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EXECUTION VERSION FIRST AMENDMENT This First Amendment, dated as of March 23,
2020 (this “First Amendment”), to the Credit Agreement, dated as of September
11, 2019 (the “Existing Credit Agreement”, and as amended by this First
Amendment, the “Credit Agreement”), among PayPal Holdings, Inc., a Delaware
corporation (the “Parent Borrower”), the lenders from time to time party
thereto, J.P. Morgan Securities Australia Limited (the “Australian Borrower
Administrative Agent”), JPMorgan Chase Bank, N.A. Toronto Branch (the “Canadian
Borrower Administrative Agent”), J.P. Morgan Europe Limited (the “Luxembourg
Borrowers and Singapore Borrower Administrative Agent”), and JPMorgan Chase
Bank, N.A. (the “Parent Borrower Administrative Agent”, and together with the
Australian Borrower Administrative Agent, the Canadian Borrower Administrative
Agent and the Luxembourg Borrowers and Singapore Borrower Administrative Agent,
the “Administrative Agent”). W I T N E S S E T H: WHEREAS, the Parent Borrower
has requested that the Existing Credit Agreement be amended as set forth herein
pursuant to Section 11.01 of the Existing Credit Agreement; WHEREAS, the
Administrative Agent and the Required Lenders have agreed, upon the terms and
subject to the conditions set forth herein, to the requested amendments; NOW,
THEREFORE, in consideration of the premises contained herein, the parties hereto
hereby agree as follows: Section 1. Defined Terms. Unless otherwise defined
herein, capitalized terms are used herein as defined in the Credit Agreement.
Section 2. Amendment. Subject to the satisfaction or waiver of the conditions
set forth in Section 5 hereof and pursuant to and in accordance with Section
11.01 of the Existing Credit Agreement: (a) the Existing Credit Agreement is
hereby amended as follows: (i) The definition of “Consolidated EBITDA” in
Section 1.01 of the Credit Agreement is hereby amended by inserting a new clause
“(i)” after clause “(h)” to read as fol- lows: “(i) any loss (realized or
unrealized) on Strategic Investments”; (ii) The definition of “Consolidated
EBITDA” in Section 1.01 of the Credit Agreement is hereby further amended by
inserting “(x)” immediately prior to “any reversals of non-cash restructuring
charges or other non-cash exit and disposal costs during such period” and by
inserting a new clause “(y)” after clause “(x)” to read as follows: “(y) any
gain (realized or unrealized) on Strategic Investments”; and

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(iii) Section 1.01 of the Existing Credit Agreement is hereby amended by add-
ing thereto the following definition, which shall be inserted in proper
alphabetical order: ““Strategic Investment” means any investment by the Parent
Borrower or any of its Subsidiaries in marketable equity securities (which are
publicly traded) and/or non- marketable equity securities (which are investments
in privately held companies); pro- vided that no investment in the Parent
Borrower or any of its Subsidiaries shall be a “Strategic Investment”. (b)
Exhibit C to the Existing Credit Agreement is hereby amended to delete the
stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated textually in the
same manner as the following exam- ple: double-underlined text) as set forth in
Exhibit A attached hereto. Section 3. Representations and Warranties. As of the
date hereof and as of the First Amendment Effective Date (as defined below), the
Parent Borrower hereby represents and warrants that (a) the representations and
warranties set forth in Article V of the Existing Credit Agreement are true and
correct in all material respects on and as of the date hereof (or, if any such
representation and warranty is expressly stated to have been made as of a
specific date, as of such specific date) and (b) no Default or Event of Default
exists. Section 4. Effect on the Loan Documents; No Other Amendments or
Consents. Except as expressly provided herein, all of the terms and provisions
of the Existing Credit Agreement and the other Loan Documents are and shall
remain in full force and effect. The amendment provided for herein is limited to
the specific provisions of the Credit Agreement specified in Section 2 hereof
and shall not constitute a consent, waiver or amendment of, or an indication of
the Administrative Agent’s willingness to consent to any action requiring
consent under any other provisions of the Credit Agreement. After the First
Amendment Effective Date, any reference to the Credit Agreement in any Loan
Document, and the terms “this Agreement”, “herein”, “hereunder”, “hereto”,
“hereof”, “hereby” and words of similar import in the Credit Agreement, shall,
unless the context otherwise requires, mean the Credit Agreement as modified
hereby. This First Amendment shall constitute a “Loan Document” for all purposes
of the Credit Agreement and the other Loan Documents. Section 5. Effectiveness
of Amendment. The effectiveness of the amendment to the Credit Agreement
contemplated hereby shall be subject to the satisfaction (or waiver by the Ad-
ministrative Agent) of the following conditions (the first Business Day on which
all conditions are so satisfied or waived, the “First Amendment Effective
Date”): (a) The Administrative Agent shall have received counterparts of this
First Amendment that, when taken together, bear the signatures of (a) the Parent
Borrower, (b) the Required Lenders and (c) the Administrative Agent; and (b) The
Administrative Agent shall have received from the Parent Borrower (or shall be
sat- isfied that it will receive substantially concurrently with the
effectiveness of this First Amendment) imme- diately available funds in an
amount sufficient to pay all expenses required by Section 11.04(a) of the -2-

