STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS

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ROBBINS ARROYO LLP 

BRIAN J. ROBBINS (190264) 

FELIPE J. ARROYO (163803) 

SHANE P. SANDERS (237146) 

SCOTT F. TEMPLETON (246872) 

600 B Street, Suite 1900 

San Diego, CA 92101 

Telephone: (619) 525-3990 

Facsimile: (619) 525-3991 

E-mail: brobbins@ robbinsarroyo.com 

farroyo@ robbinsarroyo.com 

ssanders@robbinsarroyo.com 

stempleton@robbinsarroyo.com 

Attorneys for Plaintiffs Steve Sims and Edith Liss 

UNITED STATES DISTRICT COURT 

NORTHERN DISTRICT OF CALIFORNIA 

SAN FRANCISCO DIVISION 

STEPHEN SILVERMAN, derivatively on 

behalf of PAYPAL HOLDINGS, INC., 

Plaintiff, 

v. 

DANIEL SCHULMAN, JOHN D. RAINEY, 

PATRICK L.A. DUPUIS, WENCES 

CASARES, JONATHAN CHRISTODORO, 

JOHN J. DONAHOE, DAVID W. DORMAN, 

GAIL J. MCGOVERN, DAVID M. 

MOFFETT, PIERRE M. OMIDYAR and 

FRANK D. YEARY, 

Defendants,

-andPAYPAL HOLDINGS, INC., 

Nominal Defendant. 

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Case No. 5:17-cv-00162-RS 

STIPULATION AND [PROPOSED]

ORDER CONSOLIDATING RELATED 

DERIVATIVE ACTIONS AND 

APPOINTING CO-LEAD COUNSEL FOR 

PLAINTIFFS

Date Action Filed: January 12, 2017 

[Caption continued on next page.]
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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STEVE SEEMAN, derivatively on behalf of 

PAYPAL HOLDINGS, INC., 

Plaintiff, 

v. 

DANIEL SCHULMAN, JOHN D. RAINEY, 

PATRICK L.A. DUPUIS, WENCES

CASARES, JONATHAN CHRISTODORO, 

JOHN J. DONAHOE, DAVID W. DORMAN, 

GAIL J. MCGOVERN, DAVID M. 

MOFFETT, PIERRE M. OMIDYAR, and 

FRANK D. YEARY, 

Defendants,

-andPAYPAL HOLDINGS, INC., 

Nominal Defendant. 

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Case No. 3:17-cv-02206-RS 

Date Action Filed: April 20, 2017 

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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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STEVE SIMS, Derivatively on Behalf of 

PAYPAL HOLDINGS, INC. 

Plaintiff, 

v. 

DANIEL SCHULMAN, JOHN RAINEY, 

JOHN DONAHOE, DAVID MOFFETT, 

PIERRE OMIDYAR, GAIL MCGOVERN, 

FRANK YEARY, DAVID DORMAN, 

JONATHAN CHRISTODORO, WENCES 

CASARES, and PATRICK DUPUIS,

Defendants,

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Case No. 3:17-cv-02428-LHK 

Date Action Filed: April 27, 2017 

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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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EDITH LISS, Derivatively on Behalf of 

PAYPAL HOLDINGS, INC.

Plaintiff, 

v. 

DANIEL SCHULMAN, JOHN RAINEY, 

JOHN DONAHOE, DAVID MOFFETT, 

PIERRE OMIDYAR, GAIL MCGOVERN, 

FRANK YEARY, DAVID DORMAN, 

JONATHAN CHRISTODORO, WENCES 

CASARES, and PATRICK DUPUIS,

Defendants,

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corporation,

Nominal Defendant. 

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Case No. 5:17-cv-02446-EJD 

Date Action Filed: April 28, 2017 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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WHEREAS, there are presently four related stockholder derivative actions currently 

pending in this District against the Individual Defendants,1 who are certain current and former 

directors and officers of nominal defendant PayPal Holdings, Inc. ("PayPal") (PayPal, together 

with the Individual Defendants, is collectively referred to herein as "Defendants"): Silverman v. 

