Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
eBay Inc. ("eBay") has entered into a letter agreement with Andy Cring, Interim
Chief Financial Officer, modifying Mr. Cring's existing severance benefits
("Letter Agreement"). Under the terms of the Letter Agreement, for purposes of
Mr. Cring's participation in eBay's standard severance plan for vice presidents,
if he is terminated without cause and signs and does not revoke a waiver of
claims against eBay, then he will be entitled to: (1) cash severance equal to
one times base salary plus target annual bonus, (2) a prorated annual bonus for
the year of termination based on actual eBay performance and target individual
performance, (3) the value of the equity awards that would have vested in the
12-month period after the termination date and (4) an amount equal to 8 months
of COBRA premiums. In addition, the Letter Agreement provides for a $2,000,000
cash payment to Mr. Cring if he remains employed with eBay through June 1, 2021
or his employment is terminated without cause prior to that date and signs and
does not revoke a waiver of claims against eBay.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following materials are attached as exhibits to this Current Report on Form
8-K:
Exhibit
Number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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