Document:

Exhibit 10.1

 EXHIBIT 10.1 
 Conformed Version 
 AMENDMENT No. 1 (this “Amendment”) dated as of July 24,
2007, to the CREDIT AGREEMENT dated as of September 19, 2005 (the “Credit Agreement”), among E*TRADE FINANCIAL CORPORATION, as Borrower, the LENDERS from time to time party thereto, JPMORGAN CHASE BANK N.A., as Administrative
Agent, and MORGAN STANLEY SENIOR FUNDING INC., as Syndication Agent. 
 WHEREAS pursuant to the Credit Agreement, the Lenders have agreed to
extend credit to the Borrowers, in each case pursuant to the terms and subject to the conditions set forth therein; 
 WHEREAS the Borrower
has requested that the Lenders agree to amend certain provisions of the Credit Agreement pursuant to the terms and subject to the applicable conditions set forth herein; 
 WHEREAS the Borrower has requested that Bank of America, N.A. (the “Additional Lender”) becomes a Lender under the Credit Agreement; 
 WHEREAS the Departing Lenders (as defined below) have requested to cease to be Lenders under the Credit Agreement; and 
 WHEREAS the undersigned Lenders (including the Additional Lender) are willing, pursuant to the terms and subject to the applicable conditions set forth
herein, to approve such amendments. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the applicable conditions set forth herein, the parties hereto hereby agree as follows: 
 SECTION 1. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Credit Agreement
(as amended hereby). As used herein, the term “Amendment Effective Date” shall mean a date specified by the Borrower (provided that such date shall be no later than July 31, 2007), as of which all conditions set forth or
referred to in Section 11 shall have been satisfied, the term “Existing Lenders” shall mean all Lenders under the Credit Agreement immediately before this Amendment (including any assignment under Section 10 hereof)
becomes effective, the term “Increasing Lenders” shall mean each Existing Lender whose Commitment as shown on Schedule 2.01 hereto is greater than its existing Commitment immediately prior to the Amendment Effective Date, the
term “Departing Lenders” shall mean each Existing Lender with a Commitment of $0 (zero) as shown on Schedule 2.01 hereto and the term “Reducing Lenders” shall mean each Existing Lender other then a Departing
Lender whose Commitment as shown on Schedule 2.01 hereto is smaller than its existing Commitment immediately prior to the Amendment Effective Date. 

 SECTION 2. Amendments to Section 1.01. Section 1.01 of the Credit Agreement is hereby
amended as follows: 
 (a) by amending the definition of “Applicable Rate” by deleting the pricing grid therein and
inserting the following pricing grid in lieu thereof: 
  

										
	 Ratings:
	  	Revolving
Loan
ABR
Spread	 	 	Revolving
Loan
Eurodollar
Spread	 	 	Commitment
Fee Rate	 
	 Ratings Group I
	  	0.00	%	 	0.75	%	 	0.15	%
	 Ratings Group II
	  	0.00	%	 	1.00	%	 	0.175	%
	 Ratings Group III
	  	0.25	%	 	1.25	%	 	0.20	%
	 Ratings Group IV
	  	0.50	%	 	1.50	%	 	0.25	%
	 Ratings Group V
	  	0.75	%	 	1.75	%	 	0.25	%
	 Ratings Group VI
	  	1.25	%	 	2.25	%	 	0.375	%

 (b) by inserting the following definition in the appropriate alphabetical order:

 “ “Net Cash Proceeds” means, with respect to any event, (a) the cash proceeds received in respect of such event,
including any cash received in respect of any non cash consideration (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment or earn-out, but excluding
any reasonable interest payments), but only as and when received, minus (b) the sum of (i) all reasonable fees and out of pocket expenses paid by the Borrower and the Subsidiaries to third parties in connection with such event,
(ii) in the case of a sale, transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation or similar proceeding), the amount of all payments that are permitted hereunder and
are made by the Borrower and the Subsidiaries as a result of such event to repay Indebtedness (other than Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event, and (iii) the amount of all taxes
paid (or reasonably estimated to be payable) by the Borrower and the Subsidiaries, and the amount of any reserves established by the Borrower and the Subsidiaries to fund contingent liabilities reasonably estimated to be payable, in each case during
the year that such event occurred or the next succeeding year and that are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer), provided that any reduction at any time in the amount of any such
reserves (other than as a result of payments made in respect thereof) shall be deemed to constitute the receipt by the Borrower at such time of Net Cash Proceeds in the amount of such reduction.” 
 (c) by amending the definition of the term “Maturity Date” by deleting the text “September 19, 2008” and inserting the
text “September 20, 2010” in lieu thereof. 
 (d) by amending the definitions of the terms “Ratings Group
I”, “Ratings Group II”, “Ratings Group III”, “Ratings Group IV”, “Ratings Group V” and “Ratings Group VI” by deleting such definitions in their entirety and inserting the following text in lieu
thereof: 
 “ “Ratings Group I” shall be in effect when the Moody’s Rating is at or above Baa3 or the S&P
Rating is at or above BBB-; “Ratings Group II” shall be in effect when (a) the Moody’s Rating is at or above Ba1 or the S&P Rating is at or above BB+ and (b) Ratings Group I is not in effect; “Ratings
Group III” shall be in effect when (a) the Moody’s Rating is at or above Ba2 or the S&P Rating is at or above BB and (b) neither Ratings Group I nor Ratings Group II is in effect; “Ratings Group IV” shall
be in effect when (a) the Moody’s Rating is at or above Ba3 or the S&P Rating is at or above BB- and (b) none of Ratings Group I, Ratings Group II or Ratings Group III is in effect; “Ratings Group V” shall be in
effect when (a) the Moody’s Rating is at or above B1 or the S&P Rating is at or above B+ and (b) none of Ratings Group I, Ratings Group II, Ratings Group III or Ratings Group IV is in effect; and “Ratings Group
VI” shall be in effect when (a) the Moody’s Rating is less than B1 and the S&P Rating is less than B+. For purposes of the foregoing, (i) if either a Moody’s Rating or an S&P Rating shall not be in 

