Facebook may terminate the services of its CEO
Mark Zuckerberg at any time for any reason or even for no reason, but the social
networking giant Founder and CEO, also enjoys rights similar to the exit.
Zuckerberg Facebook, like any contract, his term would have on the social
networking giant "will" basis, which means his job will be terminated "at any
time for any reason or no reason," whether he or the company. The company has
disclosed Zuckerberg employment agreement, as amended late last month as part of
the registration for its upcoming IPO (initial public offering) to the U.S.
market regulator Securities and Exchange Commission (SEC).
The global leader in the social networking
space planning $ 5000000000 dollars IPO, which could push Zuckerberg and a few
others in the league of billionaires, based on evaluation of its holding
company. Although the work tasks, the title, compensation and benefits, as well
as employees of the company policies and procedures may change from time to
time, "arbitrary" nature of the employment Zuckerberg can be changed only after
a written agreement approved by the Facebook board. Contract of employment and
Facebook Chief Operating Officer (COO) Sheryl Sandberg is also "at-will" clause.
Sandberg consent to reimbursement of his
expenses by Facebook, although Zuckerberg is no such clause. One of the clauses
in the bars from creating rival Zuckerberg of Facebook. As per the agreement,
Zuckerberg does not "assist any person or entity competing for your business,
preparing to compete in any company or hiring employees or consultants in the
company." Similar provisions apply to the Chief Operating Officer (COO) Sheryl
Sandberg, Chief Financial Officer (CFO), David Ebersman and Vice President
(Engineering), Mike Schroepfer, the period of these people make their services
on Facebook. Contracts are silent on whether these people, including Zuckerberg,
Facebook can help to create a rival leaving the company. The company said that
Zuckerberg, the president and chief executive, would get $ 500,000 base salary
to 45 percent of the amount of bonus each year. Sandberg and Ebersman get annual
salary of $ 300,000 each, while the same Schroepfer would be $ 275,000. All
three executives would be entitled to a bonus payment of up to 45 percent of its
revenue base.