Document:

EX-10.8

 Exhibit 10.8 

PAYPAL HOLDINGS, INC. 

2015 EQUITY INCENTIVE AWARD PLAN 

ADOPTED BY THE BOARD OF DIRECTORS
ON June 16, 2015 
 INITIAL STOCKHOLDER APPROVAL ON
June 16, 2015 
 ARTICLE 1. 

PURPOSE 
 The purpose of
the PayPal Holdings, Inc. 2015 Equity Incentive Award Plan (the “Plan”) is to promote the success and enhance the value of PayPal Holdings, Inc. (the “Company”) by linking the personal interests of the members of the Board,
Employees, and Consultants (each as defined below) to those of Company stockholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company stockholders. The Plan is further intended to
provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s
operation is largely dependent. 
 ARTICLE 2. 

DEFINITIONS AND CONSTRUCTION 

Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context clearly indicates
otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Assumed Spin-Off Award”
means an award granted to certain employees, consultants and directors of the Company, eBay Inc. and their respective subsidiaries under an equity compensation plan maintained by eBay Inc. or a corporation acquired by eBay Inc., which award is
assumed by the Company and converted into an Award in connection with the Spin-Off, pursuant to the terms of the Employee Matters Agreement between the Company and eBay Inc., entered into in connection with the Spin-Off, which Assumed Spin-Off Award
shall be issued upon the effective time of the Spin-Off. 
 2.2 “Award” means an Option, a Restricted Stock award, a Stock
Appreciation Right award, a Performance Share award, a Performance Stock Unit award, a Dividend Equivalents award, a Stock Payment award, a Deferred Stock Unit award, a Restricted Stock Unit award, a Performance Bonus Award, or a Performance-Based
Award granted to a Participant pursuant to the Plan, including an Assumed Spin-Off Award. 
 2.3 “Award Agreement” means
any written agreement, contract, or other instrument or document evidencing an Award, including through electronic medium. 
 2.4
“Board” means the Board of Directors of the Company. 
 2.5 “Change in Control” means and includes each of
the following: 
 (a) A transaction or series of transactions (other than an offering of Stock to the general public
through a registration statement filed with the U.S. Securities and Exchange Commission) whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange
Act) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is
under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of
the Company’s securities outstanding immediately after such acquisition; or 

  
 1 

 (b) During any period of two consecutive years, individuals who, at the
beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in Section 2.5(a) or
Section 2.5(c)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the
two-year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or 

(c) The consummation by the Company (whether directly involving the Company or indirectly involving the Company through
one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related
transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction: 

(i) Which results in the Company’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or
substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the
Successor Entity’s outstanding voting securities immediately after the transaction, and 
 (ii) After which no
person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this Section 2.5(c)(ii) as
beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 

(d) The Company’s stockholders approve a liquidation or dissolution of the Company. 

In addition, if the Change in Control constitutes a payment event with respect to any Award which provides for the deferral of compensation
and is subject to Section 409A of the Code, to the extent required, the transaction or event described in subsection (a), (b), (c) or (d) with respect to such Award must also constitute a “change in control event” as defined
in Treasury Regulation § 1.409A-3(i)(5). The Committee shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control of the Company has occurred pursuant to the above
definition, and the date of the occurrence of such Change in Control and any incidental matters relating thereto. 
 2.6 “Code”
means the U.S. Internal Revenue Code of 1986, as amended. 
 2.7 “Committee” means the committee of the Board described
in Article 13. 
 2.8 “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders bona
fide services to the Company or any Subsidiary; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or
maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person. 
 2.9 “Covered
Employee” means an Employee who is, or could be, a “covered employee” within the meaning of Section 162(m) of the Code. 

2.10 “Deferred Stock Unit” means a right to receive a specified number of shares of Stock during specified time periods
pursuant to Section 8.5. 
 2.11 “Director” means a member of the Board. 

2.12 “Disability” means that the Participant qualifies to receive long-term disability payments under the Company’s
long-term disability insurance program, as it may be amended from time to time, or if Participant is otherwise ineligible to participate in the Company’s long-term disability insurance program or resides outside the United States and no such
program exists, means that the Participant is unable to perform his or her duties with the 

  
 2 

 
Company or its Subsidiary by reason of a medically determinable physical or mental impairment, as determined by a physician acceptable to the Company, which is permanent in character or which is
expected to last for a continuous period of more than six (6) months. 
 2.13 “Dividend Equivalent” means a right
granted to a Participant pursuant to Section 8.3 to receive the equivalent value (in cash or Stock) of dividends paid on Stock. 
 2.14
“DRO” shall mean a domestic relations order as defined by the Code or Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, or the rules thereunder. 

2.15 “Effective Date” shall have the meaning set forth in Section 14.1. 

2.16 “Eligible Individual” means any person who is an Employee, a Consultant or an Independent Director, as determined by the
Committee. 
 2.17 “Employee” means any person on the payroll records of the Company or a Subsidiary and actively providing
services as an employee. Service as a Director or compensation by the Company or a Subsidiary solely for services as a Director shall not be sufficient to constitute “employment” by the Company or a Subsidiary. 

2.18 “Equity Restructuring” shall mean a nonreciprocal transaction between the Company and its stockholders, such as a stock
dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the shares of Stock (or other securities of the Company) or the share price of Stock (or other securities) and causes a
change in the per share value of the Stock underlying outstanding Awards. 
 2.19 “Exchange Act” means the U.S. Securities
Exchange Act of 1934, as amended. 
 2.20 “Fair Market Value” means, as of any given date, (a) if Stock is traded on
any established stock exchange, the closing price of a share of Stock as reported in the Wall Street Journal (or such other source as the Company may deem reliable for such purposes) for such date, or if no sale occurred on such date, the
first trading date immediately prior to such date during which a sale occurred; or (b) if Stock is not traded on an exchange but is quoted on a national market or other quotation system, the last sales price on such date, as reported in the
Wall Street Journal (or such other source as the Company may deem reliable for such purposes), or if no sales occurred on such date, then on the date immediately prior to such date on which sales prices are reported; or (c) if Stock is
not publicly traded, the fair market value of a share of Stock as established by the Committee acting in good faith. 
 2.21 “Full
Value Award” means any Award other than an Option, Stock Appreciation Right or other Award for which the Participant pays the intrinsic value existing at the date of grant (whether directly or by forgoing a right to receive a payment from
the Company or any Subsidiary). 
 2.22 “Incentive Stock Option” means an Option that is intended to meet the requirements
of Section 422 of the Code or any successor provision thereto. 
 2.23 “Independent Director” means a Director of the
Company who is not an Employee. 
 2.24 “Non-Employee Director” means a Director of the Company who qualifies as a
“Non-Employee Director” as defined in Rule 16b-3(b)(3) under the Exchange Act, or any successor rule. 
 2.25
“Non-Qualified Stock Option” means an Option that is not intended to be an Incentive Stock Option. 
 2.26
“Option” means a right granted to a Participant pursuant to Article 5 of the Plan to purchase a specified number of shares of Stock at a specified price during specified time periods. An Option may be either an Incentive Stock
Option or a Non-Qualified Stock Option. 
 2.27 “Participant” means any Eligible Individual who, as a member of the Board,
Consultant or Employee, has been granted an Award pursuant to the Plan. 

  
 3 

 2.28 “Performance-Based Award” means an Award granted to selected Covered
Employees pursuant to Section 6 or 8, but which is subject to the terms and conditions set forth in Article 9. All Performance-Based Awards are intended to qualify as Qualified Performance-Based Compensation. 

2.29 “Performance Bonus Award” has the meaning set forth in Section 8.7. 

2.30 “Performance Criteria” means the criteria that the Committee selects for purposes of establishing the Performance Goal
or Performance Goals for a Participant for a Performance Period, determined as follows: 
 (a) The Performance Criteria
that will be used to establish Performance Goals are limited to the following: trading volume, users, gross merchandise volume, total payment volume, revenue, operating income, EBITDA and/or net earnings (either before or after interest, taxes,
depreciation and amortization), net income (either before or after taxes), earnings per share, earnings as determined other than pursuant to United States generally accepted accounting principles (“GAAP”), multiples of price to earnings,
multiples of price/earnings to growth, return on net assets, return on gross assets, return on equity, return on invested capital, Stock price, cash flow (including, but not limited to, operating cash flow and free cash flow), net or operating
margins, economic profit, Stock price appreciation, total stockholder returns, employee productivity, market share, volume, customer satisfaction metrics, and employee engagement/satisfaction metrics any of which may be measured with respect to the
Company, or any Subsidiary, affiliate or other business unit of the Company, either in absolute terms, terms of growth or as compared to any incremental increase, as compared to results of a peer group. 

(b) The Committee may, in its discretion, provide that one or more objectively determinable adjustments shall be made to
one or more of the Performance Goals. Such adjustments may include one or more of the following: (i) items related to a change in accounting principle; (ii) items relating to financing activities; (iii) expenses for restructuring or
productivity initiatives; (iv) other non-operating items; (v) items related to acquisitions; (vi) items attributable to the business operations of any entity acquired by the Company during the Performance Period; (vii) items
related to the disposal of a business or segment of a business; (viii) items related to discontinued operations that do not qualify as a segment of a business under GAAP; (ix) items attributable to any stock dividend, stock split,
combination or exchange of shares occurring during the Performance Period; (x) any other items of significant income or expense which are determined to be appropriate adjustments; (xi) items relating to unusual or extraordinary corporate
transactions, events or developments; (xii) items related to amortization of acquired intangible assets; (xiii) items that are outside the scope of the Company’s core, on-going business activities; or (xiv) items relating to any
other unusual or nonrecurring events or changes in applicable laws, accounting principles or business conditions. For all Awards intended to qualify as Qualified Performance-Based Compensation, such determinations shall be made within the time
prescribed by, and otherwise in compliance with, Section 162(m) of the Code. 
 2.31 “Performance Goals” means, for a
Performance Period, the goals established in writing by the Committee for the Performance Period based upon the Performance Criteria. Depending on the Performance Criteria used to establish such Performance Goals, the Performance Goals may be
expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. The Committee, in its discretion, may, within the time prescribed by Section 162(m) of the Code, adjust or modify the
calculation of Performance Goals for such Performance Period in order to prevent the dilution or enlargement of the rights of Participants (a) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction,
event, or development, or (b) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or in response to, or in anticipation of, changes in applicable
laws, regulations, accounting principles, or business conditions. 
 2.32 “Performance Period” means the one or more
periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the
payment of, a Performance-Based Award. 
 2.33 “Performance Share” means a right granted to a Participant pursuant to
Section 8.1, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 

  
 4 

 2.34 “Performance Stock Unit” means a right granted to a Participant pursuant to
Section 8.2, to receive Stock, the payment of which is contingent upon achieving certain Performance Goals or other performance-based targets established by the Committee. 

2.35 “Plan” means this PayPal Holdings, Inc. 2015 Equity Incentive Award Plan, as it may be amended from time to time. 

2.36 “Qualified Performance-Based Compensation” means any compensation that is intended to qualify as “qualified
performance-based compensation” as described in Section 162(m)(4)(C) of the Code. 
 2.37 “Restricted Stock”
means Stock awarded to a Participant pursuant to Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture. 

2.38 “Restricted Stock Unit” means an Award granted pursuant to Section 8.6. 

2.39 “Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

2.40 “Spin-Off” means the distribution of shares of Stock to the stockholders of eBay Inc. in 2015, pursuant to the
Separation and Distribution Agreement between the Company and eBay Inc., entered into in connection with such distribution. 
 2.41
“Stock” means the common stock of the Company, par value $0.0001 per share, and such other securities of the Company that may be substituted for Stock pursuant to Article 12. 

2.42 “Stock Appreciation Right” or “SAR” means a right granted pursuant to Article 7 to receive a
payment equal to the excess of the Fair Market Value of a specified number of shares of Stock on the date the SAR is exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 

2.43 “Stock Payment” means (a) a payment in the form of shares of Stock, or (b) an option or other right to
purchase shares of Stock, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of a benefit or compensation, granted pursuant to Section 8.4. 

2.44 “Subsidiary” means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities
beginning with the Company if, at the time of the determination, each of the entities other than the last entity in the unbroken chain beneficially owns securities or interests representing more than fifty percent (50%) of the total combined
voting power of all classes of securities or interests in one of the other entities in such chain. 
 2.45 “Substitute Award”
shall mean an Option granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a corporate transaction, such as a merger, combination,
consolidation or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award” be construed to refer to an award made in connection with the cancellation and repricing of an Option. 

2.46 “Termination of Service” shall mean, 

(a) As to a Consultant, the time when the engagement of a Participant as a Consultant to the Company or a Subsidiary is
terminated for any reason, with or without cause, including, without limitation, by resignation, discharge, death or retirement, but excluding a termination where there is a simultaneous commencement of employment with the Company or any Subsidiary.

 (b) As to a Non-Employee Director or Independent Director, the time when a Participant who is a Non-Employee Director
or Independent Director ceases to be a Director for any reason, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding: (i) a termination where there is simultaneous employment by
the Company or a Subsidiary of such person and (ii) a termination which is followed by the simultaneous establishment of a consulting relationship by the Company or a Subsidiary with such person. 

  
 5 

 (c) As to an Employee, the time when the Participant has ceased to actively
be employed by or to provide services to the Company or any Subsidiary for any reason, without limitation, including resignation, discharge, death, disability or retirement; but excluding: (i) a termination where there is a simultaneous
reemployment or continuing employment of a Participant by the Company or any Subsidiary, (ii) a termination which is followed by the simultaneous establishment of a consulting relationship by the Company or a Subsidiary with the former
employee, and (iii) a termination where a Participant simultaneously becomes an Independent Director. 
 (d) The
Committee, in its absolute discretion, shall determine the effect of all matters and questions relating to Termination of Service, including, without limitation, questions relating to the nature and type of Termination of Service, and all questions
of whether particular leaves of absence constitute Termination of Service; provided, however, that, with respect to Incentive Stock Options, unless the Committee otherwise provides in the terms of the Award Agreement, a leave of absence, change in
status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service if, and to the extent that, such leave of absence, change in status or other change interrupts
employment for the purposes of Section 422(a)(2) of the Code and the then applicable regulations and revenue rulings under said Section. For purposes of the Plan, a Participant shall be deemed to have a Termination of Service in the event that
the Subsidiary employing or contracting with such Participant ceases to remain a Subsidiary following any merger, sale of stock or other corporate transaction or event (including, without limitation, a spin-off). 

ARTICLE 3. 
 SHARES
SUBJECT TO THE PLAN 
 3.1 Number of Shares. 

