eTrade 2002 Annual Report Download - page 204
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(c)Pursuant to the terms of the E*Trade Ventures II, LLC Limited Liability Company (the “Fund II Company”) Operating Agreement,
Executive is a Managing Member of the Fund II Company. From and after the Resignation Date, the Company has the right to require
Executive to withdraw as Managing Member of the Fund II 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 II, L.P.
2. Separation Benefits .Following his resignation, the Company agrees to provide Executive with the following benefits, subject to Executive’ s
continuing compliance with his obligations under Section 4:
(a)On the Resignation Date, the Company will issue a press release announcing Executive’ s resignation in the form attached as Exhibit B.
(b)The Company shall pay to Executive an amount in cash equal to $4 million. Of such amount, $1 million shall be paid promptly after the
execution of this Agreement, $1 million shall be paid on or before March 23, 2003, $1 million shall be paid on or before May 23, 2003 and the
remaining $1 million shall be paid on or before July 23, 2003.
(c)The Company shall provide Executive with an office and administrative support at its reasonable expense and convenience for a period of up
to 6 months following the Resignation Date.
(d)The Company shall allow Executive to retain all office equipment previously provided for his use at his principal residence and shall transfer
any ownership interest currently held by the Company in such equipment to Executive; provided, however , that all confidential and/or
proprietary information of the Company, its subsidiaries and its affiliated entities shall be removed from such equipment.
(e)Executive currently has use of an automobile leased by the Company, which Executive may continue to use through January 31, 2004. After
such date, Executive shall be permitted to convert the Company’ s lease to a personal lease, and the Company shall cooperate with Executive to
effect such conversion.
2
2003. EDGAR Online, Inc.