Document:

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                                                                    EXHIBIT 10.5

May 7, 2003

Mr. Andrew Batinovich
President and Chief Operating Officer
Glenborough Realty Trust Incorporated
400 South El Camino Real, Suite 1100
San Mateo, CA 94402

RE: Supplemental Retirement Benefits

Dear Mr. Batinovich:

This letter supersedes and replaces that certain letter dated December 31, 2000,
setting forth the terms of your Supplemental Retirement Benefits. By signing
below, you acknowledge and agree that the letter has been amended to reflect the
termination of the Supplemental Employee Retirement Plan Trust (also known as
the Rabbi Trust), and the immediate full vesting of all benefits.

The Company has approved an age 65 supplemental pension for you, with an annual
benefit equal to 3% of your highest average base salary and bonus for 3 out of
your last 10 years of employment with the Company prior to retirement (high 3),
multiplied by your number of years of service with the Company, with the annual
annuity benefit not to exceed 100% of such high 3, subject to an annual dollar
cap of $450,000 ("Dollar Cap"). If benefits commence after age 65, they will be
increased using an interest rate of 6% per year between age 65 and the date
benefits commence, but again subject to the Dollar Cap. For your information,
Robert Batinovich, Glenborough's President and Chief Executive Officer, also has
a dollar cap on his benefits under this program; his dollar cap is set at an
amount equal to the amount of his benefits if he retires at age 70.

Your benefit will be paid monthly for your life with 50% of your monthly amount
paid to your current spouse for her life if she survives you. If you die before
your benefit commences, your spouse will receive monthly payments for her life
equal to 50% of the monthly payments you would have received.

At December 31, 2000, based on your then current years of service and your
highest average compensation as of that date, your age 65 annual benefit, if
fully vested, was $285,075. Your benefit vests immediately. Your benefit may
increase if your years of service and highest average compensation increase,
subject to the Dollar Cap. Your benefit is subject to the claims of the
Company's creditors and you are a general unsecured creditor with respect to

<PAGE>
Mr. Andrew Batinovich
May 7, 2003
Page 2

the payment of your benefit. This letter agreement may only be amended by
agreement between you and the Company. You may not assign this benefit.

We are pleased to provide you with this valuable benefit in recognition of your
exceptional services to the Company.

Sincerely,

/s/ Patrick Foley, Chairman
--------------------------------
For the Compensation Committee

ACCEPTED:

/s/ Andrew Batinovich
--------------------------------
Andrew Batinovich<PAGE>

                                                                    EXHIBIT 10.6

May 7, 2003

Ms. Sandra L. Boyle
Executive Vice President
Glenborough Realty Trust Incorporated
400 South El Camino Real, Suite 1100
San Mateo, CA 94402

RE: Supplemental Retirement Benefits

Dear Ms. Boyle:

This letter supersedes and replaces that certain letter dated December 31, 2000,
setting forth the terms of your Supplemental Retirement Benefits. By signing
below, you acknowledge and agree that the letter has been amended to reflect the
termination of the Supplemental Employee Retirement Plan Trust (also known as
the Rabbi Trust), the immediate full vesting of all benefits, the reduction of
the age at which benefits may commence to 60 from 65, and a reduction in your
Dollar Cap to $125,000 from $150,000.

The Company has approved an age 60 supplemental pension for you, with an annual
benefit equal to 3% of your highest average base salary and bonus for 3 out of
your last 10 years of employment with the Company prior to retirement (high 3),
multiplied by your number of years of service with the Company, with the annual
annuity benefit not to exceed 100% of such high 3, subject to an annual dollar
cap of $125,000 ("Dollar Cap"). If benefits commence after age 65, they will be
increased using an interest rate of 6% per year between age 65 and the date
benefits commence, but again subject to the Dollar Cap. For your information,
Robert Batinovich, Glenborough's President and Chief Executive Officer, also has
a dollar cap on his benefits under this program; his dollar cap is set at an
amount equal to the amount of his benefits if he retires at age 70.

Your benefit will be paid monthly for your life with 50% of your monthly amount
paid to your current spouse for his life if he survives you. If you die before
your benefit commences, your spouse will receive monthly payments for his life
equal to 50% of the monthly payments you would have received.