(a) Subject to Article 12 and Section 3.1(b), the aggregate number of shares of Stock which may be issued or transferred
pursuant to Awards granted under the Plan is 108,000,000 which includes the aggregate number of shares of Stock subject to all Assumed Spin-Off Awards. Any shares of Stock that are subject to Awards granted under the Plan other than Full Value
Awards shall be counted against this limit as .4123 shares for every share of Stock subject to the Award granted. Any shares of Stock that are subject to Full Value Awards granted under the Plan shall be counted against this limit as one
(1) share for every share of Stock subject to the Award granted. 
 (b) To the extent that an Award terminates, expires, or lapses
for any reason, or such an Award is settled in cash without delivery of shares to the Participant, then any shares of Stock subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Any such shares of Stock that
cease to be subject to such an Award other than a Full Value Award shall be added to the number of shares available under the Plan as .4123 shares for every share of Stock that ceases to be subject to such Award. Any such shares of Stock that
cease to be subject to a Full Value Award shall be added to the number of shares available under the Plan as one (1) share for every share of Stock that ceases to be subject to such Award. Notwithstanding anything in this Section 3.1(b) to
the contrary, shares of Stock subject to an Award may not again be made available for issuance under this Plan if such shares are: (x) shares delivered to or withheld by the Company to pay the exercise price of an Option, (y) shares
delivered to or withheld by the Company to satisfy withholding taxes related to such an Award or (z) shares that were subject to an Award and were not issued upon the net settlement of such Award. To the extent permitted by applicable law or
any exchange rule, shares of Stock issued in assumption of, or in substitution for, any outstanding Awards of any entity acquired in any form of combination by the Company or any Subsidiary shall not be counted against shares of Stock available for
grant pursuant to this Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the shares available for issuance under the Plan. Notwithstanding the provisions of this
Section 3.1(b), no shares of Stock may again be optioned, granted or awarded if such action would cause an Incentive Stock Option to fail to qualify as an incentive stock option under Section 422 of the Code. 

3.2 Stock Distributed. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued
Stock, treasury Stock or Stock purchased on the open market. 
 3.3 Limitation on Number of Shares Subject to Awards.
Notwithstanding any provision in the Plan to the contrary, and subject to Article 12, the maximum number of shares of Stock with respect to one or more Awards that 

  
 6 

 
may be granted to any one Participant during any calendar year shall be 2,000,000 and the maximum amount that may be paid in cash during any calendar year with respect to any Performance-Based
Award (including, without limitation, any Performance Bonus Award) shall be $3,000,000; provided, however, that such limits shall apply without regard to the Assumed Spin-Off Awards. Any shares of Stock that are subject to Awards granted under the
Plan other than Full Value Awards shall be counted against this limit as .4123 shares for every share of Stock subject to the Award granted. Any shares of Stock that are subject to Full Value Awards granted under the Plan shall be counted
against this limit as one (1) share for every share of Stock subject to the Award granted. 
 ARTICLE 4. 

ELIGIBILITY AND PARTICIPATION 

4.1 Participation. Subject to the provisions of the Plan, the Committee may, from time to time, and in its sole discretion,
select from among all Eligible Individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No Eligible Individual shall have any right to be granted an Award pursuant to this Plan. In connection with
the Spin-Off and pursuant to the terms of the Employee Matters Agreement between the Company and eBay Inc., entered into in connection with the Spin-Off, certain employees, consultants and directors of the Company, eBay Inc. and their respective
subsidiaries will receive Assumed Spin-Off Awards. 
 4.2 Foreign Participants. Notwithstanding any provision of the Plan
to the contrary, in order to comply with the laws in other countries in which the Company and its Subsidiaries operate or have Eligible Individuals, the Committee, in its sole discretion, shall have the power and authority to: (i) determine
which Subsidiaries shall be covered by the Plan; (ii) determine which Eligible Individuals outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible
Individuals outside the United States to comply with applicable foreign laws; (iv) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable, including adoption of
rules, procedures or sub-plans applicable to particular Subsidiaries or Participants residing in particular locations; provided, however, that no such subplans and/or modifications shall increase the share limitations contained in
Sections 3.1 and 3.3 of the Plan; and (v) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local governmental regulatory exemptions or approvals. Without limiting
the generality of the foregoing, the Committee is specifically authorized to adopt rules, procedures and sub-plans with provisions that limit or modify rights on eligibility to receive an Award under the Plan or on death, disability, retirement or
other Termination of Service, available methods of exercise or settlement of an Award, payment of income, social insurance contributions and payroll taxes, the shifting of employer tax liability to the Participant, the withholding procedures and
handling of any Stock certificates or other indicia of ownership. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards shall be granted, that would violate the Exchange Act, the Code, any securities law or
governing statute or any other law applicable to the Stock or the issuance of Stock under the Plan. 
 ARTICLE 5. 

STOCK OPTIONS 

5.1 General. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions: 

(a) Exercise Price. The exercise price per share of Stock subject to an Option shall be determined by the
Committee and set forth in the Award Agreement; provided, that, subject to Section 5.2(c), the exercise price for any Option shall not be less than 100% of the Fair Market Value of a share of Stock on the date of grant. 

(b) Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be
exercised in whole or in part; provided that the term of any Option granted under the Plan shall not exceed ten years. The Committee shall determine the time period, including the time period following a Termination of Service, during which
the Participant has the right to exercise the vested Options, which time period may not extend beyond the term of the Option. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings
thereunder, the Committee may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Participant, and may amend any other term or
condition of such Option relating to such a Termination of Service. The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised. 

  
 7 

 (c) Evidence of Grant. All Options shall be evidenced by an
Award Agreement between the Company and the Participant. The Award Agreement shall include such additional provisions as may be specified by the Committee. 

5.2 Incentive Stock Options. Incentive Stock Options shall be granted only to Employees and the terms of any Incentive Stock
Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the provisions of this Section 5.2. 

(a) Expiration. Subject to Section 5.2(c), an Incentive Stock Option shall expire and may not be exercised to any extent
by anyone after the first to occur of the following events: 
 (i) Ten years from the date it is granted, unless an
earlier time is set in the Award Agreement; 
 (ii) Three months after the Participant’s termination of employment
as an Employee; and 
 (iii) One year after the date of the Participant’s termination of employment or service
on account of Disability or death. Upon the Participant’s Disability or death, any Incentive Stock Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s legal representative or
representatives, by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or
persons entitled to receive the Incentive Stock Option pursuant to the applicable laws of descent and distribution. 
 (b) Dollar
Limitation. The aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed
$100,000 or such other limitation as imposed by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be
considered Non-Qualified Stock Options. 
 (c) Ten Percent Owners. An Incentive Stock Option shall be granted to any
individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of Stock of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on
the date of grant (or the date the Option is modified, extended or renewed for purposes of Section 424(h) of the Code) and the Option is exercisable for no more than five years from the date of grant. 

(d) Notice of Disposition. The Participant shall give the Company prompt notice of any disposition of shares of Stock
acquired by exercise of an Incentive Stock Option within (i) two years from the date of grant of such Incentive Stock Option or (ii) one year after the transfer of such shares of Stock to the Participant. 

(e) Right to Exercise. During a Participant’s lifetime, an Incentive Stock Option may be exercised only by the
Participant. 
 (f) Failure to Meet Requirements. Any Option (or portion thereof) purported to be an Incentive Stock
Option, which, for any reason, fails to meet the requirements of Section 422 of the Code shall be considered a Non-Qualified Stock Option. 

5.3 Substitution of Stock Appreciation Rights. Subject to Section 10.8, the Committee may provide in the Award Agreement
evidencing the grant of an Option that the Committee, in its sole discretion, shall have to right to substitute a Stock Appreciation Right for such Option at any time prior to or upon exercise of such Option; provided, that such Stock
Appreciation Right shall be exercisable with respect to the same number of shares of Stock for which such substituted Option would have been exercisable. 

5.4 Substitute Awards. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an
Option that is a Substitute Award, the exercise price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of
the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the 

  
 8 

 
aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award,
such fair market value to be determined by the Committee) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares. 

ARTICLE 6. 

RESTRICTED STOCK AWARDS 

6.1 Grant of Restricted Stock. 

(a) The Committee is authorized to make Awards of Restricted Stock to any Eligible Individual selected by the Committee in such amounts
and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Stock shall be evidenced by an Award Agreement. 

(b) The Committee shall establish the purchase price, if any, and form of payment for Restricted Stock; provided, however, that such
purchase price shall be no less than the par value of the Stock to be purchased, unless otherwise permitted by applicable state law. In all cases, legal consideration shall be required for each issuance of Restricted Stock. 

6.2 Issuance and Restrictions. All shares of Restricted Stock (including any shares received by Participants thereof with
respect to shares of Restricted Stock as a result of stock dividends, stock splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions on transferability and other
restrictions and vesting requirements as the Committee shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such
times and pursuant to such circumstances or based on such criteria as selected by the Committee, including, without limitation, criteria based on the Participant’s duration of employment, directorship or consultancy with the Company,
Performance Criteria, Company performance, individual performance or other criteria selected by the Committee. By action taken after the Restricted Stock is issued, the Committee may, on such terms and conditions as it may determine to be
appropriate, accelerate the vesting of such Restricted Stock by removing any or all of the restrictions imposed by the terms of the Award Agreement. Restricted Stock may not be sold or encumbered until all restrictions are terminated or expire. 

6.3 Repurchase or Forfeiture of Restricted Stock. If no price was paid by the Participant for the Restricted Stock, upon a
Termination of Service the Participant’s rights in unvested Restricted Stock then subject to restrictions shall lapse, and such Restricted Stock shall be surrendered to the Company without consideration. If a price was paid by the Participant
for the Restricted Stock, upon a Termination of Service the Company shall have the right to repurchase from the Participant the unvested Restricted Stock then subject to restrictions at a cash price per share equal to the price paid by the
Participant for such Restricted Stock or such other amount as may be specified in the Award Agreement. The Committee in its discretion may provide that in the event of certain events, including a Change in Control, the Participant’s death,
retirement or disability or any other specified Termination of Service or any other event, the Participant’s rights in unvested Restricted Stock shall not lapse, such Restricted Stock shall vest and, if applicable, the Company shall not have a
right of repurchase. 
 6.4 Certificates for Restricted Stock. Restricted Stock granted pursuant to the Plan may be
evidenced in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Restricted Stock, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 

6.5 Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with
respect to the Restricted Stock as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83(a) of the Code, the Participant shall be required to
deliver a copy of such election to the Company promptly after filing such election with the Internal Revenue Service. 

  
 9 

 ARTICLE 7. 

STOCK APPRECIATION RIGHTS 

7.1 Grant of Stock Appreciation Rights. 

(a) A Stock Appreciation Right may be granted to any Eligible Individual selected by the Committee. A Stock Appreciation Right shall be
subject to such terms and conditions not inconsistent with the Plan as the Committee shall impose and shall be evidenced by an Award Agreement. 

(b) A Stock Appreciation Right shall entitle the Participant (or other person entitled to exercise the Stock Appreciation Right pursuant
to the Plan) to exercise all or a specified portion of the Stock Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount equal to the product of (i) the excess of (A) the Fair
Market Value of the Stock on the date the Stock Appreciation Right is exercised over (B) the Fair Market Value of the Stock on the date the Stock Appreciation Right was granted and (ii) the number of shares of Stock with respect to which
the Stock Appreciation Right is exercised, subject to any limitations the Committee may impose. Except as described in (c) below, the exercise price per share of Stock subject to each Stock Appreciation Right shall be set by the Committee, but
shall not be less than 100% of the Fair Market Value on the date the Stock Appreciation Right is granted. 
 (c) Notwithstanding the
foregoing provisions of Section 7.1(b) to the contrary, in the case of a Stock Appreciation Right that is a Substitute Award, the price per share of the shares subject to such Stock Appreciation Right may be less than the Fair Market Value per
share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof
does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the
predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares. 

7.2 Payment and Limitations on Exercise. 

(a) Subject to Sections 7.2(b) payment of the amounts determined under Section 7.1(b) above shall be in cash, in Stock (based on
its Fair Market Value as of the date the Stock Appreciation Right is exercised) or a combination of both, as determined by the Committee in the Award Agreement and subject to any tax withholding requirements. 

(b) To the extent any payment under Section 7.1(b) is effected in Stock, it shall be made subject to satisfaction of all provisions
of Article 5 above pertaining to Options. 
 ARTICLE 8. 

OTHER TYPES OF AWARDS 

8.1 Performance Share Awards. Any Eligible Individual selected by the Committee may be granted one or more Performance Share
awards which shall be denominated in a number of shares of Stock and which may be linked to any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Committee, in each case on a specified date
or dates or over any period or periods determined by the Committee. In making such determinations, the Committee shall consider (among such other factors as it deems relevant in light of the specific type of award) the contributions,
responsibilities and other compensation of the particular Participant. 
 8.2 Performance Stock Units. Any Eligible
Individual selected by the Committee may be granted one or more Performance Stock Unit awards which shall be denominated in unit equivalent of shares of Stock and/or units of value including dollar value of shares of Stock and which may be linked to
any one or more of the Performance Criteria or other specific performance criteria determined appropriate by the Committee, in each case on a specified date or dates or over any period or periods determined by the Committee. In making such
determinations, the Committee shall consider (among such other factors as it deems relevant in light of the specific type of award) the contributions, responsibilities and other compensation of the particular Participant. 

  
 10 

 8.3 Dividend Equivalents. 

(a) Any Eligible Individual selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the shares of
Stock that are subject to any Award, to be credited as of dividend payment dates, during the period between the date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend
Equivalents shall be converted to cash or additional shares of Stock by such formula and at such time and subject to such limitations as may be determined by the Committee; provided that to the extent shares of Stock subject to an Award are subject
to performance-based vesting conditions, any Dividend Equivalents relating to such shares shall be subject to the same performance-based vesting conditions. 

(b) Notwithstanding the foregoing, no Dividend Equivalents shall be payable with respect to Options or SARs. 

8.4 Stock Payments. Any Eligible Individual selected by the Committee may receive Stock Payments in the manner determined
from time to time by the Committee. The number of shares shall be determined by the Committee and may be based upon the Performance Criteria or other specific performance criteria determined appropriate by the Committee, determined on the date such
Stock Payment is made or on any date thereafter. 
 8.5 Deferred Stock Units. Any Eligible Individual selected by the
Committee may be granted an award of Deferred Stock Units in the manner determined from time to time by the Committee. The number of shares of Deferred Stock Units shall be determined by the Committee and may be linked to the Performance Criteria or
other specific performance criteria determined to be appropriate by the Committee, including service to the Company or any Subsidiary, in each case on a specified date or dates or over any period or periods determined by the Committee. Stock
underlying a Deferred Stock Unit award will not be issued until the Deferred Stock Unit award has vested, pursuant to a vesting schedule or performance criteria set by the Committee. Unless otherwise provided by the Committee, a Participant awarded
Deferred Stock Units shall have no rights as a Company stockholder with respect to such Deferred Stock Units until such time as the Deferred Stock Unit Award has vested and the Stock underlying the Deferred Stock Unit Award has been issued. 