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Credit Agreement to be paid by the Parent Borrower in connection with this First
Amendment (to the ex- tent invoiced in reasonable detail prior to the date
hereof). Section 6. Counterparts. This First Amendment may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall be deemed an original, but all of which when taken together shall
constitute a single contract. Delivery of an executed counterpart of a signature
page of this First Amendment by telecopy or electronic transmission shall be
effective as delivery of a manually executed counterpart of this First
Amendment. Section 7. Governing Law. The provisions of Sections 11.14 and 11.15
of the Credit Agreement shall apply to this First Amendment, mutatis mutandis.
[Remainder of page left intentionally blank] -3-

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written. PAYPAL HOLDINGS, INC., as Parent Borrower
By: /s/ Anthony Glasby Name: Anthony Glasby Title: Vice President and Treasurer
[Signature Page to First Amendment]

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JPMORGAN CHASE BANK, N.A., as Parent Borrower Administrative Agent By: /s/ Ryan
Zimmerman Name: Ryan Zimmerman Title: Vice President J.P. MORGAN SECURITIES
AUSTRALIA LIMITED, as Australian Borrower Administrative Agent By: /s/ Cristina
de Guzman Name: Cristina de Guzman Title: Associate JPMORGAN CHASE BANK N.A.,
TORONTO BRANCH, as Canadian Borrower Administrative Agent By: /s/ Nauman
Muzaffar Name: Nauman Muzaffar Title: Executive Director J.P. MORGAN EUROPE
LIMITED, as Luxembourg Borrowers and Singapore Borrower Administrative Agent By:
/s/ Grant Keith Name: Grant Keith Title: Associate

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WELLS FARGO BANK, NATIONAL ASSOCIATION as a Lender By: /s/ Tracy Moosbrugger
Name: Tracy Moosbrugger Title: Managing Director STANDARD CHARTERED BANK as a
Lender By: /s/ James Beck Name: James Beck Title: Associate Director Westpac
Banking Corporation as a Lender By: /s/ Richard Yarnold Name: Richard Yarnold
Title: Senior Relationship Manager Corporate & Institutional Banking National
Australia Bank as a Lender By: /s/ John Allan-Smith Name: John Allan-Smith
Title: Head of Client Coverage – US THE TORONTO-DOMINION BANK, NEW YORK BRANCH,
as a Lender By: /s/ Peter Kuo Name: Peter Kuo Title: Authorized Signatory HSBC
Bank USA, N.A., as a Lender By: /s/ Sam Stockwin Name: Sam Stockwin Title: Vice
President

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Oversea-Chinese Banking Corporation Limited, Los Angeles Agency as a Lender By:
/s/ Charles Ong Name: Charles Ong Title: General Manager THE BANK OF NOVA SCOTIA
as a Lender By: /s/ Jason Rinne Name: Jason Rinne Title: Director MUFG Bank,
Ltd., as a Lender By: /s/ Marlon Mathews Name: Marlon Mathews Title: Director
Mizuho Bank, Ltd. as a Lender By: /s/ Tracy Rahn Name: Tracy Rahn Title:
Authorized Signatory Citibank, N.A., as a Lender By: /s/ Sean Klimchalk Name:
Sean Klimchalk Title: Vice President DBS Bank Ltd. as a Lender By: /s/ Henry
Choo Name: Henry Choo Title: Vice President

