Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 7, 2023, PayPal Holdings, Inc. (the "Company") announced that Blake
Jorgensen, Executive Vice President and Chief Financial Officer, will step down
from his position as the Company's Chief Financial Officer, effective
immediately. Mr. Jorgensen will remain with the Company as a senior advisor
through September 15, 2023. Mr. Jorgensen's decision does not reflect any
dispute or disagreement with the Company and Mr. Jorgensen's compensation will
be unchanged during the period he serves as a senior advisor. Gabrielle
Rabinovitch will continue to serve as acting Chief Financial Officer and SVP,
Investor Relations and Treasurer.
The circumstances of Mr. Jorgensen's termination of employment with the Company
qualify him for severance benefits consistent with a "Qualifying Termination"
(as defined in Appendix A, subsection a.) under the terms of the PayPal
Holdings, Inc. Executive Change in Control and Severance Plan, as amended and
restated (the "Plan"), previously filed with the SEC on February 10, 2023 as
Exhibit 10.29 to the Company's Annual Report on Form 10-K. The Company and
Mr. Jorgensen entered into a separation agreement on March 3, 2023, which, in
exchange for a release of claims and other valuable consideration, provides for
the payment of severance benefits under Appendix A of the Plan.
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