<SUBMISSION>
<ACCESSION-NUMBER>0000891618-09-000075
<TYPE>DEFA14A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20090310
<DATE-OF-FILING-DATE-CHANGE>20090309
<EFFECTIVENESS-DATE>20090310
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>EBAY INC
<CIK>0001065088
<ASSIGNED-SIC>7389
<IRS-NUMBER>770430924
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFA14A
<ACT>34
<FILE-NUMBER>000-24821
<FILM-NUMBER>09667681
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>2145 HAMILTON AVENUE
<CITY>SAN JOSE
<STATE>CA
<ZIP>95125
<PHONE>408-376-7400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>2145 HAMILTON AVENUE
<CITY>SAN JOSE
<STATE>CA
<ZIP>95125
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>f51788a1defa14a.htm
<DESCRIPTION>DEFINITIVE SOLICITING MATERIAL
<TEXT>
<HTML>
<HEAD>
<TITLE>defa14a</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>






<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>(Rule&nbsp;14a-101)</B></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the<BR>
Securities Exchange Act of 1934<BR>
(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Filed by the Registrant&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Filed by a Party other than the Registrant&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-</B><B>6(e)(2)</B><B>)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &#167;240.14a-11(c) or &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>eBay Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt"><B>(Name of Registrant as Specified In Its Certificate)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><BR><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(4) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total fee paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange
Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amount Previously Paid:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Filing Party:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Date Filed:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attached are (i)&nbsp;a written communication sent by the President and Chief Executive Officer of eBay
Inc. (&#147;eBay&#148; or the &#147;Company&#148;) to the Company&#146;s employees on March&nbsp;9, 2009 regarding a proposal
submitted to the Company&#146;s stockholders to approve amendments to certain of the Company&#146;s existing
equity incentive plans to allow for a one-time stock option exchange program for employees other
than the Company&#146;s named executive officers and directors (the &#147;Option Exchange Program&#148;); (ii)&nbsp;a
bullet-point list of basic information about the proposed Option Exchange Program, which was
attached as a link to the written communication referred to in (i)&nbsp;above; (iii)&nbsp;an email from Beth
Axelrod, Senior Vice President, Human Resources, to eBay people managers, human resources managers,
the investor relations team, and the public relations team regarding the proposed Option Exchange
Program; (iv)&nbsp;a Proposed Stock Option Exchange Program Q&#038;A made available to the Company&#146;s
employees on March&nbsp;9, 2009; and (v)&nbsp;a March&nbsp;9, 2009 post by Richard Brewer-Hay, editor of eBay Ink,
the Company&#146;s online blog, regarding the proposed Option Exchange Program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The Option Exchange Program has not yet commenced. eBay will file a Tender Offer Statement on
Schedule&nbsp;TO with the Securities and Exchange Commission, or SEC, upon the commencement of the
Option Exchange Program. Persons who are eligible to participate in the Option Exchange
Program should read the Tender Offer Statement on Schedule&nbsp;TO and other related materials when
those materials become available, because they will contain important information about the
Option Exchange Program.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the
amendment of certain eBay equity incentive plans to permit the Option Exchange Program, eBay
has filed a preliminary proxy statement with the SEC and intends to file other relevant
materials with the SEC, including a definitive proxy statement. eBay stockholders are urged
to read such materials as and when they become available and before making any voting decision
regarding the plan amendments, because they will contain important information about the
proposal to be voted on by stockholders with respect to the Option Exchange Program.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>eBay stockholders and option holders will be able to obtain the written materials described above
and other documents filed by eBay with the SEC free of charge from the SEC&#146;s website at
www.sec.gov. In addition, stockholders and option holders may obtain free copies of the
documents filed by eBay with the SEC by directing a written request to: eBay Inc. 2145
Hamilton Avenue, San Jose, California 95125, Attention: Investor Relations.</I></B>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>E-mail from John Donahoe</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="f51788a1f5178801.gif" alt="(GRAPHIC)">

</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt">Proposed Stock Option Exchange Program
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To All Employees,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been exploring ways to address employee stock option grants that
are deeply &#147;underwater,&#148; meaning the exercise price is significantly higher
than our current share price. Today, I&#146;m pleased to announce that we are
asking stockholders to approve a one-time, voluntary exchange program that
would allow you to exchange, at set ratios, certain underwater options for
restricted stock units, or RSUs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Option exchanges are governed by SEC and NASDAQ regulations. Details of
the proposed exchange program are outlined in our preliminary proxy
statement, which can be found at <B>&#091;link&#093;</B>. Stockholders will vote on amending
our equity incentive plans to permit the exchange program at our annual
stockholders&#146; meeting on April&nbsp;29. Following receipt of the required
stockholder approval, we will have up to a year to execute the program. We
do not yet know when we would begin the exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until stockholders approve the amendments necessary to permit the program
and we set a date and begin the exchange, there&#146;s nothing you need to do.
