PROPOSAL3:VOTETOAPPROVEPAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN,ASAMENDEDANDRESTATED Increasing the NumberofSharesReservedforIssuanceundertheEquityPlan NewPlanBenefits NoawardsmadeundertheEquityPlanpriortothedateoftheAnnualMeetingweregrantedsubjecttostockholder approvalofthisProposal3.ThefutureawardstobemadeundertheEquityPlanaresubjecttothediscretionofthe CompensationCommitteeandthereforearenotdeterminableatthistime.Moreover,thenumberofsharesthatwouldbe earnedwithrespecttoanygrantmayvarybasedontheachievementofanyapplicableperformancegoals,whichisnot determinableatthistime. TheEquityPlanauthorizesthegrantofdiscretionaryawardstonon-employeedirectors,thetermsandconditionsofwhich are determinedbytheCompensationCommittee.Historically,ournon-employeedirectorshavereceivedannualequity grantsunderourequityincentiveplans.Underour2022IndependentDirectorCompensationPolicy,ournon-employee directorsreceiveannualequitygrantspromptlyfollowingthedateofeachannualstockholdersmeetingintheformoffully vestedstockpaymentawardswithadollarvalueequalto$275,000,andwithrespecttotheNon-ExecutiveBoardChair,an additional fully vested stock payment award with a dollar value equal to $87,500. In addition, our non-employeedirectors mayelecttoreceivetheirannualretainersintheformoffullyvestedstockawards. AwardsGrantedundertheEquityPlan TheCompanysNEOsandmembersoftheBoardwillbeeligibletoreceivegrantsundertheEquityPlanandthereforehave aninterestin this Proposal. BecausegrantsundertheEquityPlantoparticipantsarewithinthediscretionoftheCompensationCommittee(orits delegate),it is not possible to determine the grants that will be made to participantsunder the Equity Plan. TheEquityPlanauthorizesthegrantofdiscretionaryawardstonon-employeedirectors,thetermsandconditionsofwhich are determinedbytheCompensationCommittee.Historically,ournon-employeedirectorshavereceivedannualequity grantsunderourequityincentiveplans.UnderourcurrentIndependentDirectorCompensationPolicy,ournon-employee directorsreceiveannualequitygrantspromptlyfollowingthedateofeachannualstockholdersmeetingintheformoffully vestedstockpaymentawardswithadollarvalueequalto$275,000,andwithrespecttotheNon-ExecutiveBoardChair,an additional fully vested stock payment award with a dollar value equal to $87,500. In addition, our non-employeedirectors mayelecttoreceivetheirannualretainersintheformoffullyvestedstockawards. Thefollowingtablesetsforthinformationwithrespecttothenumberofsharessubjecttoequityawardspreviouslygranted undertheEquityPlansinceitsinceptionthroughMarch30,2023forcertainindividuals: Numberof Numberof Options SharesSubjectto NameofIndividualorGroup Granted(#) StockAwards(#) 2022NEOs: Daniel H. Schulman 30,485 2,482,269 Blake Jorgensen — 8,827 JohnRainey 87,390 897,288 Gabrielle Rabinovitch — 294,101 JonathanAuerbach — 561,153 MarkBritto — 404,733 AaronKarczmer — 596,582 PeggyAlford — 414,976 All current executive officers as a group 30,485 4,527,752 All current non-employeedirectors as a group — 489,610 Associate of any such directors, executive officers or nominees — — Otherpersonswhoreceivedoristoreceive5%ofsuchoptionsorrights — — All employees as a group (excludingexecutive officers) 428,653 111,643,084 THEBOARDRECOMMENDSAVOTEFORPROPOSAL3. 94 •2023ProxyStatement