  

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effect (other than by reason of the circumstances referred to in the last sentence of this definition), then such Rating Agency shall be deemed to have
established a Rating in Ratings Group VI; (ii) if the Moody’s Rating and the S&P Rating shall fall within different Ratings Groups, the applicable Ratings Group shall be based on the higher of the two Ratings unless one of the two
Ratings is two or more Ratings Groups above the other, in which case the applicable Ratings Group shall be the Ratings Group one level above the Ratings Group corresponding to the lower Rating; and (iii) if a Rating established by Moody’s
or S&P shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on which it is first announced by the applicable Rating Agency. Each change in the
Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or
if either Rating Agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of
Ratings from such Rating Agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the Rating of the other Rating Agency (or, if the circumstances referred to in this sentence shall affect
both Rating Agencies, the Ratings most recently in effect prior to such changes or cessations).” 
 SECTION 3. Amendments to
Section 6.04. (a) Section 6.04(d) is amended to read in its entirety as follows: 
 “(d) investments (including by way
of Guarantee) by the Borrower or any Subsidiary in their respective Subsidiaries;” 
 (b) Section 6.04(q) of the
Credit Agreement is hereby amended by deleting such Section in its entirety and inserting the following text in lieu thereof: 
 “(q) other investments, loans and advances by the Borrower or any Subsidiary prior to, on, or after July 27, 2007, provided that no investments, loans or advances may be made under this clause (q) on any date (the
“date of determination”) on or after July 27, 2007 if, after giving effect to such investment, loan or advance, the aggregate amount, as valued at cost as of the date of each such investment, loan or advance is made and including all
related commitments for future investments, loans or advances (and the principal amount of any Indebtedness that is assumed or otherwise incurred in connection with such investment, loan or advance), of investments, loans and advances made or
committed to be made from and after July 27, 2007 under this clause (q) would exceed the sum of (i) 5.0% of Consolidated Net Worth as of such date of determination, (ii) the maximum amount of Restricted Payments that may be made
under Section 6.08(a)(iv) as of such date of determination, (iii) the maximum amount of Restricted Payments that may be made under Section 6.08(a)(v) as of such date of determination and (iv) an amount equal to any returns of
capital or sale proceeds actually received in cash in respect of any investments, loans and advances made under this clause (q) (whether made before, on, or after July 27, 2007, which amount shall not exceed the amount of such investment
valued at cost at the time such investment was made).” 
 SECTION 4. Amendment to Section 6.05.
(a) Section 6.05(j) of the Credit Agreement is hereby amended by deleting the text “the Effective Date” and inserting the text “July 27, 2007” in lieu thereof. 
 (b) Section 6.05 is further amended by (i) deleting the word “and” from the end of subsection(m), (ii) replacing
the comma at the end of subsection (n) with the text “; and”, and (iii) adding a new subsection (o) to read as follows: 
 “(o) sales, transfer or other dispositions of all or a portion of the market-making and institutional brokerage business of the Borrower in one or more transactions,” 
  