However, you can click here <B>&#091;link&#093; </B>to find some basic information you may
want to know. I&#146;ll update you again following our annual stockholders&#146;
meeting on April&nbsp;29.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="f51788a1f5178802.gif" alt="-s- John">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The option exchange described in this letter has not yet commenced. eBay will file a Tender Offer Statement on Schedule&nbsp;TO with the Securities and
Exchange Commission, or SEC, upon the commencement of the option exchange. Persons who are eligible to participate in the option exchange should
read the Tender Offer Statement on Schedule&nbsp;TO and other related materials when those materials become available, because they will contain important
information about the option exchange.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the amendment of certain eBay equity incentive plans to
permit the option exchange discussed in this letter, eBay has filed a preliminary proxy statement with the SEC and intends to file other relevant
materials with the SEC, including a definitive proxy statement. eBay stockholders are urged to read such materials as and when they become available
and before making any voting decision regarding the plan amendments, because they will contain important information about the proposal to be
voted on by stockholders referenced in this letter.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>eBay stockholders and option holders will be able to obtain the written materials described above and other documents filed by eBay with the SEC
free of charge from the SEC&#146;s website at www.sec.gov. In addition, stockholders and option holders may obtain free copies of the documents filed
by eBay with the SEC by directing a written request to: eBay Inc. 2145 Hamilton Avenue, San Jose, California 95125, Attention: Investor Relations.</I>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Basic Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proposed Stock Option Exchange Program</B><BR>
Basic Information
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With stockholder approval, we will have until April&nbsp;2010 to begin the exchange program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once a date is set to begin the exchange, eligible employees will receive detailed
information. So don&#146;t worry &#151; you will know everything you need to know to make a decision
that&#146;s right for you. Once the exchange begins, you will have 20 business days to decide
whether to participate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Which options are eligible for exchange? We have proposed exchanging options with
exercise prices that are equal to or higher than the highest per share trading price of our
stock in the 52&nbsp;weeks prior to the start of the exchange. So eligible options will be
determined when we set a date and begin the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options granted within 12&nbsp;months prior to the start of the exchange, and options that
expire within 12&nbsp;months following the completion of the exchange, will not be eligible.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Is anyone excluded from participating? Named executive officers for 2008 &#151; John
Donahoe, Bob Swan, Lorrie Norrington, Scott Thompson and Beth Axelrod &#151; as well as our
board members, are not allowed to participate in the exchange program. Former employees who
still hold options also are excluded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The actual exchange ratio between options and Restricted Stock Units (RSUs) will depend
on, among other things, eBay&#146;s share price at the time the exchange begins and the exercise
price of the eligible options, and therefore may be different than the sample exchange
ratios shown in the proxy statement, which are for illustrative purposes only. Those
sample ratios are based on several assumptions, including having a $12 per share price at
the start of the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We will issue RSUs having approximately 90&nbsp;percent of the fair value of the stock
options that are being exchanged. For example, at an illustrative eBay share price of $12
per share at the beginning of the exchange, an employee with eligible options set at an
exercise price of $35 would be able to exchange 16.5 options for one RSU. Eligible options
with an exercise price of $28 could be exchanged at a ratio of 12 options to one RSU. If an
employee would receive less than 100 RSUs in exchange for all of their eligible options,
the value will be paid in cash instead of RSUs (in countries where it is practical to do
so).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Vesting of the RSUs will be determined based on the vesting of the options
exchanged. RSUs will begin to vest as early as 12&nbsp;months from the close of the exchange.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Outside of the United States, an option exchange may be subject to local regulations
that will result in differences in how the exchange is executed. Whenever possible, we will
follow the same approach in all countries. We always will do what makes the most sense for
employees and the company. Eligible employees outside the United States will receive
