<SUBMISSION>
<ACCESSION-NUMBER>0001193125-09-092272
<TYPE>SC TO-C
<PUBLIC-DOCUMENT-COUNT>5
<FILING-DATE>20090429
<DATE-OF-FILING-DATE-CHANGE>20090429
<SUBJECT-COMPANY>
<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>SC TO-C
<ACT>34
<FILE-NUMBER>005-55743
<FILM-NUMBER>09780283
</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>
</SUBJECT-COMPANY>
<FILED-BY>
<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>SC TO-C
</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>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-C
<SEQUENCE>1
<FILENAME>dsctoc.htm
<DESCRIPTION>PRELIMINARY COMMUNICATIONS MADE BEFORE THE COMMENCEMENT OF A TENDER OFFER
<TEXT>
<HTML><HEAD>
<TITLE>Preliminary Communications Made Before the Commencement of a Tender Offer</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P
STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>Washington, D.C. 20549 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="5"><B>SCHEDULE TO </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>(Rule 14d-100) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="3"><B>TENDER OFFER STATEMENT UNDER SECTION&nbsp;14(D)(1) OR 13(E)(1) </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>OF THE SECURITIES EXCHANGE ACT OF
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="6"><B>eBay Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="1"><B>(Name of Subject Company (Issuer) and Filing Person (Offeror)) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Common Stock, $0.001&nbsp;par value per share
</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Title of Class of Securities) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>278642103 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(CUSIP Number of Class of Securities (Underlying Common Stock)) </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>eBay Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Attention: Michael R.
Jacobson, Esq. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>2145 Hamilton Avenue </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>San Jose, California 95125 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(408)&nbsp;376-7400 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="1"><B>(Name, Address, and Telephone Number of Person Authorized </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="1"><B>to Receive Notices and Communications on Behalf of Filing Person) </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Copies to: </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Joseph M. Yaffe, Esq. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman"
SIZE="2"><B>Latham&nbsp;&amp; Watkins LLP </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>140 Scott Drive </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Menlo Park, California 94025 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>(650) 328-4600 </B></FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Calculation of Filing Fee </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="50%"></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><B>Transaction valuation</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><B>Amount of filing fee*</B></FONT></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><B>N/A</B></FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2"><B>N/A</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px">
<TD COLSPAN="3" VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">*</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Pursuant to General Instruction D to Schedule TO, a filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the
commencement of a tender offer. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Check the box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="77%"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Amount&nbsp;Previously Paid:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Form&nbsp;or&nbsp;Registration&nbsp;No.:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Filing Party:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Date Filed:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">N/A</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#254;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. </FONT></TD></TR></TABLE> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Check the appropriate boxes below to designate any transactions to which the statement relates: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">third party tender offer subject to Rule&nbsp;14d-1. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#254;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">issuer tender offer subject to Rule&nbsp;13e-4. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">going-private transaction subject to Rule&nbsp;13e-3. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><FONT FACE="WINGDINGS">&#168;</FONT></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Check the
following box if the filing is a final amendment reporting the results of the tender offer: <FONT FACE="WINGDINGS">&#168;</FONT></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P
STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Attached are (i)&nbsp;a 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&nbsp;on April&nbsp;29, 2009 regarding stockholder approval of a one-time voluntary stock option exchange program for employees other than named executive officers and directors (the
&#147;Option Exchange Program&#148;); (ii)&nbsp;an email from Beth Axelrod, Senior Vice President, Human Resources, to eBay people managers, HR partners, the IR team, and the global Communications team regarding the Option Exchange Program;
(iii)&nbsp;a bullet-point list of basic information about the Option Exchange Program, which was attached as a link to the communication referred to in (i)&nbsp;above; and (iv)&nbsp;a Stock Option Exchange Program Q&amp;A sent to the Company&#146;s
