Document:

SIDLEY AUSTIN LLP

      1501 K STREET, N.W.

      WASHINGTON, D.C.  20005

      (202) 736 8000

      (202) 736 8711 FAX	|

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            	   	BEIJING

      BRUSSELS

      CHICAGO

      DALLAS

      FRANKFURT	  	GENEVA

      HONG KONG

      LONDON

      LOS ANGELES

      NEW YORK	  	SAN FRANCISCO

       SHANGHAI

      SINGAPORE

      TOKYO

      WASHINGTON, DC
	 	 						
	 	 		FOUNDED 1866				

 

Exhibit 10(b) 

April 25, 2006 

Merrill Lynch Index Funds, Inc. 

  800
Scudders Mill Road 

  Plainsboro, NJ  08536 

Ladies and Gentlemen: 

This opinion is being furnished in
connection with the registration under the Securities Act of 1933, as amended, by Merrill
Lynch Index Funds, Inc., a Maryland corporation (the “Corporation”), of an indefinite
number of shares of the Corporation’s common stock, par value $0.0001 per share (the
“Shares”), designated as Class I and Class A shares of each of Small Cap Index Fund,
Aggregate Bond Index Fund, International Index Fund and S&P 500 Index Fund. Such
registration is being effected pursuant to a registration statement on Form N-1A
(Securities Act File No. 333-15265 and Investment Company Act File No. 811-7899), as
amended (the “Registration Statement”). 

As special Maryland counsel for the
Corporation, we are familiar with the proceedings taken by it in connection with the
authorization, issuance and sale of the Shares in the manner referred to in the
Registration Statement. In addition, we have examined and are familiar with the Charter
of the Corporation, the By-Laws of the Corporation, and such other documents as we have
deemed relevant to the matters referred to in this opinion. 

Based upon the foregoing, we are of
the opinion that the Shares, upon issuance and sale in the manner described in the
Registration Statement, as applicable, against payment of the consideration described in
such Registration Statement, will be legally issued, fully paid and non-assessable shares
of common stock of the Corporation. 

We hereby consent to the filing of
this opinion as an exhibit to the Registration Statement and to the use of our name in
the Registration Statement and statement of additional information constituting a part
thereof. 

	  	
Very
truly yours, 

      

      /s/ Sidley Austin LLP

      

Sidley Austin LLP is
a limited liability partnership practicing in affiliation with other Sidley Austin
partnershipsexv10w1

 

Exhibit 10.01

EBAY INC.

2003 DEFERRED STOCK UNIT PLAN, AS AMENDED

Initial Stockholder Approval on June 26, 2003

Amendment Adopted by the Compensation Committee on March 16, 2005

Termination Date: March 17, 2013

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	
ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	
GENERAL	 	 	 	 
	 
	 	 	 	 	 	 
	1.1

	 	Purpose
	 	 	1	 
	1.2

	 	Definitions of Certain Terms
	 	 	1	 
	1.3

	 	Administration
	 	 	2	 
	1.4

	 	Persons Eligible for Awards
	 	 	3	 
	1.5

	 	Types of Awards Under Plan
	 	 	4	 
	1.6

	 	Shares of Common Stock Available for Awards
	 	 	4	 
	 
	 	 	 	 	 	 
	
ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	
AWARDS UNDER THE PLAN	 	 	 	 
	 
	 	 	 	 	 	 
	2.1

	 	Agreements Evidencing Awards
	 	 	4	 
	2.2

	 	No Rights as a Stockholder
	 	 	5	 
	2.3

	 	Grant of Deferred Stock Units
	 	 	5	 
	2.4

	 	Grant of Dividend Equivalent Rights
	 	 	5	 
	 
	 	 	 	 	 	 
	
ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	
MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	3.1

