Document:

EX-10.44

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [****], HAS BEEN OMITTED BECAUSE IT
IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. 
 Exhibit 10.44

 REVOLVING CREDIT NOTE 
  

			
	$225,000,000.00	  	March 28, 2022

 FOR VALUE RECEIVED, Bullish Global, a Cayman Islands exempted company with limited liability,     (the
“Borrower”), promises to pay to the order of SILVERGATE BANK, California-chartered commercial bank (the “Lender”), on the Maturity Date as provided in that certain Revolving Credit and Security Agreement dated as of
the date hereof (as the same may be amended, supplemented or restated from time to time, the “Loan Agreement”), by and among Borrower and Lender, in lawful money of the United States of America and in immediately available funds,
the principal sum of TWO HUNDRED TWENTY-FIVE MILLION AND NO/100THS DOLLARS ($225,000,000.00) or, if less, the aggregate unpaid principal amount of all advances made by the Lender to the Borrower under the Loan Agreement (collectively, the
“Advances”), together with interest from the date hereof until this Note is fully paid on the principal amount hereunder remaining unpaid from time to time, computed in the manner, and at the rates specified in the Loan
Agreement. The principal hereof and interest accruing thereon shall be due and payable as provided in the Loan Agreement. 
 This Note evidences the
Advances. This Note is a Loan Document under the Loan Agreement and is entitled to the benefits and security, and is subject to the terms and conditions, of the Loan Agreement, including, without limitation, acceleration upon the terms provided
therein and in the other Loan Documents. All capitalized terms used herein which are defined in the Loan Agreement and not otherwise defined herein shall have the meanings given in the Loan Agreement. 

This Note is subject to voluntary and mandatory prepayment, in full or in part, in accordance with, and subject to the terms of, the Loan Agreement. All
payments of principal and interest under this Note shall be made in lawful money of the United States of America in immediately available funds at the office of the Lender or at such other place as may be designated by the Lender to the Borrower in
writing. Borrower waives any rights pursuant to California Civil Code Sections 1479 and 2822 (and any amendments or successors thereto), to designate how payments will be applied, and acknowledges and agrees that Lender shall apply payments on this
Note or any other Loan Document as provided in the Loan Agreement. 
 During the occurrence and the continuation of an Event of Default, the outstanding
principal balance hereunder, together with any accrued but unpaid interest and together with all of the other Obligations, may be accelerated and become immediately due and payable at the option of the Lender as provided in the Loan Agreement. 

The Borrower agrees to pay all costs of collection, including attorneys’ fees, all as provided in the Loan Agreement, if this Note is not paid when due,
whether or not legal proceedings are commenced as provided in the Loan Agreement. 
 Presentment or other demand for payment, notice of dishonor and protest
are expressly waived. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAWS
PROVISIONS) OF THE STATE OF NEW YORK. 

 The Borrower irrevocably and unconditionally agrees that it will not commence any action, litigation, or
proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Lender in any way relating to this Note or any other Loan Document or the transactions relating hereto or thereto, in any forum
other than the U.S. Federal or California state courts sitting in San Diego County, California or in New York County, New York, and the Borrower irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in
respect of any such action, litigation or proceeding may be heard and determined in such California State or New York State, or, to the extent permitted by law, in such Federal court, pursuant to the Loan Agreement. The Borrower agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Note or any other Loan Document shall affect any right that
the Lender may otherwise have to bring any action or proceeding against the Borrower or its properties in the courts of any other jurisdiction. 
 The
Borrower irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Note or any other Loan Document in any court referred to in the preceding paragraph. The Borrower irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court. 
 The Borrower irrevocably consents to service of process in the manner provided for notices in the Loan Agreement. Nothing in this
Note or any other Loan Document will affect the right of the Borrower or the Lender to serve process in any other manner permitted by law. 
 TO THE
FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY
JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE, THE SECURITY INSTRUMENT, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM, OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY BORROWER. 
 Nothing in this Note shall be deemed to apply to or limit Lender’s right to: (i) exercise
self-help remedies such as (but not limited to) setoff; (ii) foreclose judicially or nonjudicially against any real or personal property collateral, or to exercise judicial or nonjudicial power of sale rights; (iii) obtain from a court
provisional or ancillary remedies (including, without limitation, injunctive relief, a writ of possession, prejudgment attachment, a protective order, or the appointment of a receiver); or (iv) pursue its rights against any Person in a
third-party proceeding in any action brought against Lender (including, without limitation, actions in bankruptcy court). Neither the exercise of any self-help remedies nor the institution or maintenance of an action for foreclosure or provisional
or ancillary remedies, or the opposition to any such provisional remedies, shall constitute a waiver of the right of any party, including, without limitation, the claimant in any such action, to require submission to judicial reference the merits of
the dispute occasioning resort to such remedies. No provision in the Loan Documents regarding submission to jurisdiction or venue in any court is intended to or shall be construed to be in derogation of the foregoing general judicial reference. 

