Jeff Jordan will act as part-time consultant to eBay
News that Jeff Jordan was stepping down as President of PayPal came as a shock to industry observers last week. But eBay filings with the SEC on Thursday revealed that Jordan will provide consulting services to eBay on a part-time basis following his employment termination date, which is expected to take place in the third quarter of 2006. Either party can terminate the consulting agreement upon one week's written notice. The filings did not disclose how much eBay would pay Jordan for the consulting gig.
Also revealed was that the vesting of Jordan's outstanding stock options will be accelerated by six months at the time of termination. In addition, eBay will pay Jordan "two-thirds of the amount he would have received with respect to the 2006 annual component of the eBay Incentive Plan had he remained eligible to receive payment in 2007 with respect to the 2006 annual component, less any applicable withholding taxes."
The Compensation Committee also authorized eBay to provide additional relocation assistance to Bob Swan, the company's Chief Financial Officer, in connection with the sale of his home in Plano, Texas, in light of the condition of the real estate market there.
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