	 	Amendment of the Plan
	 	 	6	 
	3.2

	 	Tax Withholding
	 	 	6	 
	3.3

	 	Required Consents and Legends
	 	 	6	 
	3.4

	 	Nonassignability; No Hedging
	 	 	7	 
	3.5

	 	Successor Entity
	 	 	7	 
	3.6

	 	Right of Discharge Reserved
	 	 	8	 
	3.7

	 	Nature of Payments
	 	 	8	 
	3.8

	 	Other Payments or Awards
	 	 	8	 
	3.9

	 	Plan Headings
	 	 	8	 
	3.10

	 	Termination of Plan
	 	 	8	 
	3.11

	 	Governing Law
	 	 	9	 
	3.12

	 	Severability; Entire Agreement
	 	 	9	 
	3.13

	 	No Third Party Beneficiaries
	 	 	9	 
	3.14

	 	Successors and Assigns of eBay
	 	 	9	 
	3.15

	 	Date of Adoption
	 	 	9	 

-i-

 

EBAY INC.

2003 DEFERRED STOCK UNIT PLAN, AS AMENDED

Initial Stockholder Approval on June 26, 2003

Amendment Adopted by the Compensation Committee on March 16, 2005

Termination Date: March 17, 2013

ARTICLE I

GENERAL

1.1 Purpose

     The purpose of the eBay Inc. 2003 Deferred Stock Unit Plan is to retain and motivate members
of the eBay board of directors and such other officers or employees as are selected to participate,
to compensate them for their contributions to the long-term growth and profits of the Company, and
to encourage them to acquire a proprietary interest in the success of the Company including by
providing a convenient means for them to acquire shares of Common Stock from the Company at fair
market value.

1.2 Definitions of Certain Terms

     “eBay” means eBay Inc. or a successor entity contemplated by Section 3.5.

     “Annual Retainer” shall have the meaning set forth in Section 1.4.2.

     “Award” means an award made pursuant to the Plan.

     “Award Agreement” means the written document by which each Award is evidenced.

     “Board” means the Board of Directors of eBay.

     “Cash Payment Date” shall have the meaning set forth in Section 1.4.2.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the
applicable rulings and regulations thereunder.

     “Committee” means the committee established pursuant to Section 1.3.1.

     “Common Stock” means the common stock of eBay, par value $0.001 per share.

     “Company” means eBay and its subsidiaries.

     “Electing Director” shall have the meaning set forth in Section 1.4.2.

 

 

     “Eligibility Date” shall have the meaning set forth in Section 1.4.2.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
the applicable rules and regulations thereunder.

     “Fair Market Value” means, as of any date, the value of a share of Common Stock determined as
follows: (a) if such Common Stock is then quoted on the Nasdaq National Market, its closing price
on the Nasdaq National Market on the date of determination as reported in The Wall Street
Journal; (b) if such Common Stock is publicly traded and is then listed on a national
securities exchange other than the Nasdaq National Market, its closing price on the date of
determination on the principal national securities exchange on which the Common Stock is listed or
admitted to trading as reported in The Wall Street Journal; (c) if such Common Stock is
publicly traded but is not quoted on the Nasdaq National Market nor listed or admitted to trading
on a national securities exchange, the average of the closing bid and asked prices on the date of
determination as reported in The Wall Street Journal; and (d) if none of the foregoing is
applicable, then the value determined by the Committee in good faith.

     “New Director” shall have the meaning set forth in Section 1.4.1.

     “Plan” means the eBay Inc. 2003 Deferred Stock Unit Plan, as described herein and as hereafter
amended from time to time.

1.3 Administration

     1.3.1 Except as otherwise provided herein, the Plan shall be administered by the Compensation
Committee of the Board (the “Committee”). The Committee is authorized, subject to the provisions
of the Plan, to establish such rules and regulations as it deems necessary for the proper
administration of the Plan (including with respect to setting terms and conditions of further
voluntary deferral of Awards beyond the delivery date, which further deferrals shall comply with
the provisions of Section 409A of the Code) and to make such determinations and interpretations and
to take such action in connection with the Plan and any Award granted thereunder as it deems
necessary or advisable. All determinations and interpretations made by the Committee shall be
final, binding and conclusive on all grantees and on their legal representatives and beneficiaries.
The Committee shall have the authority, in its absolute discretion, to determine the persons who
shall receive Awards, the time when Awards shall be granted, the terms of such Awards and the
number of shares of Common Stock, if any, which shall be subject to such Awards. Unless otherwise
provided in an Award Agreement or as would otherwise subject the holder of an Award to an excise
tax under Section 409A of the Code, the Committee shall have the authority to (i) amend any
outstanding Award Agreement in any respect, whether or not the rights of the grantee of such Award
are adversely affected, including, without limitation, to accelerate the time or times at which the
Award becomes vested, unrestricted or may be exercised, waive or amend any goals, restrictions or
conditions set forth in such Award Agreement, or impose new goals, restrictions and conditions, or
reflect a change in the grantee’s circumstances and (ii) determine whether, to what extent and
under what circumstances and method or methods (A) Awards may be (1) settled in cash, shares of
Common Stock, other securities, other Awards or other property or (2) canceled, forfeited or
suspended,