The foregoing judicial reference procedure constitutes a full and complete waiver of the right to a trial by jury that the parties may otherwise have and this
waiver is a material consideration to each party hereto. 
 Delivery of an executed counterpart of a signature page to this Note by facsimile or in
electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Note.     

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed and delivered by its duly authorized officer as of the day and year and at the place set
forth above. 

 
			
	Bullish Global
		
	By:	 	 [****]

	Name: [****]
	Title: [****]

 (Signature page to Revolving Note)Document

Exhibit 10.01

						
	
	eBay Inc.
2065 Hamilton Ave.
San Jose, CA 95125
U.S.A.
Company Tax ID: 77-043092

Performance Based Restricted Stock Unit Award Grant Notice (“Grant Notice”)
and Performance Based Restricted Stock Unit Award Agreement
									
	[●]
[●]
[●]
[●]	Award Number:
Plan:
Type:	[●]
[●]PBRSU

Effective as of [●](the “Grant Date”), eBay Inc., a Delaware corporation (the “Company”), pursuant to its 2008 Equity Incentive Award Plan, as amended from time to time (the “Plan”), hereby grants to the individual named above (“Participant”) an award of Performance Based Restricted Stock Units (“PBRSUs”) with respect to [●] shares of Stock at the target level of performance (the “Target Shares”) specified in Appendix A hereto (“Appendix A”).  This Performance Based Restricted Stock Unit Award (the “Award”) is subject to all of the terms and conditions set forth in this Grant Notice, the Performance Based Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Agreement”) (including without limitation the performance-based vesting conditions set forth in Appendix A), the special provisions for Participant’s country, if any, attached hereto as Exhibit B, the Plan, and any applicable sub-plan to the Plan for Participant’s country, all of which are incorporated herein by reference.  The number of shares of Stock (“Shares”) Participant will be eligible to receive pursuant to the Award, if any, may increase or decrease from the Target Shares based on the Company’s actual performance and Participant’s continued service, as set forth in Appendix A.  Any capitalized terms used in this Grant Notice without definition shall have the meanings ascribed to such terms in the Plan.
Subject to Participant’s continuous service with the Company or a Subsidiary and Section 16 of the Agreement, Participant will vest in a number of PBRSUs on the vesting date(s) set forth in Appendix A (the “Vesting Date(s)”), if any, determined based on the extent to which the performance goals set forth in Appendix A (the “Performance Goals”) are achieved during the applicable performance periods beginning and ending on the dates set forth in Appendix A (each, a “Performance Period” and together, the “Performance Periods”).  Any portion of the Shares subject to the Award that do not vest based on the achievement of the Performance Goals and Participant’s continued service shall be forfeited by Participant and cancelled by the Company.  Achievement of the Performance Goals shall be determined and certified by the Compensation Committee of the Board of Directors of the Company (the “Committee”) in writing prior to the settlement of the Award.  For the avoidance of doubt, all vesting is subject to Participant’s continued service with the Company or a Subsidiary through the Vesting Date(s).
By Participant’s signature and the Company’s signature below, Participant agrees to be bound by the terms and conditions of the Plan, any applicable sub-plan to the Plan for Participant’s country, and this Grant Notice which includes Exhibit A (the Agreement) and Exhibit B (the special provisions for Participant’s country, if any).  Participant has reviewed and fully understands all provisions of the Plan, any applicable sub-plan to the Plan for Participant’s country, and this Grant Notice in their entirety, including Exhibits A and B, and has had an opportunity to obtain the advice of counsel prior to executing 

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this Grant Notice.  Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Company upon any questions arising under the Plan, any applicable sub-plan to the Plan for Participant’s country, and this Grant Notice, including Exhibits A and B.

									
			
