Document:

Document

Exhibit 10.1
Execution Version

$327,000,000
Tribute Rail LLC
Green Secured Railcar Equipment Notes, Series 2022-1
												
	Class	Principal Amount of Offered Notes	Interest Rate	
	Class A............................
	$290,000,000	4.76%
	Class B............................
	$37,000,000	5.75%

NOTE PURCHASE AGREEMENT
            May 19, 2022
						
	Wells Fargo Securities LLC
550 S. Tryon Street
Charlotte, NC 28202	Credit Suisse Securities (USA) LLC
Eleven Madison Avenue
New York, NY 10010
		
	BofA Securities, Inc.
One Bryant Park, 11th Floor
New York, NY 10036
	Deutsche Bank Securities Inc.
One Columbus Circle, 5th Floor
New York, NY 10019

		
	Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036

	
		

Dear Ladies and Gentlemen:
1.Introductory. Tribute Rail LLC, a Delaware limited liability company (the “Issuer”), a wholly owned subsidiary of Tribute Rail Holdings LLC (“Tribute Holdings”), a direct wholly owned subsidiary of TRIP Rail Holdings LLC (“TRIP Holdings”), a joint venture among Trinity Industries Leasing Company (“TILC”), a minority member of TRIP Holdings, and other members that are unaffiliated with TILC, proposes, subject to the terms and conditions stated herein, to issue and sell to Wells Fargo Securities LLC (“Wells Fargo”), BofA Securities, Inc. (“BofA”), Credit Suisse Securities (USA) LLC (“CS”), Deutsche Bank Securities Inc. (“DB”), and Morgan Stanley & Co. LLC (“MS”) (each, an “Initial Purchaser” and collectively, the “Initial Purchasers”) U.S. $290,000,000 principal amount of its Series 2022-1 Class A Green Secured Railcar Equipment Notes (the “Class A Notes”) and U.S. $37,000,000 principal amount of its Series 2022-1 Class B Green Secured Railcar Equipment Notes (the “Class B Notes” and, together with the Class A Notes, the “Offered Notes”) to be issued pursuant to the Master Indenture (the “Master Indenture”), as supplemented by the Series 2022-1 Supplement thereto (the “Series 2022-1 Supplemental Indenture” and, together with the Master Indenture, the “Indenture”), each to be dated on or about May 25, 2022, between the Issuer and U.S. Bank Trust Company, National Association, as indenture trustee (the “Trustee”). The United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder are herein referred to as the “Securities Act.”  Capitalized terms used but not defined herein shall have the meanings given to such terms in the Offering Circular (as defined below).
 

