Document:

Form of Residential Lease With Option To Buy

 

EXHIBIT 10.3

RESIDENTIAL LEASE

        This Residential Lease is made and entered into by and between [Tenant] ("Tenant") and B.R.E. Holdings LLC, a California limited
liability company ("Owner") as of [date], with respect to the premises situated in the City of [_____________], California, described as [address] (the "Premises").

        Tenant and Owner agree to lease the Premises upon the following terms and conditions: 

        1.    TERM: The term ("Term") will commence on [date] and continue until the earlier to occur of (i) [one
year from date of lease], or (ii) the date of termination of employment of [employee] by E*TRADE Group, Inc., a Delaware corporation, or any of its subsidiaries ("E*TRADE"). The Term may be extended in accordance with paragraph 21
below.

        2.    RENT: Rent will be $[__________] per month ("Rent"), payable in advance, upon the first day of each
calendar month to Owner or its authorized agent, at 10951 White Rock Road, Rancho Cordova, California 95670 (Attn: Ryan Stroub), or at such other places as may be designated by Owner from time to time. 

        3.    UTILITIES: Tenant will be responsible for the payment of all utilities and services to the Premises. 

        4.    USE: The Premises will be used exclusively as a residence.

        5.    ORDINANCES AND STATUTES: Tenant will comply with all statutes, ordinances, and requirements of all municipal,
state and federal authorities now in force, or which may later be in force, regarding the use of the Premises. 

        6.    ASSIGNMENT AND SUBLETTING: Tenant will not assign this Lease or sublet any portion of the Premises. This
provision is intended to be an absolute prohibition on Tenant's transfer of this Lease or any interest therein. The option rights of Tenant, as provided in paragraphs 21 and 22 below, are personal to Tenant and may not be transferred to any other
party.

        7.    MAINTENANCE, REPAIRS, OR ALTERATIONS: Tenant acknowledges that the Premises are in good order and repair, unless
otherwise indicated. Tenant will, at his and her own expense, maintain the Premises in good repair and in a clean and sanitary manner including all equipment, appliances, smoke detectors, plumbing, heating and air conditioning, and will surrender
the same, at termination, in as good condition as received, normal wear and tear excepted. Tenant will be responsible for damages caused by his or her negligence and that of his or her family, invitees, and guests. Tenant will not paint, paper or
otherwise redecorate or make alterations to the Premises without the prior written consent of the Owner. Tenant will irrigate and maintain the grounds of the Premises, including lawns, trees and shrubbery. Tenant will not commit any waste or
nuisance upon the Premises. 

        8.    INVENTORY: The following furnishings and/or equipment are to be furnished by Owner: refrigerator, oven,
microwave, dishwasher, trash compactor, and garage door openers.
[any additional furnishings that will transfer with the property?] Tenant will keep such furnishings and equipment in good condition and repair, and will be responsible for any damage to them other than normal wear and tear. 

        9.    DAMAGE TO PREMISES: If the Premises are damaged by fire or from any other cause which renders the Premises
untenantable, either party will have the right to terminate this Lease as of the date on which the damage occurs. Written notice of termination will be given to the other party within fifteen days after occurrence of such damage. Should such damage
or destruction occur as the result of the negligence of Tenant, or his or her invitees, then only the Owner will have the right to terminate. Should this right be exercised by either Owner or Tenant, then Rent for the current month will be prorated
between the parties as of the date the damage occurred. If this Lease is not terminated, then Owner will promptly repair the Premises and there will be a proportionate reduction of Rent until the Premises are repaired and ready for Tenant's
occupancy. Such proportionate reduction will be based on the extent which repairs interfere with Tenant's reasonable use of the Premises.

        10.   ENTRY AND INSPECTION: Owner will have the right to enter the Premises: (a) in case of emergency; (b) to make necessary
or agreed repairs, decorations, alterations, improvements, supply necessary or agreed services, show the Premises to prospective or actual buyers, lenders, tenants, workers or contractors; and (c) when Tenant has abandoned or surrendered the
Premises. Except under (a) and (c), entry may be made only during normal business hours, and with at least twenty-four (24) hours' prior notice to Tenant.

        11.   INDEMNIFICATION: Owner will not be liable for any damage or injury to Tenant, or any other person, or to any property,
occurring on the Premises, unless such damage is the legal result of the negligence or willful misconduct of Owner, its agents, or employees. Tenant agrees to hold Owner harmless from any claims for damages, no matter how caused, except for injury
or damages caused by negligence or willful misconduct of Owner, its agents or employees. It is understood that Owner's insurance does not cover Tenant's personal property or improvements.

        12.   PHYSICAL POSSESSION: If Owner is unable to deliver possession of the Premises at the commencement date of the Term, as
set forth above, Owner will not be liable for any damage caused, nor will this Lease be void or voidable, but Tenant will not be liable for any Rent until possession is delivered. 