Schulman, et al., Case No. 5:17-cv-00162-RS; Seeman v. Schulman, et al., Case No. 3:17-cv02206-RS; Sims v. Schulman, et al., Case No. 3:17-cv-02428-LHK; and Liss v. Schulman, et al., 

Case No. 5:17-cv-02446-EJD (together, the "Related Derivative Actions"); 

WHEREAS, under Fed. R. Civ. P. 42(a), when actions involve "a common question of 

law or fact," the Court may "(1) join for hearing or trial any or all matters at issue in the actions; 

(2) consolidate the actions; or (3) issue any other orders to avoid unnecessary cost or delay"; 

WHEREAS, the Related Derivative Actions challenge similar alleged conduct by 

PayPal's directors and executive officers and involve common questions of law and fact; 

WHEREAS, the parties therefore respectfully submit that consolidation of the Related 

Derivative Actions is appropriate; 

WHEREAS, to avoid potentially duplicative actions and to prevent any waste of the 

Court's resources, the parties agree that the Related Derivative Actions should be related and 

consolidated for all purposes, including pre-trial proceedings and trial, into a single consolidated 

action (hereinafter referred to as the "Consolidated Derivative Action"); 

WHEREAS, the parties agree that Robbins Arroyo LLP and Profy Promisloff & 

Ciarlanto, P.C. shall be designated as Co-Lead Counsel for plaintiffs in the Consolidated 

Derivative Action; 

WHEREAS, a factually-related class action alleging violations of the federal securities 

laws against PayPal and certain PayPal officers was commenced in this District on December 28, 

 

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 The "Individual Defendants" include Daniel H. Schulman, John D. Rainey, John J. Donahoe, 

David M. Moffett, Pierre M. Omidyar, Gail J. McGovern, Frank D. Yeary, David W. Dorman, 

Jonathan Christodoro, Wences Casares, and Patrick L.A. Dupuis. 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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2016: In re PayPal Holdings, Inc. Securities Litigation, Master File No. 3:16-cv-07371-RS (the 

"Securities Class Action"); 

WHEREAS, on June 1, 2017, the lead plaintiff in the Securities Class Action filed a 

Notice of Voluntary Dismissal without Prejudice, and the case was closed the same day; 

WHEREAS, the parties have met and conferred and agree that Plaintiffs shall have thirty 

(30) days from entry of an order on this stipulation to file a consolidated complaint; 

WHEREAS, in the event Plaintiffs do not file a consolidated complaint within thirty (30) 

days from entry of an order on this stipulation, Plaintiffs shall dismiss the action without 

prejudice within seven (7) days of the date the consolidated complaint would have been due; and 

WHEREFORE, the parties, through their undersigned counsel, hereby agree, stipulate, 

and respectfully request that the Court enter an Order as follows: 

1. Defendants hereby acknowledge service of the summonses and complaints in the 

Related Derivative Actions. Aside from defenses and objections related to the absence of a 

summons or of service, Defendants expressly reserve all defenses and objections to the 

complaints filed in the Related Derivative Actions and any complaints filed in the Consolidated 

Derivative Action, including but not limited to defenses based on lack of personal jurisdiction 

and improper venue. 

2. Defendants need not answer, move or otherwise respond to any of the complaints 

currently filed in the Related Derivative Actions. 

3. The following actions shall be consolidated for all purposes, including pre-trial 

proceedings and trial, into one consolidated action: 

Case Name Case No. Filing Date 

Silverman v. Schulman, et al. 5:17-cv-00162-RS January 12, 2017 

Seeman v. Schulman, et al. 3:17-cv-02206-RS April 20, 2017 

Sims v. Schulman, et al. 3:17-cv-02428-LHK April 27, 2017 

Liss v. Schulman, et al. 5:17-cv-02446-EJD April 28, 2017 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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4. Every pleading filed in the Consolidated Derivative Action, or in any separate 

action included herein, must bear the following caption: 

UNITED STATES DISTRICT COURT 

FOR THE NORTHERN DISTRICT OF CALIFORNIA 

IN RE PAYPAL HOLDINGS, INC. 

SHAREHOLDER DERIVATIVE

LITIGATION

___________________________________ 

This Document Relates To:

ALL ACTIONS. 