	eBay Inc.		Date
			
	[●], the Participant
		Date

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EXHIBIT A
TO PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD GRANT NOTICE EBAY INC. PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD AGREEMENT
Pursuant to the Performance Based Restricted Stock Unit Award Grant Notice (the “Grant Notice”) to which this Performance Based Restricted Stock Unit Award Agreement (the “Agreement”) is attached, eBay Inc., a Delaware corporation (the “Company”) has granted to Participant an award of Performance Based Restricted Stock Units (“PBRSUs”) under the Company’s 2008 Equity Incentive Award Plan, as amended from time to time (the “Plan”), with respect to a number of Shares as set forth in the Grant Notice.
GENERAL
1.Definitions.  Any capitalized terms used in this Agreement without definition shall have the meanings ascribed to such terms in the Plan or the Grant Notice, as applicable.
2.Incorporation of Terms of Plan.  The Award is subject to the terms and conditions of the Plan which are incorporated herein by reference.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.
AGREEMENT
1.Grant of the PBRSUs.  As set forth in the Grant Notice, as of the Grant Date (as defined in the Grant Notice), the Company hereby grants to Participant the number of PBRSUs based on the shares of Stock (“Shares”) set forth in the Grant Notice, subject to all the terms and conditions in the Grant Notice (including Appendix A, this Exhibit A and Exhibit B) and the Plan.  The number of PBRSUs specified in the Grant Notice reflects the target number of Shares (the “Target Shares”) that may be earned by Participant.  The number of Shares Participant will be eligible to receive pursuant to the Award, if any, may increase or decrease from the Target Shares based on the Company’s actual performance and Participant’s continued service.  No Shares shall be issued to Participant until the time set forth in Section 2.  Prior to actual issuance of any Shares, such PBRSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.  Unless otherwise determined by the Committee, the PBRSUs include a right to Dividend Equivalents equal to the value of any dividends paid on the Stock for which the dividend record date occurs between the Grant Date and the date the PBRSUs are settled or forfeited.  Subject to vesting and the amount of Earned PBRSUs (as defined in Appendix A), each Dividend Equivalent entitles Participant to receive the equivalent cash value of any such dividends paid on the number of Shares underlying the PBRSUs that are earned during such period.  Dividend Equivalents will be accrued (without interest) and will be subject to the same conditions as the PBRSUs to which they are attributable, including, without limitation, the vesting conditions, the provisions governing the time and form of settlement of the PBRSUs, and any special provisions for Participant’s country in Exhibit B.
2.Settlement of the PBRSUs.  Shares shall be issued, and unless otherwise determined by the Committee, any accrued Dividend Equivalents with respect to such Shares shall be paid, to Participant on or as soon as administratively practicable following each vesting date as set forth in Appendix A (each, a “Vesting Date”) (and in no event later than 60 days following the applicable Vesting Date), subject to Section 3 hereof; provided, that Participant has not experienced a Termination of Service on or prior to each such Vesting Date. After each such Vesting Date, the Company shall promptly cause to be issued (either in book-entry form or otherwise) to Participant or Participant’s beneficiaries, as the case may be, 

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Shares with respect to PBRSUs that become vested on such Vesting Date.  No fractional Shares shall be issued under this Agreement.  The vesting of the PBRSUs shall cease immediately upon a Termination of Service, as further described in Section 8(j) below, and any unvested PBRSUs awarded by this Agreement and the Grant Notice shall be forfeited upon such Termination of Service.
3.Responsibility for Taxes.  Participant acknowledges that, regardless of any action taken by the Company and/or Participant’s employer (the “Employer”), the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant’s participation in the Plan and legally applicable to Participant as a result of participation in the Plan (“Tax-Related Items”), is and remains Participant’s responsibility and may exceed the amount (if any) withheld by the Company or the Employer. Participant further acknowledges that the Company and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting, settlement, release or cancellation of the PBRSUs or any related Dividend Equivalents, the issuance of Shares upon settlement of the PBRSUs, the subsequent sale of Shares acquired pursuant such issuance and the receipt of any dividends, and (b) do not commit to and are under no obligation to structure the terms of the Award or any aspect of the PBRSUs to reduce or eliminate Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if Participant has become subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy the Tax-Related Items.  In this regard, Participant authorizes the Company and/or the Employer (or their respective agents), at their discretion and pursuant to such procedures as they may specify from time to time, to satisfy the obligations with regard to the Tax-Related Items by one or a combination of the following:
(i)withholding a net number of otherwise issuable vested Shares having a then current Fair Market Value not exceeding the amount necessary to satisfy the withholding obligation of the Company and/or the Employer pursuant to the terms and conditions of the Plan or other applicable withholding rates; and/or
(ii)arranging for the Company-designated broker to sell on the market a portion of the otherwise issuable vested Shares that have an aggregate market value sufficient to pay the Tax-Related Items (a “Sell to Cover”), on Participant’s behalf and at Participant’s direction pursuant to this authorization; and/or