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(B) shares of Common Stock, other securities, other Awards or other property, and other
amounts payable with respect to an Award may be deferred at the election of the grantee thereof
with the consent of the Committee or at the election of the Committee and (C) Awards may be settled
by the Company or any of its designees. Notwithstanding anything to the contrary contained herein,
the Board may, in its sole discretion, at any time and from time to time, grant Awards (including
grants to members of the Board who are not employees of the Company) or administer the Plan, in
which case the Board shall have all of the authority and responsibility granted to the Committee
herein.

     1.3.2 Actions of the Committee may be taken by the vote of a majority of its members. The
Committee may allocate among its members and delegate to any person who is not a member of the
Committee any of its administrative responsibilities.

1.4 Persons Eligible for Awards

     1.4.1 Awards under the Plan shall be made to each new member of the Board upon the later of
(i) their election to service as a member of the Board after December 31, 2002; and (ii) the
adoption of this plan by the stockholders (a “New Director”).

     1.4.2 Awards under the Plan shall be made to Electing Directors (as defined below) on the date
on which they otherwise would be entitled to receive a cash payment (the “Cash Payment Date”) in
respect of their annual retainer for their services on the Board (including, if applicable, as
“Lead Director”) and, to the extent applicable, on any committees thereof (the “Annual Retainer”),
which annual retainer is payable quarterly in arrears. An “Electing Director” is any member of the
Board who, with respect to a particular taxable year has made an election to have all of his or her
Annual Retainer for services performed in such taxable year paid in the form of Awards under the
Plan, rather than in the form of quarterly cash payments as described above. Such election must be
in a form approved by the Committee and must be delivered to the Committee (or a person designated
by the Committee to receive such election) prior to the end of the preceding taxable year or as
otherwise prescribed by law; provided, however, that during the first taxable year
during which any member of the Board is eligible to elect to receive Awards under this Section
1.4.2, such election shall be made within thirty days of the “Eligibility Date” with respect to
services to be performed subsequent to the election but during such taxable year. With respect to
individuals who are members of the Board on March 16, 2005, the Eligibility Date is March 16, 2005;
with respect to individuals who become members of the Board after March 16, 2005, the Eligibility
Date is the date on which such individual becomes a member of the Board. Notwithstanding the
foregoing, for an election to be effective with respect to a quarter during the first taxable year
in which a member of the Board is eligible to participate hereunder, such election shall be made
within 30 days of the Eligibility Date and prior to the start of such quarter, which means that in
the case of individuals who are members of the Board on March 16, 2005, such election must be made
on or prior to March 31, 2005 in order for such election to be effective with respect to that
portion of the Annual Retainer earned during the second quarter of 2005.

     1.4.3 Awards under the Plan may also be made to such officers and employees
(including prospective employees) of the Company as the Committee may select.

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1.5 Types of Awards Under Plan

     Awards may be made under the Plan in the form of (a) deferred stock units and (b) dividend
equivalent rights.

1.6 Shares of Common Stock Available for Awards

     1.6.1 Common Stock Subject to the Plan. Subject to adjustment as provided in Section
1.6.2 hereof, the maximum number of shares underlying deferred stock units that may be reserved for
issuance are
4,000,0001 shares of Common Stock. Such shares of Common Stock may, in the
discretion of the Committee, be either authorized but unissued shares or shares previously issued
and reacquired by eBay. If any Award shall expire, terminate or otherwise lapse, in whole or in
part, any shares of Common Stock subject to such Award (or portion thereof) shall again be
available for issuance under the Plan.