Lead Case No. 5:17-cv-00162-RS 

(Consolidated with No. 3:17-cv-02206-RS; 

3:17-cv-02428-LHK; and 5:17-cv-02446-EJD) 

Hon. Richard Seeborg 

Courtroom: 3, 17th Floor 

5. The files of the Consolidated Derivative Action will be maintained in one master 

file under Lead Case No. 5:17-cv-00162-RS. 

6. Co-Lead Counsel for plaintiffs for the conduct of In re PayPal Holdings, Inc. 

Shareholder Derivative Litigation, Lead Case No. 5:17-cv-00162-RS, is designated as follows: 

ROBBINS ARROYO LLP 

BRIAN J. ROBBINS 

FELIPE J. ARROYO 

SHANE P. SANDERS 

SCOTT F. TEMPLETON 

600 B Street, Suite 1900 

San Diego, CA 92101 

Telephone: (619) 525-3990 

Facsimile: (619) 525-3991 

brobbins@robbinsarroyo.com 

farroyo@robbinsarroyo.com 

ssanders@robbinsarroyo.com 

stempleton@robbinsarroyo.com 

-and- 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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PROFY PROMISLOFF & CIARLANTO, P.C. 

JEFFREY J. CIARLANTO 

JOSEPH M. PROFY 

DAVID M. PROMISLOFF 

100 N. 22nd Street, Unit 105 

Philadelphia, PA 19103 

Telephone: (215) 259-5156 

Facsimile: (215) 600-2642 

ciarlanto@prolawpa.com 

profy@prolawpa.com 

david@prolawpa.com 

7. Plaintiffs' Co-Lead Counsel will be responsible for coordinating all activities and 

appearances on behalf of plaintiffs and for the dissemination of notices and orders of this Court. 

The parties further agree that no motion, request for discovery, or other pre-trial or trial 

proceedings will be initiated or filed by any plaintiffs except through plaintiffs' Co-Lead 

Counsel. 

8. Defendants' counsel may rely upon all agreements made with any of plaintiffs' 

Co-Lead Counsel, or other duly authorized representative of plaintiffs' Co-Lead Counsel, and 

such agreements will be binding on plaintiffs. 

9. This Order shall apply to each purported derivative action arising out of the same 

or substantially the same transactions or events as the Related Derivative Actions that is 

subsequently filed in, removed to, or transferred to this Court. 

10. If a case that properly belongs as part of In re PayPal Holdings, Inc. Shareholder 

Derivative Litigation, Lead Case No. 5:17-cv-00162-RS, is hereafter filed in this Court or 

transferred here from another court, plaintiffs' Co-Lead Counsel shall promptly call to the 

attention of the Clerk of the Court the filing or transfer of any case that might properly be 

consolidated as part of In re PayPal Holdings, Inc. Shareholder Derivative Litigation, Lead Case 

No. 5:17-cv-00162-RS. 

11. In the interest of efficiency and avoidance of unnecessary duplication of effort or 

judicial resources by the Court or the parties, it is further Ordered that (i) within thirty (30) days 

of the entry of an order consolidating the Related Derivative Actions, plaintiffs shall file a 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

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consolidated complaint; (ii) if plaintiffs decide to file a consolidated complaint, the parties shall 

meet and confer within seven (7) days of that filing and propose a schedule with the Court 

regarding further proceedings in the Consolidated Derivative Action, including the filing of 

Defendants' anticipated motions to dismiss; and (iii) in the event Plaintiffs do not file a 

consolidated complaint within thirty (30) days from entry of an order on this stipulation, 

Plaintiffs shall dismiss the action without prejudice within seven (7) days of the date the 

consolidated complaint would have been due. 

12. All initial case management conferences currently scheduled, attendant 

deadlines, and related ADR procedures shall be deferred until the Court issues a ruling on 

Defendants' anticipated motions to dismiss. 

13. Pursuant to Fed. R. Civ. P. 5(b)(2)(E), all parties consent to service by e-mail of 

any document required to be served in the Consolidated Derivative Action. 

IT IS SO STIPULATED.

