PAYPALHOLDINGS,INC.2015EQUITYINCENTIVEAWARDPLAN(MARKED) theBoardornominationforelectionbytheCompanysstockholderswasapprovedbyavoteofatleasttwo-thirdsof thedirectorsthenstill in office who either were directors at the beginning of the two-year period or whose election or nominationforelectionwaspreviouslysoapproved,ceaseforanyreasontoconstituteamajoritythereof;or (c) The consummationbytheCompany(whetherdirectlyinvolvingtheCompanyorindirectlyinvolvingtheCompany PRO throughoneormoreintermediaries)of(x)amerger,consolidation,reorganization,orbusinesscombinationor(y)a sale or other disposition of all or substantially all of the Companys assets in any single transaction or series of related XY transactionsor (z) the acquisition of assets or stock of another entity, in each case other than a transaction: S T A (i) Which results in the Companys voting securities outstanding immediatelybefore the transactioncontinuing to TEMENT represent(eitherby remainingoutstandingorbybeingconvertedintovotingsecuritiesoftheCompanyorthe personthat,asaresultofthetransaction,controls,directlyor indirectly,the Companyor owns,directlyor indirectly, all or substantially all of the Companys assets or otherwise succeeds to the business of the Company (the Companyorsuchperson,the“SuccessorEntity”))directlyorindirectly,atleastamajorityofthecombined voting poweroftheSuccessorEntitysoutstandingvotingsecuritiesimmediatelyafterthetransaction,and (ii) After which no person or group beneficially owns voting securities representing50% or more of the combined voting poweroftheSuccessorEntity;provided,however,thatnopersonorgroupshallbetreatedforpurposesof this Section 2.5(c)(ii) as beneficially owning 50% or more of combined voting power of the SuccessorEntity solely asaresultofthevotingpowerheldintheCompanypriortotheconsummationofthetransaction;or (d) The CompanysstockholdersapprovealiquidationordissolutionoftheCompany. In addition, if the Change in Control constitutes a payment event with respect to any Award which providesfor the deferral of compensationandissubjecttoSection409AoftheCode,totheextentrequired,thetransactionorevent describedinsubsection(a),(b),(c) or (d) with respectto such Awardmust also constitutea “changein controlevent” asdefinedinTreasuryRegulation§1.409A-3(i)(5). TheCommitteeshallhavefullandfinalauthority,whichshallbe exercisedinits discretion,to determineconclusivelywhethera ChangeinControloftheCompanyhasoccurred pursuanttotheabovedefinition,andthedateoftheoccurrenceofsuchChangeinControlandanyincidentalmatters relating thereto. 2.6 “Code”meanstheU.S.InternalRevenueCodeof1986,asamended. 2.7 “Committee”meansthecommitteeoftheBoarddescribedinArticle12. 2.8 “Consultant” meansanyconsultantoradviserif:(a) theconsultantor adviserrendersbonafideservicestotheCompany or any Subsidiary; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Companys securities; and (c) the consultant or adviser is a natural person. 2.9 “DeferredStockUnit” meansarighttoreceiveaspecifiednumberofsharesofStockduringspecifiedtimeperiods pursuanttoSection8.5. 2.10 “Director” means a memberof theBoard. 2.11 “Disability” means that the Participant qualifies to receive long-term disability payments under the Companys long- termdisabilityinsuranceprogram,asitmaybeamendedfromtimetotime,orifParticipantisotherwiseineligibleto participatein the Companyslong-termdisabilityinsuranceprogramorresidesoutsidetheUnitedStatesandnosuch programexists,meansthattheParticipantisunabletoperformhisorherdutieswiththeCompanyoritsSubsidiaryby reasonofamedicallydeterminablephysicalormentalimpairment,asdeterminedbyaphysicianacceptabletothe Company,whichispermanentincharacterorwhichisexpectedtolastforacontinuousperiodofmorethansix(6)months. 2.12 “Dividend Equivalent” means a right granted to a Participantpursuant to Section 8.3 to receive the equivalent value (in cashorStock)ofdividendspaidonStock. 2.13 “DRO” shall mean a domesticrelationsorderasdefinedbytheCodeorTitleIoftheU.S.EmployeeRetirementIncome Security Act of 1974, as amendedfrom time to time, or the rules thereunder. 2.14 “Effective Date” shall have the meaning set forth in Section 13.1. 2.15 “Eligible Individual” means any person who is an Employee, a Consultantor an IndependentDirector,as determined bytheCommittee. 2.16 “Employee”meansanypersononthepayrollrecordsoftheCompanyoraSubsidiaryandactivelyprovidingservices asanemployee.ServiceasaDirectororcompensationbytheCompanyoraSubsidiarysolelyforservicesasaDirector shall not be sufficient to constitute “employment” by the Company or a Subsidiary. •2023ProxyStatement 121