise determined by the Committee at the time of the Award, upon termination of an Participant’s employment during
the applicable restriction period, the Participant’s Restricted Stock that is at that time subject to restrictions shall be forfeited and reacquired by the Company; provided that the Committee may provide, by rule or regulation or in any Award
Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock shall be waived in whole or in part in the event of terminations resulting from specified causes, and the Committee may in
other cases waive in whole or in part the forfeiture of Restricted Stock. 
 (c) Certificates for Stock. 
 Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine. If certificates representing
Restricted Stock are registered in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Corporation
retain physical possession of the certificates, and that the Participant deliver a stock power to the Corporation, endorsed in blank, relating to the Restricted Stock. 
 (d) Dividends and Splits. 
 As a condition to the grant of an Award of
Restricted Stock, the Committee may require that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock or applied to the purchase of additional Awards under the Plan. Unless
otherwise determined by the Committee, Class A Common Stock distributed in connection with a stock split or stock dividend, and other property distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same
extent as the Restricted Stock with respect to which such Class A Common Stock or other property has been distributed 
  

	8.	ADJUSTMENTS 

 (a) Changes in Capital
Structure 
 Subject to Section 8(b), if the shares of Class A Common Stock are changed by reason of
a split, reverse split or recapitalization, or converted into or exchanged for other securities as a result of a merger, consolidation or reorganization, the Committee shall make such 

 
adjustments in the number and class of shares of Class A Common Stock with respect to which Awards may be granted under the Plan as shall be equitable
and appropriate in order to make such Awards, as nearly as may be practicable, equivalent to such Awards immediately prior to such change. A corresponding adjustment increasing or decreasing the number and, if applicable, changing the class, of
shares of Class A Common Stock allocated to, and the Option Price of, each Award or portion thereof outstanding at the time of such change shall likewise be made. 
 (b) Material Transactions 
 In the event of a dissolution or liquidation of the
Corporation, a reorganization, merger or consolidation in which the Corporation is not the surviving corporation, or a sale of all or substantially all of the assets of the Corporation to another person or entity (each, a “Material
Transaction”), unless otherwise provided in the Award Agreement or in the Stockholders’ Agreement (as defined in Section 9(c)): 
 (i) each holder of a Option outstanding at such time shall be given (A) written notice of such Material Transaction at least 10 days prior to its proposed effective date (as specified in such notice) and
(B) an opportunity, during the period commencing with delivery of such notice and ending 5 days prior to such proposed effective date, to exercise the Option to the full extent to which such Option would have been exercisable by the Participant
at the expiration of such 10-day period; provided, however, that upon the occurrence of a Material Transaction, all Options granted under the Plan and not so exercised shall automatically terminate; and 
 (ii) notwithstanding anything contained in the Plan to the contrary, Section 8(b)(i) shall not be applicable if provision
shall be made in connection with such Material Transaction for the assumption of outstanding Options by, or the substitution for such Options of new options for equity securities of the surviving, successor or purchasing corporation, or a parent or
subsidiary thereof, with appropriate adjustments as to the number, kind and option prices of shares subject to such Options. 
 (c)
Special Rules 
 The following rules shall apply in connection with Section 8(a) and
(b) above: 
 (i) no fractional shares of Class A Common Stock shall be issued as a result of any such
adjustment, and any fractional shares of Class A Common Stock resulting from the computations pursuant to Section 8(a) or (b) shall be eliminated and the Participant shall receive cash consideration for such fractional
share of Common Stock at the rate of the fair market value of such share of Common Stock, determined in accordance with clause (iv) below; 
 (ii) no adjustment shall be made for cash dividends or the issuance of shares of Class A Common Stock or other securities to holders of rights to subscribe for such additional shares of Class A Common Stock
or other securities; 

 (iii) any adjustments referred to in Section 8(a) or (b) shall be
made by the Board or Committee (as the case may be) in good faith and shall be conclusive and binding on all persons holding Options granted under the Plan; and 
 (iv) the fair market value of a shares of Class A Common Stock shall be deemed to be the price to be paid in such Material
Transaction for a shares of Class A Common Stock. 
  

	9.	RESTRICTIONS ON AWARDS 

 (a) Compliance With
Securities Laws 
 No Awards shall be granted, and no shares of Class A Common Stock shall be issued and
delivered, unless and until the Corporation and/or the Participant shall have complied with all applicable laws, rules and regulations of all public agencies and authorities applicable to the issuance and distribution of such shares of Class A
Common Stock and to the listing of such shares of Class A Common Stock on any stock exchange on which any of the shares of the capital stock of the Corporation may be listed. As a condition of participating in the Plan, each Participant agrees
to comply with all such laws, rules and regulations and agrees to furnish to the Corporation all information and undertakings as may be required to permit compliance with such laws, rules and regulations. The Committee in its discretion may, as a
condition to the grant of an Award and/or the exercise of any Option granted under the Plan, require a Participant (i) to represent in writing that the shares of Class A Common Stock received upon grant and/or exercise of an Award are
being acquired for investment and not with a view to distribution and (ii) to make such other representations and warranties as are deemed appropriate by the Corporation. Certificates representing shares of Class A Common Stock acquired
upon the grant and/or exercise of Awards that have not been registered under the Securities Act shall, if required by the Committee, bear the legend required by the Stockholders’ Agreement. 
 (b) Nonassignability of Option Rights 
 Unless the prior written consent of the Committee is obtained (which consent may be withheld for any reason), no Option granted under the Plan shall be assignable or otherwise transferable by the Participant except by
will or by the laws of descent and distribution. An Option may be exercised during the lifetime of the Participant only by the Participant or such Participant’s legal representative in the event that such Participant is legally disabled. If a
Participant dies, his or her Option shall thereafter be exercisable, during the period specified in Section 6(b)(ii)(E) by his or her executors or administrators to the full extent to which such Option was exercisable by the Participant
at the time of his or her death. 
 (c) Stockholders’ Agreement. 
 Each Participant, as a condition to the receipt of the grant of an Award, shall agree to be bound by the terms and conditions of the
Stockholders’ Agreement dated as of November 3, 1999, among the Corporation and the stockholders of the Corporation from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the 

 
“Stockholders’ Agreement”), and shall execute such joinder or other agreement as is necessary to so bind such Participant. All Awards
granted to the Participant and any shares of Class A Common Stock issued pursuant to such Awards shall be subject to the Stockholders’ Agreement. 
  

	10.	EFFECTIVE DATE OF PLAN 

 This Plan shall become
effective on the date that this Plan is approved by the Board (the “Effective Date”); provided, however, that no Award shall be exercisable by an Participant unless and until the Plan shall have been approved by the
stockholders of the Corporation in accordance with the provisions of the Corporation’s articles of incorporation and by-laws, which approval shall be obtained by a simple majority vote of the stockholders, voting either in person or by proxy,
at a duly held stockholders’ meeting, or by written consent, within 12 months after the adoption of the Plan by the Board. 
  

	11.	EXPIRATION AND TERMINATION OF THE PLAN 

 No Awards
may be granted after the Expiration Date. The Plan shall expire on the first to occur of (i) the tenth anniversary of the Effective Date and (ii) the date as of which the Board, in its sole discretion, determines that the Plan shall
terminate (the “Expiration Date”). Any Awards outstanding as of the Expiration Date shall remain in effect until the earlier of the exercise thereof or the termination or the expiration of such Awards in accordance with their
respective terms. 
  

	12.	AMENDMENT OF PLAN 

 The Board may at any time modify
and amend the Plan in any respect; provided, however, that the approval of a simple majority vote of the stockholders of the Corporation entitled to vote shall be obtained prior to any such amendment becoming effective if such approval
is required by law or is necessary to comply with regulations promulgated by the Securities and Exchange Commission under Section 16(b) of the Securities Exchange Act of 1934, as amended or Section 422 of the Code or the regulations
promulgated by the Treasury Department thereunder. No such amendment to the Plan shall affect the terms or provisions of any Award granted by the Corporation prior to the effectiveness of such amendment unless otherwise agreed to by the holder
thereof. 
  

	13.	CAPTIONS 

 The use of captions in the Plan is for
convenience. The captions are not intended to provide substantive rights. 
  

	14.	ACCOUNTS AND STATEMENTS 

 The Corporation shall
maintain records of the shares of Class A Common Stock held by each Participant and the details of each Award granted to the Participant, including (i) the 

 
number of shares of Class A Common Stock subject to the Award; (ii) the number shares of Class A Common Stock subject to, and the Option Price
of, each Option; (iii) the number of shares of Class A Common Stock in respect of which the Option has been exercised; (iv) the dates of such exercise; and (v) the maximum number of shares of Class A Common Stock which the
Participant may still purchase under the Option. 
  