     1.6.2 Adjustments. The Committee shall have the authority (but shall not be required)
to adjust the number of shares of Common Stock authorized pursuant to Section 1.6.1 and to adjust
equitably (including, without limitation, by payment of cash) the terms of any outstanding Awards
(including, without limitation, the number of shares of Common Stock covered by each outstanding
Award, the type of property to which the Award is subject and the exercise or strike price of any
Award), in such manner as it deems appropriate to preserve the benefits or potential benefits
intended to be made available to grantees of Awards, for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend,
spinoff, splitup, combination or reclassification of the Common Stock, or any other event the
Committee determines in its sole discretion affects the capitalization of eBay, including any
extraordinary dividend or distribution. After any adjustment made pursuant to this Section 1.6.2,
the number of shares of Common Stock subject to each outstanding Award shall be rounded down to the
nearest whole number.

ARTICLE II

AWARDS UNDER THE PLAN

2.1 Agreements Evidencing Awards

     Each Award granted under the Plan shall be evidenced by a written document which shall contain
such provisions and conditions as the Committee deems appropriate. The Committee may grant Awards
in tandem with or in substitution for any other Award or Awards granted under this Plan or any
award granted under any other plan of the Company. By accepting an Award pursuant to the Plan, a
grantee agrees that the Award shall be subject to all of the terms and provisions of the Plan and
the applicable Award Agreement.

 

			
	1	 	Denotes that such share number reflects the
stock splits of eBay’s common stock occurring in 8/03 and in 02/05.

 - 4 -

 

2.2 No Rights as a Stockholder

     No grantee of an Award shall have any of the rights of a stockholder of eBay with respect to
shares of Common Stock subject to such Award until the delivery of such shares. Except as
otherwise provided in Section 1.6.2, no adjustments shall be made for dividends, distributions or
other rights (whether ordinary or extraordinary, and whether in cash, Common Stock, other
securities or other property) for which the record date is prior to the date such shares are
delivered.

2.3 Grant of Deferred Stock Units

     2.3.1 Each New Director shall receive a one-time grant of deferred stock units equal to the
result of dividing (i) $150,000 by (ii) the Fair Market Value on the date of grant, rounded down to
the nearest whole share. A grantee of a deferred stock unit will have only the rights of a general
unsecured creditor of eBay until delivery of shares of Common Stock, cash or other securities or
property is made as specified in the applicable Award Agreement. As soon as practicable following
the delivery date specified in the Award Agreement, the grantee of each deferred stock unit not
previously forfeited or terminated shall receive one share of Common Stock, or cash, securities or
other property equal in value to the Fair Market Value of a share of Common Stock on the delivery
date specified in the Award Agreement or a combination thereof, as specified by the Committee.

     2.3.2 On each Cash Payment Date with respect to a taxable year in which a member of the Board
is an Electing Director pursuant to Section 1.4.2, such Electing Director shall receive a grant of
deferred stock units equal to the result of dividing (i) the amount of cash the Electing Director
would have received on such Cash Payment Date if he or she had not elected to become an Electing
Director by (ii) the Fair Market Value on the date of grant, rounded down to the nearest whole
share. A grantee of a deferred stock unit will have only the rights of a general unsecured
creditor of eBay until delivery of shares of Common Stock, cash or other securities or property is
made as specified in the applicable Award Agreement. As soon as practicable following the delivery
date specified in the Award Agreement, the grantee of each deferred stock unit not previously
forfeited or terminated shall receive one share of Common Stock, or cash, securities or other
property equal in value to the Fair Market Value of a share of Common Stock on the delivery date
specified in the Award Agreement or a combination thereof, as specified by the Committee.

     2.3.3 The Committee may grant deferred stock units in such amounts and subject to such terms
and conditions as the Committee shall determine to such other persons eligible to be selected for
an Award pursuant to Section 1.4.3.