At December 31, 2000, based on your then current years of service and your
highest average compensation as of that date, your age 60 annual benefit, if
fully vested, would be limited to the Dollar Cap of $125,000. Your benefit vests
immediately. Your benefit may increase if

<PAGE>

Ms. Sandra L. Boyle
May 7, 2003
Page 2

your years of service and highest average compensation increase, subject to the
Dollar Cap. Your benefit is subject to the claims of the Company's creditors and
you are a general unsecured creditor with respect to the payment of your
benefit. This letter agreement may only be amended by agreement between you and
the Company. You may not assign this benefit.

We are pleased to provide you with this valuable benefit in recognition of your
exceptional services to the Company.

Sincerely,

/s/ Patrick Foley, Chairman
------------------------------
For the Compensation Committee

ACCEPTED:

/s/ Sandra L. Boyle
------------------------------
Sandra L. Boyle<PAGE>

                                                                   Exhibit 10.24

                                    EBAY INC.

                        1998 DIRECTORS STOCK OPTION PLAN

                            As Adopted July 10, 1998
                (As Amended March 18, 1999 and December 4, 2002)

         1. PURPOSE. This 1998 Directors Stock Option Plan (this "PLAN") is
established to provide equity incentives for certain nonemployee members of the
Board of Directors of eBay Inc. (the "COMPANY"), who are described in Section
6.1 below, by granting such persons options to purchase shares of common stock
of the Company ("OPTIONS").

         2. ADOPTION AND STOCKHOLDER APPROVAL. After this Plan is adopted by the
Board of Directors of the Company (the "BOARD"), this Plan will become effective
on the time and date (the "EFFECTIVE DATE") on which the registration statement
filed by the Company with the Securities and Exchange Commission ("SEC") under
the Securities Act of 1933, as amended (the "SECURITIES ACT"), to register the
initial public offering of the Company's Common Stock is declared effective by
the SEC. This Plan shall be approved by the stockholders of the Company,
consistent with applicable laws, within twelve (12) months after the date this
Plan is adopted by the Board.

         3. TYPES OF OPTIONS AND SHARES. Options granted under this Plan shall
be non-qualified stock options ("NQSOS"). The shares of stock that may be
purchased upon exercise of Options granted under this Plan (the "SHARES") are
shares of the Common Stock of the Company.

         4. NUMBER OF SHARES. The maximum number of Shares that may be issued
pursuant to Options granted under this Plan (the "MAXIMUM NUMBER") is 1,200,000*
Shares, subject to adjustment as provided in this Plan. If any Option is
terminated for any reason without being exercised in whole or in part, the
Shares thereby released from such Option shall be available for purchase under
other Options subsequently granted under this Plan. At all times during the term
of this Plan, the Company shall reserve and keep available such number of Shares
as shall be required to satisfy the requirements of outstanding Options granted
under this Plan; provided, however that if the aggregate number of Shares
subject to outstanding Options granted under this Plan plus the aggregate number
of Shares previously issued by the Company pursuant to the exercise of Options
granted under this Plan equals or exceeds the Maximum Number, then
notwithstanding anything herein to the contrary, no further Options may be
granted under this Plan until the Maximum Number is increased or the aggregate
number of Shares subject to outstanding Options granted under this Plan plus the
aggregate number of Shares previously issued by the Company pursuant to the
exercise of Options granted under this Plan is less than the Maximum Number.

         5. ADMINISTRATION. This Plan shall be administered by the Board or by a
committee of not less than two members of the Board appointed to administer this
Plan (the "COMMITTEE"). As used in this Plan, references to the Committee shall
mean either such Committee or the Board if no Committee has been established.
The interpretation by the Committee of any of the provisions of this Plan or any
Option granted under this Plan shall be final and binding upon the Company and
all persons having an interest in any Option or any Shares purchased pursuant to
an Option.

         6. ELIGIBILITY AND AWARD FORMULA.

                  6.1 Eligibility. Options shall be granted only to directors of
the Company who are not employees of the Company or any Parent, Subsidiary or
Affiliate of the Company, as those terms are defined in Section 17 below (each
such person referred to as an "OPTIONEE").