employees on April&nbsp;29, 2009. None of the communications attached as exhibits to this Schedule TO constitute an offer to holders of the Company&#146;s outstanding stock options to exchange those options. Even though the requisite stockholder
approval has been obtained, the Board of Directors of the Company (the &#147;Board&#148;), the Compensation Committee of the Board and the Chief Executive Officer of the Company have the discretion to determine if and when to implement the Option
Exchange Program. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>The Option Exchange Program has not yet commenced.&nbsp;eBay will file&nbsp;a Tender Offer Statement on Schedule 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 TO and other related
materials when those materials become available,&nbsp;because they will contain important information about the Option Exchange Program.</I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>eBay
stockholders and option holders will be able to obtain the written materials described above and other documents filed&nbsp;by eBay&nbsp;with the SEC&nbsp;free of charge from the SEC&#146;s website at www.sec.gov. In addition,&nbsp;stockholders and
option holders may obtain free copies of the documents filed&nbsp;by&nbsp;eBay with the SEC&nbsp;by directing a written request to: eBay Inc. 2145 Hamilton Avenue, San Jose, California 95125, Attention: Investor Relations. </I></B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Item&nbsp;12.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibits. </B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Exhibit</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:28pt"><FONT
FACE="Times New Roman" SIZE="1"><B>Number</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT FACE="Times New Roman" SIZE="1"><B>Description</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">99.1</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Communication from John Donahoe, President and Chief Executive Officer of eBay, to eBay employees regarding Stockholder Approval of the Option Exchange Program, dated April 29,
2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">99.2</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">E-mail from Beth Axelrod, Senior Vice President, Human Resources, to eBay people managers regarding the Option Exchange Program, dated April 29, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">99.3</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Basic Information regarding the Option Exchange Program, dated April 29, 2009.</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="top" NOWRAP><FONT FACE="Times New Roman" SIZE="2">99.4</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Stock Option Exchange Program Q&amp;A, dated April 29, 2009.</FONT></TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dex991.htm
<DESCRIPTION>COMMUNICATION FROM JOHN DONAHOE, PRESIDENT AND CHIEF EXECUTIVE OFFICER OF EBAY
<TEXT>
<HTML><HEAD>
<TITLE>Communication from John Donahoe, President and Chief Executive Officer of eBay</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>E-mail from John Donahoe </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Employee Stock Option Exchange Program Approved </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">To all employees, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I&#146;m pleased to announce that at our annual meeting
today, eBay&#146;s stockholders overwhelmingly approved our proposal to implement a stock option exchange program. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Our company&#146;s success comes from
the contributions you make each and every day, and we strive to reward your efforts with competitive compensation packages combining cash and equity. eBay equity is an important part of your total compensation, a way to share in the long-term growth
of our company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">However, we recognize that market conditions have rendered some stock option grants significantly &#147;underwater,&#148; meaning the
option price is significantly higher than our current stock price. This exchange program, which required board support and stockholder approval, enables employees with such grants a way to realize value by exchanging underwater options for
restricted stock units (RSUs). RSUs have value regardless of whether our stock price increases or decreases. This exchange demonstrates our company&#146;s commitment to you. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">We now have until April&nbsp;29, 2010, to execute the program. We hope to do so as quickly as possible, while including as many underwater grants as possible. The actual timing will depend on a number of factors,
including market conditions, which affect the exchange ratios. Click here <B>[link] </B>for some basic information about the program. The details of the full proposal approved by stockholders can be found in the proxy statement <B>[link]</B>. Once
we execute the program, we will provide you with all the information you need to make your decision. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Receiving strong stockholder support for our proposal
is especially gratifying given the current market environment and tough economy. Clearly, our stockholders understand the value of your work and commitment, and how critical it is for us to stay focused on serving our customers and to compete and
win&#133;I couldn&#146;t agree more. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">John </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B></B><B><I><U>Key legal disclosure</U></I></B><B><I> </I></B><B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>The option exchange described in this letter has not yet commenced.
