PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) CompanytosatisfywithholdingtaxesrelatedtosuchanAwardor(z)sharesthatweresubjecttoanAwardandwere notissueduponthenetsettlementofsuchAward.Totheextentpermittedbyapplicablelaworanyexchangerule, sharesofStockissuedinassumptionof,orinsubstitutionfor,anyoutstandingAwardsofanyentityacquiredinany formofcombinationbytheCompanyoranySubsidiaryshallnotbecountedagainstsharesofStockavailableforgrant pursuanttothisPlan.ThepaymentofDividendEquivalentsincashinconjunctionwithanyoutstandingAwardsshall PRO notbecountedagainstthesharesavailableforissuanceunderthePlan.Notwithstandingtheprovisionsofthis XY Section3.1(b), no shares of Stock may again be optioned,grantedor awardedif such actionwould causean Incentive S StockOptiontofailtoqualifyasanincentivestockoptionunderSection422oftheCode. T A 3.2 Stock Distributed. Any Stock distributedpursuant to an Award may consist,in whole or in part, of authorized and TEMENT unissuedStock,treasuryStockorStockpurchasedontheopenmarket. 3.3 Limitation on Numberof SharesSubjectto Awards.NotwithstandinganyprovisioninthePlantothecontrary,and subjecttoArticle11, the maximumnumberofsharesofStockwithrespecttooneormoreAwardsthatmaybegrantedto anyoneParticipantduringanycalendaryearshallbe2,000,000andthemaximumamountthatmaybepaidincashduring anycalendaryearwithrespecttoanyperformance-basedAward(including,withoutlimitation,anyPerformanceBonus Award)shallbe$3,000,000;provided,however,thatsuchlimitsshallapplywithoutregardtotheAssumedSpin-Off Awards.AnysharesofStockthataresubjecttoAwardsgrantedunderthePlanonorafterthe2016AnnualMeetingother thanFull Value Awardsshallbecountedagainstthislimitas0.50sharesforeveryshareofStocksubjecttotheAward granted.AnysharesofStockthataresubjecttoFullValueAwardsgrantedunderthePlanshallbecountedagainstthislimit asone(1)shareforeveryshareofStocksubjecttotheAwardgranted.AwardstoNon-EmployeeDirectorsand IndependentDirectorsaresubjecttothelimitssetforthinArticle10. ARTICLE4 EligibilityandParticipation 4.1 Participation. Subject to the provisions of the Plan, the Committee may, from time to time, and in its sole discretion, select from amongall Eligible Individuals,those to whom Awardsshall be grantedand shall determinethe natureand amountofeachAward.NoEligibleIndividualshallhaveanyrighttobegrantedanAwardpursuanttothisPlan.In connectionwiththeSpin-OffandpursuanttothetermsoftheEmployeeMattersAgreementbetweentheCompanyand eBayInc.,enteredintoinconnectionwiththeSpin-Off,certainemployees,consultantsanddirectorsoftheCompany,eBay Inc. and their respectivesubsidiarieswill receive Assumed Spin-Off Awards. 4.2 Foreign Participants.Notwithstandingany provisionof the Plan to the contrary,in order to comply with the laws in other countriesin whichtheCompanyanditsSubsidiariesoperateorhaveEligibleIndividuals,theCommittee,initssole discretion, shall have the power and authority to: (i) determine which Subsidiariesshall be covered by the Plan; (ii) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms andconditionsofanyAwardgrantedtoEligibleIndividualsoutsidetheUnitedStatestocomplywithapplicableforeign laws; (iv) establish subplans and modify exercise proceduresand other terms and procedures,to the extent such actions maybenecessaryoradvisable,includingadoptionofrules,proceduresorsub-plansapplicabletoparticularSubsidiaries or Participantsresiding in particular locations; provided, however, that no such subplans and/or modificationsshall increasethesharelimitationscontainedinSections3.1and3.3ofthePlan;and(v)takeanyaction,beforeorafteranAward is made,thatit deemsadvisabletoobtainapprovalorcomplywithanynecessarylocalgovernmentalregulatory exemptionsorapprovals.Withoutlimitingthegeneralityoftheforegoing,theCommitteeisspecificallyauthorizedtoadopt rules, proceduresandsub-planswithprovisionsthatlimitormodifyrightsoneligibilityto receiveanAwardunderthePlan or on death, disability, retirement or other Termination of Service, available methods of exercise or settlement of an Award, paymentofincome,socialinsurancecontributionsandpayrolltaxes,theshiftingofemployertaxliabilitytotheParticipant, thewithholdingproceduresandhandlingofanyStockcertificatesorotherindiciaofownership.Notwithstandingthe foregoing,theCommitteemaynottakeanyactionshereunder,andnoAwardsshallbegranted,thatwouldviolatethe ExchangeAct,theCode,anysecuritieslaworgoverningstatuteoranyotherlawapplicabletotheStockortheissuanceof StockunderthePlan. ARTICLE5 StockOptions 5.1 General. The Committeeis authorizedto grant Optionsto Eligible Individualson the following terms and conditions: (a) Exercise Price. The exercise price per share of Stock subject to an Option shall be determinedby the Committee andsetforthintheAwardAgreement;provided,that,subjecttoSection5.4,theexercisepriceforanyOptionshallnot belessthan100%oftheFairMarketValueofashareofStockonthedateofgrant. (b) Time and Conditionsof Exercise.The CommitteeshalldeterminethetimeortimesatwhichanOptionmaybe exercisedinwholeorinpart;provided,thatthetermofanyOptiongrantedunderthePlanshallnotexceedtenyears. •2023ProxyStatement 125