Zuckerberg can't create a rival to his own Facebook
Facebook founder and CEO Mark Zuckerberg will get millions of dollars in salary, bonuses and stock options, but cannot work on creating a rival to the social networking giant. This has been disclosed in Facebook's amended registration document for its upcoming IPO, filed with the US market regulator Securities and Exchange Commission (SEC) . According to Zuckerberg’s employment agreement with Facebook, his job can be terminated “at any time for any reason or no reason”, either by him or by the company. Besides, the company's employment agreement does not allow Zuckerberg to “assist any person or entity in competing with the company, in preparing to compete with the company or in hiring any employees or consultants of the company”. Similar clauses apply to Chief Operating Officer Sheryl Sandberg, Chief Financial Officer David Ebersman and Vice-President (Engineering) Mike Schroepfer for the period they render their services to Facebook. The agreements are silent on w...