2.Representations and Warranties of the Issuer, TILC, TRIP Holdings and Tribute Holdings. Each of the Issuer, TILC, TRIP Holdings and Tribute Holdings, jointly and severally, represents and warrants to, and agrees with, the Initial Purchasers that, as of the date hereof (unless otherwise indicated below):
(a)The Issuer has prepared a preliminary offering circular dated May 12, 2022, as supplemented by that certain Supplement No. 1 to Preliminary Offering Circular, dated May 19, 2022 (the “Preliminary Offering Circular”), and the Issuer will prepare a final offering circular dated the date hereof (the “Offering Circular”), in each case relating to the Offered Notes to be offered by the Initial Purchasers. The Preliminary Offering Circular and the Offering Circular, together with any General Use Issuer Free Writing Communication (as hereinafter defined) and all amendments and supplements to such documents, are hereinafter collectively referred to as the “Offering Document”. 
The Offering Document at a particular time means the Offering Document in the form actually amended or supplemented and issued at that time. “Final Offering Document” means the Offering Document that discloses the offering price and other final terms of the Offered Notes and is dated as of the date of this Note Purchase Agreement (this “Agreement”) (even if finalized and issued subsequent to the date of this Agreement). “General Disclosure Package” means the Preliminary Offering Circular, together with any General Use Issuer Free Writing Communications (as hereinafter defined) at the Applicable Time (as hereinafter defined) considered together with the offering price on the cover page of the Offering Circular and the information contained in Schedule D hereto. “Applicable Time” means 10:23 A.M. (New York time) on the date of this Agreement. As of its date and as of the Closing Date, the Final Offering Document will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. At the Applicable Time, neither (i) the Preliminary Offering Circular, (ii) the General Disclosure Package, nor (iii) any individual Limited Use Issuer Free Writing Communication (as hereinafter defined), when considered together with the General Disclosure Package, contained, nor as of the Closing Date will contain, any untrue statement of a material fact or omitted, or will omit, to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The preceding two sentences do not apply to statements in or omissions from the Offering Document, the General Disclosure Package or any Limited Use Issuer Free Writing Communication (as hereinafter defined) based upon written information furnished to the Issuer, TILC, TRIP Holdings or Tribute Holdings by the Initial Purchasers specifically for use therein, it being understood and agreed that the only such information is that described as such in Section 8(b) hereof.
“Free Writing Communication” means a written communication (as such term is defined in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Offered Notes and is made by means other than the Preliminary Offering Circular or the Offering Circular. “Issuer Free Writing Communication” means a Free Writing Communication prepared by or on behalf of, or authorized for distribution to investors by, the Issuer, TILC, TRIP Holdings or Tribute Holdings or used or referred to by the Issuer, TILC, TRIP Holdings or Tribute Holdings, in the form retained in the records of the Issuer, TILC, TRIP Holdings or Tribute Holdings. “General Use Issuer Free Writing Communication” means any Issuer Free Writing Communication that is intended for general distribution to prospective investors and is set forth on Schedule B hereto. “Limited Use Issuer Free Writing Communication” means any Issuer Free Writing Communication that is not a General Use Issuer Free Writing Communication and is set forth on Schedule C hereto.
(b)The Issuer has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as 
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a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package or Additional Issuer Information (as hereinafter defined); and the Issuer is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification.
(c)TILC has been duly incorporated and is a validly existing corporation in good standing under the laws of the state of Delaware, with power and authority (as a corporation and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; and TILC is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification. 
(d)TRIP Holdings has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; and TRIP Holdings is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification.
(e)Tribute Holdings has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; and Tribute Holdings is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification.
(f)TRIP Railcar Co., LLC (“TRIP Railcar”) has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; and Tribute Holdings is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification.
(g)As of the Closing Date, the Indenture and each other Transaction Document (as defined in Section 5(d)) will have been duly authorized, executed and delivered by the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as the case may be; the Offered Notes have been duly authorized by the Issuer, and when the Offered Notes are duly authenticated by the Trustee in accordance with the Indenture and delivered and paid for pursuant to this Agreement, the Offered Notes will have been duly executed, authenticated, issued and delivered by the Issuer and each of the Indenture, each other Transaction Document and the Offered Notes will conform to the description thereof contained in the Final Offering Document and each of the Indenture and the other Transaction Documents (assuming the valid execution and delivery thereof by the other parties thereto) and the Offered Notes will constitute valid and legally binding obligations of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as the case may be, enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.
(h)Except as contemplated by the Transaction Documents, no consent, approval, authorization, order of, filing with, or any other action by any governmental agency or 
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body or any court is required for the consummation of the transactions contemplated by this Agreement or any Transaction Document in connection with the issuance of the Offered Notes and sale of the Offered Notes.
(i)The execution, delivery and performance of the Indenture, this Agreement and each other Transaction Document and the issuance of the Offered Notes and sale of the Offered Notes and compliance with the terms and provisions thereof by the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as the case may be, will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, or conflict with, (i) any statute, any rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or any of their respective properties, or (ii) any agreement or instrument to which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is a party or by which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is bound or to which any of the properties of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings are subject, or (iii) the limited liability company agreement or certificate of formation of the Issuer, TRIP Railcar, TRIP Holdings and Tribute Holdings or the certificate of incorporation or by-laws of TILC. The Issuer has full power and authority to sell the Offered Notes as contemplated by this Agreement.
(j)This Agreement has been duly authorized, executed and delivered by each of the Issuer, TILC, TRIP Holdings and Tribute Holdings.
(k)Except as disclosed in the General Disclosure Package, the Issuer has good and marketable title to all real properties and all other properties and assets owned by it, free from liens, encumbrances and defects that would materially affect the value thereof or materially interfere with the use made or to be made thereof by it; and except as disclosed in the General Disclosure Package, the Issuer holds any leased real or personal property held by it under valid and enforceable leases with no exceptions that would materially interfere with the use made or to be made thereof by it.
(l)Each of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings possesses all material certificates, authorities or permits issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by it and has not received any notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as applicable, would individually or in the aggregate have a material adverse effect on the condition (financial or other), business, properties or results of operations of the Issuer, TRIP Railcar, TILC, TRIP Holdings or Tribute Holdings, as applicable, taken as a whole (“Material Adverse Effect”).
(m)Except as disclosed in the General Disclosure Package, none of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings is in violation of any statute, any rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human exposure to hazardous or toxic substances (collectively, “environmental laws”), nor owns or operates any real property contaminated with any substance that is subject to any environmental laws, is liable for any off-site disposal or contamination pursuant to any environmental laws, or is subject to any claim relating to any environmental laws, which violation, contamination, liability or claim would individually or in the aggregate have a Material Adverse Effect; and none of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is aware of any pending investigation which might lead to such a claim.
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(n)Except as disclosed in the General Disclosure Package, there are no pending actions, suits, proceedings or investigations against or affecting the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or their respective properties that, if determined adversely to the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, would individually or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the ability of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings to perform its obligations under the Indenture, this Agreement, or any other Transaction Document to which it is a party, or would seek to materially and adversely affect the federal income tax attributes of the Offered Notes, or which are otherwise material in the context of the sale of the Offered Notes; and no such actions, suits, proceedings or investigations are threatened or, to the Issuer’s, TILC’s, TRIP Railcar’s, TRIP Holdings’ and Tribute Holdings’ knowledge, contemplated.
(o)Since December 31, 2021, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in each case, other than as disclosed in the Offering Document, in the condition (financial or other), business, properties or results of operations of TILC and TILC’s subsidiaries taken as a whole.
(p)The Issuer is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and, after giving effect to the offering and sale of the Offered Notes and the application of proceeds thereof as described in the Offering Document, will not be, and will not be controlled by, an “investment company” registered or required to be registered under the Investment Company Act. The Issuer will not be an “investment company” within the meaning of Section 3(a)(1) of the Investment Company Act, although there may be additional exemptions or exclusions available to the Issuer. The Issuer is not relying on the exemptions set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. The Issuer does not constitute a “covered fund” for purposes of the banking regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule”.
(q)No securities of the same class (within the meaning of Rule 144A(d)(3) under the Securities Act) as the Offered Notes are listed on any national securities exchange registered under Section 6 of the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (“Exchange Act”) or quoted in a U.S. automated inter-dealer quotation system. The securities are eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”). The General Disclosure Package contains, and the Offering Document will contain, all the information specified in and meeting the requirements of Rule 144A.
(r)No member of the “expanded group” (including any “controlled partnership” with respect thereto), if any, of which the Issuer is a member (or, in the event the Issuer is a disregarded entity for U.S. federal income tax purposes, of which the Issuer’s owner is a member or controlled partnership with respect thereto) has purchased, or is purchasing, any of the Offered Notes. For these purposes, “controlled partnership” and “expanded group” are defined in Treasury Regulation sections 1.385-1(c)(1) and 1.385-1(c)(4), respectively.
(s)Assuming the representations of the Initial Purchasers set forth in Section 4(a) and (b) are true and accurate, the offer, sale and delivery of the Offered Notes to the Initial Purchasers and to subsequent purchasers in the manner contemplated by this Agreement and the Offering Document will be exempt from the registration requirements of the Securities Act, and it is not necessary to qualify an indenture in respect of the Offered Notes under the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).
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(t)Neither the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, or any of their respective affiliates, or any person acting on its or their behalf (other than the Initial Purchasers, as to whom no such representation is made) (i) has, within the six-month period prior to the date hereof, offered or sold in the United States or to any U.S. person (as such terms are defined in Regulation S under the Securities Act (“Regulation S”)) the Offered Notes or any security of the same class or series as the Offered Notes or (ii) has offered or will offer or sell the Offered Notes (A) in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act or (B) with respect to any such securities sold in reliance on Rule 903 of Regulation S, by means of any directed selling efforts within the meaning of Rule 902(c) of Regulation S. The Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, and their respective affiliates and any person acting on its or their behalf (other than the Initial Purchasers, as to whom no such representation is made) have complied and will comply with the offering restrictions requirement of Regulation S. Neither the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings has entered and none will enter into any contractual arrangement with respect to the distribution of the Offered Notes except for this Agreement.
(u)The proceeds to the Issuer from the offering of the Offered Notes and the related transactions will not be used to purchase or carry any security (except as contemplated in Permitted Investments in respect of the Indenture Accounts).
(v)There is no “substantial U.S. market interest” as defined in Rule 902(j) of Regulation S in the Issuer’s debt securities.
(w)Except as contemplated in the applicable Engagement Letter (as defined below), that certain Work Fee Letter dated on or around the date hereof from Fifth Third Securities, Inc. and accepted and agreed to by the Issuer and as disclosed in the General Disclosure Package, there are no contracts, agreements or understandings between the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings and any person that would give rise to a valid claim against the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, or any Initial Purchaser for a brokerage commission, finder’s fee or other like payment.
(x)On the Closing Date, the Issuer will own all of its right, title and interest in and to the Railcars, together with the related Leases thereon and certain other related assets specified therein, free and clear of any lien, mortgage, pledge, charge, encumbrance, adverse claim or other security interest (collectively, “Liens”), except to the extent permitted in the Indenture or any other Transaction Document, as applicable.
(y)As of the Closing Date, each of the representations and warranties of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings set forth in each of the Transaction Documents to which they are parties will be true and correct in all material respects.
(z)Any taxes, fees and other governmental charges that would be incurred by reason of the execution and delivery of the Transaction Documents or the execution, delivery and sale of the Offered Notes and that would be due and payable as of the Closing Date have been or will be paid prior to the Closing Date.
(aa)Each of the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, and their respective subsidiaries and, to their knowledge, their respective directors, officers, agents, employees and affiliates, is in compliance, in all material respects, with (i) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, and (ii) the Uniting And Strengthening America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (the “USA Patriot Act of 
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2001”), as may be applicable to each of them. No part of the proceeds of the Offered Notes will be used by the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, and their respective subsidiaries, directly or, to the knowledge of the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, and their respective subsidiaries, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of (i) the U.S. Foreign Corrupt Practices Act of 1977, as amended, or, as applicable (ii) the U.K. Bribery Act of 2010, as amended, or (iii) any other anti-bribery or anti-corruption laws, regulations or ordinances in any jurisdiction in which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is located or doing business (collectively, the “Anti-Corruption Laws”).
(bb)    The operations of the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings and their respective subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions in which the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings are located or doing business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency in such jurisdictions (collectively, the “Money Laundering Laws”). The Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings and their respective subsidiaries (i) have instituted, maintained and are complying with policies, procedures and controls reasonably designed to comply with all Anti-Corruption Laws and Money Laundering Laws and are currently complying with, and will at all times comply with, all Anti-Corruption Laws and Money Laundering Laws, and (ii) are not knowingly and have not been under administrative, civil or criminal investigation with respect to any Anti-Corruption Laws or Money Laundering Laws or received written notice from or made a voluntary disclosure to any governmental entity regarding a possible violation by it of any Anti-Corruption Laws or Money Laundering Laws. The Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings and their respective subsidiaries will not fund any repayment of the Offered Notes in violation of any Anti-Corruption Laws or Money Laundering Laws. No part of the proceeds of any Offered Notes will be used by the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings or any of their respective subsidiaries or affiliates directly or to their knowledge, indirectly, in violation of any Anti-Corruption Laws or Money Laundering Laws.
(cc)    None of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, any of their respective subsidiaries or, to their knowledge, any of their respective directors, officers, agents, employees or affiliates (i) is a person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), as amended by Executive Order 13886 of September 9, 2019 Modernizing Sanctions to Combat Terrorism (84 Fed. Reg. 48041 (2019)) (the “Executive Order”), or (ii) engages in any dealings or transactions with blocked persons prohibited by Section 2 of such Executive Order. 
(dd)    None of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, any of their respective subsidiaries or, to their knowledge, any of their respective directors, officers, agents, employees or affiliates (x) is a person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) available at: https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists, or as otherwise published from time to time; (y) is (A) an agency of the government of a country, (B) an organization controlled by a country, or (C) a Person resident in a country that is the target of comprehensive sanctions administered by OFAC broadly 
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prohibiting transactions with such country and available at: https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information, or as otherwise published from time to time, as such program may be applicable to such agency, organization or person except as may be permissible for a Person required to comply with Sanctions; or (z) derives more than 10% of its assets or operating income from investments in or transactions with any such country, agency, organization or Person. None of the proceeds from the Offered Notes will be used by the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, or any of their respective subsidiaries or, to their knowledge, any of their respective directors, officers, agents, employees or affiliates, to finance any operations, investments or activities in, or make any payments to, any such country, agency, organization, or Person in violation of Sanctions.
(ee)    None of the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, or any of their respective subsidiaries or, to their knowledge, any of their respective directors, officers, agents, employees and affiliates (i) is a Sanctioned Person (as hereinafter defined), (ii) is controlled by, or is acting on behalf of, a Sanctioned Person, (iii) is knowingly under investigation for an alleged breach of Sanction(s) by the government authority that enforces Sanctions (as hereinafter defined), (iv) will use the proceeds of any Offered Note for the purpose of providing financing to, or otherwise making funds directly or indirectly available to, any Sanctioned Person in violation of Sanctions, or providing financing to or otherwise funding any transaction which would be prohibited by any applicable Sanction or, to the knowledge of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or any of their respective subsidiaries, would otherwise cause the Indenture Trustee, any Noteholder or any party to this Agreement, to be in violation of any applicable Sanction, (v) will fund any repayment of the Offered Notes with proceeds derived from any transaction that would be prohibited by applicable Sanctions or, to the knowledge of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or any of their respective subsidiaries, would otherwise cause the Indenture Trustee, any Noteholder or any party to this Agreement, to their knowledge, to be in violation of any applicable Sanction, and (vi) will fail to notify the Indenture Trustee and the Initial Purchasers in writing not more than five (5) Business Days after becoming aware of any breach of this clause (dd).
For purposes of this Agreement, a “Sanction” means any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority.
“Sanctions Authority” means (a) the United States Government, (b) the European Union, (c) the United Kingdom, (d) the Swiss Secretariat of Economic Affairs, (e) the governments, official institutions or agencies and other relevant sanctions authorities of any of the foregoing in clauses (a) through (d), including OFAC, the US Department of State, and Her Majesty’s Treasury, (f) the United Nations Security Council or (g) any other governmental authority with jurisdiction over the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, any of their affiliates or, to the knowledge of the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, the Indenture Trustee or the Initial Purchasers.
“Sanctioned Person” means (a) any Person that is listed on, or owned 50% or more or otherwise controlled by a Person listed on (or a Person acting on behalf of such a Person) (i) the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/specially-designated-nationals-and-blocked-persons-list-sdn-human-readable-lists or as otherwise published from time to time, the “Sectoral Sanctions Identifications” list maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/consolidated-sanctions-list/sectoral-sanctions-identifications-ssi-list or as otherwise published from time to time, or the “Foreign Sanctions Evaders” list maintained by OFAC available at https://home.treasury.gov/policy-issues/financial-sanctions/consolidated-sanctions-list/foreign-sanctions-evaders-fse-list or 
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as otherwise published from time to time, (ii) the Consolidated List of Financial Sanctions Targets and the Investment Ban List maintained by Her Majesty’s Treasury or (iii) any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority; or (b) (i) an agency of the government of a Sanctioned Jurisdiction, (ii) an organization directly or indirectly controlled by a Sanctioned Jurisdiction or (iii) a Person resident in (or organized under the laws of) a Sanctioned Jurisdiction (to the extent subject to a Sanctions program administered by OFAC, the European Union or the United Nations), or (iv) a Person who is owned 50% or more or otherwise controlled by, or acting on behalf of such a Person. 
“Sanctioned Jurisdiction” means any country or territory to the extent that the government of such country or territory is the target of Sanctions consisting of a comprehensive trade embargo imposed by any Sanctions Authority. 
(ff)    The operations of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings and their respective subsidiaries are and have been conducted at all times in material compliance with the USA Patriot Act of 2001, as amended, and the rules and regulations thereunder.
(gg)    In connection with any rating for the Offered Notes, the Issuer has provided to each rating agency rating the Offered Notes a written representation that satisfies the requirement of paragraph (a)(3)(iii) of Rule 17g-5 under the Exchange Act (“Rule 17g-5”). The Issuer has complied, and as of the Closing Date, the Issuer will comply, in all material respects with the representations, certifications and covenants made by the Issuer to S&P (the “Hired NRSRO”) in connection with the engagement of the Hired NRSRO to issue and monitor a credit rating on the Offered Notes, including any representation provided to the Hired NRSRO by the Issuer in connection with Rule 17g-5, and has made accessible, via a password-protected internet website established and maintained by TILC, to any non-hired nationally recognized statistical rating organization, as contemplated by Rule 17g-5, all information provided to the Hired NRSRO in connection with the issuance and monitoring of the credit ratings on the Offered Notes in accordance with Rule 17g-5. The Issuer shall be solely responsible for compliance with Rule 17g-5 in connection with the issuance, monitoring and maintenance of the credit rating on the Offered Notes. The Initial Purchasers are not responsible for compliance with any aspect of Rule 17g-5 in connection with the Offered Notes.
(hh)    TILC engaged independent accountants for the purpose of delivering the Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated on or before May 25, 2022 (such independent accountants, the “Accountants”, and such report, the “Report”), and the only report generated as a result of such engagement is the Report.  None of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings has engaged any third-party due diligence services providers to provide any services that would be “due diligence services” (as defined in Rule 17g-10(d)(1) under the Exchange Act) were the Offered Notes subject to such Rule. 
(ii)    [Reserved].
(jj)    The requirements imposed on the “sponsor of a securitization transaction” in accordance with the final rules contained in Regulation RR, 17 C.F.R. §246.1, et seq. (the “Credit Risk Retention Rules”) implementing the credit risk retention requirements of Section 15G of the Exchange Act, do not apply to TILC, as sponsor or the transaction the subject of the Offered Notes.
3.Purchase, Sale and Delivery of Offered Notes. (a) On the basis of the representations, warranties and agreements herein contained, but subject to the terms and 
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conditions herein set forth, the Issuer agrees to sell to the Initial Purchasers, severally and not jointly, and each Initial Purchaser agrees severally and not jointly to purchase from the Issuer, at a purchase price of 99.22986% of the principal amount of the Class A Notes and 99.23608% of the principal amount of the Class B Notes, the principal amount of Offered Notes set forth opposite the name of such Initial Purchaser in Schedule A hereto. 
(b)The Issuer will deliver against payment of the purchase price the Offered Notes to be offered and sold by the Initial Purchasers in reliance on Regulation S (the “Regulation S Notes”), each in the form of one or more permanent global notes in registered form without interest coupons (the “Regulation S Global Notes”) which will be deposited with the Trustee as custodian for Cede & Co., as nominee of The Depository Trust Company (“DTC”) for the respective accounts of the DTC participants for Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”), and Clearstream Banking, société anonyme (“Clearstream, Luxembourg”) and registered in the name of Cede & Co., as nominee for DTC. The Issuer will deliver against payment of the purchase price the Offered Notes to be purchased by the Initial Purchasers hereunder and to be offered and sold by the Initial Purchasers in reliance on Rule 144A under the Securities Act (the “144A Notes”), each in the form of one permanent global note in definitive form without interest coupons (the “Restricted Global Note”) deposited with the Trustee as custodian for DTC and registered in the name of Cede & Co., as nominee for DTC. The Regulation S Global Notes and the Restricted Global Note shall be assigned separate CUSIP numbers. The Global Notes shall include the legend regarding restrictions on transfer set forth under “Transfer Restrictions” in the Final Offering Document. Until the termination of the distribution compliance period (as defined in Regulation S) with respect to the offering of the Offered Notes, interests in the Regulation S Global Notes may only be held by the DTC participants for Euroclear and Clearstream, Luxembourg. Interests in any permanent Global Notes will be held only in book-entry form through Euroclear, Clearstream, Luxembourg or DTC, as the case may be, except in the limited circumstances described in the Final Offering Document.
Payment for the Regulation S Notes and the 144A Notes shall be made by each Initial Purchaser in Federal (same day) funds by or wire transfer to an account at a bank acceptable to it, on May 25, 2022, or at such other time not later than seven full business days thereafter as the Initial Purchasers and the Issuer determine, such time being herein referred to as the “Closing Date”, against delivery to the Trustee as custodian for DTC of (i) the Regulation S Global Notes representing all of the Regulation S Notes for the respective accounts of the DTC participants for Euroclear and Clearstream, Luxembourg and (ii) the Restricted Global Note representing all of the 144A Notes. The Regulation S Global Notes and the Restricted Global Note will be made available for checking at the office of Vedder Price P.C., 1633 Broadway, New York, New York 10019, at least 24 hours prior to the Closing Date.
(c)The Issuer agrees to pay each Initial Purchaser for its own account all fees and expenses as provided in the applicable engagement letter, fee letter or other written correspondence, dated or communicated on or about the date hereof, among the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings and the applicable Initial Purchaser, as the case may be (each, an “Engagement Letter”).
4.Representations by Initial Purchasers; Resale by Initial Purchasers. (a) Each Initial Purchaser severally represents and warrants to the Issuer that it is an “accredited investor” within the meaning of Regulation D under the Securities Act.
(b)Each Initial Purchaser severally acknowledges that the Offered Notes have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S or pursuant to an exemption from the registration requirements of the Securities Act. Each Initial 
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Purchaser severally represents and agrees that it has offered and sold the Offered Notes, and will offer and sell the Offered Notes (i) as part of its distribution at any time and (ii) otherwise until 40 days after the later of the commencement of the offering and the Closing Date, only in accordance with Rule 903 or Rule 144A. Accordingly, none of the Initial Purchasers nor its affiliates, nor any persons acting on its behalf or their behalf, has engaged or will engage in any directed selling efforts with respect to the Offered Notes, and such Initial Purchaser, its affiliates and all persons acting on its or their behalf have complied and will comply with the offering restrictions requirement of Regulation S. Each Initial Purchaser severally agrees that, at or prior to confirmation of sale of the Offered Notes, other than a sale pursuant to Rule 144A, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases the Offered Notes from it during the restricted period a confirmation or notice to substantially the following effect:
“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the date of the commencement of the offering and the closing date, except in either case in accordance with Regulation S (or Rule 144A if available) under the Securities Act. Terms used above have the meanings given to them by Regulation S.”
Terms used in this subsection (b) have the meanings given to them by Regulation S.
(c)Each Initial Purchaser severally agrees that it and each of its affiliates has not entered and will not enter into any contractual arrangement (other than any agreement among the Initial Purchasers) with respect to the distribution of the Offered Notes except with the prior written consent of the Issuer.
(d)Each Initial Purchaser severally agrees that it and each of its affiliates will not offer or sell the Offered Notes in the United States by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act, including, but not limited to (i) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. Each Initial Purchaser severally agrees, with respect to resales made in reliance on Rule 144A of any of the Offered Notes, to deliver either with the confirmation of such resale or otherwise prior to settlement of such resale a notice to the effect that the resale of such Offered Notes has been made in reliance upon the exemption from the registration requirements of the Securities Act provided by Rule 144A. 
(e)Each Initial Purchaser severally agrees that it and each of its affiliates will not communicate or cause to be communicated the Offering Document in Canada or to any resident of Canada and understands that any Canadian residents may not, directly or indirectly, purchase the Offered Notes or any beneficial interest therein from such Initial Purchaser. 
(f)Each Initial Purchaser severally represents and agrees that (i) with respect to any oral communications regarding Rating Information with the Hired NRSRO which are initiated by the Hired NRSRO or arranged by such Initial Purchaser in connection with the issuance or monitoring of a credit rating on the Offered Notes, such Initial Purchaser (A) has referred and will refer such oral communication to the Issuer to respond to the Hired NRSRO or (B) has invited and will invite the Issuer to participate in such oral communication and (ii) any 
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communication (other than oral communications) regarding Rating Information or delivery of Rating Information to the Hired NRSRO has been and will immediately be disclosed to the Issuer for the purpose of allowing the Issuer to make accessible to any non-hired nationally recognized statistical rating organization all Rating Information provided to the Hired NRSRO in connection with the issuance and monitoring of the credit rating on the Offered Notes in accordance with Rule 17g-5. “Rating Information” means any information provided to the Hired NRSRO for the purpose of (A) determining the initial credit rating for the Offered Notes, including information about the characteristics of the Railcars, related property and the legal structure of the Offered Notes, and (B) undertaking credit rating surveillance on the Offered Notes, including information about the characteristics and performance of the Railcars and related property. 
(g)Each Initial Purchaser severally represents and agrees that (i) they have not offered, sold or otherwise made available, and will not offer, sell or otherwise make available, any Offered Notes to any UK Retail Investor in the United Kingdom; (ii) they have only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by them in connection with the issue or sale of any Offered Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer; and (iii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Offered Notes in, from or otherwise involving the United Kingdom. For the purposes of this provision: (i) the expression “UK Retail Investor” means a person who is one (or more) of the following: (A) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law of the United Kingdom by virtue of the European Union Withdrawal Act (as amended, the “EUWA”) and as amended; (B) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of United Kingdom domestic law by virtue of the EUWA, and as amended; or (C) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129, as it forms part of United Kingdom domestic law by virtue of the EUWA and as amended; and (ii) the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes.
(h)Each Initial Purchaser severally represents and agrees that that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any EU Retail Investor in the European Economic Area. For the purposes of this provision, (i) the expression “EU Retail Investor” means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”), (B) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II or (C) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended)and (ii) the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes.
5.Certain Agreements of the Issuer, TILC, TRIP Holdings and Tribute Holdings. The Issuer, TILC, TRIP Holdings and Tribute Holdings jointly and severally agree with the Initial Purchasers that:
(a)The Issuer will advise the Initial Purchasers promptly of any proposal to amend or supplement the Offering Document and will not effect any such amendment or supplementation without the consent of the Initial Purchasers. If, at any time following delivery 
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of any document included in the Offering Document or any Limited Use Issuer Free Writing Communication and prior to the completion of the resale of the Offered Notes by the Initial Purchasers, there occurs an event or development as a result of which such document included or would include an untrue statement of a material fact or omitted or would omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time not misleading, or if it is necessary at any such time to amend or supplement the Offering Document or any Limited Use Issuer Free Writing Communication to comply with any applicable law, the Issuer will promptly notify the Initial Purchasers of such event and will promptly prepare, at its own expense, an amendment or supplement which will correct such statement or omission. Neither the Initial Purchasers’ consent to, nor the delivery by the Initial Purchasers to offerees or investors of, any such amendment or supplement shall constitute a waiver of any of the conditions set forth in Section 7. The first sentence of this subsection does not apply to statements in or omissions from any document in the General Disclosure Package or any Limited Use Issuer Free Writing Communication in reliance upon and in conformity with written information furnished to the Issuer, TILC, TRIP Holdings or Tribute Holdings by the Initial Purchasers specifically for use therein, it being understood and agreed that the only such information is that described as such in Section 8(b) hereof.
(b)The Issuer will furnish to each Initial Purchaser copies of each document comprising a part of the Offering Document and each Limited Use Issuer Free Writing Communication, in each case as soon as available and in such quantities as such Initial Purchaser requests, and the Issuer will furnish to each Initial Purchaser on the date hereof three (3) copies of each document comprising a part of the Offering Document and each Limited Use Issuer Free Writing Communication signed by a duly authorized officer of the Issuer, one of which will include the independent accountants’ reports in the Offering Document manually signed by such independent accountants. At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer will promptly furnish or cause to be furnished to the Initial Purchasers and, upon request of holders and prospective purchasers of the Offered Notes, to such holders and purchasers, copies of the information (the “Additional Issuer Information”) required to be delivered to holders and prospective purchasers of the Offered Notes in accordance with Rule 144A(d)(4) under the Securities Act (or any successor provision thereto) in order to permit compliance with Rule 144A in connection with resales by such holders of the Offered Notes. TILC will pay the expenses of printing and distributing to the Initial Purchasers all such documents. Any Additional Issuer Information delivered to any holders and prospective purchasers of the Offered Notes will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
(c)The Issuer will arrange for the qualification of the Offered Notes for sale and the determination of their eligibility for investment under the laws of such jurisdictions in the United States as the Initial Purchasers designate and will continue such qualifications in effect so long as required for the resale of the Offered Notes by the Initial Purchasers, provided that the Issuer will not be required to qualify as a foreign corporation or to file a general consent to service of process in any such jurisdiction.
(d)So long as the Offered Notes are outstanding, if not filed electronically with the Securities and Exchange Commission (the “Commission”) or posted on the website of TILC, the Issuer will furnish to the Initial Purchasers (i) as soon as available, copies of each report furnished to the Issuer or any of its affiliates, in the case of the Issuer, pursuant to any Operative Agreement (collectively, the “Transaction Documents”), by first class mail as soon as practicable after such reports are furnished to the Issuer or any of its affiliates or shareholders, as the case may be, (ii) copies of each amendment to any of the Transaction Documents, (iii) copies of all reports and other communications (financial or other) furnished to the Trustee under the Indenture or to holders of the Offered Notes, and copies of any reports and financial 
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statements, if any, furnished to or filed with the Commission, any governmental or regulatory authority or any national securities exchange, and (iv) from time to time such other information as the Initial Purchasers may reasonably request relating to the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, or any of their respective affiliates, the Offered Notes and the Transaction Documents. TILC, TRIP Holdings, Tribute Holdings and the Issuer shall make their officers, employees, independent accountants and legal counsel reasonably available upon request by the Initial Purchasers.
(e)During the period of three (3) years after the Closing Date, the Issuer will, upon request, furnish to the Initial Purchasers and any holder of Offered Notes a copy of the restrictions on transfer applicable to the Offered Notes.
(f)During the period of two (2) years after the Closing Date none of the Issuer, TILC, TRIP Holdings and Tribute Holdings will, or will permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Offered Notes that have been reacquired by any of them.
(g)The Issuer, TILC, TRIP Holdings or Tribute Holdings will pay all expenses incidental to the performance of their respective obligations under this Agreement, including but not limited to: (i) all expenses in connection with the execution, issue, authentication, packaging and initial delivery of the Offered Notes, the preparation and printing of this Agreement, the Offered Notes, the documents comprising any part of the Offering Document, each Limited Use Issuer Free Writing Communication and any other document relating to the issuance, offer, sale and delivery of the Offered Notes; (ii) the cost of any advertising approved by the Issuer, TILC, TRIP Holdings or Tribute Holdings in connection with the issue of the Offered Notes; (iii) any expenses (including fees and disbursements of counsel) incurred in connection with qualification of the Offered Notes for sale under the laws of such jurisdictions in the United States as the Initial Purchasers designate and the printing of memoranda relating thereto; (iv) any fees charged by the Hired NRSRO for the rating of the Offered Notes and charged by the Trustee, including the fees and disbursements of counsel for the Trustee in connection with the Indenture; and (v) expenses incurred in distributing the documents comprising any part of the Offering Document (including any amendments and supplements thereto) and any Limited Use Issuer Free Writing Communications to the Initial Purchasers or to prospective purchasers of the Offered Notes. The Issuer, TILC, TRIP Holdings and Tribute Holdings jointly and severally will also pay or reimburse the Initial Purchasers (to the extent incurred by them) for all travel expenses of the Initial Purchasers’, the Issuer’s, TILC’s, TRIP Holdings’, Tribute Holdings’ officers and employees and any other expenses of the Initial Purchasers, the Issuer, TILC, TRIP Holdings or Tribute Holdings in connection with attending or hosting meetings with prospective purchasers of the Offered Notes from the Initial Purchasers. In addition to the foregoing, but without duplication, the Issuer, TILC, TRIP Holdings or Tribute Holdings will pay to each Initial Purchaser on the Closing Date the amounts in respect of its costs and expenses as set forth in the applicable Engagement Letter as reimbursement of such Initial Purchaser’s other expenses, including fees and disbursements of legal counsel retained by the Initial Purchasers consistent with prior approvals of TILC.
(h)In connection with the offering and the sale of the Offered Notes, until the Initial Purchasers shall have notified the Issuer, TILC and the other Initial Purchasers of the completion of the resale of the Offered Notes, none of the Issuer, TILC, TRIP Holdings, Tribute Holdings or any of their respective affiliates has or will, either alone or with one or more other persons, bid for or purchase for any account in which it or any of its affiliates has a beneficial interest any Offered Notes or attempt to induce any person to purchase any Offered Notes; and none of the Issuer, TILC, TRIP Holdings, Tribute Holdings or any of their respective affiliates will make bids or purchases for the purpose of creating actual, or apparent, active trading in, or of raising the price of, the Offered Notes.
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(i)For a period of 90 days, with respect to the Issuer, and 45 days, with respect to Tribute Holdings, after the date of the Offering Circular, neither the Issuer nor Tribute Holdings will offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, or file with the Commission a registration statement under the Securities Act relating to, any United States dollar-denominated asset-backed debt securities issued, sponsored or guaranteed by the Issuer, Tribute Holdings or any of their respective affiliates and having a maturity of more than one year from the date of issue, or publicly disclose the intention to make any such offer, sale, pledge, disposition or filing, without the prior written consent of the Initial Purchasers. Neither the Issuer nor Tribute Holdings will at any time offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any securities under circumstances where such offer, sale, pledge, contract or disposition would cause the exemption afforded by Section 4(a)(2) of the Securities Act or the safe harbor of Regulation S thereunder to cease to be applicable to the offer and sale of the Offered Notes.
(j)The Issuer, TILC, TRIP Holdings and Tribute Holdings or any of their respective affiliates, or any person acting on its or their behalf (other than the Initial Purchasers, as to which no agreement is being made pursuant to this clause (j)), shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security that would be integrated with the offer or sale of the Offered Notes in a manner that would require the registration under the Securities Act of the sale of the Offered Notes or that would be integrated with the offer or sale of the Offered Notes for purposes of the rules and regulations of any trading market.
(k)The Issuer, TILC, TRIP Holdings and Tribute Holdings (the “Indemnitors”) jointly and severally will indemnify and hold harmless the Initial Purchasers against any documentary, stamp or similar issuance tax, including any interest and penalties, on the creation and issuance of the Offered Notes, and on the sale of the Offered Notes and on the execution and delivery of this Agreement. All payments to be made by the Issuer, TILC, TRIP Holdings or Tribute Holdings under this Agreement shall be made without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless the Issuer, TILC, TRIP Holdings or Tribute Holdings is compelled by law to deduct or withhold such taxes, duties or charges. In that event, the Issuer, TILC, TRIP Holdings or Tribute Holdings, as applicable, shall pay such additional amounts as may be necessary in order that the net amounts received after such withholding or deduction shall equal the amounts that would have been received if no withholding or deduction had been made; provided that the Indemnitors will not be required to indemnify or gross-up for such taxes and withholdings to the extent imposed as a result of a failure of such Initial Purchaser to provide any duly executed and completed form or document described in the last sentence of this paragraph upon the execution of this Agreement or to be delivered thereafter upon the reasonable request of its Indemnitors which evidences such Initial Purchaser’s entitlement to a complete exemption for such taxes and withholdings. Furthermore, the Indemnitors hereby request that each Initial Purchaser hereby provides to them IRS Form W-9 or IRS Form W-8BEN, W-8BEN-E, W-8IMY or W-8ECI, whichever is applicable, to the extent not already provided.
(l)To the extent, if any, that the rating provided with respect to the Offered Notes by the Hired NRSRO is conditional upon the furnishing of documents or the taking of any other action on or prior to the Closing Date by the Issuer, TILC, TRIP Holdings or Tribute Holdings, the Issuer, TILC, TRIP Holdings or Tribute Holdings, as the case may be, shall use its reasonable best efforts to promptly furnish such documents and take any other such action on or prior to the Closing Date. 
(m)The cash proceeds of the Offered Notes, together with the proceeds of issuance of the Class E Certificates and the amount of any necessary capital contribution made by Tribute Holdings to the Issuer, will be used by the Issuer as follows: (i) to add funds to the Collections Account in connection with the issuance of the Securities, if necessary to assure 
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sufficient funds are available for payments on the first Payment Date; (ii) to pay certain costs of issuance; and (iii) to fund cash payments to TRIP Railcar Co., LLC (“TRIP Railcar”) as the purchase price for the Issuer’s acquisition of the initial Railcars from TRIP Railcar, at a price equal to their Initial Appraised Value. 
(n)The Issuer will comply with the representation made by the Issuer to the Hired NRSRO pursuant to paragraph (a)(3)(iii) of Rule 17g-5. 
6.Free Writing Communications.  (a) Each of the Issuer, TILC, TRIP Holdings and Tribute Holdings, jointly and severally, represents and agrees that, without the prior consent of the Initial Purchasers, and each Initial Purchaser severally represents and agrees that, without the prior consent of TILC and the Initial Purchasers, it has not made and will not make any offer relating to the Offered Notes that would constitute an Issuer Free Writing Communication. Any such Issuer Free Writing Communication consented to by TILC and the Initial Purchasers is hereinafter referred to as a “Permitted Free Writing Communication.” The parties hereto agree that the Issuer Free Writing Communications listed on Schedules B and C hereto are each Permitted Free Writing Communications.
(b)To the extent it would be an Issuer Free Writing Communication, each of the Issuer, TILC, TRIP Holdings and Tribute Holdings consents to the use by the Initial Purchaser of a Free Writing Communication that (a) contains only information describing the preliminary or final terms of the Offered Notes or the offering thereof, and (b) does not contain any material information about the Issuer, TILC, TRIP Holdings or Tribute Holdings or the securities of any of them that was provided by any of the Issuer and TILC or on behalf of any of them. Any such Free Writing Communication is a Permitted Free Writing Communication for purposes of this Agreement.
7.Conditions of the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase and pay for the Offered Notes will be subject to the accuracy of the representations and warranties herein on the part of the Issuer, TILC, TRIP Holdings and Tribute Holdings, to the accuracy of the statements of officers of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings made pursuant to the provisions hereof, to the performance by each of the Issuer, TILC, TRIP Holdings and Tribute Holdings of its obligations hereunder and to the following additional conditions precedent on or prior to the Closing Date:
(a)On the Closing Date, the Initial Purchasers shall have received from a third party that is a nationally recognized accounting firm reasonably satisfactory to the Initial Purchasers a letter or letters, in the form heretofore agreed to regarding the Preliminary Offering Circular and Offering Circular, each dated as of the review date or the date of the Preliminary Offering Circular or Offering Circular, as applicable.
(b)Subsequent to the execution and delivery of this Agreement, there shall not have occurred: (i) any change, or any development or event involving a prospective change, in the condition (financial or other), business, properties or results of operations of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings and its subsidiaries taken as one enterprise which, in the judgment of the Initial Purchasers or any of their affiliates, is material and adverse and makes it impractical or inadvisable to proceed with completion of the offering or the sale of and payment for the Offered Notes; (ii) any downgrading in the rating of any debt securities of TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Securities Act), or any public announcement that any such organization has under surveillance or review its rating of any debt securities of TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating) or any announcement by such 
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organization that the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings has been placed on negative outlook; (iii) any change in U.S. or international financial, political or economic conditions (including, but not limited to, as the result of the outbreak or increase in severity of any pandemic) or currency exchange rates or exchange controls as would, in the judgment of the Initial Purchasers or any of their affiliates, be likely to prejudice materially the success of the proposed issue, sale or distribution of the Offered Notes, whether in the primary market or in respect of dealings in the secondary market; (iv) any material suspension or material limitation of trading in securities generally on the New York Stock Exchange, or any setting of minimum or maximum prices for trading, or maximum ranges for prices for securities have been required, on such exchange; (v) any suspension of trading of any securities of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or any of its affiliates on any exchange or in the over-the-counter market; (vi) any banking moratorium declared by U.S. Federal or New York authorities; (vii) any major disruption of settlements of securities or clearance services in the United States; or (viii) any attack on, outbreak or escalation of hostilities or act of terrorism involving the United States, any declaration of war by Congress or any other national or international calamity or emergency if, in the judgment of the Initial Purchasers or any of their affiliates, the effect of any such attack, outbreak, escalation, act, declaration, calamity or emergency makes it impractical or inadvisable to proceed with completion of the offering or sale of and payment for the Offered Notes.
(c)The Initial Purchasers shall have received opinions, dated the Closing Date, of (i) Vedder Price P.C., counsel for the Issuer, (ii) the Secretary of TILC, and (iii) such other law firms acceptable to the Initial Purchasers and their counsel, to the effect that:
(i)The Issuer has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package or Additional Issuer Information; 
(ii)TILC has been duly incorporated and is a validly existing corporation in good standing under the laws of the state of Delaware, with power and authority (as a corporation and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; TILC is duly qualified to do business as a foreign corporation in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, if the failure to be so qualified would materially and adversely affect its ability to perform its obligations under the Transaction Documents to which it is a party; 
(iii)TRIP Railcar has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; TRIP Railcar is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, if the failure to be so qualified would materially and adversely affect its ability to perform its obligations under the Transaction Documents to which it is a party; 
(iv)TRIP Holdings has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and 
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otherwise) to own its properties and conduct its business as described in the General Disclosure Package; TRIP Holdings is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, if the failure to be so qualified would materially and adversely affect its ability to perform its obligations under the Transaction Documents to which it is a party;
(v)Tribute Holdings has been duly formed and is a validly existing limited liability company in good standing under the laws of the state of Delaware, with power and authority (as a limited liability company and otherwise) to own its properties and conduct its business as described in the General Disclosure Package; Tribute Holdings is duly qualified to do business as a foreign limited liability company in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, if the failure to be so qualified would materially and adversely affect its ability to perform its obligations under the Transaction Documents to which it is a party;
(vi)The Indenture and the other Transaction Documents have been duly authorized, executed and delivered by the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as applicable; the Offered Notes have been duly authorized, executed, authenticated, issued and delivered and conform to the description thereof contained in the Final Offering Document; and each Transaction Document with respect to which it is a party, constitutes a valid and legally binding obligation of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as applicable, enforceable against the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, as applicable, in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles;
(vii)The Indenture creates a valid lien upon all of the Collateral (as defined in the Indenture) as granted under the Indenture and subject to the lien thereof, subject only to the exceptions referred to in the Indenture, and will create a similar lien upon all properties and assets that become part of the Collateral after the date of such opinion and required to be subjected to the lien of the Indenture, subject only to the exceptions referred to in the Indenture; the Trustee for the benefit of the holders of the Offered Notes from time to time will have, upon the filing of certain financing statements, a perfected security interest in the Collateral;
(viii)  The Issuer is not and, after giving effect to the offering and sale of the Offered Notes and the application of the proceeds thereof as described in the General Disclosure Package, will not be an “investment company” within the meaning of Section 3(a)(1) of the Investment Company Act and will not constitute a “covered fund” for purposes of the banking regulations adopted under Section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule”;
(ix)No consent, approval, authorization or order of, or filing with, any governmental agency or body or any court is required for the consummation of the transactions contemplated by this Agreement in connection with the issuance of the Offered Notes or sale of the Offered Notes, except for security interest 
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filings contemplated by the Transaction Documents and except such as may be required under state securities laws;
(x)There are no pending actions, suits or proceedings against or affecting the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings or any of their respective subsidiaries, or any of their respective properties that, if determined adversely to the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings or any of their respective subsidiaries, would individually or in the aggregate have a Material Adverse Effect, or would materially and adversely affect the ability of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings to perform their respective obligations under the Indenture, this Agreement, or any other Transaction Document or which are otherwise material in the context of the sale of the Offered Notes; and no such actions, suits or proceedings are threatened or, to such counsel’s knowledge, contemplated;
(xi)The execution, delivery and performance of the Indenture, the other Transaction Documents to which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is a party, and this Agreement and the issuance of the Offered Notes and sale of the Offered Notes and compliance with the terms and provisions thereof will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, any statute, any rule, regulation or order of any governmental agency or body or any court having jurisdiction over the Issuer, TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings, or any of their properties, or any agreement or instrument to which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is a party or by which the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is bound or to which any of the properties of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings is subject, or the organizational or formation documents of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings, and the Issuer has full power and authority to authorize, issue and sell the Offered Notes as contemplated by this Agreement;
(xii)Such counsel have no reason to believe that (i) the Preliminary Offering Circular or (ii) the Final Offering Document, or any amendment or supplement thereto, as of the Applicable Time and as of the Closing Date, contained or contains any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein not misleading; and such counsel have no reason to believe that the information specified in a schedule, if any, to such counsel’s letter, which information, when taken together with the Preliminary Offering Circular, will comprise the General Disclosure Package, as of the Applicable Time and as of the Closing Date, contained or contains any untrue statement of a material fact or omitted to state any material fact necessary to make the statements therein not misleading;
(xiii)This Agreement has been duly authorized, executed and delivered by each of the Issuer, TILC, TRIP Holdings and Tribute Holdings;
(xiv)It is not necessary in connection with (i) the offer, sale and delivery of the Offered Notes by the Issuer to the Initial Purchasers pursuant to this Agreement, or (ii) the resales of the Offered Notes by the Initial Purchasers in the manner contemplated by this Agreement, to register the Offered Notes under the Securities Act or to qualify an indenture in respect thereof under the Trust Indenture Act; 
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(xv)The statements in the Preliminary Offering Circular and the Offering Circular under the captions “The Issuer”, “The Railcars”, “The Lessees”, “The Leases”, “Tribute Holdings and TRIP Holdings”, “TRIP Railcar” “TILC”, “The Servicer”, “Description of the Servicing Agreement”, “Description of the Administrative Services Agreement”, “Description of the Purchase and Sale Agreement”, “Description of the Insurance Agreement”, “Description of the Hedge Agreements”, “Description of the Liquidity Facility” and “Description of the Offered Notes and the Indenture”, insofar as they purport to summarize certain terms of the Offered Notes and the applicable Transaction Documents, constitute a fair summary of the provisions purported to be summarized; 
(xvi)The statements contained in the Preliminary Offering Circular and the Offering Circular under the captions “Certain Considerations for ERISA and Other Benefit Plans” and “Certain United States Federal Income Tax Considerations”, to the extent that they constitute matters of federal law or legal conclusions with respect thereto, while not purporting to discuss all possible consequences of investment in the Offered Notes, are correct in all material respects with respect to those consequences or matters that are discussed therein; and
(xvii)  (A) In a properly presented and decided case, in the event Tribute Holdings or TRIP Holdings became a debtor in a voluntary or involuntary bankruptcy case under the Bankruptcy Code, the bankruptcy court would not substantially consolidate the assets and liabilities of the Issuer with those of Tribute Holdings or TRIP Holdings, as applicable, and (B) in a properly presented and decided case, in the event TRIP Railcar became a debtor in a voluntary or involuntary bankruptcy case under the Bankruptcy Code, the bankruptcy court would determine that the transfer of the Railcars, related Leases and all Related Assets with respect thereto by TRIP Railcar to the Issuer pursuant to the Purchase and Sale Agreement constitutes an assignment or sale of such Railcars, related Leases and all Related Assets with respect thereto to the Issuer by TRIP Railcar, as opposed to being collateral for a loan by the Issuer to TRIP Railcar.  
(d)The Initial Purchasers shall have received from Chapman and Cutler LLP, counsel for the Initial Purchasers, such opinion or opinions, dated the Closing Date, with respect to the Final Offering Document and the General Disclosure Package, the exemption from registration for the offer and sale of the Offered Notes to the Initial Purchasers and the resales by the Initial Purchasers as contemplated hereby and other related matters as the Initial Purchasers may require, and the Issuer shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters.
(e)The Initial Purchasers shall have received the opinion or opinions of Chapman and Cutler LLP, special counsel to the Trustee, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(f)The Initial Purchasers shall have received the opinion of Alvord and Alvord PLLC, special STB counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(g)The Initial Purchasers shall have received the opinion of Fasken LLP, special Canadian counsel, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers. 
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(h)The Initial Purchasers shall have received the in-house opinion of Bank of America, N.A., in its capacity as Liquidity Facility Provider, dated the Closing Date, in form and substance reasonably satisfactory to the Initial Purchasers.
(i)The Initial Purchasers shall have received a copy of each opinion provided to the Hired NRSRO in connection with its rating of the Offered Notes, each of which shall state therein that the Initial Purchasers may rely thereon, in form and substance reasonably satisfactory to the Initial Purchasers.
(j)The Initial Purchasers shall have received a certificate, dated the Closing Date, of the President or any Vice President or a principal financial or accounting officer of each of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings (it being understood that a certificate of TILC certifying for itself and in its capacity as agent of TRIP Holdings, for itself and as sole equity member and manager of TRIP Railcar and Tribute Holdings, for itself and in its capacity as sole equity member and manager of the Issuer shall be sufficient for purposes of the compliance by TILC, the Issuer, TRIP Railcar, TRIP Holdings and Tribute Holdings with this requirement) in which such officer, to the best of such officer’s knowledge, after reasonable investigation, shall state that (i) the representations and warranties of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings, as the case may be, in this Agreement are true and correct, that each of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings has performed and complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and that, subsequent to the date of the most recent financial statements of each of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings, there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or other), business, properties or results of operations of each of the Issuer, TILC, TRIP Railcar, TRIP Holdings and Tribute Holdings and its subsidiaries taken as a whole except as described in such certificate, (ii) nothing has come to such officer’s attention that would lead such officer to conclude that the General Disclosure Package included any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, under the circumstances in which they were made, not misleading and (iii) since the date of the Offering Circular there shall not have been any change in the capital stock of TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings or the membership interests of the Issuer, or the long term debt of the Issuer, TILC, TRIP Railcar, TRIP Holdings or Tribute Holdings except as described in such certificate.
(k)On or before the Closing Date, this Agreement, the Offering Document and each Transaction Document shall be satisfactory in form and substance to the Initial Purchasers, shall have been duly executed and delivered by the parties thereto (except that the execution and delivery of the documents referred to above (other than this Agreement) by a party hereto or thereto shall not be a condition precedent to such party’s obligations hereunder), shall each be in full force and effect and executed counterparts of each shall have been delivered to the Initial Purchasers or its counsel on or before the Closing Date.
(l)Each of TILC, TRIP Railcar, TRIP Holdings, Tribute Holdings and the Issuer shall have delivered to the Initial Purchasers a certificate (it being understood that a certificate of TILC certifying for itself and in its capacity as agent of TRIP Holdings, for itself and as sole equity member and manager of TRIP Railcar and Tribute Holdings, for itself and in its capacity as sole equity member and manager of the Issuer shall be sufficient for purposes of the compliance by TILC, the Issuer, TRIP Railcar, TRIP Holdings and Tribute Holdings with this requirement), dated the Closing Date, of its secretary or other duly elected, qualified and acting officer certifying its certificate of incorporation, limited liability company agreement, bylaws or other organizational documents; board or similar resolutions authorizing the execution, 
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delivery and performance of the Transaction Documents to which it is a party, as applicable; and the incumbency of all officers that signed any of the Transaction Documents.
(m)The Initial Purchasers shall have received a certificate from a nationally recognized insurance broker with respect to the public liability insurance required by Section 5.04(f) of the Indenture.
(n)Any Transaction Documents which are required to be executed on or prior to the Closing Date that have not been executed by the date of this Agreement will be subject to a condition precedent that requires such agreements to be in form and substance satisfactory to the Initial Purchasers.
(o)(i) The Hired NRSRO shall have delivered to the Issuer, TILC, TRIP Holdings, Tribute Holdings and the Initial Purchasers a final rating letter setting forth a rating with respect to the Class A Notes of at least “A (sf)” and the Class B Notes of at least “BBB (sf)” and (ii) subsequent to the execution and delivery of this Agreement the Hired NRSRO shall not have announced in writing (which shall include, without limitation, any press release by such organization) that it has under surveillance or review its rating of any of the Offered Notes (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating).
(p)On or prior to the Closing Date, DTC shall have approved as to form the “Regulation S Temporary Global Note” and the “144A Book-Entry Note” as those terms are defined in the Indenture.
(q)On or before the Closing Date the Issuer shall have caused the Indenture (or memorandum thereof) delivered at the Closing Date, to be duly filed, recorded and deposited with the Surface Transportation Board of the United States of America in conformity with 49 U.S.C. §11301 and with the Registrar General of Canada pursuant to Section 90 of the Railway Act of Canada, and the Issuer shall furnish the Initial Purchasers with proof thereof.
Documents described as being “in the agreed form” are documents which are in the form reasonably satisfactory to the Initial Purchasers and Chapman and Cutler LLP.
The Issuer, TILC, TRIP Holdings and Tribute Holdings will furnish the Initial Purchasers with such conformed copies of such opinions, certificates, letters and documents as the Initial Purchasers reasonably request.
8.Indemnification and Contribution. (a) The Issuer, TILC, TRIP Holdings and Tribute Holdings will jointly and severally indemnify and hold harmless (i) each Initial Purchaser and (ii) its respective officers, partners, members, directors, agents, employees and affiliates and each person, if any, who controls such Initial Purchaser, within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Initial Purchaser Representatives”), against any losses, claims, damages, liabilities or expenses, joint or several, to which such Initial Purchaser or the Initial Purchaser Representatives may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) relate to, arise out of or are based upon (1) any breach of any of the representations, warranties and covenants of the Issuer, TILC, TRIP Holdings or Tribute Holdings contained herein, (2) any untrue statement or alleged untrue statement of any material fact contained in any document comprising a part of the Offering Document, any Limited Use Issuer Free Writing Communication or any amendment or supplement thereto, or any Additional Issuer Information or (3) any omission or alleged omission to state, in any document comprising a part of the Offering Documents, any Limited Use Issuer Free Writing Communication, or any amendment of or supplement thereto, or any Additional 
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Issuer Information, a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, including, without limitation, any losses, claims, damages, liabilities or expenses arising out of or based upon the Issuer’s, TILC’s, TRIP Holdings’ or Tribute Holdings’ failure to perform its obligations under Section 5 of this Agreement, and will reimburse each Initial Purchaser and the Initial Purchaser Representatives for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred; provided, however, that neither the Issuer, TILC, TRIP Holdings nor Tribute Holdings will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement in or omission or alleged omission from any of such documents in reliance upon and in conformity with written information furnished to the Issuer, TILC, TRIP Holdings or Tribute Holdings by such Initial Purchaser specifically for use therein, it being understood and agreed that the only such information consists of the information described as such in subsection (b) below.
(b)Each Initial Purchaser severally and not jointly will indemnify and hold harmless (i) the Issuer, TILC, TRIP Holdings and Tribute Holdings and (ii) their respective directors and officers and each person, if any, who controls the Issuer, TILC, TRIP Holdings or Tribute Holdings within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Seller Representatives”), against any losses, claims, damages, liabilities or expenses to which the Issuer, TILC, TRIP Holdings, Tribute Holdings or the Seller Representatives may become subject, under the Securities Act or the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any document comprising a part of the Offering Document, any Limited Use Issuer Free Writing Communication or any amendment or supplement thereto, or any related preliminary offering circular, or arise out of or are based upon the omission or the alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuer, TILC, TRIP Holdings or Tribute Holdings by the Initial Purchasers specifically for use therein, and will reimburse any legal or other expenses reasonably incurred by the Issuer, TILC, TRIP Holdings, Tribute Holdings or the Seller Representatives in connection with investigating or defending any such loss, claim, damage, liability, expense or action as such expenses are incurred, it being understood and agreed that the only such information furnished by the Initial Purchasers consists of the information in the Offering Document as highlighted in the excerpt from the Offering Document set forth on Schedule E hereto; provided, however, that the Initial Purchasers shall not be liable for any losses, claims, damages, liabilities or expenses arising out of or based upon the Issuer’s, TILC’s, TRIP Holdings’ or Tribute Holdings’ failure to perform its obligations under Section 5(a) of this Agreement.
(c)Promptly after receipt by an indemnified party under this Section of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under subsection (a) or (b) above, notify the indemnifying party of the commencement thereof; but the failure to notify the indemnifying party shall not relieve it from any liability that it may have under subsection (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under subsection (a) or (b) above. In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the 
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indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that differing interests may arise between the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties, and the indemnifying party will reimburse any legal expenses incurred by the indemnified party having separate counsel, as incurred. And after any such notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by the indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this Section for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the preceding sentence, (ii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of the indemnifying party or parties, in which case the reasonable fees and expenses of counsel shall be at the expense of the indemnifying party.  It is understood that all such fees and expenses of counsel for the indemnified party for which the indemnifying party is liable shall be reimbursed as they are incurred.  Notwithstanding the foregoing, the indemnifying party shall have no right to retain counsel or otherwise participate in or assume the defense or settlement of any such action brought by a governmental agency, regulatory authority or self-regulatory organization having or claiming to have jurisdiction over the business or financial affairs of the relevant indemnified party or any of its affiliates.  The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, which will not be unreasonably withheld, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action in respect of which such indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party unless such settlement includes (i) an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action and (ii) does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of such indemnified party.
(d)If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuer, TILC, TRIP Holdings and Tribute Holdings on the one hand and the Initial Purchasers on the other from the offering of the Offered Notes or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Issuer, TILC, TRIP Holdings and Tribute Holdings on the one hand and the Initial Purchasers on the other in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses as well as any other relevant equitable considerations. The relative benefits received by the Issuer, TILC, TRIP Holdings and Tribute Holdings on the one hand and the 
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Initial Purchasers on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Issuer bear to the total discounts, commissions and fees received by the Initial Purchasers from the Issuer under this Agreement. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer, TILC, TRIP Holdings, Tribute Holdings or the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the first sentence of this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). Notwithstanding the provisions of this subsection (d), no Initial Purchaser shall be required to contribute any amount in excess of the total discounts, commissions and fees received by such Initial Purchaser from the Issuer and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each Initial Purchaser Representative and each director, officer, agent, employee and affiliate of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each Seller Representative shall have the same rights to contribution as the Issuer, TILC, TRIP Holdings and Tribute Holdings, subject in each case to the applicable terms and conditions of this paragraph (d). The obligations of the Initial Purchasers in this subsection (d) to contribute are several in proportion to their respective purchase obligations and not joint.
(e)The obligations of the Issuer, TILC, TRIP Holdings and Tribute Holdings under this Section shall be in addition to any liability which the Issuer, TILC, TRIP Holdings and Tribute Holdings may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls any Initial Purchaser within the meaning of the Securities Act or the Exchange Act; and the obligations of each Initial Purchaser under this Section shall be in addition to any liability which it may otherwise have and shall extend, upon the same terms and conditions, to each person, if any, who controls the Issuer, TILC, TRIP Holdings and Tribute Holdings within the meaning of the Securities Act or the Exchange Act.
9.Default of Initial Purchasers, Special Resolution Regime. 
(a)If any one or more Initial Purchasers shall fail to purchase and pay for the Offered Notes agreed to be purchased by such Initial Purchasers (the “Defaulting Initial Purchasers”) hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the non-Defaulting Initial Purchasers (the “Non-Defaulting Initial Purchasers”) may make arrangements satisfactory to the Issuer for the purchase of the Offered Notes by other persons, including any of the Non-Defaulting Initial Purchasers, but if no such arrangements are made by the Closing Date, the Non-Defaulting Initial Purchasers shall be obligated severally and not jointly to take up and pay for (in the respective proportions that the amount of Offered Notes set forth opposite their names in Schedule A bears to the aggregate amount of Offered Notes set forth opposite the names of all the Non-Defaulting Initial Purchasers) the Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate amount of Offered Notes which the Defaulting Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate amount of the Offered Notes set forth in Schedule A, the Non-Defaulting Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Offered Notes. If the Non-Defaulting Initial Purchasers do not purchase all the Offered Notes, this Agreement will terminate without liability on the part of any Non-Defaulting Initial Purchaser, the Issuer, TILC, TRIP Holdings or Tribute Holdings, except as provided in Section 10. As used in this Agreement, the term “Initial Purchaser” includes any 
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person substituted for an Initial Purchaser under this Section. Nothing herein will relieve any Defaulting Initial Purchaser from liability for its default.
(b)In the event that any Initial Purchaser that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Initial Purchaser of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. In the event that any Initial Purchaser that is a Covered Entity or a BHC Act Affiliate of such Initial Purchaser becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Initial Purchaser are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.
For purposes of this Section 9(b): 
“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).
“Covered Entity” means any of the following:
(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);
(ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or
(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.
10.Survival of Certain Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of the Issuer, TILC, TRIP Holdings or Tribute Holdings or their respective officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation, or statement as to the results thereof, made by or on behalf of the Initial Purchasers, the Issuer, TILC, TRIP Holdings or Tribute Holdings, or any of their respective representatives, officers or directors or any controlling person, and will survive delivery of and payment for the Offered Notes. If this Agreement is terminated pursuant to Section 9 or if for any reason the purchase of the Offered Notes by the Initial Purchasers is not consummated, the Issuer, Tribute Holdings, TRIP Holdings and TILC shall remain responsible for the expenses to be paid or reimbursed by them pursuant to Section 5 and the respective obligations of the Issuer, Tribute Holdings, TRIP Holdings, TILC and the Initial Purchasers pursuant to Section 8 shall remain in effect. Further, if the purchase of the Offered Notes by the Initial Purchasers is not consummated for any reason other than solely because of the termination of this Agreement pursuant to Section 9, the Issuer or Tribute Holdings will reimburse each Initial Purchaser for all out-of-pocket expenses 
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(including fees and disbursements of counsel) reasonably incurred by it in connection with the offering of the Offered Notes.
11.Notices. All communications hereunder will be in writing and, if sent to the Initial Purchasers will be mailed, delivered or telegraphed and confirmed to each of the Initial Purchasers at its respective address below: 
						