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 SECTION 5. Amendment to Section 6.08. Section 6.08(a) of the Credit Agreement is hereby
amended by deleting such Section in its entirety and inserting the following text in lieu thereof: 
 “(a) The Borrower will not,
and will not permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except: 
 (i) each of the Subsidiaries may declare and pay dividends ratably with respect to its Equity Interests; 
 (ii) the Borrower may declare and pay dividends with respect to its Equity Interests payable solely in shares of Qualified Equity
Interests; 
 (iii) the Borrower may make Restricted Payments not exceeding $50,000,000 during any fiscal year pursuant
to and in accordance with stock option plans or other benefit plans approved by the Borrower’s board of directors for management or employees of the Borrower and any of the Subsidiaries; 
 (iv) the Borrower may make Restricted Payments after July 27, 2007 so long as (A) no Default has occurred and is continuing or
would result therefrom and (B) at the time any such Restricted Payment is made, either (1) the aggregate amount of such Restricted Payment, all prior Restricted Payments made by the Borrower under this clause (iv) after July 27,
2007 and the aggregate amount of all investments, loans and advances made in reliance on clause (ii) of the proviso to Section 6.04(q) after July 27, 2007 does not exceed 50% of Consolidated Available Net Income for the period
commencing July 1, 2007, and ending on the last day of the most recent fiscal quarter of the Borrower for which financial statements shall have been delivered pursuant to Section 5.01(a) or (b), taken as a single accounting period, or
(2) the aggregate amount of such Restricted Payment and the aggregate amount of all Restricted Payments made by the Borrower under this clause (iv) and all investments, loans and advances made in reliance on clause (ii) of the proviso
to Section 6.04 (q), in each case during the fiscal quarter in which such Restricted Payment is to be made and the three preceding fiscal quarters of the Borrower (or, if such Restricted Payment is to be made prior to the first anniversary of
July 27, 2007, since such date), does not exceed $100,000,000; 
 (v) the Borrower may make Restricted Payments
after July 27, 2007 so long as (A) no Default has occurred and is continuing or would result therefrom at the time any such Restricted Payment is made and (B) at the time any such Restricted Payment is made, the aggregate amount of
such Restricted Payment, all prior Restricted Payments made by the Borrower under this clause (v) and all investments, loans and advances made in reliance on clause (iii) of the proviso to Section 6.04(q) after July 27, 2007 does
not exceed the sum of (A) $500,000,000 and (B) an aggregate amount of up to $200,000,000 in Net Cash Proceeds received by the Borrower or any Subsidiary after July 27, 2007 from any sale, transfer or other disposition permitted by
Section 6.05(o); and 
 (vi) the Borrower may make Restricted Payments to fund the repurchase of Equity Interests deemed
to occur upon the exercise of options or warrants if such Equity Interests represent all or a portion of the exercise price thereof. 
 SECTION 6. Amendment to Section 6.13. Section 6.13 of the Credit Agreement is hereby amended by deleting such Section in its entirety and inserting the following text in lieu thereof: 
 “SECTION 6.13 Leverage Ratio. The Borrower will not permit the Leverage Ratio as of any date to exceed a ratio of 3.00:1.00.”

  

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 SECTION 7. Amendment to Section 6.14. Section 6.14 of the Credit Agreement is hereby
amended by deleting such Section in its entirety and inserting the following text in lieu thereof: 
 “SECTION 6.14 Debt to
Capitalization Ratio. The Borrower will not permit the Debt to Capitalization Ratio as of any date to exceed a ratio of 0.45:1.00.” 
 SECTION 8. Amendment of Schedule 2.01. Schedule 2.01 to the Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 hereto. 
 SECTION 9. Representations and Warranties. The Borrower represents and warrants to the Administrative Agent and the Lenders that: 
 (a) This Amendment has been duly authorized, executed and delivered by the Borrower and constitutes a legal, valid and binding obligation
of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law. 
 (b) The representations and warranties of the Borrower set forth in
the Loan Documents are true and correct on and as of the Amendment Effective Date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties are true and correct
as of such earlier date. 
 (c) Immediately prior to and after giving effect to this Amendment, no Default or Event of Default
shall have occurred and be continuing. 
 (d) Immediately prior to and after giving effect to this Amendment, the Collateral
Requirement shall be satisfied. 
 (e) None of the execution, delivery or performance by the Borrower of this Amendment or the
compliance by the Borrower with the terms and provisions hereof (i) will require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in
full force and effect and except for filings necessary to perfect Liens created under the Loan Documents, (ii) will violate the Organizational Documents of the Borrower or any Subsidiary, (iii) will violate any Requirement of Law
applicable to the Borrower or any Subsidiary, (iv) will violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any Subsidiary or their respective assets, or give rise to a right thereunder
to require any payment to be made by the Borrower or any Subsidiary or give rise to a right of, or result in, termination, cancelation or acceleration of any obligation thereunder, and (v) will result in the creation or imposition of any Lien
on any asset of the Borrower or any Subsidiary, except Liens created under the Loan Documents, except in the case of clauses (iii) and (iv) above where such violations, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect. 
 SECTION 10. Master Assignment. (a) In the event that this Amendment receives the consent
of the Required Lenders, but the consent of one or more Existing Lender whose consent is required is not obtained (any such Existing Lender whose consent is not so obtained being referred to as a “Non-Consenting Lender”), then the
Borrower hereby requires, with the consent of the Administrative Agent, such Non-Consenting Lender to assign and delegate, without recourse, all its interests, rights and obligations under the Credit Agreement to an assignee that shall assume such
obligations. 
 (b) On the Amendment Effective Date, (i) each Non-Consenting Lender is hereby deemed to have sold and
assigned, without recourse, to the Additional Lender and the Increasing Lenders (collectively, the “Assignee Lenders”), and each of the Assignee Lenders shall be deemed to have purchased and assumed from such Non-Consenting Lender
(with respect to outstanding Loans at the principal amount thereof), such interests, rights and obligations with respect to the Loans and the Credit Commitments of the Non-Consenting Lenders outstanding under the Credit Agreement on the Amendment
Effective Date and (ii) each Departing Lender (other than a Non-Consenting Lender) and each Reducing Lender hereby sells 