	15.	WITHHOLDING TAXES 

 Whenever under the Plan shares
of Class A Common Stock are to be delivered by a Participant upon grant of a Restricted Stock Award or upon exercise of an Option, the Corporation shall be entitled to require as a condition of delivery that the Participant remit or, in
appropriate cases, agree to remit if and when due, an amount sufficient to satisfy any and all current or estimated future Federal, state and local income tax withholding obligations and/or the employee’s portion of any employment tax
requirements relating thereto. 
  

	16.	OTHER PROVISIONS 

 Each Award granted under the Plan
may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Committee, in its sole discretion. If Option Shares acquired by the exercise of an ISO granted under this Plan are disposed of within two years
following the date of grant of the ISO or one year following the issuance of the Option Shares to the Participant (a “Disqualifying Disposition”), the holder of the Option Shares shall, immediately prior to such Disqualifying
Disposition, notify the Corporation in writing of the date and terms of such Disqualifying Disposition and provide such other information regarding the Disqualifying Disposition as the Corporation may reasonably require. 
  

	17.	NUMBER AND GENDER 

 With respect to words used in
the Plan, the singular form shall include the plural form, the masculine gender shall include the feminine gender, and vice-versa, as the context requires 
  

	18.	GOVERNING LAW 

 The validity and construction of the
Plan and the instruments evidencing the Awards granted hereunder shall be governed by the laws of the State of Delaware. 
 As adopted by the Board of
Directors 
 of MercadoLibre, Inc. 
 on November 3, 1999.

 The amendment and restated of Plan as 
 adopted by the
Stockholders 
 of MercadoLibre, Inc. 
 on May 5, 2000.Employment Agreements with Directors and Officers

 Exhibit 10.12 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement dated January 1st, 2007 (this
“Agreement”) between: 
  

	(a)	MercadoLibre Zonamerica S.A., a sociedad anónima organized under the Laws of the Uruguay (“MercadoLibre”); and 

  

	(b)	Marcos Galperín (“Executive”). 

 Certain
capitalized terms used in this Agreement shall have the meanings given such terms on Schedule A hereto, unless otherwise defined herein. 
 Witnesseth: 
 Whereas, MercadoLibre desires to employ Executive, and Executive desires to be employed, as Chief Executive Officer of
MercadoLibre on the terms and conditions set forth herein. 
 Now, therefore, the parties hereto agree as follows: 
  

	1.	Employment. 

 MercadoLibre hereby
employs Executive, and Executive hereby accepts such employment full-time, as Chief Executive Officer of MercadoLibre. Executive shall have such responsibilities as are consistent with his executive position and of such a nature as are
usually associated with such office and shall report to the Board of Directors of MercadoLibre. 
  

	2.	Term of Employment. 

 The term of
employment shall be for an undetermined period beginning on January 1, 2007. 
  

	3.	Compensation; Expenses. 

 (a)
MercadoLibre shall pay to Executive a gross monthly salary of U$S 13,500 (U.S. dollars thirteen thousand five hundred) (“Gross Monthly Salary”) plus the a thirteenth monthly salary payable one half in June and one half in December
(“Aguinaldo”) (hereinafter, the aggregate of the Gross Monthly Salary and the Aguinaldo, the “Base Salary”), together with a bonus compensation as MercadoLibre shall, in its sole discretion, may elect to pay to Executive
(“Bonus Compensation”) (such Base Salary and Bonus Compensation being herein together referred to as the “Compensation”). The Compensation shall be subject to applicable withholding Taxes and other payments, including without
limitation social security withholding obligations. 

 (b) MercadoLibre shall reimburse to the Executive (in accordance with and subject to the
corporate policies of MercadoLibre in effect from time to time) for any adequate, reasonable and ordinary out-of-pocket expenses incurred by Executive in the performance of his duties as Chief Executive Officer under this agreement.

  

	4.	Termination of Employment. 

 (a)
This agreement and obligations of Executive hereunder, may be terminated (i) by MercadoLibre when deems pertinent, in its sole discretion, in the event that (a) there is “Just Cause” as defined in Schedule I hereto; or
(b) without Just Cause, or (ii) by the Executive upon resignation. 
 In the event of Termination of Employment for
a “Just Cause” or resignation by Executive, Executive shall not be entitled to receive any severance indemnification under applicable labor laws and the provisions established in Section 7 below shall apply for two years following the
date of Termination of Employment to the fullest extent authorized under applicable law. 
 (b) In the event of Termination of
Employment without “Just Cause”, such Executive shall be entitled to a severance payment in an amount equal to 12 (twelve) times last Gross Monthly Salary received, less applicable Taxes and withholding obligations, Bonus Compensation is
expressly excluded. 
  

	5.	Confidentiality Agreement  

 (a)
Executive recognizes that his position with MercadoLibre requires considerable responsibility and trust, and, in reliance on his loyalty, MercadoLibre may entrust such Executive with highly sensitive confidential, restricted, and proprietary
information involving Confidential Information. For purposes of this Agreement, “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by MercadoLibre,
MercadoLibre, Inc., a Delaware corporation (“Mercadolibre, Inc.”) or any of its subsidiaries or affiliates in connection with MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated businesses, including, but not
limited to, (i) information, observations, procedures and data obtained by Executive while employed by MercadoLibre (including those obtained prior to the date of this Agreement) concerning the business or affairs of MercadoLibre, MercadoLibre
Inc., or any of its subsidiaries and/or affiliates, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) drawings, photographs and reports, (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) customers and customer lists, (xii) other copyrightable works, (xiii) all production methods, processes, technology and trade secrets, and (xiv) all similar and related
information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public 

  

 2 

 
prior to the date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because
individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination. 
 (b) Executive agrees not to use or disclose any Confidential Information during his employment and for so long afterwards as the pertinent
information or data remain Confidential Information, except during his employment for MercadoLibre as required to perform duties and as ordered by a court or administrative agency with appropriate jurisdiction over the subject matter of the case.

 (c) Upon the request of MercadoLibre and, in any event, upon Termination of employment, Executive shall return to
MercadoLibre all computer programs, documentation, memoranda, notes, records, drawings, manuals, or other documents pertaining to MercadoLibre’s business or Executive’s employment (including all copies thereof). Executive shall also return
to MercadoLibre all materials relating to any Confidential Information. 
  

	6.	Intellectual Property. 

 The
Executive agrees that all Work Product belongs to MercadoLibre, Inc. or its subsidiaries and/or affiliates. The Executive will promptly disclose such Work Product to MercadoLibre and perform all actions reasonably requested by MercadoLibre (whether
during or after its employment) to establish and confirm such ownership (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to
MercadoLibre, MercadoLibre Inc. and/or its subsidiaries or affiliates in connection with the prosecution of any applications for patents, trademarks, tradenames, service marks or reissues thereof or in the prosecution and defense of interferences
relating to any Work Product. 
  

	7.	Non competition agreement. 

 Considering Executive
may become familiar with Confidential Information it is possible that Executive could cause a grave harm to MercadoLibre if Executive worked for a competitor of MercadoLibre, MercadoLibre, Inc. and/or any of its subsidiaries or affiliates.
Accordingly, Executive agrees that, in consideration of the promises contained herein, Executive shall not, without the prior written permission of MercadoLibre, during the period of employment, and for a one-year period thereafter in the event of
Termination of the Contract by any reason by either Party: (i) directly or indirectly engage or become interested or involved in any Competitive Business (in the manner defined above), whether such engagement, interest or involvement shall be
as an employer, officer, director, owner, stockholder, employee, partner, joint venturer or consultant, lender, or assist others in engaging in any Competitive Business in the manner aforementioned descripted; (ii) induce employees of
MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates to terminate their employment with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates or to engage in any Competitive Business; and (iii) solicit
or to do business with any 

  

 3 

 
present, past or prospective customer of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates. For purposes of this Agreement, a
“prospective customer” is an individual or business entity with which any employee of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates has had any business contact. For purposes of this Agreement, a
“Competitive Business” means any business which competes with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates’s businesses and operations during Executive’s employment and as of the date of the
termination of Executive’s employment with MercadoLibre. To the extent that the covenant provided in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to the duration or with respect to any
particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision. The provision as modified
shall then be enforced. The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the businesses of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates but
nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of MercadoLibre and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. 
  

	8.	Vacations. 

 Executive shall be entitled to 25
working days of vacation per year. 
  

	9.	Representations. 

 Each party hereby represents and
warrants to the other party that (a) the execution, delivery and performance of this Agreement by such party does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which such
party is a party or any judgment, order or decree to which such party is subject, and (b) upon the execution and delivery of this Agreement by such party, this Agreement will be a valid and binding obligation of such party, enforceable in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, reorganization, insolvency or other laws affecting creditors rights generally, public policy principles arising from labor and other laws, or by general
principles of equity. In addition, the Executive represents and warrants that the Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any
person. 
  

