eTrade 2001 Annual Report Download - page 180

benefits set forth in this Section 3 all effective as of the Effective Date unless otherwise specified:
(a)An annual salary of $675,000.00 (“Base Salary”) paid in accordance with the Company’ s ordinary payroll procedures. The Base
Salary shall be subject to review by the Compensation Committee of the Company’ s Board of Directors for adjustment in light of the
size and performance of Company. The Base Salary, as adjusted in accordance with this subsection (a), shall remain in effect unless
and until it is adjusted in accordance with this subsection (a).
(b)The Executive will be eligible to participate in the Company’ s standard bonus plan, with a target bonus of up to 300% of his base
salary, which may be modified as determined by the Chairman/Chief Executive Officer and the Compensation Committee of the
Company (the “Maximum Target Bonus”). The Executive will also be eligible to participate in the Company’ s Long Term Incentive
Plan (“LTIP”) on the same basis as other executive officers of the Company.
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(c)Participation in the employee benefit plans maintained by Company and in other benefits provided by Company to senior
executives, including retirement and 401(k) plans and other retirement plans, deferred compensation, medical and dental, annual
vacation, paid holidays, sick leave, and similar benefits, which are subject to change from time to time at the reasonable discretion of
Company.
(d)It is acknowledged that Executive has received option grants during the course of his employment with the Company. The stock
option agreement covering any and all such stock options, including any agreements relating to the issuance of restricted stock, shall
be amended to provide for “single trigger” immediate vesting in the event of a Change in Control of the Company. Company agrees
that there will be no change made in any Stock Option during the Initial Term or any Renewal Term of this agreement which adversely
affects Executive’ s rights as established by the foregoing documents, without the prior written consent of Executive. In the future, all
stock option grants made to Executive shall have a vesting schedule which provides for quarterly vesting in equal installments over a
four year period.
(e)Lease of automobile for company use and reimbursement of reasonable operating expense.
(f)Reimbursement of all reasonable business-related expenses, including without limitation, first-class air travel or travel by chartered
or corporate aircraft for all business travel.
(g)Executive has leased a home owned by BRE Holdings, LLC, with an option to purchase the home. The terms and conditions of this
lease arrangement are set forth in a separate writing (the “Lease Agreement”), and the terms of this Agreement are not intended to alter
any of the terms of the Lease Agreement.
4. Term. The term of this Agreement and the termination rights are as follows:
(a)This Agreement and Executive’ s employment under this Agreement shall be effective as of the Effective Date and shall continue for
a term ending on October 1, 2005 (the “Initial Term”). The parties may extend the Initial Term for additional one year periods (each a
“Renewal Term”), provided that both parties mutually agree during the sixty day period prior to the conclusion of the Initial Term or
any Renewal Term.
(b)This Agreement and Executive’ s employment may be terminated by either party prior to the end of the Initial Term (or any Renewal
Term) upon 30 days’ prior written notice to the other party, provided that, in the event of such termination, Company shall be
obligated to make the payments and provide the benefits described in Section 5 below. However, in the event that the Company
terminates Executive’ s employment for “Cause”, the Company shall not be required to provide Executive with any prior notice of
2002. EDGAR Online, Inc.