PayPal ESPP definition
Examples of PayPal ESPP in a sentence
The PayPal ESPP may have terms that are comparable to those in effect, as of immediately prior to the Effective Time, under which the corresponding eBay ESPP Options were governed prior to the Distribution, including with such changes as are necessary and appropriate to reflect the Separation and such other changes, modifications or amendments to the PayPal Equity Plans as may be required by applicable Law.
The PayPal ESPP will include authority to grant options which do not meet the requirements of Section 423(b) of the Code (as well as options which meet such requirements).
Prior to the Effective Time, PayPal shall (i) adopt the PayPal ESPP under which the PayPal ESPP Options shall be granted and (ii) assume the obligations under the eBay ESPP Options that are, pursuant to this Agreement, being replaced with the PayPal ESPP Options.
PayPal and eBay shall use their reasonable best efforts to cooperate to facilitate: (i) the carryover of current elections made by each PayPal Group Employee in effect under the eBay ESPP to the PayPal ESPP and (ii) the transfer of contributions associated with such elections from the eBay ESPP to the PayPal ESPP.
The party that is entitled to claim the Tax deductions described (i) in Section 6.02(a)(i) with respect to shares issued under the eBay ESPP or PayPal ESPP or (ii) in Section 6.02(a)(ii) with respect to Transitioning eBay Group Employees, in each case, shall be responsible for all applicable Taxes (including, but not limited to, withholding and excise taxes) and shall satisfy, or shall cause to be satisfied, all applicable Tax reporting obligations with respect thereto.
Following the Effective Time, (i) the eBay Group shall be responsible for all income, payroll and other tax reporting in respect of eBay shares issued (or PayPal shares received in respect of eBay shares issued) under the eBay ESPP, and (ii) the entitlement to Tax (as defined in the Tax Matters Agreement) deductions in respect of shares issued under the eBay ESPP and PayPal ESPP, as applicable, shall be governed by Section 6.02 of the Tax Matters Agreement.
Employee Stock Purchase Plan or the PayPal Employee Stock Purchase Plan (each as defined in the Employee Matters Agreement) shall be claimed (i) in the case of eBay shares issued (or SpinCo shares received in respect of eBay shares issued) under the eBay ESPP (as defined in the Employee Matters Agreement), solely by the eBay Group, and (ii) in the case of SpinCo shares issued under the PayPal ESPP (as defined in the Employee Matters Agreement), solely by the SpinCo Group.
To the extent permitted by applicable law, Income Tax deductions with respect to shares issued under the eBay ESPP or the PayPal ESPP (each as defined in the Employee Matters Agreement) shall be claimed (i) in the case of eBay shares issued (or SpinCo shares received in respect of eBay shares issued) under the eBay ESPP, solely by the eBay Group, and (ii) in the case of SpinCo shares issued under the PayPal ESPP, solely by the SpinCo Group.
The party that is entitled to claim the Tax deductions described in Section 6.02(a)(i) with respect to shares issued under the eBay ESPP or PayPal ESPP shall be responsible for all applicable Taxes (including, but not limited to, withholding and excise taxes) and shall satisfy, or shall cause to be satisfied, all applicable Tax reporting obligations with respect thereto.