PROPOSAL9:STOCKHOLDERPROPOSAL–ADOPTMAJORITYVOTESTANDARDFORDIRECTORELECTIONS PayPalsStatementinOpposition PAYPALSBOARDRECOMMENDSTHATSTOCKHOLDERSVOTEAGAINST THISPROPOSALFORTHEFOLLOWINGREASONS: OurBoardbelievesthisproposalisunnecessarybecausePayPalalreadyprovidestherequestedmajorityvotestandardfor uncontesteddirectorelections.In fact, PayPal has providedthis voting standardto its stockholdersfrom the time it became anindependentpubliccompanyinJuly2015followingitsseparationfromeBayInc.Section2.2oftheCompanys AmendedandRestatedBylaws,availableathttps://investor.pypl.com/financials/sec-filings/default.aspx, providesthat the electionof directorsshall be determinedby the affirmativevote of a majority of the votes cast at the annual meeting of shareholders,exceptinacontestedelection,inwhichcasedirectornomineesreceivingapluralityofthevotescastshall beelected. OurBoardalsobelievesthattheCompanyscurrentpolicieseffectivelyaddresstheproposalsconcernwithallowingforan orderly transition for directors who do not receive a majority vote. The proposal specifically requests that an incumbent director who fails to receive a majority vote in an uncontesteddirector election only serve for 180 days or less after such vote. PayPal already has in place a resignation policy for “holdover directors.” Specifically, the Companys Bylaws and the GovernanceGuidelinesoftheBoardofDirectors,availableathttps://investor.pypl.com/governance/governance-overview/ (the “GovernanceGuidelines”),providethateachincumbentCompanydirectornominatedforre-electionisexpectedto tenderaresignationtotheBoardinadvanceoftheannualmeetingofshareholders.Intheeventanincumbentdirectorfails to receive a majority of the votes cast, the Governanceand NominatingCommittee,or a committeeof the Boardconsisting solely of independentdirectorsthat does not include such incumbentdirector,is taskedwith determiningwhetherto acceptsuchdirectorsresignation.Exceptincertainexceptionalcircumstances,suchdecisionmustbemadewithin90 daysfromthecertificationof theelectionresultsandpubliclydisclosedbytheCompanyinaCurrentReportonForm8-K filed with the SEC. Accordingly,the CompanyscurrentpolicyeffectivelyempowerstheBoardtosecuretheresignationof adirectorwhofailstoreceiveamajorityvoteandtofacilitateanorderlytransitioninashortertimeframethanrequestedin theproposal. *** Basedontheforegoing,theBoardbelievestheadoptionofthisproposalisunnecessaryandnotinthebestinterestof PayPalanditsstockholders. THEBOARDRECOMMENDSAVOTEAGAINSTSTOCKHOLDERPROPOSAL9. 108 •2023ProxyStatement