eTrade 2002 Annual Report Download - page 203
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EXHIBIT 10.57
AGREEMENT
This Agreement is made effective as of this 23rd day of January, 2003 (the “Effective Date”), by and between E*TRADE GROUP, INC., a
Delaware corporation (“Company”), and CHRISTOS M. COTSAKOS (“Executive”). References herein to the Company shall include its
subsidiaries, unless otherwise required by context.
BACKGROUND
A.Executive is the Chairman of the Board and Chief Executive Officer of Company and is currently employed pursuant to the terms of an
employment agreement dated May 15, 2002 (the “Employment Agreement”); and
B.Executive and the Company have mutually agreed that Executive shall resign from his employment with the Company and his position as a
member of its Board of Directors, pursuant to the terms and conditions set forth below.
TERMS AND CONDITIONS
In consideration of the premises and the mutual covenants and agreements set forth below, the parties agree as follows:
1.Resignation from Positions.
(a)Executive shall resign from his employment with the Company and his position on the Board of Directors effective as of the close of
business on January 23, 2003 (the “Resignation Date”). Each of the Executive and the Company waive the notice requirement described in
paragraph 5 of the Employment Agreement. To formalize his resignation, on January 23, 2003, Executive shall present a letter of resignation in
the form attached as Exhibit A.
(b)Pursuant to the terms of the E*Trade Ventures I, LLC Limited Liability Company (the “Fund I Company”) Operating Agreement, Executive
is a Managing Member of the Fund I Company. From and after the Resignation Date, the Company has the right to require Executive to
withdraw as Managing Member of the Fund I Company and waive any and all rights and duties as a Managing Member. Executive hereby
transfers and assigns to the Company all future payments and rights to payments in respect of his Managing Member interest. When and if so
required by the Company, Executive shall cooperate with the Company to execute all documents necessary to effectuate this withdrawal and
transfer and assignment. The provisions of this subsection shall not affect Executive’ s direct or indirect limited partnership interests in the
E*Trade eCommerce Fund, L.P.
1
2003. EDGAR Online, Inc.