	Wells Fargo Securities LLC
550 S. Tryon Street
Charlotte, NC 28202	Credit Suisse Securities (USA) LLC
Eleven Madison Avenue
New York, NY 10010
		
	BofA Securities, Inc.
One Bryant Park, 11th Floor
New York, NY 10036
	Deutsche Bank Securities Inc.
One Columbus Circle, 5th Floor
New York, NY 10019

		
	Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
	
		

If sent to the Issuer, TILC, TRIP Holdings or Tribute Holdings, as the case may be, will be mailed, delivered or emailed and confirmed to such party at the following address:
c/o Trinity Industries Leasing Company
14221 N. Dallas Parkway, Suite 1100
Dallas, TX 75254
Attention:  TILC Capital Markets Group
Re:  Tribute Rail LLC
Email:  TILC.CapitalMarkets.notices@trin.net
12.Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and the controlling persons referred to in Section 8, and no other person will have any right or obligation hereunder, except that holders of Offered Notes shall be entitled to enforce the agreements for their benefit contained in the second and third sentences of Section 5(b) hereof against the Issuer as if such holders were parties thereto.
13.Counterparts. This Agreement may be executed in any number of counterparts, all of which, taken together, shall constitute one and the same Agreement and any party may enter into this Agreement by executing a counterpart.  Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart hereof.
14.Absence of Fiduciary Relationship. Each of the Issuer, TILC, TRIP Holdings and Tribute Holdings acknowledges and agrees that:
(a)Each Initial Purchaser has been retained solely to act as an initial purchaser in connection with the initial purchase, offering and resale of the Offered Notes, and no Initial Purchaser shall be liable to the Issuer, TILC, TRIP Holdings or Tribute Holdings for any losses, claims, damages or other liabilities with respect to any other Notes or Certificates (as defined in the Master Indenture), and that no fiduciary, advisory or agency relationship between any of the Issuer, TILC, TRIP Holdings or Tribute Holdings or their respective affiliates, stockholders, creditors or employees, on the one hand, and such Initial Purchaser, on the other hand, has been created in respect of any of the transactions contemplated by this Agreement or 
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the Offering Document, irrespective of whether such Initial Purchaser has advised or is advising the Issuer, TILC, TRIP Holdings or Tribute Holdings on other matters;
(b)the purchase and sale of the Offered Notes pursuant to this Agreement, including the determination of the offering price of the Offered Notes and any related discount and commissions, is an arm’s-length commercial transaction among the Initial Purchasers, the Issuer, TILC, TRIP Holdings and Tribute Holdings, and the Issuer, TILC, TRIP Holdings and Tribute Holdings are capable of evaluating and understanding, and do understand and hereby accept, the terms, risks and conditions of the transactions contemplated by this Agreement;
(c)the Issuer, TILC, TRIP Holdings and Tribute Holdings have been advised that the Initial Purchasers and their affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Issuer, TILC, TRIP Holdings and Tribute Holdings and the Initial Purchasers have no obligation to disclose such interests and transactions to any of the Issuer, TILC, TRIP Holdings or Tribute Holdings by virtue of any fiduciary, advisory or agency relationship; and
(d)each of the Issuer, TILC, TRIP Holdings or Tribute Holdings waives, to the fullest extent permitted by law, any claims it may have against any Initial Purchaser for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that no Initial Purchaser shall have any liability (whether direct or indirect) to any of the Issuer, TILC, TRIP Holdings or Tribute Holdings in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on behalf of or in right of any of the Issuer, TILC, TRIP Holdings or Tribute Holdings, including stockholders, employees or creditors of the Issuer, TILC, TRIP Holdings or Tribute Holdings.
15.Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the state of New York without regard to principles of conflicts of laws (other than Section 5-1401 of the New York General Obligations Law).
Each of the Issuer, TILC, TRIP Holdings and Tribute Holdings hereby submits to the exclusive jurisdiction of the courts of the State of New York and the courts of the United States of America for the Southern District of New York, in each case sitting in the Borough of Manhattan in The City of New York and appellate courts from any thereof in any suit, action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

28

EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, THE OFFERED NOTES OR ANY OF THE OTHER OPERATIVE AGREEMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY.
16.No Petition in Bankruptcy. Each Initial Purchaser agrees that, prior to the date which is one year and one day after the payment in full of all outstanding Offered Notes, such Initial Purchaser will not institute against, or join any other Person in instituting against, the Issuer an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any state of the United States.
17.Integration. As to the matters set forth in this Agreement, so long as this Agreement is in full force and effect, the provisions herein shall supersede any and all prior agreements as to such subject matter, except any Engagement Letter and any other fee arrangement entered into between any Initial Purchaser, the Issuer, TILC, TRIP Holdings and Tribute Holdings.
18.Amendments. This Agreement may not be amended, waived, discharged or terminated unless such amendment, waiver, discharge or termination is in writing and signed by each of the parties hereto.
19.Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement, unless such continued effectiveness of this Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 
20.USA Patriot Act. Each of the Issuer, TILC, TRIP Holdings and Tribute Holdings acknowledges that the Initial Purchasers are required by U.S. Federal law, in an effort to help fight the funding of terrorism and money laundering activities, to obtain, verify and record information that identifies each person or corporation who opens an account or enters into a business relationship with a financial institution.
21.Titles. Wells Fargo is hereby designated as Sole Structuring Agent and Lead Bookrunner, CS is hereby designated as Lead Bookrunner and BofA, DB and MS are hereby designated as Joint Bookrunners.