  

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and assigns, without recourse, to the Assignee Lenders, and each of the Assignee Lenders hereby purchases and assumes from such Departing Lender or Reducing
Lender (with respect to outstanding Loans at the principal amount thereof), such interests, rights and obligations with respect to the Loans and the Credit Commitments of such Departing Lender or Reducing Lender outstanding under the Credit
Agreement on the Amendment Effective Date (all such interests, rights and obligations sold, purchased, assigned and assumed under clauses (i) and (ii) to be referred to herein as the “Assigned Interests”), as shall be
necessary, in each case of clauses (i) and (ii) above, in order that, after giving effect to all such sales and assignments and purchases and assumptions under clauses (i) and (ii), (x) no Non-Consenting Lender or Departing
Lender holds any Loans or Commitments and (y) each of the Additional Lender, the Increasing Lenders, the Reducing Lenders and the other Existing Lenders will hold the principal amounts of outstanding Loans and amounts of Commitments set forth
on Schedule 2.01 hereto. Such sales and assignments and purchases and assumptions shall be made, or, in the case of sales and assignments by Non-Consenting Lenders, deemed to be made, on the terms set forth in Exhibit A to the Credit
Agreement, and shall comply, or, in the case of sales and assignments by Non-Consenting Lenders, deemed to comply, with Sections 9.02(c) and 9.04 of the Credit Agreement, notwithstanding any failure of such sales, assignments, purchases and
assumptions to comply with (x) the minimum assignment requirement in Section 9.04(b)(ii)(A) of the Credit Agreement, (y) the requirement to pay the processing and recordation fees referenced in Section 9.04(b)(ii)(C) of the
Credit Agreement or (z) any requirement to execute and deliver an Assignment and Assumption in respect thereof. Without limiting the generality of the foregoing, each Non-Consenting Lender is hereby deemed to make, and each of the Additional
Lender, the Increasing Lenders and the Reducing Lenders hereby makes, the representations and warranties required to be made under paragraph 1.1 and 1.2 of Exhibit A to the Credit Agreement by an Assignor and Assignee, respectively, with
respect to the Assigned Interests being assigned or assumed by such Lender hereunder. 
 (c) On the Amendment Effective Date,
subject to the terms and conditions set forth herein, (i) to the extent any Loans are outstanding on such date, each Assignee Lender purchasing and assuming Assigned Interests pursuant to paragraph (b) above shall pay the purchase price
for such Assigned Interests pursuant to such paragraph (b) (equal to the principal amount of any outstanding Loans with respect to such Assigned Interest) by wire transfer of immediately available funds to the Administrative Agent not later
than 12:00 Noon (New York City time), (ii) the Borrower shall pay all unpaid interest and fees and other amounts accrued to but excluding the Amendment Effective Date for the account of each Departing Lender and each Non-Consenting Lender in
respect of such Departing Lender’s or Non-Consenting Lender’s Assigned Interests by wire transfer of immediately available funds to the Administrative Agent not later than 12:00 Noon (New York City time) and (iii) the Administrative
Agent shall pay to each of the Departing Lenders, Non-Consenting Lenders and Reducing Lenders selling and assigning such Assigned Interests pursuant to paragraph (b) above, out of the amounts received by the Administrative Agent pursuant to
clauses (i) and (ii) of this paragraph (c), the purchase price for the Assigned Interests assigned by such Departing Lender or Reducing Lender, or deemed to be assigned by such Non-Consenting Lender, pursuant to such
paragraph (b) and, to the relevant Departing Lenders and Non-Consenting Lenders only, all unpaid interest and fees and other amounts accrued for the account of each Departing Lender and each Non-Consenting Lender to but excluding the Amendment
Effective Date by wire transfer of immediately available funds to the account designated by such Non-Consenting Lender, Departing Lender or Reducing Lender to the Administrative Agent not later than 5:00 p.m. (New York City time) on the
Amendment Effective Date. 
 (d) Each of the parties hereto hereby consents to the sales, assignments, purchases and
assumptions provided for in paragraphs (b) and (c) above, and agrees that each Increasing Lender and each Reducing Lender shall be a party to the Credit Agreement and, to the extent of (i) the interests purchased by such Increasing
Lender pursuant to such paragraphs, (ii) held by such Increasing Lender prior to the Amendment Effective Date and not sold or assigned hereunder and (iii) held by such Reducing Lender prior to the Amendment Effective Date and not sold or
assigned hereunder, shall have the rights and obligations of a Lender under the Credit Agreement, as amended by this Amendment. 
  