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(iii)withholding from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Employer (including from any Dividend Equivalents); and/or
(iv)requiring Participant to make a payment in cash (or cash equivalent) to the Company or the Employer; 
provided, however, that if Participant is an officer, within the meaning of Section 16 of the Exchange Act, then the obligations with regard to the Tax-Related Items shall be satisfied by first withholding any otherwise payable Dividend Equivalents upon the relevant taxable or tax withholding event, as applicable, and then withholding a net number of otherwise issuable vested Shares as described in clause (i) above, unless the use of such Share withholding method would result in adverse consequences under applicable tax or securities law or accounting principles, in which case the obligations with regard to the Tax-Related Items in excess of the amount of otherwise payable Dividend Equivalents shall be satisfied by the method described in clause (ii) above.
No fractional Shares will be sold to cover or withheld to cover Tax-Related Items.  The Company may withhold or account for Tax-Related Items by considering maximum applicable rates in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent amount in Shares.  If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described in (ii) above, for tax purposes Participant will be deemed to have been issued the full number of Shares subject to the vested PBRSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items.  The Company may refuse to issue or deliver the Shares or refuse to deliver the proceeds of the sale of Shares if Participant fails to comply with Participant’s obligations in connection with the Tax-Related Items.
4.Rights as Stockholder.  Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account).  After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.
5.Conditions to Issuance of Certificates.  Notwithstanding any other provision of this Agreement, the Company shall not be required to issue or deliver any certificate or certificates for any Shares prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any U.S. state or federal or non-U.S. law or under rulings or regulations of the U.S. Securities and Exchange Commission or other governmental regulatory body (including any applicable non-U.S. governmental regulatory body), which the Company shall, in its sole and absolute discretion, deem necessary and advisable, (c) the obtaining of any approval or other clearance from any U.S. state or federal or non-U.S. governmental agency that the Company shall, in its absolute discretion, determine to be necessary or advisable and (d) the lapse of any such reasonable period of time following the date the PBRSUs vest as the Company may from time to time establish for reasons of administrative convenience.

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6.Plan Governs.  This Agreement is subject to all terms and provisions of the Plan.  In the event of a conflict between one or more provisions of this Agreement and one or more provisions of the Plan, the provisions of the Plan will govern.
7.Award Not Transferable.  This Award and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process.  Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this Award, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Award and the rights and privileges conferred hereby immediately will become null and void.
8.Nature of Grant.  In accepting the Award, Participant acknowledges, understands and agrees that:
(a)the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended or terminated by the Company at any time, to the extent permitted by the Plan;
(b)the grant of the PBRSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of PBRSUs, or benefits in lieu of PBRSUs, even if PBRSUs have been granted in the past;
(c)all decisions with respect to future grants of PBRSUs, if any, will be at the sole discretion of the Company;
(d)Participant is voluntarily participating in the Plan;
(e)the grant of the PBRSUs and Participant’s participation in the Plan shall not create a right to employment or service or be interpreted as forming an employment or service contract with the Company, the Employer or any Subsidiary and shall not interfere with the ability of the Company, the Employer or any Subsidiary to terminate Participant’s employment or service relationship (if any);
(f)the PBRSUs and any Shares subject to the PBRSUs are not intended to replace any pension rights or compensation;
(g)the PBRSUs and any Shares subject to the PBRSUs, and the income and value of same, are not part of normal or expected compensation or salary for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, holiday pay, pension or retirement or welfare benefits or similar mandatory payments;
(h)the future value of the Shares subject to the PBRSUs is unknown, indeterminable and cannot be predicted with certainty;

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(i)no claim or entitlement to compensation or damages shall arise from forfeiture of the PBRSUs resulting from Participant ceasing to provide services to the Company, the Employer or any Subsidiary (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant’s employment agreement or service contract, if any) and in consideration of the grant of the PBRSUs to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, the Employer or any Subsidiary, waives his or her ability, if any, to bring any such claim, and releases the Company, the Employer and any Subsidiary from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claims;
(j)in the event of Participant’s Termination of Service (whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant’s employment agreement or service contract, if any), unless otherwise determined by the Company, Participant’s right to vest in the PBRSUs, if any, will terminate effective as of the date that Participant is no longer actively providing services and will not be extended by any notice period (e.g., active service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where Participant is employed or providing services or the terms of Participant’s employment agreement or service contract, if any); the Committee shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the PBRSUs; and
(k)neither the Company, the Employer nor any Subsidiary will be liable for any foreign exchange rate fluctuation between Participant’s local currency and the United States dollar that may affect the value of the PBRSUs or any amounts due to Participant pursuant to the vesting of the PBRSUs or the subsequent sale of any Shares acquired under the Plan.
9.No Advice Regarding Grant.  The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding participation in the Plan, or Participant’s acquisition or sale of Shares.  Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.
10.Insider Trading Restrictions/Market Abuse Laws.  Participant acknowledges that he or she is subject to any applicable Company insider trading policy.  In addition, depending on his or her country of residence, Participant may be subject to additional insider trading restrictions and/or market abuse laws, which may affect his or her ability to acquire or sell Shares or rights to Shares (e.g., PBRSUs) under the Plan during such times as Participant is considered to have “inside information” regarding the Company (as defined by the laws in Participant’s country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  Participant acknowledges that it is Participant’s responsibility to comply with any applicable Company insider trading policy and any additional restrictions that may apply due to local insider trading restrictions or market abuse laws.  Participant is advised to speak to his or her personal legal advisor regarding any applicable local insider trading restrictions or market abuse laws.

