Source: Morningstar
Online auction company eBay Inc. said Wednesday that it entered into a separation agreement with Lynn M. Reedy, its senior vice president, product, development and architecture, according to a filing with the Securities and Exchange Commission.
Reedy will resign as an executive officer on Oct. 31 but remain employed at the San Jose-based company in a transitional role through May 2006. No reason was given for her resignation in the filing.
eBay will pay Reedy severance equal to three months of her base salary and three months of accelerated stock option vesting. She will get an additional two months of both her salary and accelerated option vesting if she agrees to certain non-competition provisions. The filing and the company’s most recent annual proxy didn’t provide Reedy’s salary.
Reedy has served eBay in her current role since June 2003 and joined the company in November 1999.