 4 

	10.	Miscellaneous. 

 (a) This Agreement
contains the entire agreement of the parties related to the employment of Executive by MercadoLibre and other matters discussed herein and supersedes all prior promises, contracts, arrangements or understandings which are not set forth herein or in
other agreements mentioned herein. 
 (b) All notices or other communications which are required or permitted hereunder shall
be in writing and sufficient if delivered personally or sent by facsimile transmission, nationally recognized over-night courier or registered or certified mail: 
 If to MercadoLibre: 
 Tronador 4890 – 8 floor 
 Buenos Aires- Argentina 
 If to Executive:

 Marcos Galperín 
 Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by facsimile transmission (with transmission confirmed in a writing) or nationally recognized
overnight courier, on the date of such delivery; or (ii) if sent by registered or certified mail, on the date on which such mailing was received by the party to whom it was addressed. Any party may by notice as aforesaid change the address to
which notices or other communications to it are to be delivered or mailed. 
 (c) This Agreement shall be governed by and
construed in accordance with the substantive laws of Uruguay. However, the parties resolved that their rights and obligations under this Agreement shall be enforced in accordance with the express provisions of this Agreement; and to that end, in the
event that there shall be any conflict between the express provisions of this Agreement and the substantive laws of Uruguay, then the express provisions of this Agreement shall be construed or enforced in a manner which shall provide to the parties
substantially the benefits to which they would be entitled under the express terms of this Agreement, or construed or enforced in a manner which shall impose upon the parties substantially the obligations (but not more) which would be imposed upon
them under the express terms of this Agreement. 
 (d) This Agreement shall inure to the benefit of and be binding upon the
parties hereto and any successor (whether by merger or otherwise) of MercadoLibre. 
  

 5 

 (e) Any waiver of any term or condition of this Agreement, or any amendment or
supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a party’s rights under this
Agreement at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 (f) In the
event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions of this Agreement shall not, at the election of the party for whose benefit the provision exists, be in any way impaired. 
 In witness whereof,
the parties execute this Agreement as of the date first above written. 
  

							
	MercadoLibre Zonamerica S.A.	 		 	Marcos Galperín :
				
	By:	 	  
	 		 	/S/: Marcos Galperín
			
	/S/: Nicolás Szekasy	 		 	
	/S/: Hernán Kazah	 		 	

  

 6 

 Schedule I 
 Certain Definitions 
 For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall mean this Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof. 
 “ Just Cause” shall mean and include the following: 
 (i) The commission by Executive of any gross misconduct or any offense serious enough for the relationship to become impossible to continue, including without limitation, Executive’s willful and continuing
disregard of the lawful written instructions of the Board of Directors of MercadoLibre or Executive’s superiors; 
 (ii) Any action or
any omission by Executive, resulting in Executive’s breach of his duty of loyalty or any act of self-dealing; and 
 (iii) Any material
breach by Executive of his duties and obligations under this Agreement as decided by the Board of Directors of the Company. 
 (iv)
Executive’s conviction, in the Board’s sole discretion, of any serious crime or offense for violating any law (including, without limitation, theft, fraud, paying directly or indirectly bribes or kick-backs to governmental officials, the
crimes set forth in the U.S. Foreign Corrupt Practices Act of 1977 or the foreign equivalent thereof and Executive’s embezzlement of funds of MercadoLibre and any of its subsidiaries); 
 “Government” shall mean (or in the case of “Governmental” shall refer to a): 
 (i) the government of Uruguay; 
 (ii) any
ministry, agency, department, authority, commission, administration, corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality or political subdivision of, or within the geographical jurisdiction of Uruguay. 
 “Tax” shall mean any tax (or payment in the nature of a tax), penalty, interest or addition to tax imposed by or due any Governmental tax authority,
including without limitation in respect of income, turnover taxes, stamp taxes, custom duties, value added taxes, employee withholding or payroll taxes or social security Liabilities. 
 “Work Product” shall mean all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks,
tradenames, logos, and all similar or related information (whether patentable or unpatentable) which relates to MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated business, 

 
development or existing or future products or services and which are conceived developed or made by the Executive (whether or not during usual business hours
and whether or not in conjunction with any other person) while employed by MercadoLibre (including those conceived, developed or made prior to the date of this Agreement) together with all patent applications, letters patent, trademark, tradename
and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. 
  

 2 

 EMPLOYMENT AGREEMENT 
 This Employment Agreement dated January 1st, 2007 (this “Agreement”) between: 
  

	(a)	MercadoLibre S.A., a sociedad anónima organized under the Laws of the Republic of Argentina (“MercadoLibre”); and 

  

	(b)	Hernán Kazah (“Executive”). 

 Certain capitalized
terms used in this Agreement shall have the meanings given such terms on Schedule A hereto, unless otherwise defined herein. 
 Witnesseth: 
 Whereas, MercadoLibre desires to employ Executive, and Executive desires to be employed, as Chief Operating Officer of
MercadoLibre on the terms and conditions set forth herein. 
 Now, therefore, the parties hereto agree as follows: 
  

	1.	Employment. 

 MercadoLibre hereby
employs Executive, and Executive hereby accepts such employment full-time, as Chief Operating Officer of MercadoLibre. Executive shall have such responsibilities as are consistent with his executive position and of such a nature as are
usually associated with such office and shall report to the Board of Directors of MercadoLibre. 
  

	2.	Term of Employment. 

 The term of
employment shall be for an undetermined period beginning on January 1, 2007. 
  

	3.	Compensation; Expenses. 

 (a)
MercadoLibre shall pay to Executive a gross monthly salary of U$S 13,500 (U.S. dollars thirteen thousand five hundred) (“Gross Monthly Salary”) plus the a thirteenth monthly salary payable one half in June and one half in December
(“Aguinaldo”) (hereinafter, the aggregate of the Gross Monthly Salary and the Aguinaldo, the “Base Salary”), together with a bonus compensation as MercadoLibre shall, in its sole discretion, may elect to pay to Executive
(“Bonus Compensation”) (such Base Salary and Bonus Compensation being herein together referred to as the “Compensation”). The Compensation shall be subject to applicable withholding Taxes and other payments, including without
limitation social security withholding obligations. 

 (b) MercadoLibre shall reimburse to the Executive (in accordance with and subject to the
corporate policies of MercadoLibre in effect from time to time) for any adequate, reasonable and ordinary out-of-pocket expenses incurred by Executive in the performance of his duties as Chief Operating Officer under this agreement.

  

	4.	Termination of Employment. 

 (a)
This agreement and obligations of Executive hereunder, may be terminated (i) by MercadoLibre when deems pertinent, in its sole discretion, in the event that (a) there is “Just Cause” as defined in Schedule I hereto; or
(b) without Just Cause, or (ii) by the Executive upon resignation. 
 In the event of Termination of Employment for
a “Just Cause” or resignation by Executive, Executive shall not be entitled to receive any severance indemnification under the Labor Contract Law No. 20,744 (“LCL”) and its modifications and the provisions established in
Section 7 below shall apply for two years following the date of Termination of Employment to the fullest extent authorized under applicable law. 
 (b) In the event of Termination of Employment without “Just Cause”, such Executive shall be entitled to a severance payment in an amount equal to 12 (twelve) times last Gross Monthly Salary received, less
applicable Taxes and withholding obligations, Bonus Compensation is expressly excluded. 
  

	5.	Confidentiality Agreement  

 (a)
Executive recognizes that his position with MercadoLibre requires considerable responsibility and trust, and, in reliance on his loyalty, MercadoLibre may entrust such Executive with highly sensitive confidential, restricted, and proprietary
information involving Confidential Information. For purposes of this Agreement, “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by MercadoLibre,
MercadoLibre, Inc., a Delaware corporation (“Mercadolibre, Inc.”) or any of its subsidiaries or affiliates in connection with MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated businesses, including, but not
limited to, (i) information, observations, procedures and data obtained by Executive while employed by MercadoLibre (including those obtained prior to the date of this Agreement) concerning the business or affairs of MercadoLibre, MercadoLibre
Inc., or any of its subsidiaries and/or affiliates, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) drawings, photographs and reports, (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) customers and customer lists, (xii) other copyrightable works, (xiii) all production methods, processes, technology and trade secrets, and (xiv) all similar and related
information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public 

  

 2 

 
prior to the date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because
individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination. 
 (b) Executive agrees not to use or disclose any Confidential Information during his employment and for so long afterwards as the pertinent
information or data remain Confidential Information, except during his employment for MercadoLibre as required to perform duties and as ordered by a court or administrative agency with appropriate jurisdiction over the subject matter of the case.