8.6 Restricted Stock Units. The Committee is authorized to make Awards of Restricted Stock Units to any Eligible Individual
selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted Stock Units shall become fully vested and
nonforfeitable, and may specify such conditions to vesting as it deems appropriate. The Committee shall specify, or permit the Participant to elect, the conditions and dates upon which the shares of Stock underlying the Restricted Stock Units shall
be issued, which dates shall not be earlier than the date as of which the Restricted Stock Units vest and become nonforfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code. On the distribution
dates, the Company shall, subject to Section 10.6(b), transfer to the Participant one unrestricted, fully transferable share of Stock for each Restricted Stock Unit scheduled to be paid out on such date and not previously forfeited. 

8.7 Performance Bonus Awards. Any Eligible Individual selected by the Committee may be granted one or more Performance-Based
Awards in the form of a cash bonus (a “Performance Bonus Award”) payable upon the attainment of Performance Goals that are established by the Committee and relate to one or more of the Performance Criteria, in each case on a
specified date or dates or over any period or periods determined by the Committee. Any such Performance Bonus Award paid to a Covered Employee shall be based upon objectively determinable bonus formulas established in accordance with Article 9. 

8.8 Term. Except as otherwise provided herein, the term of any Award of Performance Shares, Performance Stock Units, Dividend
Equivalents, Stock Payments, Deferred Stock Units or Restricted Stock Units shall be set by the Committee in its discretion. 

8.9 Exercise or Purchase Price. The Committee may establish the exercise or purchase price, if any, of any Award of
Performance Shares, Performance Stock Units, Deferred Stock Units, Stock Payments or Restricted Stock Units; provided, however, that such price shall not be less than the par value of a share of Stock on the date of grant, unless otherwise
permitted by applicable state law. 

  
 11 

 8.10 Exercise or Payment upon Termination of Service. An Award of Performance
Shares, Performance Stock Units, Dividend Equivalents, Deferred Stock Units, Stock Payments and Restricted Stock Units shall only be exercisable or payable while the Participant is an Employee, Consultant or Director, as applicable; provided,
however, that the Committee in its sole and absolute discretion may provide that an Award of Performance Shares, Performance Stock Units, Dividend Equivalents, Stock Payments, Deferred Stock Units or Restricted Stock Units may be exercised or
paid subsequent to a Termination of Service, as applicable, or following a Change in Control of the Company, or because of the Participant’s retirement, death or disability, or otherwise; provided, however, that any such provision with
respect to Performance Shares or Performance Stock Units shall be subject to the requirements of Section 162(m) of the Code that apply to Qualified Performance-Based Compensation. 

8.11 Form of Payment. Payments with respect to any Awards granted under this Article 8 shall be made in cash, in Stock
or a combination of both, as determined by the Committee and set forth in the applicable Award Agreement. 
 8.12 Award
Agreement. All Awards under this Article 8 shall be subject to such additional terms and conditions as determined by the Committee and shall be evidenced by an Award Agreement. 

ARTICLE 9. 

PERFORMANCE-BASED AWARDS 

9.1 Purpose. The purpose of this Article 9 is to provide the Committee the ability to qualify Awards other than Options
and SARs and that are granted pursuant to Articles 6 and 8 as Qualified Performance-Based Compensation. If the Committee, in its discretion, decides to grant a Performance-Based Award to a Covered Employee, the provisions of this Article 9
shall control over any contrary provision contained in the Plan; provided, however, that the Committee may in its discretion grant Awards to Covered Employees that are based on Performance Criteria or Performance Goals but that do not satisfy
the requirements of this Article 9. 
 9.2 Applicability. This Article 9 shall apply only to those Covered
Employees selected by the Committee to receive Performance-Based Awards. The designation of a Covered Employee as a Participant for a Performance Period shall not in any manner entitle the Participant to receive an Award for the period. Moreover,
designation of a Covered Employee as a Participant for a particular Performance Period shall not require designation of such Covered Employee as a Participant in any subsequent Performance Period and designation of one Covered Employee as a
Participant shall not require designation of any other Covered Employees as a Participant in such period or in any other period. 

9.3 Types of Awards. Notwithstanding anything in the Plan to the contrary, the Committee may grant any Award to a Covered
Employee intended to qualify as Performance-Based Compensation, including, without limitation, Restricted Stock, the restrictions with respect to which lapse upon the attainment of specified Performance Goals and any other performance or incentive
Awards that vest or become exercisable or payable upon the attainment of one or more specified Performance Goals. 
 9.4 Procedures
with Respect to Performance-Based Awards. To the extent necessary to comply with the Qualified Performance-Based Compensation requirements of Section 162(m)(4)(C) of the Code, with respect to any Award granted under Articles 6 or
8 which may be granted to one or more Covered Employees, no later than ninety (90) days following the commencement of any fiscal year in question or any other designated fiscal period or period of service (or such other time as may be required
or permitted by Section 162(m) of the Code), the Committee shall, in writing, (a) designate one or more Covered Employees, (b) select the Performance Criteria applicable to the Performance Period, (c) establish the Performance
Goals, and amounts of such Awards, as applicable, which may be earned for such Performance Period, and (d) specify the relationship between Performance Criteria and the Performance Goals and the amounts of such Awards, as applicable, to be
earned by each Covered Employee for such Performance Period. Following the completion of each Performance Period, the Committee shall certify in writing whether the applicable Performance Goals have been achieved for such Performance Period. In
determining the amount earned by a Covered Employee, the Committee shall have the right to reduce or eliminate (but not to increase) the amount payable at a given level of performance to take into account additional factors that the Committee may
deem relevant to the assessment of individual or corporate performance for the Performance Period. 

  
 12 

 9.5 Payment of Performance-Based Awards. Unless otherwise provided in the
applicable Award Agreement, a Participant must be employed by the Company or a Subsidiary on the day a Performance-Based Award for such Performance Period is paid to the Participant. Furthermore, a Participant shall be eligible to receive payment
pursuant to a Performance-Based Award for a Performance Period only if the Performance Goals for such period are achieved. In determining the amount earned under a Performance-Based Award, the Committee may reduce or eliminate the amount of the
Performance-Based Award earned for the Performance Period, if in its sole and absolute discretion, such reduction or elimination is appropriate. 

9.6 Additional Limitations. Notwithstanding any other provision of the Plan, any Award which is granted to a Covered Employee
and is intended to constitute Qualified Performance-Based Compensation shall be subject to any additional limitations set forth in Section 162(m) of the Code (including any amendment to Section 162(m) of the Code) or any regulations or
rulings issued thereunder that are requirements for qualification as qualified performance-based compensation as described in Section 162(m)(4)(C) of the Code, and the Plan and the applicable Award Agreement shall be deemed amended to the
extent necessary to conform to such requirements. 
 ARTICLE 10. 

PROVISIONS APPLICABLE TO AWARDS 

10.1 Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted
either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other
Awards. 
 10.2 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms,
conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend,
modify, suspend, cancel or rescind an Award. 
 10.3 Payment. The Committee shall determine the methods by which payments
by any Participant with respect to any Awards granted under the Plan may be paid, the form of payment including, without limitation: (i) cash, (ii) shares of Stock (including, in the case of payment of the exercise price of an Award,
shares of Stock issuable pursuant to the exercise of the Award) held for such period of time as may be required by the Committee in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the
aggregate payments required, or (iii) other property acceptable to the Committee (including through the delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon
exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required; provided that payment of such proceeds is
then made to the Company upon settlement of such sale). The Committee shall also determine the methods by which shares of Stock shall be delivered or deemed to be delivered to Participants. Notwithstanding any other provision of the Plan to the
contrary, no Participant who is a Director or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option with a loan from the Company or a
loan arranged by the Company in violation of Section 13(k) of the Exchange Act. 
 10.4 Limits on Transfer. 

(a) Except as otherwise provided in Section 10.4(b): 

(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of
descent and distribution or, subject to the consent of the Committee, pursuant to a DRO, unless and until such Award has been exercised, or the shares underlying such Award have been issued, and all restrictions applicable to such shares have
lapsed; 
 (ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the
Participant or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or

  
 13 

 
involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and 

(iii) During the lifetime of the Participant, only the Participant may exercise an Award (or any portion thereof) granted
to him under the Plan, unless it has been disposed of pursuant to a DRO; after the death of the Participant, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award
Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution. 

(b) Notwithstanding Section 10.4(a), the Committee, in its sole discretion, may determine to permit a Participant to transfer an
Award other than an Incentive Stock Option to any one or more Permitted Transferees (as defined below), subject to the following terms and conditions: (i) an Award transferred to a Permitted Transferee shall not be assignable or transferable by
the Permitted Transferee other than by will or the laws of descent and distribution; (ii) an Award transferred to a Permitted Transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original
Participant (other than the ability to further transfer the Award); and (iii) the Participant and the Permitted Transferee shall execute any and all documents requested by the Committee, including, without limitation documents to
(A) confirm the status of the transferee as a Permitted Transferee, (B) satisfy any requirements for an exemption for the transfer under applicable federal, state and foreign securities laws and (C) evidence the transfer. For purposes
of this Section 10.4(b), “Permitted Transferee” shall mean, with respect to a Participant, any “family member” of the Participant, as defined under the instructions to use of the Form S-8 Registration Statement under
the Securities Act, or any other transferee specifically approved by the Committee after taking into account any state, federal, local or foreign tax and securities laws applicable to transferable Awards. 

10.5 Beneficiaries. Notwithstanding Section 10.4, if provided in the applicable Award Agreement, a Participant may, in
the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal
representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide,
and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property state, a designation of a person other than the Participant’s spouse as his or her
beneficiary with respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary designation is provided in the applicable Award
Agreement or if no beneficiary has been designated or survives the Participant (or if a beneficiary designation is not enforceable and/or valid under the inheritance and other laws in the Participant’s country, as determined by the Committee in
its sole discretion), payment shall be made to the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a
Participant at any time provided the change or revocation is filed with the Committee. 
 10.6 Stock Certificates; Book Entry
Procedures. 
 (a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any
certificates or make any book entries evidencing shares of Stock pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such shares is in compliance with all
applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the shares of Stock are listed or traded. All Stock certificates delivered pursuant to the Plan are subject to any stop-transfer
orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may
require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to
require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 

  
 14 

 (b) Notwithstanding any other provision of the Plan, unless otherwise determined by the
Committee or required by any applicable law, rule or regulation, the Company shall not deliver to any Participant certificates evidencing shares of Stock issued in connection with any Award and instead such shares of Stock shall be recorded in the
books of the Company (or, as applicable, its transfer agent or stock plan administrator). 
 10.7 Paperless
Administration. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or
interactive voice response, then the paperless documentation, granting or exercise of Awards by a Participant may be permitted through the use of such an automated system. 

10.8 Prohibition on Repricing. Subject to Section 12.1, the Committee shall not, without the approval of the
stockholders of the Company, authorize the amendment of any outstanding Award to reduce its price per share. Furthermore, subject to Section 12.1, no Award shall be canceled and replaced or substituted for with the grant of an Award having a
lesser price per share without the further approval of stockholders of the Company. Subject to Section 12.1, the Committee shall have the authority, without the approval of the stockholders of the Company, to amend any outstanding award to
increase the price per share or to cancel and replace or substitute for an Award with the grant of an Award having a price per share that is greater than or equal to the price per share of the original Award. Subject to Section 12.1, absent the
approval of the stockholders of the Company, the Committee shall not offer to buyout for a payment in cash, an Option or Stock Appreciation Right previously granted. 

10.9 Full Value Award Vesting Limitations. Notwithstanding any other provision of the Plan to the contrary, but subject to
Sections 6.2, 12.1, 12.2 and 13.3(d) of the Plan, Full Value Awards made to Employees or Consultants, other than Assumed Spin-Off Awards, shall become vested on one or more vesting dates over a period of not less than three years (or, in the case of
vesting based upon the attainment of Performance Goals or other performance-based objectives, over a period of not less than one year measured from the commencement of the period over which performance is evaluated) following the date the Award is
granted; provided, however, that, notwithstanding the foregoing, the following Awards may be granted without regard to such minimum vesting provisions: (i) Full Value Awards that result in the issuance to one or more Participants of an
aggregate of up to 5% of the shares of Stock available pursuant to Section 3.1(a), (ii) Full Value Awards granted to Independent Directors in lieu of cash retainers and (iii) Full Value Awards granted to certain Eligible Individuals
who are subject to laws and/or regulations imposing certain requirements or restrictions on the remuneration of such individuals. Nothing in this Section 10.9 shall preclude the Board or the Committee from taking action, in its sole discretion,
to accelerate the vesting of any Award in connection with or following a Change in Control. 
 ARTICLE 11. 

INDEPENDENT DIRECTOR AWARDS 

11.1 The Board may grant Awards to Independent Directors, subject to the limitations of the Plan, pursuant to a written non-discretionary
formula established by the Committee, or any successor committee thereto carrying out its responsibilities on the date of grant of any such Award (the “Independent Director Equity Compensation Policy”). The Independent Director
Equity Compensation Policy shall set forth the type of Award(s) to be granted to Independent Directors, the number of shares of Stock to be subject to Independent Director Awards, the conditions on which such Awards shall be granted, become
exercisable and/or payable and expire, and such other terms and conditions as the Committee (or such other successor committee as described above) shall determine in its discretion, except that any Assumed Spin-Off Awards shall be subject to the
terms as in existence as of the completion of the Spin-Off. 
 ARTICLE 12. 