                  6.2 Initial Grant. [Intentionally blank].

-------------------------
* ALL SHARE NUMBERS REFLECT ALL STOCK SPLITS FROM THE EFFECTIVE DATE THROUGH
DECEMBER 4, 2002.
<PAGE>
                                                                       eBay Inc.
                                                1998 Directors Stock Option Plan

                  6.3 Succeeding Grants. At each Annual Meeting of the Company
commencing with the Annual Meeting taking place in the year 2000, each Optionee
will automatically be granted an Option for 15,000* Shares (a "SUCCEEDING
GRANT"), provided the Optionee (i) was elected to the Board prior to such date,
and (ii) is a director after the Annual Meeting, and (iii) has served
continuously as a member of the Board since the date of such Optionee's
election.

         7. TERMS AND CONDITIONS OF OPTIONS. Subject to the following and to
Section 6 above:

                  7.1 Form of Option Grant. Each Option granted under this Plan
shall be evidenced by a written Stock Option Grant ("GRANT") in such form (which
need not be the same for each Optionee) as the Committee shall from time to time
approve, which Grant shall comply with and be subject to the terms and
conditions of this Plan.

                  7.2 Vesting. The date an Optionee receives an Initial Grant or
a Succeeding Grant is referred to in this Plan as the "START DATE" for such
Option. Each Succeeding Grant will vest as to twenty-five percent (25%) of the
Shares on the first anniversary of the Start Date for such Succeeding Grant, and
as to 2.08333% of the Shares on each subsequent monthly anniversary of the Start
Date, so long as the Optionee continuously remains a director or a consultant of
the Company.

                  7.3 Exercise Price. The exercise price of an Option shall be
the Fair Market Value (as defined in Section 17.4) of the Shares, at the time
that the Option is granted.

                  7.4 Termination of Option. Except as provided below in this
Section, each Option shall expire ten (10) years after its Start Date (the
"EXPIRATION DATE"). The Option shall cease to vest when the Optionee ceases to
be a member of the Board or a consultant of the Company. The date on which the
Optionee ceases to be a member of the Board or a consultant of the Company shall
be referred to as the "TERMINATION DATE". An Option may be exercised after the
Termination Date only as set forth below:

                           (a) Termination Generally. If the Optionee ceases to
be a member of the Board or a consultant of the Company for any reason except
death of the Optionee or disability of the Optionee (whether temporary or
permanent, partial or total, as determined by the Committee), then each Option
then held by such Optionee, to the extent (and only to the extent) that it would
have been exercisable by the Optionee on the Termination Date, may be exercised
by the Optionee no later than seven (7) months after the Termination Date, but
in no event later than the Expiration Date.

                           (b) Death or Disability. If the Optionee ceases to be
a member of the Board or a consultant of the Company because of the death of the
Optionee or the disability of the Optionee (whether temporary or permanent,
partial or total, as determined by the Committee), then each Option then held by
such Optionee to the extent (and only to the extent) that it would have been
exercisable by the Optionee on the Termination Date, may be exercised by the
Optionee (or the Optionee's legal representative) no later than twelve (12)
months after the Termination Date, but in no event later than the Expiration
Date.

         8. EXERCISE OF OPTIONS.

                  8.1 Exercise Period. Subject to the provisions of Section 8.5
below, Options shall be exercisable as they vest; provided that the Committee
may provide that such Options shall be immediately exercisable subject to
repurchase in accordance with the vesting schedule set forth in Section 7.

                  8.2 Notice. Options may be exercised only by delivery to the
Company of an exercise agreement in a form approved by the Committee stating the
number of Shares being purchased, the restrictions imposed on the Shares and
such representations and agreements regarding the Optionee's investment intent
and access to information as may be required by the Company to comply with
applicable securities laws, together with payment in full of the exercise price
for the number of Shares being purchased.

