eBay executive Mark Carges will receive health insurance through COBRA for up to 18 months after he officially steps down as Chief Technology Officer on November 3rd. A report filed with the SEC five days after eBay announced the news on its website outlined the separation package the company is providing him.
Carges, who made the decision to resign from eBay in order to focus on a family matter, will work with eBay CEO John Donahoe on a transition over the next 6 weeks. Donahoe is already filling in for the role of president of PayPal after the departure of David Marcus in June.
According to its filing with the SEC, eBay will provide Carges with the following:
- a separation payment in the form of a lump sum payment in the amount of $468,750;
- a prorated annual bonus through November 3, 2014, paid out at target for the individual component and based on actual Company performance should the Company meet the threshold to pay out a bonus;
- accelerated vesting with respect to 21,831 performance-based restricted stock units (“PBRSUs”), representing the unvested portion of his PBRSUs earned in the 2012-2013 performance period based on actual 2012 and 2013 performance;
- the Company will cover the cost of COBRA premiums for a period of up to 18 months.
In its September 11th announcement about the departure, eBay wrote, “Mark will continue to serve on several boards, but he’ll be taking a step back from a full time operating role in order to prioritize time with his family.” This week, software firm Splunk revealed it had created a new seat on its Board of Directors for Carges who accepted that position on September 9th.