[Signature pages follow]
29

If the foregoing is in accordance with the Initial Purchasers’ understanding of our agreement, kindly sign and return to us one of the counterparts hereof, whereupon it will become a binding agreement between the Issuer, TILC, TRIP Holdings, Tribute Holdings and the Initial Purchasers in accordance with its terms.
						
		Very truly yours,
TRIBUTE RAIL LLC,
By: TRIBUTE RAIL HOLDINGS LLC, as sole equity member and manager
By: TRIP RAIL HOLDINGS LLC, as sole equity member and manager
By: TRINITY INDUSTRIES LEASING COMPANY, as its agent

By:/s/ Sara E. McCoy        
Name: Sara E. McCoy
Title:   Senior Vice President and Managing         Director

TRP 2022-1 Note Purchase Agreement
 

						
		TRINITY INDUSTRIES LEASING COMPANY

By: /s/ Sara E. McCoy        
Name: Sara E. McCoy
Title:   Senior Vice President and Managing         Director
TRIP RAIL HOLDINGS LLC
By: TRINITY INDUSTRIES LEASING COMPANY, as its agent

By: /s/ Sara E. McCoy        
Name: Sara E. McCoy
Title:   Senior Vice President and Managing         Director
TRIBUTE RAIL HOLDINGS LLC
By: TRIP RAIL HOLDINGS LLC, as sole equity member and manager
By: TRINITY INDUSTRIES LEASING COMPANY, as its agent

By: /s/ Sara E. McCoy        
Name: Sara E. McCoy
Title:   Senior Vice President and Managing         Director

TRP 2022-1 Note Purchase Agreement
 

The foregoing Agreement is hereby confirmed and accepted as of the date first above written.

						
		WELLS FARGO SECURITIES LLC

By:/s/ Michael Barath    
Name: Michael Barath
Title: Vice President 

TRP 2022-1 Note Purchase Agreement
 

						
		CREDIT SUISSE SECURITIES (USA) LLC

By:/s/ Roman Schwartz    
Name: Roman Schwartz
Title: Director

TRP 2022-1 Note Purchase Agreement
 

						
		BOFA SECURITIES, INC.

By:/s/ Brad Sohl    
Name: Brad Sohl
Title: Managing Director

		

TRP 2022-1 Note Purchase Agreement
 

						
		DEUTSCHE BANK SECURITIES INC.

By:/s/ Daniel Gerber    
Name: Daniel Gerber
Title: Managing Director
By:/s/ Kevin Fagan    
Name: Kevin Fagan
Title: Director

TRP 2022-1 Note Purchase Agreement
 

						
		MORGAN STANLEY & CO. LLC

By:/s/ Jingwei Xu    
Name: Jingwei Xu
Title: Vice President

TRP 2022-1 Note Purchase AgreementEX-4.2

 Exhibit 4.2 

OFFICER’S CERTIFICATE 

May 23, 2022 

The undersigned, PayPal Holdings, Inc., a Delaware corporation (the “Company”), hereby certifies through Gabrielle Rabinovitch, its
Interim Chief Financial Officer and Senior Vice President, Corporate Finance and Investor Relations, pursuant to Sections 2.1, 2.3 and 11.5 of the Indenture, dated as of September 26, 2019 (the “Indenture”), by and between the
Company, as Issuer, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as follows: 

1. The form and terms of the 3.900% Notes due 2027 (the “2027 Notes”) are set forth on Annex A attached hereto, the form and
terms of the 4.400% Notes due 2032 (the “2032 Notes”) are set forth on Annex B attached hereto, the form and terms of the 5.050% Notes due 2052 (the “2052 Notes”) are set forth on Annex C attached hereto, and the
form and terms of the 5.250% Notes due 2062 (the “2062 Notes” and, together with the 2027 Notes, the 2032 Notes and the 2052 Notes, the “Notes”) are set forth on Annex D attached hereto. The form and terms of the 2027
Notes, the 2032 Notes, the 2052 Notes and the 2062 Notes have been established pursuant to Sections 2.1 and 2.3 of the Indenture and comply with the Indenture. 

2. The undersigned has read the Indenture. 

3. The statements made in this certificate are based upon an examination of the Notes to be governed by the Indenture, upon an examination of
and familiarity with the Indenture, upon the undersigned’s general knowledge of and familiarity with the operations of the Company and upon the performance of the undersigned’s duties as an officer of the Company. 

4. In the opinion of the undersigned, he has made such examination or investigation as is necessary to enable him to express an informed
opinion as to whether or not the conditions precedent provided for in the Indenture relating to the issuance and authentication of each series of Notes have been complied with. 

5. In the opinion of the undersigned, with respect to the foregoing, the conditions precedent provided for in the Indenture relating to the
issuance and authentication of each series of Notes have been complied with. 
 6. This certificate (and to any document executed under the
Indenture) shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in
Global and National Commerce Act (e.g., www.docusign.com), state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (collectively,
“Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned or photocopied manual signature. Each electronic signature or faxed, scanned or photocopied manual signature shall for all purposes have the same validity,
legal effect and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned or photocopied manual signature, or other
electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This certificate may be executed in any number of counterparts, each of which shall be deemed to be an
original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under any Signature Law due to the
character or intended character of the writings. 

 Capitalized terms used herein without definition have the meanings assigned to them in the
Indenture. 
 [Signature Page to Officer’s Certificate under the Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused this certificate to be executed by its duly
authorized officer as of the date first written above. 
  

			
	PAYPAL HOLDINGS, INC.
		
	By:	 	 /s/ Gabrielle Rabinovitch

		 	Name: Gabrielle Rabinovitch
		 	Title: Interim Chief Financial Officer and Senior Vice President, Corporate Finance and Investor Relations

 [Signature Page to Officer’s Certificate under the Indenture] 

 ANNEX A 

Pursuant to Section 2.3 of the Indenture, dated as of September 26, 2019 (the “Indenture”), between PayPal Holdings, Inc.,
a Delaware corporation (the “Issuer”), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), the terms of a series of Securities to be issued pursuant to the
Indenture are as follows: 
  

	 	1.	 Designation. The designation of the securities is “3.900% Notes due 2027” (the “2027
Notes”). 

  

	 	2.	 Initial Aggregate Principal Amount. The 2027 Notes shall be limited in initial aggregate principal
amount to $500,000,000 (except for 2027 Notes authenticated and delivered upon registration of transfer or exchange in accordance with the Indenture or this Annex A (this “Annex”)). 

 

	 	3.	 Currency Denomination. The 2027 Notes shall be denominated in Dollars. 

 

	 	4.	 Maturity. The date on which the principal of the 2027 Notes is payable is June 1, 2027.

  

	 	5.	 Rate of Interest; Interest Payment Date; Regular Record Dates. Each 2027 Note shall bear interest from
May 23, 2022 at 3.900% per annum until the principal thereof is paid. Such interest shall be payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2022, to the Persons in whose names
the 2027 Notes are registered at the close of business on the immediately preceding May 15 and November 15, respectively (whether or not such record date is a Business Day). Interest on the 2027 Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from May 23, 2022. Interest on the 2027 Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months. In the event that any date on which principal, premium, if any, or interest is payable on the 2027 Notes is not a Business Day, then payment of the principal, premium, if any, or interest payable on
such date will be made on the next succeeding day that is a Business Day (and no additional interest shall accrue as a result of such delay in payment). 

  

	 	6.	 Place of Payment. Principal of, premium, if any, and interest on the 2027 Notes shall be payable, and
the transfer of the 2027 Notes shall be registrable, at the office or agency of the Issuer to be maintained for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust Office, except that, at the option
of the Issuer, interest may be paid by sending a check to the address of the Person entitled thereto as it appears on the 2027 Notes register; provided, however, that while any 2027 Notes are represented by a Registered Global Security,
payment of principal of, premium, if any, or interest on the 2027 Notes may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

 

	 	7.	 Optional Redemption. Prior to May 1, 2027, the 2027 Notes may be redeemed, in whole at any time or
in part from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2027 Notes to be redeemed or (ii) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted to the 

  
 A-1 

	 	
date of redemption (assuming the 2027 Notes matured on May 1, 2027) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 20 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not
including, the date of redemption; provided that the principal amount of any 2027 Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after May 1,
2027 the Issuer may redeem the 2027 Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest to,
but not including, the redemption date. Notwithstanding the foregoing, installments of interest on the 2027 Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment
date to the registered Holders as of the close of business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notices
of any redemption will be mailed (or in the case of 2027 Notes held in book-entry form, be transmitted electronically) at least 10 days but not more than 60 days before the redemption date to Holders of the 2027 Notes to be redeemed, except that
redemption notices may be delivered more than 60 days prior to a redemption if the notice is issued in connection with a legal or covenant defeasance of the 2027 Notes or a satisfaction and discharge of the Notes and the Indenture pursuant to
Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2027 Notes or portions thereof called for redemption. If less than all of the
2027 Notes are to be redeemed, the 2027 Notes to be redeemed will be selected by the Trustee by lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or
more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such
condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic transmission)
as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so
delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of
the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall provide written notice
to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the notes in the same manner in which the notice
of redemption was given, in the name and at the expense of the Issuer. 

  
 A-2 

 “Treasury Rate” means, with respect to any redemption date, the yield determined
by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to May 1, 2027 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to May 1, 2027 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than
or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a
maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, May 1, 2027. If there is no United States Treasury security maturing on May 1, 2027 but there are two or more United States Treasury securities with a
maturity date equally distant from May 1, 2027, one with a maturity date preceding May 1, 2027 and one with a maturity date following May 1, 2027, the Issuer shall select the United States Treasury security with a maturity date
preceding May 1, 2027. If there are two or more United States Treasury securities maturing on May 1, 2027 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among
these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time.
In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the
bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
 A-3 

	 	8.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Issuer
has previously exercised its right to redeem the 2027 Notes in whole as described in Section 7 above, the Issuer will be required to make an offer to each Holder of 2027 Notes to repurchase all or any part (in minimum denominations of $2,000
and integral multiples of $1,000 above that amount) of such Holder’s 2027 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of 2027 Notes repurchased plus any accrued and unpaid interest, if any, on the 2027
Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending
Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase 2027 Notes on
the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the 2027 Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the 2027 Notes, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Repurchase Event provisions of the 2027 Notes by virtue of such conflict. 
 On the Change of Control Payment
Date, the Issuer will be required, to the extent lawful, to: 
  

	 	(a)	 accept for payment all 2027 Notes or portions of 2027 Notes (in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(b)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all 2027 Notes or portions of 2027 Notes properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee for cancellation the 2027 Notes properly accepted, together
with an Officer’s Certificate stating the aggregate principal amount of 2027 Notes being repurchased by the Issuer. 

  
 A-4 

 The paying agent will promptly mail (or, in the case of 2027 Notes held in book- entry
form, transmit electronically) to each Holder of 2027 Notes properly tendered the repurchase price for such 2027 Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new 2027 Note
equal in principal amount to any unrepurchased portion of any 2027 Notes surrendered; provided, that each new 2027 Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the 2027 Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8 and the third party repurchases all 2027 Notes properly tendered and not withdrawn under its
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8. In addition, the Issuer will not be required to, and the Issuer will not, make an offer to
repurchase any 2027 Notes upon a Change of Control Repurchase Event if there has occurred and is continuing on the Change of Control Payment Date an Event of Default with respect to the 2027 Notes. 

If Holders of not less than 90% in aggregate principal amount of the 2027 Notes then outstanding validly tender and do not withdraw such 2027
Notes in an offer to repurchase the 2027 Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of the Issuer as described above, purchases all of such 2027 Notes properly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided, that such notice is given not more than 60 days following such repurchase pursuant to
the offer to repurchase the notes upon a Change of Control Repurchase Event described above) to redeem all 2027 Notes that remain outstanding following such purchase on a date specified in such notice (the “Second Change of Control Payment
Date”) and at a price in cash equal to 101% of the aggregate principal amount of the 2027 Notes repurchased plus accrued and unpaid interest, if any, on the 2027 Notes repurchased to, but excluding, the Second Change of Control Payment Date.

 “Below Investment Grade Rating Event” means the 2027 Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of
Control (which 60-day period shall be extended so long as the rating of the 2027 Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or

  
 A-5 

 
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more
than 50% of the then outstanding number of shares or voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or
(4) the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity
Interests or the outstanding Voting Equity Interests of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests
outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction.

 Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a
wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect holders of the Issuer’s Voting Equity Interests immediately
prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 
 “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Fitch”
means Fitch Inc., a subsidiary of Fimalac, S.A. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the 2027 Notes or fails to make a rating of the 2027 Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc. 

 

	 	9.	 Mandatory Redemption. Other than with respect to a Change of Control Repurchase Event as described
above, the 2027 Notes are not mandatorily redeemable. The 2027 Notes are not entitled to the benefit of a sinking fund or any analogous provisions. 

  
 A-6 

	 	10.	 Denominations. The 2027 Notes shall be issued initially in minimum denominations of $2,000 and shall be
issued in integral multiples of $1,000 in excess thereof. 

  

	 	11.	 Amount Payable Upon Acceleration. The principal of the 2027 Notes shall be payable upon declaration of
acceleration pursuant to Section 5.1 of the Indenture. The 2027 Notes shall not be Original Issue Discount Securities within the meaning of the Indenture. 

 

	 	12.	 Payment Currency. Principal and interest on the 2027 Notes shall be payable in Dollars.

  

	 	13.	 Payment Currency – Election. The principal of and interest on the 2027 Notes shall not be payable
in a currency other than Dollars. 

  

	 	14.	 Payment Currency – Index. The principal of and interest on the 2027 Notes shall not be determined
with reference to an index based on a coin or currency. 

  

	 	15.	 Registered Securities. The 2027 Notes shall be issued only as Registered Securities. The 2027 Notes
shall initially be issuable as Registered Global Securities, subject to Section 2.8 of the Indenture. 

  

	 	16.	 Additional Amounts. The Issuer shall not pay additional amounts on the 2027 Notes held by a Person that
is not a U.S. Person in respect of taxes or similar charges withheld or deducted. 

  

	 	17.	 Definitive Certificates. Section 2.8 of the Indenture will govern the transferability of the 2027
Notes in definitive form. 

  

	 	18.	 Registrar; Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying
agent for the 2027 Notes. The Depository Trust Company shall initially serve as the Depositary for the Registered Global Security representing the 2027 Notes. 

 

	 	19.	 Events of Default. In addition to the Events of Default set forth in Section 5.1 of the Indenture,
the failure by the Issuer to repurchase 2027 Notes tendered for repurchase following the occurrence of a Change of Control Repurchase Event in conformity with the covenant set forth in Section 8 hereof is an Event of Default with respect to the
2027 Notes. 

  

	 	20.	 Covenants. There shall be the following additions to the covenants of the Issuer set forth in Article
III of the Indenture with respect to the 2027 Notes: 

 Limitation on Liens. The Issuer covenants that, so long as any of the 2027
Notes remain outstanding, it shall not, nor shall it permit any of its Restricted Subsidiaries to, create or assume any mortgage, pledge, security interest, lien, charge or encumbrance of any kind (each, a “Lien”) on (a) any Principal
Property or (b) any capital stock or Indebtedness of any of the Issuer’s Restricted Subsidiaries (together, “Property”), in each case whether now owned or hereafter acquired, in order to secure any Indebtedness, without
effectively providing that the 2027 Notes shall be secured by a Lien ranking equal to and ratably with (or, at the Issuer’s option, senior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by such Lien,
except that the foregoing restriction shall not apply to: 

  
 A-7 

	 	(a)	 Liens existing on the date of the initial issuance of the 2027 Notes (other than any additional 2027 Notes) or
that the Issuer or any of its Restricted Subsidiaries have agreed to pursuant to the terms of agreements existing on the date of the initial issuance of the 2027 Notes (other than any additional 2027 Notes); 

 

	 	(b)	 Liens created or incurred after the date of the initial issuance of the 2027 Notes (other than any additional
2027 Notes) created in favor of the holders of the 2027 Notes; 

  

	 	(c)	 Liens in favor of the Issuer or one of its Subsidiaries; 

 

	 	(d)	 (i) Liens given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its
Restricted Subsidiaries for the purpose of financing) the payment of all or any portion of the purchase price for the acquisition (including acquisition through merger or consolidation or the acquisition of a Person directly or indirectly owning
such property) of any Property, including capital lease or purchase money transactions in connection with any such acquisition, or all or any portion of the cost of refurbishment, improvement, expansion, renovation, development or construction of
any Property; provided that with respect to this clause (i), the Liens shall be given prior to, at the time of or within 12 months after such acquisition, or completion of such refurbishment, improvement, expansion, renovation, development or
construction, or the full operation of such Property, whichever is latest, and shall attach solely to such Property (including any refurbishments, improvements, expansions, renovations, development or construction thereof or then or thereafter
placed thereon) and any proceeds thereof; and (ii) Liens existing on all or any portion of any Property at the time of acquisition thereof (including acquisition through merger or consolidation or the acquisition of a Person then directly or
indirectly owning such property) whether or not such existing Liens were given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its Restricted Subsidiaries for the purpose of financing) the payment of the purchase
price of such Property; 

  

	 	(e)	 Liens on any Property in favor of the United States of America or any state thereof, or in favor of any other
country, or any political subdivision, department, agency or instrumentality thereof to secure progress or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed for the purpose of financing all or any
portion of the cost of acquiring, refurbishing, improving, expanding, renovating, developing or constructing such Property, including Liens incurred in connection with pollution control, industrial revenue or similar financing;

  

	 	(f)	 statutory or legislative Liens or other similar Liens (including pledges, deposits, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law) arising in the ordinary course of the Issuer or any of its Restricted Subsidiaries’ business, or Liens arising out of government
contracts; 

  

	 	(g)	 Liens in connection with legal proceedings, including Liens arising out of judgments or awards, in each case so
long as such Lien is adequately bonded and any appropriate legal proceedings that may have been initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be
initiated shall not have expired; 

  

	 	(h)	 Liens for taxes or assessments, landlord’s Liens and Liens and charges, in each case (i) not yet due
or payable or subject to penalties for non-payment or which the Issuer is contesting in good faith by appropriate proceedings and (ii) incidental to the conduct of the business or the ownership of the
Issuer’s assets or those of a Restricted Subsidiary; 

  
 A-8 

	 	(i)	 Liens incurred in connection with an acquisition of assets or a project financed on a non- recourse basis; 

  

	 	(j)	 deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

  

	 	(k)	 easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of the Issuer’s business; 

  

	 	(l)	 Liens securing obligations arising under or related to (a) the transfer of cash or other property with
respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient
or funds transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (b) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated
clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of
funding any Settlement); 

  

	 	(m)	 Liens securing securitized indebtedness and receivables factoring, discounting, facilities or securitizations;
and 

  

	 	(n)	 any extensions, renewals or replacements of any Lien referred to in clauses (a) through (m) without
increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees or other costs associated with any such extension, renewal or replacement); provided, however, that any Liens permitted by any of
clauses (a) through (m) shall not extend to or cover any of the Issuer’s property or the property of any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property.

 Notwithstanding the foregoing, the Issuer or any of its Restricted Subsidiaries may, without equally and ratably
securing the 2027 Notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto and to the retirement of any Indebtedness that is being retired substantially
concurrently, Aggregate Debt does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the date of the creation or incurrence of the Lien and (2) $3.5 billion. 

Limitation on Sale and Leaseback Transactions. The Issuer covenants that, so long as any of the 2027 Notes remain outstanding, it shall not, nor shall
it permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any Principal Property, whether now owned or hereafter acquired, that has
been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such Person with the intention of taking back a lease of such Principal Property, a “sale and leaseback transaction,” unless: 

  
 A-9 

	 	(a)	 such transaction was entered into prior to the date of the initial issuance of the 2027 Notes (other than any
additional 2027 Notes) or any extension, renewal, refinancing, replacement, amendment or modification of such transaction so long as the affected Principal Property is substantially the same as or similar in nature to the Principal Property subject
to the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified; 

  

	 	(b)	 such transaction was for the sale and leasing back to the Issuer or any of its wholly- owned Subsidiaries of
any Principal Property by one of the Issuer’s Restricted Subsidiaries; 

  

	 	(c)	 such transaction involves a lease for not more than three years (or which may be terminated by the Issuer or
its Restricted Subsidiaries within a period of not more than three years); 

  

	 	(d)	 the Issuer would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback
transaction without equally and ratably securing the 2027 Notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or 

 

	 	(e)	 the Issuer or any of its Restricted Subsidiaries applies an amount equal to the net proceeds from the sale of
such Principal Property to the purchase of other property or assets used or useful in its business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the 2027 Notes
(including the 2027 Notes) within 365 days before or after the effective date of any such sale and leaseback transaction, provided that, in lieu of applying such amount to the retirement of pari passu Indebtedness, the Issuer may deliver 2027 Notes
to the Trustee for cancellation, such 2027 Notes to be credited at the cost thereof. 

 Notwithstanding the restrictions
set forth in the preceding paragraph, the Issuer or any of its Restricted Subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto Aggregate Debt
does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the relevant date of determination and (2) $3.5 billion. 

“Aggregate Debt” means the sum of the following, as of the date of determination: (1) the aggregate principal amount of the
Issuer’s and its Restricted Subsidiaries’ Indebtedness incurred after the date of initial issuance of the 2027 Notes and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above and
(2) the Issuer’s and its Restricted Subsidiaries’ Attributable Debt in respect of sale and leaseback transactions entered into after the date of the initial issuance of the 2027 Notes pursuant to the second paragraph of
“—Limitation on Sale and Leaseback Transactions” above. 
 “Attributable Debt” means, with respect to any sale and
leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such Principal Property as determined in good faith by the Issuer’s board of directors, and (2) the total obligation (discounted to the
present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. 

  
 A-10 

 “Consolidated Net Tangible Assets” means, as of any date of determination, the
aggregate amount of assets after deducting therefrom: (1) all current liabilities, except for notes and loans payable, current maturities of long-term debt, current portion of convertible securities, current portion of deferred revenue and
obligations under capital leases; and (2) intangible assets to the extent included in the aggregate amount of assets, net of applicable reserves and any amortized amounts, all as reflected on the Issuer’s most recent consolidated balance
sheet prepared in accordance with GAAP. 
 “GAAP” means accounting principles generally accepted in the United States of America,
which are in effect as of the date of application thereof. 
 “Indebtedness” of any specified Person means, without duplication,
indebtedness of such Person for borrowed money (including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). 

“Principal Property” means any single parcel of real property or any permanent improvement thereon (1) owned by the Issuer or
any of its Restricted Subsidiaries located in the United States, including the Issuer’s principal corporate office, any other offices or data centers or any portion thereof and (2) having a book value, as of the date of determination, in
excess of 3% of the Issuer’s Consolidated Net Tangible Assets. Principal Property does not include any property that the Issuer’s board of directors has determined not to be of material importance to the business conducted by the
Issuer’s Subsidiaries and the Issuer, taken as a whole. 
 “Restricted Subsidiary” means any subsidiary of the Issuer that
constitutes a “significant subsidiary” (as such term is defined in Regulation S-X, promulgated pursuant to the Securities Act), excluding (a) any subsidiary which is not organized under the laws
of any state of the United States of America, (b) any subsidiary which conducts the major portion of its business outside the United States of America and (c) any subsidiary of any of the foregoing. 