 (c) Upon the request of MercadoLibre and, in any event, upon Termination of employment, Executive shall return to
MercadoLibre all computer programs, documentation, memoranda, notes, records, drawings, manuals, or other documents pertaining to MercadoLibre’s business or Executive’s employment (including all copies thereof). Executive shall also return
to MercadoLibre all materials relating to any Confidential Information. 
  

	6.	Intellectual Property. 

 The
Executive agrees that all Work Product belongs to MercadoLibre, Inc. or its subsidiaries and/or affiliates. The Executive will promptly disclose such Work Product to MercadoLibre and perform all actions reasonably requested by MercadoLibre (whether
during or after its employment) to establish and confirm such ownership (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to
MercadoLibre, MercadoLibre Inc. and/or its subsidiaries or affiliates in connection with the prosecution of any applications for patents, trademarks, tradenames, service marks or reissues thereof or in the prosecution and defense of interferences
relating to any Work Product. 
  

	7.	Non competition agreement. 

 Considering Executive
may become familiar with Confidential Information it is possible that Executive could cause a grave harm to MercadoLibre if Executive worked for a competitor of MercadoLibre, MercadoLibre, Inc. and/or any of its subsidiaries or affiliates.
Accordingly, Executive agrees that, in consideration of the promises contained herein, Executive shall not, without the prior written permission of MercadoLibre, during the period of employment, and for a one-year period thereafter in the event of
Termination of the Contract by any reason by either Party: (i) directly or indirectly engage or become interested or involved in any Competitive Business (in the manner defined above), whether such engagement, interest or involvement shall be
as an employer, officer, director, owner, stockholder, employee, partner, joint venturer or consultant, lender, or assist others in engaging in any Competitive Business in the manner aforementioned descripted; (ii) induce employees of
MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates to terminate their employment with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates or to engage in any Competitive Business; and (iii) solicit
or to do business with any 

  

 3 

 
present, past or prospective customer of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates. For purposes of this Agreement, a
“prospective customer” is an individual or business entity with which any employee of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates has had any business contact. For purposes of this Agreement, a
“Competitive Business” means any business which competes with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates’s businesses and operations during Executive’s employment and as of the date of the
termination of Executive’s employment with MercadoLibre. To the extent that the covenant provided in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to the duration or with respect to any
particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision. The provision as modified
shall then be enforced. The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the businesses of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates but
nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of MercadoLibre and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. 
  

	8.	Vacations. 

 Executive shall be entitled to 25
working days of vacation per year. 
  

	9.	Representations. 

 Each party hereby represents and
warrants to the other party that (a) the execution, delivery and performance of this Agreement by such party does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which such
party is a party or any judgment, order or decree to which such party is subject, and (b) upon the execution and delivery of this Agreement by such party, this Agreement will be a valid and binding obligation of such party, enforceable in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, reorganization, insolvency or other laws affecting creditors rights generally, public policy principles arising from labor and other laws, or by general
principles of equity. In addition, the Executive represents and warrants that the Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any
person. 
  

 4 

	10.	Miscellaneous. 

 (a) This Agreement
contains the entire agreement of the parties related to the employment of Executive by MercadoLibre and other matters discussed herein and supersedes all prior promises, contracts, arrangements or understandings which are not set forth herein or in
other agreements mentioned herein. 
 (b) All notices or other communications which are required or permitted hereunder shall
be in writing and sufficient if delivered personally or sent by facsimile transmission, nationally recognized over-night courier or registered or certified mail: 
 If to MercadoLibre: 
 Tronador 4890 – 8 floor 
 Buenos Aires- Argentina 
 If to Executive:

 Hernán Kazah 
 Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by facsimile transmission (with transmission confirmed in a writing) or nationally recognized overnight courier, on the date
of such delivery; or (ii) if sent by registered or certified mail, on the date on which such mailing was received by the party to whom it was addressed. Any party may by notice as aforesaid change the address to which notices or other
communications to it are to be delivered or mailed. 
 (c) This Agreement shall be governed by and construed in accordance
with the substantive laws of the Republic of Argentina. However, the parties resolved that their rights and obligations under this Agreement shall be enforced in accordance with the express provisions of this Agreement; and to that end, in the event
that there shall be any conflict between the express provisions of this Agreement and the substantive laws of the Republic of Argentina, then the express provisions of this Agreement shall be construed or enforced in a manner which shall provide to
the parties substantially the benefits to which they would be entitled under the express terms of this Agreement, or construed or enforced in a manner which shall impose upon the parties substantially the obligations (but not more) which would be
imposed upon them under the express terms of this Agreement. 
 (d) This Agreement shall inure to the benefit of and be
binding upon the parties hereto and any successor (whether by merger or otherwise) of MercadoLibre. 
  

 5 

 (e) Any waiver of any term or condition of this Agreement, or any amendment or
supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a party’s rights under this
Agreement at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 (f) In the
event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions of this Agreement shall not, at the election of the party for whose benefit the provision exists, be in any way impaired. 
 In witness whereof,
the parties execute this Agreement as of the date first above written. 
  

					
	MercadoLibre S.A.	 	Hernán Kazah:
			
	By:	 	  
	 	/S/: Hernán Kazah

 /S/: Marcos Galperín 
 /S/: Nicolas Szekasy 
  

 6 

 Schedule I 
 Certain Definitions 
 For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall mean this Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof. 
 “Just Cause” shall mean and include the following: 
 (i) The commission by Executive of any gross misconduct or any offense serious enough for the relationship to become impossible to continue, including without limitation, Executive’s willful and continuing disregard of the lawful
written instructions of the Board of Directors of MercadoLibre or Executive’s superiors; 
 (ii) Any action or any omission by
Executive, resulting in Executive’s breach of his duty of loyalty or any act of self-dealing; and 
 (iii) Any material breach by
Executive of his duties and obligations under this Agreement as decided by the Board of Directors of the Company. 
 (iv) Executive’s
conviction, in the Board’s sole discretion, of any serious crime or offense for violating any law (including, without limitation, theft, fraud, paying directly or indirectly bribes or kick-backs to governmental officials, the crimes set forth
in the U.S. Foreign Corrupt Practices Act of 1977 or the foreign equivalent thereof and Executive’s embezzlement of funds of MercadoLibre and any of its subsidiaries); 
 “Government” shall mean (or in the case of “Governmental” shall refer to a): 
 (i) the government of the Republic of Argentina; 
 (ii) any ministry, agency, department, authority, commission, administration,
corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality or political subdivision of, or within the geographical jurisdiction of Argentina. 
 “Tax” shall mean any tax (or payment in the nature of a tax), penalty, interest or addition to tax imposed by or due any Governmental tax authority, including without limitation in respect of income, turnover taxes, stamp
taxes, custom duties, value added taxes, employee withholding or payroll taxes or social security Liabilities. 
 “Work Product” shall mean
all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, tradenames, logos, and all similar or related information (whether patentable
or unpatentable) which relates to MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated business, development or existing or future products or services and which are conceived developed or made by the Executive (whether
or not 

 
during usual business hours and whether or not in conjunction with any other person) while employed by MercadoLibre (including those conceived, developed or
made prior to the date of this Agreement) together with all patent applications, letters patent, trademark, tradename and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the
foregoing. 
  

 2 

 EMPLOYMENT AGREEMENT 
 This Employment Agreement dated January 1st, 2007 (this “Agreement”) between: 
  

	(a)	MercadoLibre S.A., a sociedad anónima organized under the Laws of the Republic of Argentina (“MercadoLibre”); and 

  

	(b)	Nicolás Szekasy (“Executive”). 

 Certain
capitalized terms used in this Agreement shall have the meanings given such terms on Schedule A hereto, unless otherwise defined herein. 
 Witnesseth: 
 Whereas, MercadoLibre desires to employ Executive, and Executive desires to be employed, as Chief Financial Officer of
MercadoLibre on the terms and conditions set forth herein. 
 Now, therefore, the parties hereto agree as follows: 
  

	1.	Employment. 

 MercadoLibre hereby
employs Executive, and Executive hereby accepts such employment full-time, as Chief Financial Officer of MercadoLibre. Executive shall have such responsibilities as are consistent with his executive position and of such a nature as are
usually associated with such office and shall report to the Board of Directors of MercadoLibre. 
  

	2.	Term of Employment. 

 The term of
employment shall be for an undetermined period beginning on January 1, 2007. 
  

	3.	Compensation; Expenses. 

 (a)
MercadoLibre shall pay to Executive a gross monthly salary of U$S 13,500 (U.S. dollars thirteen thousand five hundred) (“Gross Monthly Salary”) plus the a thirteenth monthly salary payable one half in June and one half in December
(“Aguinaldo”) (hereinafter, the aggregate of the Gross Monthly Salary and the Aguinaldo, the “Base Salary”), together with a bonus compensation as MercadoLibre shall, in its sole discretion, may elect to pay to Executive
(“Bonus Compensation”) (such Base Salary and Bonus Compensation being herein together referred to as the “Compensation”). The Compensation shall be subject to applicable withholding Taxes and other payments, including without
limitation social security withholding obligations. 