                                      -2-
<PAGE>
                                                                       eBay Inc.
                                                1998 Directors Stock Option Plan

                  8.3 Payment. Payment for the Shares purchased upon exercise of
an Option may be made (a) in cash or by check; (b) by surrender of shares of
Common Stock of the Company that have been owned by the Optionee for more than
six (6) months (and which have been paid for within the meaning of SEC Rule 144
and, if such shares were purchased from the Company by use of a promissory note,
such note has been fully paid with respect to such shares) or were obtained by
the Optionee in the open public market, having a Fair Market Value equal to the
exercise price of the Option; (c) by waiver of compensation due or accrued to
the Optionee for services rendered; (d) provided that a public market for the
Company's stock exists (and to the extent permitted by law), through a "same day
sale" commitment from the Optionee and a broker-dealer that is a member of the
National Association of Securities Dealers (an "NASD DEALER") whereby the
Optionee irrevocably elects to exercise the Option and to sell a portion of the
Shares so purchased to pay for the exercise price and whereby the NASD Dealer
irrevocably commits upon receipt of such Shares to forward the exercise price
directly to the Company; (e) provided that a public market for the Company's
stock exists (and to the extent permitted by law), through a "margin" commitment
from the Optionee and an NASD Dealer whereby the Optionee irrevocably elects to
exercise the Option and to pledge the Shares so purchased to the NASD Dealer in
a margin account as security for a loan from the NASD Dealer in the amount of
the exercise price, and whereby the NASD Dealer irrevocably commits upon receipt
of such Shares to forward the exercise price directly to the Company; or (f) by
any combination of the foregoing.

                  8.4 Withholding Taxes. Prior to issuance of the Shares upon
exercise of an Option, the Optionee shall pay or make adequate provision for any
federal or state withholding obligations of the Company, if applicable.

                  8.5 Limitations on Exercise. Notwithstanding the exercise
periods set forth in the Grant, exercise of an Option shall always be subject to
the following limitations:

                           (a) An Option shall not be exercisable unless such
exercise is in compliance with the Securities Act and all applicable state
securities laws, as they are in effect on the date of exercise.

                           (b) The Committee may specify a reasonable minimum
number of Shares that may be purchased upon any exercise of an Option, provided
that such minimum number will not prevent the Optionee from exercising the full
number of Shares as to which the Option is then exercisable.

         9. NONTRANSFERABILITY OF OPTIONS. During the lifetime of the Optionee,
an Option shall be exercisable only by the Optionee or by the Optionee's
guardian or legal representative, unless otherwise determined by the Committee.
No Option may be sold, pledged, assigned, hypothecated, transferred or disposed
of in any manner other than by will or by the laws of descent and distribution,
unless otherwise determined by the Committee.

         10. PRIVILEGES OF STOCK OWNERSHIP. No Optionee shall have any of the
rights of a stockholder with respect to any Shares subject to an Option until
the Option has been validly exercised. No adjustment shall be made for dividends
or distributions or other rights for which the record date is prior to the date
of exercise, except as provided in this Plan. The Company shall provide to each
Optionee a copy of the annual financial statements of the Company at such time
after the close of each fiscal year of the Company as they are released by the
Company to its stockholders.

         11. ADJUSTMENT OF OPTION SHARES. In the event that the number of
outstanding shares of Common Stock of the Company is changed by a stock
dividend, stock split, reverse stock split, combination, reclassification or
similar change in the capital structure of the Company without consideration,
the number of Shares available under this Plan and the number of Shares subject
to outstanding Options and the exercise price per share of such outstanding
Options shall be proportionately adjusted, subject to any required action by the
Board or stockholders of the Company and compliance with applicable securities
laws; provided, however, that no fractional shares shall be issued upon exercise
of any Option and any resulting fractions of a Share shall be rounded up to the
nearest whole Share.

         12. NO OBLIGATION TO CONTINUE AS DIRECTOR. Nothing in this Plan or any
Option granted under this Plan shall confer on any Optionee any right to
continue as a director of the Company.

                                      -3-
<PAGE>
                                                                       eBay Inc.
                                                1998 Directors Stock Option Plan

         13. COMPLIANCE WITH LAWS. The grant of Options and the issuance of
Shares upon exercise of any Options shall be subject to and conditioned upon
compliance with all applicable requirements of law, including without limitation
compliance with the Securities Act, compliance with all other applicable state
securities laws and compliance with the requirements of any stock exchange or
national market system on which the Shares may be listed. The Company shall be
under no obligation to register the Shares with the SEC or to effect compliance
with the registration or qualification requirement of any state securities laws,
stock exchange or national market system.