 

	 	21.	 Conversion and Exchange. The 2027 Notes shall not be convertible into or exchangeable for any other
security. 

  

	 	22.	 Additional Issues. The Issuer may, without notice to or the consent of the Holders of the 2027 Notes,
create and issue additional 2027 Notes with the same terms as the 2027 Notes issued on May 23, 2022 (the “Initial 2027 Notes”), except for the issue date, the offering price and, under certain circumstances, the first interest payment
date. Such additional 2027 Notes shall be consolidated and form a single series with the Initial 2027 Notes; provided that if such additional 2027 Notes are not fungible with the Initial 2027 Notes for U.S. federal income tax purposes, such
additional 2027 Notes will have one or more separate CUSIP numbers. No additional 2027 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2027 Notes. 

 

	 	23.	 Definitions. Capitalized terms used but not otherwise defined in this Annex shall have the respective
meanings ascribed to such terms in the Indenture. 

 As used herein, the following term has the specified meaning: 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday which is not a day when banking institutions in the City of
New York are authorized or obligated by law or executive order to be closed. 

  
 A-11 

	 	24.	 Other Terms. The 2027 Notes shall have the other terms and shall be substantially in the form set forth
in the form of the 2027 Notes attached hereto as Annex A-1. In case of any conflict between this Annex or the form of the 2027 Notes and the Indenture, this Annex or the form of the 2027 Notes shall control,
as applicable. 

  
 A-12 

 ANNEX A-1 

FORM OF 2027 NOTE 

REGISTERED 
 THIS NOTE IS A REGISTERED GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	No. R–A1	  	CUSIP NO. 70450Y AK9
		  	ISIN NO. US70450YAK91

 PAYPAL HOLDINGS, INC. 

3.900% Notes due 2027 
 PayPal
Holdings, Inc., a Delaware corporation (the “Issuer,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Five Hundred Million Dollars ($500,000,000) on June 1, 2027 and to pay interest on said principal sum from May 23, 2022, or from the most recent interest payment date to which interest has been paid or duly provided for,
semi-annually in arrears on June 1 and December 1 (each such date, an “Interest Payment Date”) of each year commencing on December 1, 2022, at the rate of 3.900% per annum until the principal hereof shall have become due and
payable. 
 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year composed of twelve 30-day months. In the event that any date on which the principal or interest payable on this Note is not a Business Day, then payment of
principal or interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of such delay). The interest installment so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture (referred to on the reverse hereof) be paid to the Person in whose name this Note is registered at the close of business on the record date for such interest installment, which
shall be the close of business on the immediately preceding May 15 and November 15 prior to such Interest Payment Date, as applicable (whether or not such record date is a Business Day). Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders on such record date and may be paid to the Person in whose name this Note is registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be sent by or on behalf of the Issuer to the registered Holders of Notes not less than 15 days preceding such subsequent record date, all as more
fully provided in the Indenture. The principal of and the interest on this Note shall be payable at the office or agency of the Issuer maintained for that purpose in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest, to the extent this Note is not represented by a Registered Global Security, may be made at the option of the Issuer by check sent to the
Person entitled thereto at such address as shall appear in the registry books of the Issuer; provided, further, that for so long as this Note is represented by a Registered Global Security, payment of principal, premium, if any, or
interest on this Note may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

  
 1 

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee (as defined below) under the Indenture (as defined below), by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Capitalized terms used in this Note which are defined in the Indenture shall have the respective meanings assigned to them in the Indenture.

 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or
in facsimile. 
  

			
	PAYPAL HOLDINGS, INC.
		
	By:	 	          

		 	Name:
		 	Title:

  

			
	  
 CERTIFICATE OF AUTHENTICATION

This is one of the Securities referred to in the within-mentioned Indenture.

	
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	
                 

		 	Authorized Signatory
		
	Dated:	 	          

  
 [Signature Page to
2027 Global Note – A1] 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized series of Securities of the Issuer designated as its 3.900% Notes due 2027 (the “Notes”). The
Notes are all issued or to be issued under and pursuant to an Indenture, dated as of September 26, 2019 (the “Indenture”), duly executed and delivered between the Issuer and Computershare Trust Company, N.A. (f/k/a Wells Fargo Bank,
National Association) as Trustee with respect to the Notes (the “Trustee”), to which the Indenture and the Officer’s Certificate setting forth the terms of the Notes is hereby made for a statement of the respective rights thereunder
of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. The Notes are Senior Securities within the meaning of the Indenture. 

The Notes are issuable only as Registered Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 

Except as set forth below, this Note is not redeemable. This Note is not entitled to the benefit of a sinking fund or any analogous provision.

 Prior to May 1, 2027, the Notes may be redeemed, in whole at any time or in part from time to time, at the option of the Issuer, for
cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the
date of redemption (assuming the Notes matured on May 1, 2027) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 20 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not including, the date of redemption; provided that the principal
amount of any Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after May 1, 2027, the Issuer may redeem the Notes, in whole at any time or in part from
time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. Notwithstanding the foregoing, installments
of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date. The
Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notices will be sent (or in the case of Notes held in book-entry form, be transmitted
electronically) to Holders of the Notes to be redeemed at least 10 and not more than 60 days prior to the date fixed for redemption, except that redemption notices may be sent more than 60 days prior to a redemption if the notice is issued in
connection with a legal or covenant defeasance of the Notes or a satisfaction and discharge of the Notes and the Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after
the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by lot or in accordance with the
Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate
transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed
until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in

  
 A-1-1 

 
the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall provide written notice to the Trustee not later than 9:00
a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given, in the
name and at the expense of the Issuer. 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by the
Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to May 1, 2027 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to May 1, 2027 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than
or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a
maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, May 1, 2027. If there is no United States Treasury security maturing on May 1, 2027 but there are two or more United States Treasury securities with a
maturity date equally distant from May 1, 2027, one with a maturity date preceding May 1, 2027 and one with a maturity date following May 1, 2027, the Issuer shall select the United States Treasury security with a maturity date
preceding May 1, 2027. If there are two or more United States Treasury securities maturing on May 1, 2027 or two or more United States 

  
 A-1-2 

	 	 
Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury security that
is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00
a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

 If a Change of
Control Repurchase Event occurs, unless the Issuer has previously exercised its right to redeem the Notes in whole as described above, the Issuer will be required to make an offer to each Holder of Notes to repurchase all or any part (in minimum
denominations of $2,000 and integral multiples of $1,000 above that amount) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any,
on the Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an
impending Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date
of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase
Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Issuer will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to: 

 

	 	(a)	 accept for payment all Notes or portions of Notes (in minimum denominations of $2,000 and integral multiples of
$1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(b)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all Notes or portions of Notes properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted, together with an
Officer’s Certificate stating the aggregate principal amount of Notes being repurchased by the Issuer. 

  
 A-1-3 

 The paying agent will promptly mail (or, in the case of Notes held in book-entry form,
transmit electronically) to each Holder of Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unrepurchased portion of any Notes surrendered; provided, that each new Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein and the third party repurchases all Notes properly tendered and not withdrawn under its offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein. In addition, the Issuer will not be required to, and will not, make an offer to repurchase any Notes if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default with respect to the Notes. 
 If Holders of not less than 90% in
aggregate principal amount of the Notes then outstanding validly tender and do not withdraw such Notes in an offer to repurchase the Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of
the Issuer as described above, purchases all of such Notes properly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided,
that such notice is given not more than 60 days following such repurchase pursuant to the offer to repurchase the Notes upon a Change of Control Repurchase Event described above) to redeem all Notes that remain outstanding following such purchase on
a date specified in such notice (the “Second Change of Control Payment Date”) and at a price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but excluding, the Second Change of Control Payment Date. 
 “Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible
downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence of any of the following: (1) the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares or
voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or (4) the Issuer consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity Interests or the outstanding Voting Equity Interests of
such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests outstanding immediately prior to such transaction constitute, or
are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction. Notwithstanding the

  
 A-1-4 

 
foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a wholly-owned Subsidiary of another Person and (b) immediately following that
transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect Holders of the Issuer’s Voting Equity Interests immediately prior to such transaction and in substantially the same proportions as immediately
prior to such transaction. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. 
 “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry
books of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer maintained by the Issuer for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust
Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 A-1-5 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 A-1-6 

 [FORM OF SCHEDULE FOR ENDORSEMENTS ON REGISTERED 

GLOBAL SECURITIES TO REFLECT CHANGES IN PRINCIPAL AMOUNT] 

Schedule A 
 Changes to Principal
Amount of Registered Global Securities 
  

									
	 	  	Principal Amount	  	 	  	 	 
	 	  	of Notes	  	 	  	 	 
	 	  	by which this Registered Global	  	 	  	 	 
	 	  	Security is to be	  	Remaining Principal	  	 	 
	 	  	Reduced or Increased,	  	Amount of this	  	 	 
	 	  	and Reason for	  	Registered	  	 	 
	 Date
	  	 Reduction or Increase
	  	 Global Security
	  	Notation Made By	 
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			

  
 A-1-7 

 ANNEX B 

Pursuant to Section 2.3 of the Indenture, dated as of September 26, 2019 (the “Indenture”), between PayPal Holdings, Inc.,
a Delaware corporation (the “Issuer”), and Computershare Trust Company, N.A, as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), the terms of a series of Securities to be issued pursuant to the
Indenture are as follows: 
  

	 	1.	 Designation. The designation of the securities is “4.400% Notes due 2032” (the “2032
Notes”). 

  

	 	2.	 Initial Aggregate Principal Amount. The 2032 Notes shall be limited in initial aggregate principal
amount to $1,000,000,000 (except for 2032 Notes authenticated and delivered upon registration of transfer or exchange in accordance with the Indenture or this Annex B (this “Annex”)). 

 

	 	3.	 Currency Denomination. The 2032 Notes shall be denominated in Dollars. 

 

	 	4.	 Maturity. The date on which the principal of the 2032 Notes is payable is June 1, 2032.

  

	 	5.	 Rate of Interest; Interest Payment Date; Regular Record Dates. Each 2032 Note shall bear interest from
May 23, 2022 at 4.400% per annum until the principal thereof is paid. Such interest shall be payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2022, to the Persons in whose names
the 2032 Notes are registered at the close of business on the immediately preceding May 15 and November 15, respectively (whether or not such record date is a Business Day). Interest on the 2032 Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from May 23, 2022. Interest on the 2032 Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months. In the event that any date on which principal, premium, if any, or interest is payable on the 2032 Notes is not a Business Day, then payment of the principal, premium, if any, or interest payable on
such date will be made on the next succeeding day that is a Business Day (and no additional interest shall accrue as a result of such delay in payment). 

  

	 	6.	 Place of Payment. Principal of, premium, if any, and interest on the 2032 Notes shall be payable, and
the transfer of the 2032 Notes shall be registrable, at the office or agency of the Issuer to be maintained for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust Office, except that, at the option
of the Issuer, interest may be paid by sending a check to the address of the Person entitled thereto as it appears on the 2032 Notes register; provided, however, that while any 2032 Notes are represented by a Registered Global Security,
payment of principal of, premium, if any, or interest on the 2032 Notes may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

 

	 	7.	 Optional Redemption. Prior to March 1, 2032, the 2032 Notes may be redeemed, in whole at any time
or in part from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2032 Notes to be redeemed or (ii) (a) the sum of the present values of the remaining
scheduled payments of principal and interest thereon discounted 

  
 B-1 

	 	
to the date of redemption (assuming the 2032 Notes matured on March 1, 2032) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 25 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not
including, the date of redemption; provided that the principal amount of any 2032 Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after
March 1, 2032, the Issuer may redeem the 2032 Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the 2032 Notes to be redeemed, plus accrued and
unpaid interest to, but not including, the redemption date. Notwithstanding the foregoing, installments of interest on the 2032 Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the
interest payment date to the registered Holders as of the close of business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. Notices of any redemption will be mailed (or in the case of 2032 Notes held in book-entry form, be transmitted electronically) at least 10 days but not more than 60 days before the redemption date to Holders of the 2032 Notes to be
redeemed, except that redemption notices may be delivered more than 60 days prior to a redemption if the notice is issued in connection with a legal or covenant defeasance of the 2032 Notes or a satisfaction and discharge of the Notes and the
Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2032 Notes or portions thereof called for redemption. If
less than all of the 2032 Notes are to be redeemed, the 2032 Notes to be redeemed will be selected by the Trustee by lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be
subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall
describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by
electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the
redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such
notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall
provide written notice to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the notes in the same
manner in which the notice of redemption was given, in the name and at the expense of the Issuer. 

  
 B-2 

 “Treasury Rate” means, with respect to any redemption date, the yield determined
by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to March 1, 2032 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to March 1, 2032 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than
or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a
maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, March 1, 2032. If there is no United States Treasury security maturing on March 1, 2032 but there are two or more United States Treasury securities with a
maturity date equally distant from March 1, 2032, one with a maturity date preceding March 1, 2032 and one with a maturity date following March 1, 2032, the Issuer shall select the United States Treasury security with a maturity date
preceding March 1, 2032. If there are two or more United States Treasury securities maturing on March 1, 2032 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from
among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City
time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of
the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
 B-3 

	 	8.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Issuer
has previously exercised its right to redeem the 2032 Notes in whole as described in Section 7 above, the Issuer will be required to make an offer to each Holder of 2032 Notes to repurchase all or any part (in minimum denominations of $2,000
and integral multiples of $1,000 above that amount) of such Holder’s 2032 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of 2032 Notes repurchased plus any accrued and unpaid interest, if any, on the 2032
Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending
Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase 2032 Notes on
the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the 2032 Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the 2032 Notes, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Repurchase Event provisions of the 2032 Notes by virtue of such conflict. 
 On the Change of Control Payment
Date, the Issuer will be required, to the extent lawful, to: 
  

	 	(a)	 accept for payment all 2032 Notes or portions of 2032 Notes (in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(b)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all 2032 Notes or portions of 2032 Notes properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee for cancellation the 2032 Notes properly accepted, together
with an Officer’s Certificate stating the aggregate principal amount of 2032 Notes being repurchased by the Issuer. 

  
 B-4 

 The paying agent will promptly mail (or, in the case of 2032 Notes held in book- entry
form, transmit electronically) to each Holder of 2032 Notes properly tendered the repurchase price for such 2032 Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new 2032 Note
equal in principal amount to any unrepurchased portion of any 2032 Notes surrendered; provided, that each new 2032 Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the 2032 Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8 and the third party repurchases all 2032 Notes properly tendered and not withdrawn under its
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8. In addition, the Issuer will not be required to, and the Issuer will not, make an offer to
repurchase any 2032 Notes upon a Change of Control Repurchase Event if there has occurred and is continuing on the Change of Control Payment Date an Event of Default with respect to the 2032 Notes. 

If Holders of not less than 90% in aggregate principal amount of the 2032 Notes then outstanding validly tender and do not withdraw such 2032
Notes in an offer to repurchase the 2032 Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of the Issuer as described above, purchases all of such 2032 Notes properly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided, that such notice is given not more than 60 days following such repurchase pursuant to
the offer to repurchase the notes upon a Change of Control Repurchase Event described above) to redeem all 2032 Notes that remain outstanding following such purchase on a date specified in such notice (the “Second Change of Control Payment
Date”) and at a price in cash equal to 101% of the aggregate principal amount of the 2032 Notes repurchased plus accrued and unpaid interest, if any, on the 2032 Notes repurchased to, but excluding, the Second Change of Control Payment Date.

 “Below Investment Grade Rating Event” means the 2032 Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of
Control (which 60-day period shall be extended so long as the rating of the 2032 Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken as a whole, to any “person” (as
that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or

  
 B-5 

 
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more
than 50% of the then outstanding number of shares or voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or
(4) the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity
Interests or the outstanding Voting Equity Interests of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests
outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction.

 Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a
wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect holders of the Issuer’s Voting Equity Interests immediately
prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 
 “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Fitch”
means Fitch Inc., a subsidiary of Fimalac, S.A. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the 2032 Notes or fails to make a rating of the 2032 Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc. 

 

	 	9.	 Mandatory Redemption. Other than with respect to a Change of Control Repurchase Event as described
above, the 2032 Notes are not mandatorily redeemable. The 2032 Notes are not entitled to the benefit of a sinking fund or any analogous provisions. 

  
 B-6 

	 	10.	 Denominations. The 2032 Notes shall be issued initially in minimum denominations of $2,000 and shall be
issued in integral multiples of $1,000 in excess thereof. 

  

	 	11.	 Amount Payable Upon Acceleration. The principal of the 2032 Notes shall be payable upon declaration of
acceleration pursuant to Section 5.1 of the Indenture. The 2032 Notes shall not be Original Issue Discount Securities within the meaning of the Indenture. 

 

	 	12.	 Payment Currency. Principal and interest on the 2032 Notes shall be payable in Dollars.

  

	 	13.	 Payment Currency – Election. The principal of and interest on the 2032 Notes shall not be payable
in a currency other than Dollars. 

  

	 	14.	 Payment Currency – Index. The principal of and interest on the 2032 Notes shall not be determined
with reference to an index based on a coin or currency. 

  

	 	15.	 Registered Securities. The 2032 Notes shall be issued only as Registered Securities. The 2032 Notes
shall initially be issuable as Registered Global Securities, subject to Section 2.8 of the Indenture. 

  

	 	16.	 Additional Amounts. The Issuer shall not pay additional amounts on the 2032 Notes held by a Person that
is not a U.S. Person in respect of taxes or similar charges withheld or deducted. 

  

	 	17.	 Definitive Certificates. Section 2.8 of the Indenture will govern the transferability of the 2032
Notes in definitive form. 

  

	 	18.	 Registrar; Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying
agent for the 2032 Notes. The Depository Trust Company shall initially serve as the Depositary for the Registered Global Security representing the 2032 Notes. 

 

	 	19.	 Events of Default. In addition to the Events of Default set forth in Section 5.1 of the Indenture,
the failure by the Issuer to repurchase 2032 Notes tendered for repurchase following the occurrence of a Change of Control Repurchase Event in conformity with the covenant set forth in Section 8 hereof is an Event of Default with respect to the
2032 Notes. 

  

	 	20.	 Covenants. There shall be the following additions to the covenants of the Issuer set forth in Article
III of the Indenture with respect to the 2032 Notes: 

 Limitation on Liens. The Issuer covenants that, so long as any of the 2032
Notes remain outstanding, it shall not, nor shall it permit any of its Restricted Subsidiaries to, create or assume any mortgage, pledge, security interest, lien, charge or encumbrance of any kind (each, a “Lien”) on (a) any Principal
Property or (b) any capital stock or Indebtedness of any of the Issuer’s Restricted Subsidiaries (together, “Property”), in each case whether now owned or hereafter acquired, in order to secure any Indebtedness, without
effectively providing that the 2032 Notes shall be secured by a Lien ranking equal to and ratably with (or, at the Issuer’s option, senior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by such Lien,
except that the foregoing restriction shall not apply to: 
  

	 	(a)	 Liens existing on the date of the initial issuance of the 2032 Notes (other than any additional 2032 Notes) or
that the Issuer or any of its Restricted Subsidiaries have agreed to pursuant to the terms of agreements existing on the date of the initial issuance of the 2032 Notes (other than any additional 2032 Notes); 

  
 B-7 

	 	(b)	 Liens created or incurred after the date of the initial issuance of the 2032 Notes (other than any additional
2032 Notes) created in favor of the holders of the 2032 Notes; 

  

	 	(c)	 Liens in favor of the Issuer or one of its Subsidiaries; 

 

	 	(d)	 (i) Liens given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its
Restricted Subsidiaries for the purpose of financing) the payment of all or any portion of the purchase price for the acquisition (including acquisition through merger or consolidation or the acquisition of a Person directly or indirectly owning
such property) of any Property, including capital lease or purchase money transactions in connection with any such acquisition, or all or any portion of the cost of refurbishment, improvement, expansion, renovation, development or construction of
any Property; provided that with respect to this clause (i), the Liens shall be given prior to, at the time of or within 12 months after such acquisition, or completion of such refurbishment, improvement, expansion, renovation, development or
construction, or the full operation of such Property, whichever is latest, and shall attach solely to such Property (including any refurbishments, improvements, expansions, renovations, development or construction thereof or then or thereafter
placed thereon) and any proceeds thereof; and (ii) Liens existing on all or any portion of any Property at the time of acquisition thereof (including acquisition through merger or consolidation or the acquisition of a Person then directly or
indirectly owning such property) whether or not such existing Liens were given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its Restricted Subsidiaries for the purpose of financing) the payment of the purchase
price of such Property; 

  

	 	(e)	 Liens on any Property in favor of the United States of America or any state thereof, or in favor of any other
country, or any political subdivision, department, agency or instrumentality thereof to secure progress or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed for the purpose of financing all or any
portion of the cost of acquiring, refurbishing, improving, expanding, renovating, developing or constructing such Property, including Liens incurred in connection with pollution control, industrial revenue or similar financing;

  

	 	(f)	 statutory or legislative Liens or other similar Liens (including pledges, deposits, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law) arising in the ordinary course of the Issuer or any of its Restricted Subsidiaries’ business, or Liens arising out of government
contracts; 

  

	 	(g)	 Liens in connection with legal proceedings, including Liens arising out of judgments or awards, in each case so
long as such Lien is adequately bonded and any appropriate legal proceedings that may have been initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be
initiated shall not have expired; 

  
 B-8 

	 	(h)	 Liens for taxes or assessments, landlord’s Liens and Liens and charges, in each case (i) not yet due
or payable or subject to penalties for non-payment or which the Issuer is contesting in good faith by appropriate proceedings and (ii) incidental to the conduct of the business or the ownership of the
Issuer’s assets or those of a Restricted Subsidiary; 

  

	 	(i)	 Liens incurred in connection with an acquisition of assets or a project financed on a non- recourse basis; 

  

	 	(j)	 deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

  

	 	(k)	 easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of the Issuer’s business; 

  

	 	(l)	 Liens securing obligations arising under or related to (a) the transfer of cash or other property with
respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient
or funds transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (b) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated
clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of
funding any Settlement); 

  

	 	(m)	 Liens securing securitized indebtedness and receivables factoring, discounting, facilities or securitizations;
and 

  

	 	(n)	 any extensions, renewals or replacements of any Lien referred to in clauses (a) through (m) without
increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees or other costs associated with any such extension, renewal or replacement); provided, however, that any Liens permitted by any of
clauses (a) through (m) shall not extend to or cover any of the Issuer’s property or the property of any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property.