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 SECTION 11. Conditions to Effectiveness. This Amendment shall become effective as of the Amendment
Effective Date when: 
 (a) the Administrative Agent shall have received counterparts of this Amendment that, when taken
together, bear the signatures of the Borrower and each Lender (after giving effect to any assignment under Section 10); 
 (b) the Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of Davis Polk & Wardwell, counsel for the Borrower and the
Subsidiaries, substantially in the form of Exhibit A-1, and of the General Counsel of the Borrower, substantially in the form of Exhibit A-2. The Borrower hereby requests such counsel to deliver such opinion; 
 (c) the representations and warranties set forth in Section 9 hereof are true and correct; and 
 (d) all fees and expenses required to be paid or reimbursed by the Borrower under or in connection with the Arrangement Letter, the Fee
Letter, Administrative Agent Fee Letter and Credit Agreement (including all reasonable invoiced fees, charges and disbursements of Cravath, Swaine & Moore LLP, counsel to the Administrative Agent) shall have been paid or reimbursed, as
applicable. 
 SECTION 12. Agreement of the Additional Lender. On the Amendment Effective Date, the Additional Lender by its signature
below becomes a Lender under the Credit Agreement and agrees to the terms of this Amendment and the Credit Agreement as amended hereby. Each reference to a “Lender” in the Credit Agreement shall be deemed to include the Additional Lender.

 SECTION 13. Departing Lenders. On the Amendment Effective Date, the Departing Lenders shall cease to be Lenders under the Credit
Agreement. 
 SECTION 14. Credit Agreement. Except as specifically set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders, any Agent, the Collateral Agent or the Borrower under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or
in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect.
Nothing herein shall be deemed to entitle the Borrower to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan
Document in similar or different circumstances. After the Amendment Effective Date, any reference to the Credit Agreement shall mean the Credit Agreement as amended and waived hereby. This Amendment shall be a Loan Document for all purposes.
Notwithstanding any provision of this Amendment, the provisions of Sections 2.12, 2.13, 2.14 and 9.03 of the Credit Agreement as in effect immediately prior to the Amendment Effective Date will continue to be effective as to all matters arising
out of or in any way related to facts or events existing or occurring prior to the Amendment Effective Date. 
 SECTION 15.
Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 16. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken together shall constitute but one agreement. Delivery of an executed
signature page to this Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart of this Amendment. 
 SECTION 17. Headings. The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in
interpreting, this Amendment. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective
authorized officers as of the day and year first written above. 
  

			
	E*TRADE FINANCIAL CORPORATION,
		
	By:	 	 /s/    ROBERT
SIMMONS        

	Name:	 	Robert Simmons
	Title:	 	Chief Financial Officer

  

			
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent,

		
	By:	 	 /s/    HENRY E.
STEUART        

	Name:	 	Henry E. Steuart
	Title:	 	Vice President

  

			
	 MORGAN STANLEY SENIOR FUNDING INC.,
 as
Syndication Agent,

		
	By:	 	 /s/    ELIZABETH
HENDRICKS        

	Name:	 	Elizabeth Hendricks
	Title:	 	Vice President

  

 8 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	Name of Institution: The Bank of New York
		
	By:	 	 /s/    JOHN
TEMPLETON        

	Name:	 	John Templeton
	Title:	 	Vice President

  

 9 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	Wells Fargo Bank:
		
	By:	 	 /s/    ENRIQUE
ANORVE        

	Name:	 	Enrique Anorve
	Title:	 	Vice President

  

 10 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	Name of Institution: U.S. Bank N.A.
		
	By:	 	 /s/    CHRISTOPHER M.
DOERING        

	Name:	 	Christopher M. Doering
	Title:	 	Vice President

  

 11 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	Name of Institution: Bank of America, N.A.
		
	 By:
	 	 /S/    WILLIAM J.
COUPE        

	Name:	 	William J. Coupe
	Title:	 	SVP

  

 12 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
		
	 By:
	 	 /S/    JAY
CHALL        

	Name:	 	Jay Chall
	Title:	 	Director
		
	 By:
	 	 /S/    PETRA
JAEK        

	Name:	 	Petra Jaek
	Title:	 	Assistant Vice President

  

 13 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	 Name of Institution: Harris N.A.