CHANGES IN CAPITAL STRUCTURE 

12.1 Adjustments. 

  
 15 

 (a) In the event of any stock dividend, stock split, combination or exchange of shares,
merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Stock or the share price of the Stock other than an Equity Restructuring, the Committee
shall make such equitable adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change with respect to (i) the aggregate number and kind of shares that may be issued under the Plan (including, but not
limited to, adjustments of the limitations in Sections 3.1 and 3.3); (ii) the number and kind of shares (or other securities or property) subject to outstanding Awards; (iii) the terms and conditions of any outstanding Awards
(including, without limitation, any applicable performance targets or criteria with respect thereto); and (iv) the grant or exercise price per share for any outstanding Awards under the Plan. Any adjustment affecting an Award intended as
Qualified Performance-Based Compensation shall be made consistent with the requirements of Section 162(m) of the Code. 
 (b) In
the event of any transaction or event described in Section 12.1 or any unusual or nonrecurring transactions or events affecting the Company, any affiliate of the Company, or the financial statements of the Company or any of its affiliates, or
of changes in applicable laws, regulations or accounting principles, the Committee, in its sole and absolute discretion, and on such terms and conditions as it deems appropriate, either by the terms of the Award or by action taken prior to the
occurrence of such transaction or event and either automatically or upon the Participant’s request, is hereby authorized to take any one or more of the following actions whenever the Committee determines that such action is appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or with respect to any Award under the Plan, to facilitate such transactions or events or to give effect to such changes in laws,
regulations or principles: 
 (i) To provide for either (A) termination of any such Award in exchange for an amount
of cash, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction or event
described in this Section 12.1 the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company
without payment) or (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion; 

(ii) To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or
shall be substituted for by similar options, rights or awards covering the stock of the successor or survivor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of shares and prices; 

(iii) To make adjustments in the number and type of shares of Stock (or other securities or property) subject to
outstanding Awards, and in the number and kind of outstanding Restricted Stock or Deferred Stock Units and/or in the terms and conditions of (including the grant or exercise price), and the criteria included in, outstanding options, rights and
awards and options, rights and awards which may be granted in the future; 
 (iv) To provide that such Award shall be
exercisable or payable or fully vested with respect to all shares covered thereby, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 

(v) To provide that the Award cannot vest, be exercised or become payable after such event. 

(c) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in Sections 12.1(a)
and 12.1(b): 
 (i) The number and type of securities subject to each outstanding Award and the exercise price or grant
price thereof, if applicable, will be equitably adjusted. The adjustments provided under this Section 12.1(c)(i) shall be nondiscretionary and shall be final and binding on the affected Participant and the Company. 

(ii) The Committee shall make such equitable adjustments, if any, as the Committee in its discretion may deem appropriate
to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Sections 3.1 and 3.3). 

(iii) To the extent that such equitable adjustments result in tax consequences to the Participant, the Participant shall
be responsible for payment of such taxes and shall not be compensated for such payments by the Company or its Subsidiaries. 

  
 16 

 (d) The existence of the Plan, the Award Agreement and the Awards granted hereunder shall
not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any
merger or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Stock or the rights thereof or
which are convertible into or exchangeable for Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or
otherwise. 
 12.2 Acceleration Upon a Change in Control. Notwithstanding Section 12.1, and except as may otherwise be
provided in any applicable Award Agreement or other written agreement entered into between the Company and a Participant, if a Change in Control occurs and a Participant’s Awards are not converted, assumed, or replaced by a successor entity,
then immediately prior to the Change in Control such Awards shall become fully exercisable and all forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change in Control, the Committee may cause any and all Awards
outstanding hereunder to terminate at a specific time in the future, including but not limited to the date of such Change in Control, and shall give each Participant the right to exercise such Awards during a period of time as the Committee, in its
sole and absolute discretion, shall determine. In the event that the terms of any agreement between the Company or any Company subsidiary or affiliate and a Participant contains provisions that conflict with and are more restrictive than the
provisions of this Section 12.2, this Section 12.2 shall prevail and control and the more restrictive terms of such agreement (and only such terms) shall be of no force or effect. Further, to the extent that there are tax consequences to
the Participant as a result of the acceleration or lapsing of forfeiture restriction upon a Change in Control, the Participant shall be responsible for payment of such taxes and shall not be compensated for such payment by the Company or its
Subsidiaries. 
 12.3 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by
reason of any subdivision or consolidation of shares of stock of any class, the payment of any dividend, any increase or decrease in the number of shares of stock of any class or any dissolution, liquidation, merger, or consolidation of the Company
or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Stock subject to an Award or the grant or exercise price of any Award. 

ARTICLE 13. 

ADMINISTRATION 

13.1 Committee. Except as otherwise provided herein, the Plan shall be administered by a committee consisting of two or more
members of the Board (the “Committee”). Unless otherwise determined by the Board, the Committee shall consist solely of two or more members of the Board each of whom is an “outside director,” within the meaning of
Section 162(m) of the Code, a Non-Employee Director and an “independent director” under the rules of the Nasdaq Stock Market (or other principal securities market on which shares of Stock are traded); provided that any action taken by
the Committee shall be valid and effective, whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 13.1 or otherwise provided in
any charter of the Committee. Notwithstanding the foregoing: (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to all Awards granted to Independent Directors and
for purposes of such Awards the term “Committee” as used in this Plan shall be deemed to refer to the Board and (b) the Committee may delegate its authority hereunder to the extent permitted by Section 13.5. In its sole
discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Rule 16b-3 under the Exchange Act or Section 162(m) of the Code,
or any regulations or rules issued thereunder, are required to be determined in the sole discretion of the Committee. Except as may otherwise be provided in any charter of the Committee, appointment of Committee members shall be effective upon
acceptance of appointment; Committee members may resign at any time by delivering written notice to the Board; and vacancies in the Committee may only be filled by the Board. 

  
 17 

 13.2 Action by the Committee. Unless otherwise established by the Board or in
any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of
a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any
Subsidiary, the Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

13.3 Authority of Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power,
authority and discretion to: 
 (a) Designate Participants to receive Awards; 

(b) Determine the type or types of Awards to be granted to each Participant; 

(c) Determine the number of Awards to be granted and the number of shares of Stock to which an Award will relate; 

(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant
price, or purchase price, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, any provisions related to
non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; provided, however, that, except as provided in Article 12 of the Plan, the Committee shall not
have the authority to accelerate the vesting or waive the forfeiture of any Performance-Based Awards; 
 (e) Determine whether, to what
extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Stock, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered; 

(f) Prescribe the form of each Award Agreement, which need not be identical for each Participant; 

(g) Decide all other matters that must be determined in connection with an Award; 

(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including adopting
sub-plans to the Plan or special terms for Award Agreements, for the purposes of complying with non-U.S. laws and/or taking advantage of tax favorable treatment for Awards granted to Participants outside the United States (as further set forth in
Section 4.2 of the Plan) as it may deem necessary or advisable to administer the Plan; 
 (i) Interpret the terms of, and any
matter arising pursuant to, the Plan or any Award Agreement; and 
 (j) Make all other decisions and determinations that may be
required pursuant to the Plan or as the Committee deems necessary or advisable to administer the Plan. 
 13.4 Decisions
Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all
parties. 
 13.5 Delegation of Authority. To the extent permitted by applicable law, the Board or the Committee may from
time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards to Participants or to exercise any of the power, authority and discretion granted to the Committee
pursuant to Section 13.3; provided that (i) the Committee shall have the sole authority with respect to Awards granted to or held by (a) Employees who are subject to Section 16 of the Exchange Act and (b) Covered Employees,
and (ii) officers of the Company (or Directors) to whom authority has been delegated hereunder shall not be delegated such authority with respect to Awards granted to or held by such officers (or Directors). Any delegation hereunder shall be
subject to the restrictions and limits that the Board or the Committee specifies at the time of such delegation, and the Board or the Committee may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the
delegatee appointed under this Section 13.5 shall serve in such capacity at the pleasure of the Board or the Committee. 

  
 18 

 ARTICLE 14. 

EFFECTIVE AND EXPIRATION DATE 

14.1 Effective Date. The Plan is effective as of immediately prior to the Spin-Off (the “Effective Date”),
subject to approval of the Plan by the Company’s stockholders. The Plan will be deemed to be approved by the stockholders if it is approved either: 

(a) By a majority of the votes cast at a duly held stockholder’s meeting at which a quorum representing a
representing a majority of outstanding voting stock is, either in person or by proxy, present and voting on the plan; or 

(b) By a method and in a degree that would be treated as adequate under Delaware law in the case of an action requiring
stockholder approval. 
 14.2 Expiration Date. The Plan will expire on, and no Award may be granted pursuant to the Plan
after the tenth anniversary of the Effective Date, except that no Incentive Stock Options may be granted under the Plan after the earlier of the tenth anniversary of (a) the date the Plan is approved by the Board or (b) the Effective Date.
Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms of the Plan and the applicable Award Agreement. 

ARTICLE 15. 

AMENDMENT, MODIFICATION, AND TERMINATION 

15.1 Amendment, Modification, and Termination. Subject to Section 16.16, with the approval of the Board, at any time and
from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or stock exchange rule, the Company shall obtain
stockholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) stockholder approval shall be required for any amendment to the Plan that (i) increases the number of shares available under the Plan
(other than any adjustment as provided by Article 12), (ii) permits the Committee to grant Options with an exercise price that is below Fair Market Value on the date of grant, (iii) permits the Committee to extend the exercise period
for an Option beyond ten years from the date of grant or (iv) amends Section 10.8 of the Plan. 
 15.2 Awards Previously
Granted. Except with respect to amendments made pursuant to Section 16.16, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the
prior written consent of the Participant. 
 ARTICLE 16. 

GENERAL PROVISIONS 

16.1 No Rights to Awards. No Eligible Individual or other person shall have any claim to be granted any Award pursuant to the
Plan, and neither the Company nor the Committee is obligated to treat Eligible Individuals, Participants or any other persons uniformly. 

16.2 No Stockholders Rights. Except as otherwise provided herein, a Participant shall have none of the rights of a
stockholder with respect to shares of Stock covered by any Award until the Participant becomes the record owner of such shares of Stock. 

16.3 Withholding. The Company or any Subsidiary shall have the authority and the right to deduct or withhold (by any means
set forth herein or in an Award Agreement), or require a Participant to remit to the Company or a Subsidiary, an amount sufficient to satisfy federal, state, local and foreign income tax, social insurance, payroll tax, fringe benefits tax, payment
on account or other tax-related items related to participation in the Plan and legally applicable to Participant and required by law to be withheld (including any amount deemed by 

  
 19 

 
the Company or the Participant’s employer, in its discretion, to be an appropriate charge to the Participant even if legally applicable to the Company or the Participant’s employer).
The Committee may, in its discretion and in satisfaction of the foregoing requirement, allow a Participant to elect to have the Company withhold shares of Stock otherwise issuable under an Award (or allow the return of shares of Stock) having a Fair
Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number of shares of Stock which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be
repurchased from the Participant of such Award within six months (or such other period as may be determined by the Committee) after such shares of Stock were acquired by the Participant from the Company) in order to satisfy the Participant’s
federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award (as described above) shall be limited to the number of shares which have a Fair Market Value on the date of
withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding amounts or other applicable withholding rates. 

16.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way
the right of the Company or any Subsidiary to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of the Company or any Subsidiary. 

16.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With
respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any
Subsidiary. 
 16.6 Assumed Spin-Off Awards. Notwithstanding anything in this Plan to the contrary, each Assumed Spin-Off Award
shall be subject to the terms and conditions of the equity compensation plan and award agreement to which such Award was subject immediately prior to the Spin-Off, subject to the adjustment of such Award by the Compensation Committee of eBay Inc.
and the terms of the Employee Matters Agreement between the Company and eBay Inc., entered into in connection with the Spin-Off, provided that following the date of the Spin-Off, each such Award shall relate solely to shares of Stock and be
administered by the Committee in accordance with the administrative procedures in effect under this Plan. 

16.7 Indemnification. To the extent allowable pursuant to applicable law, each member of the Committee or of the Board and
each person to whom the Committee delegates its authority under Section 13.5 shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts
paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to
handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Certificate of Incorporation or
Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 

16.8 Relationship to Benefits. No payment pursuant to the Plan shall be taken into account in determining any benefits
pursuant to any severance, resignation, termination, redundancy, end of service payments, long-term service awards, pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Subsidiary except to the
extent otherwise expressly provided in writing in such other plan or an agreement thereunder. 
 16.9 Effect of Plan upon
Compensation Plans. The adoption of the Plan shall not affect any compensation or incentive plans in effect for the Company or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company or any Subsidiary:
(a) to establish any forms of incentives or compensation for Employees, Directors or Consultants of the Company or any Subsidiary, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with
any proper corporate purpose including, without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, stock or assets of any corporation,
partnership, limited liability company, firm or association. 

  
 20 

 16.10 Awards Subject to Clawback. The Awards and any cash payment or shares of Stock
delivered pursuant to an Award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable Award Agreement or any clawback or recoupment policy which the Company may adopt from time to time, including without
limitation any such policy which the Company may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as otherwise required by law. 

16.11 Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries. 

16.12 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only and, in the
event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.13 Fractional
Shares. No fractional shares of Stock shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or
down as appropriate. 
 16.14 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision
of the Plan, the Plan, and any Award granted or awarded to any Participant who is then subject to Section 16 of the Exchange Act, shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of
the Exchange Act (including any amendment to Rule 16b-3 under the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall
be deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 16.15 Compliance with Laws. The
Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of shares of Stock and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all applicable federal,
state, local and foreign laws, rules and regulations (including but not limited to state, federal and foreign securities law and margin requirements) and to such approvals by any listing, regulatory or governmental authority as may, in the opinion
of counsel for the Company, be necessary or advisable in connection therewith. The Company shall have no obligation to issue or deliver shares of Stock prior to obtaining any approvals from listing, regulatory or governmental authority that the
Company determines are necessary or advisable. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to
the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. The Company shall be under no obligation to register pursuant to the Securities Act, any of the shares of Stock paid pursuant to
the Plan. To the extent permitted by applicable law, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. 

16.16 Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the
State of Delaware, without regard to the principles of conflict of laws of that State. 
 16.17 Section 409A. To the
extent that the Committee determines that any Award granted under the Plan is subject to Section 409A of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the Code.
To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any
such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date the Committee determines that any Award may be subject to
Section 409A of the Code and related Department of Treasury guidance (including such Department of Treasury guidance as may be issued after the Effective Date), the Committee may adopt such amendments to the Plan and the applicable Award
Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee determines are necessary or appropriate to (a) exempt the Award from
Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance and
thereby avoid the application of any penalty taxes under such Section. 
 * * * * * 

  
 21 

 I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of PayPal
Holdings, Inc. on June 16, 2015. 
 * * * * * 

I hereby certify that the foregoing Plan was approved by the stockholders of PayPal Holdings, Inc. on June 16, 2015. 

Executed on this 16th day of June, 2015. 