2.4 Grant of Dividend Equivalent Rights

     The Committee may include in the Award Agreement with respect to any Award a dividend
equivalent right entitling the grantee to receive amounts equal to all or any portion of the
dividends that would be paid on the shares of Common Stock covered by such Award if such shares had
been delivered pursuant to such Award. The grantee of a dividend equivalent right

 - 5 -

 

will have only the rights of a general unsecured creditor of eBay until payment of such
amounts is made as specified in the applicable Award Agreement. In the event such a provision is
included in an Award Agreement, the Committee shall determine whether such payments shall be made
in cash, in shares of Common Stock or in another form, whether they shall be conditioned upon the
exercise of the Award to which they relate, the time or times at which they shall be made, and such
other terms and conditions as the Committee shall deem appropriate.

ARTICLE III

MISCELLANEOUS

3.1 Amendment of the Plan

     The Committee may from time to time suspend, discontinue, revise or amend the Plan in any
respect whatsoever; provided, however, that such action shall not materially adversely affect the
rights and obligations of a grantee under an Award previously granted.

3.2 Tax Withholding

     As a condition to the delivery of any shares of Common Stock pursuant to any Award or the
lifting or lapse of restrictions on any Award, or in connection with any other event that gives
rise to a federal or other governmental tax withholding obligation on the part of the Company
relating to an Award (including, without limitation, FICA tax), (a) the Company may deduct or
withhold (or cause to be deducted or withheld) from any payment or distribution to a grantee
whether or not pursuant to the Plan; (b) the Committee shall be entitled to require that the
grantee remit cash to the Company (through payroll deduction or otherwise), in each case in an
amount sufficient in the opinion of the Company to satisfy such withholding obligation; or (c) if
the event giving rise to the withholding obligation involves a transfer of shares of Common Stock,
then at the discretion of the Committee, the grantee may satisfy the withholding obligation by
electing to have the Company withhold shares of Common Stock (not in excess of the statutory
minimum rate) or by tendering previously owned shares of Common Stock, in each case having a Fair
Market Value equal to the amount of tax to be withheld (or by any other mechanism as may be
required or appropriate to conform with local tax and other rules). For this purpose, Fair Market
Value shall be determined as of the date on which the amount of tax to be withheld is determined
(and the Company may cause any fractional share amount to be settled in cash).

3.3 Required Consents and Legends

     3.3.1 If the Committee shall at any time determine that any consent (as hereinafter defined)
is necessary or desirable as a condition of, or in connection with, the granting of any Award, the
delivery of shares of Common Stock or the delivery of any cash, securities or other property under
the Plan, or the taking of any other action thereunder (each such action being hereinafter referred
to as a “plan action”), then such plan action shall not be taken, in whole or in part, unless and
until such consent shall have been effected or obtained to the full satisfaction of the Committee.
The Committee may direct that any certificate evidencing shares delivered

 - 6 -

 

pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as
the Committee may determine to be necessary or desirable, and may advise the transfer agent to
place a stop transfer order against any legended shares.

     3.3.2 By accepting an Award, each grantee expressly provides consent to the items described in
Section 3.3.3 below.

     3.3.3 The term “consent” as used in this Section 3.3 with respect to any plan action includes
(a) any and all listings, registrations or qualifications in respect thereof upon any securities
exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction
outside the United States, (b) any and all written agreements and representations by the grantee
with respect to the disposition of the shares, or with respect to any other matter, which the
Committee may deem necessary or desirable to comply with the terms of any such listing,
registration or qualification or to obtain an exemption from the requirement that any such listing,
qualification or registration be made, (c) any and all other consents, clearances and approvals in
respect of a plan action by any governmental or other regulatory body or any stock exchange or
self-regulatory agency and (d) any and all consents required by the Committee. Nothing herein
shall require eBay to list, register or qualify shares of Common Stock on any securities exchange.

3.4 Nonassignability; No Hedging

     Except to the extent otherwise expressly provided in the applicable Award Agreement or
determined by the Committee, no Award (or any rights and obligations thereunder) granted to any
person under the Plan may be sold, exchanged, transferred, assigned, pledged, hypothecated or
otherwise disposed of or hedged, in any manner (including through the use of any cash-settled
instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise,
other than by will or by the laws of descent and distribution. Any sale, exchange, transfer,
assignment, pledge, hypothecation, or other disposition in violation of the provisions of this
Section 3.4 shall be null and void and any Award which is hedged in any manner shall immediately be
forfeited. All of the terms and conditions of this Plan and the Award Agreements shall be binding
upon any permitted successors and assigns.

