Summary
This 8-K filing from eBay Inc. (EBAY) on June 15, 2006, primarily details a material definitive agreement related to the retirement of Chief Operating Officer, Maynard Webb. Following the previously announced plan for Mr. Webb's retirement in August 2006, the Compensation Committee of the Board of Directors has approved a partial participation in the 2006 annual component of the eBay Incentive Plan. This means Mr. Webb will receive 50% of the amount he would have otherwise earned for the 2006 plan year, contingent on remaining eligible for payment in 2007, less applicable taxes. This agreement outlines specific compensation terms for a key executive during his transition out of the company.
Key Highlights
- 1Maynard Webb, eBay's Chief Operating Officer, is retiring in August 2006.
- 2The Compensation Committee approved partial participation for Mr. Webb in the 2006 eBay Incentive Plan.
- 3Mr. Webb will receive 50% of his eligible 2006 incentive plan payout.
- 4Payment is conditional on eligibility for receipt in 2007.
- 5This agreement formalizes compensation terms during his retirement transition.
- 6The filing is dated June 15, 2006, with the earliest event reported on June 13, 2006.
Frequently Asked Questions
The primary purpose of this 8-K filing is to disclose a material definitive agreement concerning the partial participation of retiring Chief Operating Officer Maynard Webb in the company's 2006 annual incentive plan.
Maynard Webb will receive 50% of the amount he would have received for the 2006 annual component of the eBay Incentive Plan, provided he remains eligible to receive payment in 2007. This amount will be subject to applicable withholding taxes.
Maynard Webb plans to retire from eBay Inc. in August 2006.
The terms were approved by the Compensation Committee of the Board of Directors of eBay Inc.