 (b) MercadoLibre shall reimburse to the Executive (in accordance with and subject to the
corporate policies of MercadoLibre in effect from time to time) for any adequate, reasonable and ordinary out-of-pocket expenses incurred by Executive in the performance of his duties as Chief Financial Officer under this agreement.

  

	4.	Termination of Employment. 

 (a)
This agreement and obligations of Executive hereunder, may be terminated (i) by MercadoLibre when deems pertinent, in its sole discretion, in the event that (a) there is “Just Cause” as defined in Schedule I hereto; or
(b) without Just Cause, or (ii) by the Executive upon resignation. 
 In the event of Termination of Employment for
a “Just Cause” or resignation by Executive, Executive shall not be entitled to receive any severance indemnification under the Labor Contract Law No. 20,744 (“LCL”) and its modifications and the provisions established in
Section 7 below shall apply for two years following the date of Termination of Employment to the fullest extent authorized under applicable law. 
 (b) In the event of Termination of Employment without “Just Cause”, such Executive shall be entitled to a severance payment in an amount equal to 12 (twelve) times last Gross Monthly Salary received, less
applicable Taxes and withholding obligations, Bonus Compensation is expressly excluded. 
  

	5.	Confidentiality Agreement  

 (a)
Executive recognizes that his position with MercadoLibre requires considerable responsibility and trust, and, in reliance on his loyalty, MercadoLibre may entrust such Executive with highly sensitive confidential, restricted, and proprietary
information involving Confidential Information. For purposes of this Agreement, “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by MercadoLibre,
MercadoLibre, Inc., a Delaware corporation (“Mercadolibre, Inc.”) or any of its subsidiaries or affiliates in connection with MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated businesses, including, but not
limited to, (i) information, observations, procedures and data obtained by Executive while employed by MercadoLibre (including those obtained prior to the date of this Agreement) concerning the business or affairs of MercadoLibre, MercadoLibre
Inc., or any of its subsidiaries and/or affiliates, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) drawings, photographs and reports, (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) customers and customer lists, (xii) other copyrightable works, (xiii) all production methods, processes, technology and trade secrets, and (xiv) all similar and related
information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information. Confidential
Information will not be deemed to have 

  

 2 

 
been published merely because individual portions of the information have been separately published, but only if all material features comprising such
information have been published in combination. 
 (b) Executive agrees not to use or disclose any Confidential Information
during his employment and for so long afterwards as the pertinent information or data remain Confidential Information, except during his employment for MercadoLibre as required to perform duties and as ordered by a court or administrative agency
with appropriate jurisdiction over the subject matter of the case. 
 (c) Upon the request of MercadoLibre and, in any event,
upon Termination of employment, Executive shall return to MercadoLibre all computer programs, documentation, memoranda, notes, records, drawings, manuals, or other documents pertaining to MercadoLibre’s business or Executive’s employment
(including all copies thereof). Executive shall also return to MercadoLibre all materials relating to any Confidential Information. 
  

	6.	Intellectual Property. 

 The
Executive agrees that all Work Product belongs to MercadoLibre, Inc. or its subsidiaries and/or affiliates. The Executive will promptly disclose such Work Product to MercadoLibre and perform all actions reasonably requested by MercadoLibre (whether
during or after its employment) to establish and confirm such ownership (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to
MercadoLibre, MercadoLibre Inc. and/or its subsidiaries or affiliates in connection with the prosecution of any applications for patents, trademarks, tradenames, service marks or reissues thereof or in the prosecution and defense of interferences
relating to any Work Product. 
  

	7.	Non competition agreement. 

 Considering Executive
may become familiar with Confidential Information it is possible that Executive could cause a grave harm to MercadoLibre if Executive worked for a competitor of MercadoLibre, MercadoLibre, Inc. and/or any of its subsidiaries or affiliates.
Accordingly, Executive agrees that, in consideration of the promises contained herein, Executive shall not, without the prior written permission of MercadoLibre, during the period of employment, and for a one-year period thereafter in the event of
Termination of the Contract by any reason by either Party: (i) directly or indirectly engage or become interested or involved in any Competitive Business (in the manner defined above), whether such engagement, interest or involvement shall be
as an employer, officer, director, owner, stockholder, employee, partner, joint venturer or consultant, lender, or assist others in engaging in any Competitive Business in the manner aforementioned descripted; (ii) induce employees of
MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates to terminate their employment with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates or to engage in any Competitive Business; and (iii) solicit
or to do business with any 

  

 3 

 
present, past or prospective customer of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates. For purposes of this Agreement, a
“prospective customer” is an individual or business entity with which any employee of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates has had any business contact. For purposes of this Agreement, a
“Competitive Business” means any business which competes with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates’s businesses and operations during Executive’s employment and as of the date of the
termination of Executive’s employment with MercadoLibre. To the extent that the covenant provided in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to the duration or with respect to any
particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision. The provision as modified
shall then be enforced. The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the businesses of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates but
nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of MercadoLibre and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. 
  

	8.	Vacations. 

 Executive shall be
entitled to 25 working days of vacation per year. 
  

	9.	Representations. 

 Each party hereby represents and
warrants to the other party that (a) the execution, delivery and performance of this Agreement by such party does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which such
party is a party or any judgment, order or decree to which such party is subject, and (b) upon the execution and delivery of this Agreement by such party, this Agreement will be a valid and binding obligation of such party, enforceable in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, reorganization, insolvency or other laws affecting creditors rights generally, public policy principles arising from labor and other laws, or by general
principles of equity. In addition, the Executive represents and warrants that the Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any
person. 
  

 4 

	10.	Miscellaneous. 

 (a) This Agreement
contains the entire agreement of the parties related to the employment of Executive by MercadoLibre and other matters discussed herein and supersedes all prior promises, contracts, arrangements or understandings which are not set forth herein or in
other agreements mentioned herein. 
 (b) All notices or other communications which are required or permitted hereunder shall
be in writing and sufficient if delivered personally or sent by facsimile transmission, nationally recognized over-night courier or registered or certified mail: 
 If to MercadoLibre: 
 Tronador 4890 – 8 floor 
 Buenos Aires- Argentina 
 If to Executive:

 Nicolás Szekasy 
 Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by facsimile transmission (with transmission confirmed in a writing) or nationally recognized
overnight courier, on the date of such delivery; or (ii) if sent by registered or certified mail, on the date on which such mailing was received by the party to whom it was addressed. Any party may by notice as aforesaid change the address to
which notices or other communications to it are to be delivered or mailed. 
 (c) This Agreement shall be governed by and
construed in accordance with the substantive laws of the Republic of Argentina. However, the parties resolved that their rights and obligations under this Agreement shall be enforced in accordance with the express provisions of this Agreement; and
to that end, in the event that there shall be any conflict between the express provisions of this Agreement and the substantive laws of the Republic of Argentina, then the express provisions of this Agreement shall be construed or enforced in a
manner which shall provide to the parties substantially the benefits to which they would be entitled under the express terms of this Agreement, or construed or enforced in a manner which shall impose upon the parties substantially the obligations
(but not more) which would be imposed upon them under the express terms of this Agreement. 
 (d) This Agreement shall inure
to the benefit of and be binding upon the parties hereto and any successor (whether by merger or otherwise) of MercadoLibre. 
  

 5 

 (e) Any waiver of any term or condition of this Agreement, or any amendment or
supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a party’s rights under this
Agreement at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 (f) In the
event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions of this Agreement shall not, at the election of the party for whose benefit the provision exists, be in any way impaired. 
 In witness whereof,
the parties execute this Agreement as of the date first above written. 
  

					
	MercadoLibre S.A.	 	Nicolás Szekasy:
			
	By:	 	  
	 	/S/: Nicolás Szekasy

 /S/: Marcos Galperín 
 /S/: Hernán Kazah 
  

 6 

 Schedule I 
 Certain Definitions 
 For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall mean this Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof. 
 “ Just Cause” shall mean and include the following: 
 (i) The commission by Executive of any gross misconduct or any offense serious enough for the relationship to become impossible to continue, including without limitation, Executive’s willful and continuing
disregard of the lawful written instructions of the Board of Directors of MercadoLibre or Executive’s superiors; 
 (ii) Any action or
any omission by Executive, resulting in Executive’s breach of his duty of loyalty or any act of self-dealing; and 
 (iii) Any material
breach by Executive of his duties and obligations under this Agreement as decided by the Board of Directors of the Company. 
 (iv)
Executive’s conviction, in the Board’s sole discretion, of any serious crime or offense for violating any law (including, without limitation, theft, fraud, paying directly or indirectly bribes or kick-backs to governmental officials, the
crimes set forth in the U.S. Foreign Corrupt Practices Act of 1977 or the foreign equivalent thereof and Executive’s embezzlement of funds of MercadoLibre and any of its subsidiaries); 
 “Government” shall mean (or in the case of “Governmental” shall refer to a): 
 (i) the government of the Republic of Argentina; 
 (ii) any ministry, agency, department, authority, commission, administration, corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality or political subdivision of, or within the geographical jurisdiction of Argentina.