eBay will file a Tender Offer Statement on Schedule 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 TO and other related materials when those materials become available, because they will contain important information about the option exchange. </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><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></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>dex992.htm
<DESCRIPTION>E-MAIL FROM BETH AXELROD, SENIOR VICE PRESIDENT, HUMAN RESOURCES
<TEXT>
<HTML><HEAD>
<TITLE>E-mail from Beth Axelrod, Senior Vice President, Human Resources</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.2 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>E-mail to eBay People Managers </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Update: Communication Guidelines for Proposed Stock Option Exchange Program </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">To all people managers, HR partners, the IR team, and the global Communications team: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>ALT A (HRMs)</B>: When we filed our proxy statement back in March, I committed to getting back to all of you once we received stockholder approval for our option exchange program. Today, I am happy to announce that
our stockholders have approved our program. You will receive an email <B>[link] </B>from John Donahoe today with the announcement and a link to some FAQs, as well as an email box where questions can be submitted. (Go to <I>Section C</I>) </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>ALT B (People Managers):</B> Today, we received stockholder approval for amendments to our equity incentive plans to permit an option exchange program. You will
receive an email <B>[link] </B>from John Donahoe today with the announcement and a link to some FAQs, as well as an email box where questions can be submitted. (Go to <I>Section C</I>) </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B>Section C: </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Once we set a commencement date for the option exchange, we will provide further information. At that
time, we will hold sessions with employees to provide them with the information they need to make an informed decision regarding whether to participate and the details of how to do so. In the meantime, <B>please do not respond to inquiries from your
people regarding the details of the option exchange</B>. Instead, simply direct employees to our filed proxy statement <B>[link]</B>, the published FAQs <B>[link] </B>or the email box <B>[link] </B>where questions can be submitted. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">As I mentioned in my previous note, stock option exchanges are governed by the rules and regulations of the U.S. Securities and Exchange Commission (SEC). 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 global Communications team, you will likely be asked questions by your people or outside
constituents. <B>Communications between you and any employees or outside constituents are subject to these SEC requirements. </B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Please use the
<B>communication guidelines</B> 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. Again, I am asking for your strict adherence to the
requirements below: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Prior to the commencement of the option 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 Donahoe. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">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. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">If you forget and leave a voicemail or send an email, please immediately contact
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] <B>[link] </B>or
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] <B>[link] </B>in Legal. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Do not give any advice about whether someone should participate in the program. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Answer questions only by referring people to our proxy statement <B>[link]</B>, John&#146;s email <B>[link] </B>to all employees or the option exchange FAQ
<B>[link] </B>on iWeb. Once the tender offer documents are filed with the SEC, there will be more information available that employees can reference. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">If someone asks a question that is not currently covered by the materials we have provided, please refer them to the email box on iWeb where questions can be
submitted. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Should any of you have any questions, please contact
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] <B>[link] </B>in HR, or
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] <B>[link] </B>or
[<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>] <B>[link] </B>in Legal. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">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 begin the next phase of this process.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Beth </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I><U>Key legal disclosure</U></I></B><B><I> </I></B><B> </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>The option exchange described in this letter has not yet commenced. eBay will file a Tender Offer Statement on Schedule 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 TO and other related materials when those materials become available,
because they will contain important information about the option exchange. </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><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></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>dex993.htm
<DESCRIPTION>BASIC INFORMATION REGARDING THE OPTION EXCHANGE PROGRAM
