PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) (c) Notwithstandingthe foregoingprovisionsof Section7.1(b) to the contrary,in the case of a Stock AppreciationRight that is a Substitute Award, the price per share of the shares subject to such Stock AppreciationRight may be less than theFair MarketValuepershareonthedateofgrant;provided,thattheexcessof:(a)theaggregateFairMarketValue (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercisepricethereofdoesnotexceedtheexcessof:(x)theaggregatefairmarketvalue(asofthetimeimmediately precedingthetransactiongivingrisetotheSubstituteAward,suchfairmarketvaluetobedeterminedbythe Committee)ofthesharesofthepredecessorentitythatweresubjecttothegrantassumedorsubstitutedforbythe Company,over(y)theaggregateexercisepriceofsuchshares. 7.2 PaymentandLimitationsonExercise. (a) Subject to Sections 7.2(b) payment of the amounts determinedunder Section7.1(b) above shall be in cash, in Stock (basedonitsFairMarketValueasofthedatetheStockAppreciationRightisexercised)oracombinationofboth,as determinedbytheCommitteeintheAwardAgreementandsubjecttoanytaxwithholdingrequirements. (b) To the extent any paymentunderSection7.1(b) is effectedin Stock, it shall be made subjectto satisfactionof all provisionsof Article 5 above pertainingto Options. ARTICLE8 OtherTypesofAwards 8.1 PerformanceShareAwards.AnyEligibleIndividualselectedbytheCommitteemaybegrantedoneormore PerformanceShareawardswhichshallbedenominatedinanumberofsharesofStockandwhichmaybelinkedtoany oneormoreofthePerformanceCriteriaorotherspecificperformancecriteriadeterminedappropriatebytheCommittee,in eachcaseonaspecifieddateordatesoroveranyperiodorperiodsdeterminedbytheCommittee.Inmakingsuch determinations,theCommitteeshallconsider(amongsuchotherfactorsasitdeemsrelevantinlightofthespecifictypeof award)thecontributions,responsibilitiesand othercompensationof theparticularParticipant. 8.2 PerformanceStockUnits.AnyEligibleIndividualselectedbytheCommitteemaybegrantedoneormorePerformance StockUnitawardswhichshallbedenominatedinunitequivalentofsharesofStockand/orunitsofvalueincludingdollar valueofsharesofStockandwhichmaybelinkedtoanyoneormoreofthePerformanceCriteriaorotherspecific performancecriteriadeterminedappropriatebytheCommittee,ineachcaseonaspecifieddateordatesoroverany periodorperiodsdeterminedbytheCommittee.Inmakingsuchdeterminations,theCommitteeshallconsider(among suchotherfactorsasitdeemsrelevantinlightofthespecifictypeofaward)thecontributions,responsibilitiesandother compensationoftheparticularParticipant. 8.3 DividendEquivalents. (a) Any Eligible Individual selected by the Committee may be grantedDividendEquivalentsbasedon the dividends declaredonthesharesofStockthataresubjecttoanyAward,tobecreditedasofdividendpaymentdates,duringthe periodbetweenthedatetheAwardisgrantedandthedatetheAwardisexercised,vestsorexpires,asdeterminedby theCommittee.SuchDividendEquivalentsshallbeconvertedtocashoradditionalsharesofStockbysuchformula andatsuchtimeandsubjecttosuchlimitationsasmaybedeterminedbytheCommittee;provided,thattotheextent sharesofStocksubjecttoanAwardaresubjecttovestingconditions,anyDividendEquivalentsrelatingtosuchshares shall be subject to the same vesting conditions. (b) Notwithstandingthe foregoing,no DividendEquivalentsshallbepayablewithrespecttoOptionsorSARs. 8.4 Stock Payments.AnyEligibleIndividualselectedbytheCommitteemayreceiveStockPaymentsinthemanner determinedfromtimetotimebytheCommittee.ThenumberofsharesshallbedeterminedbytheCommitteeandmaybe baseduponthePerformanceCriteriaorotherspecificperformancecriteriadeterminedappropriatebytheCommittee, determinedonthedatesuchStockPaymentismadeoronanydatethereafter. 8.5 DeferredStockUnits.AnyEligibleIndividualselectedbytheCommitteemaybegrantedanawardofDeferredStock Units in the manner determinedfrom timeto timebytheCommittee.ThenumberofsharesofDeferredStockUnitsshallbe determinedbytheCommitteeandmaybelinkedtothePerformanceCriteriaorotherspecificperformancecriteria determinedtobeappropriatebytheCommittee,includingservicetotheCompanyoranySubsidiary,ineachcaseona specifieddateordatesoroveranyperiodorperiodsdeterminedbytheCommittee.StockunderlyingaDeferredStockUnit awardwillnotbeissueduntiltheDeferredStockUnitawardhasvested,pursuanttoavestingscheduleorperformance criteria set by the Committee. Unless otherwiseprovidedby the Committee,a ParticipantawardedDeferredStockUnits shall have no rights as a Companystockholderwithrespectto suchDeferredStockUnitsuntilsuchtimeastheDeferred StockUnitAwardhasvestedandtheStockunderlyingtheDeferredStockUnitAwardhasbeenissued. 8.6 RestrictedStock Units. The Committeeis authorizedto makeAwardsof RestrictedStockUnitstoanyEligibleIndividual selectedbytheCommitteeinsuchamountsandsubjecttosuchtermsandconditionsasdeterminedbytheCommittee. 128 •2023ProxyStatement