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11.Data Privacy.  Participant hereby voluntarily consents to the collection, use and transfer, in electronic or other form, of Participant’s personal data as described in this Agreement and any other PBRSU grant materials by and among, as applicable, the Employer, the Company and any Subsidiary for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.
Participant understands that the Company, the Employer and any Subsidiary may hold certain personal information about Participant, including, but not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all PBRSUs or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Personal Data”).
Participant understands that Personal Data will be transferred to E*Trade Corporate Financial Services, Inc. and/or its affiliates (“E*Trade”) or such other stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration and management of the Plan.  Participant understands that the recipients of Personal Data may be located in the United States or elsewhere, and that the recipient’s country may have different data privacy laws and protections than Participant’s country.  Participant authorizes the Company, E*Trade and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer Personal Data, in electronic or other form, for the purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Personal Data as may be required to a broker or other third party with whom Participant may elect to deposit any Shares received upon vesting of the PBRSUs. Participant understands that he or she may request a list with the names and addresses of any potential recipients of Personal Data by contacting Participant’s regional human resources (“MyHR”) representative.  Participant understands that Personal Data will be held only as long as is necessary to implement, administer and manage Participant’s participation in the Plan.  Participant understands that he or she may, at any time, request access to Personal Data, request additional information about the storage and processing of Personal Data, require any necessary amendments to Personal Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her MyHR representative.  Further, Participant understands that Participant is providing the consents herein on a purely voluntary basis.  If Participant does not consent, or if Participant later seeks to revoke his or her consent, Participant’s employment status or service with the Employer will not be adversely affected; the only consequence of refusing or withdrawing consent is that the Company would not be able to grant PBRSUs or other equity awards to Participant or administer or maintain such awards.  Therefore, Participant understands that refusal or withdrawal of consent may affect Participant’s ability to participate in the Plan.  For more information on the consequences of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her MyHR representative.

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12.Electronic Delivery and Participation.  The Company may, in its sole discretion, decide to deliver any documents related to the PBRSUs or future PBRSUs granted under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means.  Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
13.Language.  If Participant has received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
14.Governing Law and Choice of Venue.  The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of the Grant Notice (including this Agreement and the special provisions for Participants outside the U.S. attached hereto as Exhibit B), regardless of the law that might be applied under such state’s conflict of laws principles.
For purposes of litigating any dispute that arises directly or indirectly in respect of this Award, the parties hereby submit to and consent to the jurisdiction of the State of California and agree that such litigation shall be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.
15.Conformity to U.S. Securities Laws.  Participant acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the U.S. Securities and Exchange Commission, including without limitation Rule 16b-3 under the Exchange Act.  Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Awards are granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
16.Award Subject to Clawback.  The Award and any cash payment or Shares delivered pursuant to the Award are subject to forfeiture, recovery by the Company or other action pursuant to any clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law.
17.Amendment, Modification and Termination.  To the extent permitted by the Plan, the Grant Notice (including this Agreement and Exhibit B) may be wholly or partially amended or otherwise modified or terminated at any time or from time to time by the Committee or the Board, provided, that, except as may otherwise be provided by the Plan, no amendment, modification or termination of this Agreement shall adversely effect the Award in any material way without the prior written consent of Participant.

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18.Notices.  Notices required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the post by certified mail, or its non-U.S. equivalent, with postage and fees prepaid, addressed to Participant at his or her address shown in the Company records, and to the Company at its principal executive office.
19.Successors and Assigns.  The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, and to the extent permissible under local law, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.
20.Compliance in Form and Operation.  This Agreement and the PBRSUs are intended to comply with Section 409A of the Code and the Treasury Regulations thereunder (“Section 409A”) and shall be interpreted in a manner consistent with that intention, to the extent Participant is or becomes subject to U.S. federal income taxation.  Notwithstanding any other provisions of this Agreement or the Grant Notice, the Company reserves the right, to the extent the Company deems necessary or advisable, if Participant is or becomes subject to U.S. federal income taxation, and without any obligation to do so or to indemnify Participant for any failure to do so, to unilaterally amend the Plan and/or this Agreement to ensure that all PBRSUs are awarded in a manner that qualifies for exemption from or complies with Section 409A, provided, however, that the Company makes no representation that the PBRSUs will comply with or be exempt from Section 409A and makes no undertaking to preclude Section 409A from applying to the PBRSUs.
21.Exhibit B.  The Award shall be subject to any special provisions set forth in Exhibit B of the Grant Notice for Participant’s country, if any.  If Participant relocates to one of the countries included in Exhibit B of the Grant Notice prior to any Vesting Date or while holding Shares issued upon vesting of the PBRSUs, the special provisions for such country shall apply to Participant, to the extent the Company determines that the application of such provisions is advisable or necessary for legal or administrative reasons.  Exhibit B of the Grant Notice constitutes part of this Agreement.
22.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on the PBRSUs and on any Shares issued upon vesting of the PBRSUs, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
23.Entire Agreement: Severability.  The Plan and the Grant Notice (including Exhibit B) are incorporated herein by reference.  The Plan and the Grant Notice (including this Agreement and Exhibit B) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.  If any provision of the Plan or the Grant Notice (including this Agreement and Exhibit B) is determined to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.
24.Waiver.  Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant.