<TEXT>
<HTML><HEAD>
<TITLE>Basic Information regarding the Option Exchange Program</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.3 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Basic Information </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Stock Option Exchange &#150; Basic Information </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We are sharing here some of the basic elements of the program (specific details will be provided when we commence the program): </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Option grants with a per share exercise price that is equal to or greater than the highest per share trading price of our common stock for the 52-week period
immediately preceding the start of the option exchange will generally be eligible for exchange. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Certain options will not be eligible for the exchange. Any options that you were granted less than a year prior to the commencement of the option exchange, or which
have a remaining term of less than a year after the completion of the option exchange (based on their original terms) will not be eligible for exchange. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">All U.S.-based employees will be offered restricted stock units (RSUs) in exchange for underwater stock options (unless less than 100 new RSUs would be granted, as
described below). Outside the U.S., we will follow local laws, with the goal of offering RSUs wherever practicable. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">In certain countries, if less than 100 new RSUs would be granted to you in the exchange, instead of granting RSUs, we will make a cash payment to you if you elect
to participate in the exchange. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Due to foreign and legal restrictions, the option exchange will not be made available in certain countries or will be structured as an exchange of options for a
lesser number of new options. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">We will determine how many RSUs will be exchanged for the underwater stock options at the start of the exchange, taking into account factors that directly impact
the value of the underwater options and the RSUs to be issued, including the option exercise price, our stock price at the start of the exchange and the volatility of our stock. The exchange ratios provided in our proxy statement were for
illustrative purposes only, and may change based on the factors outlined above. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The new RSUs generally will vest at least 12 months later than the options for which they are exchanged. </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">All employees who hold eligible grants, excluding certain executive officers and members of our board, will generally be eligible to participate in the exchange.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Please review the details of the full proposal, which you can find in the proxy statement <B>[link]</B>. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Now that we have received stockholder approval, we have until April&nbsp;29, 2010, to begin the exchange. Timing will be based on a number of factors, including the
52-week high of our stock price and market conditions. Under the terms of the program, only options that have a grant price above the 52-week high stock price at the start of the option exchange are eligible for the exchange. For example, the
52-week high price as of April&nbsp;29, 2009 (the date our stockholders approved the option exchange) is $31.93 per share, so only options at that price or higher would be eligible. However, delaying the exchange for a few months means the 52-week
high will fall below $27 per share (assuming the stock does not go above $27 per share before then), resulting in additional option grants being eligible for the exchange. The timing of the exchange has not yet been determined but would not start
any sooner than July 2009. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Our Stock Option Exchange Program FAQ <B>[link] </B>provides more details about the program. However, if you still have
questions, please submit them through the special email box <B>[link] </B>we have set up. We&#146;re committed to posting an updated FAQ with the most commonly asked questions by May&nbsp;21. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I><U>Key legal disclosure</U></I></B><B><I> </I></B><B> </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B><I>The option exchange described in this letter has not yet commenced. eBay will file a Tender Offer Statement on Schedule 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 TO and other related materials when those materials become available, because they will contain important information about the option exchange.
</I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><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></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>dex994.htm
<DESCRIPTION>STOCK OPTION EXCHANGE PROGRAM Q&A
<TEXT>
<HTML><HEAD>
<TITLE>Stock Option Exchange Program Q&amp;A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2"><B>Exhibit 99.4 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B>Stock Option Exchange Program Q&amp;A </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>eBay&#146;s Stock Option Exchange &#150; Frequently Asked Questions
(FAQs) </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">eBay&#146;s stockholders have approved our proposal to implement a stock option exchange program. You can read the full proposal presented
to the stockholders in our proxy statement <B>[link]</B>. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Stock option exchanges and all related communications are highly regulated by the U.S.
