[foundation-board] Omidyar Grant Agreement

Wed Oct 1 17:28:45 UTC 2014

Dear Board,

The ON Grant agreement looks fine but there is one significant new clause
(that apparently they knew about but had forgotten to mention). Slightly
tweaked (for clarity):

<quote>
If
  a). Rufus Pollock, President of Grantee (the “Key Person”)
    (i) ceases to devote substantially all of his business time to the
activities of Grantee,
    (ii) OR Key Person is terminated, whether voluntarily or involuntarily,
with cause or without cause
    (iii) OR Key Person resigns from Grantee
  And b) And Grantee does not find a replacement to the satisfaction of
Grantor

then Grantor may, upon written notice to Grantee, withhold further Grant
payments to Grantee and/or terminate this Agreement.
</quote>

Now, I am OK with this clause but it is obviously not-insignificant point
for the Board so I wanted to raise it before we signed (otherwise the
agreement seems fine).

Rufus
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