 “Tax” shall mean any tax (or payment in the nature of a tax), penalty, interest or addition to tax imposed by or due any Governmental tax
authority, including without limitation in respect of income, turnover taxes, stamp taxes, custom duties, value added taxes, employee withholding or payroll taxes or social security Liabilities. 
 “Work Product” shall mean all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses,
drawings, reports, service marks, trademarks, tradenames, logos, and all similar or related information (whether patentable or unpatentable) which relates to MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated business,
development or existing or future products or services and which are conceived developed or made by the Executive (whether or not 

 
during usual business hours and whether or not in conjunction with any other person) while employed by MercadoLibre (including those conceived, developed or
made prior to the date of this Agreement) together with all patent applications, letters patent, trademark, tradename and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the
foregoing. 
  

 2 

 EMPLOYMENT AGREEMENT 
 This Employment Agreement dated January 1st, 2007 (this “Agreement”) between: 
  

	(a)	MercadoLibre S.A., a sociedad anónima organized under the Laws of the Republic of Argentina (“MercadoLibre”); and 

  

	(b)	Edgardo Sokolowicz (“Executive”). 

 Certain capitalized
terms used in this Agreement shall have the meanings given such terms on Schedule A hereto, unless otherwise defined herein. 
 Witnesseth: 
 Whereas, MercadoLibre desires to employ Executive, and Executive desires to be employed, as Chief Technology Officer of
MercadoLibre on the terms and conditions set forth herein. 
 Now, therefore, the parties hereto agree as follows: 
  

	1.	Employment. 

 MercadoLibre hereby
employs Executive, and Executive hereby accepts such employment full-time, as Chief Technology Officer of MercadoLibre. Executive shall have such responsibilities as are consistent with his executive position and of such a nature as are
usually associated with such office and shall report to the Board of Directors of MercadoLibre. 
  

	2.	Term of Employment. 

 The term of
employment shall be for an undetermined period beginning on January 1, 2007. 
  

	3.	Compensation; Expenses. 

 (a)
MercadoLibre shall pay to Executive a gross monthly salary of U$S 9,000 (U.S. dollars nine thousand) (“Gross Monthly Salary”) plus the a thirteenth monthly salary payable one half in June and one half in December (“Aguinaldo”)
(hereinafter, the aggregate of the Gross Monthly Salary and the Aguinaldo, the “Base Salary”), together with a bonus compensation as MercadoLibre shall, in its sole discretion, may elect to pay to Executive (“Bonus Compensation”)
(such Base Salary and Bonus Compensation being herein together referred to as the “Compensation”). The Compensation shall be subject to applicable withholding Taxes and other payments, including without limitation social security
withholding obligations. 

 (b) MercadoLibre shall reimburse to the Executive (in accordance with and subject to the
corporate policies of MercadoLibre in effect from time to time) for any adequate, reasonable and ordinary out-of-pocket expenses incurred by Executive in the performance of his duties as Chief Technology Officer under this agreement.

  

	4.	Termination of Employment. 

 (a)
This agreement and obligations of Executive hereunder, may be terminated (i) by MercadoLibre when deems pertinent, in its sole discretion, in the event that (a) there is “Just Cause” as defined in Schedule I hereto; or
(b) without Just Cause, or (ii) by the Executive upon resignation. 
 In the event of Termination of Employment for
a “Just Cause” or resignation by Executive, Executive shall not be entitled to receive any severance indemnification under the Labor Contract Law No. 20,744 (“LCL”) and its modifications and the provisions established in
Section 7 below shall apply for two years following the date of Termination of Employment to the fullest extent authorized under applicable law. 
 (b) In the event of Termination of Employment without “Just Cause”, such Executive shall be entitled to a severance payment in an amount equal to 12 (twelve) times last Gross Monthly Salary received, less
applicable Taxes and withholding obligations, Bonus Compensation is expressly excluded. 
  

	5.	Confidentiality Agreement  

 (a)
Executive recognizes that his position with MercadoLibre requires considerable responsibility and trust, and, in reliance on his loyalty, MercadoLibre may entrust such Executive with highly sensitive confidential, restricted, and proprietary
information involving Confidential Information. For purposes of this Agreement, “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by MercadoLibre,
MercadoLibre, Inc., a Delaware corporation (“Mercadolibre, Inc.”) or any of its subsidiaries or affiliates in connection with MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated businesses, including, but not
limited to, (i) information, observations, procedures and data obtained by Executive while employed by MercadoLibre (including those obtained prior to the date of this Agreement) concerning the business or affairs of MercadoLibre, MercadoLibre
Inc., or any of its subsidiaries and/or affiliates, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) drawings, photographs and reports, (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) customers and customer lists, (xii) other copyrightable works, (xiii) all production methods, processes, technology and trade secrets, and (xiv) all similar and related
information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public prior to the date Executive proposes to disclose or use such information. Confidential
Information will not be deemed to have 

  

 2 

 
been published merely because individual portions of the information have been separately published, but only if all material features comprising such
information have been published in combination. 
 (b) Executive agrees not to use or disclose any Confidential Information
during his employment and for so long afterwards as the pertinent information or data remain Confidential Information, except during his employment for MercadoLibre as required to perform duties and as ordered by a court or administrative agency
with appropriate jurisdiction over the subject matter of the case. 
 (c) Upon the request of MercadoLibre and, in any event,
upon Termination of employment, Executive shall return to MercadoLibre all computer programs, documentation, memoranda, notes, records, drawings, manuals, or other documents pertaining to MercadoLibre’s business or Executive’s employment
(including all copies thereof). Executive shall also return to MercadoLibre all materials relating to any Confidential Information. 
  

	6.	Intellectual Property. 

 The
Executive agrees that all Work Product belongs to MercadoLibre, Inc. or its subsidiaries and/or affiliates. The Executive will promptly disclose such Work Product to MercadoLibre and perform all actions reasonably requested by MercadoLibre (whether
during or after its employment) to establish and confirm such ownership (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to
MercadoLibre, MercadoLibre Inc. and/or its subsidiaries or affiliates in connection with the prosecution of any applications for patents, trademarks, tradenames, service marks or reissues thereof or in the prosecution and defense of interferences
relating to any Work Product. 
  

	7.	Non competition agreement. 

 Considering Executive
may become familiar with Confidential Information it is possible that Executive could cause a grave harm to MercadoLibre if Executive worked for a competitor of MercadoLibre, MercadoLibre, Inc. and/or any of its subsidiaries or affiliates.
Accordingly, Executive agrees that, in consideration of the promises contained herein, Executive shall not, without the prior written permission of MercadoLibre, during the period of employment, and for a one-year period thereafter in the event of
Termination of the Contract by any reason by either Party: (i) directly or indirectly engage or become interested or involved in any Competitive Business (in the manner defined above), whether such engagement, interest or involvement shall be
as an employer, officer, director, owner, stockholder, employee, partner, joint venturer or consultant, lender, or assist others in engaging in any Competitive Business in the manner aforementioned descripted; (ii) induce employees of
MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates to terminate their employment with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates or to engage in any Competitive Business; and (iii) solicit
or to do business with any 

  

 3 

 
present, past or prospective customer of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates. For purposes of this Agreement, a
“prospective customer” is an individual or business entity with which any employee of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates has had any business contact. For purposes of this Agreement, a
“Competitive Business” means any business which competes with MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates’s businesses and operations during Executive’s employment and as of the date of the
termination of Executive’s employment with MercadoLibre. To the extent that the covenant provided in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to the duration or with respect to any
particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision. The provision as modified
shall then be enforced. The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the businesses of MercadoLibre, MercadoLibre, Inc. or any of its subsidiaries or affiliates but
nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of MercadoLibre and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. 
  

	8.	Vacations. 

 Executive shall be entitled to 20
working days of vacation per year. 
  

	9.	Representations. 

 Each party hereby represents and
warrants to the other party that (a) the execution, delivery and performance of this Agreement by such party does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which such
party is a party or any judgment, order or decree to which such party is subject, and (b) upon the execution and delivery of this Agreement by such party, this Agreement will be a valid and binding obligation of such party, enforceable in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, reorganization, insolvency or other laws affecting creditors rights generally, public policy principles arising from labor and other laws, or by general
principles of equity. In addition, the Executive represents and warrants that the Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any
person. 
  

