Special Bonus Plan - eBay Inc. and Matt Bannick
[eBay Logo]
SUBJECT TO COMPENSATION COMMITTEE APPROVAL
TO: Matt Bannick
FROM: eBay Inc.
RE: Special Bonus Plan
DATE: September 6, 2002
_____________________________________________________________________
eBay Inc. (the "Company") is pleased to provide you with this Special Bonus
Plan ("Plan")in connection with your acceptance of a new position as Senior
Vice President and General Manager, Global Online Payments and to encourage you
to remain employed by the Company. Set forth below is the terms of the Plan.
Bonus Schedule:
Under the Plan, you are eligible to earn bonuses at the close of the Company's
acquisition of PayPal and nine, eighteen and twenty-four months following such
close, under the following schedule:
Bonus Performance Period End Date Bonus Amount
--------------------------------- ------------
Deal Close $250,000
Nine Month Anniversary up to $250,000*
18 Month Anniversary up to $250,000*
24 Month Anniversary up to $250,000*
The last three bonus amounts (indicated by asterisks) will be performance
based, using criteria to be agreed by you and eBay's CEO and COO related
primarily to the integration and performance of eBay's PayPal subsidiary. The
bonuses are subject to standard payroll deductions and withholdings. You must
be employeed by the Company on the applicable Performance Period End Date in
order to earn and receive the Bonus Amount(s),which will be paid out within
thirty (30) days after the applicable Performance Period End Date. Your
employment with the Company at all time remains "at will" and nothing herein
shall be held or construed as altering the at-will relationship. Either you or
the Company may terminate your employment at any time, with or without cause or
advanced notice. You understand that if your employment ceases prior to a Bonus
Performance Period End Date for any reason, you will not be eligible to receive
the Bonus Amount for that or any subsequent perios and that no pro rata bonus
can be earned. You also understand that should the pending acquisition of
PayPal not take place for any reason, no bonus will be payable or paid under
this Plan. The Plan will become effective upon your agreement to accept this
new role at the Company and Copensation Committee approval.
Agreed and Accepted:
/s/ Matt Bannick
------------------ Date: Oct 3, 2002
Matt Bannick