        13.   DEFAULT: If Tenant fails to pay Rent when due, or perform any provision of this Lease, after not less than three (3)
days written notice of such default is given in the manner required by law, the Owner, at its option, may terminate all rights of Tenant, unless Tenant, within said time, cures such default. If Tenant abandons or vacates the Premises while in
default of this Lease, Owner may consider any property left on the Premises to be abandoned and may dispose of the same in any manner allowed by law. In the event that Owner reasonably believes that such abandoned property has no value, it may be
discarded. 

        14.   WAIVER: Failure of Owner to enforce any provision of this Lease will not be deemed a waiver. The acceptance of Rent by
Owner will not waive its right to enforce any provision of this Lease.

        15.   NOTICES: Unless otherwise provided, any notice which either party may give or is required to give shall be in writing
and shall be sent by United States mail, postage prepaid, certified, or by personal delivery, or by overnight courier, addressed to Tenant at the Premises or to Owner at the address shown below or at such other places as may be designated in notice
to the other party given as provided herein. Notice will be deemed effective upon actual receipt, if personally delivered, one business day following deposit with Federal Express or other reputable overnight courier that provides a receipt, or on
the third day following deposit in the United States mail in the manner described above. Owner's address for notices is: B.R.E. Holdings LLC, 4500 Bohannon Drive, Menlo Park, CA; Attention: Brigitte VanBaelen.

        16.   HOLDING OVER: Any holding over after expiration of this Lease, with the consent of Owner, will be a month-to-month
tenancy at a monthly rent of 150% of the then applicable Rent, payable in advance and otherwise subject to the terms of this Lease, as applicable, until either party terminates the same by giving the other party thirty days' advance written
notice.

         17.   TIME. Time is of the essence of this Lease.

        18.   ATTORNEY'S FEES: In any action or proceeding involving a dispute between Owner and Tenant arising out of this Lease,
the prevailing party will be entitled to reasonable attorneys' fees and costs incurred.

        19.   FAIR HOUSING: Owner and Tenant understand that the state and federal housing laws prohibit discrimination in the sale,
rental, appraisal, financing or advertising of housing on the basis of race, religion, color, sex, familial status, sexual preference, handicap, or national origin.

        20.   INSURANCE: Upon execution of this Lease, Tenant shall provide Owner with evidence of (i) property insurance against
"All Risks" of physical loss covering the replacement costs of all of Tenant's personal property located upon the Premises, and (ii) general liability insurance, each with such terms, coverages and insurers as Owner may reasonably require.
Owner shall be named as additional insured with respect to Tenant's general liability policy. 

        21.   OPTION TO EXTEND LEASE:  Tenant shall have the option, for so long as [employee] shall be employed by E*TRADE, to
extend the term of this Lease (the "Extension Option") for successive terms of one year each (the "Option Terms") upon and subject to the terms and conditions of this paragraph 21. Each Extension Option shall be exercised, if at
all, by notice (the "Option Exercise Notice") given to Owner not earlier than four months nor later than two months prior to the expiration date of the Term. If Tenant exercises an Extension Option, each of the terms, covenants and
conditions of the Lease shall apply during such Option Term as though the expiration date of the Option Term was the date originally set forth herein as the expiration date, except that the Rent for such Option Term shall be the fair market rental
for the Property as reasonably determined by Owner ("Fair Market Rental"). Notwithstanding the foregoing, if Tenant (i) fails to timely exercise any Extension Option, or (ii) cancels an Option Exercise Notice as provided below, the
remaining Extension Options shall automatically be null and void. If Tenant is in default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises an Extension Option or at any time thereafter prior to the
commencement date of the Option Term, Owner shall have, in addition to all of Owners' other rights and remedies provided in this Lease, the right to terminate the Extension Option upon notice to Tenant. Within ten business days after Owner's receipt
of an Option Exercise Notice, Owner shall give notice to Tenant of its determination of Fair Market Rental for such option period ("Rental Notice"). Tenant may, by notice delivered to Owner within ten business days following receipt of a
Rental Notice, cancel his or her Option Exercise Notice, in which case this Lease shall terminate at the end of the then current term. In no event shall any provision of this paragraph be construed to extend the term of the Lease beyond the date of
termination of [employee]' employment by E*TRADE. 

        22.   OPTION TO PURCHASE THE PREMISES:

        (a)    Grant of Option. Subject to the terms and conditions hereinafter set forth, Owner hereby grants to Tenant
an exclusive option ("Option") to purchase the Premises.

        (b)   Term. The Option shall be effective for a term (the "Purchase Option Term") commencing on [date], and
expiring upon the termination of this Lease. 

