PROPOSAL9:STOCKHOLDERPROPOSAL–ADOPTMAJORITYVOTESTANDARDFORDIRECTORELECTIONS PROPOSAL9: StockholderProposal–AdoptMajorityVoteStandard PRO for Director Elections XY S T A JohnChevedden,whoseaddressis2215NelsonAvenue,No.205,RedondoBeach,California90278,hasadvisedthe TEMENT CompanythatheintendstopresentthefollowingstockholderproposalattheAnnualMeeting.Mr.Cheveddenhas indicatedthat he holds sufficient shares of PayPal common stock to meet the requirementsof Rule 14a-8. The stockholder proposalwill be votedonattheAnnualMeetingonlyifproperlypresentedbyoronbehalfoftheproponent. ThetextofthestockholderproposalandsupportingstatementappearexactlyasreceivedbytheCompanyunless otherwisenoted.Allstatementscontainedinthestockholderproposalandsupportingstatementarethesoleresponsibility of the proponent.The stockholderproposalmaycontainassertionsabouttheCompanyorothermattersthatwebelieve are incorrect, but we have not attemptedto refute all those assertions. THEBOARDRECOMMENDSAVOTEAGAINSTSTOCKHOLDERPROPOSAL9BASEDONTHEREASONS SETFORTHINPAYPALSSTATEMENTINOPPOSITIONFOLLOWINGTHESTOCKHOLDERPROPOSAL. Proposal9–AdoptMajorityVoteStandardforDirectorElections FOR Shareholder Rights Resolved:ShareholdersherebyrequestthatourBoardofDirectorsinitiatetheappropriateprocessassoonaspossibleto amendourCompanysarticlesofincorporationand/orbylawstoprovidethatdirectornomineesshallbeelectedbythe affirmative vote of the majority of votes cast at an annual meeting of shareholders,with a plurality vote standard retained for contesteddirectorelections,thatis, whenthenumberofdirectornomineesexceedsthenumberofboardseats.Toallow anorderlytransitiona directorwhodoesnotreceiveamajorityvoteshallonlyservefor180-daysorlessafterfailureto receiveamajorityvote. In order to provide shareholdersa meaningfulrole in directorelections,our Companyscurrentdirectorelectionstandard shouldbechangedfromapluralityvotestandardtoamajorityvotestandard.Themajorityvotestandardisthemost appropriatevotingstandardfordirectorelectionswhereonlyboardnominatedcandidatesareontheballot. This will establish a more meaningful vote standardfor board nomineesand could lead to improvedperformanceby individual directors and the entire board. Under the current PayPal voting system, a director can be elected if the director ownsonlyoneshareofPayPalstockandvotesthisoneshareforhimself. Morethan77%ofthecompaniesintheS&P500havealreadyadoptedmajorityvotingforuncontestedelections.Our companyhasanopportunitytojointhegrowinglistofcompaniesthathavealreadyadoptedthisstandard. Pleasevoteyes: AdoptMajorityVoteStandardforDirectorElections–Proposal9 •2023ProxyStatement 107