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EBAY » Topics » Employment Agreements, Change-in-Control Arrangements, Severance Arrangements, and Retention Bonus Plans with Executive OfficersThis excerpt taken from the EBAY DEF 14A filed Apr 26, 2006. Employment
Agreements,
Change-in-Control
Arrangements, Severance Arrangements, and Retention Bonus Plans
with Executive Officers
We do not have individual long-term employment agreements or
change-in-control
arrangements with any of our executive officers. We do not have
any severance payment arrangements with any of our executive
officers, except that: (i) under her January 16, 1998
employment letter agreement, if Ms. Whitman is terminated other
than for cause, she is entitled to receive salary compensation
for six months, and if she remains unemployed at the end of such
six-month period, she is eligible to receive additional salary
compensation for the lesser of six months or commencement of
other employment; and (ii) under his July 17, 1999
offer letter, if Mr. Webb is terminated other than for
cause, he is entitled to receive salary compensation for six
months, and if he remains unemployed at the end of such
six-month period, he is eligible to receive additional salary
compensation for the lesser of six months or commencement of
other employment. See footnotes 9 and 10 of the Summary
Compensation Table above for descriptions of the special
retention bonus plans that we entered into with Mr. Jordan
and Mr. Donahoe.
Table of Contents
Similar to the provisions of broad-based equity compensation
plans of many other public companies, our broad-based equity
compensation plans provide that in the event of a change in
control, any surviving corporation or acquiring corporation must
either assume or continue outstanding awards or substitute
similar awards. If the surviving corporation or acquiring
corporation refuses to do so, then with respect to awards held
by participants whose service has not terminated, the vesting of
such awards (and, if applicable, the time during which such
awards may be exercised) will be accelerated in full.
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