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APPENDIX A
TO PERFORMANCE BASED RESTRICTED STOCK UNIT AWARD GRANT NOTICE
Performance-Based Vesting Conditions

1.Performance Periods.  Achievement of the [_____] (as defined below) Performance Goal and the [_____] (as defined below) Performance Goal (together, the “Core Metric Performance Goals”) shall be measured over the following three, one-year performance periods (each a “Core Metric Performance Period” and, together, the “Core Metric Performance Periods”): (a) calendar year [●] (the “First Core Metric Performance Period”), calendar year [●] (the “Second Core Metric Performance Period”), and calendar year [●] (the “Third Core Metric Performance Period”). Achievement of the [_____] (as defined below) Performance Goal shall be measured over the following three, one-year performance periods (each an “[_____] Modifier Performance Period”): (a) calendar year [●] (the “First [_____] Modifier Performance Period”), calendar year [●] (the “Second [_____] Modifier Performance Period”), and calendar year [●] (the “Third [_____] Modifier Performance Period”).  The Performance Period with respect to which the achievement of the Relative TSR (as defined below) Performance Goal is measured and determined shall commence on March 15, [●] and end on March 14, [●] (the “TSR Modifier Performance Period”).
2.Determination of Performance; Vesting and Settlement of PBRSUs.  As soon as reasonably practicable following the completion of a Performance Period, the Committee shall determine, as of the completion of the Performance Period, the extent to which the Performance Goal relating to that Performance Period has been achieved.  Subject to Participant’s continuous service with the Company or a Subsidiary through the Vesting Date set forth below, and subject to Section 16 of the Agreement, Participant will vest in a number of PBRSUs determined based on the extent to which the Performance Goals are achieved during the applicable Performance Periods (the “Earned PBRSUs”).  Except as otherwise provided in Section 4 below, Participant will vest in 100% of any Earned PBRSUs on March 15, [●] (the “Vesting Date”), subject to the terms of the Plan and the Award Agreement.
Any portion of the Award that does not vest based on the achievement of the Performance Goals and Participant’s continued service shall be forfeited by Participant and cancelled by the Company.  Attainment of the Performance Goals shall be determined and certified by the Committee in writing prior to the settlement of the Award.  In no event shall the Company deliver any Shares to Participant later than 60 days following the date the applicable portion of the Award vests.
3.Calculation of Earned PBRSUs and Performance Goals.  Subject to the terms of the Grant Notice (including the Agreement) and the Plan, 50% of the Award shall be based on [_____] (as defined below) during the Core Metric Performance Periods and 50% of the Award shall be based on [_____] (as defined below) during the Core Metric Performance Periods, as set forth below, with the “Percentage of Target Shares Earned” (as that term is used in the following tables) in each of the three Core Metric Performance Periods adjusted based on [_____] performance during the corresponding [_____] Modifier Performance Period.  The average of such Target Shares Earned over the three, one-year Core Metric Performance Periods will then be further adjusted by the Company’s Relative TSR performance over the TSR Modifier Performance Period.  

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The percentage of the Award earned with respect to each of the Performance Goals shall be determined using straight-line interpolation between the specified performance levels.  None of the PBRSUs with respect to a Core Metric Performance Goal shall be earned for performance below the “threshold” performance level. 
First Core Metric Performance Period and First [_____] Modifier Performance Period
a.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	[●]% of Target
	25%
	Target	$[●]
	50%
	Maximum	[●]% of Target
	100%

b.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	[●]% of Target
	25%
	Target	$[●]
	50%
	Maximum	[●]% of Target
	100%

c.[_____] Modifier.  The number of PBRSUs determined pursuant to Sections 3(a) and 3(b) above shall be adjusted by multiplying such number of PBRSUs by the [_____] Modifier (as defined below), which shall be determined in accordance with the schedule set forth below based on the [_____] performance during the First [_____] Modifier Performance Period.  The resulting amount shall be referred to as the “[●] Core Metric Percentage of Target Shares Earned.”
									
	Performance
Levels	[_____] *
	[_____] Multiplier

	Threshold	≤ [●]% of Target
	.85 multiplier
	Target	  [●]%
	No adjustment
	Maximum	≥ [●]% of Target
	1.15 multiplier

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The modifier shall be determined using straight-line interpolation between the specified performance levels.  
Second Core Metric Performance Period and Second [_____] Modifier Performance Period1
d.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	$[TBD]	25%
	Target	$[TBD]	50%
	Maximum	$[TBD]	100%

e.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	$[TBD]	25%
	Target	$[TBD]	50%
	Maximum	$[TBD]	100%

f.[_____] Modifier.  The number of PBRSUs determined pursuant to Sections 3(d) and 3(e) above shall be adjusted by multiplying such number of PBRSUs by the Second [_____] Modifier (as defined below), which shall be determined in accordance with the schedule set forth below based on the [_____] performance during the [_____] Modifier Performance Period.  The resulting amount shall be referred to as the “[●] Core Metric Percentage of Target Shares Earned.”
									