		
	 By:
	 	 /S/    LINDA C.
HAVEN        

	Name:	 	Linda C. Haven
	Title:	 	Managing Director

  

 14 

 SIGNATURE PAGE TO AMENDMENT NO. 1, DATED AS OF JULY 24, 2007, TO E*TRADE FINANCIAL CORPORATION
CREDIT AGREEMENT 
 To Approve the Amendment: 
  

			
	 Name of Institution:
  
 Chang Hwa Commercial Bank, Ltd.,
 New York Branch

		
	 By:
	 	 /S/    JIM C.Y.
CHEN        

	Name:	 	Jim C.Y. Chen
	Title:	 	VP & General Manager

  

 15 

 Schedule 2.01 
 Lenders and Commitments 
  

				
	 Lender
	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	$	43,000,000
		
	 Morgan Stanley Senior Funding Inc.
	  	$	36,000,000
		
	 The Bank of New York
	  	$	32,000,000
		
	 Wells Fargo Bank, N.A.
	  	$	32,000,000
		
	 US Bank NA
	  	$	29,000,000
		
	 Bank of America, N.A.
	  	$	24,000,000
		
	 Credit Suisse, Cayman Islands Branch
	  	$	24,000,000
		
	 Harris N.A.
	  	$	24,000,000
		
	 Chang Hwa Commercial Bank, Ltd., New York Branch
	  	$	6,000,000
		
	 HSBC Bank USA, N.A.
	  	$	0
		
	 Founders Grove CLO, Ltd.
	  	$	0
		  	 	 
	 Total
	  	$	250,000,000Form of Non-Qualified Stock Option Agreement

 Exhibit 4.5 
 IMMUNOCELLULAR THERAPEUTICS, LTD. 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 THIS NON-QUALIFIED STOCK OPTION AGREEMENT (“Agreement”), is made as of the ____ day of ____, 200_ by and between ImmunoCellular Therapeutics,
Ltd. a Delaware corporation (the “Company”), and ________ (“Optionee”). 
 R E C I T A L 
 Pursuant to the 2006 Equity Incentive Plan (the “Plan”) of the Company, the Board of Directors of the Company or a committee to which
administration of the Plan is delegated by the Board of Directors (in either case, the “Administrator”) has authorized the granting to Optionee as an employee, director, consultant or adviser of the Company of a non-qualified stock option
to purchase the number of shares of Common Stock of the Company specified in Paragraph 1 hereof, at the price specified therein, such option to be for the term and upon the terms and conditions hereinafter stated. 
 A G R E E M E N T 
 NOW, THEREFORE, in
consideration of the promises and of the undertakings of the parties hereto contained herein, it is hereby agreed: 
 1. Number of Shares;
Option Price. Pursuant to said action of the Administrator, the Company hereby grants to Optionee the option (“Option”) to purchase, upon and subject to the terms and conditions of the Plan, ______ shares of Common Stock of the Company
(“Shares”) at the price of $______ per share. 
 2. Term. This Option shall expire on the day before the ______ anniversary
of the date of grant of the Option (the “Expiration Date”), unless such Option shall have been terminated prior to that date in accordance with the provisions of the Plan or this Agreement. The term “Affiliate” as used herein
shall have the meaning as set forth in the Plan. 
 3. Shares Subject to Exercise. This Option shall be exercisable in installments as
to [ __% of the Shares on and after ______, __% of the Shares on and after ______, __% of the Shares on and after ______ and __% of the Shares on and after ______,] provided, however, that an installment shall not become exercisable if
the Optionee is not employed as an employee, director, consultant or adviser of the Company, or its Affiliate, as of such installment date. Once exercisable, the Option shall thereafter remain exercisable as to such vested Shares for the term
specified in Paragraph 2 hereof, unless Optionee’s employment is terminated pursuant to Paragraph 6 hereof or the Option is terminated pursuant to a Corporate Transaction (as defined in Paragraph 15 hereof). 

 4. Method and Time of Exercise. The Option may be exercised by written notice delivered to the
Company at its principal executive office stating the number of shares with respect to which the Option is being exercised together with: 
 (A) a check or money order made payable to the Company in the amount of the exercise price and any withholding tax, as provided under Paragraph 5 hereof; or 
 (B) the tender to the Company of shares of the Company’s Common Stock owned by Optionee or surrender of shares of Common Stock then
issuable upon exercise of the Option having a fair market value not less than the exercise price, plus paying in cash the amount of applicable federal, state and local withholding taxes so long as such tender does not, in the Company’s
judgment, have an adverse financial or tax accounting effect on the Company; or 
 (C) in lieu of exercising the Option for
cash, the Optionee may elect to receive shares equal to the value (as determined below) of the Option (or the portion thereof being exercised), on the condition that the amount of applicable federal, state and local withholding taxes are paid in
cash, in which event the Company shall issue to the Optionee a number of shares of Common Stock computed using the following formula: 
  