Securities and Exchange Commission (SEC). For instance, responses to your questions must generally be filed with the SEC. Because of this, we will be very structured in our approach to answering your questions. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Below are FAQs that give you some background on why we are doing a stock option exchange and the mechanics of the exchange. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We have tried to anticipate the questions that you may have regarding the exchange. These questions and related answers are provided below. We have also created a
special email box <B>[link] </B>so that you can send us your questions. We will review all of the questions submitted by May&nbsp;15 and include them in an updated FAQ on iWeb by May&nbsp;21. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Background on the plan </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Why has the company decided on
these particular terms for the exchange? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The elements of our
proposed option exchange &#151; including who is eligible to participate, delivering new restricted stock units (RSUs) with a fair value having approximately 90% of the fair value of the surrendered options, and the requirement that only certain
options are eligible &#151; are all considered necessary practices in implementing an exchange program that stockholders can support. We have taken these guidelines and what we believe is fair to and makes the most sense for our employees, the
company and our stockholders into account in setting the terms of the exchange. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Why are we exchanging options for RSUs? </B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">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 employees. 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 what we
believe is the best potential equity compensation value for employees whose options are significantly underwater. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Why does this seem different than the
approach other companies are taking? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Each company proposing an option exchange designs the approach to suit its specific circumstances. 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. We do not have this flexibility. Our voting shares are widely held and our equity compensation plans require that we seek stockholder approval for the option exchange. In addition to following all appropriate regulatory
guidelines, we have structured a plan that we believe is fair to and makes the most sense for employees, the company and our stockholders. While our approach is different from the approach some companies are taking, it is similar to others, and we
believe it is appropriate for eBay Inc. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Does the option exchange mean the company is no longer optimistic about our future and the performance of our
stock? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We are a strong company with a strong future. Our option 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 choose whether to exchange significantly underwater options for RSUs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Who will be able to participate in the
option exchange? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>The stock option exchange will be open to nearly all U.S. and global employees who hold eligible stock options, as permitted
by the stockholder-approved equity plans and individual country laws. While it is our intention to include all global employees, regardless of their country of residence, we are still working to address a number of legal and tax-related issues in
several countries. eBay&#146;s board of directors and named executive officers will not be eligible to participate in the option exchange. Employees must remain employed through the end of the exchange period in order to participate.<B>
</B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Mechanics of the exchange </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>When will the
exchange take place? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We will have up to a year (April 29, 2010) to set a date and commence the exchange. Under the terms of the option exchange
program, only options that have a grant price above the 52-week high stock price at the start of the option exchange are eligible for the exchange. We included </FONT>
</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px">
<FONT FACE="Times New Roman" SIZE="2"><B></B>this provision because we thought it was necessary to get the proposal approved. The 52-week high price as of April&nbsp;29, 2009 (the date that our
stockholders approved the option exchange) is $31.93 per share. If we were to begin the exchange offer in the near future, numerous stock option grants (including the focal grant that we made in September 2006) would <B>NOT </B>be eligible for the
exchange program. By mid-Q3, however, our 52-week high price will fall below $27 per share (unless our stock price goes above $27 per share before then), which will result in additional underwater options becoming eligible for the exchange. The
timing of the implementation of the exchange will also depend upon market conditions. <B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Do I have to participate in the exchange? </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">No, participation in the option exchange program is completely voluntary. Once a date is set to begin the exchange, if eligible, you will receive detailed
information that will allow you to make an informed decision that&#146;s best for you. If you choose not to participate, you would keep all of your currently outstanding stock options (including options eligible for the option exchange), you would
not receive a new RSU grant, and no changes would be made to the terms of your current stock options. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How long will the option exchange be open? </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>After the option exchange period commences, you will have at least four weeks to decide what to do and complete your election to exchange eligible