        (c)    Exercise of Option. Provided Tenant is not then in default under any term or provision of the Lease, this
Option may be exercised by Tenant's delivery to Owner of written notice (the "Option Notice ") of Tenant's exercise of the Option prior to the expiration of the Purchase Option Term. The Option Notice shall state without condition or
qualification that the Option is exercised.

        (d)   Terms of Purchase and Sale. Upon Tenant's exercise of the Option, Owner shall sell to Tenant and Tenant shall
purchase from Owner the Premises upon the terms and conditions set forth in the Standard Residential Purchase Agreement attached hereto as Exhibit A (the "Purchase Agreement"). The Purchase Price for the Premises shall be
________________ Dollars ($___________). The total amount of Rent paid by Purchaser as Tenant under the Lease shall be applied to the Purchase Price and credited as a deposit under paragraph 1A of the Purchase Agreement. There shall be no brokers or
sales persons involved in the purchase and sale of the Premises as provided herein and all references to brokers or agents in the Purchase Agreement are deemed deleted. The word "acceptance" as used in the Purchase Agreement to describe
the date Seller accepts the offer shall mean the date of delivery of the Option Notice. 

        (e)    Memorandum of Option. Contemporaneously with the execution hereof, Owner and Tenant shall execute and
acknowledge a Memorandum of Option substantially in the form of Exhibit B attached hereto, and promptly cause recordation of same in the Official Records of [county where property is located], California.

        23.   LEASE NOT TO AFFECT EMPLOYMENT: Tenant agrees and understands that nothing in this Lease shall confer any right with
respect to [employee]' continuation of employment with E*TRADE, nor shall it interfere in any way with his right or the right of E*TRADE, to terminate his employment at any time, with or without cause, in accordance with his employment agreement
with E*TRADE.

        24.   REPRESENTATION OF THE PARTIES: Owner has been represented by its independent attorneys in connection with this Lease.
Tenant acknowledges that he and she have been advised by attorneys for Owner of their right to consult with his or her separate legal, tax and financial counsel about the terms of this Lease, and that Tenant has had an adequate opportunity to
consult with such separate counsel before signing this Lease.

        25.   ENTIRE AGREEMENT: The foregoing constitutes the entire agreement between the parties and may be modified only in
writing signed by all parties. This Lease and any modifications, including any photocopy or facsimile, may be signed in one or more counterparts, each of which will be deemed an original and all of which taken together will constitute one and the
same instrument.

        Tenant hereby acknowledges receipt of a copy of this Lease.

Tenant: _________________________________________

           [employee]

 

Owner: B.R.E. Holdings LLC 

 

By: ____________________________________________ 

EXHIBIT B

Memorandum of Agreement

Recording requested by and

When recorded Mail to:

 

 
APN: 070-230-130

MEMORANDUM OF AGREEMENT

        This Memorandum of Agreement is made and entered into as of [date], by and between [Tenant] as "Tenant" and B.R.E. Holdings LLC as
"Owner."

        Tenant and Owner entered into a certain Residential Lease-Rental Agreement and Deposit Receipt dated [date] (the "Agreement") pursuant
to which the Owner agreed to certain purchase option rights in favor of Tenant affecting Owner's interest in that certain real property commonly known as [address] and more particularly described in Exhibit A attached hereto.

        For further particulars as to the terms, covenants and conditions of said Agreement, all of the provisions thereof are hereby referred to by this
reference made a part hereof.

        IN WITNESS WHEREOF, the undersigned have executed this document so that third parties might have notice of the rights, obligations and
restrictions contained in the Agreement. 

B.R.E. Holdings LLC

	By: 	____________________________	____________________________

Tenant 

 

Signatures must be notarized.

EXHIBIT A

[Legal description of property]<PAGE>

EXHIBIT 10.26

November 22, 2000

Gregory M. Nichols
440 N.E. 92nd Street
Miami Shores, Florida 33138

Dear Greg:

We are very pleased to confirm our discussion regarding your joining Staff
Leasing (SL) as Senior Vice President Human Resources and General Counsel. As
discussed, this position reports to the Chief Executive Officer. The following
should adequately outline the terms of our employment offer.

   Base Salary:               Your base salary would be $7,115.38 bi-weekly.

   Hiring/relocation Bonus:   An $80,000 relocation bonus would be paid; $50,000
                              upon date of hire, and $30,000 upon completion of
                              your relocation to permanent housing in the
                              Bradenton area. The $30,000 is intended to cover
                              all temporary living costs and travel between your
                              current residence and any temporary residence in
                              the Bradenton area. These payments would be
                              taxable income to you. In addition, STFF would pay
                              the cost of moving your household goods to
                              Bradenton directly to a moving carrier of its
                              choice.

   Start date:                Your first day of employment will be January
                              2, 2001.