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Morgan Stanley Bank, N.A., as a Lender By: /s/ Kevin Newman Name: Kevin Newman
Title: Authorized Signatory Royal Bank of Canada as a Lender By: /s/ Nicholas
Heslip Name: Nicholas Heslip Title: Authorized Signatory DEUTSCHE BANK AG NEW
YORK BRANCH, as a Lender By: /s/ Ming K. Chu Name: Ming K. Chu Title: Director
By: /s/ Annie Chung Name: Annie Chung Title: Director Bank of America, N.A. as a
Lender By: /s/ Laura L. Olson Name: Laura L. Olson Title: Vice President
BARCLAYS BANK PLC as a Lender By: /s/ George Osborne Name: George Osborne Title:
Director Executed in New York State Street Bank and Trust Company as a Lender
By: /s/ Kimberly R. Costa Name: Kimberly R. Costa Title: Vice President

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BNP Paribas as a Lender By: /s/ Barbara Nash Name: Barbara Nash Title: Managing
Director By: /s/ Chief Marbumrung Name: Chief Marbumrung Title: Vice President
Goldman Sachs Bank USA, as a Lender By: /s/ Jamie Minieri Name: Jamie Minieri
Title: Authorized Signatory

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EXHIBIT A (ATTACHED) 834199.04-LACSR02A - MSW

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EXHIBIT C FORM OF COMPLIANCE CERTIFICATE Financial Statement Date:
_______________,____ To: J.P. Morgan Securities Australia Limited (the
“Australian Borrower Administrative Agent”), JPMorgan Chase Bank, N.A., Toronto
Branch (the “Canadian Borrower Administrative Agent”), J.P. Morgan Europe
Limited (the “Luxembourg Borrowers and Singapore Borrower Administrative Agent”)
and JPMorgan Chase Bank, N.A. (the “Parent Borrower Administrative Agent” and
together with the Australian Borrower Administrative Agent, the Canadian
Borrower Administrative Agent and the Luxembourg Borrowers and Singapore
Borrower Administrative Agent, the “Administrative Agent”) Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of September 11,
2019 (as amended, restated, amended and restated, extended, supplemented or
otherwise modified in writing from time to time, the “Credit Agreement;” the
terms defined therein being used herein as therein de- fined), among PayPal
Holdings, Inc., a Delaware corporation (the “Parent Borrower”), the Desig- nated
Borrowers from time to time parties thereto, the Lenders from time to time party
thereto and the Administrative Agent. The undersigned Responsible Officer hereby
certifies as of the date hereof that he/she is the
____________________________of the Parent Borrower, and that, as such, he/she is
authorized to execute and deliver this Certificate to the Administrative Agent
on the behalf of the Parent Borrower, and that: [Use following paragraph 1 for
fiscal year-end financial statements] 1. The Parent Borrower has delivered the
year-end audited financial statements required by Section 6.01(a) of the Credit
Agreement for the fiscal year of the Parent Borrower ended as of the above date,
together with the report and opinion of an independent certified public
accountant to the extent required by such section. [Use following paragraph 1
for fiscal quarter-end financial statements] 1. The Parent Borrower has
delivered the unaudited financial statements required by Section 6.01(b) of the
Credit Agreement for the fiscal quarter of the Parent Borrower ended as of the
above date. Such financial statements fairly present in all material respects
the financial condition, results of operations, Stockholders’ Equity and cash
flows of the Parent Borrower and its Subsidiaries in accordance with GAAP as at
such date and for such period, subject only to normal year-end audit adjustments
and the absence of footnotes. 2. To the best knowledge of the undersigned:
[select one:] C - 1 Compliance Certificate