information about their local plan at the appropriate time.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 2%"><U><I><B>Key legal disclosure</B></I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I><B>The option exchange described in this summary has not yet commenced. eBay will file a
Tender Offer Statement on Schedule&nbsp;TO with the Securities and Exchange Commission, or SEC,
upon the commencement of the option exchange. Persons who are eligible to participate in
the option exchange should read the Tender Offer Statement on Schedule&nbsp;TO and other related
materials when those materials become available, because they will contain important
information about the option exchange.</B></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I><B>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the
amendment of certain eBay equity incentive plans to permit the option exchange discussed in
this summary, eBay has filed a preliminary proxy statement with the SEC and intends to file
other relevant materials with the SEC, including a definitive proxy statement. eBay
stockholders are urged to read such materials as and when they become available and before
making any voting decision regarding the plan amendments, because they will contain
important information about the proposal to be voted on by stockholders referenced in this
summary.</B></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><I><B>eBay stockholders and option holders will be able to obtain the written materials described
above and other documents filed by eBay with the SEC free of charge from the SEC&#146;s website
at www.sec.gov. In addition, stockholders and option holders may obtain free copies of the
documents filed by eBay with the SEC by directing a written request to: eBay Inc. 2145
Hamilton Avenue, San Jose, California 95125, Attention: Investor Relations.</B></I>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>E-mail to eBay People Managers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Communication Guidelines for Proposed Stock Option Exchange Program</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To all people managers, HR managers, the IR team, and the global PR team:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Today we announced our intention to seek stockholder approval for amendments to our equity
incentive plans to permit an option exchange program. You should have received an email from John
Donahoe earlier today with the announcement and a link to some additional information and an FAQ.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assuming that we receive the necessary stockholder approval at our annual meeting of stockholders
on April&nbsp;29, we will provide you and all employees an update. Once we set a launch date for the
option exchange, we will provide further information on the exchange and will hold sessions with
employees to provide them the information needed to make their decisions as to whether to
participate and the details of how to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You should know that option exchanges are governed by SEC rules and regulations. Accordingly, we
are required to file with the SEC all written and recorded information provided on the exchange.
Since you are a people manager or a member of the HR, IR, or Communications team, you will likely
be asked questions by your people or outside constituents. Communications between you and employees
or outside constituents are subject to these SEC requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please use the communication guidelines below when responding to questions and comments. Failure to
do so could result in eBay having to take a series of complicated (and expensive) corrective
actions. I am asking for your strict adherence to the requirements below:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the commencement of the exchange program: do not guarantee that the exchange
program will start by any given date. The decision of if and when to begin the exchange
program will be made by our board of directors, the Compensation Committee or John.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Do not answer a question via email or by leaving a voicemail. SEC rules require us to
file all written and recorded communications made on behalf of eBay about the exchange
program with the SEC. SEC filings are expensive (so we want to minimize the number of
filings we have to make). If incorrect information is given to employees or outside
constituents (or some employees or outside constituents are given additional information
that no one else has), we will have to take a series of complicated (and expensive)
corrective steps.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you forget and leave a voicemail or send an email, please immediately contact
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; or &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in Legal.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Once the tender offer document is filed with the SEC (and the option exchange program
begins), do not give any advice about whether someone should participate in the program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Answer questions only by referring people to our proxy statement, John&#146;s email to all
employees, the additional information in his email and the option exchange FAQ on iWeb.
