CORPORATEGOVERNANCE CorporateGovernance CorporategovernanceatPayPalisdesignedtopromotethelong-terminterestsofourstockholders,strengthenBoardand PRO managementaccountability,overseeriskassessmentandmanagementstrategies,fosterresponsibledecision-makingand engenderpublictrust.Webelievethatstrongcorporategovernancepracticesthatprovidemeaningfulrightstoour XY stockholdersandensureBoardandmanagementaccountabilityareessentialtoourlong-termsuccess. S T A TEMENT BoardLeadership TheBoardsleadershipstructureisdesignedtopromoteBoardeffectivenessandtoappropriatelyallocateauthorityand responsibilitybetweentheBoardandmanagement.TheBoardbelievesthatseparatingtheChairandCEOpositions continuestobetheappropriateleadershipstructurefortheCompanyatthistime,asitprovidestheCompanyandthe BoardwithstrongleadershipandindependentoversightofmanagementandallowstheCEOtofocusprimarilyonthe managementandoperationofourbusiness.FactorsthattheBoardconsidersinreviewingitsleadershipstructureand makingthisdeterminationinclude,butarenotlimitedto,thecurrentcompositionoftheBoard,thepoliciesandpracticesin placetoprovideindependentBoardoversightofmanagement,theCompanyscircumstancesandtheviewsofour stockholdersandotherstakeholders.ChangesintheBoardsleadershipstructurewillbereflectedonourwebsiteshortly after becomingeffectiveanddisclosedincompliancewithapplicableregulatoryrequirements. IndependentChair JOHNJ.DONAHOE Mr. DonahoehasservedastheBoardChairsincePayPalbecameanindependentpubliccompanyinJuly2015. The Board has concluded that Mr. Donahoe is an independent director under the listing standards of the Nasdaq Global Select Market(“Nasdaq”)andtheGovernanceGuidelines. Mr. Donahoe possesses extensive industry experience and deep knowledge of PayPals operations, serves as a trusted advisor to managementandeffectivelyleadsadynamicandcollaborativeBoard. RobustIndependentChairResponsibilities • Calls meetings of the Board and independentdirectors • Sets the agenda for Board meetings in consultation with other directors and the CEO • Provides managementwithinputastothequality,quantityandtimelinessoftheflowofinformationthatisnecessaryforthe independentdirectorstoeffectivelyandresponsiblyperformtheirduties • Chairs executive sessions of the independentdirectors • ActsasaliaisonbetweentheindependentdirectorsandtheCEOonsensitiveissues • LeadstheBoardsannualCEOperformanceevaluation • LeadstheBoardsreviewoftheresultsoftheannualself-evaluationprocess,includingactingondirectorfeedbackasneeded • Engagesandconsultswithmajorstockholdersandotherconstituencies,whereappropriate •2023ProxyStatement 21