 4 

	10.	Miscellaneous. 

 (a) This Agreement
contains the entire agreement of the parties related to the employment of Executive by MercadoLibre and other matters discussed herein and supersedes all prior promises, contracts, arrangements or understandings which are not set forth herein or in
other agreements mentioned herein. 
 (b) All notices or other communications which are required or permitted hereunder shall
be in writing and sufficient if delivered personally or sent by facsimile transmission, nationally recognized over-night courier or registered or certified mail: 
 If to MercadoLibre: 
 Tronador 4890 – 8 floor 
 Buenos Aires- Argentina 
 If to Executive:

 Edgardo Sokolowicz 
 Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by facsimile transmission (with transmission confirmed in a writing) or nationally recognized overnight courier, on the date
of such delivery; or (ii) if sent by registered or certified mail, on the date on which such mailing was received by the party to whom it was addressed. Any party may by notice as aforesaid change the address to which notices or other
communications to it are to be delivered or mailed. 
 (c) This Agreement shall be governed by and construed in accordance
with the substantive laws of the Republic of Argentina. However, the parties resolved that their rights and obligations under this Agreement shall be enforced in accordance with the express provisions of this Agreement; and to that end, in the event
that there shall be any conflict between the express provisions of this Agreement and the substantive laws of the Republic of Argentina, then the express provisions of this Agreement shall be construed or enforced in a manner which shall provide to
the parties substantially the benefits to which they would be entitled under the express terms of this Agreement, or construed or enforced in a manner which shall impose upon the parties substantially the obligations (but not more) which would be
imposed upon them under the express terms of this Agreement. 
 (d) This Agreement shall inure to the benefit of and be
binding upon the parties hereto and any successor (whether by merger or otherwise) of MercadoLibre. 
  

 5 

 (e) Any waiver of any term or condition of this Agreement, or any amendment or
supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a party’s rights under this
Agreement at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 (f) In the
event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions of this Agreement shall not, at the election of the party for whose benefit the provision exists, be in any way impaired. 
 In witness whereof,
the parties execute this Agreement as of the date first above written. 
  

							
	MercadoLibre S.A.	 		 	Edgardo Sokolowicz:
				
	By:	 	  
	 		 	/S/: Edgardo Sokolowicz
			
	/S/: Marcos Galperín	 		 	
	/S/: Nicolas Szekasy	 		 	

  

 6 

 Schedule I 
 Certain Definitions 
 For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall mean this Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof. 
 “ Just Cause” shall mean and include the following: 
 (i) The commission by Executive of any gross misconduct or any offense serious enough for the relationship to become impossible to continue, including without limitation, Executive’s willful and continuing
disregard of the lawful written instructions of the Board of Directors of MercadoLibre or Executive’s superiors; 
 (ii) Any action or
any omission by Executive, resulting in Executive’s breach of his duty of loyalty or any act of self-dealing; and 
 (iii) Any material
breach by Executive of his duties and obligations under this Agreement as decided by the Board of Directors of the Company. 
 (iv)
Executive’s conviction, in the Board’s sole discretion, of any serious crime or offense for violating any law (including, without limitation, theft, fraud, paying directly or indirectly bribes or kick-backs to governmental officials, the
crimes set forth in the U.S. Foreign Corrupt Practices Act of 1977 or the foreign equivalent thereof and Executive’s embezzlement of funds of MercadoLibre and any of its subsidiaries); 
 “Government” shall mean (or in the case of “Governmental” shall refer to a): 
 (i) the government of the Republic of Argentina; 
 (ii) any ministry, agency, department, authority, commission, administration, corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality or political subdivision of, or within the geographical jurisdiction of Argentina.

 “Tax” shall mean any tax (or payment in the nature of a tax), penalty, interest or addition to tax imposed by or due any Governmental tax
authority, including without limitation in respect of income, turnover taxes, stamp taxes, custom duties, value added taxes, employee withholding or payroll taxes or social security Liabilities. 
 “Work Product” shall mean all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses,
drawings, reports, service marks, trademarks, tradenames, logos, and all similar or related information (whether patentable or unpatentable) which relates to MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated business,
development or existing or future products or services and which are conceived developed or made by the Executive (whether or 

 
not during usual business hours and whether or not in conjunction with any other person) while employed by MercadoLibre (including those conceived, developed
or made prior to the date of this Agreement) together with all patent applications, letters patent, trademark, tradename and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the
foregoing. 
  

 2 

 EMPLOYMENT AGREEMENT 
 This Employment Agreement dated January 1st, 2007 (this “Agreement”) between: 
  

	(a)	MercadoLivre.com Atividades de Internet Ltda., a sociedade de responsabilidade limitada organized under the Laws of Brazil (“MercadoLivre”); and

  

	(b)	Stelleo Passos Tolda (“Executive”). 

 Certain capitalized
terms used in this Agreement shall have the meanings given such terms on Schedule A hereto, unless otherwise defined herein. 
 Witnesseth: 
 Whereas, MercadoLivre desires to employ Executive, and Executive desires to be employed, as Country Manager of
MercadoLivre on the terms and conditions set forth herein. 
 Now, therefore, the parties hereto agree as follows: 
  

	1.	Employment. 

 MercadoLivre hereby
employs Executive, and Executive hereby accepts such employment full-time, as Country Manager of MercadoLivre. Executive shall have such responsibilities as are consistent with his executive position and of such a nature as are usually
associated with such office and shall report to the Board of Directors of MercadoLivre. 
  

	2.	Term of Employment. 

 The term of
employment shall be for an undetermined period beginning on January 1, 2007. 
  

	3.	Compensation; Expenses. 

 (a)
MercadoLivre shall pay to Executive a gross monthly salary of R$ 29,000 (Brazilian Reais twenty nine thousand) (“Gross Monthly Salary”) plus a thirteenth salary (“13 Salary”) plus vacation license (“Ferias”)
payable according to the provisions established by the applicable labor laws (hereinafter, the aggregate of the Gross Monthly Salary and the 13 Salary and Ferias, the “Base Salary”), together with a bonus compensation as MercadoLivre
shall, in its sole discretion, may elect to pay to Executive (“Bonus Compensation”) (such Base Salary and Bonus Compensation being herein together referred to as the “Compensation”). The Compensation shall be subject to
applicable withholding Taxes and other payments, including without limitation social security withholding obligations. 

 (b) MercadoLivre shall reimburse to the Executive (in accordance with and subject to the
corporate policies of MercadoLivre in effect from time to time) for any adequate, reasonable and ordinary out-of-pocket expenses incurred by Executive in the performance of his duties as Country Manager under this agreement. 
  

	4.	Termination of Employment. 

 (a)
This agreement and obligations of Executive hereunder, may be terminated (i) by MercadoLivre when deems pertinent, in its sole discretion, in the event that (a) there is “Just Cause” as defined in Schedule I hereto; or
(b) without Just Cause, or (ii) by the Executive upon resignation. 
 In the event of Termination of Employment for
a “Just Cause” or resignation by Executive, Executive shall not be entitled to receive any severance indemnification under the applicable labor laws and the provisions established in Section 7 below shall apply for two years following
the date of Termination of Employment to the fullest extent authorized under applicable law. 
 (b) In the event of
Termination of Employment without “Just Cause”, such Executive shall be entitled to a severance payment in an amount equal to 12 (twelve) times last Gross Monthly Salary received, less applicable Taxes and withholding obligations, Bonus
Compensation is expressly excluded. 
  

	5.	Confidentiality Agreement  

 (a)
Executive recognizes that his position with MercadoLivre requires considerable responsibility and trust, and, in reliance on his loyalty, MercadoLivre may entrust such Executive with highly sensitive confidential, restricted, and proprietary
information involving Confidential Information. For purposes of this Agreement, “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by MercadoLivre,
MercadoLibre, Inc., a Delaware corporation (“MercadoLibre, Inc.”) or any of its subsidiaries or affiliates in connection with MercadoLibre, Inc.’s or any of its subsidiaries’ actual or anticipated businesses, including, but not
limited to, (i) information, observations, procedures and data obtained by Executive while employed by MercadoLivre (including those obtained prior to the date of this Agreement) concerning the business or affairs of MercadoLivre, MercadoLibre
Inc., or any of its subsidiaries and/or affiliates, (ii) products or services, (iii) costs and pricing structures, (iv) analyses, (v) drawings, photographs and reports, (vi) computer software, including operating systems,
applications and program listings, (vii) flow charts, manuals and documentation, (viii) data bases, (ix) accounting and business methods, (x) inventions, devices, new developments, methods and processes, whether patentable or
unpatentable and whether or not reduced to practice, (xi) customers and customer lists, (xii) other copyrightable works, (xiii) all production methods, processes, technology and trade secrets, and (xiv) all similar and related
information in whatever form. Confidential Information will not include any information that has been published in a form generally available to the public 

  

 2 

 
prior to the date Executive proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because
individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination. 
 (b) Executive agrees not to use or disclose any Confidential Information during his employment and for so long afterwards as the pertinent
information or data remain Confidential Information, except during his employment for MercadoLivre as required to perform duties and as ordered by a court or administrative agency with appropriate jurisdiction over the subject matter of the case.