Once the tender offer documents are filed with the SEC, there will be more information
available that employees can reference.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If someone asks a question that is not covered by the materials we have provided, please
refer them to &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in HR, or &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; or &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in Legal.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions, please contact &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in HR, or &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; or &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; in Legal.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I want to thank you for your attention to this important issue. The option exchange is an
important opportunity for our people, and I am counting on each of you to follow these requirements
as we navigate the process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><BR>Beth
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>The option exchange described in this email has not yet commenced. eBay will file a Tender Offer
Statement on Schedule&nbsp;TO with the Securities and Exchange Commission (SEC)&nbsp;upon the commencement of
the option exchange. Persons who are eligible to participate in the option exchange should read
the Tender Offer Statement on Schedule&nbsp;TO and other related materials when those materials become
available, because they will contain important information about the option exchange.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the amendment
of certain eBay equity incentive plans to permit the option exchange discussed in this e-mail, eBay
has filed a preliminary proxy statement with the SEC and intends to file other relevant materials
with the SEC, including a definitive proxy statement. eBay stockholders are urged to read such
materials as and when they become available and before making any voting decision regarding the
plan amendments, because they will contain important information about the proposal to be voted on
by stockholders referenced in this e-mail.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>eBay stockholders and option holders will be able to obtain the written materials described above
and other documents filed by eBay with the SEC free of charge from the SEC&#146;s website at
www.sec.gov. In addition, stockholders and option holders may obtain free copies of the documents
filed by eBay with the SEC by directing a written request to: eBay Inc. 2145 Hamilton Avenue, San
Jose, California 95125, Attention: Investor Relations.</I></B>
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Proposed Stock Option Exchange Program Q&#038;A</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Why has the company decided on these particular terms for the exchange?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
As a publicly traded company, we are subject to very specific regulatory guidelines governed by the
SEC and NASDAQ and acceptable market practices defined by stockholder governance groups on how to
structure and execute an option exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The elements of our proposed exchange &#151; including who is eligible to participate, delivering new
RSUs with a fair value having 90% of the fair value of the surrendered options, and the requirement
that only options with an exercise price greater than or equal to the highest per share trading
price of our stock in the 52&nbsp;weeks prior to the start of the exchange &#151; are all considered best
practices in implementing an exchange program that stockholders can support. We have taken these
guidelines and what we believe makes the most sense for employees, the company and our stockholders
into account in setting the terms of the exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Why are we exchanging options for RSUs?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
Two years ago, we changed the equity compensation for our employees by adding RSUs to the mix. We
made this change to reduce our dependency on stock price appreciation to reward the contributions
of our people. Today, equity compensation for eligible employees below the director level is in the
form of RSUs only. Exchanging options for RSUs is consistent with our current compensation approach
and provides the best potential equity compensation value for employees whose options are
significantly underwater.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Why does this seem different than the approach other companies are taking?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">

As a publicly traded company, we are subject to very specific regulatory requirements about how to
structure and execute an option exchange. Our proposed exchange requires stockholder approval at
our annual stockholders&#146; meeting on April&nbsp;29.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A small number of publicly traded companies may have more flexibility in the approach they take
towards an option exchange if the voting shares of the company are concentrated in a few
stockholders and/or if their share plans do not require stockholder approval for an option
exchange. That is not the case for our company. Our voting shares are widely held and our equity
compensation plans require that we seek stockholder approval for the proposed option exchange. In
addition to following all appropriate regulatory guidelines, we have structured a plan that we
believe makes the most sense for employees, the company and our stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Why are options being exchanged at 90% of their fair value?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
The elements of our proposed exchanged, including delivering new RSUs with a fair value having 90%
of the fair value of exchanged options, are all considered best practices in implementing an
exchange that stockholders can support. We have taken these guidelines and what we believe makes
the most sense for employees, the company and our stockholders into account in setting the terms of
the exchange. Keep in mind that this value comparison is of the &#147;fair value&#148; of the surrendered
options and new RSUs for accounting purposes. Because underwater options are being surrendered for
RSUs, the new RSUs will have immediate &#147;in the money&#148; value (subject to vesting) as compared to no
&#147;in the money&#148; value for the surrendered options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Does this mean the company is no longer bullish about our future, and the performance of our stock?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
We are a strong company with a strong future. This proposed exchange recognizes that some option
grants are significantly underwater due to the significant decline in our stock price in light of
the global financial and economic crisis. As a result, these option grants have not delivered the
value to employees we intended to provide at the time they were granted. The option exchange will
give our employees the opportunity to decide whether it makes sense to trade certain options and
realign portions of their equity compensation with current market conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>What should I do?</B></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
Right now, there&#146;s nothing you need to do. The next step is stockholder approval of the proposed