 Notwithstanding the foregoing, the Issuer or any of its Restricted Subsidiaries may, without equally and
ratably securing the 2032 Notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto and to the retirement of any Indebtedness that is being retired
substantially concurrently, Aggregate Debt does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the date of the creation or incurrence of the Lien and (2)
$3.5 billion. 
 Limitation on Sale and Leaseback Transactions. The Issuer covenants that, so long as any of the 2032 Notes remain outstanding,
it shall not, nor shall it permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any Principal Property, whether now owned or
hereafter acquired, that has been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such Person with the intention of taking back a lease of such Principal Property, a “sale and leaseback transaction,” unless:

  

	 	(a)	 such transaction was entered into prior to the date of the initial issuance of the 2032 Notes (other than any
additional 2032 Notes) or any extension, renewal, refinancing, replacement, amendment or modification of such transaction so long as the affected Principal Property is substantially the same as or similar in nature to the Principal Property subject
to the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified; 

  
 B-9 

	 	(b)	 such transaction was for the sale and leasing back to the Issuer or any of its wholly- owned Subsidiaries of
any Principal Property by one of the Issuer’s Restricted Subsidiaries; 

  

	 	(c)	 such transaction involves a lease for not more than three years (or which may be terminated by the Issuer or
its Restricted Subsidiaries within a period of not more than three years); 

  

	 	(d)	 the Issuer would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback
transaction without equally and ratably securing the 2032 Notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or 

 

	 	(e)	 the Issuer or any of its Restricted Subsidiaries applies an amount equal to the net proceeds from the sale of
such Principal Property to the purchase of other property or assets used or useful in its business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the 2032 Notes
(including the 2032 Notes) within 365 days before or after the effective date of any such sale and leaseback transaction, provided that, in lieu of applying such amount to the retirement of pari passu Indebtedness, the Issuer may deliver 2032 Notes
to the Trustee for cancellation, such 2032 Notes to be credited at the cost thereof. 

 Notwithstanding the restrictions
set forth in the preceding paragraph, the Issuer or any of its Restricted Subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto Aggregate Debt
does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the relevant date of determination and (2) $3.5 billion. 

“Aggregate Debt” means the sum of the following, as of the date of determination: (1) the aggregate principal amount of the
Issuer’s and its Restricted Subsidiaries’ Indebtedness incurred after the date of initial issuance of the 2032 Notes and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above and
(2) the Issuer’s and its Restricted Subsidiaries’ Attributable Debt in respect of sale and leaseback transactions entered into after the date of the initial issuance of the 2032 Notes pursuant to the second paragraph of
“—Limitation on Sale and Leaseback Transactions” above. 
 “Attributable Debt” means, with respect to any sale and
leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such Principal Property as determined in good faith by the Issuer’s board of directors, and (2) the total obligation (discounted to the
present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. 

  
 B-10 

 “Consolidated Net Tangible Assets” means, as of any date of determination, the
aggregate amount of assets after deducting therefrom: (1) all current liabilities, except for notes and loans payable, current maturities of long-term debt, current portion of convertible securities, current portion of deferred revenue and
obligations under capital leases; and (2) intangible assets to the extent included in the aggregate amount of assets, net of applicable reserves and any amortized amounts, all as reflected on the Issuer’s most recent consolidated balance
sheet prepared in accordance with GAAP. 
 “GAAP” means accounting principles generally accepted in the United States of America,
which are in effect as of the date of application thereof. 
 “Indebtedness” of any specified Person means, without duplication,
indebtedness of such Person for borrowed money (including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). 

“Principal Property” means any single parcel of real property or any permanent improvement thereon (1) owned by the Issuer or
any of its Restricted Subsidiaries located in the United States, including the Issuer’s principal corporate office, any other offices or data centers or any portion thereof and (2) having a book value, as of the date of determination, in
excess of 3% of the Issuer’s Consolidated Net Tangible Assets. Principal Property does not include any property that the Issuer’s board of directors has determined not to be of material importance to the business conducted by the
Issuer’s Subsidiaries and the Issuer, taken as a whole. 
 “Restricted Subsidiary” means any subsidiary of the Issuer that
constitutes a “significant subsidiary” (as such term is defined in Regulation S-X, promulgated pursuant to the Securities Act), excluding (a) any subsidiary which is not organized under the laws
of any state of the United States of America, (b) any subsidiary which conducts the major portion of its business outside the United States of America and (c) any subsidiary of any of the foregoing. 

 

	 	21.	 Conversion and Exchange. The 2032 Notes shall not be convertible into or exchangeable for any other
security. 

  

	 	22.	 Additional Issues. The Issuer may, without notice to or the consent of the Holders of the 2032 Notes,
create and issue additional 2032 Notes with the same terms as the 2032 Notes issued on May 23, 2022 (the “Initial 2032 Notes”), except for the issue date, the offering price and, under certain circumstances, the first interest payment
date. Such additional 2032 Notes shall be consolidated and form a single series with the Initial 2032 Notes; provided that if such additional 2032 Notes are not fungible with the Initial 2032 Notes for U.S. federal income tax purposes, such
additional 2032 Notes will have one or more separate CUSIP numbers. No additional 2032 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2032 Notes. 

 

	 	23.	 Definitions. Capitalized terms used but not otherwise defined in this Annex shall have the respective
meanings ascribed to such terms in the Indenture. 

 As used herein, the following term has the specified meaning: 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday which is not a day when banking institutions in the City of
New York are authorized or obligated by law or executive order to be closed. 

  
 B-11 

	 	24.	 Other Terms. The 2032 Notes shall have the other terms and shall be substantially in the form set forth
in the form of the 2032 Notes attached hereto as Annex B-1. In case of any conflict between this Annex or the form of the 2032 Notes and the Indenture, this Annex or the form of the 2032 Notes shall control,
as applicable. 

  
 B-12 

 ANNEX B-1 

FORM OF 2032 NOTE 

REGISTERED 
 THIS NOTE IS A REGISTERED GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	No. R–B[1]	  	CUSIP NO. 70450Y AL7
		  	ISIN NO. US70450YAL74

 PAYPAL HOLDINGS, INC. 

4.400% Notes due 2032 
 PayPal
Holdings, Inc., a Delaware corporation (the “Issuer,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Five Hundred Million Dollars ($500,000,000) on June 1, 2032 and to pay interest on said principal sum from May 23, 2022, or from the most recent interest payment date to which interest has been paid or duly provided for,
semi-annually in arrears on June 1 and December 1 (each such date, an “Interest Payment Date”) of each year commencing on December 1, 2022, at the rate of 4.400% per annum until the principal hereof shall have become due and
payable. 
 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year composed of twelve 30-day months. In the event that any date on which the principal or interest payable on this Note is not a Business Day, then payment of
principal or interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of such delay). The interest installment so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture (referred to on the reverse hereof) be paid to the Person in whose name this Note is registered at the close of business on the record date for such interest installment, which
shall be the close of business on the immediately preceding May 15 and November 15 prior to such Interest Payment Date, as applicable (whether or not such record date is a Business Day). Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders on such record date and may be paid to the Person in whose name this Note is registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be sent by or on behalf of the Issuer to the registered Holders of Notes not less than 15 days preceding such subsequent record date, all as more
fully provided in the Indenture. The principal of and the interest on this Note shall be payable at the office or agency of the Issuer maintained for that purpose in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest, to the extent this Note is not represented by a Registered Global Security, may be made at the option of the Issuer by check sent to the
Person entitled thereto at such address as shall appear in the registry books of the Issuer; provided, further, that for so long as this Note is represented by a Registered Global Security, payment of principal, premium, if any, or
interest on this Note may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

  
 1 

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee (as defined below) under the Indenture (as defined below), by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Capitalized terms used in this Note which are defined in the Indenture shall have the respective meanings assigned to them in the Indenture.

 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or
in facsimile. 
  

			
	PAYPAL HOLDINGS, INC.
		
	By:	 	          

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in the within-mentioned Indenture. 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	          

	Authorized Signatory
	Dated:	 	  

 [Signature Page to 2032 Global Note – B[1]] 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized series of Securities of the Issuer designated as its 4.400% Notes due 2032 (the “Notes”). The
Notes are all issued or to be issued under and pursuant to an Indenture, dated as of September 26, 2019 (the “Indenture”), duly executed and delivered between the Issuer and Computershare Trust Company, N.A. (f/k/a Wells Fargo Bank,
National Association) as Trustee with respect to the Notes (the “Trustee”), to which the Indenture and the Officer’s Certificate setting forth the terms of the Notes is hereby made for a statement of the respective rights thereunder
of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. The Notes are Senior Securities within the meaning of the Indenture. 

The Notes are issuable only as Registered Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 

Except as set forth below, this Note is not redeemable. This Note is not entitled to the benefit of a sinking fund or any analogous provision.

 Prior to March 1, 2032, the Notes may be redeemed, in whole at any time or in part from time to time, at the option of the Issuer,
for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to
the date of redemption (assuming the Notes matured on March 1, 2032) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 25 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not including, the date of redemption; provided that the
principal amount of any Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after March 1, 2032, the Issuer may redeem the Notes, in whole at any time or
in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date. Notwithstanding the foregoing,
installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record
date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notices will be sent (or in the case of Notes held in book-entry form, be transmitted
electronically) to Holders of the Notes to be redeemed at least 10 and not more than 60 days prior to the date fixed for redemption, except that redemption notices may be sent more than 60 days prior to a redemption if the notice is issued in
connection with a legal or covenant defeasance of the Notes or a satisfaction and discharge of the Notes and the Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after
the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by lot or in accordance with the
Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate
transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed
until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in

  
 B-1-1 

 
the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall provide written notice to the Trustee not later than 9:00
a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given, in the
name and at the expense of the Issuer. 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by the
Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to March 1, 2032 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to March 1, 2032 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than
or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a
maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, March 1, 2032. If there is no United States Treasury security maturing on March 1, 2032 but there are two or more United States Treasury securities with a
maturity date equally distant from March 1, 2032, one with a maturity date preceding March 1, 2032 and one with a maturity date following March 1, 2032, the Issuer shall select the United States Treasury security with a maturity date
preceding March 1, 2032. If there are two or more United States Treasury securities maturing on March 1, 2032 or two or more United 

  
 B-1-2 

	 	 
States Treasury securities meeting the criteria of the preceding sentence, the Issuer shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00
a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

 If a Change of
Control Repurchase Event occurs, unless the Issuer has previously exercised its right to redeem the Notes in whole as described above, the Issuer will be required to make an offer to each Holder of Notes to repurchase all or any part (in minimum
denominations of $2,000 and integral multiples of $1,000 above that amount) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any,
on the Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an
impending Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date
of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase
Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Issuer will comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to: 

(d) accept for payment all Notes or portions of Notes (in minimum denominations of $2,000 and integral multiples of $1,000 above that amount)
properly tendered pursuant to the Issuer’s offer; 
 (e) deposit with the paying agent, no later than 11:00 a.m., New York City time,
an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and 
 (f) deliver or cause
to be delivered to the Trustee for cancellation the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Notes being repurchased by the Issuer. 

  
 B-1-3 

 The paying agent will promptly mail (or, in the case of Notes held in book-entry form,
transmit electronically) to each Holder of Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unrepurchased portion of any Notes surrendered; provided, that each new Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein and the third party repurchases all Notes properly tendered and not withdrawn under its offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein. In addition, the Issuer will not be required to, and will not, make an offer to repurchase any Notes if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default with respect to the Notes. 
 If Holders of not less than 90% in
aggregate principal amount of the Notes then outstanding validly tender and do not withdraw such Notes in an offer to repurchase the Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of
the Issuer as described above, purchases all of such Notes properly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided,
that such notice is given not more than 60 days following such repurchase pursuant to the offer to repurchase the Notes upon a Change of Control Repurchase Event described above) to redeem all Notes that remain outstanding following such purchase on
a date specified in such notice (the “Second Change of Control Payment Date”) and at a price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but excluding, the Second Change of Control Payment Date. 
 “Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible
downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence of any of the following: (1) the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares or
voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or (4) the Issuer consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity Interests or the outstanding Voting Equity Interests of
such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests outstanding immediately prior to such transaction constitute, or
are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction. Notwithstanding the

  
 B-1-4 

 
foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a wholly-owned Subsidiary of another Person and (b) immediately following that
transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect Holders of the Issuer’s Voting Equity Interests immediately prior to such transaction and in substantially the same proportions as immediately
prior to such transaction. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event. 
 “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry
books of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer maintained by the Issuer for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust
Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 B-1-5 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 B-1-6 

 [FORM OF SCHEDULE FOR ENDORSEMENTS ON REGISTERED 

GLOBAL SECURITIES TO REFLECT CHANGES IN PRINCIPAL AMOUNT] 

Schedule A 
 Changes to Principal
Amount of Registered Global Securities 
  

									
	 Date
	  	 Principal Amount

of Notes

by which this Registered Global

Security is to be
 Reduced or
Increased,
 and Reason for

Reduction or Increase
	  	 Remaining Principal

Amount of this

Registered
 Global Security
	  	Notation Made By	 
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			

  
 B-1-7 

 ANNEX C 

Pursuant to Section 2.3 of the Indenture, dated as of September 26, 2019 (the “Indenture”), between PayPal Holdings, Inc.,
a Delaware corporation (the “Issuer”), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), the terms of a series of Securities to be issued pursuant to the
Indenture are as follows: 
  

	 	1.	 Designation. The designation of the securities is “5.050% Notes due 2052” (the “2052
Notes”). 

  

	 	2.	 Initial Aggregate Principal Amount. The 2052 Notes shall be limited in initial aggregate principal
amount to $1,000,000,000 (except for 2052 Notes authenticated and delivered upon registration of transfer or exchange in accordance with the Indenture or this Annex C (this “Annex”)). 

 

	 	3.	 Currency Denomination. The 2052 Notes shall be denominated in Dollars. 

 

	 	4.	 Maturity. The date on which the principal of the 2052 Notes is payable is June 1, 2052.

  

	 	5.	 Rate of Interest; Interest Payment Date; Regular Record Dates. Each 2052 Note shall bear interest from
May 23, 2022 at 5.050% per annum until the principal thereof is paid. Such interest shall be payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2022, to the Persons in whose names
the 2052 Notes are registered at the close of business on the immediately preceding May 15 and November 15, respectively (whether or not such record date is a Business Day). Interest on the 2052 Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from May 23, 2022. Interest on the 2052 Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months. In the event that any date on which principal, premium, if any, or interest is payable on the 2052 Notes is not a Business Day, then payment of the principal, premium, if any, or interest payable on
such date will be made on the next succeeding day that is a Business Day (and no additional interest shall accrue as a result of such delay in payment). 

  

	 	6.	 Place of Payment. Principal of, premium, if any, and interest on the 2052 Notes shall be payable, and
the transfer of the 2052 Notes shall be registrable, at the office or agency of the Issuer to be maintained for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust Office, except that, at the option
of the Issuer, interest may be paid by sending a check to the address of the Person entitled thereto as it appears on the 2052 Notes register; provided, however, that while any 2052 Notes are represented by a Registered Global Security,
payment of principal of, premium, if any, or interest on the 2052 Notes may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

 

	 	7.	 Optional Redemption. Prior to December 1, 2051, the 2052 Notes may be redeemed, in whole at any
time or in part from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2052 Notes to be redeemed or (ii) (a) the sum of the present values of the remaining
scheduled payments of principal and interest 

  
 C-1 

	 	
thereon discounted to the date of redemption (assuming the 2052 Notes matured on December 1, 2051) on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any,
thereon to, but not including, the date of redemption; provided that the principal amount of any 2052 Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on
or after December 1, 2051, the Issuer may redeem the 2052 Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the 2052 Notes to be redeemed, plus
accrued and unpaid interest to, but not including, the redemption date. Notwithstanding the foregoing, installments of interest on the 2052 Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be
payable on the interest payment date to the registered Holders as of the close of business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all
purposes, absent manifest error. Notices of any redemption will be mailed (or in the case of 2052 Notes held in book-entry form, be transmitted electronically) at least 10 days but not more than 60 days before the redemption date to Holders of the
2052 Notes to be redeemed, except that redemption notices may be delivered more than 60 days prior to a redemption if the notice is issued in connection with a legal or covenant defeasance of the 2052 Notes or a satisfaction and discharge of the
Notes and the Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2052 Notes or portions thereof called for
redemption. If less than all of the 2052 Notes are to be redeemed, the 2052 Notes to be redeemed will be selected by the Trustee by lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent,
such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent,
including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption
date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may
provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures,
the Issuer shall provide written notice to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the
notes in the same manner in which the notice of redemption was given, in the name and at the expense of the Issuer. 

  
 C-2 

 “Treasury Rate” means, with respect to any redemption date, the yield determined
by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to December 1, 2051 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to December 1, 2051 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter
than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to
have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, December 1, 2051. If there is no United States Treasury security maturing on December 1, 2051 but there are two or more United States Treasury securities
with a maturity date equally distant from December 1, 2051, one with a maturity date preceding December 1, 2051 and one with a maturity date following December 1, 2051, the Issuer shall select the United States Treasury security with
a maturity date preceding December 1, 2051. If there are two or more United States Treasury securities maturing on December 1, 2051 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City 

  
 C-3 

	 	 
time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United
States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

  

	 	8.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Issuer
has previously exercised its right to redeem the 2052 Notes in whole as described in Section 7 above, the Issuer will be required to make an offer to each Holder of 2052 Notes to repurchase all or any part (in minimum denominations of $2,000
and integral multiples of $1,000 above that amount) of such Holder’s 2052 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of 2052 Notes repurchased plus any accrued and unpaid interest, if any, on the 2052
Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending
Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase 2052 Notes on
the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the 2052 Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the 2052 Notes, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Repurchase Event provisions of the 2052 Notes by virtue of such conflict. 
 On the Change of Control Payment
Date, the Issuer will be required, to the extent lawful, to: 
  

	 	(a)	 accept for payment all 2052 Notes or portions of 2052 Notes (in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(b)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all 2052 Notes or portions of 2052 Notes properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee for cancellation the 2052 Notes properly accepted, together
with an Officer’s Certificate stating the aggregate principal amount of 2052 Notes being repurchased by the Issuer. 

  
 C-4 

 The paying agent will promptly mail (or, in the case of 2052 Notes held in book- entry
form, transmit electronically) to each Holder of 2052 Notes properly tendered the repurchase price for such 2052 Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new 2052 Note
equal in principal amount to any unrepurchased portion of any 2052 Notes surrendered; provided, that each new 2052 Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the 2052 Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8 and the third party repurchases all 2052 Notes properly tendered and not withdrawn under its
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8. In addition, the Issuer will not be required to, and the Issuer will not, make an offer to
repurchase any 2052 Notes upon a Change of Control Repurchase Event if there has occurred and is continuing on the Change of Control Payment Date an Event of Default with respect to the 2052 Notes. 

If Holders of not less than 90% in aggregate principal amount of the 2052 Notes then outstanding validly tender and do not withdraw such 2052
Notes in an offer to repurchase the 2052 Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of the Issuer as described above, purchases all of such 2052 Notes properly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided, that such notice is given not more than 60 days following such repurchase pursuant to
the offer to repurchase the notes upon a Change of Control Repurchase Event described above) to redeem all 2052 Notes that remain outstanding following such purchase on a date specified in such notice (the “Second Change of Control Payment
Date”) and at a price in cash equal to 101% of the aggregate principal amount of the 2052 Notes repurchased plus accrued and unpaid interest, if any, on the 2052 Notes repurchased to, but excluding, the Second Change of Control Payment Date.

 “Below Investment Grade Rating Event” means the 2052 Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of
Control (which 60-day period shall be extended so long as the rating of the 2052 Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken

  
 C-5 

 
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of
more than 50% of the then outstanding number of shares or voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or
(4) the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity
Interests or the outstanding Voting Equity Interests of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests
outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction.

 Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a
wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect holders of the Issuer’s Voting Equity Interests immediately
prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 
 “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Fitch”
means Fitch Inc., a subsidiary of Fimalac, S.A. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the 2052 Notes or fails to make a rating of the 2052 Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc. 

 

	 	9.	 Mandatory Redemption. Other than with respect to a Change of Control Repurchase Event as described
above, the 2052 Notes are not mandatorily redeemable. The 2052 Notes are not entitled to the benefit of a sinking fund or any analogous provisions. 

  
 C-6 

	 	10.	 Denominations. The 2052 Notes shall be issued initially in minimum denominations of $2,000 and shall be
issued in integral multiples of $1,000 in excess thereof. 

  

	 	11.	 Amount Payable Upon Acceleration. The principal of the 2052 Notes shall be payable upon declaration of
acceleration pursuant to Section 5.1 of the Indenture. The 2052 Notes shall not be Original Issue Discount Securities within the meaning of the Indenture. 

 

	 	12.	 Payment Currency. Principal and interest on the 2052 Notes shall be payable in Dollars.

  

	 	13.	 Payment Currency – Election. The principal of and interest on the 2052 Notes shall not be payable
in a currency other than Dollars. 

  

	 	14.	 Payment Currency – Index. The principal of and interest on the 2052 Notes shall not be determined
with reference to an index based on a coin or currency. 

  

	 	15.	 Registered Securities. The 2052 Notes shall be issued only as Registered Securities. The 2052 Notes
shall initially be issuable as Registered Global Securities, subject to Section 2.8 of the Indenture. 

  

	 	16.	 Additional Amounts. The Issuer shall not pay additional amounts on the 2052 Notes held by a Person that
is not a U.S. Person in respect of taxes or similar charges withheld or deducted. 

  

	 	17.	 Definitive Certificates. Section 2.8 of the Indenture will govern the transferability of the 2052
Notes in definitive form. 

  

	 	18.	 Registrar; Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying
agent for the 2052 Notes. The Depository Trust Company shall initially serve as the Depositary for the Registered Global Security representing the 2052 Notes. 

 

	 	19.	 Events of Default. In addition to the Events of Default set forth in Section 5.1 of the Indenture,
the failure by the Issuer to repurchase 2052 Notes tendered for repurchase following the occurrence of a Change of Control Repurchase Event in conformity with the covenant set forth in Section 8 hereof is an Event of Default with respect to the
2052 Notes. 