 

	
	/s/ Russell S. Elmer
	Corporate Secretary

  
 22EX-10.9

 Exhibit 10.9 

PAYPAL HOLDINGS, INC. 
 DEFERRED
COMPENSATION PLAN 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 

TABLE OF CONTENTS 
  

							
	 	    	 	  	Page	 
		
	ARTICLE I. TITLE AND DEFINITIONS	  	 	1	  
			
	 1.1
	    	 Title
	  	 	1	  
	 1.2
	    	 Definitions
	  	 	1	  
		
	ARTICLE II. PARTICIPATION	  	 	7	  
		
	ARTICLE III. CONTRIBUTIONS	  	 	7	  
			
	 3.1
	    	 Elections to Defer Compensation
	  	 	7	  
	 3.2
	    	 Distribution Elections
	  	 	9	  
	 3.3
	    	 Spin-Off
	  	 	12	  
	 3.4
	    	 Company Contributions
	  	 	12	  
	 3.5
	    	 FICA and Other Taxes
	  	 	12	  
		
	ARTICLE IV. INVESTMENTS	  	 	13	  
			
	 4.1
	    	 Measurement Funds
	  	 	13	  
	 4.2
	    	 Investment Elections
	  	 	13	  
	 4.3
	    	 Compliance with Section 16 of the Exchange Act
	  	 	14	  
		
	ARTICLE V. ACCOUNTS	  	 	14	  
			
	 5.1
	    	 Accounts
	  	 	14	  
	 5.2
	    	 Subaccounts
	  	 	15	  
		
	ARTICLE VI. VESTING	  	 	15	  
		
	ARTICLE VII. DISTRIBUTIONS	  	 	15	  
			
	 7.1
	    	 Distribution of Accounts
	  	 	15	  
	 7.2
	    	 Hardship Distribution
	  	 	17	  
	 7.3
	    	 Effect of a Change in Control
	  	 	18	  
	 7.4
	    	 Inability to Locate Participant
	  	 	18	  
	 7.5
	    	 Prohibition on Acceleration of Distributions
	  	 	18	  
		
	ARTICLE VIII. ADMINISTRATION	  	 	19	  
			
	 8.1
	    	 Committee
	  	 	19	  
	 8.2
	    	 Administrator
	  	 	19	  
	 8.3
	    	 Committee Action
	  	 	19	  

  
 i 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

							
	 8.4
		 Powers and Duties of the Committee
		 	19	  
	 8.5
		 Delegation of Authority
		 	20	  
	 8.6
		 Construction and Interpretation
		 	20	  
	 8.7
		 Information
		 	20	  
	 8.8
		 Compensation, Expenses and Indemnity
		 	20	  
	 8.9
		 Quarterly Statements
		 	21	  
	 8.10
		 Disputes
		 	21	  
	 8.11
		 Compliance with Section 409A of the Code
		 	22	  
		
	ARTICLE IX. MISCELLANEOUS		 	22	  
			
	 9.1
		 Unsecured General Creditor
		 	22	  
	 9.2
		 Restriction Against Assignment
		 	22	  
	 9.3
		 Withholding
		 	23	  
	 9.4
		 Amendment, Modification, Suspension or Termination
		 	23	  
	 9.5
		 Designation of Beneficiary
		 	24	  
	 9.6
		 Governing Law
		 	24	  
	 9.7
		 Compliance with Code Section 162(m)
		 	24	  
	 9.8
		 Payments on Behalf of Persons Under Incapacity
		 	25	  
	 9.9
		 Limitation of Rights
		 	25	  
	 9.10
		 Exempt ERISA Plan
		 	25	  
	 9.11
		 Notice
		 	25	  
	 9.12
		 Errors and Misstatements
		 	25	  
	 9.13
		 Pronouns and Plurality
		 	26	  
	 9.14
		 Severability
		 	26	  
	 9.15
		 Status
		 	26	  
	 9.16
		 Headings
		 	26	  

  
 ii 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 

PayPal Holdings, Inc., a Delaware corporation (“PayPal Holdings”), and its direct and indirect subsidiaries hereby establish
and maintain this PayPal Holdings, Inc. Deferred Compensation Plan (the “Plan”) which is designed to provide certain benefits for a select group of management and highly compensated employees through deferrals of salary and
incentive compensation. This Plan shall be effective as of the date on which shares of common stock of PayPal Holdings are distributed to the stockholders of eBay Inc. pursuant to the Separation and Distribution Agreement. 

The Plan is intended to comply with the requirements of Sections 409A(a)(2), (3) and (4) of the Code and the Treasury Regulations
and other guidance issued by the Secretary of the Treasury thereunder. To the extent permitted by such Treasury Regulations or other guidance, the Plan may be amended to conform to the requirements of Section 409A of the Code. 

ARTICLE I. 
 TITLE AND
DEFINITIONS 
 1.1 Title. This Plan shall be known as the PayPal Holdings, Inc. Deferred Compensation Plan. 

1.2 Definitions. 
 Whenever the following words
and phrases are used in this Plan, with the first letter capitalized, they shall have the meanings specified below. 
 (a) “401(k)
Plan” shall mean the PayPal 401(k) Savings Plan maintained by PayPal Holdings under Section 401(k) of the Code, as in effect from time to time, or as applicable for any Participant, a plan maintained by a direct or indirect subsidiary
of PayPal Holdings under Section 401(k) of the Code. 
 (b) “Account” or “Accounts” shall mean a
Participant’s Deferral Account and/or Company Account. 
 (c) “Administrator” shall mean the individuals designated by
the Committee (who need not be a member of the Committee) to handle the day-to-day Plan administration. If the Committee does not make such a designation, the Administrator shall be the Vice-President, Compensation and Benefits of the Company, or
any successor position. 
 (d) “Affiliate” has the meaning ascribed to such term in Rule 12b-2 promulgated under the
Exchange Act. 
 (e) “Base Salary” shall mean a Participant’s annual base salary, excluding bonus, incentive and all
other remuneration for services rendered to the Company, prior to reduction for any salary contributions to a plan established pursuant to Section 125 or 423 of the Code or intended to be qualified pursuant to Section 401(k) of the Code
and prior to reduction for deferrals under this Plan. 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (f) “Beneficial Owner” has the meaning set forth in Rule 13d-3 under the
Exchange Act. 
 (g) “Beneficiary” or “Beneficiaries” shall mean the person or persons, including a
trustee, personal representative or other fiduciary, last designated in writing by a Participant to receive the benefits specified hereunder in the event of the Participant’s death in accordance with Section 9.5. 

(h) “Board of Directors” or “Board” shall mean the Board of Directors of PayPal Holdings. 

(i) “Bonus” shall mean an incentive award earned by a Participant under the Company’s short-term incentive plan. 

(j) “Change in Control” shall be deemed to have occurred when any event or transaction described in paragraph (1), (2),
(3) or (4) occurs, subject to paragraph (5): 
 (1) Any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of PayPal Holdings representing fifty percent (50%) or more of the combined voting power of PayPal Holdings’ then outstanding securities; or 

(2) The following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the
Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to
the election of directors of PayPal Holdings) whose appointment or election by the Board or nomination for election by PayPal Holdings’ stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; or 

(3) There is consummated a merger or consolidation of PayPal Holdings or any direct or indirect subsidiary of PayPal Holdings with any other
corporation, other than (A) a merger or consolidation which would result in the voting securities of PayPal Holdings outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of PayPal Holdings or any subsidiary of
PayPal Holdings, at least a majority of the combined voting power of the securities of PayPal Holdings or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation
effected to implement a recapitalization of PayPal Holdings (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of PayPal Holdings (not including in the securities beneficially owned
by such Person any securities acquired directly from PayPal Holdings or its affiliates other than in connection with the acquisition by PayPal Holdings or its affiliates of a business) representing fifty percent (50%) or more of the combined
voting power of PayPal Holdings’ then outstanding securities; or 

  
 2 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (4) The stockholders of PayPal Holdings approve a plan of complete liquidation or dissolution
of PayPal Holdings or there is consummated an agreement for the sale or disposition by PayPal Holdings of all or substantially all of PayPal Holdings’ assets, other than a sale or disposition by PayPal Holdings of all or substantially all of
PayPal Holdings’ assets to an entity, at least a majority of the combined voting power of the voting securities of which are owned by stockholders of PayPal Holdings in substantially the same proportions as their ownership of PayPal Holdings
immediately prior to such sale. 
 (5) An event or transaction described in paragraph (1), (2), (3), or (4) shall be a “Change in
Control” only if such event or transaction is a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation,” within the meaning of
Section 409A(a)(2)(A)(v) of the Code, to the extent provided by the Secretary of the Treasury. 
 (k) “Code” shall mean
the Internal Revenue Code of 1986, as amended. 
 (l) “Committee” shall mean the Compensation Committee of the Board of
Directors. 
 (m) “Company” shall mean PayPal Holdings, Inc. and any successor corporations. “Company” shall also
include each corporation which is a member of a controlled group of corporations (within the meaning of Section 414(b) of the Code) of which PayPal Holdings, Inc. is a component member (and any such member of which PayPal Holdings shall be a
direct or indirect parent corporation, a “subsidiary”) after the Spin-Off, for purposes of Section 9 of the Plan, before, on or after the Spin-Off. 

(n) “Company Account” shall mean the bookkeeping account maintained by the Company for each Participant that is credited with
an amount equal to the Company Contribution, if any, debited by amounts equal to all distributions to and withdrawals made by the Participant and/or his Beneficiary and adjusted for investment earnings and losses pursuant to Article V. 

(o) “Company Contributions” shall mean any discretionary employer contribution, if any, made to the Plan on behalf of Eligible
Individuals. 
 (p) “Compensation” shall mean Base Salary and Bonus, and at the Committee’s discretion, Restricted
Stock Units that the Participant who is an employee is entitled to receive for services rendered to the Company. 
 (q) “Deferral
Account” shall mean the bookkeeping account maintained by the Company for each Participant that is credited with amounts equal to the portion of the Participant’s Compensation that he elects to defer pursuant to Section 3.1,
debited by amounts equal to all distributions to and withdrawals made by the Participant and/or his Beneficiary and adjusted for investment earnings and losses pursuant to Article V. The Deferral Account may be further subdivided into subaccounts as
determined by the Committee. 

  
 3 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (r) “Deferral Election Form” shall mean the form designated by the Committee
for purposes of making deferrals under Section 3.1. 
 (s) “Disability” or “Disabled” means,
with respect to a Participant, that the Participant: 
 (1) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or 

(2) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three months under an accident or health plan covering employees of such Participant’s Employer, 

as determined in accordance with Section 409A(a)(2)(C) of the Code and the Treasury Regulations thereunder. 

(t) “Distributable Amount” of a Participant’s subaccounts with respect to a Plan Year shall mean the sum of the vested
balance of the subaccount in a Participant’s Deferral Account and Company Account with respect to such Plan Year. 
 (u) “eBay
Plan” shall mean the eBay Inc. Deferred Compensation Plan as of the Effective Date. 
 (v) “Effective Date” shall
mean the date on which shares of common stock of PayPal Holdings are distributed to the stockholders of eBay Inc. pursuant to the Separation and Distribution Agreement. 

(w) “Election Period” with respect to a Plan Year shall mean the period designated by the Committee; provided, however,
that such period shall be no less than ten business days. The Election Period with respect to a Plan Year shall end not later than the last day of the prior Plan Year; provided, however, that, in the case of an Eligible Individual who first
becomes eligible to participate in the Plan during a Plan Year, the Election Period may be the thirty (30) day period commencing on the date such Eligible Individual first becomes eligible to participate in accordance with
Section 409A(a)(4)(B)(ii) of the Code and the Treasury Regulations thereunder; and provided, further, in the case of an Eligible Individual’s election to defer a Bonus (or portion thereof) for a Plan Year that is performance-based
compensation based on services over a period of at least twelve (12) months, within the meaning of Section 409A(a)(4)(B)(iii) of the Code and the Treasury Regulations thereunder, the Election Period may be a period designated by the
Committee during such Plan Year that satisfies the requirements of Section 409A(a)(4)(B)(iii) of the Code and the Treasury Regulations thereunder. 

  
 4 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (x) “Eligible Individual” shall mean those Executives selected by the
Committee. The Committee may, in its sole discretion, select such other individuals to participate in the Plan who do not otherwise meet the foregoing designation. 

In connection with the Spin-Off and pursuant to the terms of the Employee Matters Agreement between PayPal Holdings and eBay Inc., (the
“Employee Matters Agreement”) each employee of the Company or its subsidiaries as of immediately after the effective time of the Spin-Off who was participating in the eBay Plan as of the Effective Date shall automatically become a
Participant as of the effective time of the Spin-Off (any such Participant, a “Transferred PayPal Participant”). 
 (y)
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 (z) “Exchange Act”
shall mean the Securities Exchange Act of 1934, as amended, and the applicable rules and regulations thereunder. 
 (aa)
“Executive” shall mean an executive of the Company who is on the U.S. payroll and who holds a position as Vice President or who holds a position with a more senior grade level than Vice President, or is otherwise designated by the
Committee. 
 (bb) “Measurement Fund” shall mean one or more of the investment funds selected by the Committee pursuant to
Section 4.1. 
 (cc) “Participant” shall mean any Eligible Individual who becomes a Participant in accordance with
Article II and who has not received a complete distribution of the amounts credited to his Accounts. 
 (dd) “PayPal
Holdings” shall mean PayPal Holdings, Inc., a Delaware corporation. 
 (ee) “Payroll Date” shall mean, with respect
to any Participant, the date on which he would otherwise be paid Compensation. 
 (ff) “Payment Date” shall mean the time as
soon as practicable after one of the following dates as designated by the Participant in his distribution form election with respect to a Plan Year: 

(1) the first business day of the seventh calendar month following the date of the Participant’s Separation from Service or Disability, or

 (2) the earlier of: (i) the first business day of June of a calendar year specified by the Participant that is no earlier than the
year after the year in which the Compensation would have been paid but for the Participant’s election to defer such Compensation, or (ii) the first business day of the seventh calendar month following the date of the Participant’s
Separation from Service or Disability. 

  
 5 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 “Payment Date” shall also mean the Scheduled In-Service Withdrawal Date elected in
accordance with the provisions of Section 7.1(b). 
 (gg) “Person” means any person, entity or “group” within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, except that such term shall not include (1) PayPal Holdings or any of its Affiliates, (2) a trustee or other fiduciary holding securities under an employee
benefit plan of PayPal Holdings or any of its Affiliates, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, (4) a corporation owned, directly or indirectly, by the stockholders of PayPal Holdings
in substantially the same proportions as their ownership of stock of PayPal Holdings, or (5) a person or group as used in Rule 13d-1(b) under the Exchange Act. 

(hh) “Plan” shall mean the PayPal Holdings, Inc. Deferred Compensation Plan set forth herein, as amended from time to time.

 (ii) “Plan Year” shall mean the twelve (12) consecutive month period beginning on each January 1 and ending on
each December 31, except for the short Plan Year beginning on the Effective Date and ending on the following December 31. 
 (jj)
“Restricted Stock Units” shall mean restricted stock units granted to Executives under the PayPal Holdings, Inc. 2015 Equity Incentive Award Plan or any other equity compensation plans approved by PayPal Holdings’ stockholders,
including restricted stock units assumed by PayPal Holdings in connection with the Spin-Off pursuant to the terms of the Employee Matters Agreement. 