	Performance
Levels	[_____] *
	[_____] Multiplier

	Threshold	≤TBD%	.85 multiplier
	Target	TBD %	No adjustment
	Maximum	≥TBD %	1.15 multiplier

The modifier shall be determined using straight-line interpolation between the specified performance levels.  

1 Performance Goals for the [●] Performance Periods to be determined by the Compensation and Human Capital Committee.

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Third Core Metric Performance Period and Third [_____] Modifier Performance Period2
g.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	$[TBD]	25%
	Target	$[TBD]	50%
	Maximum	$[TBD]	100%

h.[_____] Performance Goal
									
	Performance
Levels	Performance Goal:
[_____]
($ Billions)
	Percentage of Target Shares
Earned
	Threshold	$[TBD]	25%
	Target	$[TBD]	50%
	Maximum	$[TBD]	100%

i.[_____] Modifier.  The number of PBRSUs determined pursuant to Sections 3(g) and 3(h) above shall be adjusted by multiplying such number of PBRSUs by the Third [_____] Modifier (as defined below), which shall be determined in accordance with the schedule set forth below based on the [_____] performance during the [_____] Modifier Performance Period.  The resulting amount shall be referred to as the “[●] Core Metric Percentage of Target Shares Earned.”
									
	Performance
Levels	[_____] *
	[_____] Multiplier

	Threshold	≤TBD%	.85 multiplier
	Target	TBD %	No adjustment
	Maximum	≥TBD %	1.15 multiplier

The modifier shall be determined using straight-line interpolation between the specified performance levels.  
The sum of the (i) [●] Core Metric Percentage of Target Shares Earned, (ii) [●] Core Metric Percentage of Target Shares Earned and (iii) [●] Core Metric Percentage of Target Shares Earned, divided by three, is referred to as the “Average Percentage of Target Shares Earned.” 

2 Performance Goals for the [●] Performance Periods to be determined by the Compensation and Human Capital Committee.

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j.Relative TSR Modifier.  The Average Percentage of Target Shares Earned determined as described above shall be further adjusted by multiplying such amount by the Relative TSR Modifier (as defined below), which shall be determined in accordance with the schedule set forth below based on the Relative TSR performance during the TSR Modifier Performance Period; provided, however, that if the Company’s TSR during the TSR Modifier Performance Period is negative, the Relative TSR Modifier shall in no event be greater than “No adjustment.”
									
	Performance
Levels	Relative TSR Percentile	Relative TSR Modifier
	Threshold	≤25th	.85 multiplier
	Target	50th	No adjustment
	Maximum	≥75th	1.15 multiplier

The modifier shall be determined using straight-line interpolation between the specified performance levels.
4.Change in Control; Qualifying Termination.  If a Change in Control occurs before a Performance Period has been completed, notwithstanding anything to the contrary in the eBay Inc. Change in Control Severance Plan for Key Employees (the “CIC Severance Plan”), then on and after the date of the Change in Control, the Performance Goal relating to that Performance Period shall be deemed to have been achieved at the “Target” level.  For clarity, if a Change in Control occurs upon or after completion of a Performance Period, but before the Award vests, the level of achievement for the Performance Goal relating to the completed Performance Period shall be based on actual achievement over the completed Performance Period.  For example, if a Change in Control were to occur in calendar year 2023, the level of achievement would be determined based on actual results in the First Core Metric Performance Period and First [_____] Modifier Performance Period, and “Target” results for the remaining uncompleted Performance Periods.  After a Change in Control, the Award shall no longer be subject to performance-based vesting conditions and the number of Earned PBRSUs determined pursuant to the preceding sentence shall remain unvested, with vesting subject to Participant’s continued service with the Company or a Subsidiary through the Vesting Date, except as otherwise provide in the CIC Severance Plan.  Additionally, unless provided otherwise in Participant’s offer letter or similar employment letter or agreement, if Participant’s employment terminates before the occurrence of a Change in Control (other than due to Participant’s death or Disability (as that term is defined in the eBay Inc. SVP and Above Standard Severance Plan (the “Standard Severance Plan”))) for any reason that entitles Participant to severance benefits under the Standard Severance Plan, (i) if the termination occurs before completion of the First Core Metric Performance Period, the Award will be forfeited and (ii) if the termination occurs upon or after completion of the First Core Metric Performance Period but before the Vesting Date, Participant shall vest on the Vesting Date in a number of PBRSUs equal to the product of (x) multiplied by (y), where (x) is the total number of Earned PBRSUs determined based on actual results in all Performance Periods and (y) is a fraction, the numerator of which is the number of days Participant was employed during the Core Metric Performance Periods (January 1, [●] – December 31, [●]) through and including the date of termination, plus [365]3 (provided that the numerator shall in no event exceed 1,095) and (y) is 1,095.  Unless provided otherwise in Participant’s offer letter or similar employment letter or agreement, if Participant’s employment terminates before the occurrence of a Change in Control due to Participant’s death or Disability (as that term is defined in the Standard Severance 