         14. ACCELERATION OF OPTIONS ON CERTAIN CORPORATE TRANSACTIONS. In the
event of (a) a dissolution or liquidation of the Company, (b) a merger or
consolidation in which the Company is not the surviving corporation (other than
a merger or consolidation with a wholly-owned subsidiary, a reincorporation of
the Company in a different jurisdiction, or other transaction in which there is
no substantial change in the stockholders of the Company or their relative stock
holdings and the Options granted under this Plan are assumed, converted or
replaced by the successor corporation, which assumption, conversion or
replacement will be binding on all Optionees), (c) a merger in which the Company
is the surviving corporation but after which the stockholders of the Company
(other than any stockholder which merges (or which owns or controls another
corporation which merges) with the Company in such merger) cease to own their
shares or other equity interests in the Company, (d) the sale of substantially
all of the assets of the Company, or (e) the acquisition, sale or transfer of
more than 50% of the outstanding shares of the Company by tender offer or
similar transaction, the vesting of all Options granted pursuant to this Plan
will accelerate and the Options will become exercisable in full prior to the
consummation of such event at such times and on such conditions as the Committee
determines, and must be exercised, if at all, within seven months of the
consummation of said event. Any Options not exercised within such seven-month
period shall expire.

         15. AMENDMENT OR TERMINATION OF PLAN. The Board may at any time
terminate or amend this Plan or any outstanding Option, provided that the Board
may not terminate or amend the terms of any outstanding Option without the
consent of the Optionee. In any case, no amendment of this Plan may adversely
affect any then outstanding Options or any unexercised portions thereof without
the written consent of the Optionee.

         16. TERM OF PLAN. Options may be granted pursuant to this Plan from
time to time within a period of ten (10) years from the Effective Date.

         17. CERTAIN DEFINITIONS. As used in this Plan, the following terms
shall have the following meanings:

                  17.1 "PARENT" means any corporation (other than the Company)
in an unbroken chain of corporations ending with the Company if each of such
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain.

                  17.2 "SUBSIDIARY" means any corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company if each
of the corporations other than the last corporation in the unbroken chain owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

                  17.3 "AFFILIATE" means any corporation that directly, or
indirectly through one or more intermediaries, controls or is controlled by, or
is under common control with, another corporation, where "control" (including
the terms "controlled by" and "under common control with") means the possession,
direct or indirect, of the power to cause the direction of the management and
policies of the corporation, whether through the ownership of voting securities,
by contract or otherwise.

                  17.4 "FAIR MARKET VALUE" means, as of any date, the value of a
share of the Company's Common Stock determined as follows:

                  (a)      if such Common Stock is then quoted on the Nasdaq
                           National Market, its closing price on the Nasdaq
                           National Market on the date of determination as
                           reported in The Wall Street Journal;

                                      -4-
<PAGE>
                                                                       eBay Inc.
                                                1998 Directors Stock Option Plan

                  (b)      if such Common Stock is publicly traded and is then
                           listed on a national securities exchange, its closing
                           price on the date of determination on the principal
                           national securities exchange on which the Common
                           Stock is listed or admitted to trading as reported in
                           The Wall Street Journal;

                  (c)      if such Common Stock is publicly traded but is not
                           quoted on the Nasdaq National Market nor listed or
                           admitted to trading on a national securities
                           exchange, the average of the closing bid and asked
                           prices on the date of determination as reported in
                           The Wall Street Journal;

                  (d)      in the case of an Option granted on the Effective
                           Date, the price per share at which shares of the
                           Company's Common Stock are initially offered for sale
                           to the public by the Company's underwriters in the
                           initial public offering of the Company's Common Stock
                           pursuant to a registration statement filed with the
                           SEC under the Securities Act; or

                  (e)      if none of the foregoing is applicable, by the
                           Committee in good faith.

                                      -5-

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