Today PayPal Holdings, Inc. filed a second amendment to its Form 10 with the Securities and Exchange Commission (SEC), marking an important next step in eBay Inc.’s plan to separate eBay and PayPal into two standalone, publicly traded companies.
The second amendment includes the composition of PayPal’s Board of Directors and executive officers, in addition to information about the structure of PayPal as a stand-alone company. The amendment also discloses that PayPal intends to list its common stock on the NASDAQ Stock Market under the symbol “PYPL.” Though a previous amendment included the summary of the operating agreement between the two companies, today’s filing provides full detail of the operating agreement that will define the partnership between PayPal and eBay post-separation. Among the new agreements and forms detailed in today’s filing are the form of amended and restated certificate of incorporation bylaws of PayPal, as well as the forms of separation and distribution agreement, transition services agreement, employee matters agreement, intellectual property matters agreement and others.
Additionally, eBay Inc. today announced the composition of the eBay Board of Directors following separation. We believe that the Board composition for each of eBay and PayPal provides a strong balance of executive leadership, governance, finance, technology and marketing expertise, along with a diversity of backgrounds and perspectives.