 (c) Upon the request of MercadoLivre and, in any event, upon Termination of employment, Executive shall return to
MercadoLivre all computer programs, documentation, memoranda, notes, records, drawings, manuals, or other documents pertaining to MercadoLivre’s business or Executive’s employment (including all copies thereof). Executive shall also return
to MercadoLivre all materials relating to any Confidential Information. 
  

	6.	Intellectual Property. 

 The
Executive agrees that all Work Product belongs to MercadoLivre, Inc. or its subsidiaries and/or affiliates. The Executive will promptly disclose such Work Product to MercadoLivre and perform all actions reasonably requested by MercadoLivre (whether
during or after its employment) to establish and confirm such ownership (including, without limitation, the execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to
MercadoLivre, MercadoLibre Inc. and/or its subsidiaries or affiliates in connection with the prosecution of any applications for patents, trademarks, tradenames, service marks or reissues thereof or in the prosecution and defense of interferences
relating to any Work Product. 
  

	7.	Non competition agreement. 

 Considering Executive
may become familiar with Confidential Information it is possible that Executive could cause a grave harm to MercadoLivre if Executive worked for a competitor of MercadoLivre, MercadoLibre, Inc. and/or any of its subsidiaries or affiliates.
Accordingly, Executive agrees that, in consideration of the promises contained herein, Executive shall not, without the prior written permission of MercadoLivre, during the period of employment, and for a one-year period thereafter in the event of
Termination of the Contract by any reason by either Party: (i) directly or indirectly engage or become interested or involved in any Competitive Business (in the manner defined above), whether such engagement, interest or involvement shall be
as an employer, officer, director, owner, stockholder, employee, partner, joint venturer or consultant, lender, or assist others in engaging in any Competitive Business in the manner aforementioned descripted; (ii) induce employees of
MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates to terminate their employment with MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates or to engage in any Competitive Business; and (iii) solicit
or to do business with any 

  

 3 

 
present, past or prospective customer of MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates. For purposes of this Agreement, a
“prospective customer” is an individual or business entity with which any employee of MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates has had any business contact. For purposes of this Agreement, a
“Competitive Business” means any business which competes with MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates’s businesses and operations during Executive’s employment and as of the date of the
termination of Executive’s employment with MercadoLivre. To the extent that the covenant provided in this Section 7 may later be deemed by a court to be too broad to be enforced with respect to the duration or with respect to any
particular activity or geographic area, the court making such determination shall have the power to reduce the duration or scope of the provision, and to add or delete specific words or phrases to or from the provision. The provision as modified
shall then be enforced. The Executive understands that the foregoing restrictions may limit his ability to earn a livelihood in a business similar to the businesses of MercadoLivre, MercadoLibre, Inc. or any of its subsidiaries or affiliates but
nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of MercadoLivre and as otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions
which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living. 
  

	8.	Vacations. 

 Executive shall be entitled to a
vacation license according to the provisions established by the applicable labor laws. 
  

	9.	Representations. 

 Each party hereby represents and
warrants to the other party that (a) the execution, delivery and performance of this Agreement by such party does not and will not conflict with, breach, violate, or cause a default under any agreement, contract or instrument to which such
party is a party or any judgment, order or decree to which such party is subject, and (b) upon the execution and delivery of this Agreement by such party, this Agreement will be a valid and binding obligation of such party, enforceable in
accordance with its terms, except as enforcement hereof may be limited by applicable bankruptcy, reorganization, insolvency or other laws affecting creditors rights generally, public policy principles arising from labor and other laws, or by general
principles of equity. In addition, the Executive represents and warrants that the Executive is not a party to or bound by any employment agreement, consulting agreement, non-compete agreement, confidentiality agreement or similar agreement with any
person. 
  

 4 

	10.	Miscellaneous. 

 (a) This Agreement
contains the entire agreement of the parties related to the employment of Executive by MercadoLivre and other matters discussed herein and supersede all prior promises, contracts, arrangements or understandings which are not set forth herein or in
other agreements mentioned herein. 
 (b) All notices or other communications which are required or permitted hereunder shall
be in writing and sufficient if delivered personally or sent by facsimile transmission, nationally recognized over-night courier or registered or certified mail: 
 If to MercadoLivre: 
 Rua Gomes de Carvalho 1306 7andar 
 vila olímpia, São Paulo, SP 
 CEP 04562-030 
 Brazil 
 If to Executive: 
 Stelleo Passos Tolda 
 Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by facsimile
transmission (with transmission confirmed in a writing) or nationally recognized overnight courier, on the date of such delivery; or (ii) if sent by registered or certified mail, on the date on which such mailing was received by the party to
whom it was addressed. Any party may by notice as aforesaid change the address to which notices or other communications to it are to be delivered or mailed. 
 (c) This Agreement shall be governed by and construed in accordance with the substantive laws of Brazil. However, the parties resolved
that their rights and obligations under this Agreement shall be enforced in accordance with the express provisions of this Agreement; and to that end, in the event that there shall be any conflict between the express provisions of this Agreement and
the substantive laws of Brazil, then the express provisions of this Agreement shall be construed or enforced in a manner which shall provide to the parties substantially the benefits to which they would be entitled under the express terms of this
Agreement, or construed or enforced in a manner which shall impose upon the parties substantially the obligations (but not more) which would be imposed upon them under the express terms of this Agreement. 
 (d) This Agreement shall inure to the benefit of and be binding upon the parties hereto and any successor (whether by merger or otherwise)
of MercadoLivre. 
  

 5 

 (e) Any waiver of any term or condition of this Agreement, or any amendment or
supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit or waive a party’s rights under this
Agreement at any time to enforce strict compliance thereafter with every term or condition of this Agreement. 
 (f) In the
event that any provision contained in this Agreement shall be determined to be invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining
provisions of this Agreement shall not, at the election of the party for whose benefit the provision exists, be in any way impaired. 
 In witness whereof,
the parties execute this Agreement as of the date first above written. 
  

					
	MercadoLivre.com Atividades de Internet Ltda.	 	Stelleo Passos Tolda:
			
	By:	 	  
	 	/S/: Stelleo Passos Tolda

 /S/: Marcos Galperín 
  

 6 

 Schedule I 
 Certain Definitions 
 For purposes of this Agreement, the following terms shall have the following meanings: 
 “Agreement” shall mean this Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof. 
 “Just Cause” shall mean and include the following: 
 (i) The commission by Executive of any gross misconduct or any offense serious enough for the relationship to become impossible to continue, including without limitation, Executive’s willful and continuing disregard of the lawful
written instructions of the Board of Directors of MercadoLibre, Inc. or Executive’s superiors; 
 (ii) Any action or any omission by
Executive, resulting in Executive’s breach of his duty of loyalty or any act of self-dealing; and 
 (iii) Any material breach by
Executive of his duties and obligations under this Agreement as decided by the Board of Directors of MercadoLibre, Inc or the Company. 
 (iv) Executive’s conviction, in the Board’s sole discretion, of any serious crime or offense for violating any law (including, without limitation, theft, fraud, paying directly or indirectly bribes or kick-backs to governmental
officials, the crimes set forth in the U.S. Foreign Corrupt Practices Act of 1977 or the foreign equivalent thereof and Executive’s embezzlement of funds of MercadoLivre and any of its subsidiaries); 
 “Government” shall mean (or in the case of “Governmental” shall refer to a): 
 (i) the government of Brazil; 
 (ii) any
ministry, agency, department, authority, commission, administration, corporation, bank, court, magistrate, tribunal, arbitrator, instrumentality or political subdivision of, or within the geographical jurisdiction of Brazil. 
 “Tax” shall mean any tax (or payment in the nature of a tax), penalty, interest or addition to tax imposed by or due any Governmental tax authority,
including without limitation in respect of income, turnover taxes, stamp taxes, custom duties, value added taxes, employee withholding or payroll taxes or social security Liabilities. 
 “Work Product” shall mean all inventions, innovations, improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks,
tradenames, logos, and all similar or related information (whether patentable or unpatentable) which relates to MercadoLivre, Inc.’s or any of its subsidiaries’ actual or anticipated business, 

 
development or existing or future products or services and which are conceived developed or made by the Executive (whether or not during usual business hours
and whether or not in conjunction with any other person) while employed by MercadoLivre (including those conceived, developed or made prior to the date of this Agreement) together with all patent applications, letters patent, trademark, tradename
and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. 
  

 2

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