					
	 X
	  	=	  	Y (A-B)
		  		  	A

  

			
	 Where X =
	  	 the number of shares of Common Stock to be issued to the Optionee
  

	 Y =
	  	 the number of shares of Common Stock purchasable under the Option or, if only a portion of the Option is being exercised, the portion of the
Option being exercised (at the date of such calculation)
  

	 A =
	  	 the fair market value of one share of the Company’s Common Stock (at the date of such calculation)
  

	 B =
	  	the Exercise Price (as adjusted to the date of such calculation)

 For purposes of the above calculation, fair market value of one share of Common Stock shall be,
(i) if traded on a securities exchange, the value shall be deemed to be the closing price of the securities on such exchange on the date notice of exercise is received by the Company prior to the net exercise election; (ii) if traded
over-the-counter, the value shall be deemed to be the closing price of such stock on the date notice of exercise is received by the Company, but if selling prices are not reported, the mean between the closing bid and ask prices for such stock on
the date notice of exercise is received by the Company; and (iii) if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board of Directors of the Company. 
 Only whole shares may be purchased. 
 5. Tax
Withholding. As a condition to exercise of this Option, the Company may require Optionee to pay over to the Company all applicable federal, state and local taxes which the Company is required to withhold with respect to the exercise of this
Option. At the discretion of the Administrator and upon the request of Optionee, the minimum statutory withholding tax requirements may be satisfied by the withholding of shares of Common Stock of the Company otherwise issuable to Optionee upon the
exercise of this Option. 

 6. Exercise on Termination of Employment. If for any reason Optionee ceases to provide services to
the Company or any of its Affiliates (such event being called a “Termination”), other than For Cause, as defined below, this Option (to the extent then exercisable) may be exercised in whole or in part at any time within 90 days of the
date of such Termination, but in no event after the earlier of the Expiration Date or a Corporate Transaction which terminates the Option pursuant to Paragraph 15 hereof. For purposes of this Agreement, “services” includes service as an
employee, director, consultant or adviser. For purposes of this Agreement, Optionee’s services shall not be deemed to terminate by reason of a transfer to or from the Company or an Affiliate or among such entities, or sick leave, military leave
or other leave of absence approved by the Administrator, if the period of any such leave does not exceed 90 days or, if longer, if Optionee’s right to provide services to the Company or any Affiliate is guaranteed either contractually or by
statute. For purposes of this Agreement, “For Cause” shall mean Optionee’s loss of employment by the Company or any of its Affiliates due to Optionee’s (a) willful breach or habitual neglect or continued incapacity to
perform Optionee’s required duties, or commission of acts of dishonesty, fraud, misrepresentation or other acts of moral turpitude as would prevent the effective performance of Optionee’s duties, or (b) termination for cause under any
agreement between the Company and the Optionee (as defined therein). In the event Optionee’s services to the Company or any of its Affiliates is Terminated For Cause, then the Option shall cease to be exercisable as of the date of such
Termination. 
 7. Nontransferability. Except with the express written approval of the Administrator, this Option may not be assigned
or transferred except by will or by the laws of descent and distribution, and may be exercised only by Optionee during the Optionee’s lifetime and after the Optionee’s death, by the Optionee’s personal representative or by the person
entitled thereto under the Optionee’s will or the laws of intestate succession. 
 8. Optionee Not a Stockholder. Optionee shall
have no rights as a stockholder with respect to the Common Stock of the Company covered by this Option until the date of issuance of a stock certificate or stock certificates to the Optionee upon exercise of this Option. No adjustment will be made
for dividends or other rights for which the record date is prior to the date such stock certificate or certificates are issued. 
 9. No
Right to Employment. Nothing in the Option granted hereby shall interfere with or limit in any way the right of the Company or of any of its Affiliates to terminate Optionee’s employment, consulting or advising at any time, nor confer upon
Optionee any right to continue in the employ of, or consult or advise with, the Company or any of its Affiliates. 
 10. Modification and
Termination. The rights of Optionee are subject to modification and termination in certain events as provided in Paragraphs 6.1 and 6.2 of the Plan. Except as otherwise specifically set forth in the Plan, this Option may not be modified except
by a writing signed by both parties; provided, however, that either party may waive any right hereunder by an instrument unilaterally signed. 
 11. Restrictions on Sale of Shares. Optionee represents and agrees that upon the Optionee’s exercise of this Option, in whole or in part, unless there is in effect at that time under the Securities Act of 1933 a registration
statement relating to the Shares issued to the Optionee, the Optionee will acquire the Shares issuable upon exercise of this Option for the purpose of investment and not with a view to their resale or further distribution, and that upon such
exercise thereof the Optionee will furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. Following the Company becoming eligible to use Form S-8, the Company will register the Shares under the
Securities Act of 1933. Optionee agrees that any certificates issued upon exercise of this Option may bear a legend indicating that their transferability is restricted in accordance with applicable state and federal 