(kk) “Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time.

 (ll) “Scheduled In-Service Withdrawal Date” shall mean the earlier of: (i) the first business day of June of a
calendar year specified by the Participant that is no earlier than the year after the year in which the Compensation would have been paid but for the Participant’s election to defer such Compensation, or (ii) the first business day of the
seventh calendar month following the date of the Participant’s Separation from Service or Disability. 
 (mm) “Separation from
Service” shall mean with respect to a Participant, such Participant’s Termination, if such Termination is a “separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code, as determined by the
Secretary of the Treasury (or such Participant’s other “separation from service,” as so defined). 
 (nn)
“Spin-Off” shall mean the distribution of shares of common stock of PayPal Holdings to the stockholders of eBay Inc. pursuant to the Separation and Distribution Agreement. 

(oo) “Subaccount” or “Subaccounts” shall mean the subaccount or subaccounts maintained with respect to a
Participant’s Deferral Account or Company Account. 

  
 6 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (pp) “Termination” shall mean for any Participant who is an employee,
ceasing to be an employee of the Company for reasons other than death or Disability. If a Participant is both an employee of the Company and a member of the Board of Directors, he shall not have a Termination until he terminates from both positions.

 (qq) “Valuation Date”, with respect to the Measurement Funds that are available under the 401(k) Plan, shall have the
same meaning as under the 401(k) Plan. For purposes of other Measurement Funds, “Valuation Date” shall be as determined by the Committee. 

ARTICLE II. 

PARTICIPATION 
 (a) An
Eligible Individual shall become a Participant in the Plan by (1) electing to make deferrals in accordance with Section 3.1 or receiving a Company Contribution and (2) filing with the Company such other forms as the Committee may
reasonably require for participation hereunder. 
 (b) An Eligible Individual who completes the requirements of the preceding subsection of
this Article II shall commence participation in this Plan as of the first day of the Plan Year with respect to which Compensation is elected to be deferred. 

ARTICLE III. 

CONTRIBUTIONS 
 3.1 Elections to Defer
Compensation 
 (a) General Rule. Each Eligible Individual may defer Compensation for a Plan Year by filing with the Administrator a Deferral
Election Form for such Plan Year that conforms to the requirements of this Section 3.1, no later than the last day of the applicable Election Period for such Plan Year. The Committee may permit an Eligible Individual who first becomes eligible
to participate in the Plan during a Plan Year to have his first Election Period during such Plan Year. An election to defer Compensation for a Plan Year must be filed during the Election Period prior to the effective date of such election and shall
be effective only for Compensation that constitutes compensation for services performed during periods during the Plan Year beginning after the effective date of such election. Notwithstanding the previous sentence, if an Eligible Individual’s
Bonus (or portion thereof) is performance-based compensation based on services performed over a period of at least twelve (12) months, within the meaning of Section 409A(a)(4)(B)(iii) and the Treasury Regulations thereunder, the Committee
may permit such Eligible Individual to file an election to defer such Bonus (or such portion thereof), or change such Eligible Individual’s prior election to defer such Bonus (or such portion thereof), no later than six months before the end of
the period over which such services are to be performed, under the terms and conditions specified by the Committee, in accordance with Section 409A(a)(4)(B)(iii) of the Code and the Treasury Regulations thereunder. A Participant shall make a
separate election to defer Compensation for each Plan Year. 

  
 7 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (b) Special Rules. Notwithstanding the above, the following restrictions apply to deferrals
of Restricted Stock Units. 
 (1) Restricted Stock Units. A Participant may elect to defer Restricted Stock Units (or a portion thereof), to
the extent permitted by the Committee. In order to defer Restricted Stock Units (or a portion thereof), an eligible Participant must file the appropriate Deferral Election Form no later than the election date required under Section 409A of the
Code and the Treasury Regulations thereunder. A Participant’s election to defer Restricted Stock Units shall be effective only for the Restricted Stock Units (or a portion thereof) that constitute compensation for services performed during
periods during the Plan Year (or a subsequent Plan Year) after the effective date of the Participant’s deferral election, or as otherwise permitted under Section 409A of the Code and the Treasury Regulations thereunder. 

(2) Limitation on Deferrals. A Participant may elect to defer Restricted Stock Units or any portion thereof, only to the extent such deferral
satisfies the requirements of Section 409A of the Code and the Treasury Regulations thereunder. 
 (c) Deferral Amounts. 

(1) The amount of Compensation which a Participant may elect to defer for a Plan Year is such Compensation earned on or after the time at which
the Participant elects to defer each Plan Year in accordance with Section 3.1(a), and which is earned during such Plan Year. The applicable limitations for any Participant shall be determined by the Committee, determined as of the first day of
the Election Period for such Plan Year. 
 (2) Each Participant shall be permitted to defer, in any whole percentage: (A) from 5% to 50%
of Base Salary, (B) from 5% to 100% of his Bonus and (C) from 5% to 100% of his Restricted Stock Units, subject to Section 3.1(b), rounded down to the nearest whole share. 

(c) Notwithstanding the limitations established above, the total amount deferred by a Participant shall be limited in any calendar year, if
necessary, to satisfy the Participant’s income and employment tax withholding obligations (including Social Security, unemployment and Medicare), and the Participant’s employee benefit plan contribution requirements, determined on the
first day of the Election Period for such Plan Year, as determined by the Committee. 
 (d) Duration of Deferral Election. 

(1) A Participant shall not modify or suspend his election to defer Compensation during a Plan Year. 

(2) A Participant must file a new deferral election for each subsequent Plan Year. In the event a Participant fails to file a timely deferral
election for the next Plan Year, he shall be deemed to have elected not to defer any Compensation for such Plan Year. 

  
 8 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (e) Elections. Subject to the limitations of subsection (b), any Eligible Individual who does
not elect to defer Compensation during his Election Period for a Plan Year may subsequently become a Participant. 
 3.2 Distribution Elections. 

(a) General Rule. Each Participant shall make a separate distribution election with respect to each Plan Year for which such Participant elects
to defer Compensation in accordance with Section 3.1. A Participant’s distribution election with respect to a Plan Year shall apply to: (1) the subaccount in his Deferral Account to which shall be credited the amount equal to the
portion of his Compensation earned during such Plan Year that he elects to defer pursuant to Section 3.1; and (2) the subaccount in his Company Account to which shall be credited the amount equal to the Company Contribution for such Plan
Year, if any. A Participant’s distribution election with respect to a Plan Year shall elect the Payment Date and the form of distribution of his Distributable Amount with respect to such Plan Year for purposes of distributions under subsection
7.1(a) in the event of such Participant’s Separation from Service or Disability. Such Payment Date and distribution form elections shall be made on such Participant’s Deferral Election Form during the Election Period for which such
Participant elects to defer Compensation under Section 3.1 for such Plan Year, and such Payment Date and distribution form elections with respect to such Plan Year shall be irrevocable, except as provided in subsection (b). A Participant may
elect any Payment Date described in Section 1.2(ff), and may elect distribution in the normal form, as described in paragraph 7.1(a)(1), or an optional form described in paragraph 7.1(a)(2). In the event a Participant fails to elect a Payment
Date for his Distributable Amount with respect to a Plan Year, his Payment Date for his Distributable Amount with respect to such Plan Year shall be the date described in Section 1.2(ff)(1). In the event a Participant fails to make a
distribution form election for his Distributable Amount with respect to a Plan Year, his Distributable Amount with respect to such Plan Year shall be distributed in the normal form, as described in paragraph 7.1(a)(1) in the event of his Separation
from Service or Disability, except as provided in subsection (b). Except as provided in subsection (b), a Participant’s distribution for his Distributable Amount with respect to a Plan Year shall be made or commence as soon as administratively
practicable after such Participant’s Payment Date. 
 (b) Changes to Distribution Form Election. Subject to subsection (e), a
Participant may change his distribution form election for his Distributable Amount with respect to a Plan Year in accordance with this subsection (b) as follows: 

(1) Change from Lump Sum. If such Participant elected to receive the distribution of his Distributable Amount with respect to a Plan Year in
the event of his Separation from Service or Disability in the normal form, as described in paragraph 7.1(a)(1) (i.e., a lump sum), such Participant may change such distribution form election by making a new distribution form election for his
Distributable Amount with respect to such Plan Year providing for distribution in one of the following forms, with such distribution made or commencing on the fifth anniversary of his initially elected Payment Date: 

  
 9 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (A) a lump sum, or 

(B) annual installments (calculated as set forth at Section 7.1(a)(6)) over a period of from two (2) up to fifteen (15) years.

 (2) Change from Installments. If such Participant elected to receive the distribution of his Distributable Amount with respect to a Plan
Year in the event of his Separation from Service or Disability in an optional form, as provided in subparagraph 7.1(a)(2) (i.e., annual installments over a period of years), such Participant may change such distribution form election by making a new
distribution form election for his Distributable Amount with respect to such Plan Year providing for distribution in one of the following forms, with such distribution commencing on the fifth anniversary of his initially elected Payment Date: 

(i) a lump sum, provided that no installments have commenced with respect to such Plan Year, 

(ii) annual installments (calculated as set forth at Section 7.1(a)(6)) over the period of years specified in such Participant’s
initial distribution form election, provided that no installments have commenced with respect to such Plan Year, or 
 (iii) annual
installments (calculated as set forth at Section 7.1(a)(6)) over a period of from two (2) up to fifteen (15) years, provided that such period exceeds the period of years specified in such Participant’s initial distribution form
election, and provided, further, that no installments have commenced with respect to such Plan Year. 
 (3) A Participant may make only one
change to his distribution form election with respect to a Plan Year under this subsection (b). 
 (c) Election of Scheduled In-Service
Withdrawal Date. A Participant may elect a Scheduled In-Service Withdrawal Date with respect to his deferrals of Compensation (including any investment earnings on such amounts) plus any Company Contributions to the extent vested, if any, (the
“Withdrawal Amount”) with respect to a Plan Year. Such election of a Scheduled In-Service Withdrawal Date for such Participant’s Withdrawal Amount with respect to a Plan Year shall be made by such Participant during the
Election Period for which such Participant elects to defer Compensation under Section 3.1 for such Plan Year, and such election of a Scheduled In-Service Withdrawal Date shall be irrevocable, except as provided in subsection (d). A Participant
may make separate Scheduled In-Service Withdrawal Date elections for his deferrals of Compensation (including any investment earnings on such amounts) with respect to different Plan Years. A Participant’s Withdrawal Amount with respect to a
Plan Year shall be credited to subaccounts under such Participant’s Accounts for such Plan Year. A Participant shall not be required to elect a Scheduled In-Service Withdrawal Date with respect to his deferrals of Compensation for a Plan Year
and, if a Participant fails to make an election of a Scheduled In-Service Withdrawal Date for a Plan Year, no Scheduled In-Service Withdrawal Date shall apply with respect to his deferrals of Compensation for such Plan Year. 

  
 10 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (d) Change of Scheduled In-Service Withdrawal Date. Subject to subsection (e), if a
Participant elected a Scheduled In-Service Withdrawal Date with respect to his deferrals of Compensation (including any investment earnings on such amounts) with respect to a Plan Year, such Participant may change such Scheduled In-Service
Withdrawal Date for the Withdrawal Amount with respect to such Plan Year by electing a new Scheduled In-Service Withdrawal Date for the Withdrawal Amount with respect to such Plan Year that is not less than five years later than the Scheduled
In-Service Withdrawal Date previously elected by such Participant for such Plan Year. A Participant who has not elected a Scheduled In-Service Withdrawal Date for his deferrals of Compensation (including any investment earnings on such amounts) for
a Plan Year may not subsequently elect a Scheduled In-Service Withdrawal Date for his deferrals of Compensation (including any investment earnings on such amounts) for such Plan Year. A Participant may make only one change to the Scheduled
In-Service Withdrawal Date with respect to each Plan Year under this subsection (d). 
 (e) Limitation on Distribution Changes. A
Participant’s election to change his distribution form election with respect to a Plan Year under subsection (b), or change of a Scheduled In-Service Withdrawal Date with respect to a Plan Year under subsection (d), shall be subject to the
following limitations: 
 (1) The Participant’s election to change his distribution election form with respect to a Plan Year, or change
his Scheduled In-Service Withdrawal Date with respect to a Plan Year, shall not take effect until at least twelve (12) months after his election to change the distribution form election, or Scheduled In-Service Withdrawal Date, is made. If the
distribution of such Participant’s Distributable Amount with respect to a Plan Year (in the case of a change in his distribution election form), or the distribution of the Withdrawal Amount with respect to such Plan Year (in the case of a
change in his Scheduled In-Service Withdrawal Date), is made or commenced before the election to change his distribution form election or Scheduled In-Service Withdrawal Date, as the case may be, becomes effective, the election to change his
distribution form election or Scheduled In-Service Withdrawal Date shall not thereafter become effective, and distributions shall be made in accordance with the distribution form election, and Scheduled In-Service Withdrawal Date (if any), as
applicable, in effect prior to the Participant’s election to change. 
 (2) The Participant’s election to change his distribution
election form with respect to a Plan Year, or change his Scheduled In-Service Withdrawal Date with respect to a Plan Year, shall provide that each payment with respect to such new distribution form election, or new Scheduled In-Service Withdrawal
Date, shall be deferred for a period of not less than five years from the date such payment would otherwise have been made. 
 (3) The
Participant’s election to change his Scheduled In-Service Withdrawal Date with respect to a Plan Year shall not be made less than twelve (12) months prior to the date of the first scheduled payment under the Participant’s initial
election of the Scheduled In-Service Withdrawal Date with respect to such Plan Year. 

  
 11 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 The limitations under this subsection (e) shall be applied in accordance with Section 409A(a)(4)(C)
of the Code and the Treasury Regulations thereunder. 
 3.3 Spin-Off 

(a) Pursuant to the terms of the Employee Matters Agreement, as of the effective time of the Spin-Off, the Company and the Plan shall assume
all liabilities and obligations of eBay Inc. and its subsidiaries under the eBay Plan with respect to any Transferred PayPal Participants, including for any benefits due under such plan to such Eligible Individuals, and such benefits shall be
administered and paid under the terms of this Plan; provided, however, that all deferral, investment and distribution elections made by such Transferred PayPal Participants under the eBay Plan with respect to any Plan Year occurring prior to the
Effective Date and the Plan Year in which the Effective Date occurs will continue to apply and shall be administered under this Plan. 
 (b)
As of the Effective Date, the Plan shall assume and honor the terms of all domestic relations orders in effect under the eBay Plan in respect of Transferred PayPal Participants. 

