eTrade 2009 Annual Report Download - page 240

Exhibit 10.21
FORM OF EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is made and entered into by and between E*TRADE Financial Corporation
(the “ Company”) and (“Executive”) as of (the “Effective Date”).
1. Position and Duties: As of the Effective Date, Executive will be appointed as . Executive agrees to devote
all necessary time, energy and skill to his duties at the Company.
The Company shall provide Executive with the same indemnification and D&O insurance protection provided from time to time
to its officers and directors generally. Notwithstanding anything to the contrary in this Agreement, the rights of Executive to
indemnification and the D&O insurance coverage with respect to all matters, events or transactions occurring or effected during the
Executive’s period of employment with the Company shall survive the termination of Executive’s employment.
2. Term of Agreement: This Agreement shall remain in effect through December 31, 2011 (the “Term”), unless Executive’s
employment is terminated earlier by either party, subject to payments under Section 5 hereof to the extent applicable. The Term of
this Agreement shall automatically renew for additional one-year periods unless either party provides at least ninety days’ prior
written notice of termination of the Agreement; provided that in the event of a Change in Control during the term of this Agreement,
this Agreement may not be terminated until 24 months following such Change in Control. Executive’s employment with the
Company shall be “at-will”. Unless Executive terminates his employment prior to the end of the Term pursuant to the terms of this
Agreement (for the avoidance of doubt, including to the extent an Involuntary Termination occurs following the Company’s delivery
of notice of its non-renewal of this Agreement pursuant to the preceding sentence), Executive’s continued employment following the
end of the Term shall continue to be on an at-will basis and on such terms and conditions as the parties may agree.
3. Compensation: During the Term, Executive shall be compensated by the Company for his services as follows:
(a) Base Salary: Executive shall be paid an annualized base salary of $ per year, subject to applicable
withholding, in accordance with the Company’s normal payroll procedures. Executive’s base salary may be adjusted from time
to time in the discretion of the Company, subject to the provisions of Section 5 (incorporating the definitions set forth in
Section 7) (this is referred to as the “Base Salary”).
(b) Performance Bonus: Executive shall have the opportunity to earn an annual performance bonus. The performance
bonus shall be earned upon the Executive and the Company meeting pre-established performance targets. Executive’s current
cash bonus target amount is $ . The annual cash bonus, if earned, will be paid at the same time and in the same manner
as payments to similarly situated executives of the Company and, except as expressly provided otherwise in this Agreement or
in the applicable bonus plan document, shall not be earned unless Executive remains employed with the Company on the date of
payment.