 
securities law. Any person or persons entitled to exercise this Option under the provisions of Paragraphs 6 and 7 hereof shall, upon each exercise of this
Option under circumstances in which Optionee would be required to furnish such a written statement, also furnish to the Company a written statement to the same effect, satisfactory to the Company in form and substance. 
 12. Plan Governs. This Agreement and the Option evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and
subject to the express terms and provisions of the Plan, as it may be construed by the Administrator. Optionee hereby acknowledges receipt of a copy of the Plan. 
 13. Notices. All notices to the Company shall be addressed to the Corporate Secretary at
the principal executive office of the Company at 1999 Avenue of the Stars, 11th Floor, Los Angeles California 90067, and all notices to Optionee shall
be addressed to Optionee at the address of Optionee on file with the Company, or to such other address as either may designate to the other in writing. A notice shall be deemed to be duly given if and when enclosed in a properly addressed sealed
envelope deposited, postage prepaid, with the United States Postal Service. In lieu of giving notice by mail as aforesaid, written notices under this Agreement may be given by personal delivery to Optionee or to the Corporate Secretary (as the case
may be). 
 14. Sale or Other Disposition. If Optionee at any time contemplates the disposition (whether by sale, gift,
exchange, or other form of transfer) of any Shares acquired by exercise of this Option, the Optionee shall first notify the Company in writing of such proposed disposition and cooperate with the Company in complying with all applicable requirements
of law, which, in the judgment of the Company, must be satisfied prior to such disposition. 
 15. Corporate Transactions. In the
event of a Corporate Transaction (as defined below), the Administrator shall notify Optionee at least 30 days prior thereto or as soon as may be practicable. To the extent not previously exercised, this Option shall terminate immediately prior to
the consummation of such Corporate Transaction unless the Administrator determines otherwise in its sole discretion; provided, however, that the Administrator, in its sole discretion, may (i) permit exercise of this Option prior to its
termination, even if this Option would not otherwise have been exercisable, and (ii) provide that this Option shall be assumed or an equivalent option substituted by an applicable successor corporation or any Affiliate of the successor
corporation in the event of a Corporate Transaction. A “Corporate Transaction” means a liquidation or dissolution of the Company, a merger or consolidation of the Company with or into another corporation or entity if, as a result of such
merger or consolidation, the stockholders of the Company immediately prior to such transaction own less than 50% of the surviving or consolidated entity, a sale of all or substantially all of the assets of the Company, or a purchase or other
acquisition of more than 50% of the outstanding capital stock of the Company in a single transaction or a series of related transactions by one person or more than one person acting in concert. 
 16. Non-Compete Agreement. Notwithstanding anything to the contrary provided herein, as a condition to the receipt of Shares pursuant to the
exercise of this Option, at any time during which this Option is outstanding and for six months after any exercise of this Option or the receipt of Shares pursuant to the exercise of this Option, Optionee shall not, unless otherwise permitted by a
specific agreement with the Company under which Optionee is providing services to the Company (which permitted arrangement shall be deemed to apply to the post-termination period for purposes of this Paragraph 16 and which permitted exception shall
also be 

 
a permitted exception to any similar non-competition provision contained in any option previously granted by the Company to Optionee), directly or
indirectly, as agent, employee, consultant, stockholder, partner or in any other capacity, own, operate, manage, control, engage in, invest in or participate in any manner in, act as a consultant or advisor to, render services for, or otherwise
assist any person or entity that engages in or owns, invests in, operates, manages or controls, any venture or enterprise that directly or indirectly competes with the Company, provided, however, that nothing contained herein shall be
construed to prevent Optionee from investing in the stock of any competing corporation listed on a national securities exchange or traded in the over-the-counter market, but only if Optionee is not involved in the business of said corporation and if
Optionee (together with Optionee’s spouse, parents, siblings, and children) does not own more than an aggregate of 5% of the stock of such corporation. Optionee agrees to notify the Company within 10 days of any violation of this Paragraph 16.
Failure to comply with this Paragraph 16 shall cause such Option and the exercise or issuance of Shares hereunder to be rescinded and the benefit of such exercise or issuance to be repaid to the Company. Optionee agrees and understands that
Optionee’s failure to comply with this Paragraph 16 will subject Optionee’s benefit from the Option to be forfeited and repaid to the Company, and Optionee agrees to do so within 10 days of notification by the Company. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above written. 
  

					
	IMMUNOCELLULAR THERAPEUTICS, LTD.
		
	 By
	 	 
		 	Name:	 	
		 	Title:	 	President

  

	
	 OPTIONEE

	
	  
	
	 Address:

	
	 
	
	 
	
	 
	
	 
	 Social Security Number

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