Full Recourse Promissory Note between Peter Thiel and PayPal, Inc. dated September 10, 2001
Peter Thiel promises to repay PayPal, Inc. $1,350,000 plus 8% annual interest, with the full amount due by September 2005. If Thiel's employment or consulting relationship with PayPal ends before repayment, the entire balance becomes immediately due. The note is full recourse, meaning Thiel is personally liable for repayment. Payments can be made early without penalty, and if legal action is needed to collect, Thiel must cover reasonable collection costs. The agreement is governed by California law.
QuickLinks -- Click here to rapidly navigate through this document
EXHIBIT 10.11
FULL RECOURSE PROMISSORY NOTE
| $1,350,000.00 Palo Alto, California | September 10, 2001 |
For value received, the undersigned promises to pay PAYPAL, INC., a Delaware corporation (the "Company"), at its principal office the principal sum of One Million Three Hundred Fifty Thousand Dollars and No Cents ($1,350,000.00) with interest from the date hereof at a rate of Eight Percent (8.00%) per annum, compounded annually, on the unpaid balance of such principal sum. Such principal and interest shall be due and payable on September , 2005.
If the undersigned's employment or consulting relationship with the Company is terminated prior to payment in full of this Note, this Note shall be immediately due and payable.
Principal and interest are payable in lawful money of the United States of America. Amounts due under this Note may be prepaid at any time without penalty.
THIS NOTE IS A FULL RECOURSE PROMISSORY NOTE. Should suit be commenced to collect this Note or any portion thereof, such amount of attorneys' fees and other collection fees paid by the Company as the court or arbitrator may deem reasonable shall be added to the principal amount herein. The makers and any endorsers severally waive presentment for payment, protest, notice of protest and notice of non-payment of this Note. This Note shall be construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California or of any other state.
| /s/ Peter Thiel Peter Thiel |
QuickLinks
- EXHIBIT 10.11