options for new RSU grants. During this period of time, you will be able to change your election as many times as you wish. Once a date is set to begin the exchange, you will receive detailed information, including the length of time that the option
exchange will be open.<B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Why have you chosen to exchange options for RSUs? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">We believe that RSUs provide the best equity compensation value for employees whose options are significantly underwater. Even if our stock price were to decline after the completion of the exchange, the new RSUs
would still have value. By granting RSUs, we can provide employees with more stability in the award value, while providing some upside (and downside) potential as the stock price moves over time. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Will I be able to elect to exchange my options for other options or cash rather than RSUs? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B></B>Participants will not be given a choice of what they will receive in exchange for stock options. The option exchange program is designed to provide an exchange of stock options for RSUs. However, in certain
instances, if you would receive less than 100 RSUs in aggregate for all options exchanged, you will receive a cash payment rather than RSUs if you elect to participate in the exchange. In addition, in some countries outside the U.S., legal or
administrative circumstances may require specific local approaches. We expect employees residing in most countries will be able to participate in an option-for-RSU exchange, subject to the exceptions described above.<B> </B></FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How will option exchange ratio tiers be determined? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>To make
the exchange fair and acceptable to our stockholders, the option exchange has been designed to deliver new RSUs with an estimated aggregate fair value equal to approximately 90% of the aggregate fair value of exchanged options and to minimize the
potential accounting impact associated with the exchange. <B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Options with different exercise prices have different values. We have outstanding
options issued at different times with hundreds of different exercise prices. We wanted to design a plan that would be easy to understand for both employees and stockholders. We decided that the best way for us to achieve these goals (while
providing employees with new RSUs whose fair value is as close to 90% as possible), was to divide up eligible options in exchange ratio &#147;tiers.&#148; The exchange ratio for each specified tier is designed to provide new RSUs with an estimated
aggregate fair value equal to approximately 90% of the aggregate fair value of the exchanged options. Since the majority of eligible options were granted as part of our focal grants, we calculated separate exchange ratios for each focal grant.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The exchange ratios that we provided in our proxy statement are purely illustrative, and the actual exchange ratios and tiers that will be used in the
option exchange will be determined immediately prior to the beginning of the option exchange period. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Why are options being exchanged at approximately
90% of their aggregate fair value? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The elements of our option exchange, including delivering new RSUs with an aggregate fair value equal to
approximately 90% of the aggregate fair value of the exchanged options, are all considered best practices in implementing an exchange that stockholders could support. We factored in these guidelines and what we believed made the most sense for
employees, the company and our stockholders in setting the terms of the exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Keep in mind that this value comparison is of the &#147;fair value&#148;
of the surrendered options and new RSUs as calculated for accounting purposes. The underwater options are being surrendered for new RSUs, which will have immediate value (subject to vesting) as compared to the surrendered underwater options, which
currently have no intrinsic value. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How will the estimated fair value of options be calculated? </B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>Exchange ratios for the option exchange will be calculated using the Black-Scholes option pricing model. This is the same mathematical model we currently use to
calculate the fair value of newly granted options for financial reporting purposes. The Black-Scholes model computes the fair value of a given option based on a number of inputs, including our stock price and expected volatility. The calculated fair
value of the options is highly sensitive to these inputs. We plan to determine the specific inputs for valuing the underwater options generally in the same manner used to calculate stock expense under FAS&nbsp;123(R). The approach to option
valuation is subject to accounting regulations and is not discretionary. <B> </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">For purposes of the proxy statement, we provided an example <B>[link]
</B>of exchange ratio tiers that were established based on a series of inputs, including: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A stock price of $12.00; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">Expected volatility between 40.79% and 42.97% (depending upon the expected life of the individual option grant); and </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">The principle that the new RSUs granted will have approximately 90% of the aggregate fair value of the stock options that are surrendered in the option exchange.
