UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2023 (
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 8, 2023, PayPal Holdings, Inc. (the “Company”) announced that Jonathan Auerbach, Executive Vice President, Chief Strategy, Growth and Data Officer, will depart from the Company on June 1, 2024. Mr. Auerbach will continue to serve as Executive Vice President, Chief Strategy, Growth and Data Officer through December 31, 2023, at which point Mr. Auerbach will cease to serve in such position and will remain with the Company as an advisor through June 1, 2024. Mr. Auerbach’s departure does not reflect any dispute or disagreement with the Company and Mr. Auerbach’s compensation will be unchanged during the period he serves as an advisor.
The circumstances of Mr. Auerbach’s termination of employment with the Company qualify him for a severance pay benefit, health benefits, equity award treatment and outplacement services consistent with a “Qualifying Termination” (as defined in the Executive Vice President section of Appendix A, by reason of 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 10.07 to the Company’s Annual Report on Form 10-K, as well as continued equity award vesting and health benefits consistent with a “Qualifying Termination” (as defined in Appendix B of the Plan, by reason of subsection b.). The Company and Mr. Auerbach entered into a separation agreement on August 4, 2023, which, in exchange for a release of claims, compliance with restrictive covenants and other valuable consideration, provides for the payment of severance pay, benefits and equity award treatment under and in accordance with Appendix A of the Plan and continued equity award vesting and health benefits under and in accordance with Appendix B of the Plan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PayPal Holdings, Inc. | ||||||
| (Registrant) | ||||||
| Date: August 8, 2023 | /s/ Bimal Patel | |||||
| Name: Bimal Patel | ||||||
| Title: Senior Vice President, General Counsel | ||||||