Is eBay going all establishment?
For years, eBay (EBAY) has proudly boasted in its filings that unlike 75% of all companies, the company did not offer its’ executives an opportunity to defer compensation. Instead, senior executives had access to the same 401-K plan that all other employees did, with eBay contributing up to $1,500 a pop. Talk about egalitarianism!
Now, judging by this 8-K filed late yesterday, eBay has decided to start allowing executives to defer compensation beginning in January. According to the filing, “eligible members of the Company’s senior management (“Participants”) may defer receipt of their compensation, including up to 50% of their salaries, up to 100% of their bonuses and, to the extent permitted by the Committee, up to 100% of their restricted stock units.”
Why change things now? It’s not entirely clear from the filing. (For those who are restless and want to read the entire plan, it’s available here). But it’s certainly an interesting change of course for a company that has managed to buck the trend so far.
One final note: There should be some good filings coming up over the next week, with so many people heading off the grid today. As always, if you find something good, please let us know since we can’t get to every filing: tips (at) footnoted.org. Posting will be light next week as I work on some long-range planning for the site. Suggestions on that are welcome, too.