PROPOSAL3:VOTETOAPPROVEPAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN,ASAMENDEDANDRESTATED Increasing the NumberofSharesReservedforIssuanceundertheEquityPlan TheEquityPlanIncorporatesGoodCompensationandGovernancePracticesDesignedtoProtect StockholderInterests WhatWeDo Administeredby100% PRO independentCompensation TheEquityPlanisadministeredbytheCompensationCommitteeoftheBoard,whichis XY Committee comprisedentirelyofindependentnon-employeedirectors. S T A TheEquityPlanprovidesthatnoportionofanyawardgrantedundertheEquityPlanmayvest TEMENT Minimumvestingforequity before the one-year anniversary of the date of grant. The foregoing is subject to a 5% carve-out, awards asdiscussedinfurtherdetailbelow,anddoesnotrestricttheCompensationCommitteesability to provide for accelerated vesting upon a termination of employment. Requiredstockholder TheEquityPlandoesnotcontainanannual“evergreen”provisionbutinsteadreservesafixed approvalforadditionalshares maximumnumberofsharesforissuance,whichcanonlybeincreasedwithstockholder approval. In general, when awards granted under the Equity Plan expire or are canceled without having beenfullyexercised, or are settled in cash, the shares reserved for those awards are returned to Sharecountingprovisions the share reserve and become available for future awards. If shares are tendered to us or withheldbyustosatisfyanawardstaxwithholdingobligationsorpayastockoptionsorstock appreciation rights exercise price, those shares do not become available for future awards. Full-value awardscountmore TheEquityPlanusesa“fungibleshare”concept,underwhichstockoptionsandstock heavily in reducingthe Equity appreciation rights reduce the share reserve on a 0.5 for 1 basis, and full-value awards, such as Plansharereserve restricted stock, restricted stock units, performance units and performance shares reduce the share reserve on a one for one basis. Annuallimitson TheEquityPlanlimitsthevalueofequitythatmaybegrantedundernon-employeedirector nonemployeedirector awardseachfiscalyear. awards WhatWeDontDo Explicit prohibitionon TheEquityPlanprohibitstherepricing,cash-outorotherexchangeofunderwaterstockoptions repricingwithoutstockholder andstockappreciationrightswithoutpriorstockholderapproval. approval Nodiscountedstockoptions TheEquityPlanrequiresthatstockoptionsandstockappreciationrightsissuedunderitmust or stock appreciationrights haveanexercisepriceequaltoatleastthefairmarketvalueofashareonthedatetheawardis granted, except in certain situations in which we are assuming or replacing options granted by anothercompanythatweareacquiring. Nodividendspaidonawards TheEquityPlanprovidesthatdividendscreditedorpayableordividendequivalentsin prior to vest and no dividend connectionwithanyawardgrantedundertheEquityPlanaresubjecttothesamerestrictionsas equivalentsonoptionsor the underlyingawardandwillnotbepaiduntiltheunderlyingawardvests.Further,nodividend stockappreciationrights equivalents are payable with respect to options or stock appreciation rights. Limitedtransferabilityand no In general, awards may not be sold, assigned, transferred, pledged or otherwise encumbered, sharepledging either voluntarily or by operation of law, unless otherwise approved by the Board or a committee of the Board administering the Equity Plan. Notaxgross-ups TheEquityPlandoesnotprovideforanytaxgross-ups. •2023ProxyStatement 87