eTrade 2000 Annual Report Download - page 256

Exhibit 10.41
EMPLOYMENT AGREEMENT
This Agreement is made effective this 1st day of June, 2000 (the “Effective Date”), by and between E*TRADE Group, Inc., a
Delaware corporation (“Company”), and Jerry Gramaglia (“Executive”).
BACKGROUND
Executive is serving as President and Chief Operating Officer of the Company. The parties desire to enter into a formal employment
agreement with respect to the continued employment of Executive by Company, which shall automatically become effective as of the
Effective Date.
TERMS AND CONDITIONS
In consideration of the premises and the mutual covenants and agreements set forth below, the parties agree as follows:
1. Termination of Prior Agreements . Subject to the provision of Section 9 herein, any prior agreement shall terminate and be of no
further force and effect as of the execution of this Agreement.
2. Employment . Executive agrees to serve as President and Chief Operating Officer of Company for the term of this Agreement,
subject to the terms set forth in this Agreement and the provisions of the Bylaws of Company. During his employment, Executive shall
devote his effort and attention, on a full-time basis, to the performance of the duties required of him as an executive of Company.
3. Compensation . As compensation for his services during the term of this Agreement, Executive shall receive the amounts and
benefits set forth in this Section 3 all effective as of the Effective Date unless otherwise specified:
(a)An annual salary of $425,000 (“Base Salary”) prorated for any partial year of employment. As soon as reasonably practicable after
the close of Company’ s current fiscal year and the close of each fiscal year thereafter, the Base Salary shall be subject to review by the
Compensation Committee of the Company’ s Board of Directors for increases 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 increased in accordance with
this subsection(a). Executive’ s salary shall be payable semimonthly or in accordance with Company’ s regular payroll practices in
effect from time to time for officers of his level in Company.
(b)Participation in E*TRADE’ s gr2 (Success Sharing) Bonus Plan. The Executive will be eligible to receive an incentive bonus of
80% of his base salary, which may be increased as determined by the Chairman/Chief Executive Officer and the Compensation
Committee of the Company.
(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, 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)Reimbursement for financial counseling not to exceed $10,000 per year and for annual physical examinations for the executive and
his wife not to exceed $20,000 per year.
(e)It is acknowledged that Executive has received option grants in accordance with the terms of this contract. Company agrees that
there will be no change made in any Stock Option during the term of Executive’ s employment hereunder which adversely affects
Executive’ s rights as established by the foregoing documents, without the prior written consent of Executive.
(f)Lease of automobile for company use, of a mutually agreeable make and model of a value not to exceed $50,000, and
reimbursement of reasonable operating expense.
(g)Reimbursement of all reasonable business-related expenses, including without limitation business- travel conducted pursuant to
Company’ s travel policy.
(h)Reimbursement of the reasonable maintenance costs of a comprehensive security and monitoring system installed in the Executive’ s
primary residence.
(i)Executive will be eligible for full relocation benefits as provided by our executive relocation policy.
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 May 31, 2004 (the “Initial Term”).
2002. EDGAR Online, Inc.