PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) 15.16 GoverningLaw.ThePlanandallAwardAgreementsshallbeconstruedinaccordancewithandgovernedbythelaws of the State of Delaware, without regard to the principles of conflict of laws of that State. 15.17 Section 409A. To the extent that the Committee determinesthat any AwardgrantedunderthePlanis subjectto Section409AoftheCode,theAwardAgreementevidencingsuchAwardshallincorporatethetermsandconditions requiredbySection409AoftheCode.Totheextentapplicable,thePlanandAwardAgreementsshallbeinterpretedin PRO accordancewithSection409AoftheCodeandDepartmentofTreasuryregulationsandotherinterpretiveguidanceissued XY thereunder,includingwithoutlimitationanysuchregulationsorotherguidancethatmaybeissuedaftertheEffectiveDate. S T A NotwithstandinganyprovisionofthePlantothecontrary,intheeventthattheCommitteedeterminesthatanyAwardmay TEMENT besubjecttoSection409AoftheCodeandrelatedDepartmentofTreasuryguidance(includingsuchDepartmentof TreasuryguidanceasmaybeissuedaftertheEffectiveDate),theCommitteemayadoptsuchamendmentstothePlanand theapplicableAwardAgreementoradoptotherpoliciesandprocedures(includingamendments,policiesandprocedures with retroactiveeffect), or take any other actions, that the Committee determinesare necessaryor appropriateto (a) exempttheAwardfromSection409AoftheCodeand/orpreservetheintendedtaxtreatmentofthebenefitsprovided with respectto the Award,or (b) complywiththerequirementsofSection409AoftheCodeandrelatedDepartmentof TreasuryguidanceandtherebyavoidtheapplicationofanypenaltytaxesundersuchSection. •2023ProxyStatement 137