Dated: June 29, 2017 ROBBINS ARROYO LLP 

BRIAN J. ROBBINS

FELIPE J. ARROYO

SHANE P. SANDERS

SCOTT F. TEMPLETON

/s/ Shane P. Sanders

SHANE P. SANDERS 

600 B Street, Suite 1900

San Diego, CA 92101

Telephone: (619) 525-3990 

Facsimile: (619) 525-3991 

E-mail: brobbins@robbinsarroyo.com 

farroyo@robbinsarroyo.com 

ssanders@robbinsarroyo.com 

stempleton@robbinsarroyo.com 

Counsel for Plaintiffs Steve Sims and Edith Liss

and [Proposed] Co-Lead Counsel for Plaintiffs 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

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Dated: June 29, 2017 PROFY PROMISLOFF & CIARLANTO, P.C. 

JEFFREY J. CIARLANTO 

JOSEPH M. PROFY

DAVID M. PROMISLOFF

/s/ Jeffrey J. Ciarlanto

JEFFREY J. CIARLANTO 

100 N. 22nd Street, Unit 105

Philadelphia, PA 19103

Telephone: (215) 259-5156 

Facsimile: (215) 600-2642 

E-mail: ciarlanto@prolawpa.com 

profy@prolawpa.com 

david@prolawpa.com 

Counsel for Plaintiff Stephen Silverman and 

[Proposed] Co-Lead Counsel for Plaintiffs 

Dated: June 29, 2017 BRODSKY & SMITH, LLC 

EVAN J. SMITH

/s/ Evan J. Smith 

EVAN J. SMITH 

9595 Wilshire Blvd.

Beverly Hills, CA 90212

Telephone: (877) 534-2590 

Facsimile: (310) 247-0160 

E-mail: esmith@brodsky-smith.com 

LAW OFFICE OF ALFRED G. YATES, JR., 

P.C.

ALFRED G. YATES, JR.

GERALD L. RUTLEDGE

519 Allegheny Building 

429 Forbes Avenue

Pittsburgh, PA 15219

Telephone: (412) 391-5164 

Facsimile: (412) 471-1033 

E-mail: yateslaw@aol.com 

 

Counsel for Plaintiff Stephen Silverman
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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Dated: June 29, 2017 THE BROWN LAW FIRM, P.C. 

TIMOTHY W. BROWN

/s/ Timothy W. Brown 

TIMOTHY W. BROWN 

240 Townsend Square

Oyster Bay, NY 11771

Telephone: (516) 922-5427 

Facsimile: (516) 344-6204 

E-mail: tbrown@thebrownlawfirm.com 

Of Counsel for Plaintiff Steve Seeman

Dated: June 29, 2017 ORRICK, HERRINGTON & SUTCLIFFE LLP 

JAMES NEIL KRAMER

ALEXANDER K. TALARIDES

SUZETTE PRINGLE

/s/ Alexander K. Talarides

ALEXANDER K. TALARIDES 

The Orrick Building

405 Howard Street 

San Francisco, CA 94105

Telephone: (415) 773-5700 

Facsimile: (415) 773-5759 

E-mail: atalarides@orrick.com 

jkramer@orrick.com 

springle@orrick.com 

Counsel for individual defendants Daniel H. 

Schulman, John D. Rainey, John J. Donahoe, 

David M. Moffett, Pierre M. Omidyar, Gail J. 

McGovern, Frank D. Yeary, David W. Dorman, 

Jonathan Christodoro, Wences Casares, and 

Patrick L.A. Dupuis and nominal defendant PayPal 

Holdings, Inc. 

1187533 
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STIPULATION & [PROPOSED] ORDER CONSOLIDATING RELATED DERIVATIVE ACTIONS 

AND APPOINTING CO-LEAD COUNSEL FOR PLAINTIFFS 

Lead Case No. 5:17-cv-00162-RS 

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SIGNATURE ATTESTATION 

I, Shane P. Sanders, am the ECF user whose identification and password are being used to 

file the foregoing Stipulation and [Proposed] Order Consolidating Related Derivative Actions 

and Appointing Co-Lead Counsel for Plaintiffs. In compliance with Civil L.R. 5-1(i)(3), I 

hereby attest that concurrence in the filing of this document has been obtained. 

Dated: June 29, 2017 /s/ Shane P. Sanders 

SHANE P. SANDERS 

**** 

ORDER 

PURSUANT TO STIPULATION, IT IS SO ORDERED. 

DATED: _______________________ ______________________________________ 

 HON. RICHARD SEEBORG

UNITED STATES DISTRICT COURT 

6/30/17