PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) consolidationof the Company,anyissueofstockorofoptions,warrantsorrightstopurchasestockorofbonds, debentures,preferredorpriorpreferencestockswhoserightsaresuperiortooraffecttheStockortherightsthereofor whichareconvertibleintoorexchangeableforStock,orthedissolutionorliquidationoftheCompany,oranysaleor transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar characterorotherwise. PRO 11.2 AccelerationUponaChangeinControl. XY S T (a) NotwithstandingSection11.1, subjectto Section11.2(b) below, and exceptas may otherwisebe providedin any A applicableAwardAgreementorotherwrittenagreemententeredintobetweentheCompanyandaParticipant,ifa TEMENT ChangeinControloccursandaParticipantsAwardsarenotconverted,assumed,orreplacedbyasuccessorentity, thenimmediatelypriortotheChangeinControlsuchAwardsshallbecomefullyexercisableandallforfeiture restrictions on such Awardsshall lapse. Upon, or in anticipationof, a Change in Control, the Committee may cause any andallAwardsoutstandinghereundertoterminateataspecifictimeinthefuture,includingbutnotlimitedtothedate of such ChangeinControl,andshallgiveeachParticipanttherighttoexercisesuchAwardsduringaperiodoftimeas theCommittee,initssoleandabsolutediscretion,shalldetermine.Intheeventthatthetermsofanyagreement betweentheCompanyoranyCompanysubsidiaryoraffiliateandaParticipantcontainsprovisionsthatconflictwith andaremorerestrictivethantheprovisionsofthisSection11.2,thisSection11.2shallprevailandcontrolandthemore restrictive terms of such agreement(and only such terms) shall be of no force or effect. Further, to the extent that there are tax consequencestotheParticipantasaresultoftheaccelerationorlapsingofforfeiturerestrictionuponaChange in Control, the Participant shall be responsible for payment of such taxes and shall not be compensatedfor such paymentbytheCompanyoritsSubsidiaries. (b) Except as may otherwisebeprovidedinanyapplicableAwardAgreementorotherwrittenagreemententeredinto betweentheCompanyandaParticipant,ifaChangeinControloccursduringthePerformancePeriodwithrespectto anoutstandingAwardthatvestsbasedonPerformanceGoal(s)orotherperformance-basedobjectives,the PerformancePeriodofsuchAwardshallendasofthedateoftheChangeinControlandthePerformanceGoal(s)or otherperformance-basedobjectivesshallbedeemedtohavebeensatisfiedattheactuallevelofperformanceasof thedateoftheChangeinControl,asdeterminedbytheCommittee,asconstitutedimmediatelypriortotheChangein Control, without proration, and such Award, to the extent deemedearnedby the Committee,shall continueto be subjecttotime-basedvestingfollowingtheChangeinControlinaccordancewiththeoriginalvestingschedule; provided,however,thatiftheAwardsarenotconverted,assumed,orreplacedbyasuccessorentity,thenimmediately prior to the Change in Control such Awardsshall becomefully vestedpursuantto Section12.2(a) above. 11.3 No Other Rights. Except as expressly provided in the Plan, no Participantshall have any rights by reason of any subdivisionor consolidationof sharesof stock of any class, the paymentof any dividend,any increaseor decreasein the numberofsharesofstockofanyclassoranydissolution,liquidation,merger,orconsolidationoftheCompanyoranyother corporation.ExceptasexpresslyprovidedinthePlanorpursuanttoactionoftheCommitteeunderthePlan,noissuance bytheCompanyofsharesofstockofanyclass,orsecuritiesconvertibleintosharesofstockofanyclass,shallaffect,and noadjustmentbyreasonthereofshallbemadewithrespectto,thenumberofsharesofStocksubjecttoanAwardorthe grant or exercise price of any Award. ARTICLE12 Administration 12.1 Committee.Exceptasotherwiseprovidedherein,thePlanshallbeadministeredbyacommitteeconsistingoftwoor moremembersoftheBoard(the“Committee”).UnlessotherwisedeterminedbytheBoard,theCommitteeshallconsist solely of two or more membersof theBoardeachofwhomisaNon-EmployeeDirectorandan“independentdirector” undertherulesoftheNasdaqStockMarket(orotherprincipalsecuritiesmarketonwhichsharesofStockaretraded); provided,thatanyactiontakenbytheCommitteeshallbevalidandeffective,whetherornotmembersoftheCommitteeat thetimeofsuchactionarelaterdeterminednottohavesatisfiedtherequirementsformembershipsetforthinthis Section12.1 or otherwiseprovidedin any charterof the Committee.Notwithstandingtheforegoing:(a) thefull Board,acting byamajorityofitsmembersinoffice,shallconductthegeneraladministrationofthePlanwithrespecttoallAwards grantedtoIndependentDirectorsandforpurposesofsuchAwardstheterm“Committee”asusedinthisPlanshallbe deemedtorefertotheBoardand(b)theCommitteemaydelegateitsauthorityhereundertotheextentpermittedby Section12.5. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of theCommitteeunderthePlanexceptwithrespecttomatterswhichunderRule16b-3undertheExchangeAct,orany regulationsor rules issued thereunder,are requiredto be determinedin the sole discretionof the Committee.Exceptas mayotherwisebeprovidedinanycharteroftheCommittee,appointmentofCommitteemembersshallbeeffectiveupon acceptanceofappointment;CommitteemembersmayresignatanytimebydeliveringwrittennoticetotheBoard;and vacanciesintheCommitteemayonlybefilledbytheBoard. •2023ProxyStatement 133