Employment Agreement - eBay Inc. and Jeffrey Skoll
Mr. Jeffrey Skoll
11499 Summit Wood Rd.
Los Altos, CA 94022
Dear Jeff::
eBay, Inc. (the "Company" or "eBay") is pleased to confirm its offer to you
of a position as President at a salary, payable every other week, which is
equivalent to a monthly salary of $2,500.00. You win also be entitled to the
benefits that eBay customarily makes available to employees in positions
comparable to yours. In addition you will have the right for the next thirty
(30) days to purchase that number of shares (the "Shares') of the Company's
Common Stock that is equivalent to 425/1000 of the total number of shares (on an
as-converted-into Common Stock basis) that I own. These Shares will be subject
to a right of repurchase in favor of the Company through June 30, 2000. The
right of repurchase will expire in the event of continued employment, with
respect to 7/48 of the shares on February 1, 1997, and with respect to an
additional 1/48 of the Shares on the first day of each month, thereafter. In
the event of an acquisition of eBay, or similar transaction, on or before June
30, 1997, the right of repurchase will expire with respect to an additional 1/4
of the total number of Shares (i.e. the equivalent of an additional twelve
months "vesting"), if such transaction occurs on or after July 1, 1997, the
right of repurchase shall expire with respect to all of the Shares.
The Company asks that you complete the enclosed "Employee Information and
Inventions Agreement" prior to commencing employment. In part, this Agreement
requests that a departing employee refrain from using or disclosing eBay's
Confidential Information (as defined in the Agreement) in any manner which might
be detrimental to or conflict with the business interests of eBay or its
employees. This Agreement does not prevent a former employee from using his or
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her general knowledge and experience - no matter when or how gained -- in any
new field or position. If you should have any questions about the "Employee
Confidential Information and Inventions Agreement," please call me.
Under federal immigration laws, the Company is required to verify each new
employee's identity and legal authority to work in the United States.
Accordingly, please be prepared to furnish appropriate documents satisfying
those requirements; this offer of employment is conditioned on submission of
satisfactory documentation.
We hope that you and eBay will find mutual satisfaction with your
employment. All of us at eBay are very excited about your joining our team and
look forward to a beneficial and
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fruitful relationship. Nevertheless, employees have the right to terminate
their employment at any time with or without cause or notice, and the Company
reserves for itself an equal right. We both agree that any dispute arising with
respect to your employment, the termination of that employment, or a breach of
any covenant of good faith and fair dealing related to your employment, shall be
conclusively settled by final and binding arbitration in accordance with the
Voluntary Labor Arbitration Rules of the American Arbitration Association (AAA)
at the AAA office in San Jose.
This letter and the "Employee Confidential Information and Inventions
Agreement" contain the entire agreement with respect to your employment. The
terms of this offer may only be changed by written agreement, although the
Company may from time to time, in its sole discretion, adjust the salaries and
benefits paid to you and its other employees. Should you have any questions
with regard to any of the items indicated above, please call me. Kindly
indicate your consent to this employment agreement by signing and returning a
copy of this letter and a completed "Employee Confidential Information and
Inventions Agreement" to me by October 31, 1996.
Very truly yours,
/s/ PIERRE OMIDYAR
Pierre Omidyar
Chief Executive Officer
ACCEPTED:
/s/ J SKOLL OCT 24/96
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Jeffrey Skoll (Date)
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