3 730 for the CEO and 548 for the CFO

15

Plan) and upon or after completion of the First Core Metric Performance Period, the terms of the Standard Severance Plan shall apply; provided, that, notwithstanding anything to the contrary in the Standard Severance Plan (1) if the termination occurs on or after completion of the First Core Metric Performance Period, the Award will vest as described in the Standard Severance Plan regardless of whether the termination occurs more than 24 months before the Vesting Date, and (2) vesting shall be based on the actual level of achievement with respect to any completed Performance Periods (e.g., if the termination occurs during the Second Core Metric Performance Period, vesting will be based on the actual level of achievement in the First Core Metric Performance Period and the First [_____] Modifier Performance Period, and deemed achievement of “Target” performance in all other Performance Periods).
5.Definitions.  For the purpose of this Appendix A, the following terms shall be defined as follows:
a.“Beginning Stock Price” means the average closing price of a share of common stock of a company, as reported on the principal national stock exchange on which such common stock is traded, over the 30 consecutive trading days immediately preceding the first day of the TSR Modifier Performance Period.
b.“Dividends Paid” means all dividends paid with respect to an ex-dividend date that occurs during the TSR Modifier Performance Period (whether or not the dividend payment date occurs during the TSR Modifier Performance Period), which shall be deemed to have been reinvested in the underlying common shares and shall include dividends paid with respect to such reinvested dividends, appropriately adjusted to reflect stock splits, spinoffs, and similar transactions.
c.“Ending Stock Price” means the average closing price of a share of common stock of a company, as reported on the principal national stock exchange on which such common stock is traded, over the 30 consecutive trading days ending on (and including) the last day of the TSR Modifier Performance Period.
d.“[_____]” means [_____], as determined in accordance with GAAP and reported in the Company’s audited financial statements, as adjusted to disregard (i) the effects of changes in foreign exchange rates and (ii) the impact of extraordinary and nonrecurring gains, losses and expenses as determined by the Compensation Committee.
e. “[_____]” means [_____], as reported in the Company’s audited financial statements (expressed as a dollar value), as adjusted to disregard the effects of extraordinary and nonrecurring gains, losses and expenses as determined by the Compensation Committee.

16

f.“Relative TSR Percentile” means the percentile rank of the Company’s TSR relative to the TSR of the companies in the [_____] Index for the TSR Modifier Performance Period.   Relative TSR Percentile will be determined by ranking the TSR of the Company and each of the companies in the [_____] Index (with the company having the lowest TSR being ranked number 1, the company with the second lowest TSR being ranked number 2, and so forth) and determining the Company’s percentile rank based upon its position in the list by dividing the Company’s position by the total number of companies (including the Company) in the [_____]  Index and rounding the quotient to the nearest hundredth. 
g. “[_____]” means [_____].
h. “TSR” means, for any company, the cumulative total shareholder return for the TSR Modifier Performance Period as measured by dividing (A) the sum of (i) the cumulative amount of Dividends Paid, and (ii) the Ending Stock Price minus the Beginning Stock Price, by (B) the Beginning Stock Price. 
i. “[_____] Index” means the companies that are included in the [_____] Index on the first day of the TSR Modifier Performance Period.  If any of the companies included in the [_____] Index undergo transactions or other changes during the TSR Modifier Performance Period, the following treatment shall apply or, if the transaction or other change is not covered by the list included below, the Compensation and Human Capital Committee of the Board of Directors of the Company (the “Committee”) shall determine the treatment of such transaction or other change in its discretion: 
•Company 1 merges with or acquires Company 2 where Company 1 is surviving entity, then Company 1 is included and Company 2 is removed.
•Company merges with or acquires a Non- Company where  Company is surviving entity, then  Company is included.
• Company merges with or acquires a Non- Company where  Company is not surviving entity, then  Company is removed.
• Company declares bankruptcy, then  Company is included with a TSR of -100%.
• Company spins out a portion of business but the parent company in the spinoff remains the same  Company, then  Company is included.
• Company spins out a portion of business and spun out entity replaces  Company in the [_____] Index, then  Company is removed.
• Company’s Ticker Changes, then  Company is included.
• Company merges with or acquires another  Company where entirely new company is established, then the Committee has discretion regarding whether to include or remove the new company. 

17

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