PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) conditionsprovidedherein,theBoardmayrequirethataParticipantmakesuchreasonablecovenants,agreements, andrepresentationsastheBoard,initsdiscretion,deemsadvisableinordertocomplywithanysuchlaws,regulations, or requirements.TheCommitteeshallhavetherighttorequireanyParticipanttocomplywithanytimingorother restrictions with respect to the settlement or exercise of any Award, including a window-periodlimitation, as may be imposedinthediscretionoftheCommittee. PRO (b) Notwithstandinganyotherprovisionof thePlan,unlessotherwisedeterminedbytheCommitteeorrequiredbyany XY applicablelaw,ruleorregulation,theCompanyshallnotdelivertoanyParticipantcertificatesevidencingsharesof S T A StockissuedinconnectionwithanyAwardandinsteadsuchsharesofStockshallberecordedinthebooksofthe TEMENT Company(or,asapplicable,itstransferagentorstockplanadministrator). 9.7 PaperlessAdministration.In the event that the Companyestablishes,for itself or using the servicesof a third party, an automatedsystemforthedocumentation,grantingorexerciseofAwards,suchasasystemusinganinternetwebsiteor interactive voice response,then the paperlessdocumentation,grantingor exerciseof Awardsbya Participantmaybe permittedthroughtheuseofsuchanautomatedsystem. 9.8 Prohibition on Repricing. Subject to Section 11.1, the Committee shall not, without the approval of the stockholdersof the Company,authorizetheamendmentofanyoutstandingAwardtoreduceitspricepershare.Furthermore,subjectto Section12.1, no Awardshall be canceledandreplacedorsubstitutedforwiththegrantofanAwardhavingalesserprice persharewithoutthefurtherapprovalofstockholdersoftheCompany.SubjecttoSection11.1,theCommitteeshallhave theauthority, without the approval of the stockholdersof the Company,to amendany outstandingawardto increasethe price per share or to cancel and replace or substitute for an Award with the grant of an Award having a price per share that is greater than or equal to the price per share of the original Award. Subject to Section 11.1, absent the approval of the stockholdersoftheCompany,theCommitteeshallnotoffertobuyoutforapaymentincash,anOptionorStock AppreciationRightpreviouslygrantedwhenthepershareexercisepriceexceedstheFairMarketValueoftheunderlying shareofstock. 9.9 AwardVestingLimitations.NotwithstandinganyotherprovisionofthePlantothecontrary,butsubjecttoSections6.2, 11.1, 11.2 and 12.3(d) of the Plan, effective as of the 2018 annual meeting of the Companys stockholders(the “2018 Annual Meeting”),noportionofAwardsgrantedunderthePlanshallvestbeforetheone-yearanniversaryofthedateofgrant; provided,however,that,notwithstandingtheforegoing,AwardsthatresultintheissuancetooneormoreParticipantsofan aggregateofupto5%ofthesharesofStockwhichmaybeissuedortransferredunderthePlanmaybegrantedwithout regardtosuchminimumvestingprovisions.NothinginthisSection9.9shallprecludetheBoardortheCommitteefrom taking action, in its sole discretion, to accelerate the vesting of any Award in connection with or following a Change in Control. 9.10 DividendsonUnvestedAwards.TotheextentsharesofStocksubjecttoanAwardaresubjecttovestingconditions, anydividendsrelatedtosuchunvestedsharesofStockshallbesubjecttothesamevestingconditions. ARTICLE10 IndependentDirectorAwards 10.1 The Board may grant Awardsto IndependentDirectors,subjectto thelimitationsof the Plan, pursuantto a written non-discretionaryformulaestablishedbytheCommittee,oranysuccessorcommitteetheretocarryingoutits responsibilitieson the date of grant of any such Award (the “IndependentDirectorEquity CompensationPolicy”).The IndependentDirectorEquityCompensationPolicyshallsetforththetypeofAward(s)tobegrantedtoIndependent Directors, the number of shares of Stock to be subject to IndependentDirector Awards,the conditionson which such Awardsshallbegranted,becomeexercisableand/orpayableandexpire,andsuchothertermsandconditionsasthe Committee(orsuchothersuccessorcommitteeasdescribedabove)shalldetermineinitsdiscretion,exceptthatany AssumedSpin-OffAwardsshallbesubjecttothetermsasinexistenceasofthecompletionoftheSpin-Off. 10.2 NotwithstandinganyotherprovisionofthePlantothecontrary,theaggregategrantdatefairvalueofsharesofStock that may be grantedduringanyfiscalyearoftheCompanytoanyNon-EmployeeDirectororIndependentDirectorshallnot exceed$600,000;provided,however,that(i)thelimitsetforthinthissentenceshallbemultipliedbytwointhefiscalyear in whichaNon-EmployeeDirectororIndependentDirectorcommencesserviceontheBoard,and(ii)thelimitsetforthin this sentenceshall not apply to awardsmadepursuanttoaNon-EmployeeDirectorsorIndependentDirectorselectionto receiveanAwardinlieuofalloraportionofacashretainerforserviceontheBoardoranycommitteethereunderor pursuanttoconversionofaneBayInc.awardtoaCompanyaward. •2023ProxyStatement 131