exchange at our annual stockholders&#146; meeting on April&nbsp;29. Assuming stockholders approve the
amendments necessary to permit the option exchange program, we have up to a year (April&nbsp;2010) to
set a date and begin the exchange. Once a date is set to begin the exchange, eligible employees
will receive detailed information, providing you with everything you need to know to make a
decision that&#146;s best for you.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><I><B>Key legal disclosure</B></I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>The option exchange described in this summary has not yet commenced. eBay will file a Tender Offer
Statement on Schedule&nbsp;TO with the Securities and Exchange Commission, or SEC, upon the commencement
of the option exchange. Persons who are eligible to participate in the option exchange should read
the Tender Offer Statement on Schedule&nbsp;TO and other related materials when those materials become
available, because they will contain important information about the option exchange.</B></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the amendment
of certain eBay equity incentive plans to permit the option exchange discussed in this summary,
eBay has filed a preliminary proxy statement with the SEC and intends to file other relevant
materials with the SEC, including a definitive proxy statement. eBay stockholders are urged to
read such materials as and when they become available and before making any voting decision
regarding the plan amendments, because they will contain important information about the proposal
to be voted on by stockholders referenced in this summary.</B></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>eBay stockholders and option holders will be able to obtain the written materials described above
and other documents filed by eBay with the SEC free of charge from the SEC&#146;s website at
www.sec.gov. In addition, stockholders and option holders may obtain free copies of the documents
filed by eBay with the SEC by directing a written request to: eBay Inc. 2145 Hamilton Avenue, San
Jose, California 95125, Attention: Investor Relations.</B></I>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Blog Post</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>eBay&#146;s Preliminary Proxy Issued</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">eBay filed its preliminary proxy statement today in advance of the company&#146;s annual stockholders&#146;
meeting on April&nbsp;29.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At first look, I see two noteworthy aspects to it: first, proxies always generate interest in
executive pay at any publicly traded company, and reading the footnotes in a proxy always is a must
to understand the full story. That&#146;s certainly true this year with eBay, because at first glance it
seems like CEO John Donahoe and CFO Bob Swan were the only executives to receive a bonus in 2008,
when other executives listed in the proxy got zero. However, in looking at the footnotes, no eBay
executive officers received bonuses in 2008, based on the company&#146;s performance. Payments shown for
John and Bob actually are part of special retention bonuses they were given when hired by the
company (again, it&#146;s all in the footnotes).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, as required by the SEC, the proxy&#146;s &#147;summary compensation table&#148; would, at first look, seem
to the reader that John&#146;s stock options vested about $6.4&nbsp;million in real value in 2008. But again,
read the footnotes for more color. It turns out that this $6.4&nbsp;million figure represents the
accounting value attributed to John&#146;s stock option grants based on the fair value of each of these
option grants at the time they were made over the last several years. This amount doesn&#146;t reflect
that the fact that these options are significantly &#147;underwater&#148; and actually brought no true value
to John or the company. These options have exercise prices that range from $24.93 to $39.90 per
share, compared to eBay&#146;s closing price per share of $13.96 on Dec. 31, 2008 (and $10.43 last
Friday). So those options are significantly underwater, which leads me to the second noteworthy
item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company is asking stockholders to approve amendments to some of its stock plans that would
permit an option-for-restricted stock units exchange program for eBay employees. That means
employees who have options that are significantly underwater may have the opportunity to trade them
in for restricted stock units, realigning the potential value of their stock awards in light of
current market conditions. I&#146;m sure that&#146;s good news for many eBay employees, just like at other
companies that have announced similar programs. John and other named executive officers, as well as
the company&#146;s board members, won&#146;t be able to participate. All the details are in the proxy, which
can be found here.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like I said on Friday, eBay Inc. is a public company and, as such, must comply with SEC
regulations. As a result, every time I write something publicly here on the blog regarding the
option exchange, I have to include the below copy and eBay has to file my communication with the
SEC. That said, I will leave comments open on this post, however, I will not be able to answer
questions without a) including the below copy and b) filing my response with the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cue the bolded, italicized legal copy now.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cheers,<BR>
RBH
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>The option exchange described in this posting has not yet commenced. eBay will file a Tender Offer
Statement on Schedule&nbsp;TO with the Securities and Exchange Commission (SEC)&nbsp;upon the commencement of
the option exchange. Persons who are eligible to participate in the option exchange should read the
Tender Offer Statement on Schedule&nbsp;TO and other related materials when those materials become
available, because they will contain important information about the
option exchange.</B></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>In connection with the proposal to be voted on by eBay&#146;s stockholders with respect to the amendment
of certain eBay equity incentive plans to permit the option exchange discussed in this posting,
eBay has filed a preliminary proxy statement with the SEC and intends to file other relevant
materials with the SEC, including a definitive proxy statement. eBay stockholders are urged to read
such materials as and when they become available and before making any voting decision regarding
the plan amendments, because they will contain important information about the proposal to be voted
on by stockholders referenced in this posting.</B></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I><B>eBay stockholders and option holders will be able to obtain the written materials described above
and other documents filed by eBay with the SEC free of charge from the SEC&#146;s website at
www.sec.gov. In addition, stockholders and option holders may obtain free copies of the documents
filed by eBay with the SEC by directing a written request to: eBay Inc. 2145 Hamilton Avenue, San
Jose, California 95125, Attention: Investor Relations.</B></I>
</DIV>


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