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This excerpt taken from the EBAY DEF 14A filed Mar 19, 2009. Vesting
of New RSUs
New RSUs granted in the option exchange will not be vested on
their date of grant regardless of whether the surrendered option
was fully vested. Instead, the new RSUs will vest in equal
installments on each anniversary of the date of grant of the new
RSUs with the number of installments determined using the date
the new RSUs granted in the option exchange are issued and the
date the surrendered option would have otherwise become fully
vested.
Table of Contents
For illustrative purposes, the table below provides the vesting
schedule with respect to the new RSUs (unless local regulations
or restrictions require that the vesting occur later than the
first anniversary of the date of grant), assuming that the new
RSUs are issued on September 1, 2009:
For example, if an eligible option was granted on March 1,
2007 and would vest with respect to 25% of the shares subject to
the eligible option on the first anniversary of the date of
grant and then with respect to 2.08% of the shares over the
subsequent 36 months, the eligible option would become
fully vested on March 1, 2011. Using the table above, new
RSUs granted in exchange for the surrender of this eligible
option would vest in three equal installments on the first three
anniversaries of the date the new RSUs are granted.
New RSUs will only vest if the award holder remains an employee
with us or one of our majority-owned subsidiaries. Any portion
of the new RSUs that are not vested at termination of employment
will be forfeited. As described above, the new RSUs will be
completely unvested on the date of grant, regardless of whether
the surrendered options were partially or completely vested.
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