3.5 Successor Entity

     Unless otherwise provided in the applicable Award Agreement and except as otherwise determined
by the Committee, in the event of a merger, consolidation, mandatory share exchange or other
similar business combination of eBay with or into any other entity (“successor entity”) or any
transaction in which another person or entity acquires all of the issued and outstanding Common
Stock of eBay, or all or substantially all of the assets of eBay, outstanding Awards may be assumed
or a substantially equivalent award may be substituted by such successor entity or a parent or
subsidiary of such successor entity.

 - 7 -

 

3.6 Right of Discharge Reserved

     Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to
continued service as a member of the Board or any committee thereof or to future compensation as a
member of the Board or any committee thereof or affect any right which the Company or Board may
have to terminate such service.

3.7 Nature of Payments

     3.7.1 Any and all grants of Awards and deliveries of Common Stock, cash, securities or other
property under the Plan shall be in consideration of services performed or to be performed for the
Company by the grantee. Awards under the Plan may, in the discretion of the Committee, be made in
substitution in whole or in part for cash or other compensation otherwise payable to a participant
in the Plan. Only whole shares of Common Stock shall be delivered under the Plan. Awards shall,
to the extent reasonably practicable, be aggregated in order to eliminate any fractional shares.
Fractional shares shall be rounded down to the nearest whole share and any such fractional shares
shall be forfeited.

     3.7.2 All such grants and deliveries shall constitute a special discretionary incentive
payment to the grantee and shall not be required to be taken into account in computing the amount
of salary or compensation of the grantee for the purpose of determining any contributions to or any
benefits under any pension, retirement, profit-sharing, bonus, life insurance, severance or other
benefit plan of the Company or under any agreement with the grantee, unless the Company
specifically provides otherwise.

3.8 Other Payments or Awards

     Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from
making any award or payment to any person under any other plan, arrangement or understanding,
whether now existing or hereafter in effect.

3.9 Plan Headings

     The headings in this Plan are for the purpose of convenience only and are not intended to
define or limit the construction of the provisions hereof.

3.10 Termination of Plan

     The Committee reserves the right to terminate the Plan at any time; provided, however, that in
any case, the Plan shall terminate on March 17, 2013, and provided further, that all Awards made
under the Plan prior to its termination shall remain in effect until such Awards have been
satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable
Award Agreements.

 - 8 -

 

3.11 Governing Law

     THIS PLAN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.

3.12 Severability; Entire Agreement

     If any of the provisions of this Plan or any Award Agreement is finally held to be invalid,
illegal or unenforceable (whether in whole or in part), such provision shall be deemed modified to
the extent, but only to the extent, of such invalidity, illegality or unenforceability and the
remaining provisions shall not be affected thereby; provided, that if any of such provisions is
finally held to be invalid, illegal, or unenforceable because it exceeds the maximum scope
determined to be acceptable to permit such provision to be enforceable, such provision shall be
deemed to be modified to the minimum extent necessary to modify such scope in order to make such
provision enforceable hereunder. The Plan and any Award Agreements contain the entire agreement of
the parties with respect to the subject matter thereof and supersede all prior agreements,
promises, covenants, arrangements, communications, representations and warranties between them,
whether written or oral with respect to the subject matter thereof.

3.13 No Third Party Beneficiaries

     Except as expressly provided therein, neither the Plan nor any Award Agreement shall confer on
any person other than the Company and the grantee of any Award any rights or remedies thereunder.

3.14 Successors and Assigns of eBay

     The terms of this Plan shall be binding upon and inure to the benefit of eBay and any
successor entity contemplated by Section 3.5.

3.15 Date of Adoption

     The Plan was adopted on March 18, 2003 by the Committee and was amended by the Committee on
March 16, 2005 to provide a convenient means for members of the eBay board of directors to acquire
shares of Common Stock from the Company at fair market value.

 - 9 -

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