</FONT></P></TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The actual exchange ratio tiers will be determined at the start of the option exchange based on our stock price,
volatility, option exercise prices and other relevant assumptions at that point in time. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Our stock price has been increasing in recent months since the
stock option exchange was originally announced. How might the stock price affect the exchange, especially the ratios used for the conversion of options into RSUs? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The stock option exchange is designed to offer employees new grants of RSUs that have an&nbsp;aggregate fair&nbsp;value that is equal to roughly 90% of the&nbsp;fair&nbsp;value of the underwater options. As the stock
price has risen in recent months, the currently underwater options become less underwater (the stock price is closer to the exercise price), and thus the value of the options increases. In setting the exchange ratios for the exchange, we will look
to the stock price immediately prior to the time the exchange offer commences in order to set ratios that best meet the 90% goal while minimizing potential accounting costs. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">If the stock price is higher than the $12 used for the illustrations shown in the proxy statement, we would expect that the ratios will become more favorable to employees (i.e. fewer underwater options&nbsp;would be
exchanged for each new RSU). The higher the stock price is pre-exchange, the more favorable the&nbsp;exchange ratios will likely be. For example, at the&nbsp;illustrative $12 stock price the weighted average&nbsp;exchange ratio was roughly
17&nbsp;underwater options for each new RSU. At an illustrative&nbsp;$16&nbsp;stock price, the weighted average exchange ratio improves to roughly 10 underwater options for each new RSU.</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">However, it is&nbsp;important to note that the&nbsp;actual exchange ratios will vary from the illustrations, based on a number of factors, and will not be&nbsp;set until the&nbsp;commencement of the exchange
program.&nbsp;Changes in our stock price during the time the exchange offer period is open will not result in a change in the&nbsp;exchange ratios. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2"><B>What would be the vesting schedule for the new RSU grants? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">All new RSUs issued in the option exchange will be completely unvested on the
date they are granted, even if the eligible options being exchanged were completely vested. In general, the new RSUs will have a vesting period that is approximately one year longer than the remaining vesting period for the corresponding exchanged
option grant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The new RSU grants generally will vest in one, two, three or four equal installments, on each anniversary of the date that the new RSUs are
issued. The number of vesting installments required for the new RSUs will be determined based on the date the surrendered options would have otherwise become fully vested. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">The table below gives an example of the vesting schedule of new RSU grants, assuming that the new RSUs are issued on September&nbsp;1, 2009. (This vesting approach will be used unless local regulations or restrictions
require a later vesting schedule.) </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Final Vesting of</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:72pt"><FONT
FACE="Times New Roman" SIZE="1"><B>Surrendered Options</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="1"><B>Number&nbsp;of&nbsp;Vesting</B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000;width:64pt"><FONT
FACE="Times New Roman" SIZE="1"><B>Installments</B></FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">Prior to September&nbsp;1, 2009</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">One</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">On or after September&nbsp;1, 2009 and before September&nbsp;1, 2010</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Two</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">On or after September&nbsp;1, 2010 and before September&nbsp;1, 2011</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Three</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT FACE="Times New Roman" SIZE="2">On or after September&nbsp;1, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Four</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The new RSUs will only continue to vest if you remain an employee of eBay according to the terms of the new grant.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>If I am surrendering vested options in the option exchange, why do the new RSUs have additional vesting? </B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>In addition to motivating employees, the option exchange program was designed to help retain employees. Having the new awards subject to vesting is considered a
best practice in implementing an exchange program that stockholders will support.<B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Will this exchange offer affect future equity grants? </B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>We anticipate that we will continue to have an annual equity grant program. However, all equity programs are at the discretion of eBay&#146;s Board
of Directors.<B> </B></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Is there anything I need to do now to participate in the exchange? </B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">No. Right now, there&#146;s nothing you need to do. We have up to a year (April 29, 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. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How
will the announcement that eBay intends to implement an IPO for Skype in the first half of 2010 impact the stock option exchange? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B>It
doesn&#146;t. Our announced plan to separate Skype beginning with an initial public offering of Skype in the first half of 2010 does not affect the eligibility of any employee to participate in the exchange. <B> </B></FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>How can I get answers to other questions I have about the exchange? </B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">We have set up a special email box <B>[link] </B>that you can use to request answers to questions you may have. Due to the strict requirements set up by the Securities and Exchange Commission (SEC), we are not able to answer each question
individually. Instead, we will gather questions for the next two weeks (through May&nbsp;15) and then provide an updated FAQ on iWeb by May&nbsp;21. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I><U>Key legal disclosure</U></I></B><B><I> </I></B><B> </B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><I>The option exchange described in this summary has not yet commenced. eBay will file a Tender Offer Statement on Schedule 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 TO and other related materials when those materials become available,
because they will contain important information about the option exchange. </I></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><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></FONT></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