  

	 	20.	 Covenants. There shall be the following additions to the covenants of the Issuer set forth in Article
III of the Indenture with respect to the 2052 Notes: 

 Limitation on Liens. The Issuer covenants that, so long as any of the 2052
Notes remain outstanding, it shall not, nor shall it permit any of its Restricted Subsidiaries to, create or assume any mortgage, pledge, security interest, lien, charge or encumbrance of any kind (each, a “Lien”) on (a) any Principal
Property or (b) any capital stock or Indebtedness of any of the Issuer’s Restricted Subsidiaries (together, “Property”), in each case whether now owned or hereafter acquired, in order to secure any Indebtedness, without
effectively providing that the 2052 Notes shall be secured by a Lien ranking equal to and ratably with (or, at the Issuer’s option, senior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by such Lien,
except that the foregoing restriction shall not apply to: 

  
 C-7 

	 	(a)	 Liens existing on the date of the initial issuance of the 2052 Notes (other than any additional 2052 Notes) or
that the Issuer or any of its Restricted Subsidiaries have agreed to pursuant to the terms of agreements existing on the date of the initial issuance of the 2052 Notes (other than any additional 2052 Notes); 

 

	 	(b)	 Liens created or incurred after the date of the initial issuance of the 2052 Notes (other than any additional
2052 Notes) created in favor of the holders of the 2052 Notes; 

  

	 	(c)	 Liens in favor of the Issuer or one of its Subsidiaries; 

 

	 	(d)	 (i) Liens given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its
Restricted Subsidiaries for the purpose of financing) the payment of all or any portion of the purchase price for the acquisition (including acquisition through merger or consolidation or the acquisition of a Person directly or indirectly owning
such property) of any Property, including capital lease or purchase money transactions in connection with any such acquisition, or all or any portion of the cost of refurbishment, improvement, expansion, renovation, development or construction of
any Property; provided that with respect to this clause (i), the Liens shall be given prior to, at the time of or within 12 months after such acquisition, or completion of such refurbishment, improvement, expansion, renovation, development or
construction, or the full operation of such Property, whichever is latest, and shall attach solely to such Property (including any refurbishments, improvements, expansions, renovations, development or construction thereof or then or thereafter
placed thereon) and any proceeds thereof; and (ii) Liens existing on all or any portion of any Property at the time of acquisition thereof (including acquisition through merger or consolidation or the acquisition of a Person then directly or
indirectly owning such property) whether or not such existing Liens were given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its Restricted Subsidiaries for the purpose of financing) the payment of the purchase
price of such Property; 

  

	 	(e)	 Liens on any Property in favor of the United States of America or any state thereof, or in favor of any other
country, or any political subdivision, department, agency or instrumentality thereof to secure progress or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed for the purpose of financing all or any
portion of the cost of acquiring, refurbishing, improving, expanding, renovating, developing or constructing such Property, including Liens incurred in connection with pollution control, industrial revenue or similar financing;

  

	 	(f)	 statutory or legislative Liens or other similar Liens (including pledges, deposits, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law) arising in the ordinary course of the Issuer or any of its Restricted Subsidiaries’ business, or Liens arising out of government
contracts; 

  

	 	(g)	 Liens in connection with legal proceedings, including Liens arising out of judgments or awards, in each case so
long as such Lien is adequately bonded and any appropriate legal proceedings that may have been initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be
initiated shall not have expired; 

  
 C-8 

	 	(h)	 Liens for taxes or assessments, landlord’s Liens and Liens and charges, in each case (i) not yet due
or payable or subject to penalties for non-payment or which the Issuer is contesting in good faith by appropriate proceedings and (ii) incidental to the conduct of the business or the ownership of the
Issuer’s assets or those of a Restricted Subsidiary; 

  

	 	(i)	 Liens incurred in connection with an acquisition of assets or a project financed on a non- recourse basis; 

  

	 	(j)	 deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

  

	 	(k)	 easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of the Issuer’s business; 

  

	 	(l)	 Liens securing obligations arising under or related to (a) the transfer of cash or other property with
respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient
or funds transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (b) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated
clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of
funding any Settlement); 

  

	 	(m)	 Liens securing securitized indebtedness and receivables factoring, discounting, facilities or securitizations;
and 

  

	 	(n)	 any extensions, renewals or replacements of any Lien referred to in clauses (a) through (m) without
increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees or other costs associated with any such extension, renewal or replacement); provided, however, that any Liens permitted by any of
clauses (a) through (m) shall not extend to or cover any of the Issuer’s property or the property of any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property.

 Notwithstanding the foregoing, the Issuer or any of its Restricted Subsidiaries may, without equally and ratably
securing the 2052 Notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto and to the retirement of any Indebtedness that is being retired substantially
concurrently, Aggregate Debt does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the date of the creation or incurrence of the Lien and (2) $3.5 billion. 

Limitation on Sale and Leaseback Transactions. The Issuer covenants that, so long as any of the 2052 Notes remain outstanding, it shall not, nor shall
it permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any Principal Property, whether now owned or hereafter acquired, that has
been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such Person with the intention of taking back a lease of such Principal Property, a “sale and leaseback transaction,” unless: 

  
 C-9 

	 	(a)	 such transaction was entered into prior to the date of the initial issuance of the 2052 Notes (other than any
additional 2052 Notes) or any extension, renewal, refinancing, replacement, amendment or modification of such transaction so long as the affected Principal Property is substantially the same as or similar in nature to the Principal Property subject
to the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified; 

  

	 	(b)	 such transaction was for the sale and leasing back to the Issuer or any of its wholly- owned Subsidiaries of
any Principal Property by one of the Issuer’s Restricted Subsidiaries; 

  

	 	(c)	 such transaction involves a lease for not more than three years (or which may be terminated by the Issuer or
its Restricted Subsidiaries within a period of not more than three years); 

  

	 	(d)	 the Issuer would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback
transaction without equally and ratably securing the 2052 Notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or 

 

	 	(e)	 the Issuer or any of its Restricted Subsidiaries applies an amount equal to the net proceeds from the sale of
such Principal Property to the purchase of other property or assets used or useful in its business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the 2052 Notes
(including the 2052 Notes) within 365 days before or after the effective date of any such sale and leaseback transaction, provided that, in lieu of applying such amount to the retirement of pari passu Indebtedness, the Issuer may deliver 2052 Notes
to the Trustee for cancellation, such 2052 Notes to be credited at the cost thereof. 

 Notwithstanding the restrictions
set forth in the preceding paragraph, the Issuer or any of its Restricted Subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto Aggregate Debt
does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the relevant date of determination and (2) $3.5 billion. 

“Aggregate Debt” means the sum of the following, as of the date of determination: (1) the aggregate principal amount of the
Issuer’s and its Restricted Subsidiaries’ Indebtedness incurred after the date of initial issuance of the 2052 Notes and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above and
(2) the Issuer’s and its Restricted Subsidiaries’ Attributable Debt in respect of sale and leaseback transactions entered into after the date of the initial issuance of the 2052 Notes pursuant to the second paragraph of
“—Limitation on Sale and Leaseback Transactions” above. 
 “Attributable Debt” means, with respect to any sale and
leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such Principal Property as determined in good faith by the Issuer’s board of directors, and (2) the total obligation (discounted to the
present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. 

  
 C-10 

 “Consolidated Net Tangible Assets” means, as of any date of determination, the
aggregate amount of assets after deducting therefrom: (1) all current liabilities, except for notes and loans payable, current maturities of long-term debt, current portion of convertible securities, current portion of deferred revenue and
obligations under capital leases; and (2) intangible assets to the extent included in the aggregate amount of assets, net of applicable reserves and any amortized amounts, all as reflected on the Issuer’s most recent consolidated balance
sheet prepared in accordance with GAAP. 
 “GAAP” means accounting principles generally accepted in the United States of America,
which are in effect as of the date of application thereof. 
 “Indebtedness” of any specified Person means, without duplication,
indebtedness of such Person for borrowed money (including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). 

“Principal Property” means any single parcel of real property or any permanent improvement thereon (1) owned by the Issuer or
any of its Restricted Subsidiaries located in the United States, including the Issuer’s principal corporate office, any other offices or data centers or any portion thereof and (2) having a book value, as of the date of determination, in
excess of 3% of the Issuer’s Consolidated Net Tangible Assets. Principal Property does not include any property that the Issuer’s board of directors has determined not to be of material importance to the business conducted by the
Issuer’s Subsidiaries and the Issuer, taken as a whole. 
 “Restricted Subsidiary” means any subsidiary of the Issuer that
constitutes a “significant subsidiary” (as such term is defined in Regulation S-X, promulgated pursuant to the Securities Act), excluding (a) any subsidiary which is not organized under the laws
of any state of the United States of America, (b) any subsidiary which conducts the major portion of its business outside the United States of America and (c) any subsidiary of any of the foregoing. 

 

	 	21.	 Conversion and Exchange. The 2052 Notes shall not be convertible into or exchangeable for any other
security. 

  

	 	22.	 Additional Issues. The Issuer may, without notice to or the consent of the Holders of the 2052 Notes,
create and issue additional 2052 Notes with the same terms as the 2052 Notes issued on May 23, 2022 (the “Initial 2052 Notes”), except for the issue date, the offering price and, under certain circumstances, the first interest payment
date. Such additional 2052 Notes shall be consolidated and form a single series with the Initial 2052 Notes; provided that if such additional 2052 Notes are not fungible with the Initial 2052 Notes for U.S. federal income tax purposes, such
additional 2052 Notes will have one or more separate CUSIP numbers. No additional 2052 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2052 Notes. 

 

	 	23.	 Definitions. Capitalized terms used but not otherwise defined in this Annex shall have the respective
meanings ascribed to such terms in the Indenture. 

 As used herein, the following term has the specified meaning: 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday which is not a day when banking institutions in the City of
New York are authorized or obligated by law or executive order to be closed. 

  
 C-11 

	 	24.	 Other Terms. The 2052 Notes shall have the other terms and shall be substantially in the form set forth
in the form of the 2052 Notes attached hereto as Annex C-1. In case of any conflict between this Annex or the form of the 2052 Notes and the Indenture, this Annex or the form of the 2052 Notes shall control,
as applicable. 

  
 C-12 

 ANNEX C-1 

FORM OF 2052 NOTE 

REGISTERED 
 THIS NOTE IS A REGISTERED GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	No. R–C[1]	  	CUSIP NO. 70450Y AM5
		  	ISIN NO. US70450YAM57

 PAYPAL HOLDINGS, INC. 

5.050% Notes due 2052 
 PayPal
Holdings, Inc., a Delaware corporation (the “Issuer,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Five Hundred Million Dollars ($500,000,000) on June 1, 2052 and to pay interest on said principal sum from May 23, 2022, or from the most recent interest payment date to which interest has been paid or duly provided for,
semi-annually in arrears on June 1 and December 1 (each such date, an “Interest Payment Date”) of each year commencing on December 1, 2022, at the rate of 5.050% per annum until the principal hereof shall have become due and
payable. 
 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year composed of twelve 30-day months. In the event that any date on which the principal or interest payable on this Note is not a Business Day, then payment of
principal or interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of such delay). The interest installment so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture (referred to on the reverse hereof) be paid to the Person in whose name this Note is registered at the close of business on the record date for such interest installment, which
shall be the close of business on the immediately preceding May 15 and November 15 prior to such Interest Payment Date, as applicable (whether or not such record date is a Business Day). Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders on such record date and may be paid to the Person in whose name this Note is registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be sent by or on behalf of the Issuer to the registered Holders of Notes not less than 15 days preceding such subsequent record date, all as more
fully provided in the Indenture. The principal of and the interest on this Note shall be payable at the office or agency of the Issuer maintained for that purpose in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest, to the extent this Note is not represented by a Registered Global Security, may be made at the option of the Issuer by check sent to the
Person entitled thereto at such address as shall appear in the registry books of the Issuer; provided, further, that for so long as this Note is represented by a Registered Global Security, payment of principal, premium, if any, or
interest on this Note may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

  
 1 

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee (as defined below) under the Indenture (as defined below), by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Capitalized terms used in this Note which are defined in the Indenture shall have the respective meanings assigned to them in the Indenture.

 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or
in facsimile. 
  

			
	PAYPAL HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities 
 referred to in the
within-mentioned 
 Indenture. 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

 [Signature Page to 2052 Global Note – C[1]] 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized series of Securities of the Issuer designated as its 5.050% Notes due 2052 (the “Notes”). The
Notes are all issued or to be issued under and pursuant to an Indenture, dated as of September 26, 2019 (the “Indenture”), duly executed and delivered between the Issuer and Computershare Trust Company, N.A. (f/k/a Wells Fargo Bank,
National Association) as Trustee with respect to the Notes (the “Trustee”), to which the Indenture and the Officer’s Certificate setting forth the terms of the Notes is hereby made for a statement of the respective rights thereunder
of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. The Notes are Senior Securities within the meaning of the Indenture. 

The Notes are issuable only as Registered Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 

Except as set forth below, this Note is not redeemable. This Note is not entitled to the benefit of a sinking fund or any analogous provision.

 Prior to December 1, 2051, the Notes may be redeemed, in whole at any time or in part from time to time, at the option of the
Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon,
discounted to the date of redemption (assuming the Notes matured on December 1, 2051) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 30 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not including, the date of redemption;
provided that the principal amount of any Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after December 1, 2051, the Issuer may redeem the
Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.
Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of
business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notices will be sent (or in the case of Notes held in
book-entry form, be transmitted electronically) to Holders of the Notes to be redeemed at least 10 and not more than 60 days prior to the date fixed for redemption, except that redemption notices may be sent more than 60 days prior to a redemption
if the notice is issued in connection with a legal or covenant defeasance of the Notes or a satisfaction and discharge of the Notes and the Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the
redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by
lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer
or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption
date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed, or such notice may be 

  
 C-1-1 

 
rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such
notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall
provide written notice to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same
manner in which the notice of redemption was given, in the name and at the expense of the Issuer. 
 “Treasury Rate” means, with
respect to any redemption date, the yield determined by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to December 1, 2051 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to December 1, 2051 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter
than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to
have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, December 1, 2051. If there is no United States Treasury security maturing on December 1, 2051 but there are two or more United States Treasury securities
with a maturity date equally distant from December 1, 2051, one with a maturity date preceding December 1, 2051 and one with a maturity date following December 1, 2051, the Issuer shall select the United States Treasury security with
a maturity date preceding December 1, 2051. If there 

  
 C-1-2 

	 	 
are two or more United States Treasury securities maturing on December 1, 2051 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based
upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

If a Change of Control Repurchase Event occurs, unless the Issuer has previously exercised its right to redeem the Notes in whole as described
above, the Issuer will be required to make an offer to each Holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 above that amount) of such Holder’s Notes at a repurchase price in
cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control
Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the
transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days
from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control
Repurchase Event occurring on or prior to the payment date specified in the notice. 
 The Issuer will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes,
the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to: 

 

	 	(g)	 accept for payment all Notes or portions of Notes (in minimum denominations of $2,000 and integral multiples of
$1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(h)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all Notes or portions of Notes properly tendered; and 

  

	 	(i)	 deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted, together with an
Officer’s Certificate stating the aggregate principal amount of Notes being repurchased by the Issuer. 

  
 C-1-3 

 The paying agent will promptly mail (or, in the case of Notes held in book-entry form,
transmit electronically) to each Holder of Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unrepurchased portion of any Notes surrendered; provided, that each new Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein and the third party repurchases all Notes properly tendered and not withdrawn under its offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein. In addition, the Issuer will not be required to, and will not, make an offer to repurchase any Notes if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default with respect to the Notes. 
 If Holders of not less than 90% in
aggregate principal amount of the Notes then outstanding validly tender and do not withdraw such Notes in an offer to repurchase the Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of
the Issuer as described above, purchases all of such Notes properly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided,
that such notice is given not more than 60 days following such repurchase pursuant to the offer to repurchase the Notes upon a Change of Control Repurchase Event described above) to redeem all Notes that remain outstanding following such purchase on
a date specified in such notice (the “Second Change of Control Payment Date”) and at a price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but excluding, the Second Change of Control Payment Date. 
 “Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible
downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence of any of the following: (1) the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares or
voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or (4) the Issuer consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity Interests or the outstanding Voting Equity Interests of
such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests outstanding immediately prior to such transaction constitute, or
are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving 

  
 C-1-4 

 
Person or parent entity thereof immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if
(a) the Issuer becomes a wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect Holders of the Issuer’s Voting
Equity Interests immediately prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry
books of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer maintained by the Issuer for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust
Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 C-1-5 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 C-1-6 

 [FORM OF SCHEDULE FOR ENDORSEMENTS ON REGISTERED 

GLOBAL SECURITIES TO REFLECT CHANGES IN PRINCIPAL AMOUNT] 

Schedule A 
 Changes to Principal
Amount of Registered Global Securities 
  

									
	 	  	Principal Amount	  	 	  	 	 
	 	  	of Notes	  	 	  	 	 
	 	  	by which this Registered Global	  	 	  	 	 
	 	  	Security is to be	  	Remaining Principal	  	 	 
	 	  	Reduced or Increased,	  	Amount of this	  	 	 
	 	  	and Reason for	  	Registered	  	 	 
	 Date
	  	 Reduction or Increase
	  	 Global Security
	  	Notation Made By	 
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			

  
 C-1-7 

 ANNEX D 

Pursuant to Section 2.3 of the Indenture, dated as of September 26, 2019 (the “Indenture”), between PayPal Holdings, Inc.,
a Delaware corporation (the “Issuer”), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the “Trustee”), the terms of a series of Securities to be issued pursuant to the
Indenture are as follows: 
  

	 	1.	 Designation. The designation of the securities is “5.250% Notes due 2062” (the “2062
Notes”). 

  

	 	2.	 Initial Aggregate Principal Amount. The 2062 Notes shall be limited in initial aggregate principal
amount to $500,000,000 (except for 2062 Notes authenticated and delivered upon registration of transfer or exchange in accordance with the Indenture or this Annex D (this “Annex”)). 

 

	 	3.	 Currency Denomination. The 2062 Notes shall be denominated in Dollars. 

 

	 	4.	 Maturity. The date on which the principal of the 2062 Notes is payable is June 1, 2062.

  

	 	5.	 Rate of Interest; Interest Payment Date; Regular Record Dates. Each 2062 Note shall bear interest from
May 23, 2022 at 5.250% per annum until the principal thereof is paid. Such interest shall be payable semi-annually in arrears on June 1 and December 1 of each year, commencing on December 1, 2022, to the Persons in whose names
the 2062 Notes are registered at the close of business on the immediately preceding May 15 and November 15, respectively (whether or not such record date is a Business Day). Interest on the 2062 Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from May 23, 2022. Interest on the 2062 Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months. In the event that any date on which principal, premium, if any, or interest is payable on the 2062 Notes is not a Business Day, then payment of the principal, premium, if any, or interest payable on
such date will be made on the next succeeding day that is a Business Day (and no additional interest shall accrue as a result of such delay in payment). 

  

	 	6.	 Place of Payment. Principal of, premium, if any, and interest on the 2062 Notes shall be payable, and
the transfer of the 2062 Notes shall be registrable, at the office or agency of the Issuer to be maintained for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust Office, except that, at the option
of the Issuer, interest may be paid by sending a check to the address of the Person entitled thereto as it appears on the 2062 Notes register; provided, however, that while any 2062 Notes are represented by a Registered Global Security,
payment of principal of, premium, if any, or interest on the 2062 Notes may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

 

	 	7.	 Optional Redemption. Prior to December 1, 2061, the 2062 Notes may be redeemed, in whole at any
time or in part from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the 2062 Notes to be redeemed or (ii) (a) the sum of the present values of the remaining
scheduled payments of principal and interest 

  
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thereon discounted to the date of redemption (assuming the 2062 Notes matured on December 1, 2061) on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate, plus 35 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any,
thereon to, but not including, the date of redemption; provided that the principal amount of any 2062 Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on
or after December 1, 2061, the Issuer may redeem the 2062 Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the 2062 Notes to be redeemed, plus accrued
and unpaid interest to, but not including, the redemption date. Notwithstanding the foregoing, installments of interest on the 2062 Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on
the interest payment date to the registered Holders as of the close of business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. Notices of any redemption will be mailed (or in the case of 2062 Notes held in book-entry form, be transmitted electronically) at least 10 days but not more than 60 days before the redemption date to Holders of the 2062 Notes to be
redeemed, except that redemption notices may be delivered more than 60 days prior to a redemption if the notice is issued in connection with a legal or covenant defeasance of the 2062 Notes or a satisfaction and discharge of the Notes and the
Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2062 Notes or portions thereof called for redemption. If
less than all of the 2062 Notes are to be redeemed, the 2062 Notes to be redeemed will be selected by the Trustee by lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be
subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall
describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by
electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the
redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such
notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall
provide written notice to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the notes in the same
manner in which the notice of redemption was given, in the name and at the expense of the Issuer. 

  
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 “Treasury Rate” means, with respect to any redemption date, the yield determined
by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to December 1, 2061 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to December 1, 2061 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter
than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to
have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, December 1, 2061. If there is no United States Treasury security maturing on December 1, 2061 but there are two or more United States Treasury securities
with a maturity date equally distant from December 1, 2061, one with a maturity date preceding December 1, 2061 and one with a maturity date following December 1, 2061, the Issuer shall select the United States Treasury security with
a maturity date preceding December 1, 2061. If there are two or more United States Treasury securities maturing on December 1, 2061 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City 

  
 D-3 

	 	
time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United
States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

  

	 	8.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, unless the Issuer
has previously exercised its right to redeem the 2062 Notes in whole as described in Section 7 above, the Issuer will be required to make an offer to each Holder of 2062 Notes to repurchase all or any part (in minimum denominations of $2,000
and integral multiples of $1,000 above that amount) of such Holder’s 2062 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of 2062 Notes repurchased plus any accrued and unpaid interest, if any, on the 2062
Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending
Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase 2062 Notes on
the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of
consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 

The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the 2062 Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the 2062 Notes, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under the Change of Control Repurchase Event provisions of the 2062 Notes by virtue of such conflict. 
 On the Change of Control Payment
Date, the Issuer will be required, to the extent lawful, to: 
  

	 	(a)	 accept for payment all 2062 Notes or portions of 2062 Notes (in minimum denominations of $2,000 and integral
multiples of $1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(b)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all 2062 Notes or portions of 2062 Notes properly tendered; and 

  

	 	(c)	 deliver or cause to be delivered to the Trustee for cancellation the 2062 Notes properly accepted, together
with an Officer’s Certificate stating the aggregate principal amount of 2062 Notes being repurchased by the Issuer. 

  
 D-4 

 The paying agent will promptly mail (or, in the case of 2062 Notes held in book- entry
form, transmit electronically) to each Holder of 2062 Notes properly tendered the repurchase price for such 2062 Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new 2062 Note
equal in principal amount to any unrepurchased portion of any 2062 Notes surrendered; provided, that each new 2062 Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the 2062 Notes upon a Change of Control Repurchase Event if a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8 and the third party repurchases all 2062 Notes properly tendered and not withdrawn under its
offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer pursuant to this Section 8. In addition, the Issuer will not be required to, and the Issuer will not, make an offer to
repurchase any 2062 Notes upon a Change of Control Repurchase Event if there has occurred and is continuing on the Change of Control Payment Date an Event of Default with respect to the 2062 Notes. 

If Holders of not less than 90% in aggregate principal amount of the 2062 Notes then outstanding validly tender and do not withdraw such 2062
Notes in an offer to repurchase the 2062 Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of the Issuer as described above, purchases all of such 2062 Notes properly tendered and not
withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided, that such notice is given not more than 60 days following such repurchase pursuant to
the offer to repurchase the notes upon a Change of Control Repurchase Event described above) to redeem all 2062 Notes that remain outstanding following such purchase on a date specified in such notice (the “Second Change of Control Payment
Date”) and at a price in cash equal to 101% of the aggregate principal amount of the 2062 Notes repurchased plus accrued and unpaid interest, if any, on the 2062 Notes repurchased to, but excluding, the Second Change of Control Payment Date.

 “Below Investment Grade Rating Event” means the 2062 Notes are rated below an Investment Grade Rating by each of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of
Control (which 60-day period shall be extended so long as the rating of the 2062 Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies). 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken

  
 D-5 

 
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of
more than 50% of the then outstanding number of shares or voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or
(4) the Issuer consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity
Interests or the outstanding Voting Equity Interests of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests
outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving Person or parent entity thereof immediately after giving effect to such transaction.

 Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (a) the Issuer becomes a
wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect holders of the Issuer’s Voting Equity Interests immediately
prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 
 “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Fitch”
means Fitch Inc., a subsidiary of Fimalac, S.A. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the 2062 Notes or fails to make a rating of the 2062 Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw- Hill Companies, Inc. 

 

	 	9.	 Mandatory Redemption. Other than with respect to a Change of Control Repurchase Event as described
above, the 2062 Notes are not mandatorily redeemable. The 2062 Notes are not entitled to the benefit of a sinking fund or any analogous provisions. 

  
 D-6 

	 	10.	 Denominations. The 2062 Notes shall be issued initially in minimum denominations of $2,000 and shall be
issued in integral multiples of $1,000 in excess thereof. 

  

	 	11.	 Amount Payable Upon Acceleration. The principal of the 2062 Notes shall be payable upon declaration of
acceleration pursuant to Section 5.1 of the Indenture. The 2062 Notes shall not be Original Issue Discount Securities within the meaning of the Indenture. 

 

	 	12.	 Payment Currency. Principal and interest on the 2062 Notes shall be payable in Dollars.

  

	 	13.	 Payment Currency – Election. The principal of and interest on the 2062 Notes shall not be payable
in a currency other than Dollars. 

