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This excerpt taken from the EBAY DEF 14A filed May 16, 2005. General and
Administration
The eIP provides for a quarterly and annual bonus to eligible
eBay employees. The Compensation Committee will be responsible
for administering the eIP. The members of the Compensation
Committee (or the sub-committee selected to administer the eIP)
must qualify as “outside directors” under
Section 162(m) of the Code in order for Incentive Awards to
“covered employees” to qualify as deductible
“performance-based compensation” under the Code. The
Compensation Committee will have complete and absolute authority
to make decisions regarding the administration of the eIP,
including interpreting the terms and provisions, and
establishing,
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adjusting or paying Incentive Awards, even if those actions
result in the non-deductibility of those awards. Under the eIP,
no participant may receive an award of more than $3,000,000 (or
the equivalent amount of equity, based on fair market value on
the date of grant) in any fiscal year.
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