PROPOSAL3:VOTETOAPPROVEPAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN,ASAMENDEDANDRESTATED Increasing the NumberofSharesReservedforIssuanceundertheEquityPlan following the maturity date, we will transfer to the participant one unrestricted,fully transferable share of common stock for eachRSUscheduledtobepaidoutandnotpreviouslyforfeited(subjecttoapplicabletaxwithholdingrequirements). StockAppreciationRights Stockappreciationrights(“SARs”)maybegrantedpursuanttotheEquityPlan.TheexercisepriceofallSARsgranted pursuanttotheEquityPlanwillnotbelessthan100%ofthefairmarketvalueofashareonthedateofgrant.SARsmaybe exercisedasdeterminedbytheCompensationCommittee,butinnoeventmayanSARhaveatermextendingbeyondten yearsfromthedateofgrant. AdditionalAwards TheothertypesofequityawardsthatmaybegrantedundertheEquityPlanincludeperformanceshareunits,performance shares,deferredstockunits,dividendequivalentsandotherstock-basedawards.NotwithstandinganythingintheEquity Plantothecontrary,dividendequivalentswillbesubjecttothesamevestingconditionsastheunderlyingawardstowhich thedividendequivalentsrelate.NodividendequivalentsmaybepayablewithrespecttostockoptionsorSARs. PerformanceBonusAwards PerformancebonusawardsmaybegrantedpursuanttotheEquityPlan.Performancebonusawardsarecashbonuses payableupontheattainmentofpre-establishedperformancegoalsbasedonestablishedperformancecriteria.Thegoals are establishedandevaluatedbytheCompensationCommitteeandmayrelatetoperformanceoveranyperiodsas determinedbytheCompensationCommittee. Performance-BasedAwards TheCompensationCommitteemaygrantperformance-basedawardsundertheEquityPlan.UndertheEquityPlan,these performance-basedawardsmaybeeitherequityawardsorperformancebonusawards.Participantsareentitledtoreceive paymentforaperformance-basedawardforanygivenperformanceperiodonlytotheextent that pre-establishedperformancegoalssetbytheCompensationCommitteefortheperiodaresatisfied. Pre-establishedperformancegoalsmayinclude,withoutlimitation,anyoneormoreofthefollowingtypesofperformance criteria: • trading volume; • stockpriceappreciation; • users; • total stockholderreturns; • customers; • employeeproductivity; • total paymentvolume; • marketshare; • revenue; • volume; • operatingincome; • customersatisfactionmetrics; • EBITDAand/ornetearnings(eitherbeforeorafter • net sales; interest, taxes, depreciation and amortization); • expenselevels; • net income(eitherbeforeoraftertaxes); • regulatoryachievements(includingsubmitting • earningspershare; or filing applications or other documents with • earningsasdeterminedotherthanpursuantto regulatoryauthoritiesor receivingapprovalof GAAP; anysuchapplicationsorotherdocuments, • multiples of price to earnings; passingpre-approvalinspections(whetherof • multiples of price/earningsto growth; theCompanyorthirdparties)); • return on net assets; • grossorcashmargins; • return on gross assets; • sales or licenses of the Companysassets, • return on equity; includingits intellectual property, whether in a particular jurisdiction or territory or globally, or • return on investedcapital; throughpartneringtransactions; • stockprice; • implementation,completionorattainmentof • cashflow(includingoperatingcashflowand objectiveswithrespecttoresearch, free cash flow); development,commercialization,productsor • net or operating margins; projects, productionvolumelevels,acquisitions • economicprofit; anddivestituresandrecruitingandmaintaining personnel; 90 •2023ProxyStatement