  

	 	14.	 Payment Currency – Index. The principal of and interest on the 2062 Notes shall not be determined
with reference to an index based on a coin or currency. 

  

	 	15.	 Registered Securities. The 2062 Notes shall be issued only as Registered Securities. The 2062 Notes
shall initially be issuable as Registered Global Securities, subject to Section 2.8 of the Indenture. 

  

	 	16.	 Additional Amounts. The Issuer shall not pay additional amounts on the 2062 Notes held by a Person that
is not a U.S. Person in respect of taxes or similar charges withheld or deducted. 

  

	 	17.	 Definitive Certificates. Section 2.8 of the Indenture will govern the transferability of the 2062
Notes in definitive form. 

  

	 	18.	 Registrar; Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying
agent for the 2062 Notes. The Depository Trust Company shall initially serve as the Depositary for the Registered Global Security representing the 2062 Notes. 

 

	 	19.	 Events of Default. In addition to the Events of Default set forth in Section 5.1 of the Indenture,
the failure by the Issuer to repurchase 2062 Notes tendered for repurchase following the occurrence of a Change of Control Repurchase Event in conformity with the covenant set forth in Section 8 hereof is an Event of Default with respect to the
2062 Notes. 

  

	 	20.	 Covenants. There shall be the following additions to the covenants of the Issuer set forth in Article
III of the Indenture with respect to the 2062 Notes: 

 Limitation on Liens. The Issuer covenants that, so long as any of the 2062
Notes remain outstanding, it shall not, nor shall it permit any of its Restricted Subsidiaries to, create or assume any mortgage, pledge, security interest, lien, charge or encumbrance of any kind (each, a “Lien”) on (a) any Principal
Property or (b) any capital stock or Indebtedness of any of the Issuer’s Restricted Subsidiaries (together, “Property”), in each case whether now owned or hereafter acquired, in order to secure any Indebtedness, without
effectively providing that the 2062 Notes shall be secured by a Lien ranking equal to and ratably with (or, at the Issuer’s option, senior to) such secured Indebtedness until such time as such Indebtedness is no longer secured by such Lien,
except that the foregoing restriction shall not apply to: 

  
 D-7 

	 	(a)	 Liens existing on the date of the initial issuance of the 2062 Notes (other than any additional 2062 Notes) or
that the Issuer or any of its Restricted Subsidiaries have agreed to pursuant to the terms of agreements existing on the date of the initial issuance of the 2062 Notes (other than any additional 2062 Notes); 

 

	 	(b)	 Liens created or incurred after the date of the initial issuance of the 2062 Notes (other than any additional
2062 Notes) created in favor of the holders of the 2062 Notes; 

  

	 	(c)	 Liens in favor of the Issuer or one of its Subsidiaries; 

 

	 	(d)	 (i) Liens given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its
Restricted Subsidiaries for the purpose of financing) the payment of all or any portion of the purchase price for the acquisition (including acquisition through merger or consolidation or the acquisition of a Person directly or indirectly owning
such property) of any Property, including capital lease or purchase money transactions in connection with any such acquisition, or all or any portion of the cost of refurbishment, improvement, expansion, renovation, development or construction of
any Property; provided that with respect to this clause (i), the Liens shall be given prior to, at the time of or within 12 months after such acquisition, or completion of such refurbishment, improvement, expansion, renovation, development or
construction, or the full operation of such Property, whichever is latest, and shall attach solely to such Property (including any refurbishments, improvements, expansions, renovations, development or construction thereof or then or thereafter
placed thereon) and any proceeds thereof; and (ii) Liens existing on all or any portion of any Property at the time of acquisition thereof (including acquisition through merger or consolidation or the acquisition of a Person then directly or
indirectly owning such property) whether or not such existing Liens were given to secure (or to secure Indebtedness incurred or guaranteed by the Issuer or any of its Restricted Subsidiaries for the purpose of financing) the payment of the purchase
price of such Property; 

  

	 	(e)	 Liens on any Property in favor of the United States of America or any state thereof, or in favor of any other
country, or any political subdivision, department, agency or instrumentality thereof to secure progress or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed for the purpose of financing all or any
portion of the cost of acquiring, refurbishing, improving, expanding, renovating, developing or constructing such Property, including Liens incurred in connection with pollution control, industrial revenue or similar financing;

  

	 	(f)	 statutory or legislative Liens or other similar Liens (including pledges, deposits, carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law) arising in the ordinary course of the Issuer or any of its Restricted Subsidiaries’ business, or Liens arising out of government
contracts; 

  

	 	(g)	 Liens in connection with legal proceedings, including Liens arising out of judgments or awards, in each case so
long as such Lien is adequately bonded and any appropriate legal proceedings that may have been initiated for the review of such judgment, decree or order shall not have been finally terminated or the period within which such proceedings may be
initiated shall not have expired; 

  

	 	(h)	 Liens for taxes or assessments, landlord’s Liens and Liens and charges, in each case (i) not yet due
or payable or subject to penalties for non-payment or which the Issuer is contesting in good faith by appropriate proceedings and (ii) incidental to the conduct of the business or the ownership of the
Issuer’s assets or those of a Restricted Subsidiary; 

  
 D-8 

	 	(i)	 Liens incurred in connection with an acquisition of assets or a project financed on a non- recourse basis; 

  

	 	(j)	 deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal
bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 

  

	 	(k)	 easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of the Issuer’s business; 

  

	 	(l)	 Liens securing obligations arising under or related to (a) the transfer of cash or other property with
respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter, funds recipient
or funds transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (b) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking (including by automated
clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing for the purpose of
funding any Settlement); 

  

	 	(m)	 Liens securing securitized indebtedness and receivables factoring, discounting, facilities or securitizations;
and 

  

	 	(n)	 any extensions, renewals or replacements of any Lien referred to in clauses (a) through (m) without
increase of the principal of the Indebtedness secured by such Lien (except to the extent of any fees or other costs associated with any such extension, renewal or replacement); provided, however, that any Liens permitted by any of
clauses (a) through (m) shall not extend to or cover any of the Issuer’s property or the property of any of its Subsidiaries, as the case may be, other than the property specified in such clauses and improvements to such property.

 Notwithstanding the foregoing, the Issuer or any of its Restricted Subsidiaries may, without equally and ratably
securing the 2062 Notes, create or incur Liens which would otherwise be subject to the restrictions set forth in the preceding paragraph, if after giving effect thereto and to the retirement of any Indebtedness that is being retired substantially
concurrently, Aggregate Debt does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the date of the creation or incurrence of the Lien and (2) $3.5 billion. 

Limitation on Sale and Leaseback Transactions. The Issuer covenants that, so long as any of the 2062 Notes remain outstanding, it shall not, nor shall
it permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person providing for the leasing by the Issuer or any of its Restricted Subsidiaries of any Principal Property, whether now owned or hereafter acquired, that has
been or is to be sold or transferred by the Issuer or such Restricted Subsidiary to such Person with the intention of taking back a lease of such Principal Property, a “sale and leaseback transaction,” unless: 

  
 D-9 

	 	(a)	 such transaction was entered into prior to the date of the initial issuance of the 2062 Notes (other than any
additional 2062 Notes) or any extension, renewal, refinancing, replacement, amendment or modification of such transaction so long as the affected Principal Property is substantially the same as or similar in nature to the Principal Property subject
to the sale and leaseback transaction extended, renewed, refinanced, replaced, amended or modified; 

  

	 	(b)	 such transaction was for the sale and leasing back to the Issuer or any of its wholly- owned Subsidiaries of
any Principal Property by one of the Issuer’s Restricted Subsidiaries; 

  

	 	(c)	 such transaction involves a lease for not more than three years (or which may be terminated by the Issuer or
its Restricted Subsidiaries within a period of not more than three years); 

  

	 	(d)	 the Issuer would be entitled to incur Indebtedness secured by a Lien with respect to such sale and leaseback
transaction without equally and ratably securing the 2062 Notes pursuant to the first paragraph of the “—Limitation on Liens” covenant described above; or 

 

	 	(e)	 the Issuer or any of its Restricted Subsidiaries applies an amount equal to the net proceeds from the sale of
such Principal Property to the purchase of other property or assets used or useful in its business (including the purchase or development of other Principal Property) or to the retirement of Indebtedness that is pari passu with the 2062 Notes
(including the 2062 Notes) within 365 days before or after the effective date of any such sale and leaseback transaction, provided that, in lieu of applying such amount to the retirement of pari passu Indebtedness, the Issuer may deliver 2062 Notes
to the Trustee for cancellation, such 2062 Notes to be credited at the cost thereof. 

 Notwithstanding the restrictions
set forth in the preceding paragraph, the Issuer or any of its Restricted Subsidiaries may enter into any sale and leaseback transaction which would otherwise be subject to the foregoing restrictions, if after giving effect thereto Aggregate Debt
does not exceed the greater of (1) 20% of the Issuer’s Consolidated Net Tangible Assets on a consolidated basis calculated as of the relevant date of determination and (2) $3.5 billion. 

“Aggregate Debt” means the sum of the following, as of the date of determination: (1) the aggregate principal amount of the
Issuer’s and its Restricted Subsidiaries’ Indebtedness incurred after the date of initial issuance of the 2062 Notes and secured by Liens not permitted by the first paragraph under “—Limitation on Liens” above and
(2) the Issuer’s and its Restricted Subsidiaries’ Attributable Debt in respect of sale and leaseback transactions entered into after the date of the initial issuance of the 2062 Notes pursuant to the second paragraph of
“—Limitation on Sale and Leaseback Transactions” above. 
 “Attributable Debt” means, with respect to any sale and
leaseback transaction, at the time of determination, the lesser of (1) the fair market value of such Principal Property as determined in good faith by the Issuer’s board of directors, and (2) the total obligation (discounted to the
present value at the implicit interest factor, determined in accordance with GAAP, included in the rental payments) of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such transaction. 

  
 D-10 

 “Consolidated Net Tangible Assets” means, as of any date of determination, the
aggregate amount of assets after deducting therefrom: (1) all current liabilities, except for notes and loans payable, current maturities of long-term debt, current portion of convertible securities, current portion of deferred revenue and
obligations under capital leases; and (2) intangible assets to the extent included in the aggregate amount of assets, net of applicable reserves and any amortized amounts, all as reflected on the Issuer’s most recent consolidated balance
sheet prepared in accordance with GAAP. 
 “GAAP” means accounting principles generally accepted in the United States of America,
which are in effect as of the date of application thereof. 
 “Indebtedness” of any specified Person means, without duplication,
indebtedness of such Person for borrowed money (including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). 

“Principal Property” means any single parcel of real property or any permanent improvement thereon (1) owned by the Issuer or
any of its Restricted Subsidiaries located in the United States, including the Issuer’s principal corporate office, any other offices or data centers or any portion thereof and (2) having a book value, as of the date of determination, in
excess of 3% of the Issuer’s Consolidated Net Tangible Assets. Principal Property does not include any property that the Issuer’s board of directors has determined not to be of material importance to the business conducted by the
Issuer’s Subsidiaries and the Issuer, taken as a whole. 
 “Restricted Subsidiary” means any subsidiary of the Issuer that
constitutes a “significant subsidiary” (as such term is defined in Regulation S-X, promulgated pursuant to the Securities Act), excluding (a) any subsidiary which is not organized under the laws
of any state of the United States of America, (b) any subsidiary which conducts the major portion of its business outside the United States of America and (c) any subsidiary of any of the foregoing. 

 

	 	21.	 Conversion and Exchange. The 2062 Notes shall not be convertible into or exchangeable for any other
security. 

  

	 	22.	 Additional Issues. The Issuer may, without notice to or the consent of the Holders of the 2062 Notes,
create and issue additional 2062 Notes with the same terms as the 2062 Notes issued on May 23, 2022 (the “Initial 2062 Notes”), except for the issue date, the offering price and, under certain circumstances, the first interest payment
date. Such additional 2062 Notes shall be consolidated and form a single series with the Initial 2062 Notes; provided that if such additional 2062 Notes are not fungible with the Initial 2062 Notes for U.S. federal income tax purposes, such
additional 2062 Notes will have one or more separate CUSIP numbers. No additional 2062 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2062 Notes. 

 

	 	23.	 Definitions. Capitalized terms used but not otherwise defined in this Annex shall have the respective
meanings ascribed to such terms in the Indenture. 

 As used herein, the following term has the specified meaning: 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday which is not a day when banking institutions in the City of
New York are authorized or obligated by law or executive order to be closed. 

  
 D-11 

	 	24.	 Other Terms. The 2062 Notes shall have the other terms and shall be substantially in the form set forth
in the form of the 2062 Notes attached hereto as Annex D-1. In case of any conflict between this Annex or the form of the 2062 Notes and the Indenture, this Annex or the form of the 2062 Notes shall control,
as applicable. 

  
 D-12 

 ANNEX D-1 

FORM OF 2062 NOTE 

REGISTERED 
 THIS NOTE IS A REGISTERED GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

			
	No. R–D1	  	CUSIP NO. 70450Y AN3
		  	ISIN NO. US70450YAN31

 PAYPAL HOLDINGS, INC. 

5.250% Notes due 2062 
 PayPal
Holdings, Inc., a Delaware corporation (the “Issuer,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Five Hundred Million Dollars ($500,000,000) on June 1, 2062 and to pay interest on said principal sum from May 23, 2022, or from the most recent interest payment date to which interest has been paid or duly provided for,
semi-annually in arrears on June 1 and December 1 (each such date, an “Interest Payment Date”) of each year commencing on December 1, 2022, at the rate of 5.250% per annum until the principal hereof shall have become due and
payable. 
 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year composed of twelve 30-day months. In the event that any date on which the principal or interest payable on this Note is not a Business Day, then payment of
principal or interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of such delay). The interest installment so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture (referred to on the reverse hereof) be paid to the Person in whose name this Note is registered at the close of business on the record date for such interest installment, which
shall be the close of business on the immediately preceding May 15 and November 15 prior to such Interest Payment Date, as applicable (whether or not such record date is a Business Day). Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the registered Holders on such record date and may be paid to the Person in whose name this Note is registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be sent by or on behalf of the Issuer to the registered Holders of Notes not less than 15 days preceding such subsequent record date, all as more
fully provided in the Indenture. The principal of and the interest on this Note shall be payable at the office or agency of the Issuer maintained for that purpose in any coin or currency of the United States of America that at the time of payment is
legal tender for payment of public and private debts; provided, however, that payment of interest, to the extent this Note is not represented by a Registered Global Security, may be made at the option of the Issuer by check sent to the
Person entitled thereto at such address as shall appear in the registry books of the Issuer; provided, further, that for so long as this Note is represented by a Registered Global Security, payment of principal, premium, if any, or
interest on this Note may be made by wire transfer to the account of the Depositary or its nominee in accordance with the Applicable Procedures. 

  
 1 

 Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee (as defined below) under the Indenture (as defined below), by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

Capitalized terms used in this Note which are defined in the Indenture shall have the respective meanings assigned to them in the Indenture.

 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same
effect as though fully set forth at this place. 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or
in facsimile. 
  

			
	PAYPAL HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities 
 referred to in the
within-mentioned 
 Indenture. 
  

			
	COMPUTERSHARE TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory
	Dated:	 	  

 [Signature Page to 2062 Global Note – D1] 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized series of Securities of the Issuer designated as its 5.250% Notes due 2062 (the “Notes”). The
Notes are all issued or to be issued under and pursuant to an Indenture, dated as of September 26, 2019 (the “Indenture”), duly executed and delivered between the Issuer and Computershare Trust Company, N.A. (f/k/a Wells Fargo Bank,
National Association) as Trustee with respect to the Notes (the “Trustee”), to which the Indenture and the Officer’s Certificate setting forth the terms of the Notes is hereby made for a statement of the respective rights thereunder
of the Issuer, the Trustee and the Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. The Notes are Senior Securities within the meaning of the Indenture. 

The Notes are issuable only as Registered Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 

Except as set forth below, this Note is not redeemable. This Note is not entitled to the benefit of a sinking fund or any analogous provision.

 Prior to December 1, 2061, the Notes may be redeemed, in whole at any time or in part from time to time, at the option of the
Issuer, for cash, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon,
discounted to the date of redemption (assuming the Notes matured on December 1, 2061) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 35 basis points less (b) interest accrued and unpaid thereon to the redemption date, plus, in each case, accrued and unpaid interest, if any, thereon to, but not including, the date of redemption;
provided that the principal amount of any Note remaining outstanding after a redemption in part shall be $2,000 or an integral multiple of $1,000 in excess thereof. In addition, on or after December 1, 2061, the Issuer may redeem the
Notes, in whole at any time or in part from time to time, at its option, for cash, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.
Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of
business on the relevant record date. The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. Notices will be sent (or in the case of Notes held in
book-entry form, be transmitted electronically) to Holders of the Notes to be redeemed at least 10 and not more than 60 days prior to the date fixed for redemption, except that redemption notices may be sent more than 60 days prior to a redemption
if the notice is issued in connection with a legal or covenant defeasance of the Notes or a satisfaction and discharge of the Notes and the Indenture pursuant to Section 10.1 of the Indenture. Unless the Issuer defaults in payment of the
redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by
lot or in accordance with the Applicable Procedures. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of an offering of capital stock of the Issuer
or other corporate transaction. If such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption
date may be delayed until such time (including more than 60 days after the date the notice of redemption was sent, including by electronic transmission) as any or all such conditions shall be satisfied, or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed, or such notice may be 

  
 D-1-1 

 
rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such
notice that payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another person. Subject to the Depository Trust Company’s applicable procedures, the Issuer shall
provide written notice to the Trustee not later than 9:00 a.m. New York City time on the redemption date if such notice has been delayed or rescinded, and upon receipt the Trustee shall provide such notice to each Holder of the Notes in the same
manner in which the notice of redemption was given, in the name and at the expense of the Issuer. 
 “Treasury Rate” means, with
respect to any redemption date, the yield determined by the Issuer in accordance with the following two sub-paragraphs: 
  

	 	•	 	 The Treasury Rate shall be determined by the Issuer after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to December 1, 2061 (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the
Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life –
and shall interpolate to December 1, 2061 on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter
than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to
have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  

	 	•	 	 If on the third business day preceding the redemption date H.15 or any successor designation or publication is no
longer published, the Issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the
United States Treasury security maturing on, or with a maturity that is closest to, December 1, 2061. If there is no United States Treasury security maturing on December 1, 2061 but there are two or more United States Treasury securities
with a maturity date equally distant from December 1, 2061, one with a maturity date preceding December 1, 2061 and one with a maturity date following December 1, 2061, the Issuer shall select the United States Treasury security with
a maturity date preceding December 1, 2061. If there 

  
 D-1-2 

	 	 
are two or more United States Treasury securities maturing on December 1, 2061 or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuer
shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00
a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this sub-paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based
upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

If a Change of Control Repurchase Event occurs, unless the Issuer has previously exercised its right to redeem the Notes in whole as described
above, the Issuer will be required to make an offer to each Holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 above that amount) of such Holder’s Notes at a repurchase price in
cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest, if any, on the Notes repurchased to, but not including, the date of such repurchase. Within 30 days following any Change of Control
Repurchase Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of an impending Change of Control, the Issuer will send a notice to each Holder, with a copy to the Trustee, describing the
transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 10 days and no later than 60 days
from the date such notice is sent (the “Change of Control Payment Date”). The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control
Repurchase Event occurring on or prior to the payment date specified in the notice. 
 The Issuer will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes,
the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to: 

 

	 	(j)	 accept for payment all Notes or portions of Notes (in minimum denominations of $2,000 and integral multiples of
$1,000 above that amount) properly tendered pursuant to the Issuer’s offer; 

  

	 	(k)	 deposit with the paying agent, no later than 11:00 a.m., New York City time, an amount equal to the aggregate
purchase price in respect of all Notes or portions of Notes properly tendered; and 

  

	 	(l)	 deliver or cause to be delivered to the Trustee for cancellation the Notes properly accepted, together with an
Officer’s Certificate stating the aggregate principal amount of Notes being repurchased by the Issuer. 

  
 D-1-3 

 The paying agent will promptly mail (or, in the case of Notes held in book-entry form,
transmit electronically) to each Holder of Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unrepurchased portion of any Notes surrendered; provided, that each new Note will be in minimum denominations of $2,000 and integral multiples of $1,000 above that amount. 

The Issuer will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such
an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein and the third party repurchases all Notes properly tendered and not withdrawn under its offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Issuer as set forth herein. In addition, the Issuer will not be required to, and will not, make an offer to repurchase any Notes if there has occurred and is
continuing on the Change of Control Payment Date an Event of Default with respect to the Notes. 
 If Holders of not less than 90% in
aggregate principal amount of the Notes then outstanding validly tender and do not withdraw such Notes in an offer to repurchase the Notes upon a Change of Control Repurchase Event and the Issuer, or any third party making such an offer in lieu of
the Issuer as described above, purchases all of such Notes properly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days’ nor more than 60 days’ prior notice (provided,
that such notice is given not more than 60 days following such repurchase pursuant to the offer to repurchase the Notes upon a Change of Control Repurchase Event described above) to redeem all Notes that remain outstanding following such purchase on
a date specified in such notice (the “Second Change of Control Payment Date”) and at a price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest, if any, on the Notes
repurchased to, but excluding, the Second Change of Control Payment Date. 
 “Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible
downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence of any of the following: (1) the direct
or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken
as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares or
voting power of the Issuer’s Voting Equity Interests; (3) the adoption of a plan by the Issuer’s board of directors relating to the Issuer’s liquidation or dissolution; or (4) the Issuer consolidates with, or merges with or
into, any Person, or any Person consolidates with, or merges with or into, the Issuer, in any such event pursuant to a transaction in which any of the Issuer’s outstanding Voting Equity Interests or the outstanding Voting Equity Interests of
such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Issuer’s Voting Equity Interests outstanding immediately prior to such transaction constitute, or
are converted into or exchanged for, a majority of the Voting Equity Interests of the surviving 

  
 D-1-4 

 
Person or parent entity thereof immediately after giving effect to such transaction. Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if
(a) the Issuer becomes a wholly-owned Subsidiary of another Person and (b) immediately following that transaction, a majority of Voting Equity Interests of such Person is held by the direct or indirect Holders of the Issuer’s Voting
Equity Interests immediately prior to such transaction and in substantially the same proportions as immediately prior to such transaction. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 “Fitch” means Fitch Inc., a subsidiary of Fimalac, S.A. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by
Fitch, BBB- (or the equivalent) by S&P and Baa3 (or the equivalent) by Moody’s. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Rating Agencies” means (1) each of Fitch, S&P and Moody’s; and (2) if any of Fitch, S&P or Moody’s
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
under the Exchange Act, selected by the Issuer as a replacement agency for Fitch, S&P or Moody’s, or some or all of them, as the case may be. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry
books of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer maintained by the Issuer for such purpose in the contiguous United States of America, which shall initially be the Corporate Trust
Office, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount will be issued to the designated transferee or transferees. 
 No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
 D-1-5 

 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 D-1-6 

 [FORM OF SCHEDULE FOR ENDORSEMENTS ON REGISTERED 

GLOBAL SECURITIES TO REFLECT CHANGES IN PRINCIPAL AMOUNT] 

Schedule A 
 Changes to Principal
Amount of Registered Global Securities 
  

									
	 Date
	  	 Principal Amount

of Notes
 by which this Registered
Global
 Security is to be
 Reduced
or Increased,
 and Reason for

Reduction or Increase
	  	 Remaining Principal

Amount of this
 Registered

Global Security
	  	Notation Made By	 
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			
	     
	  		  		  			

  
 D-1-7

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