3.4 Company Contributions 
 (a) For any Plan
Year, the Company may, but is under no obligation to, make contributions on behalf of a Participant in addition to the Participant’s elective deferrals. Such contributions may be in any amount or form (for example, matching or profit sharing
contributions) and subject to any conditions or terms as the Company, in its sole discretion, deems appropriate. 
 (b) The Company
Contribution for a Plan Year shall be credited to a Participant’s Company Account in the manner determined by the Committee. 
 3.5 FICA and Other
Taxes. 
 (a) Annual Deferral Amounts. For each Plan Year in which a Participant who is an employee makes a deferral under Section 3.1,
the Company shall withhold from that portion of the Participant’s Compensation that is not being deferred, in a manner determined by the Company, the Participant’s share of FICA and other employment taxes on such amount. If necessary, the
Committee may reduce the Participant’s deferrals under Section 3.1 or make deductions from his Deferral Account in order to comply with this Section, to the extent permitted under Section 409A of the Code and the Treasury Regulations
thereunder. 
 (b) Company Amounts. For each Plan Year in which a Participant is credited with a contribution to his Company Account under
Section 3.4, the Company shall withhold from the Participant’s Compensation that is not deferred, in a manner determined by the Company, the Participant’s share of FICA and other employment taxes. If necessary, the Committee may
reduce the Participant’s Company Account in order to comply with this Section, to the extent permitted under Section 409A of the Code and the Treasury Regulations thereunder. 

  
 12 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 ARTICLE IV. 

INVESTMENTS 
 4.1 Measurement Funds. 

(a) In the manner designated by the Committee, Participants may elect one or more Measurement Funds to be used to determine the additional
amounts to be credited to their Accounts. Although the Participant may designate the Measurement Funds, the Committee shall not be bound by such designation. The Committee shall select from time to time, in its sole discretion, the Measurement Funds
to be available under the Plan. 
 (b) No Actual Investment. Notwithstanding any other provision of this Plan that may be interpreted to the
contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election of any such Measurement Fund, the allocation to his Accounts thereto, the calculation of additional amounts and the crediting or debiting
of such amounts to a Participant’s Accounts shall not be considered or construed in any manner as an actual investment of his Accounts in any such Measurement Fund. In the event that the Company, in its own discretion, decides to invest funds
in any or all of the Measurement Funds, no Participant shall have any rights in or to such investments themselves. Without limiting the foregoing, a Participant’s Accounts shall at all times be a bookkeeping entry only and shall not represent
any investment made on his behalf by the Company. The Participant shall at all times remain an unsecured creditor of the Company. 
 4.2 Investment
Elections. 
 (a) Deferral Accounts and Company Accounts. Except as provided in Section 4.3, Participants may designate how their
Deferral Accounts and Company Accounts, if any, shall be deemed to be invested under the Plan. 
 (1) Such Participants may make separate
investment elections for (i) their future deferrals of Compensation, (ii) future Company Contributions and (iii) the existing balances of their Accounts. 

(2) Such Participants may make and change their investment elections by choosing from the Measurement Funds designated by the Committee in
accordance with the procedures established by the Committee. 
 (3) Except as otherwise designated by the Committee, the available
Measurement Funds under this Section 4.2(a)(1) shall generally be the investment funds under the 401(k) Plan (excluding any brokerage account option). 

(4) If a Participant fails to elect a Measurement Fund under this Section, he shall be deemed to have elected the default Measurement Fund (as
designated by the Committee) for all of his Accounts. 

  
 13 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (b) Continuing Investment Elections. Participants who have had a Termination but not yet
commenced distributions under Article VII or Participants or Beneficiaries who are receiving installment payments may continue to make investment elections pursuant to subsection (a) above, as applicable, except as otherwise determined by the
Committee. 
 (c) Certain Deferral Subaccounts. A Participant may not direct the investment of the Restricted Stock Unit subaccounts of the
Deferral Accounts. 
 4.3 Compliance with Section 16 of the Exchange Act. 

(a) Any Participant or Beneficiary who is subject to Section 16 of the Exchange Act shall have his Measurement Fund elections under the
Plan subject to the requirements of the Exchange Act, as interpreted by the Committee. 
 (b) Notwithstanding any other provision of the Plan
or any rule, instruction, election form or other form, the Plan and any such rule, instruction or form shall be subject to any additional conditions or limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act
(including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, such Plan provision, rule, instruction or form shall be
deemed amended to the extent necessary to conform to such applicable exemptive rule. 
 ARTICLE V. 

ACCOUNTS 
 5.1 Accounts. 

(a) The Committee shall establish and maintain a Deferral Account, and a Company Account for each Participant under the Plan. Each
Participant’s Accounts shall be divided into separate subaccounts in accordance with Section 5.2. Each such subaccount shall be further divided into separate investment fund subaccounts, each of which corresponds to a Measurement Fund
elected by the Participant pursuant to Section 4.2. In addition, Participants’ Deferral Accounts may be further divided into subaccounts consisting of deferred Restricted Stock Units. 

(b) The performance of each elected Measurement Fund (either positive or negative) shall be determined by the Committee, in its reasonable
discretion, based on the performance of the Measurement Funds themselves. A Participant’s Accounts shall be credited or debited on each Valuation Date based on the performance of each Measurement Fund selected by the Participant, as determined
by the Committee in its sole discretion, as though (i) a Participant’s Accounts were invested in the Measurement Fund(s) selected by the Participant, in the percentages applicable to such period, as of the close of business on the first
business day of such period, at the closing price on such date; (ii) the portion of the Participant’s Compensation that was actually deferred pursuant to Section 3.1 during any period were invested in the Measurement Fund(s) selected
by the Participant, in the percentages applicable to such period, no later than the close of business on the first business day after the day on which such amounts are actually deferred from the Participant’s Compensation, at the closing price
on such date; and 

  
 14 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 
(iii) any withdrawal or distribution made to a Participant that decreases such Participant’s Accounts ceased being invested in the Measurement Fund(s), in the percentages applicable to such
period, no earlier than one business day prior to the distribution, at the closing price on such date. The Participant’s Company Contributions, if any, shall be credited to his Company Account for purposes of this Section, in the manner
determined by the Committee. 
 5.2 Subaccounts. 

(a) The Committee shall establish and maintain, with respect to a Participant’s Deferral Account, a subaccount with respect to each Plan
Year, to which shall be credited the amount equal to the portion of the Participant’s Compensation earned during such Plan Year that he elects to defer pursuant to Section 3.1, debited by amounts equal to distributions to and withdrawals
made by the Participant and/or his Beneficiary and adjusted for investment earnings and losses pursuant to Article V. 
 (b) The Committee
shall establish and maintain, with respect to a Participant’s Company Account, a subaccount with respect to each Plan Year, to which shall be credited the amount equal to the Company Contributions, if any, made pursuant to Section 3.4 on
behalf of such Participant during such Plan Year, debited by amounts equal to distributions to and withdrawals made by the Participant and/or his Beneficiary and adjusted for investment earnings and losses pursuant to Article V. 

ARTICLE VI. 
 VESTING

 Each Participant shall be 100% vested in his Deferral Account at all times, provided, however, that any Restricted Stock Units
a Participant elects to defer shall remain subject to the conditions for vesting specified in any applicable award notice or agreement. The Company will set conditions for the vesting of any Company Contributions on or before the date they are
contributed to the Plan. 
 ARTICLE VII. 

DISTRIBUTIONS 
 7.1 Distribution of
Accounts. 
 (a) Distribution of Accounts. 

(1) Normal Form. Except as provided in paragraph (2), paragraph (3) or Section 7.3, a Participant’s Distributable Amount with
respect to each Plan Year shall be paid to the Participant in a single lump sum in cash on the Participant’s Payment Date. 
 (2)
Optional Forms. Instead of receiving his Distributable Amount with respect to each Plan Year as described at Section 7.1(a)(1), the Participant may elect in accordance with Section 3.2 an optional form of payment (on the form provided by
the Committee) at the time of his deferral election for such Plan Year to receive his Distributable Amount in equal annual installments in cash (calculated as set forth in Section 7.1(a)(6)) over a period of from two (2) up to fifteen
(15) years beginning on the Participant’s Payment Date. 

  
 15 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (3) Distribution Election Changes. In the event that a Participant changes his distribution
form election with respect to a Plan Year in accordance with Section 3.2(b), and such new distribution form election becomes effective upon the Separation from Service or Disability of such Participant, the Distributable Amount with respect to
such Plan Year shall be paid to the Participant in accordance with such new distribution form election. 
 (4) Small Accounts.
Notwithstanding any provision to the contrary, in the event the total of a Participant’s Distributable Amounts with respect to all Plan Years is equal to or less than $50,000 on the Participant’s Payment Date, such Distributable Amounts
shall be distributed to the Participant (or his Beneficiary, as applicable) in a lump sum. 
 (5) Investment Adjustments. The
Participant’s Accounts shall continue to be adjusted for investment earnings and losses pursuant to Section 4.2 and Section 4.3 of the Plan until all amounts credited to his Accounts under the Plan have been distributed. 

(6) Calculating Installments. All installment payments made under the Plan shall be determined in accordance with the annual fractional payment
method, calculated as follows: the balance of subaccounts in the Participant’s Accounts with respect to a Plan Year shall be calculated as of the close of business on the last business day prior to the date on which the annual installment is
scheduled to be paid. The annual installment shall be calculated by multiplying this balance by a fraction, the numerator of which is one, and the denominator of which is the remaining number of annual payments due the Participant. By way of
example, if the Participant elects 10 year installments for the distribution of the subaccounts in his Accounts with respect to a Plan Year, the first payment shall be 1/10 of the balance of such subaccounts in his Accounts calculated as described
in this definition. The following year, the payment shall be 1/9 of such subaccounts in the balance of the Participant’s Accounts, calculated as described in this definition. Each annual installment shall be paid on or as soon as practicable
after the applicable anniversary of the Participant’s Payment Date. 
 (b) Distribution on a Scheduled In-Service Withdrawal Date. 

(1) In the case of a Participant who has elected a Scheduled In-Service Withdrawal Date for a distribution to be made while still in the employ
of the Company, such Participant shall receive his Withdrawal Amount as shall have been elected by the Participant to be subject to the Scheduled In-Service Withdrawal Date. A Participant’s Scheduled In-Service Withdrawal Date with respect to
amounts of Compensation deferred in a given Plan Year must be at least one year from the last day of the Plan Year for which such deferrals are made. 

(2) The Participant may elect, in accordance with Section 3.2, to have the Withdrawal Amount paid in a lump sum in cash or in equal annual
installments in cash (calculated as set forth in Section 7.1(a)(6)) over a period of from two (2) up to fifteen (15) years beginning on the Participant’s Payment Date. 

  
 16 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (3) A Participant may elect to change the Scheduled In-Service Withdrawal Date for the
Withdrawal Amount for any Plan Year in accordance with Section 3.2(d). 
 (4) In the event of a Participant’s Separation from
Service or Disability prior to a Scheduled In-Service Withdrawal Date, the Participant’s entire Withdrawal Amount shall be paid in accordance with the Participant’s election with respect to such Plan Year under Section 7.1(a). 

(c) Distribution upon Death. In the event a Participant dies, any remaining balance in his Accounts shall be paid to his Beneficiary in a lump
sum in cash on the first business day of the seventh calendar month following the date of the Participant’s death. 
 7.2 Hardship Distribution. 

A Participant shall be permitted to elect a Hardship Distribution of all or a portion of his Accounts under the Plan prior to the Payment Date,
subject to the following restrictions: 
 (a) The election to take a Hardship Distribution shall be made by filing the form provided by the
Committee before the date established by the Committee. 
 (b) The Committee shall have made a determination that the requested distribution
constitutes a Hardship Distribution in accordance with subsection (d). 
 (c) The amount determined by the Committee as a Hardship
Distribution shall be paid in a single lump sum in cash as soon as practicable after the end of the calendar month in which the Hardship Distribution election is made and approved by the Committee. The Hardship Distribution shall be distributed
proportionately from the subaccounts in the Participant’s Accounts. 
 (d) If a Participant receives a Hardship Distribution, the
Participant shall be ineligible to contribute deferrals to the Plan for the following Plan Year. “Hardship Distribution” shall mean a severe financial hardship to the Participant resulting from (i) an illness or accident of the
Participant, the Participant’s spouse or of his dependent (as defined in Section 152(a) of the Code), (ii) loss of a Participant’s property due to casualty, or (iii) other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the Participant, as determined by the Committee in accordance with Section 409A(a)(2)(B)(ii)(I) of the Code and the Treasury Regulations thereunder. The amount of the Hardship
Distribution with respect to a severe financial hardship shall not exceed the amounts necessary to satisfy such hardship, plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the
extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe
financial hardship), as determined by the Committee in accordance with Section 409A(a)(2)(B)(ii)(II) of the Code and the Treasury Regulations thereunder. 

  
 17 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 7.3 Effect of a Change in Control. 

(a) In the event there is a Change in Control, the person who is the chief executive officer of PayPal Holdings (or, if not so identified,
PayPal Holdings’ highest ranking officer) shall name a third-party fiduciary as the sole member of the Committee immediately prior to such Change in Control. The appointed fiduciary shall oversee the administration of the Plan and provide for
the distributions of the accounts under the Plan in accordance with the terms of the Plan and the elections of the Participants. 
 (b) Upon
and after the occurrence of a Change in Control, PayPal Holdings must (i) pay all reasonable administrative fees and expenses of the appointed fiduciary, (ii) indemnify the appointed fiduciary against any costs, expenses and liabilities
including, without limitation, attorney’s fees and expenses arising in connection with the appointed fiduciary’s duties hereunder, other than with respect to matters resulting from the gross negligence of the appointed fiduciary or its
agents or employees and (iii) timely provide the appointed fiduciary with all necessary information related to the Plan, the Participants and Beneficiaries. 

(c) Notwithstanding Section 9.4, in the event there is a Change in Control no amendment may be made to this Plan except as approved by the
third-party fiduciary. Upon a Change in Control, the Company shall establish an irrevocable trust and contribute assets to such trust in an amount equal to the aggregate amount credited to the Participants’ Accounts, as determined by the
appointed fiduciary, plus any deferred payments as they are deferred by the Participants. Such trust shall conform to the model “rabbi trust” agreement provided by the Internal Revenue Service in Revenue Procedure 92-64, as revised from
time to time, and shall be structured as an unfunded arrangement. 
 7.4 Inability to Locate Participant. 

In the event that the Committee is unable to locate a Participant or Beneficiary within two years following the required Payment Date, the
amount allocated to the Participant’s Accounts shall be forfeited. If, after such forfeiture, the Participant or Beneficiary later claims such benefit, such benefit shall be reinstated without interest or earnings from the date of forfeiture,
subject to applicable escheat laws. 
 7.5 Prohibition on Acceleration of Distributions. 