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[no Default or Event of Default has occurred and is continuing as of the date
hereof.] —or— [the following is a list of each Default and Event of Default
existing as of the date hereof and its nature and status:] 3. The financial
covenant analyses and information set forth on Schedule 1 attached hereto are
true and accurate on and as of the date of this Certificate. IN WITNESS WHEREOF,
the undersigned has executed this Certificate as of ______________, _________.
PAYPAL HOLDINGS, INC. By: Name: Title: C - 2 Compliance Certificate

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For the Quarter/Year ended ______________________(“Statement Date”) SCHEDULE 1
to the Compliance Certificate ($ in 000’s) Section 7.05 — Consolidated Leverage
Ratio. A. Consolidated EBITDA for four consecutive fiscal quarters ending on
Statement Date (“Subject Period”): $ 1. Consolidated Net Income for Subject
Period: $ 2. Interest expense for Subject Period: $ 3. Depreciation and
amortization expense (including amortization or impairment of Intangible Assets
for Acqui- sitions or Dispositions) for Subject Period: $ 4. Income tax expense
for Subject Period: $ 5. Non-cash charges or expenses related to equity plans or
equity awards for Subject Period: $ 6. Payroll taxes on exercise of stock
options or vesting of re- stricted stock units or other equity awards for
Subject Pe- riod: $ 7. Impairment of goodwill for Subject Period: $ 8. At the
option of the Parent Borrower, transaction expenses from Acquisitions,
Dispositions, issuances of Indebtedness or equity interests or repayment of
Indebtedness or any re- financing, amendment or other modification of any
Indebt- edness (in each case, including any such transaction under- taken but
not completed or consummated) for Subject Pe- riod: $ 9. Non-cash restructuring
charges and other non-cash exit $ and disposal costs for Subject Period1: 1
There shall be a subtraction from Consolidated EBITDA when cash payments in
respect of such restruc- turing charges and exit and disposal costs are made. C
- 3 Compliance Certificate

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10. Any loss (realized or unrealized) on Strategic Invest- ments2: $ 1011.
Reversals of non-cash restructuring charges and other non- cash exit and
disposal costs for Subject Period: $ 12. Any gain (realized or unrealized) on
Strategic Investments: $ 1113. Consolidated EBITDA (Lines A.1 + 2 + 3 + 4 + 5 +
6 + 7 + 8 + 9 -+ 10 – 11 – 12): $ B. Consolidated Total Debt as of Statement
Date: $ C. Consolidated Leverage Ratio as of Statement Date (Line B  Line A):
Maximum permitted: [4.00][4.50] to 1.0013 2 Any investment by the Parent
Borrower or any of its Subsidiaries in marketable equity securities (which are
publicly traded) and/or non-marketable equity securities (which are investments
in privately held companies); provided that no investment in the Parent Borrower
or any of its Subsidiaries shall be a “Strategic Investment. 13 (i) at the
election of the Parent Borrower (the notice of which election shall be given
within 30 days after consummating the relevant Qualified Acquisition), the level
set forth above shall be increased to 4.50 to 1.00 in connection with a
Qualified Acquisition for four consecutive fiscal quarters (and no other fiscal
quarters), starting with the fiscal quarter in which such Qualified Acquisition
is consummated (a “Qualified Acquisition Election”); (ii) the Parent Borrower
may make a Qualified Acquisition Election no more than twice during the life of
this Agreement; (iii) upon the return to a maximum Consolidated Leverage Ratio
of 4.00 to 1.00 after any Qualified Ac- quisition Election, such level must be
maintained for at least two fiscal quarters before the Parent Bor- rower may
elect to increase such level for a subsequent time pursuant to any Qualified
Acquisition Elec- tion; provided, that the Parent Borrower may, at any time
prior to the immediately succeeding fiscal quar- ter end, elect to reduce its
maximum Consolidated Leverage Ratio to 4.00 to 1.00 for such fiscal quarter end
and each fiscal quarter end thereafter by delivering an irrevocable written
notice of such election to the applicable Administrative Agent; thereafter, the
Parent Borrower may elect to increase the maximum Consolidated Leverage Ratio on
the terms set forth in Section 7.04 of the Credit Agreement in connection with a
Qualified Acquisition after its Consolidated Leverage Ratio remains below 4.00
to 1.00 for two consecutive fiscal quarters. C - 4 Compliance Certificate

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