[foundation-board] Omidyar Grant Agreement

Fri Oct 3 14:15:43 UTC 2014

On 03/10/14 15:05, Rufus Pollock wrote:
>
>  
>
>     On a new point, can you share the language around the $75K for
>     executive search?  I'm asking because I believe we will spend less
>     than that. I'd like to see if we can get access to the remaining
>     funds for something else.  For example, it could be used to pay a
>     search firm for a new Technical Director, or A Business
>     Development Executive, or a Finance Director, or any other senior
>     role that may be needed in the next year or so.  Or it could be
>     used to facilitate further org development.  The language in the
>     grant may allow for this already, or this may be a place in which
>     we want to negotiate some additional language.
>
>
> I'm pretty certain this 75k is earmarked for exec search and can't be
> used for anything else (though I note it is not clear if just one
> person). I can try and clarify further here.

The relevant language seems to be in Exhibit B, which says

" Grantee shall hire a recruiting firm to lead the senior executive
search, to the satisfaction of the Grantor. Supporting documentation
must be provided no later than 31 August 2015."

It would be great if we could modify that to read

" Grantee shall hire a recruiting firm to lead searches for required
senior roles, with the pre-agreement of and to the satisfaction of the
Grantor. Supporting documentation must be provided no later than 31
August 2015."

That would leave leeway to use recruiters for additional searches, still
time limit it, and still let ON approve ahead of time.  Advantage to us
is that it doesn't throw away unspent money.

Jane

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