   Bonus Provisions:          On an annual basis, you would be eligible for a
                              bonus payment of 30% of base salary. Subsequent
                              bonus percentages will be determined annually by
                              the Compensation Committee of the Board of
                              Directors and paid in the same manner as the other
                              Officers of the Company.

   Stock Options:             STFF will grant you 75,000 non-qualified stock
                              options under the terms of the Staff Leasing, Inc.
                              1997 Stock Incentive Plan. The exercise price will
                              be the fair market value (last closing price) of
                              the underlying shares on your first day of
                              employment. These options vest over a four-year
                              period at 25% per year, commencing on the one year
                              anniversary of your date of full-time hire.

   Change of Control          STFF would give you a change of control agreement
   Agreement:                 with a one year salary continuation clause in the
                              event of your termination due to a change of
                              control.

   Salary Protection:         STFF agrees that if it terminates you for any
                              reason other than for cause during the first two
                              years of your employment with STFF, that it will
                              continue to pay you at your current base pay for
                              the lesser of one year or until you find other
                              employment.

   Vacation:                  Twenty (20) days will be available during 2001
                              based on a start date of January 2 and in future
                              years.

   Health Insurance:          STFF will contribute towards family medical and
                              dental insurance for you and your eligible
                              dependents based on the HMO package (BCBS Health
                              Options currently) approved for official use. See
                              the attached Schedule of Health Benefit
                              Contributions for more details. You must enroll
                              within your first 60 days of employment. If you do
                              not enroll within your first 60 days, you must
                              wait for the next annual enrollment or qualifying
                              event. Coverage does not begin until the 90th
                              day. Please consult Hazel Groome, Internal
                              Benefits Coordinator for enrollment information.

All full-time employees are subject to successful completion of an initial
ninety (90) day new hire orientation period. Of course, your employment with SL
would be considered employment-at-will, and your tenure in this position would
be dependent upon your individual performance and other factors such as business
conditions. You would have the right to terminate your employment at any time
for any reason, and we have that same right. As a condition of employment, you
will be required to sign our standard non-competition and confidentiality
agreement (attached) on your first day of employment. And, you should know that
compensation and benefit plans are subject to future adjustment as part of
on-going program reviews.

                                       1
<PAGE>

Gregory M. Nichols
November 22, 2000
Page two

If you are subject to any agreement or understanding with any other person or
business entity that might affect the performance of your duties as an employee
of STFF, you warrant that you have provided copies of all such written
agreements or understandings to STFF and have made any unwritten understandings
known to STFF via appropriate documentation. You acknowledge that STFF wants you
to abide by any valid agreements you may have previously made and understand
that STFF does not wish to interfere with your duties under any such prior
agreements. You warrant that during your term of employment with STFF you will
not breach or violate any agreement or understanding to which you are subject,
through the performance of your duties as an employee of STFF. You agree that,
during the term of employment with STFF, you will not bring onto the premises of
STFF any unpublished document or any property belonging to your former employers
or companies, if any, unless consented to in writing by such employers or
companies.

Should you accept a full-time offer of employment, you will be required to
execute an agreement in which you agree to resolve any dispute(s) arising out
of, or concerning your employment pursuant to Staff Leasing's Internal Issue
Resolution Process. If the dispute is not resolved internally, Staff Leasing's
External Issue Resolution Process includes voluntary, non-binding mediation and,
if necessary, mandatory binding arbitration. Carefully review the enclose
booklet outlining the policy.

The Immigration Reform and Control Act of 1986 obligates all employers to hire
United States citizens as well as non-citizens who are authorized to work in the
United States. We, therefore, would need to verify your eligibility for
employment. Attached is a listing of acceptable documents that you will need to
present on your first day of employment. If you do not have any of these listed
documents, you cannot work in the United States. Without the aforementioned
documentation, by law, we cannot permit you to start work.

As a condition of employment, new employees hired for a permanent position at
the Bradenton Corporate Office will be required to undergo a pre-employment drug
screen. Failure to pass the screen will result in the withdrawal of the
employment offer. No one is permitted to start work before the company receives
the drug screen results. Drug screen information is enclosed. If you have any
questions, please contact Amy Kobert at (941) 744-3395.

Greg, the position of Senior Vice President of Human Resources and General
Counsel provides an excellent opportunity for you to be a part of an exciting,
challenging and growing company. This role is crucial to Staff Leasing's
continued success. We look forward to you filling the position.

Sincerely,

Michael K. Phippen
Chairman & CEO

Enclosures;
         Non-compete and confidentiality agreement
         Schedule of Health Benefit Contributions and other benefit information
         Acceptable INS documents
         Staff Leasing's Internal Issue Resolution Process
         Drug Screen Information
         Change of Control Agreement

cc:      Human Resources
         Employee Records

                                       2

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