The time or schedule of payment of any withdrawal or distribution under the Plan shall not be subject to acceleration, except as provided under
Treasury Regulations promulgated in accordance with Section 409A(a)(3) of the Code. 

  
 18 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 ARTICLE VIII. 

ADMINISTRATION 
 8.1 Committee. The
Committee shall administer the Plan in accordance with this Article. 
 8.2 Administrator. 

The Administrator, unless restricted by the Committee, shall exercise the powers under Sections 8.4 and 8.5, except when the exercise of such
authority would materially affect the cost of the Plan to the Company or materially increase benefits to Participants. 
 8.3 Committee Action. 

The Committee shall act at meetings by affirmative vote of a majority of the members of the Committee. Any action permitted to be taken at a
meeting may be taken without a meeting if, prior to such action, a written consent to the action is signed by all members of the Committee and such written consent is filed with the minutes of the proceedings of the Committee. A member of the
Committee shall not vote or act upon any matter which relates solely to himself or herself as a Participant. The chairman or any other member or members of the Committee designated by the chairman may execute any certificate or other written
direction on behalf of the Committee. 
 8.4 Powers and Duties of the Committee. 

(a) The Committee, on behalf of the Participants and their Beneficiaries, shall enforce the Plan in accordance with its terms, shall be charged
with the general administration of the Plan, and shall have all powers necessary to accomplish its purposes as set forth herein, including, but not by way of limitation, the following: 

(1) To select the Measurement Funds in accordance with Section 4.1 hereof; 

(2) To construe and interpret the terms and provisions of the Plan and to remedy any inconsistencies or ambiguities hereunder; 

(3) To select employees eligible to participate in the Plan; 

(4) To compute and certify to the amount and kind of benefits payable to Participants and their Beneficiaries; 

(5) To maintain all records that may be necessary for the administration of the Plan; 

(6) To provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries
or governmental agencies as shall be required by law; 

  
 19 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (7) To make and publish such rules for the regulation of the Plan and procedures for the
administration of the Plan as are not inconsistent with the terms hereof; 
 (8) To appoint a plan administrator or any other agent, and to
delegate to them such powers and duties in connection with the administration of the Plan as the Committee may from time to time prescribe; and 

(9) To take all actions necessary for the administration of the Plan. 

8.5 Delegation of Authority 
 To the extent
permitted by applicable law, the Committee may from time to time delegate to a committee of one or more members of the Board or one or more executives or employees of the Company its powers and duties under the Plan, including its power and
authority under Section 9.4. Any delegation hereunder shall be subject to the restrictions and limits that the Committee specifies at the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a
new delegatee. At all times, the delegatee appointed under this Section 8.5 shall serve in such capacity at the pleasure of the Committee. 
 8.6
Construction and Interpretation. 
 The Committee shall have full discretion to construe and interpret the terms and provisions of this Plan,
which interpretations or construction shall be final and binding on all parties, including but not limited to the Company and any Participant or Beneficiary. The Committee shall administer such terms and provisions in a uniform and nondiscriminatory
manner and in full accordance with any and all laws applicable to the Plan. 
 8.7 Information. 

To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating
to the Compensation of all Participants, their death or other events which cause termination of their participation in this Plan, and such other pertinent facts as the Committee may require. 

8.8 Compensation, Expenses and Indemnity. 
 (a)
The members of the Committee shall serve without compensation for their services hereunder. 
 (b) The Committee is authorized at the expense
of the Company to employ such legal counsel and other advisors as it may deem advisable to assist in the performance of its duties hereunder. Expenses and fees in connection with the administration of the Plan shall be paid by the Company. 

(c) To the extent permitted by applicable state law, the Company shall indemnify and hold harmless the Committee and each member thereof, the
Board of Directors and any delegate 

  
 20 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 
of the Committee who is an employee of the Company against any and all expenses, liabilities and claims, including legal fees to defend against such liabilities and claims arising out of their
discharge in good faith of responsibilities under or incident to the Plan, other than expenses and liabilities arising out of willful misconduct. This indemnity shall not preclude such further indemnities as may be available under insurance
purchased by the Company or provided by the Company under any bylaw, agreement or otherwise, as such indemnities are permitted under state law. 
 8.9
Quarterly Statements. 
 Under procedures established by the Committee, a Participant shall receive a statement with respect to such
Participant’s Accounts on a quarterly basis as of each March 31, June 30, September 30 and December 31. 
 8.10 Disputes.

 (a) Claim. 
 A person who
believes that he is being denied a benefit to which he is entitled under this Plan (hereinafter referred to as “Claimant”) may file a written request for such benefit with the Administrator, setting forth his claim. The request must be
addressed to the Administrator at the Company at its then principal place of business. 
 (b) Claim Decision. 

Upon receipt of a claim, the Administrator shall advise the Claimant that a reply shall be forthcoming within 90 days and shall, in fact,
deliver such reply within such period. The Administrator may, however, extend the reply period for an additional 90 days for special circumstances. 

If the claim is denied in whole or in part, the Administrator shall inform the Claimant in writing, using language calculated to be understood
by the Claimant, setting forth: (i) the specified reason or reasons for such denial; (ii) the specific reference to pertinent provisions of this Plan on which such denial is based; (iii) a description of any additional material or
information necessary for the Claimant to perfect his claim and an explanation of why such material or such information is necessary; (iv) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for
review; and (v) the time limits for requesting a review under subsection (c). 
 (c) Request For Review. 

Within 60 days after the receipt by the Claimant of the written decision described above, the Claimant may request in writing a review of the
determination of the Administrator. Such review shall be completed by the Committee. Such request must be addressed to the Secretary of PayPal Holdings, at its then principal place of business. The Claimant or his duly authorized representative may,
but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Committee. If the Claimant does not request a review within such 60-day period, he shall be barred and estopped from challenging the
Administrator’s determination. 

  
 21 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (d) Review of Decision. 

Within 60 days after the receipt of a request for review by the Committee, as applicable, after considering all materials presented by the
Claimant, the Committee shall inform the Claimant in writing, in a manner calculated to be understood by the Claimant, of its decision, setting forth the specific reasons for its decision and specific references to the pertinent provisions of this
Plan on which the decision is based. If special circumstances require that the 60 day time period be extended, the Committee shall so notify the Claimant and shall render the decision as soon as possible, but no later than 120 days after receipt of
the request for review. 
 8.11 Compliance with Section 409A of the Code. 

The Plan shall be interpreted, construed and administered in a manner that satisfies the requirements of Sections 409A(a)(2), (3) and
(4) of the Code and the Treasury Regulations thereunder. 
 ARTICLE IX. 

MISCELLANEOUS 
 9.1 Unsecured General
Creditor. 
 Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims, or
interest in any specific property or assets of the Company. No assets of the Company shall be held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all of the Company’s assets shall
be, and remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the
Participants and Beneficiaries shall be no greater than those of unsecured general creditors. It is the intention of the Company that this Plan be unfunded for purposes of the Code and Title I of ERISA. 

9.2 Restriction Against Assignment. 
 (a) The
Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or entity. No right, title or interest in the Plan or in any account may be sold, pledged, assigned or transferred in
any manner other than by will or the laws of descent and distribution. No right, title or interest in the Plan or in any Account shall be subject to the debts, contracts or engagements of the Participant or his successors in interest or shall be
subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other
legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 

  
 22 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 (b) Notwithstanding the provisions of subsection (a), a Participant’s interest in his
Account may be transferred by the Participant pursuant to a domestic relations order that constitutes a “qualified domestic relations order” as defined by the Code or Title I of ERISA. 

9.3 Withholding. 
 There shall be deducted from
each payment made under the Plan or any other Compensation payable to the Participant (or a Beneficiary) all taxes which are required to be withheld by the Company in respect to such payment or this Plan. The Company shall have the right to reduce
any payment (or compensation) by an amount sufficient to provide the amount of said taxes. 
 9.4 Amendment, Modification, Suspension or Termination. 

(a) Subject to Section 7.3, the Committee may amend, modify, suspend or terminate the Plan in whole or in part, except that no amendment,
modification, suspension or termination shall have any retroactive effect to reduce any vested amounts allocated to a Participant’s Accounts. In the event of Plan termination, distributions shall continue to be made in accordance with the terms
of the Plan. 
 (b) Notwithstanding anything to the contrary in the Plan, if and to the extent the Company shall determine that the terms of
the Plan may result in the failure of the Plan, or amounts deferred by or for any Participant under the Plan, to comply with the requirements of Section 409A of the Code, or any applicable regulations or guidance promulgated by the Secretary of
the Treasury in connection therewith, the Company shall have authority to take such action to amend, modify, cancel or terminate the Plan or distribute any or all of the amounts deferred by or for a Participate, as it deems necessary or advisable,
including without limitation: 
 (1) Any amendment or modification of the Plan to conform the Plan to the requirements of Section 409A
of the Code or any regulations or other guidance thereunder (including, without limitation, any amendment or modification of the terms of any applicable to any Participant’s Accounts regarding the timing or form of payment). 

(2) Any cancellation or termination of any unvested interest in a Participant’s Accounts without any payment to the Participant. 

(3) Any cancellation or termination of any vested interest in any Participant’s Accounts, with immediate payment to the Participant of
the amount otherwise payable to such Participant. 
 Any such amendment, modification, cancellation, or termination of the Plan may adversely affect the
rights of a Participant without the Participant’s consent. 

  
 23 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 9.5 Designation of Beneficiary. 

(a) Each Participant shall have the right to designate, revoke and redesignate Beneficiaries hereunder and to direct payment of his
Distributable Amount to such Beneficiaries upon his death. 
 (b) Designation, revocation and redesignation of Beneficiaries must be made in
writing in accordance with the procedures established by the Committee and shall be effective upon delivery to the Committee. 
 (c) No
designation of a Beneficiary other than the Participant’s spouse shall be valid unless consented to in writing by such spouse. If there is no Beneficiary designation in effect, or the designated Beneficiary does not survive the Participant,
then the Participant’s spouse shall be the Beneficiary. If there is no surviving spouse, the duly appointed and currently acting personal representative of the Participant’s estate (which shall include either the Participant’s probate
estate or living trust) shall be the Beneficiary. 
 (d) After the Participant’s death, any Beneficiary (other than the
Participant’s estate) who is to receive installment payments may designate a secondary beneficiary to receive amounts due under this Plan to the Beneficiary in the event of the Beneficiary’s death prior to receiving full payment from the
Plan. If no secondary beneficiary is designated, it shall be the Beneficiary’s estate. 
 9.6 Governing Law. 

Subject to ERISA, this Plan shall be construed, governed and administered in accordance with the laws of the State of California. 

9.7 Compliance with Code Section 162(m). 

It is the intent of the Company that any Compensation which is deferred under the Plan by a person who is, with respect to the year of
distribution, deemed by the Committee to be a “covered employee” within the meaning of Code Section 162(m) and regulations thereunder, which Compensation constitutes either “qualified performance-based compensation” within
the meaning of Code Section 162(m) and regulations thereunder or compensation not otherwise subject to the limitation on deductibility under Code Section 162(m) and regulations thereunder, shall not, as a result of deferral hereunder,
become compensation with respect to which the Company in fact would not be entitled to a tax deduction under Code Section 162(m). If the Company determines in good faith prior to a Change in Control that there is a reasonable likelihood that
any distribution under this Plan is payable to a Participant for a taxable year of the Company would not be deductible by the Company solely by reason of the limitation under Code Section 162(m), then to the extent deemed necessary by the
Committee to ensure that the entire amount of any distribution to the Participant pursuant to this Plan prior to the Change in Control is deductible, the Company may defer all or any portion of a distribution under this Plan. Any amounts deferred
pursuant to this limitation shall continue to be credited/debited with additional amounts in accordance with Article IV, even if such amount is being paid out in installments. 

  
 24 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 
The amounts so deferred and amounts credited thereon shall be distributed to the Participant or his Beneficiary (in the event of the Participant’s death) commencing as soon as reasonably
practicable following the Plan Year in which such Participant’s Separation from Service, Disability or death occurs, or if earlier, the effective date of a Change in Control. Notwithstanding anything to the contrary in this Plan, this Section
shall not apply to any distributions made after a Change in Control. 
 9.8 Payments on Behalf of Persons Under Incapacity. 

In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the Committee, is considered by reason of
physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any person found by the Committee, in its sole judgment, to have assumed the care of such person. Any payment made
pursuant to such judgment shall constitute a full release and discharge of the Committee and the Company. 
 9.9 Limitation of Rights. 

Neither the establishment of the Plan nor any modification thereof, nor the creating of any fund or account, nor the payment of any benefits
shall be construed as giving to any Participant or other person any legal or equitable right against the Company except as provided in the Plan. In no event shall the terms of employment of, or membership on the Board by, any Participant be modified
or in any way be effected by the provisions of the Plan. 
 9.10 Exempt ERISA Plan 

The Plan is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for a select group of management or
highly compensated employees within the meaning of Sections 201, 301 and 401 of ERISA and therefore to be exempt from Parts 2, 3 and 4 of Title I of ERISA. 

9.11 Notice 
 Any notice or filing required or
permitted to be given to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the principal office of the Company, directed to the attention of the General Counsel and
Secretary of PayPal Holdings. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 

9.12 Errors and Misstatements 
 In the event of
any misstatement or omission of fact by a Participant to the Committee or any clerical error resulting in payment of benefits in an incorrect amount, the Committee shall promptly cause the amount of future payments to be corrected upon discovery of
the facts and shall pay or, if applicable, cause the Plan to pay, the Participant or any other 

  
 25 

 PayPal Holdings, Inc. 

Deferred Compensation Plan 
  

 
person entitled to payment under the Plan any underpayment in a lump sum or to recoup any overpayment from future payments to the Participant or any other person entitled to payment under the
Plan in such amounts as the Committee shall direct or to proceed against the Participant or any other person entitled to payment under the Plan for recovery of any such overpayment. 

9.13 Pronouns and Plurality 
 The masculine
pronoun shall include the feminine pronoun, and the singular shall include the plural where the context so indicates. 
 9.14 Severability 

In the event that any provision of the Plan shall be declared unenforceable or invalid for any reason, such unenforceability or invalidity
shall not affect the remaining provisions of the Plan but shall be fully severable, and the Plan shall be construed and enforced as if such unenforceable or invalid provision had never been included herein. 

9.15 Status 
 The establishment and maintenance
of, or allocations and credits to, the Accounts of any Participant shall not vest in any Participant any right, title or interest in and to any Plan assets or benefits except at the time or times and upon the terms and conditions and to the extent
expressly set forth in the Plan. 
 9.16 Headings. 

Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the
provisions hereof. 

  
 26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]