PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) 9.4 Limits on Transfer. (a) Except as otherwiseprovidedin Section9.4(b): (i) No AwardunderthePlanmaybesold,pledged,assignedortransferredinanymannerotherthanbywillorthe lawsofdescentanddistributionor,subjecttotheconsentoftheCommittee,pursuanttoaDRO,unlessanduntil suchAwardhasbeenexercised,orthesharesunderlyingsuchAwardhavebeenissued,andallrestrictions applicabletosuchshareshavelapsed; (ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Participant or his successorsin interestor shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation,encumbrance,assignmentoranyothermeanswhethersuchdispositionbevoluntaryor involuntary or by operation of law by judgment, levy, attachment,garnishmentor any other legal or equitable proceedings(includingbankruptcy),andanyattempteddispositionthereofshallbenullandvoidandofnoeffect, excepttotheextentthatsuchdispositionispermittedbytheprecedingsentence;and (iii) During the lifetime of the Participant, only the Participant may exercise an Award (or any portion thereof) grantedtohimunderthePlan,unlessithasbeendisposedofpursuanttoaDRO;afterthedeathoftheParticipant, anyexercisableportionofanAwardmay,priortothetimewhensuchportionbecomesunexercisableunderthe PlanortheapplicableAwardAgreement,beexercisedbyhispersonalrepresentativeorbyanyperson empoweredtodosounderthedeceasedParticipantswillorunderthethenapplicablelawsofdescentand distribution. (b) NotwithstandingSection9.4(a), the Committee,in its sole discretion,may determineto permita Participantto transfer an Award other than an IncentiveStock Option to any one or more PermittedTransferees(as definedbelow), subjecttothefollowingtermsandconditions:(i)anAwardtransferredtoaPermittedTransfereeshallnotbeassignable or transferableby the PermittedTransfereeotherthanby will or the laws of descentand distribution;(ii) an Award transferredto a PermittedTransfereeshall continueto be subjectto all the terms and conditionsof the Awardas applicabletotheoriginalParticipant(otherthantheabilityto furthertransferthe Award);and (iii) the Participantand the PermittedTransfereeshallexecuteanyandalldocumentsrequestedbytheCommittee,including,withoutlimitation documentsto(A)confirmthestatusofthetransfereeasaPermittedTransferee,(B)satisfyanyrequirementsforan exemptionforthetransferunderapplicablefederal,stateandforeignsecuritieslawsand(C)evidencethetransfer.For purposesofthisSection9.4(b),“PermittedTransferee”shallmean,withrespecttoaParticipant,any“familymember”of theParticipant,as definedundertheinstructionsto the Form S-8 RegistrationStatementundertheSecuritiesAct,or anyothertransfereespecificallyapprovedbytheCommitteeaftertakingintoaccountanystate,federal,localor foreign tax and securities laws applicableto transferableAwards. 9.5 Beneficiaries.NotwithstandingSection9.4, if providedin the applicableAwardAgreement,a Participantmay,in the mannerdeterminedbytheCommittee,designateabeneficiarytoexercisetherightsoftheParticipantandtoreceiveany distribution with respect to any Award upon the Participantsdeath. A beneficiary,legal guardian, legal representative,or otherpersonclaiminganyrightspursuanttothePlanissubjecttoalltermsandconditionsofthePlanandanyAward AgreementapplicabletotheParticipant,excepttotheextentthePlanandAwardAgreementotherwiseprovide,andtoany additional restrictions deemednecessaryor appropriateby the Committee.If the Participantis marriedand residesin a communitypropertystate,adesignationofapersonotherthantheParticipantsspouseashisorherbeneficiarywith respecttomorethan50%oftheParticipantsinterestintheAwardshallnotbeeffectivewithoutthepriorwrittenconsentof theParticipantsspouse.If no beneficiarydesignationis providedin the applicableAwardAgreementor if no beneficiary hasbeendesignatedorsurvivestheParticipant(orifabeneficiarydesignationisnotenforceableand/orvalidunderthe inheritanceandotherlawsintheParticipantscountry,asdeterminedbytheCommitteeinitssolediscretion),payment shall be madetothepersonentitledtheretopursuanttotheParticipantswillorthelawsofdescentanddistribution.Subject to the foregoing, a beneficiary designationmay be changedor revokedby a Participantat any time providedthe changeor revocationis filed with the Committee. 9.6 Stock Certificates; Book Entry Procedures. (a) Notwithstandinganythinghereinto thecontrary,theCompanyshallnotberequiredtoissueordeliverany certificates or make any book entries evidencingsharesof Stock pursuantto the exerciseof any Award,unless and until the Board has determined,with adviceof counsel,that the issuanceand deliveryof such sharesis in compliance with all applicable laws, regulations of governmentalauthorities and, if applicable,the requirementsof any exchange onwhichthesharesofStockarelistedortraded.AllStockcertificatesdeliveredpursuanttothePlanaresubjecttoany stop-transferordersandotherrestrictionsastheCommitteedeemsnecessaryoradvisabletocomplywithfederal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchangeorautomatedquotationsystemonwhichtheStockislisted,quoted,ortraded.TheCommitteemayplace legendsonanyStockcertificatetoreferencerestrictionsapplicabletotheStock.Inadditiontothetermsand 130 •2023ProxyStatement