Failed Webvan CEO turned eBay CFO Bob Swan Pans eBay Real Estate Listings

[mandy]

Failed Webvan CEO -remember them, the biggest dotcom failure, they blew threw $1 billion in investors money before liquidating - is attempting to sell his $3 million home in Plano, Texas.  He is having difficulty unloading it in the weak Plano market and  as a result eBay has promised to pay him $700,000 if it fails to sell at the asking price.  Despite the difficulty he is having in selling the home, he has not listed it on eBay's own real estate listings section.  Apparently the new CFO has little faith in the ability of eBay Real Estate to deliver an acceptable sale price

SEC Filing, form 8-K, July 13th 2006

Item 1.01 Entry into a Material Definitive Agreement.

On July 6, 2006, eBay Inc. announced the departure of Jeff Jordan, President of its PayPal, Inc. subsidiary. A copy of the press release announcing Mr. Jordan's departure is attached as an exhibit to this filing. On July 7, 2006, the Compensation Committee of eBay's Board of Directors (the "Compensation Committee") approved the partial participation of Mr. Jordan in the 2006 annual component of the eBay Incentive Plan. Under the terms approved by the Compensation Committee, eBay will pay to Mr. Jordan 2/3 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 vesting of Mr. Jordan’s outstanding stock options will also be accelerated by six months at the time of termination of Mr. Jordan’s employment, which is expected to take place in the third quarter of 2006. In addition, the Committee authorized the company to enter into a consulting agreement with Mr. Jordan that is expected to be finalized prior to Mr. Jordan’s employment termination date. It is expected that under the terms of the consulting agreement, Mr. Jordan would provide consulting services to eBay on a part-time basis following his employment termination date, and that the agreement would be terminable by either party upon one week’s written notice.

In addition, on July 7, 2006, the Compensation Committee 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 that real estate market. This additional relocation assistance is in addition to the relocation package provided to Mr. Swan in his offer letter dated February 10, 2006 and filed on a Form 8-K on February 21, 2006. Under the supplemental relocation assistance package, eBay will pay the difference, if any, between $3,000,000 and the sales price of Mr. Swan’s home, up to a maximum amount of $700,000, and assist with certain other relocation-related costs and expenses associated with the sale of that home (collectively, the "Payment Amount"). In addition, eBay will provide Mr. Swan with a tax reimbursement for income attributed to him arising from the receipt of the Payment Amount. In the event that Mr. Swan voluntarily terminates his employment with eBay or eBay terminates Mr. Swan for cause on or prior to July 7, 2010, Mr. Swan will be obligated to repay to eBay a prorated portion of the Payment Amount, with such repayment obligation decreasing by 1/48th of the total amount for each full month elapsed between July 7, 2006 and any such event. A copy of the agreement between Mr. Swan and eBay is attached as an exhibit to this filing.

Item 8.01 Other Events.

On July 6, 2006, eBay Inc. announced the departure of Jeff Jordan, President of its PayPal, Inc. subsidiary. eBay also announced several other changes to its management team, including the appointment of Rajiv Dutta to replace Mr. Jordan as President of PayPal, and the appointment of Alex Kazim to replace Mr. Dutta as President of Skype. A copy of the press release announcing Mr. Jordan's departure and the other management changes is attached as an exhibit to this filing.

In addition, the Compensation Committee of eBay's Board of Directors (the "Compensation Committee") recently approved changes to eBay’s grant procedures for new hire and promotional stock option grants, effective July 1, 2006. Under the newly-approved procedures, grants to newly-hired employees of fewer than 100,000 shares and grants in connection with the promotion of existing employees that take place outside of the company’s standard semi-annual promotional review process will be made on the second Friday of the month following the month in which the employee commenced employment or received any such promotion, as applicable. Grants to newly-hired employees of 100,000 shares or more will be split into two equal tranches, with the first grant being made on the second Friday of the month following the month in which the employee commenced employment, and the second grant being made on the second Friday of the month that is six months following the month in which the initial grant occurred.

Prior to these changes, new hire grants of fewer than 100,000 shares and promotional grants outside of the semi-annual promotional review process were made on a non-discretionary basis on the Friday of the first full week of employment or the Friday following the week in which any such promotion became effective. New hire grants of 100,000 shares or more were previously split into two equal tranches, with the first grant being made on the Friday following the first full week of employment, and the second grant being made 26 weeks from the date of the initial grant.

full filing: http://sec.gov/Archives/edgar/data/10650..._13652.htm